owlplanner 2025.12.20__py3-none-any.whl → 2026.2.2__py3-none-any.whl

owlplanner/data/rates.csv

@@ -1,98 +1,99 @@
-year,S&P 500,Bonds Baa,Bonds Aaa,TBills,TNotes,Inflation
-1928,43.81,3.22,3.22,3.08,0.84,-1.16
-1929,-8.3,3.02,3.02,3.16,4.2,0.58
-1930,-25.12,0.54,0.54,4.55,4.54,-6.4
-1931,-43.84,-15.68,-15.68,2.31,-2.56,-9.32
-1932,-8.64,23.59,23.59,1.07,8.79,-10.27
-1933,49.98,12.97,12.97,0.96,1.86,0.76
-1934,-1.19,18.82,18.82,0.28,7.96,1.52
-1935,46.74,13.31,13.31,0.17,4.47,2.99
-1936,31.94,11.38,11.38,0.17,5.02,1.45
-1937,-35.34,-4.42,-4.42,0.28,1.38,2.86
-1938,29.28,9.24,9.24,0.07,4.21,-2.78
-1939,-1.1,7.98,7.98,0.05,4.41,0.0
-1940,-10.67,8.65,8.65,0.04,5.4,0.71
-1941,-12.77,5.01,5.01,0.13,-2.02,9.93
-1942,19.17,5.18,5.18,0.34,2.29,9.03
-1943,25.06,8.04,8.04,0.38,2.49,2.96
-1944,19.03,6.57,6.57,0.38,2.58,2.3
-1945,35.82,6.8,6.8,0.38,3.8,2.25
-1946,-8.43,2.51,2.51,0.38,3.13,18.13
-1947,5.2,0.26,0.26,0.6,0.92,8.84
-1948,5.7,3.44,3.44,1.05,1.95,2.99
-1949,18.3,5.38,5.38,1.12,4.66,-2.07
-1950,30.81,4.24,4.24,1.2,0.43,5.93
-1951,23.68,-0.19,-0.19,1.52,-0.3,6.0
-1952,18.15,4.44,4.44,1.72,2.27,0.75
-1953,-1.21,1.62,1.62,1.89,4.14,0.75
-1954,52.56,6.16,6.16,0.94,3.29,-0.74
-1955,32.6,2.04,2.04,1.72,-1.34,0.37
-1956,7.44,-2.35,-2.35,2.62,-2.26,2.99
-1957,-10.46,-0.72,-0.72,3.22,6.8,2.9
-1958,43.72,6.43,6.43,1.77,-2.1,1.76
-1959,12.06,1.57,1.57,3.39,-2.65,1.73
-1960,0.34,6.66,6.66,2.87,11.64,1.36
-1961,26.64,5.1,5.1,2.35,2.06,0.67
-1962,-8.81,6.5,6.5,2.77,5.69,1.33
-1963,22.61,5.46,5.46,3.16,1.68,1.64
-1964,16.42,5.16,5.16,3.55,3.73,0.97
-1965,12.4,3.19,3.19,3.95,0.72,1.92
-1966,-9.97,-3.45,-3.45,4.86,2.91,3.46
-1967,23.8,0.9,0.9,4.29,-1.58,3.04
-1968,10.81,4.85,4.85,5.34,3.27,4.72
-1969,-8.24,-2.03,-2.03,6.67,-5.01,6.2
-1970,3.56,5.65,5.65,6.39,16.75,5.57
-1971,14.22,14.0,14.0,4.33,9.79,3.27
-1972,18.76,11.41,11.41,4.06,2.82,3.41
-1973,-14.31,4.32,4.32,7.04,3.66,8.71
-1974,-25.9,-4.38,-4.38,7.85,1.99,12.34
-1975,37.0,11.05,11.05,5.79,3.61,6.94
-1976,23.83,19.75,19.75,4.98,15.98,4.86
-1977,-6.98,9.95,9.95,5.26,1.29,6.7
-1978,6.51,3.14,3.14,7.18,-0.78,9.02
-1979,18.52,-2.01,-2.01,10.05,0.67,13.29
-1980,31.74,-3.32,-3.32,11.39,-2.99,12.52
-1981,-4.7,8.46,8.46,14.04,8.2,8.92
-1982,20.42,29.05,29.05,10.6,32.81,3.83
-1983,22.34,16.19,16.19,8.62,3.2,3.79
-1984,6.15,15.62,15.62,9.54,13.73,3.95
-1985,31.24,23.86,23.86,7.47,25.71,3.8
-1986,18.49,21.35,21.35,5.97,24.28,1.1
-1987,5.81,2.81,2.81,5.78,-4.96,4.43
-1988,16.54,14.38,14.38,6.67,8.22,4.42
-1989,31.48,15.95,15.95,8.11,17.69,4.65
-1990,-3.06,6.28,6.28,7.5,6.24,6.11
-1991,30.23,18.93,18.93,5.38,15.0,3.06
-1992,7.49,11.31,11.31,3.43,9.36,2.9
-1993,9.97,15.47,15.47,3.0,14.21,2.75
-1994,1.33,-0.97,-0.97,4.25,-8.04,2.67
-1995,37.2,21.29,21.29,5.49,23.48,2.54
-1996,22.68,3.42,3.42,5.01,1.43,3.32
-1997,33.1,12.75,12.75,5.06,9.94,1.7
-1998,28.34,7.63,7.63,4.78,14.92,1.61
-1999,20.89,0.91,0.91,4.64,-8.25,2.68
-2000,-9.03,9.39,9.39,5.82,16.66,3.39
-2001,-11.85,8.54,8.54,3.4,5.57,1.55
-2002,-21.97,12.14,12.14,1.61,15.12,2.38
-2003,28.36,12.32,12.32,1.01,0.38,1.88
-2004,10.74,10.35,10.35,1.37,4.49,3.26
-2005,4.83,5.3,5.3,3.15,2.87,3.42
-2006,15.61,5.2,5.2,4.73,1.96,2.54
-2007,5.48,4.84,4.84,4.36,10.21,4.08
-2008,-36.55,-3.54,-3.54,1.37,20.1,0.09
-2009,25.94,20.21,20.21,0.15,-11.12,2.72
-2010,14.82,9.41,9.41,0.14,8.46,1.5
-2011,2.1,12.26,12.26,0.05,16.04,2.96
-2012,15.89,9.33,9.33,0.09,2.97,1.74
-2013,32.15,-0.98,-0.98,0.06,-9.1,1.5
-2014,13.52,10.78,10.78,0.03,10.75,0.76
-2015,1.38,-1.5,-1.5,0.05,1.28,0.73
-2016,11.77,11.52,11.52,0.32,0.69,2.07
-2017,21.61,9.23,9.23,0.93,2.8,2.11
-2018,-4.23,-3.27,-3.27,1.94,-0.02,1.91
-2019,31.21,15.25,15.25,2.06,9.64,2.29
-2020,18.02,10.6,10.6,0.35,11.33,1.36
-2021,28.47,0.93,0.93,0.05,-4.42,7.04
-2022,-18.04,-15.14,-15.14,2.02,-17.83,6.45
-2023,26.06,8.74,8.74,5.07,3.88,3.35
-2024,24.88,1.74,1.74,4.97,-1.64,2.75
+year,S&P 500,Bonds Baa,real estate,TBills,TNotes,Inflation
+1928,43.81,3.22,62.15,3.08,0.84,-1.16
+1929,-8.30,3.02,-46.08,3.16,4.20,0.58
+1930,-25.12,0.54,-48.35,4.55,4.54,-6.40
+1931,-43.84,-15.68,-43.62,2.31,-2.56,-9.32
+1932,-8.64,23.59,28.65,1.07,8.79,-10.27
+1933,49.98,12.97,146.60,0.96,1.86,0.76
+1934,-1.19,18.82,23.07,0.28,7.96,1.52
+1935,46.74,13.31,54.90,0.17,4.47,2.99
+1936,31.94,11.38,96.41,0.17,5.02,1.45
+1937,-35.34,-4.42,-53.94,0.28,1.38,2.86
+1938,29.28,9.24,5.16,0.06,4.21,-2.78
+1939,-1.10,7.98,-4.86,0.05,4.41,0.00
+1940,-10.67,8.65,-32.88,0.04,5.40,0.71
+1941,-12.77,5.01,-6.75,0.13,-2.02,9.93
+1942,19.17,5.18,63.01,0.34,2.29,9.03
+1943,25.06,8.04,143.02,0.38,2.49,2.96
+1944,19.03,6.57,71.15,0.38,2.58,2.30
+1945,35.82,6.80,94.41,0.38,3.80,2.25
+1946,-8.43,2.51,-13.73,0.38,3.13,18.13
+1947,5.20,0.26,-1.74,0.60,0.92,8.84
+1948,5.70,3.44,-0.01,1.04,1.95,2.99
+1949,18.30,5.38,27.60,1.12,4.66,-2.07
+1950,30.81,4.24,52.81,1.20,0.43,5.93
+1951,23.68,-0.19,3.87,1.52,-0.30,6.00
+1952,18.15,4.44,1.02,1.72,2.27,0.75
+1953,-1.21,1.62,-5.97,1.89,4.14,0.75
+1954,52.56,6.16,64.97,0.94,3.29,-0.74
+1955,32.60,2.04,26.72,1.72,-1.34,0.37
+1956,7.44,-2.35,-0.89,2.62,-2.26,2.99
+1957,-10.46,-0.72,-15.19,3.22,6.80,2.90
+1958,43.72,6.43,68.80,1.77,-2.10,1.76
+1959,12.06,1.57,12.70,3.39,-2.65,1.73
+1960,0.34,6.66,-3.57,2.87,11.64,1.36
+1961,26.64,5.10,29.45,2.35,2.06,0.67
+1962,-8.81,6.50,-9.78,2.77,5.69,1.33
+1963,22.61,5.46,19.65,3.16,1.68,1.64
+1964,16.42,5.16,23.25,3.55,3.73,0.97
+1965,12.40,3.19,45.24,3.95,0.72,1.92
+1966,-9.97,-3.45,-9.47,4.86,2.91,3.46
+1967,23.80,0.90,115.87,4.29,-1.58,3.04
+1968,10.81,4.85,60.69,5.34,3.27,4.72
+1969,-8.24,-2.03,-32.95,6.67,-5.01,6.20
+1970,3.56,5.65,-18.78,6.39,16.75,5.57
+1971,14.22,14.00,15.96,4.33,9.79,3.27
+1972,18.76,11.41,0.16,4.06,2.82,3.41
+1973,-14.31,4.32,-38.80,7.04,3.66,8.71
+1974,-25.90,-4.38,-26.90,7.85,1.99,12.34
+1975,37.00,11.05,59.68,5.79,3.61,6.94
+1976,23.83,19.75,48.62,4.98,15.98,4.86
+1977,-6.98,9.95,30.29,5.26,1.29,6.70
+1978,6.51,3.14,28.89,7.18,-0.78,9.02
+1979,18.52,-2.01,41.69,10.05,0.67,13.29
+1980,31.74,-3.32,41.92,11.39,-2.99,12.52
+1981,-4.70,8.46,-4.29,14.04,8.20,8.92
+1982,20.42,29.05,26.85,11.09,32.81,3.83
+1983,22.34,16.19,34.86,8.95,3.20,3.79
+1984,6.15,15.62,-14.50,9.92,13.73,3.95
+1985,31.24,23.86,24.51,7.72,25.71,3.80
+1986,18.49,22.15,2.09,6.15,24.28,1.10
+1987,5.81,1.12,-14.00,5.96,-4.96,4.43
+1988,16.54,15.68,17.15,6.89,8.22,4.42
+1989,31.48,16.31,6.96,8.39,17.69,4.65
+1990,-3.06,5.65,-27.77,7.75,6.24,6.11
+1991,30.23,16.40,46.07,5.54,15.00,3.06
+1992,7.49,13.68,25.34,3.51,9.36,2.90
+1993,9.97,16.44,25.56,3.07,14.21,2.75
+1994,1.33,-1.23,-4.76,4.37,-8.04,2.67
+1995,37.20,20.09,32.12,5.66,23.48,2.54
+1996,22.68,5.28,14.79,5.15,1.43,3.32
+1997,33.10,11.30,22.06,5.20,9.94,1.70
+1998,28.34,8.10,-13.47,4.91,14.92,1.61
+1999,20.89,0.97,37.71,4.78,-8.25,2.68
+2000,-9.03,9.38,-9.13,6.00,16.66,3.39
+2001,-11.85,8.60,32.14,3.48,5.57,1.55
+2002,-21.97,12.06,-3.61,1.64,15.12,2.38
+2003,28.36,12.38,91.23,1.03,0.38,1.88
+2004,10.74,10.33,17.30,1.40,4.49,3.26
+2005,4.83,5.13,3.78,3.22,2.87,3.42
+2006,15.61,5.27,18.40,4.85,1.96,2.54
+2007,5.48,4.90,-9.11,4.48,10.21,4.08
+2008,-36.55,-3.44,-44.68,1.40,20.10,0.09
+2009,25.94,19.96,46.94,0.15,-11.12,2.72
+2010,14.82,9.40,27.73,0.14,8.46,1.50
+2011,2.10,12.26,-14.04,0.05,16.04,2.96
+2012,15.89,9.40,18.96,0.09,2.97,1.74
+2013,32.15,-1.13,50.30,0.06,-9.10,1.50
+2014,13.52,10.75,1.53,0.03,10.75,0.76
+2015,1.38,-1.50,-9.12,0.05,1.28,0.73
+2016,11.77,11.52,17.02,0.32,0.69,2.07
+2017,21.61,9.15,15.13,0.95,2.80,2.11
+2018,-4.23,-3.18,-16.21,1.97,-0.02,1.91
+2019,31.21,15.25,11.92,2.11,9.64,2.29
+2020,18.02,10.60,34.16,0.36,11.33,1.36
+2021,28.47,1.02,22.41,0.04,-4.42,7.04
+2022,-18.04,-15.23,-22.90,2.09,-17.83,6.45
+2023,26.06,8.74,5.19,5.28,3.88,3.35
+2024,24.88,1.74,8.70,5.18,-1.64,2.89
+2025,17.78,6.96,16.53,4.21,8.29,2.74

owlplanner/debts.py

@@ -1,13 +1,23 @@
 """
+Debt management and calculation module.
 
-Owl/debts:r
+This module provides functions for handling debts including mortgage calculations,
+loan amortization, and debt-related financial planning.
 
-This file contains functions for handling debts.
+Copyright (C) 2025-2026 The Owlplanner Authors
 
-Copyright © 2025 - Martin-D. Lacasse
+This program is free software: you can redistribute it and/or modify
+it under the terms of the GNU General Public License as published by
+the Free Software Foundation, either version 3 of the License, or
+(at your option) any later version.
 
-Disclaimers: This code is for educational purposes only and does not constitute financial advice.
+This program is distributed in the hope that it will be useful,
+but WITHOUT ANY WARRANTY; without even the implied warranty of
+MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+GNU General Public License for more details.
 
+You should have received a copy of the GNU General Public License
+along with this program.  If not, see <https://www.gnu.org/licenses/>.
 """
 
 ######################################################################
@@ -15,6 +25,8 @@ import numpy as np
 import pandas as pd  # noqa: F401
 from datetime import date
 
+from . import utils as u
+
 
 def calculate_monthly_payment(principal, annual_rate, term_years):
     """
@@ -130,12 +142,16 @@ def get_debt_payments_for_year(debts_df, year):
     float
         Total annual debt payments for the year
     """
-    if debts_df is None or debts_df.empty:
+    if u.is_dataframe_empty(debts_df):
         return 0.0
 
     total_payments = 0.0
 
     for _, debt in debts_df.iterrows():
+        # Skip if active column exists and is False (treat NaN/None as True)
+        if not u.is_row_active(debt):
+            continue
+
         start_year = int(debt["year"])
         term = int(debt["term"])
         end_year = start_year + term
@@ -168,12 +184,16 @@ def get_debt_balances_for_year(debts_df, year):
     float
         Total remaining debt balances at end of year
     """
-    if debts_df is None or debts_df.empty:
+    if u.is_dataframe_empty(debts_df):
         return 0.0
 
     total_balance = 0.0
 
     for _, debt in debts_df.iterrows():
+        # Skip if active column exists and is False (treat NaN/None as True)
+        if not u.is_row_active(debt):
+            continue
+
         start_year = int(debt["year"])
         term = int(debt["term"])
         end_year = start_year + term
@@ -216,12 +236,16 @@ def get_debt_payments_array(debts_df, N_n, thisyear=None):
     if thisyear is None:
         thisyear = date.today().year
 
-    if debts_df is None or debts_df.empty:
+    if u.is_dataframe_empty(debts_df):
         return np.zeros(N_n)
 
     payments_n = np.zeros(N_n)
 
     for _, debt in debts_df.iterrows():
+        # Skip if active column exists and is False (treat NaN/None as True)
+        if not u.is_row_active(debt):
+            continue
+
         start_year = int(debt["year"])
         term = int(debt["term"])
         end_year = start_year + term
@@ -264,13 +288,17 @@ def get_remaining_debt_balance(debts_df, N_n, thisyear=None):
     if thisyear is None:
         thisyear = date.today().year
 
-    if debts_df is None or debts_df.empty:
+    if u.is_dataframe_empty(debts_df):
         return 0.0
 
     end_year = thisyear + N_n - 1
     total_balance = 0.0
 
     for _, debt in debts_df.iterrows():
+        # Skip if active column exists and is False (treat NaN/None as True)
+        if not u.is_row_active(debt):
+            continue
+
         start_year = int(debt["year"])
         term = int(debt["term"])
         loan_end_year = start_year + term

owlplanner/fixedassets.py

@@ -1,14 +1,24 @@
 """
+Fixed assets management and tax calculation module.
 
-Owl/fixed_assets
+This module provides functions for handling fixed assets (such as real estate)
+and calculating tax implications when they are sold or disposed of, including
+primary residence exclusion rules.
 
-This file contains functions for handling fixed assets and calculating
-tax implications when they are sold or disposed of.
+Copyright (C) 2025-2026 The Owlplanner Authors
 
-Copyright © 2025 - Martin-D. Lacasse
+This program is free software: you can redistribute it and/or modify
+it under the terms of the GNU General Public License as published by
+the Free Software Foundation, either version 3 of the License, or
+(at your option) any later version.
 
-Disclaimers: This code is for educational purposes only and does not constitute financial advice.
+This program is distributed in the hope that it will be useful,
+but WITHOUT ANY WARRANTY; without even the implied warranty of
+MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+GNU General Public License for more details.
 
+You should have received a copy of the GNU General Public License
+along with this program.  If not, see <https://www.gnu.org/licenses/>.
 """
 
 ######################################################################
@@ -16,6 +26,8 @@ import numpy as np
 import pandas as pd  # noqa: F401
 from datetime import date
 
+from . import utils as u
+
 
 # Primary residence exclusion limits (2025 tax year)
 RESIDENCE_EXCLUSION_SINGLE = 250000
@@ -55,7 +67,9 @@ def get_fixed_assets_arrays(fixed_assets_df, N_n, thisyear=None, filing_status="
     Parameters:
     -----------
     fixed_assets_df : pd.DataFrame
-        DataFrame with columns: name, type, basis, value, rate, yod, commission
+        DataFrame with columns: name, type, year, basis, value, rate, yod, commission
+        where 'year' is the reference year (this year or after). Basis and
+        value are in reference-year dollars.
     N_n : int
         Number of years in the plan (length of output arrays)
     thisyear : int, optional
@@ -76,7 +90,7 @@ def get_fixed_assets_arrays(fixed_assets_df, N_n, thisyear=None, filing_status="
     if thisyear is None:
         thisyear = date.today().year
 
-    if fixed_assets_df is None or fixed_assets_df.empty:
+    if u.is_dataframe_empty(fixed_assets_df):
         return np.zeros(N_n), np.zeros(N_n), np.zeros(N_n)
 
     tax_free_n = np.zeros(N_n)
@@ -90,23 +104,54 @@ def get_fixed_assets_arrays(fixed_assets_df, N_n, thisyear=None, filing_status="
         residence_exclusion = RESIDENCE_EXCLUSION_SINGLE
 
     for _, asset in fixed_assets_df.iterrows():
+        # Skip if active column exists and is False (treat NaN/None as True)
+        if not u.is_row_active(asset):
+            continue
+
         asset_type = str(asset["type"]).lower()
         basis = float(asset["basis"])
-        current_value = float(asset["value"])
+        value_at_reference = float(asset["value"])  # Value at reference year
         annual_rate = float(asset["rate"])
+        # Get reference year, defaulting to thisyear for backward compatibility
+        if "year" in asset.index and not pd.isna(asset["year"]):
+            reference_year = int(asset["year"])
+        else:
+            reference_year = thisyear
         yod = int(asset["yod"])  # Year of disposition
         commission_pct = float(asset["commission"]) / 100.0
 
-        # Find the year index in the plan
-        if yod < thisyear or yod >= thisyear + N_n:
-            # Asset disposition is outside the plan horizon
+        end_year = thisyear + N_n - 1  # Last year of the plan
+
+        # Skip if asset reference year is after the plan ends
+        if reference_year > end_year:
+            continue
+
+        # Account for negative or null yod with reference to end of plan
+        if yod <= 0:
+            yod = end_year + yod + 1
+
+        # Skip if disposition is before reference year (invalid)
+        if yod < reference_year:
+            continue
+
+        # Skip if disposition is before the plan starts
+        if yod < thisyear:
             continue
 
+        # Only process assets disposed during the plan (yod <= end_year)
+        # IMPORTANT: Assets with yod > end_year are NOT processed here to avoid double counting.
+        # They are handled separately in get_fixed_assets_bequest_value().
+        if yod > end_year:
+            continue
+
+        # Disposition at beginning of yod (within plan duration)
         n = yod - thisyear
+        # Asset assessed at beginning of reference_year, disposed at beginning of yod
+        # Growth period: from start of reference_year to start of yod = (yod - reference_year) years
+        years_from_reference_to_disposition = yod - reference_year
 
         # Calculate future value at disposition
-        years_to_disposition = yod - thisyear
-        future_value = calculate_future_value(current_value, annual_rate, years_to_disposition)
+        future_value = calculate_future_value(value_at_reference, annual_rate, years_from_reference_to_disposition)
 
         # Calculate proceeds after commission
         commission_amount = future_value * commission_pct
@@ -170,7 +215,9 @@ def get_fixed_assets_bequest_value(fixed_assets_df, N_n, thisyear=None):
     Parameters:
     -----------
     fixed_assets_df : pd.DataFrame
-        DataFrame with columns: name, type, basis, value, rate, yod, commission
+        DataFrame with columns: name, type, year, basis, value, rate, yod, commission
+        where 'year' is the reference year (this year or after). Basis and
+        value are in reference-year dollars.
     N_n : int
         Number of years in the plan
     thisyear : int, optional
@@ -186,29 +233,56 @@ def get_fixed_assets_bequest_value(fixed_assets_df, N_n, thisyear=None):
     if thisyear is None:
         thisyear = date.today().year
 
-    if fixed_assets_df is None or fixed_assets_df.empty:
+    if u.is_dataframe_empty(fixed_assets_df):
         return 0.0
 
-    years_to_end = N_n  # Years from start to last year of plan, inclusively
+    end_year = thisyear + N_n - 1  # Last year of the plan
     total_bequest_value = 0.0
 
     for _, asset in fixed_assets_df.iterrows():
+        # Skip if active column exists and is False (treat NaN/None as True)
+        if not u.is_row_active(asset):
+            continue
+
+        # Get reference year, defaulting to thisyear for backward compatibility
+        if "year" in asset.index and not pd.isna(asset["year"]):
+            reference_year = int(asset["year"])
+        else:
+            reference_year = thisyear
         yod = int(asset["yod"])  # Year of disposition
 
-        # Only consider assets with yod past the end of the plan
-        if yod >= thisyear + N_n:
-            current_value = float(asset["value"])
+        # Skip if asset reference year is after the plan ends
+        if reference_year > end_year:
+            continue
+
+        # Account for negative or null yod with reference to end of plan
+        if yod <= 0:
+            yod = end_year + yod + 1
+
+        # Skip if disposition is before reference year (invalid)
+        if yod < reference_year:
+            continue
+
+        # Only consider assets with yod past the end of the plan (not disposed during the plan)
+        # IMPORTANT: Assets with yod <= end_year are NOT processed here to avoid double counting.
+        # They are handled separately in get_fixed_assets_arrays() where they are disposed during the plan.
+        # These assets (yod > end_year) are assumed to be liquidated at the end of the plan and added to the bequest
+        if yod > end_year:
+            value_at_reference = float(asset["value"])  # Value at reference year
             annual_rate = float(asset["rate"])
             commission_pct = float(asset["commission"]) / 100.0
 
             # Calculate future value at the end of the plan
-            future_value = calculate_future_value(current_value, annual_rate, years_to_end)
+            # Asset assessed at beginning of reference_year, liquidated at end of end_year
+            # Growth period: from start of reference_year to end of end_year = (end_year - reference_year + 1) years
+            years_from_reference_to_end = end_year - reference_year + 1
+            future_value = calculate_future_value(value_at_reference, annual_rate, years_from_reference_to_end)
 
             # Calculate proceeds after commission
             commission_amount = future_value * commission_pct
             proceeds = future_value - commission_amount
 
-            # Add to total bequest value (full proceeds, no tax)
+            # Add to total bequest value (full proceeds, no tax - step-up in basis for heirs)
             total_bequest_value += proceeds
 
     return total_bequest_value