英文早读第69篇，选自巴菲特年度信，友才翻译。

In 1963, the heavy corporate taxes we were facing (Harry surprised me by the speed with which he had earned up our tax loss carry-forward) coupled with excess liquid funds within the corporation compelled us to either in some way de-incorporate or to sell the business.
在1963年，我们面对繁重的企业所得税（哈利让他赢得税损失结转的速度惊讶到了我），同时伴有过度的流动资金，迫使我们以某种方式解散公司或者出售业务。

We set out to do either one or the other before the end of 1963. De-incorporating had many problems but would have, in effect, doubled earnings for our partners and also eliminated the problem of corporate capital gain tax on Dempster securities.
我们在1963年结束前着手工作。解散公司有很多困难但是事实上会使合伙人双倍盈利同时消除了在邓普斯特股票上公司资本盈利税的问题。

At virtually the last time, after several earlier deals had fallen through at reasonably advanced stages, a sale of assets was made. Although there were a good many wrinkles to the sale, the net effect was to bring approximately book value. This, coupled with the gain we have in our portfolio of marketable securities, gives us a realization of about 80 per share. Dempster (now named First Beatrice Corp.- we sold the name to the new Co.) is down to almost entirely cash and marketable securities now. On BPL's yearend audit, our First Beatrice holdings were valued at asset value (with securities at market) less a 200,000 reserve for various contingencies.
几乎最后一刻，在一些早期的交易在相当晚期的阶段失败后，一个资产出售达成了。尽管这个交易有些波折，净效果带来了差不多账面价值。这一次，包括我们组合中市场化股票的收益，给我们带来每股约80美金。邓普斯特（现在叫第一比特雷斯公司，我们把这个名字卖给了新公司）现在剩下几乎都是现金和市场化股票。在BPL年末审计中，我们在第一比特雷斯持股剩余价值（包括在市场中的股票）少于20万美金以免各种紧急情况。

135.carry forward：结转；延后
136.excess：过度；过量的；超过的量；过度的；超额的
137.compel：迫使；强迫；使必须
138.de-incorporate：解散公司
139.set out：动身；出发；启程；开始；着手
140.wrinkle：皱纹；褶皱；皱痕；起皱纹；皱起
141.contingency：可能发生的事；偶发事件；紧急情况；意外事故