英文早读第74篇，选自巴菲特年度信，友才翻译。

Taxes
税务问题

We entered 1964 with net unrealized gains of 2,991,090 which is all attributable to partners belonging during 1963. Through June 30th we have realized capital gains of 2,826,248.76 (of which 96% are long term) so it appears very likely that at least all the unrealized appreciation attribute to your interest and reported to you in our letter of January 25, 1964, (item 3) will be realized this year. I again want to emphasize that this has nothing to do with how we are doing. It is possible that I could have made the above statement, and the market value of your B.P.L. interest could have shrunk substantially since January 1st, so the fact that we have large realized gains in no cause for exultation. Similarly when our realized gains are very small there is not necessarily any reason to be discouraged. We do not play any games to either accelerate or defer taxes. We make investment decisions based on our evaluation of the most profitable combination of probabilities. If this means paying taxes I'm glad the rates on long-term capital gains are as low as they are.
我们进入1964年伴随着净未结算获利299万1090美金，他们都是可以分配给属于1963年合伙人的。到6月30日，我们拥有结算资本获利282万6248.76美金（其中96%都是长期的），因此似乎至少所有未结算上涨的可分配资金并在1964年1月25日报告给你的将会在今年实现。我再一次想强调这不会关系到我们怎么做。很可能我可以做出上面的陈述，然后巴菲特股份的市场价值也可以从1月1日起大幅缩水，因此事实上我们实现大的已结算获利没有理由高兴。类似的如果我们实现已结算获利很小也没有理由失落。我们不会玩多缴或缓缴税的把戏。我们做出投资决策基于我们对最大盈利组合的可能性。如果这意味着要付税，我希望在长期资本获利的税率和现在一样低。

As previously stated in our most recent tax letter of April 1, 1964 the safe course to follow on interim estimates is to pay the same estimated tax for 1964 as your actual tax was for 1963. There can be no penalties if you follow this procedure.
如前面最近一次1964年4月1日税务信中陈述的，安全的方式申报年终税务评估最好和1963年实际税务处理一致。遵循这个流程就没什么受罚风险。

The tax liability for partners who entered January 1st will, of course, be quite moderate, as it always is in the first year for any partner. This occurs because realized capital gains are first attributed to old partners having an interest in unrealized appreciation. This, again, of course, has nothing to do with economic performance. All limited partners, new and old, (except for Bill Scott, Ruth Scott and Susan Buffett per paragraph five of the Partnership Agreement) end up with exactly the same results. As usual, net ordinary income for all partners is nominal to date.
对所有进入到1月1日的合伙人来说税务义务当然是相当温和的，就像他在第一年对任何合伙人一样。这是因为已结算资本获利将首先分配给老的投资人在未结算上涨中持有股份的。这当然也无关经济表现。所有LP，新的和旧的（除了在每一个合伙协议第5段提到的比尔斯科特，罗斯斯科特和苏珊）都会以同样的结果结束。像往常一样，净常规收入对所有合伙人截至今天都微乎其微。

As in the past years, we will have a letter out about November 1st (to partners and those who have indicated an interest, to us by that time in becoming partners) with the amendment to the Partnership Agreement, Commitment Letter for 1965, estimate of the 1964 tax situation, etc. In the meantime, keep Bill busy this summer clearing up anything in this letter that comes out fuzzy.
正如过去几年，我们将会在11月1日发出一封信（给合伙人和那些已经告诉我们有兴趣成为合伙人的）关于合伙协议修订、1965承诺函、1964税务情况预估等等。同时，让比尔在这个夏天忙于清楚你们对这封信任何迷惑的地方。

Cordially,
热情的

Warren E. Buffett
沃伦 E. 巴菲特

19.exultation：欢欣；兴高采烈；得意；欢悦
20.discourage：阻止；劝阻；使泄气；使灰心；阻拦
21.accelerate：加速；使加速；加快
22.defer：推迟；延缓；展期