Bloomberg Press, New York, 2006. — 320 p.Tax-aware investment management refers to the application of the sound judgement that results in optimal results after all taxes and fees have been paid. It is not about avoiding the payment of taxes through questionable accounting or estate planning or simply attempting to pay no tax. Rather, it is about maximizing what is left after taxes have been paid. For example, if an investor has the choice between two securities with similar features, it is foolish to to avoid purchasing the one that will require a tax payment if it offers a superior net overall result. If the investor receives a higher after-tax return through effective tax-aware investment management, the money manager makes a reasonable profit, the government collects its revenue, and we have achieved the best of all worlds - everyone involved in the process has gained something of value.
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