The big drop - 31.1 percent - came in estimated taxes, which are paid by the wealthy and reflect investment profits.

The bank and the original investor split those investment profits.

They are also helping their clients negotiate a percentage of the carrying charge or investment profits.

The large users have one advantage: they don't have to make an investment profit on the real estate.

Besides the investment profit, she said, "an important consideration was our desire to become better known in the taxable market."

As long as the money stays in the account and is ultimately spent on education, the state will not tax it or the investment profits.

The tax rate on investment profits is already an issue in the presidential election campaign.

The deals have also created some of the largest investment profits ever realized.

The generally cooperative partnership between the local states and the developers did break down over the distribution of investment profits from central shopping development.

And the unit's $4 billion in reserves may eventually even produce investment profits, he says.