346                                                   13

       $840 ($3000  0,28)  -
,      $2160 ($3000  $840),    -
 ,         
 .  , 28%      -
,     72%  .      
          .

 -        -
 ,   . , ,  
       $20 000. 
      $5925,50 [(0,28  $9150) + (0,31  $10 850)]
      $14 074,50 ($20 000  $5925,50).  ,
29,63% ($5925,50/$20 000)      .  -
,  28%   .   ,     
   .

,   

        
    .     - 
,    (faxe-exempt bonds).   ,
    ,  , ,  -
         , 
    5.    ,  . -
   ,         -
      .    -
     .

      . ,   
            $20 000  ,
   ,   $16 000  ,  , -
  .    ,     -
  $20 000   ,    , -
  29,62%,   70,38%,  $14 074,50  . 
  $16 000   ,   ,   
. ,     .

         
,    .       -
     . ,     
  15%,   29,62%,      . -
,       $17 000 [$20 000  (1 - 0,15)], .. -
,  $16 000,   ,   .

       29,62%   -
    ,      15% 
 ,       
 ,        
   .         
  20%,      ,   ,   
      $16 000.     
  20%  .  ,       
 (28%)     ;    
   (15%)    ( -
        28%- ). 20%- -
         .

$20 000  (1 - /) = $16 000.