A Smarter Way to Buy a Jet Card? By: Andy Parker; Twenty-First Securities
Historically, when an investor has needed to fund a large purchase such as a jet card, the traditional technique has been to raise cash by selling securities. These days however, the issue may not be so simple. Given the increase in the level of equity markets as well as the decline in interest rates, many portfolios – both stock and bond – likely have large unrealized capital gains. For any temporary cash need, selling stocks or bonds and paying capital gains tax may be an inefficient strategy. This is particularly true with municipal bonds with high coupon levels. Selling high-coupon municipals essentially takes a long-term tax exempt income stream and converts it to cash and a capital gains tax – not a tax-efficient solution.
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