A Stock Index Mutual Fund Without Net Capital Gains Realizations

This paper reconsiders the literature on tax options by examining the ability to defer net capital gains realizations within an equity portfolio whose constituents change over time. Unlike previous studies on the value of tax options, this paper examines after-tax returns to shareholders within an equity mutual fund. The mutual fund context allows certain features of the United States' tax laws -- namely, wash-sale rules and the offsetting of short-term and long-term capital gains and losses -- to be incorporated in assessing the potential improvement in post-tax returns to investors engaging in tax minimization strategies. Specifically, this paper examines the feasibility of managing open-end and closed-end Standard and Poor's 500 index funds which defer net capital gains realizations. A combination of HIFO (highest in, first out) accounting procedures and the systematic booking of significant losses in portfolio constituents would have allowed the open-end fund variant to match the annual pre-tax return of Vanguard's Index 500 Fund while improving annual after-tax performance by as much as ninety-seven basis points through the elimination of all capital gains realizations between 1977 and 1991. Deferring capital gains is shown to be easier for open-end funds relative to closed-end funds while the additional turnover required to implement these strategies is quite modest. The authors name the tax-sensitive funds in this paper 'SURGE (Strategies Using Realized Gains Elimination) funds.'

Survey of the opinions of high school principals in the state of Maine to determine whether there exists a need for a system of selecting and assigning officials to interscholastic football, basketball and baseball games

Thesis (M.A.)--Boston University, 1946. This item was digitized by the Internet Archive

The extent of interaction between the scallop and prawn fleets in the Shark Bay scallop managed fishery

The Shark Bay Managed Scallop Fishery is Western Australia\u27s most important scallop fishery with an annual value of between $2 and$58 million. In addition to this the fishery is an important source of regional employment with approximately 160 skippers and crew employed during the 2005 season. Two separate fleets are permitted to fish for scallops in this fishery, the first consisting of dedicated scallop fishing vessels (Class A licences) and the second of prawn fishing vessels (Class B licences) that are allowed to take scallops under a catch sharing arrangement. Concerns exist over the interactions between these two fleets and in particular how the catch of the Class A fleet is affected by the fishing activity of the Class B fleet. This thesis discusses the results obtained from a statistical analysis of the relationship between the fishing effort used by the Class B fleet, and the size of the subsequent scallop catch. Geostatistical estimation (kriging) has been used on survey data to allow for comparisons to be made with catch and fishing effort data. Spatial maps of these data have been constructed and investigated for the presence of spatial patterns. Measurements of correlation and spatial association have also been used to quantify the relationship between the level of fishing effort used by the Class B fleet and the size of the scallop catch achieved by the Class A fleet and by both fleets combined. Finally, an investigation has also been conducted on the effect that fishing by the Class B fleet has on the subsequent scallop recruitment. The results presented in this thesis do not indicate the presence of a marked or consistent relationship between the level of fishing effort applied by the Class B fleet and the size of the subsequent scallop catch during the 2000 to 2005 fishing seasons. As such, this thesis has found no evidence that the fishing activity of the Class B fleet, over the entire season, during the spawning period or prior to the start of scallop fishing, has a direct effect on the scallop catch achieved by the Class A fleet

Against The Odds: Accounting For The Survival Of The Berkshire Athenaeum

Comparative approaches in historic preservation usually involve two or more different buildings. The old Berkshire Athenaeum in Pittsfield, Massachusetts allows for a comparative approach with the same building, but in two different eras: one where the clamor to replace the library building came close to resulting in its destruction (1960s); the other, 35 years later, where the question of the building’s survival was never in doubt, never even raised (2000s). From its earliest days, serious design and workmanship flaws have plagued the structural integrity of the monumental Victorian Gothic building that stands in the center of Pittsfield. Its grand space proved inadequate for the functioning of a public library. Yet it continues to survive, and in 2014, another major preservation project is underway to address the bulging of the masonry on the front façade. A narrative of the history of this building reveals broader trends in public attitudes towards the preservation of our cultural heritage, and insights into the contributing elements that provide justification for preservation as well as into the role of the public historian in connecting preservation with the community

Tax Externalities of Equity Mutual Funds

Investors holding mutual funds in taxable accounts face a classic externality. The after-tax return of their investment depends on the behavior of others. In particular, redemptions may force the mutual fund to sell some of its equity positions in order to pay off the liquidating investors. As a result, it may be forced to distribute taxable capital gains to its shareholders. On the other hand, new investors convey a positive externality upon existing investors by diluting the unrealized capital gain position of the fund. This paper's simulations show that these externalities are important determinants of the after-tax performance of equity mutual funds.

Alien Registration- Dickson, John F. (Waldoboro, Lincoln County)

https://digitalmaine.com/alien_docs/12899/thumbnail.jp