Article 10. Taxable income derived by individuals shall include cash, physical objects and negotiable securities.

第十条个人取得的应纳税所得，包括现金、实物和有价证券。

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For income in negotiable securities, the taxable amount of income shall be determined on par value and market price.

所得为有价证券的，根据票面价格和市场价格核定应纳税所得额。

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Powershares Build America Bond Porfolio ETF ( BAB) normally invests at least 80% of its total assets in taxable municipal securities eligible to participate in the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid.

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Holdings include taxable municipal securities from a variety of states including New York, California, New Jersey, Mississippi, Illinois, Colorado, Texas, etc.

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Similarly, fixed-income securities held in taxable accounts can be shifted to municipal bonds, which may provide higher after-tax yields.

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