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Article

HIFO by Asset Type

Yuntaek Pae and Robert J. Atra
The Journal of Wealth Management Summer 2018, jwm.2018.1.061; DOI: https://doi.org/10.3905/jwm.2018.1.061
Yuntaek Pae
is an assistant professor of finance at Central Washington University in Des Moines, WA, and a research advisor at Rayliant Investment Research in Irvine, CA
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Robert J. Atra
is a professor of finance at Lewis University in Romeoville, IL
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Abstract

The article investigates the benefit of highest-in, first-out (HIFO) accounting when selling shares of various asset classes. The tax benefit of HIFO accounting is statistically and economically significant. NASDAQ, emerging market, and real estate indexes earn greater HIFO tax benefits than other types of assets, with the bond index having the least benefit. While the results themselves give practitioners some information about the benefit of share accounting, they are useful in other aspects of financial planning, such as after-tax asset allocation and asset tax location.

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The Journal of Wealth Management: 23 (4)
The Journal of Wealth Management
Vol. 23, Issue 4
Spring 2021
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HIFO by Asset Type
Yuntaek Pae, Robert J. Atra
The Journal of Wealth Management Mar 2018, jwm.2018.1.061; DOI: 10.3905/jwm.2018.1.061

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HIFO by Asset Type
Yuntaek Pae, Robert J. Atra
The Journal of Wealth Management Mar 2018, jwm.2018.1.061; DOI: 10.3905/jwm.2018.1.061
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  • Article
    • Abstract
    • DATA AND METHODOLOGY
    • NPV ANALYSIS
    • HIFO, ASSET LOCATION, AND OPTIMAL ALLOCATION
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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