Originally Posted by AV8
I'm starting to get it I think. However, as a future military pensioner we've been considering the pension our "fixed income" portion of our portolio (while we're still relatively young at least--late 30s). With the exception of a rental property, we're primarily in equities. If I understand correctly, the thing to consider would be future tax liability of fund positions in the withdrawal phase of RE, not necessarily during the growth phase. Correct?
Your consideration of the pension as the fixed income allocation is an important point, which I may have missed in your original post. The fact that you are mostly/entirely invested in equities renders my previous comment moot with respect to your specific situation (but still valid for anyone who has a more "normal" asset mix).
In your case, I wouldn't worry too much about which assets go into the tax deferred account. For the same reasons stated earlier, I'd still try to put income producing equities (like REITs or large cap financials) in the tax deferred accounts and leave the growers for the taxable.
More important for you, though, is to maximize your contributions to the tax deferred accounts to take advantage of compounding on your before-tax contributions. Otherwise, I wouldn't worry about it.