Follow-up to the tax-location plan: the taxplan score only measured
DISTRIBUTION character. The user rightly noted that NAV appreciation
is also a capital gain (LTCG on a >1y sale). The fund price files
carry both series - Close = raw NAV with distributions paid out,
Adj Close = total return reinvested - so the split is computable
directly per fund (5y window + most-recent-12m payout).
Findings:
- ACCUMULATORS (>=50% of 5y return is price appreciation) get a new
location "TAXABLE (accrues)": MBXIX 76% (0% payout 12m), ATESX 66%,
LAMHX 62%, CVSIX 61%, candidate PBAIX 60% (0% payout 12m). For
these the taxable account's LTCG-on-sale benefit is the dominant
tax event.
- PAY-OUT funds: HMEZX (99% of return distributed - the STCG merger-
arb case), MERVX, COSIX, PMORX, SVARX, SCFZX, DMSZX, munis, credit.
IRA placement stands.
- Data artifacts caught: JLPSX/QSPNX one-time NAV gap events ~2022
(special distribution or reorg) skew the 5y payout average; the
12m payout column reflects current behavior. QCMMRX (MMF) series
is not NAV-based - flagged.
App: tax-location expander gains 5y price / 5y payout / 12m payout
columns and the "TAXABLE (accrues)" filter. RESEARCH.md documents
the capital-loss question: registered RICs cannot distribute net
capital losses; the usable benefit is the fund's internal harvest
reserve (low capital-gain distributions after up-years), which needs
N-CSR/1099 history to verify. 97/32 suites green.
Greg Pomerantz
9458e316cb