原文信息：

• 标题：1963 December Letter to Limited Partners
• 作者：Warren Buffett
• 发表时间：1963-12-26
• 链接：《Warren Buffett Letters to Partners 1959 – 1975》
• 翻译：Ponge
• 整理：Ponge

BUFFETT PARTNERSHIP, LTD.

810 KIEWIT PLAZA

OMAHA 31, NEBRASKA

December 26, 1963

To All Limited Partners:

致全体有限合伙人：

The following tax information is very important and should either be clearly understood by you if you prepare your own return, or should be given to your tax advisor if he prepares your return.

以下税务信息非常重要，如果您自己准备报税表，则应清楚了解这些信息；如果您的税务顾问为您准备报税表，则应将这些信息告知税务顾问。

(1) If you have received any distributions from the Partnership during the year, disregard such amounts for federal income tax purpose.

(1) 如果您在本年度从合伙企业获得了任何分红，在缴纳联邦所得税时，请忽略这些金额。

(2) All items which should be included on your federal income tax return will be sent to you by the 25th of January either by me or directly from our auditors. You will be informed as to the proper handling of these items on your return. Do not file your tax return until you have this information.

(2) 所有应列入联邦所得税报税表的项目将于 1 月 25 日前由我或直接由我们的审计员寄给您。您将被告知如何在报税表中正确处理这些项目。在获得这些信息之前，请勿报税。

(3) Nebraska residents need not report their interest in the Partnership on their Nebraska Personal Property Return. The Partnership pays personal property taxes directly; the individual partners do not need to pay them.

(3) 内布拉斯加州居民无需在其内布拉斯加州个人财产申报单上申报其在合伙企业中的权益。合伙企业直接缴纳个人财产税，个人合伙人无需缴纳。

(4) If possible income from the Partnership (say 15% or 20% of your equity at market value) is a significant portion of your total income, the safe course to follow in preparing 1964 quarterly estimates is to pay on the basis of your actual 1963 tax. On my personal return I always follow this procedure. This avoids possible penalties for underestimating. You are liable on your quarterly estimates for your proportionate share of partnership income. If your estimate for the current year is the same as the actual tax paid for the preceding year, you cannot be penalized for underestimating.

如果从合伙企业获得的收入可能在您的总收入中占很大比重（比如说，按市值计算，占您所有权益资产的 15%或 20%），那么在编制 1964 年季度估算时，安全的做法是根据 1963 年的实际税额进行纳税。在我的个人报税表中，我始终遵循这一程序。这样可以避免因低估税额而可能受到的处罚。你需要对合伙企业收入的相应份额进行季度预估，并承担相应责任。如果您当年的估算额与上一年实际缴纳的税额相同，您就不会因低估税额而受到处罚。

If you have any questions at all about this information, be sure to let me know.

如果您对这些信息有任何疑问，请务必告诉我。

During January you will receive the following items from us:

一月份，您将从我们这里收到以下资料：

(1) A copy of the audit report prepared by Peat, Marwick, Mitchell & Company.

(1) 毕马威公司编写的审计报告副本。

(2) Complete tax figures as mentioned above.

(2) 如上所述的完整纳税数据。

(3) A statement as to the market value of your interest on January 1, 1964, giving effect to additions and withdrawals, if any, in the early days of January.

(3) 一份关于您在 1964 年 1 月 1 日的权益市值的报表，其中包括 1 月初的增资和提款（如有）。

(4) My annual letter reviewing 1963 and dispensing liberal amounts of conservative investment philosophy.

(4) 我的年度信件，信中回顾了 1963 年，并阐述了大量保守的投资理念。

Our results for this year approximate those reported in the last letter. Partners taking monthly payments will have an increase of about 20% in their capital account for the year, and those not taking payments will be plus a bit over 26%.

我们今年的结果与上一封信中报告的结果大致相同。按月付息的合作伙伴本年度的资本账户将增加约 20%，不按月付息的合作伙伴将增加 26%多一点。

All commitment letters become absolutely final on December 31st. Should you wish to modify your letter in any way, it is essential that you contact me either in writing or verbally before the close of business on the 31st. Your commitment as we presently have it recorded is shown below.

所有承诺函均于 12 月 31 日最终确定。如果您希望以任何方式修改您的承诺书，请务必在 31 日下班前以书面或口头形式与我联系。您的承诺函目前记录如下。

Cordially,

Warren E. Buffett

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