Efektywność tarczy podatkowej z dochodów kapitało- wych z akcji z wykorzystaniem metody realizacji strat papierowych w portfelu inwestycyjnym inwestorów indywidualnych
The efficiency of the tax shield from the capital gains on shares using the paper losses method in the individual investor’s portfolio

Summary/Abstract: The aim of the article is to assess the efficiency of the tax shield using the paper loss method. In addition, the article presents dependencies affecting the degree of profitability of investment decisions taken by individual investors and general economic factors which are not connected directly to the taxation process. The tax shield term was presented as an universal mathematical formula which would allow an individual investor to assess the benefits of the tax shield. Finally, the article presents various approaches to the tax shield phenomenon in Polish and foreign literature as well as the principles of functioning of the capital gains tax.

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