RT Journal Article SR Electronic T1 Practical Applications of Optimal Tax Management of Municipal Bonds JF Practical Applications FD Institutional Investor Journals SP 1 OP 3 DO 10.3905/pa.2015.2.4.097 VO 2 IS 4 A1 Andrew Kalotay A1 Gauri Goyal YR 2015 UL https://pm-research.com/content/2/4/1.3.abstract AB Optimal Tax Management of Municipal Bonds Andrew Kalotay Most investors—and even asset managers—are uncomfortable with tax transactions, but when it comes to municipal bonds, it pays to incorporate capital gains or losses in the timing of the sale decision. In this Practical Applications report, Andrew Kalotay tells us how to determine the optimal time to sell in order to maximize the investor’s potential tax benefits. Kalotay presents specific recommendations derived from his most recent article in The Journal of Portfolio Management .This research is a continuation of Kalotay’s recent work on the added value resulting from optimal tax-loss harvesting by investors in aggregate over the lifetime of a muni bond ( JPM, Winter 2014 ). You can also read the Practical Applications report on the article.