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The program computes the after-tax value of all the consequences from liquidating the portfolio in question on the evaluation date. The portfolio's after-tax value is a function of the owner's particular estimated tax-payment dates, that are associated with the evaluation date. These dates are those of the following four dates that occur after the month in which a tax event occurs: the 15th day of the fourth, sixth, ninth month of the tax payer's tax year and 15th day of the first month of the next tax year. A tax event includes, the capital gain or loss from selling a stock and from the interest earned or paid on the time value of money involved in the valuing the portfolio's dividends and estimated tax payments.The user inputs the following information about the portfolio in question.

The user inputs the following information about the portfolio in question.

  • Portfolio owner's tax situation. It is:

  1. the calendar day on which the owner's tax year starts,
  2. the owner's marginal tax rates for: ordinary income other than dividends, ordinary dividend income, short-term capital gains, and long-term capital gains, and
  3. the minimum holding period to qualify for long-term capital-gain treatment.

Note that a US taxpayer's tax year can start on the first of any month and that most tax payers have calendar tax years.

  • Evaluation Date. It is the present or past date that the evaluation applies to.
  • Portfolio Info. For each stock in the portfolio, it is the:

  1. ticker symbol(s) and exchange(s) on which the stock is traded on at the evaluation date, and
  2. the purchase price and date, as well as, the number of shares for each "substock" in the portfolio that is held on the evaluation date. A substock is the shares of a given company that were purchased on a particular common date at a particular common price. If the user inputs the exchange and ticker symbol on the acquisition date, the program will provide and input such info for the evaluation date.
  • Advanced-option selections. They are:

  1. the choice of using bid, offer, daily average, or closing price at which to liquidate each stock, and
  2. the interest rates from which to compute the present value of cash flows, that occur on dates other than the evaluation date, but are attributable to liquidation on that date.

The default is to liquidate long positions at the offer and short positions at the bid, and to use the interest rates from the midmarket AA fixed/floating zero-coupon swap curve.

Click here to access the ATPE application.