Within the CFA L3 exam's focus on concentrated positions, the stages of equity holding explain how a business owner or corporate executive might obtain wealth through the equity of a single company and how their psychology around their acceptance of the concentrated position and its higher risk depends on the degree of control and attachment they have over the business.
An overview of everything you need to know about taxes for the CFA L3 exam, with links to deeper dive posts on each topic.
An explanation of when to put assets in a tax deferred (TDA) vs. tax exempt (TEA) account. Often tested on CFA L3.
Once you know how to calculate the overall return of a position under different tax systems, it's time to put it all together to calculate an investor's blended tax rate.
Distinguishing between marginal and average tax rates and knowing how to calculate each should be worth a few points on the CFA exam. This post quickly summarizes all you need to know.