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Duration: 3:19

请注意,本视频中的演示仅为信息参考,不应作为税务、法律或者会计建议的依据。在进行任何交易之前,您应该咨询自己的税务、法律和会计顾问。

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Study Notes – 学习笔记:

U.S. Municipal Bond Market
美国市政债券市场系列

第8讲 – 尽职调查 (2)

请注意,本视频中的演示仅为信息参考,不应作为税务、法律或者会计建议的依据。在进行任何交易之前,您应该咨询自己的税务、法律和会计顾问。

美国市政债券通常无需缴纳联邦税,并且如果州内纳税居民购买同州实体发行的市政债券,则该居民也将免征州和地方税。但是,如果爱荷华州的居民打算购买缅因州的一般责任债券,则将征收州和地方税。

而公司债券则需要缴纳联邦和州税。

计算收益比较之前,首先需要了解您的税级。

举例1:

查找公司债券的税后净收益

我们将一支票面利息为5%的缅因州一般收益债券和 到期日相似票面利息为2.45%的高露洁棕榈公司债券进行比较,为了简单起见,他们的数量都为票面价值(即1000美元)。出于说明目的,我们将您的税级假设为22%。

要计算公司债券的税后净收益,首先从100%中减去税级22%,得到78%。之后将78%乘以公司债券的利率。

之后我们可以得出,将高露洁棕榈公司债券换算成市政债券的话,收益率大致为1.9%。

举例2:

计算市政债券(本州)的应课税等值收益:

如果缅因州居民按照22%的税率购买票面价值为1000,票面利率为5.0%的缅因州一般责任债券,因为属于州内购买,则无需缴纳州税。

将5%的债券票面收益除以78%,将得到应纳税的等值收益率。

举例 3:

计算市政债券(州外购买)的应课税等值收益:

现在,如果居住在不同州的纳税人(例如爱荷华州居民)购买了缅因州债券,则需要缴纳2%的州税(2%为假设),那么联邦税和州税将一起从100%中扣除,之后我们用5%除以76%。

举例 4:

比较金融产品收益:

与票面利率为6%高露洁棕榄企业债券的相比,票面利率为5%的缅因州一般责任债券 无论是州内还是州外购买的情况下,都将提供更高的收益率。

综上所述,税后净收益率为1.91%的高露洁棕榄债券的价格要高于票面收益为5%缅因州一般责任债券,该市政债券的州内收益率为6.41%和州外收益率为6.58%。


Disclosure: Interactive Brokers - 盈透证券香港有限公司

美国盈透证券是NYSE – FINRA – SIPC的成员,受美国证监会(SEC)和商品期货交易委员会(the Commodity Futures Trading Commission)监管。盈透證券香港有限公司受香港證券及期貨事務監察委員會(SFC)監管,是香港交易所(HKEX)和香港期貨交易所(HKFE)的成員。

Disclosure: Interactive Brokers

Information posted on IBKR Traders’ Academy that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Academy are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

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