巴菲特致合伙人的信（1967年半年度）③税项④其他事项

Taxes

We entered 1967 with unrealized gains of $16,361,974. Through June 30 we have realized net capital gains of $7,084,104 so it appears likely that we will realize in 1967 a fairly substantial portion of the unrealized gain attributable to your interest at the beginning of the year. This amount was reported to you as Item 3 of our February 2, 1967 letter. A copy of that letter, along with a tax letter, will be mailed to you in November giving a rough idea of the tax situation at that time.

税项

进入1967年，我们未实现的收益是16,361,974美元。截止6月30日，我们实现了7,084,104美元的净资本收益，由此看来，今年年初归属于合伙人权益的未实现收益中的很大一部分，都会在今年实现。在1967年2月2日寄给各位的信中，我们在第三条报告了这一金额。11月份，我们会将2月2日信的副本以及税收信函寄给各位，让各位了解大概的纳税情况。

As I regularly suggest, the safe course to follow on interim estimates is to pay the same estimated tax for 1967 as your actual tax was for 1966. There can be no penalties if you follow this procedure.

我一直这样建议大家，在估算中期纳税数字时，使用上一年实际支付的税收金额，这样比较稳妥，不会受罚。

Whatever our final figure, it looks now as if it will be very largely long term capital gain with only minor amounts, if any, of short term gain and ordinary income. (I consider the whole Income-Principal Myth fair game for one of my soft-spoken gently worded critiques. As I told Susie in the early days of our marriage, “Don't worry about the income; just the outcome.”)

最终数字是多少还不得而知，但现在知道的是，缴纳的税款中大部分是长期资本利得，短期资本利得和普通所得很少。（有些人计算收益和本金时总是很糊涂，我经常想善意地批评一下。我和苏茜刚结婚的时候，我对她说：“别担心income（收入），重要的是outcome（结果）。”）

Miscellaneous

During the first half, Stan Perimeter resigned from the Dissolution Committee because of his present full-time involvement in investment management. Fred Stanback, Jr., a long time partner and experienced investor, was elected by the remaining members to fill the vacancy.

其他事项

上半年，由于要全身心投入到自己的投资管理工作中，斯坦·波尔米塔(Stan Perlmeter)辞去了合伙基金解散委员会的职务。经其余委员选举，小弗雷德·斯坦贝克(Fred Stanback,Jr.)填补了空缺。小弗雷德是我们的一位老合伙人，也是一位经验丰富的投资者。

As in past years, we will have a report out about November 11 along with the Commitment Letter, and the rough estimate of the 1967 tax situation, etc.

和往年一样，我们将在11月1日左右寄出承诺书以及1967年纳税估算数据等文件。

However, there will be a special letter (to focus your attention upon it) in October. The subject matter will not relate to change in the Partnership Agreement, but will involve some evolutionary changes in several "Ground Rules" which I want you to have ample time to contemplate before making your plans for 1968. Whereas the Partnership Agreement represents the legal understanding among us, the "Ground Rules" represent the personal understanding and in some ways is the more important document. I consider it essential that any changes be clearly set forth and explained prior to their effect on partnership activity or performance – hence, the October letter.

今年有个特殊情况，为了引起各位的注意，我会在10月份专门给大家写一封信。我要说的不是修改《合伙协议》，而是由于环境变化，“基本原则”需要进行一些修改。我希望提前通知大家，让大家在安排1968年的计划之前有足够的时间消化。《合伙协议》代表我们在法律上达成的一致，“基本原则”代表我们在个人理念上达成的一致。从某些方面来说，我认为“基本原则”这份文件更重要。在我看来，如果有可能影响合伙基金的活动或业绩的变化，一定要事先告诉大家，把一切都讲明白，这就是我为什么10月份会专门写一封信给各位。

Cordially,
Warren E. Buffett
WEBeh

沃伦E.巴菲特谨上

As I regularly suggest, the safe course to follow on interim estimates is to pay the same estimated tax for 1967 as your actual tax was for 1966. There can be no penalties if you follow this procedure.

Miscellaneous During the first half, Stan Perimeter resigned from the Dissolution Committee because of his present full-time involvement in investment management. Fred Stanback, Jr., a long time partner and experienced investor, was elected by the remaining members to fill the vacancy.

As in past years, we will have a report out about November 11 along with the Commitment Letter, and the rough estimate of the 1967 tax situation, etc.

Cordially, Warren E. Buffett WEBeh

Miscellaneous

During the first half, Stan Perimeter resigned from the Dissolution Committee because of his present full-time involvement in investment management. Fred Stanback, Jr., a long time partner and experienced investor, was elected by the remaining members to fill the vacancy.

Cordially,
Warren E. Buffett
WEBeh