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A New Conceptual Approach to the Measurement of Capital Gains

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Y‚ „‚8s$t$t j$P‚ BP st B$j h‚jI bY${Y s„‚ {B„„‚{jk PB„‚R‚‚t bBZjI tB ‚t‚„s‚ {s}$sj
jBRR‚R A‚{sZR‚ Y‚ }„‚R‚t %sjZ‚ BP Y‚ h‚jI s $8‚ 0 bBZjI sj„‚sIk A‚ s}}„B}„$s‚jk
jBb‚„ Yst $P Y‚ }„${‚ „‚8s$t‚I {BtRst
    yt Y‚ „‚sj bB„jI bY‚„‚ PZZ„‚ „‚{‚$}R s„‚ Zt{‚„s$t YBb‚%‚„ Y‚ 8‚sRZ„‚8‚t BP
I‚}j‚$Bt $R 8B„‚ {B8}j${s‚I VR A‚PB„‚ j‚ o> ~0 I‚tB‚ Y‚ ‚-}‚{s$Bt s $8‚ > BP
Y‚ %sjZ‚ BP Y‚ sRR‚ s $8‚ 0 o0 ~0 $R {sj{Zjs‚I sR PBjjBbRU
                                                 lw         W+ 0Ld         M
                                          3            d
                                o0 ~0 )                               o0p+ ,                      wMD
                                          + )0        dL„
   yt   Y$R }s}‚„ b‚ IB tB I$R{ZRR Y‚ I‚„$%s$Bt BP Y‚ B}$8sj „s‚ BP ‚-„s{$Bt BP tBt„‚t‚bsAj‚
tsZ„sj „‚RBZ„{‚R 7B8‚ ZR‚PZj „‚P‚„‚t{‚R Bt Y$R RZA`‚{ s„‚ <B‚jj$t wdndD *sRZ}s stI <‚sj
wd;D <s„b${, wdMD stI €s8$‚t stI 7{Ybs„9 wdMD



                                                       dn
bY‚„‚ o0 p+ I‚tB‚R Y‚ ‚-}‚{s$Bt s Y‚ A‚$tt$t BP }‚„$BI 0 BP Y‚ „‚{‚$} ‚s„t‚I
$t }‚„$BI +  B„‚ ‚t‚„sjjk o> ~0 $R {sj{Zjs‚I sR PBjjBbRU

                            3
                            > d Fw
                                      d
                                           W+    k     3 Fw    d
                                                                    W+       k
                  o> ~0 )                       p+ L                     o> p+ 3      wD
                            + )0     dL„               + )>
                                                              dL„

yP >  0 Y‚t Y‚ h„R ‚„8 Bt Y‚ „$Y YstI R$I‚ BP wD I$Rs}}‚s„R
    ]BtR$I‚„ Y‚ I$&‚„‚t{‚ oI ;0 A‚b‚‚t Y‚ %sjZ‚ BP Y‚ sRR‚ s $8‚R 0 stI 0 L d
sR s{Zsjjk %sjZ‚I s YBR‚ $8‚R $t Y‚ }„‚R‚t{‚ BP Zt{‚„s$tk ts8‚jkU

                                    oI ;0 ) o0 ~0  o0Ld ~0Ld 3                      wd(D

qY$R I$&‚„‚t{‚ {BZjI A‚ $t‚„}„‚‚I sR s {„ZI‚ ‚- }BR 8‚sRZ„‚ BP I‚}j‚$Bt sR I‚ht‚I
Ak <B‚jj$t u Y‚t{‚ Y‚ RZAR{„$} I $t oI ;0  <Bb‚%‚„ $ RZ&‚„R P„B8 ‚-s{jk Y‚
Rs8‚ I‚h{$‚t{$‚R sR V0d sR s 8‚sRZ„‚ BP ‚- }BR $t{B8‚ y 8$-‚R ‚-}‚{s$BtR s bB
I$&‚„‚t }B$tR BP $8‚ AsR‚I Bt I$&‚„‚t $tPB„8s$Bt yt {BtR‚JZ‚t{‚ $ 8ZR $t{jZI‚
tB Btjk I‚}j‚$Bt AZ sjRB {s}$sj s$tR B„ jBRR‚R Bt Y‚ sRR‚ A‚b‚‚t $8‚R 0 stI 0 L d
sR ‚-}‚{s$BtR s„‚ „‚%$R‚I bY‚t Zt‚-}‚{‚I ‚%‚tR B{{Z„
    Vt $t‚„tsjjk {BtR$R‚t 8‚sRZ„‚ BP I‚}j‚$Bt 8ZR %sjZ‚ Y‚ sRR‚ s $8‚R 0 stI 0Ld
ZR$t %‚{B„R BP ‚-}‚{‚I JZst$$‚R stI }„${‚R AsR‚I Bt $tPB„8s$Bt stI ‚-}‚{s$BtR
s s R$tj‚ }B$t BP $8‚ Vtk }B$t BP $8‚ {BZjI A‚ ZR‚I u A‚PB„‚ IZ„$t B„ sP‚„
Y‚ }‚„$BI $t JZ‚R$Bt yt Y‚ }„‚R‚t{‚ BP Zt{‚„s$tk I‚}j‚$Bt IZ„$t }‚„$BI 0 sR
8‚sRZ„‚I s $8‚ > $R I‚ht‚I sRU

                                     o> ;0 ) o> ~0  o> ~0Ld3                        wddD

    3$„R $ 8sk A‚ tB‚I Ys $P > ) 0 Y‚ Rs„ BP Y‚ }‚„$BI st ‚- st‚ 8‚sRZ„‚
BP I‚}j‚$Bt $R BAs$t‚I ‚-s{jk ‚JZ$%sj‚t B <${,R:R ‚- st‚ I‚ht$$Bt BP $t{B8‚ yP
I‚}j‚$Bt $R B A‚ 8‚sRZ„‚I s Y‚ ‚tI BP Y‚ }‚„$BI $t JZ‚R$Bt YBb‚%‚„ RB Ys
> ) 0 L d b‚ Ys%‚U
                                   o0Ld;0 ) o0Ld ~0  o0Ld~0Ld 3                     wd1D

qY$R $R $t Ps{ Y‚ ‚-s{ ‚- }BR I‚ht$$Bt BP I‚}„‚{$s$Bt B„ I‚}j‚$Bt }„B}BR‚I Ak
<${,R wd;1D

                                                 d;
      N‚ ZR Y‚t I‚ht‚ Y‚ I‚}„‚{$s$Bt BP Y‚ B„$$tsj RB{, BP {s}$sj sR Y‚
      I$&‚„‚t{‚ A‚b‚‚t Y‚ Bsj %sjZ‚ BP Y‚ BBIR {B8}„$R$t Ys RB{, sR $
      $R s Y‚ ‚tI BP Y‚ k‚s„ stI Y‚ %sjZ‚ bY${Y bBZjI Ys%‚ A‚‚t }Z Z}Bt Y‚
      $t$$sj RB{, s Y‚ A‚$tt$t BP Y‚ k‚s„ $P Y‚ ‚%‚tR BP Y‚ k‚s„ YsI A‚‚t
      {B„„‚{jk PB„‚R‚‚t $t{jZI$t s8Bt YBR‚ ‚%‚tR Y‚ {s}$sj %sjZ‚ s Y‚ ‚tI
      BP Y‚ k‚s„ w<${,R d;1 }d $sj${R $t Y‚ B„$$tsjD

    *‚}j‚$Bt 8sk sjRB A‚ 8‚sRZ„‚I RB8‚ $8‚ sP‚„ Y‚ ‚tI BP Y‚ }‚„$BI $t JZ‚R$Bt
stI $R Y‚„‚PB„‚ j$sAj‚ B A‚ „‚%$R‚I qY‚ „Z‚ ‚- }BR 8‚sRZ„‚ BP I‚}j‚$Bt $R BAs$t‚I
$t Y‚ j$8$ sR > ‚tIR B $tht$k y $R tB„8sj }„s{${‚ B 8s,‚ „‚}‚s‚I „‚%$R$BtR B
ts$Btsj s{{BZtR Iss $t{jZI$t WW_ stI BY‚„ ‚{BtB8${ Rs$R${R sR 8B„‚ $tPB„8sT
$Bt A‚{B8‚R s%s$jsAj‚ b$Y Y‚ }sRRs‚ BP $8‚ stI I‚}j‚$Bt $R tB ‚-{‚}$Bt


w$%D ]s}$sj ps$tR


    V {s}$sj s$t B„ jBRR Bt st sRR‚ $R st $tRstst‚BZR {Yst‚ $t Y‚ %sjZ‚ BP Y‚ sRR‚
IZ‚ B RB8‚ Ps{B„ BZR$I‚ Y‚ {Bt„Bj BP Y‚ Bbt‚„ bY${Y bsR tB PB„‚R‚‚t $t sI%st{‚
RZ{Y sR Zt‚-}‚{‚I {Yst‚R $t {B88BI$k }„${‚R t‚b I$R{B%‚„$‚R B„ t‚b $tPB„8s$Bt
‚t‚„sjjk e%‚tR Ys s„‚ PB„‚R‚‚t {sttB {sZR‚ Y‚ %sjZ‚ BP Y‚ sRR‚ B {Yst‚ sR
Y‚k 8ZR A‚ Ps{B„‚I $tB Y‚ %sjZ‚ BP Y‚ sRR‚ $t sI%st{‚ qY‚ Bsj {s}$sj s$t
B„ jBRR Bt st sRR‚ s{{„Z$t B%‚„ stk }‚„$BI BP $8‚ Rsk A‚b‚‚t $8‚R 0 stI > 8sk
A‚ 8‚sRZ„‚I Ak Y‚ I$&‚„‚t{‚ A‚b‚‚t Y‚ $t$$sj %sjZ‚ BP Y‚ sRR‚ s $8‚ 0 stI $R
„‚%$R‚I %sjZ‚ s $8‚ 0 sR %$‚b‚I „‚„BR}‚{$%‚jk s $8‚ > *‚tB‚ Y$R Bsj s$t B„
jBRR Ak o> t0U
                                  o> t0 ) o> ~0  o0 ~0 3                              wdnD

VII$t Y‚ %sjZ‚ BP Y‚ I‚}j‚$Bt $t }‚„$BI 0 sR $%‚t Ak wddD B Y‚ s{Zsj {Yst‚ $t
Y‚ %sjZ‚ BP Y‚ sRR‚ A‚b‚‚t Y‚ A‚$tt$t stI ‚tI BP }‚„$BI 0 b‚ Ys%‚U

  wo0Ld ~0Ld  o0~0 D L wo> ~0  o> ~0LdD ) wo> ~0  o0~0 D  wo> ~0Ld  o0Ld~0Ld D3   wd;D

qY‚ ‚-}„‚RR$Bt Bt Y‚ „$Y YstI R$I‚ $R Y‚ {s}$sj s$t $t }‚„$BI 0 sR %$‚b‚I P„B8 >U
$‚ Y‚ Bsj s$t A‚b‚‚t 0 stI > j‚RR Y‚ Bsj s$t A‚b‚‚t 0 L d stI > eJZs$Bt

                                            dx
wd;D {st A‚ „‚b„$‚t sR PBjjBbRU

                  wo0Ld~0Ld  o0~0 D ) oI ;0 ) wo> t0  o> t0Ld D  o> ;0 3                         wdxD

eJZs$Bt wdxD RYBbR Ys Y‚ s{Zsj {Yst‚ $t %sjZ‚ BP Y‚ sRR‚ ‚JZsjR Y‚ I$&‚„‚t{‚
A‚b‚‚t {s}$sj s$tR stI I‚}j‚$Btd(



        ; qY‚ y8}s{ BP ]s}$sj ps$tR Bt *‚}j‚$Bt WW_ stI pW_

    qY‚ bB 8s$t RBZ„{‚R BP {s}$sj s$tR PB„ tBt„‚t‚bsAj‚ tsZ„sj „‚RBZ„{‚ sRR‚R s„‚
{Yst‚R $t }„${‚ stI t‚b I$R{B%‚„$‚Rdd 3B„ ‚-s8}j‚ Y‚ }„${‚ BP B$j $R tBB„$BZRjk
%Bjs$j‚ stI B$j „‚R‚„%‚R s„‚ {Bt$tZsjjk A‚$t „‚%$R‚I sR t‚b h‚jIR s„‚ I$R{B%‚„‚I
    ]BtR$I‚„ Y‚ $8}s{ BP st Zt‚-}‚{‚I RYB{, B Y‚ }„${‚ BP B$j B„ Y‚ I$R{B%‚„k BP
s t‚b B$j h‚jI Bt Y‚ pW_ stI WW_ BP st B$j ‚-}B„$t {BZt„k y PBjjBbR P„B8 wMD
stI wD Ys o0Ld~0 stI o0Ld~0Ld s„‚ „‚js‚I sR PBjjBbRU

                                  o0Ld ~0Ld ) wd L „Do0Ld~0  p03

qY‚„‚PB„‚ I‚}j‚$Bt $t }‚„$BI 0 ‚%sjZs‚I s Y‚ A‚$tt$t BP }‚„$BI 0 L d $R

                          o0Ld;0 ) o0Ld ~0  o0Ld~0Ld ) p0  „o0Ld~0 3

7$8$js„jk I‚}j‚$Bt $t }‚„$BI 0 ‚%sjZs‚I s Y‚ A‚$tt$t BP }‚„$BI 0 $R

                             o0;0 ) o0 ~0  o0 ~0Ld ) o0 p0  „o0 ~03

WBb $t Y‚ Ztj$,‚jk ‚%‚t Ys tBY$t Zt‚-}‚{‚I Ys}}‚tR A‚b‚‚t }‚„$BIR 0 stI
0 L d Y‚t o0Ldp+ ) o0p+  PB„ sjj +  0 <‚t{‚ o0 ~0 ) o0Ld~0 stI o0;0 ) o0Ld;0 
]Bt%‚„R‚jk st Zt‚-}‚{‚I {Yst‚ $t Y‚ }„${‚ BP B$j B„ s t‚b I$R{B%‚„k {Yst‚R Y‚
j‚%‚j BP I‚}j‚$Bt $t }‚„$BI 0 sR PBjjBbRU

                o0Ld;0 ) o0Ld;0  o0 ;0 ) wp0  „o0Ld ~0D  wo0 p0  „o0 ~0D )
  d( GY‚t   > ) 0 L d Y‚ ‚„8 o> t0Ld I$Rs}}‚s„R P„B8 Y‚ „$Y R$I‚ BP wdxD
  dd q‚{YtBjB${sj }„B„‚RR stI {Yst‚R $t Y‚ $t‚„‚R „s‚ sjRB ‚t‚„s‚ {s}$sj s$tR qY‚ $8}j${s$BtR
BP ‚{YtBjB${sj }„B„‚RR stI {Yst‚R $t Y‚ $t‚„‚R „s‚ PB„ RZRs$tsA$j$k s„‚ I$R{ZRR‚I $t G‚$98st
wdD stI VRY‚$8 wdD


                                                    dE
                              p0  o0 p0  „wo0Ld~0  o0~0 D3                          wdED

7$8$js„jk Y‚ $8}s{ BP st Zt‚-}‚{‚I }„${‚ {Yst‚ B„ t‚b I$R{B%‚„k Bt Y‚ <B‚jj$t
I‚}j‚$Bt PB„8Zjs $R

                oI ;0 ) oI ;0  o0 ;0 ) o0~0  o0Ld ~0Ld  o0 p0 L „o0 ~0 )

                            p0  o0p0  wd L „Dwo0Ld~0  o0 ~0 D3                      wdD

qY‚ {B„„‚R}BtI$t $8}s{ Bt pW_ $R

                       o0Ldt] h0 ) t]h0  o0t] h0 ) p0  o0 p0 ,                       wdMD

bY$j‚ Y‚ $8}s{ Bt WW_ $R

      o0Ld ] ] h0 ) o0Ld] ]h0  o0] ] h0 ) wt] h0  o0Ld;0 D  wo0 t] h0  o0 ;0D )

                   o0Ld t]h0      o0Ld ;0 ) „wo0Ld~0  o0~0 D ) „o0Ld t0,             wdD

bY‚„‚ o0Ldt0 $R Y‚ {s}$sj s$t $t }‚„$BI 0 sR I‚ht‚I $t wdnD eJZs$Bt wdD $R {BtR$R‚t
b$Y <${,R:R {Bt{‚} BP $t{B8‚ V {s}$sj s$t o0Ldt0  $R tB $t{B8‚ stI Y‚t{‚ RYBZjI
tB A‚ $t{jZI‚I I$„‚{jk $t WW_ qY‚ $t{„‚sR‚ $t %sjZ‚ IB‚R YBb‚%‚„ ‚t‚„s‚ st $t{B8‚
R„‚s8 „o0Ldt0 bY${Y $R $t{jZI‚I $t WW_ yt {Bt„sR Y‚ $8}s{ BP s }„${‚ {Yst‚ B„
t‚b I$R{B%‚„k Bt WW_ {B8}Z‚I ZR$t Y‚ <B‚jj$t I‚}j‚$Bt PB„8Zjs $R

       oI ] ] h0 ) oI ] ] h0  o0] ]h0 ) wt]h0  oI ;0 D  wo0t] h0  o0 ;0D )

              o0Ldt] h0      oI ;0 ) wd L „Dwo0Ld~0  o0~0 D ) wd L „Do0Ldt0 3        w1(D

      V {B8}s„$RBt BP wdD stI w1(D „‚%‚sjR Ys oI ] ]h0 $t{jZI‚R sjj {s}$sj s$tR $t
}‚„$BI 0 sR $t{B8‚ bY$j‚ o0Ld] ]h0 $t{jZI‚R Btjk Y‚ $t‚„‚R ‚s„t‚I Bt {s}$sj s$tR
sR $t{B8‚ qY‚ oI ] ] h0 PB„8Zjs:R „‚s8‚t BP {s}$sj s$tR $R stsjBBZR B „‚s$t
jB‚„k b$tt$tR sR $t{B8‚ VR <${,R BAR‚„%‚I Y$R s8BZtR B {BtPZR$t Y‚ {Bt{‚}R
BP $t{B8‚ stI {s}$sj
      GYs {st A‚ I‚IZ{‚I sABZ Y‚ „‚js$%‚ 8st$ZI‚R BP          o0Ld t]h0    o0Ld] ]h0
stI     oI ] ]h0 2 qB stRb‚„ Y$R JZ‚R$Bt b‚ 8ZR $8}BR‚ RB8‚ R„Z{Z„‚ Bt ‚-}‚{T
s$BtR BP PZZ„‚ „‚{‚$}R <‚„‚ $ $R sRRZ8‚I Ys ‚-}‚{s$BtR s„‚ I‚R{„$A‚I Ak Y‚

                                             d
PBjjBb$t ‚JZs$BtU
                                     o0 p+ ) 
+ 0 o0 p0 +  03                             w1dD

VRRZ8$t Ys 
 j$‚R A‚b‚‚t 9‚„B stI Bt‚ ‚JZs$Bt w1dD $8}j$‚R Ys w„‚sjD „‚{‚$}R
s„‚ ‚-}‚{‚I B I‚{j$t‚ ‚B8‚„${sjjk B%‚„ $8‚ 3B„ 8BR tBt„‚t‚bsAj‚ „‚RBZ„{‚R b‚
bBZjI k}${sjjk ‚-}‚{ 
 B A‚ %‚„k Rj$Yjk j‚RR Yst Bt‚ yP ‚-}‚{‚I „‚{‚$}R PBjjBb s
‚B8‚„${ }sY $ PBjjBbR Ys

                       o0Ld p+  o0 p+ ) 
+ 0 wp0  o0 p0 D +  03

<‚t{‚ o0Ldt0 ) o0Ld ~0  o0~0 „‚IZ{‚R B s ‚B8‚„${ }„B„‚RR$Bt bY${Y {Bt%‚„‚R sR
jBt sR 
 c wd L „D
                                                        
 + 0Ld
                                 w             W     w      W      w           W
                                     p0  o0 p0 3                    p0  o0p0
             o0Ld ~0  o0 ~0 )                                   )                           w11D
                                         
       + )0 d L „          dL„


WBb RZAR$Z$t w11D $tB wdED stI wdD „‚R}‚{$%‚jk $ PBjjBbR Ys
                                           w              W
                                                d

                            o0Ld;0 )                 wp0  o0p0 D,                           w1nD
                                               dL„

                                           w               W
                                        

                            oI ;0 )        wp0  o0 p0 D3                                   w1;D
                                      dL„

      V {B8}s„$RBt BP w1nD b$Y w1;D „‚%‚sjR Ys bY‚t 
 $R j‚RR Yst Bt‚                o0Ld;0
stI     oI ;0 Ys%‚ B}}BR$‚ R$tR qY‚„‚PB„‚ $P p0 k o0p0 sR Bt‚ 8$Y ‚-}‚{ PB„
st B$j ‚-}B„$t {BZt„k bY‚t Y‚ }„${‚ BP B$j „$R‚R Y‚t I‚}j‚$Bt PsjjR s{{B„I$t B
oI ;0  AZ „$R‚R s{{B„I$t B o0Ld;0             oI ;0 c ( A‚{sZR‚ Y‚ %sjZ‚ BP Y‚ RB{, BP B$j
YsR „$R‚t ]Bt%‚„R‚jk     o0Ld ;0 k ( A‚{sZR‚ Y‚ %sjZ‚ BP Y‚ B$j A‚$t ‚-„s{‚I YsR
tBb $t{„‚sR‚I      o0Ld t]h0 ‚JZsjR Y‚ PZjj s8BZt BP Y‚ $t{„‚sR‚ $t „‚{‚$}R bY$j‚
 o0Ld] ] h0 ‚JZsjR Btjk Y‚ $t‚„‚R ‚s„t‚I Bt Y‚ $t{„‚sR‚I %sjZs$Bt BP Y‚ RB{,
qY‚ „$R‚ $t pW_ $R js„‚„ Yst Y‚ „$R‚ $t WW_ stI Y‚t{‚ Y‚ s} A‚b‚‚t pW_ stI
WW_ w$‚ I‚}j‚$BtD 8ZR Ys%‚ „$R‚t
      7ZAR$Z$t w11D $tB wdD stI w1(D ‚t‚„s‚R Y‚ PBjjBb$t PB„8Zjs‚ PB„ WW_U
                                               w              W
                                                     „
                          o0Ld ] ] h0 )                  wp0  o0 p0 D,                      w1xD
                                                   dL„

                                            w              W
                                                 dL„
                           oI ] ]h0 )                 wp0  o0p0D3                           w1ED
                                                dL„


                                                    dM
    V {B8}s„$RBt BP wdMD w1xD stI w1ED „‚%‚sjR Ys

             ( c 
 c d p / o0Ld] ] h0 / c / o0Ld t]h0 / c / oI ] ]h0 / ,                w1D

               
 ) d p / o0Ld] ] h0 / ) / o0Ld t]h0 / c / oI ] ]h0 / ,                  w1MD

           d c 
 c d L „ p / o0Ld t]h0 / c / o0Ld ]] h0/ c / oI ]] h0/ 3                w1D

    qY‚„‚PB„‚ PB„ sjj }‚„8$RR$Aj‚ %sjZ‚R BP 
 $ PBjjBbR P„B8 w1D w1MD stI w1D Ys
oI ] ] h0 $R 8B„‚ %Bjs$j‚ Yst ABY t] h0 stI o0Ld ]] h0 $t }‚„$BI 0 w$P 
 k d L „
Y‚t Y‚ ‚B8‚„${ }„B„‚RR$BtR IB tB {Bt%‚„‚D GY${Y $R 8B„‚ %Bjs$j‚ BP t]h0 stI
o0Ld] ]h0 I‚}‚tIR Bt Y‚ %sjZ‚ BP 
 yP sR $t w1D 
 c d Y‚t o0Ld] ] h0 $R j‚RR %Bjs$j‚
Yst t] h0 bY$j‚ $P sR $t w1D d c 
 c d L „ Y‚t Y$R „‚RZj $R „‚%‚„R‚I 3B„ tBt„‚T
t‚bsAj‚ „‚RBZ„{‚R b‚ 8$Y ‚-}‚{ 
 B A‚ %‚„k Rj$Yjk j‚RR Yst Bt‚ R$t{‚ Y‚ RB{,
BP tBt„‚t‚bsAj‚ „‚RBZ„{‚R $R ht$‚ stI Y‚t{‚ Y‚ s8BZt ‚-„s{‚I 8ZR ‚%‚tZsjjk
I‚{j$t‚ VjRB „$R$t {BRR BP ‚-„s{$Bt sR Y‚ 8B„‚ }„BhsAj‚ I‚}BR$R s„‚ ‚-YsZR‚I
stI $t{„‚sR‚I $t‚„ts$Btsj {B8}‚$$Bt 8sk {sZR‚ „‚{‚$}R B I‚{j$t‚ q‚{YtBjB${sj
}„B„‚RR YBb‚%‚„ 8sk }„‚%‚t Y$R P„B8 Ys}}‚t$t ytI‚‚I Y‚ I‚{j$t$t jBt „Zt
„‚sj }„${‚ „‚tI BP }„s{${sjjk sjj tBt„‚t‚bsAj‚ „‚RBZ„{‚R wR‚‚ VI‚j8st d(D $R }„BAsT
Ajk s„$AZsAj‚ B s {B8A$ts$Bt BP ‚{YtBjB${sj }„B„‚RR stI $t{„‚sR‚I $t‚„ts$Btsj
{B8}‚$$Bt y $R j‚RR {j‚s„ bYs YsR Ys}}‚t‚I B „‚{‚$}R y„„‚R}‚{$%‚ BP Y‚ ‚-s{
%sjZ‚ BP 
 sR jBt sR $ $R {jBR‚ B Bt‚ Y$R $8}j$‚R Ys {Bt„s„k B Y‚ „‚RZjR BP 8BR
‚8}$„${sj RZI$‚R WW_ RYBZjI tB A‚ RkR‚8s${sjjk 8B„‚ %Bjs$j‚ Yst pW_



     x qY‚ *‚}j‚$Bt BP WB„Y 7‚s !$j stI $R y8}s{ Bt                 „$$RY WW_

    qY$R R‚{$Bt s}}j$‚R Y‚ Y‚B„‚${sj P„s8‚bB„, I‚%‚jB}‚I $t Y‚ }„‚%$BZR R‚{$BtR B
Y‚ I‚}j‚$Bt BP   „$$RY WB„Y 7‚s !$j h‚jIR A‚b‚‚t dE stI dx yt }s„${Zjs„ Y‚
R‚tR$$%$k BP 8‚sRZ„‚I I‚}j‚$Bt stI WW_ B Y‚ 8‚YBI BP 8‚sRZ„‚8‚t $R ‚-s8$t‚I
    qB {B8}Z‚ Y‚ ‚-}‚{‚I %sjZ‚ BP st sRR‚ $ $R ss$t t‚{‚RRs„k B $8}BR‚ RB8‚
R„Z{Z„‚ Bt Y‚ ‚-}‚{‚I R„‚s8 BP PZZ„‚ „‚{‚$}R e-}‚{‚I PZZ„‚ „‚{‚$}R s„‚ sRT
RZ8‚I Y‚„‚ B PBjjBb s ‚B8‚„${ }sY sR I‚R{„$A‚I $t ‚JZs$Bt w1dD yt sII$$Bt $

                                             d
$R sRRZ8‚I Ys o0 p0 ) 
p0d qY‚„‚PB„‚

                                        o0 p+ ) 
+ 0Ld p0d +  03

=tI‚„ Y$R sRRZ8}$Bt Y‚ PB„8Zjs‚ PB„ o0~0 stI o0Ld~0 „‚IZ{‚ B ‚B8‚„${ }„B„‚RT
R$BtR                            l                                    M
                                 3 w              W+ 0Ld                       w                W
                                          d                                    

                   o0~0 )                                      o0p+        )       p0d                              wn(D
                                 + )0    dL„                                 dL„



               w             W                   lw            W+ 0Ld               M       w              W
                d         3                            d                                     d
     o0Ld ~0 )     p0 L                                                    o0Ld p+       )       p0                  wndD
               dL„      + )0Ld                        dL„                                  dL„


B„‚ ‚t‚„sjjk
                       
                      > d
                             lw          W+ 0Ld           M       w                Ww           W>0
                      3             d                              
                      d
           o > ~0 )                                   p+       L                                        p>d 3       wn1D
                      + )0         dL„                           dL„
                   dL„

<‚t{‚ Y‚ Y„‚‚ I‚}j‚$Bt PB„8Zjs‚ „‚IZ{‚ B Y‚ PBjjBb$tU
                                             w                    W         w                W          w        W
                                                   d          
         d

 o0Ld ;0 ) o0Ld ~0  o0Ld~0Ld )                        p0        p0 )       p0 ,
                                                 dL„
      dL„
      dL„

                                                                             wnnD

                                                      w                  W               w              W
                                                     
            

          oI ;0 ) o0 ~0  o0Ld~0Ld               )       p0d        p0 )
                                                   dL„
        dL„

                                         w                    W
                                               

                                                   wp0d  p0 D,                                                     wn;D
                                             dL„



                                 o> ;0 ) o> ~0  o> ~0Ld ) p0  „o> ~0 )
                       
                      > d
                             lw          W+ 0Ld          M        w                Ww           W>0
                      3            d                               „
                     d
            p0  „                                 p+                                                  p>d 3       wnxD
                      + )0        dL„                            dL„
                   dL„
qY‚ WB„Y 7‚s !$j Iss s„‚ RYBbt $t qsAj‚ d qY‚ JZst$k BP {„ZI‚ B$j ‚-„s{‚I
 5                                                                    5
R0  $R 8‚sRZ„‚I $t 8$jj$BtR BP Btt‚R stI Y‚ Bsj B$j „‚%‚tZ‚ x p0  $t 8$jj$BtR BP
d( }BZtIR qY‚ }„${‚ $tI‚- €5  $R BAs$t‚I $8}j${$jk sR Y‚ „s$B BP Bsj „‚%‚tZ‚ B
                               0

JZst$k ‚-„s{‚I <‚t{‚ Y‚ }„${‚ $tI‚- I‚}${R Y‚ s%‚„s‚ }„${‚ BP s Btt‚ BP {„ZI‚
                                                            t
B$j $t d( }BZtIR qY‚ JZst$k BP tsZ„sj sR ‚-„s{‚I R0  $R 8‚sRZ„‚I $t A$jj$BtR BP

                                                              1(
                                        t
{ZA${ 8‚„‚R stI Bsj sR „‚%‚tZ‚ x p0  $t 8$jj$BtR BP d( }BZtIR qY‚ }„${‚ $tI‚-
€t  $R ss$t BAs$t‚I $8}j${$jk stI I‚}${R Y‚ s%‚„s‚ }„${‚ BP s YBZRstI {ZA${ 8‚„‚R
 0

$t d( }BZtIR qY‚ Bsj „‚%‚tZ‚ x p0  $R Y‚ Bsj „‚%‚tZ‚ BAs$t‚I P„B8 B$j sR stI
                                                         5
BY‚„ RBZ„{‚R <‚t{‚ x p0 ‚-{‚‚IR Rj$Yjk Y‚ RZ8 BP x p0 stI x pt  qY‚ Bsj {BR
                                                                  0

x g0 {BtR$RR BP B}‚„s$t {BRR PB„ ABY B$j stI sR qY‚ „‚{‚$} p0 $R Y‚ I$&‚„‚t{‚
A‚b‚‚t x p0 stI x g0  stI $R 8‚sRZ„‚I $t 8$jj$BtR BP d( }BZtIRd1 yt%‚R8‚t {0 
‚JZsjR Bsj ‚-}‚tI$Z„‚ Bt I‚%‚jB}8‚t stI ‚-}jB„s$Bt 3$tsjjk 0 $R Y‚ %sjZ‚ BP
Y‚ Bsj {s}$sj RB{, y $R {B8}Z‚I sRRZ8$t s h-‚I „s‚ BP I‚}„‚{$s$Bt & BP E0
}‚„ k‚s„dn qY‚„‚PB„‚ 0Ld ) wd  &D0 L {0


    ytR‚„ qsAj‚ d <‚„‚


    qsAj‚ 1 RYBbR ‚R$8s‚R BP I‚}„‚{$s$Bt I‚}j‚$Bt stI WW_ VR I$R{ZRR‚I sAB%‚
Y‚ „s‚ BP I‚}„‚{$s$Bt Bt Y‚ {s}$sj RB{, BP Y‚ B$j stI sR $tIZR„k $R sRRZ8‚I B
A‚ E0 <‚t{‚ I‚}„‚{$s$Bt $R $%‚t Ak &0 bY‚„‚ & ) (3(E qY„‚‚ I$&‚„‚t PB„8Zjs‚
  d1 Vjj   JZst$k „‚%‚tZ‚ stI {BR Iss b‚„‚ BAs$t‚I P„B8 %s„$BZR $RRZ‚R BP Y‚ *$‚R BP =t$‚I
€$tIB8 et‚„k 7s$R${R }ZAj$RY‚I Ak Y‚ *‚}s„8‚t BP q„sI‚ stI ytIZR„k 3B„ ‚-s8}j‚ $t Y‚
dE $RRZ‚ „‚%‚tZ‚ stI {BR Iss s„‚ $%‚t $t qsAj‚ nE Bt }s‚ M; bY$j‚ ‚-„s{$Bt Iss s„‚ $%‚t $t
qsAj‚ 1 }s‚ x *ss Bt „s‚R BP ‚-„s{$Bt A‚PB„‚ dE s„‚ sjRB s%s$jsAj‚ $t Y‚ *$‚R BP =t$‚I
€$tIB8 et‚„k 7s$R${R $t qsAj‚ nM BP Y‚ d $RRZ‚ VjYBZY B&RYB„‚ }„BIZ{$Bt BP {„ZI‚ B$j
Btjk Rs„‚I $t dx Y‚ ‚-„s{$Bt BP BtRYB„‚ {„ZI‚ B$j Rs„‚I $t Y‚ dE(R 3„B8 dx Btbs„IR
BtRYB„‚ ‚-„s{$Bt $R $tR$t$h{st {B8}s„‚I b$Y B&RYB„‚ ‚-„s{$Bt psR „‚%‚tZ‚ Iss PB„ dx s„‚
BAs$t‚I P„B8 FBYtRBt wdMD qsAj‚ n; }s‚ ( !$j „‚%‚tZ‚ PB„ dx $R BAs$t‚I Ak 8Zj$}jk$t Y‚
}„${‚ BP {„ZI‚ B$j Ak Y‚ JZst$k ‚-„s{‚I qY‚ dx }„${‚ Iss s„‚ s,‚t P„B8 VjjRB}} stI iYkR
wdMD qsAj‚ d1 }s‚ nM( 3$tsjjk Y‚ {BR Iss PB„ dx s„‚ s,‚t P„B8 FBYtRBt wdMD qsAj‚
xn }s‚ dx Vjj Y‚ „‚%‚tZ‚ {BR stI }„${‚ Iss b‚„‚ {Bt%‚„‚I $tB d( }BZtIR ZR$t Y‚ p*_
I‚4sB„ $t Y‚ =t$‚I €$tIB8 Ws$Btsj V{{BZtR wY‚         jZ‚   BB,D qsAj‚ dd Bt }s‚R 1; stI 1x BP
Y‚ d $RRZ‚ stI }s‚R d( stI dd BP Y‚ d( $RRZ‚
  dn qY$R $R Y‚ s}}„B-$8s‚ s%‚„s‚ „s‚ BP I‚}„‚{$s$Bt BP Y‚ {s}$sj RB{, $t Y‚ 8$t$t stI JZs„„k$t

{s‚B„k wbY${Y $t{jZI‚R B$j stI sRD $t Y‚ =t$‚I €$tIB8 Ws$Btsj V{{BZtR w jZ‚            BB, dD
}ZAj$RY‚I Ak Y‚ !^{‚ PB„ Ws$Btsj 7s$R${R ]s}$sj {BtRZ8}$Bt Ak $tIZR„k „BZ} $R $%‚t $t
qsAj‚ d;1 } dE1 bY$j‚ Y‚ „BRR {s}$sj RB{, Ak $tIZR„k „BZ} $R $%‚t $t qsAj‚ d;M } dE qY‚
„s$B BP {s}$sj {BtRZ8}$Bt B Y‚ „BRR {s}$sj RB{, $R {jBR‚ B ((E PB„ sjj Y‚ k‚s„R $t Y‚ sAj‚R


                                                   1d
YBb‚%‚„ s„‚ ZR‚I B {B8}Z‚ I‚}j‚$Bt qY‚R‚ s„‚ <B‚jj$t:R PB„8Zjs I‚ht‚I $t wd(D
stI Y‚ I‚}j‚$Bt PB„8Zjs I‚ht‚I $t wddD PB„ Y‚ {sR‚R bY‚„‚ > ) 0 L d stI > ) dE
„‚R}‚{$%‚jk p$%‚t Y‚ sII$$Btsj sRRZ8}$Bt Ys PZZ„‚ „‚{‚$}R s„‚ ‚-}‚{‚I B PBjT
jBb s ‚B8‚„${ }sY Y‚R‚ Y„‚‚ I‚}j‚$Bt PB„8Zjs‚ „‚IZ{‚ B Y‚ ‚-}„‚RR$BtR Rs‚I $t
wnnD wn;D stI wnxD eR$8s‚R BP WW_ s„‚ Y‚t BAs$t‚I Ak I‚IZ{$t I‚}„‚{$s$Bt stI
I‚}j‚$Bt P„B8 pW_ 7$t{‚ b‚ b$RY B PB{ZR Bt Y‚ $8}s{ BP WB„Y 7‚s !$j Bt WW_ sjj
BY‚„ RBZ„{‚R BP I‚}„‚{$s$Bt stI I‚}j‚$Bt $t p„‚s „$s$t s„‚ $tB„‚I qY„‚‚ I$&‚„‚t
R‚R BP WW_ ‚R$8s‚R s„‚ I‚„$%‚I {B„„‚R}BtI$t B ‚s{Y BP Y‚ Y„‚‚ R‚R BP I‚}j‚$Bt ‚RT
$8s‚R qY‚ „‚RZjR $t qsAj‚ 1 s„‚ BAs$t‚I sRRZ8$t Ys „ ) (3(x stI 
 ) d bY$j‚ $t
qsAj‚ n {B„„‚R}BtI$t ‚R$8s‚R s„‚ BAs$t‚I PB„ Y‚ {sR‚ bY‚„‚ „ ) (3(x stI 
 ) (3x


    ytR‚„ qsAj‚ 1 <‚„‚
    ytR‚„ qsAj‚ n <‚„‚


    y $R tB${‚sAj‚ Ys Y‚ h„R h%‚ BAR‚„%s$BtR BP odE;0 $t qsAj‚ 1 stI Y‚ h„R
PBZ„ $t qsAj‚ n s„‚ sjj t‚s$%‚ qY$R $R st ‚-s8}j‚ BP t‚s$%‚ I‚}j‚$Bt y s„$R‚R
A‚{sZR‚ „‚tR $t Y‚ 8$I d(R s„‚ 8Z{Y jBb‚„ Yst „‚tR $t Y‚ dM(R <‚t{‚ sR b‚
8B%‚ PB„bs„I $t $8‚ Y‚ Y$Y‚„ „‚tR $t Y‚ dM(R s„‚ I$R{BZt‚I j‚RR Y‚s%$jk YZR
{sZR$t Y‚ t‚ }„‚R‚t %sjZ‚ BP Y‚ RB{, BP B$j B „$R‚ ‚%‚t YBZY RB8‚ B$j YsR A‚‚t
‚-„s{‚I V R‚{BtI $t‚„‚R$t P‚sZ„‚ $t qsAj‚ 1 $R Ys Y‚ I‚}j‚$Bt ‚R$8s‚R PB„
o0Ld;0 $t qsAj‚ 1 sjj ‚JZsj 9‚„B qY$R $R A‚{sZR‚ bY‚t „‚tR s„‚ ‚-}‚{‚I B „‚8s$t
{BtRst w$‚ 
 ) dD Y‚ ‚-}‚{‚I %sjZ‚ BP Y‚ „‚RBZ„{‚ s bB I$&‚„‚t }B$tR $t $8‚
‚%sjZs‚I s Y‚ Rs8‚ }B$t $t $8‚ 8ZR A‚ Y‚ Rs8‚
    qY‚ WW_ stI pW_ R‚„$‚R P„B8 qsAj‚R 1 stI n s„‚ „s}Y‚I „‚R}‚{$%‚jk $t 3$Z„‚R
d stI 1 VR I$R{ZRR‚I sAB%‚ bY‚t 
 ) d $ PBjjBbR Ys o0Ld ;0 ) ( stI Y‚t{‚
o0Ld] ]h0 ) t]h  &0  qY‚ %Bjs$j$k BP oI ] ]h0  YBb‚%‚„ $R R„$,$t $t 3$Z„‚
d ]j‚s„jk $t Y$R {sR‚ oI ] ] h0 $R {B8}j‚‚jk ZR‚j‚RR PB„ }Bj${k }Z„}BR‚R yt 3$Z„‚
1 oI ] ] h0 $R j‚RR %Bjs$j‚ R$t{‚ 
 $R R8sjj‚„ yt Ps{ P„B8 wn;D $ {st A‚ R‚‚t Ys sR

 ‚tIR B 9‚„B oI ;0 IB‚R j$,‚b$R‚ stI Y‚t{‚ oI ]] h0 {Bt%‚„‚R Bt t] h0  &0 
qY$R YBb‚%‚„ $R `ZR s „‚RZj BP Y‚ Ps{ Ys bY‚t 
 ) ( o0~0 stI o0Ld~0Ld ABY

                                            11
sjRB ‚JZsj 9‚„B ]j‚s„jk Y‚ sRRZ8}$Bt BP ‚B8‚„${sjjk I‚{j$t$t „‚{‚$}R A‚{B8‚R
Zt‚tsAj‚ bY‚t 
 $R BB Ps„ A‚jBb Bt‚ Ztj‚RR Y‚ „‚RBZ„{‚ $t JZ‚R$Bt YsR sj„‚sIk A‚‚t
sj8BR {B8}j‚‚jk I‚}j‚‚I e%‚t $t 3$Z„‚ 1 oI ] ]h0 $R BB %Bjs$j‚ B A‚ BP 8Z{Y
ZR‚ PB„ }Bj${k }Z„}BR‚R


       ytR‚„ 3$Z„‚ d <‚„‚
       ytR‚„ 3$Z„‚ 1 <‚„‚


       qY‚ %Bjs$j$k BP oI ] ] h0 $R sjRB I‚}‚tI‚t Bt Y‚ $t‚„‚R „s‚ „ yt }s„${Zjs„ sR
„ PsjjR oI ] ] h0 A‚{B8‚R ‚%‚t 8B„‚ %Bjs$j‚ 3B„ ‚-s8}j‚ bY‚t „ ) (3(d stI 
 ) d
oI ] ] h0 s{Zsjjk A‚{B8‚R t‚s$%‚ $t dME sR s „‚RZj BP Y‚ {Bjjs}R‚ $t Y‚ }„${‚ BP
B$j
       qY‚ A‚R 8‚sRZ„‚ BP WW_ $t ABY 3$Z„‚R $R }„B%$I‚I Ak Y‚ odE ]] h0 R‚„$‚R
R$t{‚ $ 8s,‚R ZR‚ BP Y‚ 8BR $tPB„8s$Bt V{{B„I$t B Y‚ odE ]] h0 R‚„$‚R 8BR
BP Y‚ I‚}j‚$Bt BP WB„Y 7‚s !$j B{{Z„„‚I A‚b‚‚t dM( stI dMx qY$R $R A‚{sZR‚ Y$R
$R Y‚ }‚„$BI IZ„$t bY${Y B$j }„${‚R }‚s,‚I stI Y‚t{‚ „‚{‚$}R b‚„‚ Y$Y‚R
       y $R sjRB $t‚„‚R$t B {BtR$I‚„ Y‚ $8}s{ BP WB„Y 7‚s !$j Bt     „$s$t:R s%‚„s‚
„BbY „s‚ A‚b‚‚t dE stI dx qY‚ s%‚„s‚ sttZsj „BbY „s‚ BP pW_ B%‚„ Y$R
}‚„$BI /wt]h D ‚-}„‚RR‚I sR s }‚„{‚ts‚ $R {sj{Zjs‚I sR PBjjBbRU
                                            lw              Wdbd     M
                                                 t] hdx
                           /wt]h D ) d((                            d 3                 wnED
                                                 t] hdE
V%‚„s‚ „BbY „s‚R PB„ WW_ s„‚ {sj{Zjs‚I $t st stsjBBZR 8stt‚„ qY‚ „‚RZjR s„‚
RYBbt $t qsAj‚ ; V {B8}s„$RBt BP /wt] h0D stI /wodE ]] h0D „‚%‚sjR Ys s{{BZt$t
PB„ Y‚ I‚}j‚$Bt BP WB„Y 7‚s !$j „‚IZ{‚R Y‚ s%‚„s‚ sttZsj „‚sj „BbY „s‚ A‚b‚‚t
dE stI dx P„B8 1(0 B sABZ dn0 VjYBZY Y$R 8sk RBZtI R8sjj s $R }‚s,
$t dM; sttZsj I‚}j‚$Bt BP WB„Y 7‚s !$j ‚JZsjj‚I sABZ 1( A$jj$Bt d( }BZtIR qsAj‚
; sjRB RYBbR Y‚ $8}s{ BP Y‚ js„‚ Psjj $t Y‚ }„${‚ BP B$j $t dME Bt 8‚sRZ„‚I „BbY
$t dMx\E V{{B„I$t B Y‚ oI ] ]h0 PB„8Zjs „$s$t ‚-}‚„$‚t{‚I s YZ‚ Psjj $t WW_
yt {Bt„sR s{{B„I$t B Y‚ o0Ld] ]h0 stI odE] ]h0 PB„8Zjs‚ WW_ s{Zsjjk „BR‚
PsR‚„ IZ„$t Y$R }‚„$BI Yst pW_ qY$R $R A‚{sZR‚ Bt{‚ Y‚ }„${‚ BP B$j {Bjjs}R‚I

                                               1n
tB„Y R‚s B$j „‚%‚tZ‚ stI I‚}j‚$Bt I$I j$,‚b$R‚ qY‚„‚PB„‚ Y‚ s} A‚b‚‚t pW_ stI
WW_ bsR „‚IZ{‚I $‚ WW_ „‚b PsR‚„ Yst pW_


    ytR‚„ qsAj‚ ; <‚„‚



         E qY‚ *‚}j‚$Bt BP !$j stI $R y8}s{ Bt ytIBt‚R$st W*_

    G‚ {Bt{jZI‚ Ak {B8}s„$t Y‚ W*_ R‚„$‚R BAs$t‚I Ak i‚}‚B ‚ sj wdMD PB„
ytIBt‚R$s A‚b‚‚t dd stI dM; b$Y Y‚ W*_ R‚„$‚R BAs$t‚I ZR$t Y‚ I‚}j‚$Bt
PB„8Zjs odMx;0  sR I‚ht‚I $t wddD i‚}‚B ‚ sj {BtR$I‚„ Y‚ $8}s{ BP I‚}j‚$Bt BP
}‚„Bj‚Z8 PB„‚R„k stI RB$j Bt Y‚ RZRs$tsA$j$k BP „BbY $t ytIBt‚R$s <‚„‚ YBbT
‚%‚„ b‚ b$jj PB{ZR `ZR Bt Y‚ I‚}j‚$Bt BP }‚„Bj‚Z8 qY‚ Iss s„‚ RYBbt $t qsAj‚
x qY‚ t;h0 stI op ;0 R‚„$‚R s„‚ BAs$t‚I P„B8 qsAj‚ y1 $t i‚}‚B ‚ sj bY‚„‚
op ;0 I‚tB‚R i‚}‚B ‚ sj:R }‚„Bj‚Z8 I‚}j‚$Bt ‚R$8s‚R qY‚ }‚„Bj‚Z8 „‚tR
p0  s„‚ s,‚t P„B8 qsAj‚ yy; qY‚ p0 Iss $t qsAj‚ yy; s„‚ $t {Z„„‚t 8$jj$BtR BP =7
IBjjs„R qB BAs$t Y‚ p0 R‚„$‚R $t qsAj‚ x $ bsR h„R t‚{‚RRs„k B {Bt%‚„ Y‚ Iss
$tB ytIBt‚R$st „Z}$sY stI Y‚t {Bt%‚„ Y‚8 $tB dn „Z}$sY ZR$t Y‚ ytIBt‚R$st
p*_ I‚4sB„ qY‚ odMx ;0 Iss s„‚ I‚„$%‚I I$„‚{jk P„B8 Y‚ p0 Iss ZR$t ‚JZs$Bt
wnxD b$Y w„ ) (3(x, 
 ) (3xD   BY W*_ R‚„$‚R $t qsAj‚ x s„‚ BAs$t‚I Ak RZA„s{$t
Y‚$„ „‚R}‚{$%‚ I‚}j‚$Bt Iss P„B8 p*_ op ];h0 I‚tB‚R Y‚ W*_ R‚„$‚R sI`ZR‚I
PB„ I‚}j‚$Bt BP }‚„Bj‚Z8 Btjk ‚t‚„s‚I Ak i‚}‚B ‚ sj


    ytR‚„ qsAj‚ x <‚„‚
    ytR‚„ 3$Z„‚ n <‚„‚


    p*_ stI Y‚ bB W*_ R‚„$‚R s„‚ „s}Y‚I $t 3$Z„‚ n qY‚ 8BR R„$,$t P‚sZ„‚
BP 3$Z„‚ n $R Y‚ YZ‚ R}$,‚ $t Y‚ op ];h0 R‚„$‚R $t d; i‚}‚B ‚ sj s„$AZ‚
Y$R B {Yst‚R $t Y‚ =7 s- jsb stI ytIBt‚R$st {Bt„s{R Ps%BZ„sAj‚ B ‚-}jB„s$Bt
s{$%$$‚R bY${Y j‚I B s RYs„} $t{„‚sR‚ $t „‚}B„‚I „‚R‚„%‚R y„„‚R}‚{$%‚ BP $R }„‚{$R‚
{sZR‚ Y‚ R}$,‚ YsR j$j‚ $P stk A‚s„$t Bt Y‚ RZRs$tsA$j$k BP „BbY $t ytIBt‚R$s

                                            1;
yt {Bt„sR Y‚ W*_ R‚„$‚R odMx] ;h0  s{Zsjjk PsjjR Rj$Yjk $t d; G‚ A‚j$‚%‚
Y‚ odMx] ;h0 R‚„$‚R }„B%$I‚R s 8Z{Y 8B„‚ ZR‚PZj Z$I‚ B Y‚ RZRs$tsA$j$k BP Y‚
ytIBt‚R$st ‚{BtB8k qY‚ k‚s„R ddTn b‚„‚ {Ys„s{‚„$9‚I Ak t‚s$%‚ I‚}j‚$Bt sR
B$j }„BIZ{$Bt Rs„‚I B $t{„‚sR‚ P„B8 st $t$$sjjk jBb‚„ j‚%‚j VP‚„ d YBb‚%‚„
ytIBt‚R$s YsR ‚-}‚„$‚t{‚I I‚}j‚$Bt $t Y‚ B„I‚„ BP d((( A$jj$Bt „Z}$sY ‚s{Y k‚s„ qY‚
s%‚„s‚ „BbY „s‚ BP W*_ sjRB I$&‚„R R$t$h{stjk I‚}‚tI$t Bt bY${Y PB„8Zjs $R
ZR‚I qY‚ s%‚„s‚ sttZsj „BbY „s‚ BP odMx ];h0 $R xn(0 {B8}s„‚I b$Y n0
PB„ op ] ;h0  stI d(0 PB„ p*_ <‚t{‚ Y‚ i‚}‚B ‚ sj PB„8Zjs R‚‚8R Bt s%‚„s‚
B B%‚„Rs‚ Y‚ „s‚ BP I‚}j‚$Bt $t sII$$Bt B A‚$t ‚-{‚RR$%‚jk %Bjs$j‚ WBt‚Y‚j‚RR
ABY W*_ PB„8Zjs‚ $tI${s‚ Ys Y‚ „BbY „s‚ BP ytIBt‚R$s:R p*_ $R ZtRZRs$tsAj‚



                                       i‚P‚„‚t{‚R

VsY‚$8 V stI € WkAB„ wdxD X!t Y‚ yt‚„}„‚s$Bt stI V}}j${sA$j$k BP s
   p„‚‚t Ws$Btsj _„BIZ{" i‚%$‚b BP yt{B8‚ stI G‚sjY ;dwdD xTd

VI‚j8st  V wd(D X$t‚„sj *‚}j‚$Bt b$Y 7}‚{$sj i‚P‚„‚t{‚ B _‚„Bj‚Z8"
   i‚%$‚b BP e{BtB8${R stI 7s$R${R 1wdD dTd(

VjjRB}} ] stI F iYkR wdMD XqY‚ s{„B‚{BtB8${ y8}s{ BP WB„Y 7‚s !$j" $t
   <‚j8 * F €sk stI * qYB8}RBt w‚ID qY‚ s„,‚ PB„ et‚„k nT;d( !-PB„IU
   ]js„‚tIBt _„‚RR

VRY‚$8 p  wdED X]s}$sj ps$tR stI W‚ Ws$Btsj _„BIZ{ $t !}‚t e{BtB8$‚R"
   FBZ„tsj BP _ZAj${ e{BtB8${R x ;dT;n;

VRY‚$8 p  wdD XVI`ZR$t p„‚‚t WW_ B ‚sRZ„‚ 7ZRs$tsA$j$k" 7{stI$ts%$st
   FBZ„tsj BP e{BtB8${R wnD nxxTn(

]BAA ] q <sjR‚sI stI F iBb‚ wdxD qY‚ p‚tZ$t‚ _„B„‚RR ytI${sB„U 7Z88s„k
   BP *ss stI ‚YBIBjBk 7st 3„st{$R{BU i‚I‚ht$t _„B„‚RR

*sRZ}s _ stI p  <‚sj wd;D XqY‚ !}$8sj *‚}j‚$Bt BP e-YsZR$Aj‚ i‚T
   RBZ„{‚R" i‚%$‚b BP e{BtB8${ 7ZI$‚R w7k8}BR$Z8D nT1M


                                            1x
*‚}s„8‚t BP q„sI‚ stI ytIZR„k wdD *$‚R BP =t$‚I €$tIB8 et‚„k 7s$R${R
   NBtIBtU pB%‚„t8‚t 7s$R${sj 7‚„%${‚

3„$‚I8st  wdxD V qY‚B„k BP Y‚ ]BtRZ8}$Bt 3Zt{$Bt _„$t{‚BtU _„$t{‚Bt
   =t$%‚„R$k _„‚RR

<s„b${, F wdMD Xe-}jB$s$Bt BP stk *‚}BR$R BP st e-YsZR$Aj‚ i‚RBZ„{‚"
   e{BtB8‚„${s ;EwdD 1(dT1d

<s„b${, F stI V <s‚8st wdnD Xe{BtB8${ *‚}„‚{$s$Bt BP $t‚„sj 7B{,R stI
   Y‚ ]Bt„$AZ$Bt BP ej 7‚„sPk" $t e NZ9 w‚ID qBbs„IR y8}„B%‚I V{{BZt$t PB„
   Y‚ et%$„Bt8‚t 1ddT1nx GsRY$tBt *]U GB„jI      st,

<${,R F i wd;1D Xs$ts$t$t ]s}$sj yts{U V 3Z„Y‚„ 7Z‚R$Bt" e{BtB8${s
   sk d;Td

<${,R F i wd;ED zsjZ‚ stI ]s}$sj 7‚{BtI eI$$Bt !-PB„IU !-PB„I =t$%‚„R$k
   _„‚RR

<B‚jj$t < wd1xD XV p‚t‚„sj sY‚8s${sj qY‚B„k BP *‚}„‚{$s$Bt" FBZ„tsj BP
   Y‚ V8‚„${st 7s$R${sj VRRB{$s$Bt 7‚}‚8A‚„ n;(Tnxn

<B‚jj$t < wdndD XqY‚ e{BtB8${R BP e-YsZR$Aj‚ i‚RBZ„{‚R" FBZ„tsj BP _Bj$${sj
   e{BtB8k nw1D dnTdx

FBYtRBt ] wdMD WB„Y 7‚s et‚„k G‚sjY dExTdMx zBj d NBtIBtU qY‚ 3$tstT
   {$sj q$8‚R NI

€sjIB„ W wdxxD XqY‚ ]Bt{‚} BP yt{B8‚ $t e{BtB8${ qY‚B„k" $t Vt e-}‚tI$Z„‚
   qs- x;TM NBtIBtU Vjj‚t m =tb$t

€s8$‚t  y stI W N 7{Ybs„9 wdMD X!}$8sj e-YsZR$Aj‚ i‚RBZ„{‚ *‚}j‚$Bt
   b$Y etIB‚tBZR q‚{Yt${sj ]Yst‚" i‚%$‚b BP e{BtB8${ 7ZI$‚R ;x dTdE

 s
[j‚„ €Tp wddD XWs$Btsj V{{BZtR stI et%$„Bt8‚tsj i‚RBZ„{‚R" et%$„Bt8‚tT
   sj stI i‚RBZ„{‚ e{BtB8${R d dTdx

‚sI‚ F e stI i 7Bt‚ wd;dD XqY‚ ]BtR„Z{$Bt BP qsAj‚R BP Ws$Btsj yt{B8‚
   e-}‚tI$Z„‚ 7s%$tR stI yt%‚R8‚t" e{BtB8${ FBZ„tsj FZt‚T7‚} 1dET1nn


                                         1E
!^{‚ PB„ Ws$Btsj 7s$R${R wdD =t$‚I €$tIB8 Ws$Btsj V{{BZtR T qY‚          jZ‚
     BB, NBtIBtU pB%‚„t8‚t 7s$R${sj 7‚„%${‚

_‚s„{‚ * G stI p V,$tRBt wdxD X‚sRZ„$t 7ZRs$tsAj‚ *‚%‚jB}8‚t" $t *
   G    „B8j‚k w‚ID qY‚ <stIABB, BP et%$„Bt8‚tsj e{BtB8${R dEETdMd !-PB„I
   =€ m ]s8A„$I‚ =7VU       js{,b‚jj

i‚}‚B i G {p„sY  G‚jjR ]        ‚‚„ stI 3 iBRR$t$ wdMD GsR$t VRR‚RU
   WsZ„sj i‚RBZ„{‚R $t Y‚ Ws$Btsj yt{B8‚ V{{BZtR GsRY$tBt *]U GB„jI i‚T
   RBZ„{‚R ytR$Z‚

i‚}‚B i wd1D XV{{BZt$t PB„ et%$„Bt8‚tsj VRR‚R" 7{$‚t$h{ V8‚„${st FZt‚
   E;T(

7$8BtR < ] wdnMD _‚„RBtsj yt{B8‚ qs-s$Bt ]Y${sBU =t$%‚„R$k BP ]Y${sB _„‚RR

7kR‚8 BP Ws$Btsj V{{BZtR wdnD       „ZRR‚jR\NZ-‚8ABZ„ W‚b OB„, _s„$R GsRYT
   $tBt *]U ]B88$RR$Bt BP Y‚ eZ„B}‚st ]B88Zt$$‚R yt‚„ts$Btsj Bt‚s„k
   3ZtI !„st$Rs$Bt PB„ e{BtB8${ ]BB}‚„s$Bt stI *‚%‚jB}8‚t =t$‚I Ws$BtR
   GB„jI    st,

qYs‚    wddD XqY‚ Ws$Btsj V{{BZtR stI Y‚ et%$„Bt8‚t" _s}‚„ }„‚R‚t‚I s
   Y‚ yt‚„ts$Btsj VRRB{$s$Bt PB„ i‚R‚s„{Y $t yt{B8‚ stI G‚sjY yViyG 7}‚{$sj
   ]BtP‚„‚t{‚ Bt et%$„Bt8‚tsj V{{BZt$t        sI‚t VZR„$s sk

z$t{‚t F i q _stskBBZ stI F  <s„b${, wdD Xi‚RBZ„{‚ *‚}j‚$Bt stI
   7ZRs$tsA$j$k $t 78sjj !}‚t e{BtB8$‚R" FBZ„tsj BP et%$„Bt8‚tsj e{BtB8${R stI
   sts‚8‚t nn 1;T1ME

G‚$98st  N wdED X!t Y‚ G‚jPs„‚ 7$t$h{st{‚ BP Ws$Btsj _„BIZ{ $t s *kT
   ts8${ e{BtB8k" +Zs„‚„jk FBZ„tsj BP e{BtB8${R ( dxETdE1

G‚$98st  N wdD X7ZRs$tsA$j$k stI q‚{Yt${sj _„B„‚RR" 7{stI$ts%$st FBZ„T
   tsj BP e{BtB8${R wdD dTdn

OBZt  wdnD XWsZ„sj i‚RBZ„{‚ V{{BZt$tU 7B8‚ VZR„sj$st e-}‚„$‚t{‚R stI
   !AR‚„%s$BtR" $t e NZ9 w‚ID qBbs„I y8}„B%‚I V{{BZt$t PB„ Y‚ et%$„Bt8‚t
   dTdMn GsRY$tBt *]U GB„jI         st,

                                            1
                        qsAj‚ du WB„Y 7‚s !$j *ss

         5
O‚s„    R0     €5
                0
                         5
                      x p0    t
                             R0     €t
                                     0
                                               t
                                            x p0      x p0   x g0    p0    {0     0
dx     ( dnxM     d1d   nEn   dE        d(    Mn;   1xE     xM EMd(    n(M
dE    ddE d(E    dMx   nM;   1dn        M1(   1n    ;d;   1x1E (1;    dnEM(
d    n; dEnM    Ed1M   ;(n   1d        MM;   d;    x   Ex1 E;(d    dMMn
dM    x1 dndn E;      nMx   1Md    d(Mn Md;M         ME    1Md xdd   1x(d
d    EE dEdn d1nx1     n1   n((    dd dn;1       ddnE   d1E(E xd1;   11
dM(    M 1(1; dxE     nn   ndM    ddME dxxx       dnn(   dE11x xdM1   n1EEn
dMd    MM( 11Mx 1((x     n;   nd    dnMM 1dMn       dx(   1(d;n x(M   nxMMx
dM1   d((n 1dx1 1dxM     nM   nME    d;E1 1nMxE       1((1   1dMx; xM   n;;(
dMn   ddd( 1dE1 1nx     nM   ;dM    dEdM 1EEEn       1dn   1;;d xxM;   ;n(1
dM;   d1dn 11Md 1E;     nMx   ;E    dM(x n(;       1;(M   1Mn;( E11   ;E(d
dMx   d11x 1(;x 1x(;E     ;n(   x11    11;; 1ME;       1xn   1x;d xEE(   ;xM
dME   d1dn   nn ddnd(    ;xn   x;(    1;;E d;M1n       11d   d1d(1 ;nn   x11En
dM   dd    dd;x    ;E   x(x    1;(x d;E       1x;E   d1;n( n;Ed   xnx(d
dMM   d(x   n(   M   ;xM   xd1    1n;x dddE       1nx(   MMdM nM((    xnxd
dM    M;   ME   x1   ;;M   x(x    11Ed d(xEM       1;   M(MM ;dx1    x;n1E
d(    MM(   ;1   M1d   ;E   ;E    1nE( ddn1E       1M;   M; x(M1    xx1dM
dd    MEM   MdM   d(   xx1   x(M    1M(1 d(dE       nd;x   xd EE11    xEM
d1    M1   ;   EEE;   xE(   ;M;    1(x d(1n       n(dM   1xx E1    E(d(
dn    ;(   x(   (;M   Exn   ;x    nd(d dd1(       n111   M xd1E    E1Mx
d;   dd(   E;;   EE;   EE   ;d    n1M( d111       nn;    MMMd nxM   E;11
dx   d1dM   E   M1x(   xx   ;xM    n;x dnd1       n1M    M; ;xx;   E;nnn
dE   d1dM   M   E(   M   ;M    ;1n dxxd;       n1x(   d11E; ;;n(   Ex(1




                                           1M
 qsAj‚ 1u *‚}„‚{$s$Bt *‚}j‚$Bt WW_ stI pW_ $t $jj$BtR BP d(
                        _BZtIR w„ ) (3(x, 
 ) dD

O‚s„   &0    oI ;0    o0Ld;0   oE;0   oI ]] h0      o0Ld] ]h0   oE] ]h0   t] h0
dE   M1d    TnMxd        (   Tnx1        ;n11M      ;((1     ;(En( ;(d(M
d   ddn   TM(dM        (   Tx;        ;ME1((      ;(x1M1     ;dd(xE ;(E;x
dM   dx(x   Td;dMx        (   Txnx;        ;n;xxx      ;1(n(     ;1x1n ;1dMx
d   dxM Td(E;;         (    T1        xn(dd      ;n1xdE     ;n1Mdn ;n;1;
dM(   dE( T1n(          (    nn(M        ;1Ed      ;1(11M     ;dE1( ;11dMM
dMd   1dxn   TMnxn        (    nd        ;xnMn      ;d(n(     ;(En ;ddMn
dM1   1nEE   Tn;11(        (    ;1        ;xM;n      ;1;1d     ;d;; ;1ExMx
dMn   1xM;   Tx1nM        (   d1xM1        ;;d;      ;;d;xE     ;1MMn ;;;(;(
dM;   1E;   TE;        (   d(Ed        xn(1d(      ;xn1dE     ;nEdxx ;xxM(
dMx   1x    xdE        (   dxnd;        ;dx((x      ;E((d     ;xdEM ;EE
dME   ndnE   11x        (    1;;d        1dn(      ;(dEx     ;M1; ;nn(d
dM   n1d(    TExEx        (    1M1        xd1E(      xd1Ex     x(M(n xdx(x
dMM   n11x    11nE        (    TxE        ;EEMn      xn(d     xnxx x;11;;
dM   n1E(    d;E(1        (   Tdnn;        xn;E      x;n((     xx(Enx xx1xE(
d(   nndn    TMdx        (   Td(d(        xxEMM      x;(;     xx((M; xx1nM
dd   n;d    dMdEn        (   TdE        xdMME      xn(n     xn((M x;(;xM
d1   nEdd     En1;        (   T1nM;        xn(E1M      xnExn     xnnnE x;(xE;
dn   nn   Td;E;E        (   Tdd        xEdMM(      x;1n;     x;((x xxd((
d;   nMx;   TdMM;        (    TEx        x;E;      x(M(     xM(;x xM(n;
dx   nME(   T1(1Ex        (       (        Ed(dE      x(Exd     x(Exd x;xdd




                                        1
 qsAj‚ nu *‚}„‚{$s$Bt *‚}j‚$Bt WW_ stI pW_ $t $jj$BtR BP d(
                       _BZtIR w„ ) (3(x, 
 ) (3xD

O‚s„   &0    oI ;0    o0Ld ;0   oE ;0   oI ] ]h0      o0Ld ]] h0   oE ]] h0   t] h0
dE   M1d    TdMx(1     d1En    Tnx         ;dM      n(d;      ;(E1 ;(d(M
d   ddn   TnM;nE     n1ME    Tnd         ;;ndM      ;(dE      ;(((d ;(E;x
dM   dx(x    TEnM     nE;(    Tndx         ;1d(      ;dE1      ;1nxEx ;1dMx
d   dxM   Tx(xMx     En(n     d(         ;Mnd(d      ;1E1dn      ;n(x;E ;n;1;
dM(   dE(   Tn;nMx     Mddn     xEMM         ;x;Ed;      ;d1ddE      ;d;x;( ;11dMM
dMd   1dxn   Tn1dM    d((d     M(         ;x;1;M      ;(ExM      ;(d;( ;ddMn
dM1   1nEE   TdE1xx    d(1    d1(x         ;;(;n      ;dn11      ;d1d1n ;1ExMx
dMn   1xM;   T1x(xd    d11;x    dxnn         ;EEx(E      ;11d(      ;1Edd ;;;(;(
dM;   1E;   TnEx1    d;d(    dx;         ;MMM      ;n(;E      ;nn1E1 ;xxM(
dMx   1x    1;EM    d1M(    dMnx1         ;;1n(n      ;x;dnd      ;;MEx( ;EE
dME   ndnE d1xEM       E(xd     xEn(         nE(x      ;M;dd;      ;M;xnx ;nn(d
dM   n1d(  TnddM       E1dx     E1;(         xdxMdn      x(E;M(      x(E;xx xdx(x
dMM   n11x   n;nd1      ;;(     1;(         x(;(      xn;Ed(      xnE( x;11;;
dM   n1E(    EnE      ;(;;     1nx         x;1nEx      x;x1xE      x;E;n xx1xE(
d(   nndn    Tnd1     ;1;(     1MEE         xx1ME      x;;Mn;      x;E1(M xx1nM
dd   n;d     ME1     nMx     1d(d         x1M;dd      xnn1xn      xn;nM x;(;xM
d1   nEdd     n((;     nE1     dM(         xnn;      xnnn1x      xnx(En x;(xE;
dn   nn    TEx     nn     1d         xx;dd      x;n1;d      x;;xdM xxd((
d;   nMx;    TM;x     ;;;d     n;         xMxxx      x1E;(      xnnn; xM(n;
dx   nME(    TE1E     ;;     ;;         E((1      xMx(;      xMx(; x;xdd




                                          n(
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          /wt] h0D                1(n          1(n       ;En      ;En
          /woI ] ] h0D            dx1          ddn     T;EdM    TdM;n
          /wo0Ld] ] h0 D          1(E          1(;d      ;E(       EE(1
          /woE] ]h0 D            d;x          d1x      M       M




qsAj‚ xu *‚}j‚$Bt W*_ stI p*_ $t                  $jj$BtR BP dn iZ}$sY     ‚b‚‚t
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                p0    op ;0        oMx ;0    op ];h0        oMx] ;h0    t;h0
         dd   1;      dx1       TMx;            (1         En    xx;x
         d1   ;E       nn       TE;            E;(;         EEd    E(E
         dn xx         ;(       TEd(            dE(         nEn    Exn
         d; d1Md       n11M         ;E           d(x1;         1x(    1E
         dx d11;         TM       Td(           EM;;         E;d    End
         dE d1d         TdM        n           E         Mdd    MdxE
         d d;;E       Td11x       1d;            Ex         MEEM    MMM1
         dM dn;;       Tddd       d1n            M;x(         ;;;    xE
         d dnMd       Td1((       dEE            MEx            d(dEx
         dM( 1dEd       TdEnn       xx            xnE        d(1d;   dddE
         dMd 1x(x       Tdxx1      dn;           d(x(n        d((M   d1(xx
         dM1 dE       TddxM       (x           dddE        ddE1(   d1n1x
         dMn 1ddn       TdM1x      d(x           dd(d        ddMx   d1M;1
         dM; 1((       TdEx      d((n           ddxx        d1xd   dnx1(




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Tags: Capital, Gains
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posted:6/30/2011
language:Indonesian
pages:32
Description: Assets sold price is higher than the original purchase cost, the profit is called capital gains. Corresponding capital losses, referring to the assets sold price lower than the original purchase price. Capital gains on sale of assets only be achieved when - unrealized capital gains means that once there is profit potential sale of assets.