TY - JOUR T1 - HIFO by Asset Type JF - The Journal of Wealth Management SP - 30 LP - 43 DO - 10.3905/jwm.2018.1.061 VL - 21 IS - 1 AU - Yuntaek Pae AU - Robert J. Atra Y1 - 2018/04/30 UR - https://pm-research.com/content/21/1/30.abstract N2 - The article investigates the benefit of highest-in, first-out (HIFO) accounting when selling shares of various asset classes. The tax benefit of HIFO accounting is statistically and economically significant. NASDAQ, emerging market, and real estate indexes earn greater HIFO tax benefits than other types of assets, with the bond index having the least benefit. While the results themselves give practitioners some information about the benefit of share accounting, they are useful in other aspects of financial planning, such as after-tax asset allocation and asset tax location.TOPICS: Portfolio construction, legal/regulatory/public policy ER -