The Tax Treatment of Municipal Discount Bonds: Rebuttal and Expansion
反驳了Braswell等人关于市政折价债券折价部分免税的观点，指出其忽略了实证证据，并扩展了相关讨论。
* In the Spring 1982 issue of this journal, Braswell, Reinhart, and Hasselback (BRH) [1] took me to task for claiming that part of the return on municipal bonds sold at a discount from par value by underwriters in the primary market during 1972-73 was subject to capital gains taxation. BRH argued that the discounts on these bonds were original issue discounts exempt from Federal income taxes. Nothing could be further from the truth. Not only did BRH disregard the empirical evidence presented by me and my colleagues in a number of papers that the discount bonds traded at higher yields than did comparable current coupon bonds priced at or near par, but they failed to cite the relevant