Howd

You would have to assume that loss carry forwards are considered investment gain and that any income generated was less than the realized losses. I felt the same way but ultimately, I think it’s too much of a stretch to operate under those assumptions. I don’t think you’re wrong, Hank. But I don’t think that answer is going to fly
I believe in the Schweser notes one of the instructors said not to make assumptions. Answer questions with a “holding all other factors constant mentality”. If the rule is taxable accts increase tax drag and reduce Std Dev by (1-tax) you should answer questions as such.