SPAN保证金系统概述
“标准投资组合风险分析（SPAN）”是芝加哥商品交易所（CME）创建的一种计算保证金要求的方法。全球多家清算所和交易所都使用该方法来计算期货及期货期权的“履约保证”（即保证金要求）。清算所会从期货经纪商（FCM）处收取履约保证，期权经纪商则从其客户处收取。
SPAN会使用16种假设的市场情境来评估投资组合在给定期限内（通常设为一天）在最差的情况下可能遭受的损失，进而得出保证金金额。这16种假设情境会反映期货或期权合约底层价格的变动，对于期权，还会反映时间衰减和隐含波动率的变动。
计算SPAN要求的第一步是将所有底层产品相同的持仓合并为一个 “商品组合”。下一步，SPAN会计算和加总某一种情境下“商品组合”内每一个持仓的风险，并将理论损失最大的情境下的风险定义为“扫描风险”。16种情境是基于“商品组合”价格扫描范围（给定期限内底层产品的最大价格波动）和波动率扫描范围（期权最大隐含波动率变动）得出的。
假设一个投资组合由股票指数ABC的一张多头期货合约和一张多头看跌期权合约组成，底层价格为1000美元，乘数为100，价格扫描范围为6%。对于该给定的投资组合，“扫描风险”为情境14下的1125美元。
|
# |
1 张多头期货 |
1 张多头看跌期权 |
合计 |
情境描述 |
|
1 |
$0 |
$20 |
$20 |
价格不变；波动率在扫描范围内上升 |
|
2 |
$0 |
($18) |
($18) |
价格不变；波动率在扫描范围内下降 |
|
3 |
$2,000 |
($1,290) |
$710 |
价格上涨价格扫描范围的1/3；波动率在扫描范围内上升 |
|
4 |
$2,000 |
($1,155) |
$845 |
价格上涨价格扫描范围的1/3；波动率在扫描范围内下降 |
|
5 |
($2,000) |
$1,600 |
($400) |
价格下跌价格扫描范围的1/3；波动率在扫描范围内上升 |
|
6 |
($2,000) |
$1,375 |
($625) |
价格下跌价格扫描范围的1/3；波动率在扫描范围内下降 |
|
7 |
$4,000 |
($2,100) |
$1,900 |
价格上涨价格扫描范围的2/3；波动率在扫描范围内上升 |
|
8 |
$4,000 |
($2,330) |
$1,670 |
价格上涨价格扫描范围的2/3；波动率在扫描范围内下降 |
|
9 |
($4,000) |
$3,350 |
($650) |
价格下跌价格扫描范围的2/3；波动率在扫描范围内上升 |
|
10 |
($4,000) |
$3,100 |
($900) |
价格下跌价格扫描范围的2/3；波动率在扫描范围内下降 |
|
11 |
$6,000 |
($3,100) |
$2,900 |
价格上涨价格扫描范围的3/3；波动率在扫描范围内上升 Range |
|
12 |
$6,000 |
($3,375) |
$2,625 |
价格上涨价格扫描范围的3/3；波动率在扫描范围内下降 |
|
13 |
($6,000) |
$5,150 |
($850) |
价格下跌价格扫描范围的3/3；波动率在扫描范围内上升 |
|
14 |
($6,000) |
$4,875 |
($1,125) |
价格下跌价格扫描范围的3/3；波动率在扫描范围内下降 |
|
15 |
$5,760 |
($3,680) |
$2,080 |
极端价格上涨（价格扫描范围的3倍）* 32% |
|
16 |
($5,760) |
$5,400 |
($360) |
极端价格下跌（价格扫描范围的3倍）* 32% |
然后，用“扫描风险”加上同商品跨月价差风险值（衡量期货日历价差基础风险的值）和交割风险值（衡量可交割的持仓由于临近到期日而上升的风险），再减去跨商品价差折抵值（由于有相关性的产品互相分散了风险而降低的保证金要求）。 将该合计值与做空期权的最低保证金要求比较（做空期权的最低保证金要求能确保对包含深度价外期权的投资组合收取了最低的保证金），取两者中较大的值作为“商品组合”的风险。系统会用前述方法逐一计算所有“商品组合”的风险。投资组合的总保证金风险等于所有“商品组合”风险的总和减去由于不同“商品组合”间风险分散而折抵的保证金。
计算SPAN保证金要求的软件叫作“PC-SPAN”，可在芝商所的网站上找到。
保证金计算方法概况
简介
计算给定持仓的保证金要求的方法很大程度上受以下三种因素影响：
1. 产品类型；
2. 产品上市的交易所及/或管辖经纪商的主要监管机构的规则；
3. IBKR“公司内部”要求。
虽然有多种计算保证金要求的方法，但这些方法大致可被分为两类，即基于规则的保证金要求或基于风险的保证金要求。基于规则的保证金通常会对同类型的产品应用相同的保证金比例，不同产品之间不能相互抵消风险，且会以类似的方式对待衍生品和其底层产品。从这个角度上来看，这种方法计算简单、其假设也易于执行，但这种假设往往会高估或低估一种产品相对于其历史业绩的风险。基于规则的保证金的一个常见的例子是美国的Reg. T保证金要求。
相反，基于风险的保证金计算方法往往试图使保证金能反映产品的历史业绩，承认产品间风险的相互抵消，且力求通过数学定价模型测定衍生品的非线性风险。这些方法虽然是直觉式的，但往往涉及客户自己难以复制的计算过程。此外，计算过程的输入变量可能依赖于观察到的市场行为，这可能导致计算结果快速、大幅波动。基于风险的保证金计算方法包括TIMS和SPAN。
不论计算方法基于规则还是基于风险，大部分经纪商都会应用“公司内部”保证金要求。当经纪商认为特定情况的风险敞口大于法定或基础保证金能够保障的部分，“公司内部”保证金将提出比基础保证金更高的要求。下文概述了最常见的基于风险的保证金计算方法和基于规则的保证金计算方法。
方法概述
基于风险的保证金
a. 投资组合保证金（TIMS） – “理论市场间保证金系统”（TIMS）是期权清算公司（OCC）创造的一种基于风险的保证金计算方法，该方法会假设一系列市场情境，在这些市场情境下投资组合中证券的价格会发生变动、持仓的价值会被重估，基于此来计算投资组合的价值。该方法会使用期权定价模型来重估期权的价值，并通过敝公司在OCC情境基础上假设的一系列更为严苛的情境来评估投资组合的风险，这些更严苛的情境旨在捕捉诸如极端市场波动、集中持仓或期权隐含波动率变动等额外的风险。此外，某些证券（如粉单、OTCBB或小市值股票）可能无法进行保证金交易。估算出每种情境下的投资组合价值后，预计损失最大的情境将被用于计算保证金要求。
TIMS方法适用的持仓包括美国股票、ETF、期权、个股期货、以及满足美国证监会现成市场测试的非美国股票和期权。
由于这种方法的计算过程比基于规则的方法复杂得多，它往往能更准确地估计风险，进而提供更高的杠杆。鉴于TIMS能够提供更高的杠杆且保证金要求会上下浮动并快速响应不断变化的市场情况，这种方法主要面向成熟的交易者且要求账户的净清算价值不少于110,000美元方可启用，后期也需要将净清算价值维持在100,000美元以上。该方法下的股票保证金要求通常在15%-30%。如果投资组合内的股票分散程度高、历史波动性较低且常常有期权做对冲，则投资组合可能还能享受更优惠的保证金比例。
b. SPAN – “标准投资组合风险分析”（SPAN）是芝加哥商品交易所（CME）专门针对期货和期货期权设计的一种基于风险的保证金要求计算方法。与TIMS类似，SPAN会假设一系列市场情境，在这些情境下底层证券的价格和期权的隐含波动率会发生变动，在此基础上估算投资组合的价值，进而确定保证金要求。同样，IBKR会在这些假设中纳入公司内部的情境，以预防极端的价格波动，以及此类波动可能对深度价外期权产生的特定影响。损失最大的情境估算的值将作为保证金要求。有关SPAN保证金系统的详细介绍，请见知识库文章563。
基于规则的保证金
a. Reg. T – 美国的中央银行联邦储备委员会的职能是负责维护金融系统的稳定及防范金融市场可能出现的系统性风险。在一定程度上，这一职能是通过监管自营经纪商可向客户提供的贷款数额来实现的（客户可通过保证金贷款买入证券）。
具体而言，即通过法规T（常被称为Reg. T）来监管。Reg.T规定了客户须开立保证金账户，并给出了初始保证金要求及对某些证券交易应用的支付规则。比如，对于买入股票，Reg. T目前要求客户存入相当于其买入价值50%的初始保证金，并允许经纪商通过贷款提供剩余50%的资金。比如，账户持有人如要买入价值1000美元的证券，则必须存入500美元，但可以借入500美元以持有这些证券。
Reg. T只规定了初始保证金要求，而维持保证金要求（即开仓后继续持有该仓位所需的资金）是由交易所规定的（对于股票，维持保证金要求是25%）。Reg. T也未规定期权的保证金要求，因为这属于期权产品上市的交易所的管辖范围，须经美国证监会批准。Reg.T账户中持有的期权还须应用基于规则的方法，即空头被当成股票等价物处理、价差交易可减免保证金要求。最后，符合要求的投资组合保证金账户中的持仓无需满足Reg. T要求。
更多信息
如何计算期货和期货期权的保证金要求？
Overview:
期货期权和期货的保证金是由交易所根据SPAN保证金计算方法确定的。有关SPAN保证金系统及其计算逻辑，请参见芝商所（CME）网站www.cmegroup.com。在芝商所网站搜索SPAN，您会看到很多包括其计算逻辑在内的相关信息。SPAN保证金系统是一个通过分析几乎所有市场情境下的假设情况来计算保证金要求的保证金计算系统。
Background:
SPAN的运行逻辑大致如下：
SPAN会通过计算由衍生品和实物产品所构成的投资组合在给定时间区间（通常为一个交易日）内的最坏情况损失来评估投资组合的整体风险。最坏情况损失通常是通过计算投资组合在不同市场行情下的盈亏情况来完成。该计算方法的核心是SPAN风险阵列，即一系列可显示某特定合约在不同行情下的盈亏情况的数据。每种行情算作一种风险情境。每种风险情境的数值代表该特定合约在对应价格（底层证券价格）变化、波动率变化和时间衰减的特定组合下会产生的盈亏。
交易所会以特定频率向IBKR发送SPAN保证金文件，接着，该等文件会被导入到SPAN保证金计算器当中。所有期货期权，除非已经过期或是平仓，否则始终都需要计算风险损失情况，哪怕处于价外也没有关系。所有情境都必须考虑极端市场波动情况下的变化，因此，只要仓位还在，该等期货期权的保证金影响就还要被纳入考量。 我们会将SPAN保证金要求与IBKR预定义的极端市场波动情境进行比较，取较大者作为保证金要求。
Overview of Margin Methodologies
Introduction
The methodology used to calculate the margin requirement for a given position is largely determined by the following three factors:
1. The product type;
2. The rules of the exchange on which the product is listed and/or the primary regulator of the carrying broker;
3. IBKR’s “house” requirements.
While a number of methodologies exist, they tend to be categorized into one of two approaches: rules based or risk based. Rules based methods generally assume uniform margin rates across like products, offer no inter-product offsets and consider derivative instruments in a manner similar to that of their underlying. In this sense, they offer ease of computation but oftentimes make assumptions which, while simple to execute, may overstate or understate the risk of an instrument relative to its historic performance. A common example of a rules based methodology is the U.S. based Reg. T requirement.
In contrast, risk based methodologies often seek to apply margin coverage reflective of the product’s past performance, recognize some inter-product offsets and seek to model the non-linear risk of derivative products using mathematical pricing models. These methodologies, while intuitive, involve computations which may not be easily replicable by the client. Moreover, to the extent that their inputs rely upon observed market behavior, may result in requirements that are subject to rapid and sizable fluctuation. Examples of risk based methodologies include TIMS and SPAN.
Regardless of whether the methodology is rules or risk based, most brokers will apply “house” margin requirements which serve to increase the statutory, or base, requirement in targeted instances where the broker’s view of exposure is greater than that which would satisfied solely by meeting that base requirement. An overview of the most common risk and rules based methodologies is provided below.
Methodology Overview
Risk Based
a. Portfolio Margin (TIMS) – The Theoretical Intermarket Margin System, or TIMS, is a risk based methodology created by the Options Clearing Corporation (OCC) which computes the value of the portfolio given a series of hypothetical market scenarios where price changes are assumed and positions revalued. The methodology uses an option pricing model to revalue options and the OCC scenarios are augmented by a number of house scenarios which serve to capture additional risks such as extreme market moves, concentrated positions and shifts in option implied volatilities. In addition, there are certain securities (e.g., Pink Sheet, OTCBB and low cap) for which margin may not be extended. Once the projected portfolio values are determined at each scenario, the one which projects the greatest loss is the margin requirement.
Positions to which the TIMS methodology is eligible to be applied include U.S. stocks, ETFs, options, single stock futures and Non U.S. stocks and options which meet the SEC’s ready market test.
As this methodology uses a much more complex set of computations than one that is rules based, it tends to more accurately model risk and generally offers greater leverage. Given its ability to offer enhanced leverage and that the requirements fluctuate and may react quickly to changing market conditions, it is intended for sophisticated individuals and requires minimum equity of $110,000 to initiate and $100,000 to maintain. Requirements for stocks under this methodology generally range from 15% to 30% with the more favorable requirement applied to portfolios which contain a highly diversified group of stocks which have historically exhibited low volatility and which tend to employ option hedges.
b. SPAN – Standard Portfolio Analysis of Risk, or SPAN, is a risk-based margin methodology created by the Chicago Mercantile Exchange (CME) that is designed for futures and future options. Similar to TIMS, SPAN determines a margin requirement by calculating the value of the portfolio given a set of hypothetical market scenarios where underlying price changes and option implied volatilities are assumed to change. Again, IBKR will include in these assumptions house scenarios which account for extreme price moves along with the particular impact such moves may have upon deep out-of-the-money options. The scenario which projects the greatest loss becomes the margin requirement. A detailed overview of the SPAN margining system is provided in KB563.
Rules Based
a. Reg. T – The U.S. central bank, the Federal Reserve Board, holds responsibility for maintaining the stability of the financial system and containing systemic risk that may arise in financial markets. It does this, in part, by governing the amount of credit that broker dealers may extend to customers who borrow money to buy securities on margin.
This is accomplished through Regulation T, or Reg. T as it is commonly referred, which provides for establishment of a margin account and which imposes the initial margin requirement and payment rules on certain securities transactions. For example, on stock purchases, Reg. T currently requires an initial margin deposit by the client equal to 50% of the purchase value, allowing the broker to extend credit or finance the remaining 50%. For example, an account holder purchasing $1,000 worth of securities is required to deposit $500 and allowed to borrow $500 to hold those securities.
Reg. T only establishes the initial margin requirement and the maintenance requirement, the amount necessary to continue holding the position once initiated, is set by exchange rule (25% for stocks). Reg. T also does not establish margin requirements for securities options as this falls under the jurisdiction of the listing exchange’s rules which are subject to SEC approval. Options held in a Reg.T account are also subject to a rules based methodology where short positions are treated like a stock equivalent and margin relief is provided for spread transactions. Finally, positions held in a qualifying portfolio margin account are exempt from the requirements of Reg. T.
Where to Learn More
Tools provided to monitor and manage margin
How to determine if you are borrowing funds from IBKR
Why does IBKR calculate and report a margin requirement when I am not borrowing funds?
Overview of the SPAN margining system
The Standard Portfolio Analysis of Risk (SPAN) is a methodology developed by the CME and used by many clearinghouses and exchanges around the world to calculate the Performance Bond (i.e., margin requirement) on futures and options on futures which the clearinghouse collects from the carrying FCM and the FCM, in turn, from the client.
SPAN establishes margin by determining what the potential worst-case loss a portfolio will sustain over a given time frame (typically set to one day), using a set of 16 hypothetical market scenarios which reflect changes to the underlying price of the future or option contract and, in the case of options, time decay and a change in implied volatility.
The first step in calculating the SPAN requirement is to organize all positions which share the same ultimate underlying into grouping referred to as a Combined Commodity group. Next, SPAN calculates and aggregates, by like scenario, the risk of each position within a Combined Commodity, with that scenario generating the maximum theoretical loss being the Scan Risk. The 16 scenarios are determined based upon that Combined Commodity’s Price Scan Range (the maximum underlying price movement likely to occur for the given timeframe) and Volatility Scan Range (the maximum implied volatility change likely to occur for options).
Assume a hypothetical portfolio having one long future and a one long put on stock index ABC having an underlying price of $1,000, a multiplier of 100 and a Price Scan Range of 6%. For this given portfolio, the Scan Risk would be $1,125 scenario 14.
|
# |
1 Long Future |
1 Long Put |
Sum |
Scenario Description |
|
1 |
$0 |
$20 |
$20 |
Price unchanged; Volatility up the Scan Range |
|
2 |
$0 |
($18) |
($18) |
Price unchanged; Volatility down the Scan Range |
|
3 |
$2,000 |
($1,290) |
$710 |
Price up 1/3 Price Scan Range; Volatility up the Scan Range |
|
4 |
$2,000 |
($1,155) |
$845 |
Price up 1/3 Price Scan Range; Volatility down the Scan Range |
|
5 |
($2,000) |
$1,600 |
($400) |
Price down 1/3 Price Scan Range; Volatility up the Scan Range |
|
6 |
($2,000) |
$1,375 |
($625) |
Price down 1/3 Price Scan Range; Volatility down the Scan Range |
|
7 |
$4,000 |
($2,100) |
$1,900 |
Price up 2/3 Price Scan Range; Volatility up the Scan Range |
|
8 |
$4,000 |
($2,330) |
$1,670 |
Price up 2/3 Price Scan Range; Volatility down the Scan Range |
|
9 |
($4,000) |
$3,350 |
($650) |
Price down 2/3 Price Scan Range; Volatility up the Scan Range |
|
10 |
($4,000) |
$3,100 |
($900) |
Price down 2/3 Price Scan Range; Volatility down the Scan Range |
|
11 |
$6,000 |
($3,100) |
$2,900 |
Price up 3/3 Price Scan Range; Volatility up the Scan Range |
|
12 |
$6,000 |
($3,375) |
$2,625 |
Price up 3/3 Price Scan Range; Volatility down the Scan Range |
|
13 |
($6,000) |
$5,150 |
($850) |
Price down 3/3 Price Scan Range; Volatility up the Scan Range |
|
14 |
($6,000) |
$4,875 |
($1,125) |
Price down 3/3 Price Scan Range; Volatility down the Scan Range |
|
15 |
$5,760 |
($3,680) |
$2,080 |
Price up extreme (3 times the Price Scan Range) * 32% |
|
16 |
($5,760) |
$5,400 |
($360) |
Price down extreme (3 times the Price Scan Range) * 32% |
The Scan Risk charge is then added to any Intra-Commodity Spread Charges (an amount that accounts for the basis risk of futures calendar spreads) and Spot Charges (A charge that covers the increased risk of positions in deliverable instruments near expiration) and is reduced by any offset from an Inter-Commodity Spread Credit (a margin credit for offsetting positions between correlated products). This sum is then compared to the Short Option Minimum Requirement (ensures that a minimum margin is collected for portfolios containing deep-out-of-the-money options) with the greater of the two being the risk of the Combined Commodity. These calculations are performed for all Combined Commodities with the Total Margin Requirement for a portfolio equal to the sum of the risk of all Combined Commodities less any credit for risk offsets provided between the different Combined Commodities.
The software for computing SPAN margin requirements, known as PC-SPAN is made available by the CME via its website.
How do you calculate margin requirements on futures and futures options?
Overview:
Futures options, as well as futures margins, are governed by the exchange through a calculation algorithm known as SPAN margining. For information on SPAN and how it works, please research the exchange web site for the CME Group, www.cmegroup.com. From their web site you can run a search for SPAN, which will take you to a wealth of information on the subject and how it works. The Standard Portfolio Analysis of Risk system is a highly sophisticated methodology that calculates performance bond requirements by analyzing the “what-ifs” of virtually any market scenario.
Background:
In general, this is how SPAN works:
SPAN evaluates overall portfolio risk by calculating the worst possible loss that a portfolio of derivative and physical instruments might reasonably incur over a specified time period (typically one trading day.) This is done by computing the gains and losses that the portfolio would incur under different market conditions. At the core of the methodology is the SPAN risk array, a set of numeric values that indicate how a particular contract will gain or lose value under various conditions. Each condition is called a risk scenario. The numeric value for each risk scenario represents the gain or loss that that particular contract will experience for a particular combination of price (or underlying price) change, volatility change, and decrease in time to expiration.
The SPAN margin files are sent to IBKR at specific intervals throughout the day by the exchange and are plugged into a SPAN margin calculator. All futures options will continue to be calculated as having risk until they are expired out of the account or are closed. The fact that they might be out-of-the-money does not matter. All scenarios must take into account what could happen in extreme market volatility, and as such the margin impact of these futures options will be considered until the option position ceases to exist. The SPAN margin requirements are compared against IBKR's pre-defined extreme market move scenarios and the greater of the two are utilized as margin requirement.
IRA: Roth Conversions
Background:
Traditional and SEP IRA owners may process a full conversion of cash or securities into a Roth IRA that has identical trading capabilities at Interactive Brokers.
An IRA Roth Conversion is a transfer of Traditional, SEP, or SIMPLE IRA assets into a Roth IRA as a rollover or conversion.
While Interactive Brokers is unable to re-designate a Traditional or SEP IRA as a Roth IRA (e.g. change the same Traditional IRA into a Roth IRA), you may still complete a Roth conversion without sending funds to another brokerage firm. See below for methods to convert your IRA funds into a Roth IRA.
Internal Full Conversion Between IB Accounts
Conversion By Rollover Deposit
Click Conversions and Recharacterizations for additional information.
Converting Your Funds
The IRS permits eligible IRA owners to contribute funds to a Roth IRA from a Traditional or SEP IRA. Regardless of the conversion method used, the entire transaction is treated as a conversion. There are three (3) conversion methods available for converting into an IB Roth IRA account:
(1) Internal Full Conversion (Cash & Securities)
(2) Rollover Deposit (Cash only)
(3) Trustee-to-Trustee Transfer (Cash only)
- Internal Full Conversion: You may open a Roth IRA at IB and then request a Full (all assets) conversion of a Traditional or SEP IRA through Account Management. All assets will be internally transferred into the Roth IRA. Internally processed Roth conversions submitted by 8:00 PM EST are processed the next business day.
[In Funds Management of the Traditional or SEP IRA, choose: IRA Conversion to Roth Account. Or, click Position Transfers, then select IRA Conversion - Transfer Assets to Roth Account.]
Note: Select the funding option IRA Conversion or Re-characterization in the Funding section of the account application to perform a full conversion. For step-by-step instructions, click here. See Partial IRA Conversions to perform a partial conversion.
- Rollover Deposit: You can receive a distribution from an IRA (Traditional, SEP, or SIMPLE) or qualified plan held outside of Interactive Brokers and roll the funds over (contribute it) to a Roth IRA within 60 days after the distribution.
[In Funds Management of the Roth IRA, choose the following deposit method: Cash Transfers. In the Transaction List, select Deposit Cash. In the Method List, select Check, Wire, Automated Clearing House (A.C.H.), or Direct Rollover. Choose Rollover as the IRA Deposit Type.]
Note: Selecting Rollover designates the deposit as a "conversion contribution," provided funds originate from an IRA or qualified plan. Select Cash Deposit instructions for step-by-step deposit instructions.
- Trustee-to-Trustee Transfer: You can direct the trustee of an IRA (Traditional, SEP, or SIMPLE) or qualified plan held outside of Interactive Brokers to transfer a cash amount into the Roth IRA account at IB. Use the IRA Transfer-In Authorization form to initiate your request.
[In Funds Management of the Roth IRA, choose the following deposit method: Cash Transfers. In the Transaction List, select Deposit Cash. In the Method List, select Trustee-to-Trustee.]
Important Note: IB is not responsible for the tax reporting of any funds distributed from the Traditional or SEP IRA held at another firm. Customers should speak with a tax advisor before requesting an IRA distribution as withholding tax may apply. Customers must contact the other firm to ensure that the IRA distribution is appropriately designated.
IRS Tax Reporting
The deposit of funds into the Roth IRA is treated by the IRS as a rollover contribution, regardless of the conversion method, and reported to the IRS on Form 5498. Form 5498 is available by May 31 for the prior year's contributions.
The disbursement of funds from the Traditional or SEP IRA is treated by the IRS as a distribution and reported by IB on the Form 1099-R (report of the distribution). This tax form is available by January 31 for the prior year's distributions.
For additional information on Forms 5498 and 1099-R, see US Year End Tax Forms.
Click here to return to the Retirement Account Resource page.
Disclaimer: IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser.
Glossary terms:
