And the exemption mainly affects wealthy taxpayers, who are unsure of its benefit because of a constantly changing tax code, says Howard Simons of Bianco Research.

Bianco Research公司的Howard Simons认为，免税主要影响的是富裕的纳税人，由于税法经常改变，他们无法确定(免税债券的)收益。

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So it's a crucial task for us to strengthen the research on the exemption of fraud exception rule.

我国的相关规定中也体现了信用证欺诈例外豁免的精神，但还不完善。

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He says Defense Distributed is excluded from the ITAR regulations under an exemption for non-profit public domain releases of technical files designed to create a safe harbor for research and other public interest activities.

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