PT - JOURNAL ARTICLE AU - Yuntaek Pae AU - Robert J. Atra TI - HIFO by Asset Type AID - 10.3905/jwm.2018.1.061 DP - 2018 Mar 31 TA - The Journal of Wealth Management PG - jwm.2018.1.061 4099 - https://pm-research.com/content/early/2018/03/31/jwm.2018.1.061.short 4100 - https://pm-research.com/content/early/2018/03/31/jwm.2018.1.061.full AB - 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.