Bây giờ hãy xem xét một ví dụ multiperiod để chứng minh việc phân bổ lớp thực sự là tính toán. Giả sử mối quan hệ đối tác đã được sở hữu 40% bởi nhà đầu tư 1 và 60% nhà đầu tư 2 vào tháng Giêng. Quan hệ đối tác mua cổ phiếu XYZ phổ biến trong tháng của tháng 25. | Hedge Fund Taxation 163 Layered Tax Allocation Example Now consider a multiperiod example to demonstrate how the layered allocation is actually calculated. Suppose the partnership was owned 40 percent by investor 1 and 60 percent by investor 2 in January. The partnership buys 10 000 shares of XYZ common during the month of January at 25. The position is worth 30 per share at the end of January. The partnership has a 50 000 gain 10 000 X 5 gain allocated 40 percent to investor 1 40 X 50 000 20 000 and 60 percent to investor 2 60 X 50 000 30 000 . Suppose the partnership admits a third partner at the beginning of February. After the new partner enters investor 1 owns 25 percent of the fund3 and investor 2 and investor 3 each own percent. During February XYZ advances to 35. This 50 000 unrecognized gain is allocated 12 500 to investor 1 25 X 50 000 and 18 750 each to investor 2 and investor 3 X 50 000 . During the month of March XYZ stock is sold at 32. No changes have occurred in the partnership stakes. The 30 000 loss at least it is a loss on the month is allocated 7 500 to investor 1 25 X 30 000 and 11 250 each to investor 2 and investor 3 X 30 000 . The scenario has three investors in the stock with a cost basis or layer each of three months although investor 3 didn t participate in the first layer . As a result of these layers investor 1 reports a gain of 25 000 20 000 plus 12 500 plus - 7 500 . Investor 2 reports a gain of 37 500 30 000 plus 18 750 plus - 11 250 . Investor 3 reports a gain of 7 500 18 750 plus - 11 250 . The gain allocated to the three investors 25 000 plus 37 500 plus 7 500 equals the 70 000 gain realized on XYZ common from 25 to 32 on 10 000 shares . The partners are allocated gains as if they owned a proportionate position in XYZ directly. Needless to say this methodology puts severe demands on the tax accountants to keep track of each of these cost layers. If there are many investors and many positions and if investments are .
