REVENUE ANTICIPATION NOTE Definition

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REVENUE ANTICIPATION NOTE (RAN) is a note sold by mu­nicipalities as a temporary financing pending the arrival of certain revenues, which are then used to payoff the note. Usually the income on these notes is exempt from federal income taxes.

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MARGINAL TAX RATE is the top rate of income tax that is charged to individuals on their earnings.

COMMERCIAL INVOICE, generally, is the sellers bill of sale for the goods sold, specifying type of goods, quantity and price of each type and terms of sale. In import/export, it represents a complete record of the transaction between exporter and importer with regard to the goods sold. Also reports the content of the shipment and serves as the basis for all other documents about the shipment.

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