THU NHẬP phần nhỏ F Một loại thu nhập nước ngoài, như được định nghĩa trong mã số thuế của Mỹ, mà theo một số điều kiện nhất định đánh thuế của Sở Thuế Vụ tại Hoa Kỳ hay không được nộp trở lại Hoa Kỳ. | 262 STRIKE PRICE STRIKE PRICE See EXERCISE PRICE. STRIPPED BONDS Bonds created by stripping the coupons from a bond and selling them separately from the principal. STRONG DOLLAR See APPRECIATION OF THE DOLLAR. SUBPART F INCOME A type of foreign income as defined in the . tax code which under certain conditions is taxed by the IRS in the United States whether or not it is remitted back to the United States. SUCRE Ecuador s currency. SUSHI BONDS Eurodollars- or other non-yen-denominated bonds issued by a Japanese firm for sale to Japanese investors. SWAP CONTRACT In the context of the forward market a swap contract is a spot contract immediately combined with a forward contract. See also SWAP RATE. SWAP FUNDS Also known as exchange funds swap funds are not the same as ordinary mutual funds. They are highly specialized types of fixed investment pools typically set up as a limited partnership or as a limited-liability company. They appeal to very wealthy investors with large holdings in a single stock who want diversification without having to pay capital taxes. Suppose you own 5 million of stock in one company that you bought a long time ago at prices far below today s values. Instead of selling these shares outright and paying taxes you swap them for units of a swap fund tax-free. Swap funds usually have stiff earlyredemption penalties and very high minimum investment requirements. In one fund for example the minimum investment is 500 000 of stock. SWAP RATE A forward exchange rate quotation expressed in terms of the number of points by which the forward rate differs from the spot rate . as a discount from or a premium on the spot rate . The interbank market quotes the forward rate this way. EXAMPLE 113 Suppose a French investor buys 100 000 at FFr 140 . In order to reduce the currency risk she immediately sells forward 100 000 for 90 days at FFr 145 . The combined spot and forward contract is a swap contract. The swap rate FFr 5 is the difference between the .
