in the 2009 individual IPS (question 1) for return objective they specifically tell you that any withdrawals from the portfolio are taxed at 20%…thus you can easily take in into account when they ask you for the pre-tax nominal return.
however, what if the question just stated that the XYZ couple’s is in a 20% bracket and was silent on withdrawals of funds from portfolio…..would CFAI do that or would they specifically tell about tax on withdrawals?
maybe I am just thinking too much into it.作者: AnalystForum 时间: 2013-4-1 14:16
In this scenario, I would use after-tax.
I think using after tax when they don’t specify gets you full credit, whereas, failing to account for tax if they wanted it gives you partial credit.作者: willsucceed 时间: 2013-4-1 14:16
