美国国税局（IRS）和财政部已就两种能够大幅削减富裕投资者税负的交易型开放式指数基金（ETF）策略发出警告——这些投资者应准备好为自己的策略使用理由提供合理解释。上周，联邦税务机构发布了两份与此类策略相关的文件。第一份是关于根据《税法》第351条进行特定ETF转换的税收裁定——尤其涉及一种策略：一位拥有高增值股票组合的富裕投资者，利用这些资产创建一只新的ETF，随后以实物形式分配这些资产，而无需确认资本利得。
The IRS and Treasury Department have fired a warning shot concerning two exchange-traded fund strategies that can sharply cut wealthy investors' tax liabilities – and those individuals should prepare to back up their reasoning for using those tactics. Last week, the federal tax authority rolled out a pair of documents concerning these strategies. The first was a revenue ruling on certain ETF conversions under Section 351 of the tax code – in particular a strategy in which a wealthy investor with a portfolio of highly appreciated stocks uses these holdings to create a new ETF, followed by an in-kind distribution of those assets without the recognition of capital gains.
第二份则是财政部和国税局联合发布的通知，指出某些“创新投资基金策略”可能产生与税收规则正确适用相悖的结果。被重点关注的策略包括利用“跨式期权”策略，通过对冲头寸制造资本利得和普通亏损。据律师事务所Ropes & Gray的一篇文章称，那些旨在实现与指数挂钩的回报却无需确认收入的“无股息策略”也处于审查之中。
The second was a notice from Treasury and the Internal Revenue Service, calling out "novel investment fund strategies" that aim to produce results that could be inconsistent with the proper application of the tax rules. Strategies in the crosshairs include those that use straddles to produce capital gains and ordinary losses from offsetting positions. So-called no dividend strategies that aim to deliver returns tied to an index without recognizing income are also under scrutiny, according to an article from law firm Ropes & Gray.
税务机构计划于10月28日前就这些方法征求公众意见。根据国税局的通知，未来与此类税务优化基金相关的指导方针可能仅具有前瞻性效力，也可能具有追溯效力。安永（EY）私人税务与金融服务部门的合伙人Damien Martin表示：“要评估当前形势，并理解其含义。保持警惕，提高意识，密切关注。这是一个需要全面审视的局势。”
The tax authorities are seeking comments from the public by Oct. 28 on these methods. Any future guidance that rolls out related to these tax-aware funds may apply prospectively only or retroactively, according to the IRS' notice. "Assess the situation and understand what it means," said Damien Martin, partner in the private tax and financial services organization at EY. "Have your eyes open, be aware and pay attention. This is a take stock type situation."
合法使用与可疑用途 尽管财政部和国税局正在深入调查这些策略，但税务专家认为，这些策略能否通过“合理性检验”，最终取决于其使用方式、投资者的目标以及其他因素。
Legitimate versus questionable uses Even as the Treasury and IRS are digging into these strategies, the question of whether they can pass the smell test comes down to how they're used and the investor's goals, among other factors, tax experts say.
美国注册会计师协会个人财务规划总监、认证财务规划师Cary Sinnett表示，第351条条款是联邦税法中一项长期存在的规定，它构成了将增值资产转移至ETF以减轻资本利得税的策略基础。“从表面来看，这是一个好主意：如果你持有大幅增值的股票，最大的风险就是单一股票的过度集中，”他说，“将这些资产放入有助于分散投资的ETF中，非常有价值。”
Section 351, which underlies the strategy of shipping off appreciated assets to an ETF to mitigate capital gains, is a long-standing provision of the federal tax code, said Cary Sinnett, certified financial planner and director of personal financial planning at the American Institute of Certified Public Accountants. "On the face of it, it's a good idea: If you have highly appreciated shares, the biggest risk is single stock exposure," he said. "Putting this in an ETF that can help you diversify is valuable."
但他补充道，问题出现在投资者通过一系列操作，最终拥有一个分散化投资组合却未确认任何资本利得时。“美国国税局（IRS）会说，你最初持有的是苹果，最后得到的是橙子；仅仅因为中间经过了ETF，并不意味着这笔交易就免税了，”Sinnett说。位于圣路易斯的Focus Partners公司首席规划官、注册会计师Jeffrey Levine表示，美国国税局可能会提出的问题包括：接收ETF的换手率有多高？
Where it becomes problematic is when the investor is running through a series of steps that results in them having this diversified portfolio with no gain recognition, he added. "The IRS says you started with apples and ended up with oranges, and just because you passed it through an ETF doesn't make it tax free," Sinnett said. Questions that the IRS may ask include how much turnover did the receiving ETF have, and how quickly did this occur, said Jeffrey Levine, CPA and chief planning officer at Focus Partners in St. Louis.
这一过程发生得有多快？“美国国税局担心这些351条款转换会被用来通过快速赎回来规避税收，”他说，“自设立以来，你的351 ETF换手率越低，美国国税局质疑这笔交易的可能性就越小。”与此同时，随着“税务敏感型”策略受到关注，投资者需要思考自己投资这些基金的主要动机：如果失去税收优惠，该基金是否仍然适合投资者的情况？
"The IRS is concerned about [these 351 conversions] being used to wash through with a quick redemption afterward," he said. "The less turnover your 351 ETF has had since inception, the less likely the IRS will be to attack the transaction." Meanwhile, with the focus on "tax aware" strategies, investors will need to consider the primary motivation behind why they're in these funds: Would the fund still make sense for an investor's situation without the tax benefit?
“马丁表示，‘这些做法中有很多并非新鲜事，但关键在于其呈现方式：主要动机是什么？是税收带来的额外收益？还是整体投资策略的一部分？’”不要惊慌，但请咨询你的注册会计师。参与351条款转换或“税务敏感型”基金的投资者不必立即抛售投资，但在与注册会计师沟通时，应考虑以下几点，并准备好为自己的决策提供依据。
"A lot of these things aren't new, but it comes down to how it's being framed: What's the primary motivator? Is it the tax alpha? Is it a function of the overall investment strategy?" said Martin. Avoid panicking but talk to your CPA Investors in 351 conversions or in "tax aware" funds shouldn't necessarily dump their investments, but they ought to think about the following as they talk with their CPA. Be ready to back up your reasoning.
不要让税收优惠成为您决策的主要驱动力，而应确保这些资金符合您的整体投资策略。“当税收结果成为首要考虑因素时，投资者恰恰应该预料到更严格的审查，”Sinnett说道。请准备好您的相关文件。关于351转换的税务裁定是对现有法律的解读，并且可能具有追溯效力。这与美国国税局（IRS）就“税务意识型”资金的使用征求意见的情况不同——也更具确定性。
Instead of allowing the tax savings to drive your decision, be sure that these funds fit within your overall investment strategy. "When the tax outcome becomes the primary reason, that is exactly when investors should expect greater scrutiny," said Sinnett. Get your documentation in order. The revenue ruling for 351 conversions is an interpretation of existing law and may apply retroactively. That's different – and more concrete — compared with the IRS seeking comment on the use of "tax aware" funds.
“您用[增值股份]换回了什么？这与您投入的资产是否存在实质性差异？如果存在，那么就需要进行更深入地探讨了，”纽约Campo金融集团的注册会计师Albert J. Campo表示。“请确保您的文件准备齐全。”请与您的注册会计师合作，明确您对税收优惠的风险承受程度。投资者通常了解投资中的风险偏好范围，但这一概念同样适用于税务领域。
"What are you getting back in exchange for [appreciated shares]? Is it materially different from what you contributed? If it is, there is a deeper conversation to be had," said Albert J. Campo, CPA at Campo Financial Group in New York. "Make sure you have your documents in order." Work with your CPA to get a handle on your risk appetite for tax savings. Investors are familiar with the risk tolerance spectrum for investing, but it also applies to taxes.
“如果您之前认为[351转换]属于中等风险，那么现在我会说它属于中等偏高风险，”Levine说道。“如果您在处理这些问题时没有过度激进，那么风险确实会略有上升。”
"If you thought [351 conversions] were moderate before, I'd say it's moderate-aggressive," Levine said. "It's kicked up the risk a little bit if you're not being egregious about these things."