三级书后Reading11一道Tax 题目

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P225 第14题
100,000 Asset invested equally to Taxable Account and TDA.
TDA ~ Stock ~ 7% before-tax return ~ 40% tax rate
Taxable Account ~ Bond ~ 4% before tax return ~ 40% annual tax rate
Calculate the portfolio value after 20 years.

再算TDA的时候，答案给出
FVIF = (1+r)^n * (1-Tax) = 1.07^20 * (1-0.4)
为什么最后不加上Tax Basis * Tax?
题目有里面有些Cost Basis is equal to market value on asset held in taxable account.

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关键词：reading READ DING ING ADI invested account annual return before

已经解决：
TDA apply tax on lump sum withdrawn, thus no tax deduction on cost basis.

因为是整个tax defer account 纳税，而不是仅仅是gain纳税。

请注意一个是tax deferred ,一个是capital deferred