$ Inside the "work circumstance" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a little) Depreciation = value at the beginning of your 12 months (opening balance) + purchases while in the calendar year − worth at the conclusion of the yr (closing equilibrium) https://pnl56789.vblogetin.com/39807243/the-best-side-of-pnl