答案和详解如下： Q2. Correct answer is C) Superannuation refers to when an individual outlives their wealth. Given Davis’s financial situation, she is at the most risk for it. The most effective method of controlling for it would be to recommend a life annuity for Davis when she retires. A life annuity is essentially a life insurance policy in reverse. The investor pays a lump sum and receives a series of payments over his or her lifespan. The investor cannot outlive the annuity unless the insurance company fails and is unable to make the promised payments. Q3.Correct answer is C) Weinke is incorrect because hedge funds are typically tax inefficient. They generate high turnover and take numerous positions using long-short strategies. Johnson is also incorrect because private equity investments are tax efficient. They are typically long term in nature and taxed at lower rates. Q4. Correct answer is B) Weinke is incorrect because there have been long periods of time when the returns for bonds and equities were positively correlated. Thus bonds would not be good diversification vehicles for wealthy investors. Johnson is correct because wealthy investors are in high marginal tax brackets. Because the coupon income from bonds cannot be deferred, bonds are often unattractive investments for wealthy individuals from a tax standpoint. Q5. Correct answer is A) Brooks will sell the stock at the dealer’s bid of $25. He would like to generate $3,000,000 so he will need to sell $3,000,000 / $25 = 120,000 shares. To minimize taxes, he should sell the high cost basis stock first. He should sell 30,000 of the 1/9/00 shares, 50,000 of the 2/9/02 shares, and 40,000 shares of the 12/8/04 shares. | 
发表于 2009-11-14 15:27
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