Changes incorporated in R$P Version 1.x (Personal/Professional) Version 1.41

Features Added Since Version 1.21

- All calculations are performed in nominal dollars.  Alternate displays
  in inflation-adjusted (current) dollars are available where they make
  sense.  The "Portfolio Investment Strategies" table is available ONLY
  in inflation-adjusted dollars, as it compares dollar amounts over a
  number of years.

- The "Name", "Date", and "Case" fields are visible on both of the
  "Detailed Spending" input worksheets, although the "Name" and "Case"
  only may be changed on the "PortfolioSensitivityInputs" worksheet.

- The "Load Case", "Save Case", and "Remove Case" buttons are accessible
  from all three input worksheets.

- An "Import Client Data" function was added to the "R$P Utilities"
  menu.  This allows owners of previous versions of R$P Professional
  to copy their saved client data to the new version.  See the
  installation instructions and user manual for details.

Problems Fixed Since Version 1.21

- Enabled CANCEL button in the "Choose Desired Equity Percentage"
  dialog, allowing user to cancel the "Initialize Detailed Spending"
  button.

- The "Calculate Table" button now uses the "State Tax Rate" and
  "Local Tax Rate" from the "PortfolioSensitivityInputs" worksheet,
  instead of incorrectly using the corresponding values from the
  "DetailedInputs2" worksheet.

- Cleaned up the format of the "Implied Return ± Volatility" field
  on the "PortfolioSensitivityTable" worksheet.

- Fixed problem allowing spending achieved to be negative when the
  prior year's tax bill is not paid in full.  Spending now will be
  zero, and the unpaid tax bill will be carried over to next year.

- Input volatilities are allowed to be zero.

- Cost basis is allowed to exceed the portfolio value.

- The Excel 7 version (Office 95) no longer has R$P menu items attached
  to each workbook, so multiple instances of the "R$P Utilities" and the
  "About R$P" menu items no longer occur.

Problems Fixed Since Version 1.30

- The interpretations of "Buy & Hold" and "Rebalance" are now correct.
  Version 1.30 interpreted them in reverse.

- All unspent income (in excess of desired spending, desired savings,
  and taxes) will be deposited into non-sheltered accounts.
  Version 1.30 was distributing some of this income incorrectly.

- Required withdrawals from sheltered accounts now are fully taxed.
  Version 1.30 was not calculating the tax correctly.

Problems Fixed Since Version 1.31

- The upper limit on Social Security Income has been removed.
  Version 1.31 had a $50,000 limit that could be exceeded when
  the Inflation Rate was large.

- The upper limits on Inflation Rate, Portfolio Return, and Portfolio
  Volatility have been set to 100%.

- The upper limits on State Tax Rate and Local Tax Rate have been
  increased to 25%.

Problems Fixed Since Version 1.32

- Chart Detailed Spending will produce charts for an analysis period up
  to and including 75 Years (Ages 25 to 99).
  Version 1.32 failed to produce charts for analysis periods exceeding
  47 Years.

Problems Fixed Since Version 1.33

- Chart Detailed Spending will produce charts for all values of
  Retirement Spending Percentile, including 50%.
  Version 1.33 failed to produce charts when any Retirement Spending
  Percentile was exactly 50%.




Problems Fixed Since Version 1.34

- The license transfer functions: "Register License Transfer", "Transfer
  License Out", and "Transfer License In", are now accessible from the
  "R$P Utilities" menu.
  Version 1.34 for Excel 8 (Office 97) tried to run non-existent macros
  for these functions.

Problems Fixed Since Version 1.35

- The "CONTACT WAGNER ASSOCIATES" dialog no longer contains a reference
  to a one-year license.  Authorized purchases of either R$P Personal or
  R$P Professional have licenses with an unlimited life.  Annual
  upgrades are completely optional, although users of old versions
  will be warned whenever an outdated tax table is used.
  Version 1.35 incorrectly stated that the user was authorizing their
  license for one year.

Problems Fixed Since Version 1.36

- The license transfer instructions are improved.
  Version 1.36 did not instruct you to install R$P on the destination
  computer.

- The 1999 Tax Tables were installed.

Problems Fixed Since Version 1.37

- The Tax Model has been revised to match the one in R$P 2000 v2.05.

Problems Fixed Since Version 1.38

- More revisions to the Tax Model to match the one in R$P 2000 v2.06.

Problems Fixed Since Version 1.39

- The correct number of days remaining on a time-limited license is
  displayed when clicking the License Info button.

- The maximum capital loss deduction is now $3,000 for Single, Married
  Filing Joint, and Head of Household filing statuses, and $1,500 for
  Married Filing Separate.

- Losses in excess of the maximum capital loss deduction are now
  carried forward until offset by sufficient gains, or completely
  depleted by using as a deduction.

- The maximum capital loss deduction is indexed for inflation to be
  consistent with the indexing of the income thresholds in the IRS tax
  schedule.

Features Added Since Version 1.40

- Taxation of CGDs and capital gains now reflects the 2001 Tax Relief Act.

- Minimum Required Distribution schedule revised to reflect the new
  simplified method.

- Tax Year 2001 Federal tax tables added.

- Installation files automatically detect Excel version 10 (Office XP).

(c) 1998, 1999, 2000 Daniel H. Wagner, Associates, Inc.
Version 1.41