id	sid	tid	token	lemma	pos
taxlaw-12357	1	1	transaction	transaction	NOUN
taxlaw-12357	1	2	-	-	PUNCT
taxlaw-12357	1	3	specific	specific	ADJ
taxlaw-12357	1	4	tax	tax	NOUN
taxlaw-12357	1	5	reform	reform	NOUN
taxlaw-12357	1	6	in	in	ADP
taxlaw-12357	1	7	three	three	NUM
taxlaw-12357	1	8	steps	step	NOUN
taxlaw-12357	2	1	:	:	PUNCT
taxlaw-12357	2	2	the	the	DET
taxlaw-12357	2	3	case	case	NOUN
taxlaw-12357	2	4	of	of	ADP
taxlaw-12357	2	5	constructive	constructive	ADJ
taxlaw-12357	2	6	ownership	ownership	NOUN
taxlaw-12357	2	7	thomas	thomas	PROPN
taxlaw-12357	2	8	j.	j.	PROPN
taxlaw-12357	2	9	brennan	brennan	PROPN
taxlaw-12357	2	10	*	*	PROPN
taxlaw-12357	2	11	and	and	CCONJ
taxlaw-12357	2	12	david	david	PROPN
taxlaw-12357	2	13	m.	m.	PROPN
taxlaw-12357	2	14	schizer	schizer	PROPN
taxlaw-12357	2	15	*	*	PROPN
taxlaw-12357	2	16	*	*	PUNCT
taxlaw-12357	2	17	abstract	abstract	ADJ
taxlaw-12357	2	18	similar	similar	ADJ
taxlaw-12357	2	19	investments	investment	NOUN
taxlaw-12357	2	20	are	be	AUX
taxlaw-12357	2	21	often	often	ADV
taxlaw-12357	2	22	taxed	tax	VERB
taxlaw-12357	2	23	differently	differently	ADV
taxlaw-12357	2	24	,	,	PUNCT
taxlaw-12357	2	25	rendering	render	VERB
taxlaw-12357	2	26	our	our	PRON
taxlaw-12357	2	27	system	system	NOUN
taxlaw-12357	2	28	less	less	ADV
taxlaw-12357	2	29	efficient	efficient	ADJ
taxlaw-12357	2	30	and	and	CCONJ
taxlaw-12357	2	31	fair	fair	ADJ
taxlaw-12357	2	32	.	.	PUNCT
taxlaw-12357	3	1	in	in	ADP
taxlaw-12357	3	2	principle	principle	ADJ
taxlaw-12357	3	3	,	,	PUNCT
taxlaw-12357	3	4	fundamental	fundamental	ADJ
taxlaw-12357	3	5	reforms	reform	NOUN
taxlaw-12357	3	6	could	could	AUX
taxlaw-12357	3	7	solve	solve	VERB
taxlaw-12357	3	8	this	this	DET
taxlaw-12357	3	9	problem	problem	NOUN
taxlaw-12357	3	10	,	,	PUNCT
taxlaw-12357	3	11	but	but	CCONJ
taxlaw-12357	3	12	they	they	PRON
taxlaw-12357	3	13	face	face	VERB
taxlaw-12357	3	14	familiar	familiar	ADJ
taxlaw-12357	3	15	obstacles	obstacle	NOUN
taxlaw-12357	3	16	.	.	PUNCT
taxlaw-12357	4	1	so	so	ADV
taxlaw-12357	4	2	instead	instead	ADV
taxlaw-12357	4	3	of	of	ADP
taxlaw-12357	4	4	major	major	ADJ
taxlaw-12357	4	5	surgery	surgery	NOUN
taxlaw-12357	4	6	,	,	PUNCT
taxlaw-12357	4	7	congress	congress	PROPN
taxlaw-12357	4	8	usually	usually	ADV
taxlaw-12357	4	9	responds	respond	VERB
taxlaw-12357	4	10	with	with	ADP
taxlaw-12357	4	11	a	a	DET
taxlaw-12357	4	12	band	band	NOUN
taxlaw-12357	4	13	-	-	PUNCT
taxlaw-12357	4	14	aid	aid	NOUN
taxlaw-12357	4	15	,	,	PUNCT
taxlaw-12357	4	16	denying	deny	VERB
taxlaw-12357	4	17	favorable	favorable	ADJ
taxlaw-12357	4	18	treatment	treatment	NOUN
taxlaw-12357	4	19	to	to	ADP
taxlaw-12357	4	20	some	some	DET
taxlaw-12357	4	21	transactions	transaction	NOUN
taxlaw-12357	4	22	,	,	PUNCT
taxlaw-12357	4	23	while	while	SCONJ
taxlaw-12357	4	24	preserving	preserve	VERB
taxlaw-12357	4	25	it	it	PRON
taxlaw-12357	4	26	for	for	ADP
taxlaw-12357	4	27	others	other	NOUN
taxlaw-12357	4	28	.	.	PUNCT
taxlaw-12357	5	1	these	these	DET
taxlaw-12357	5	2	loophole	loophole	NOUN
taxlaw-12357	5	3	-	-	PUNCT
taxlaw-12357	5	4	plugging	plug	VERB
taxlaw-12357	5	5	rules	rule	NOUN
taxlaw-12357	5	6	have	have	AUX
taxlaw-12357	5	7	become	become	VERB
taxlaw-12357	5	8	a	a	DET
taxlaw-12357	5	9	staple	staple	NOUN
taxlaw-12357	5	10	of	of	ADP
taxlaw-12357	5	11	tax	tax	NOUN
taxlaw-12357	5	12	reform	reform	NOUN
taxlaw-12357	5	13	in	in	ADP
taxlaw-12357	5	14	recent	recent	ADJ
taxlaw-12357	5	15	years	year	NOUN
taxlaw-12357	5	16	.	.	PUNCT
taxlaw-12357	6	1	but	but	CCONJ
taxlaw-12357	6	2	unfortunately	unfortunately	ADV
taxlaw-12357	6	3	,	,	PUNCT
taxlaw-12357	6	4	they	they	PRON
taxlaw-12357	6	5	often	often	ADV
taxlaw-12357	6	6	are	be	AUX
taxlaw-12357	6	7	ineffective	ineffective	ADJ
taxlaw-12357	6	8	or	or	CCONJ
taxlaw-12357	6	9	even	even	ADV
taxlaw-12357	6	10	counterproductive	counterproductive	ADJ
taxlaw-12357	6	11	.	.	PUNCT
taxlaw-12357	7	1	how	how	SCONJ
taxlaw-12357	7	2	can	can	AUX
taxlaw-12357	7	3	congress	congress	PROPN
taxlaw-12357	7	4	do	do	VERB
taxlaw-12357	7	5	better	well	ADV
taxlaw-12357	7	6	?	?	PUNCT
taxlaw-12357	8	1	as	as	ADP
taxlaw-12357	8	2	a	a	DET
taxlaw-12357	8	3	case	case	NOUN
taxlaw-12357	8	4	study	study	NOUN
taxlaw-12357	8	5	,	,	PUNCT
taxlaw-12357	8	6	we	we	PRON
taxlaw-12357	8	7	analyze	analyze	VERB
taxlaw-12357	8	8	section	section	NOUN
taxlaw-12357	8	9	1260	1260	NUM
taxlaw-12357	8	10	,	,	PUNCT
taxlaw-12357	8	11	which	which	PRON
taxlaw-12357	8	12	targets	target	VERB
taxlaw-12357	8	13	a	a	DET
taxlaw-12357	8	14	tax	tax	NOUN
taxlaw-12357	8	15	-	-	PUNCT
taxlaw-12357	8	16	advantaged	advantaged	ADJ
taxlaw-12357	8	17	way	way	NOUN
taxlaw-12357	8	18	to	to	PART
taxlaw-12357	8	19	invest	invest	VERB
taxlaw-12357	8	20	in	in	ADP
taxlaw-12357	8	21	hedge	hedge	NOUN
taxlaw-12357	8	22	funds	fund	NOUN
taxlaw-12357	8	23	.	.	PUNCT
taxlaw-12357	9	1	this	this	DET
taxlaw-12357	9	2	analysis	analysis	NOUN
taxlaw-12357	9	3	is	be	AUX
taxlaw-12357	9	4	especially	especially	ADV
taxlaw-12357	9	5	timely	timely	ADJ
taxlaw-12357	9	6	because	because	SCONJ
taxlaw-12357	9	7	a	a	DET
taxlaw-12357	9	8	multi	multi	ADJ
taxlaw-12357	9	9	-	-	ADJ
taxlaw-12357	9	10	billion	billion	NUM
taxlaw-12357	9	11	dollar	dollar	NOUN
taxlaw-12357	9	12	litigation	litigation	NOUN
taxlaw-12357	9	13	is	be	AUX
taxlaw-12357	9	14	pending	pende	VERB
taxlaw-12357	9	15	about	about	ADP
taxlaw-12357	9	16	this	this	DET
taxlaw-12357	9	17	rule	rule	NOUN
taxlaw-12357	9	18	.	.	PUNCT
taxlaw-12357	10	1	this	this	DET
taxlaw-12357	10	2	article	article	NOUN
taxlaw-12357	10	3	proposes	propose	VERB
taxlaw-12357	10	4	a	a	DET
taxlaw-12357	10	5	three	three	NUM
taxlaw-12357	10	6	-	-	PUNCT
taxlaw-12357	10	7	step	step	NOUN
taxlaw-12357	10	8	approach	approach	NOUN
taxlaw-12357	10	9	.	.	PUNCT
taxlaw-12357	11	1	first	first	ADV
taxlaw-12357	11	2	,	,	PUNCT
taxlaw-12357	11	3	when	when	SCONJ
taxlaw-12357	11	4	faced	face	VERB
taxlaw-12357	11	5	with	with	ADP
taxlaw-12357	11	6	a	a	DET
taxlaw-12357	11	7	new	new	ADJ
taxlaw-12357	11	8	type	type	NOUN
taxlaw-12357	11	9	of	of	ADP
taxlaw-12357	11	10	tax	tax	NOUN
taxlaw-12357	11	11	planning	planning	NOUN
taxlaw-12357	11	12	,	,	PUNCT
taxlaw-12357	11	13	policymakers	policymaker	NOUN
taxlaw-12357	11	14	should	should	AUX
taxlaw-12357	11	15	decide	decide	VERB
taxlaw-12357	11	16	whether	whether	SCONJ
taxlaw-12357	11	17	a	a	DET
taxlaw-12357	11	18	response	response	NOUN
taxlaw-12357	11	19	is	be	AUX
taxlaw-12357	11	20	really	really	ADV
taxlaw-12357	11	21	necessary	necessary	ADJ
taxlaw-12357	11	22	.	.	PUNCT
taxlaw-12357	12	1	how	how	SCONJ
taxlaw-12357	12	2	harmful	harmful	ADJ
taxlaw-12357	12	3	is	be	AUX
taxlaw-12357	12	4	the	the	DET
taxlaw-12357	12	5	transaction	transaction	NOUN
taxlaw-12357	12	6	?	?	PUNCT
taxlaw-12357	13	1	how	how	SCONJ
taxlaw-12357	13	2	feasible	feasible	ADJ
taxlaw-12357	13	3	is	be	AUX
taxlaw-12357	13	4	it	it	PRON
taxlaw-12357	13	5	to	to	PART
taxlaw-12357	13	6	target	target	VERB
taxlaw-12357	13	7	this	this	DET
taxlaw-12357	13	8	transaction	transaction	NOUN
taxlaw-12357	13	9	without	without	ADP
taxlaw-12357	13	10	also	also	ADV
taxlaw-12357	13	11	burdening	burden	VERB
taxlaw-12357	13	12	“	"	PUNCT
taxlaw-12357	13	13	good	good	ADJ
taxlaw-12357	13	14	”	"	PUNCT
taxlaw-12357	13	15	transactions	transaction	NOUN
taxlaw-12357	13	16	,	,	PUNCT
taxlaw-12357	13	17	which	which	PRON
taxlaw-12357	13	18	do	do	AUX
taxlaw-12357	13	19	n’t	not	PART
taxlaw-12357	13	20	involve	involve	VERB
taxlaw-12357	13	21	the	the	DET
taxlaw-12357	13	22	same	same	ADJ
taxlaw-12357	13	23	abuse	abuse	NOUN
taxlaw-12357	13	24	?	?	PUNCT
taxlaw-12357	14	1	this	this	DET
taxlaw-12357	14	2	first	first	ADJ
taxlaw-12357	14	3	phase	phase	NOUN
taxlaw-12357	14	4	determines	determine	VERB
taxlaw-12357	14	5	what	what	PRON
taxlaw-12357	14	6	we	we	PRON
taxlaw-12357	14	7	call	call	VERB
taxlaw-12357	14	8	“	"	PUNCT
taxlaw-12357	14	9	the	the	DET
taxlaw-12357	14	10	normative	normative	ADJ
taxlaw-12357	14	11	presumption	presumption	NOUN
taxlaw-12357	14	12	”	"	PUNCT
taxlaw-12357	14	13	about	about	ADP
taxlaw-12357	14	14	the	the	DET
taxlaw-12357	14	15	transaction	transaction	NOUN
taxlaw-12357	14	16	.	.	PUNCT
taxlaw-12357	15	1	second	second	ADV
taxlaw-12357	15	2	,	,	PUNCT
taxlaw-12357	15	3	congress	congress	PROPN
taxlaw-12357	15	4	should	should	AUX
taxlaw-12357	15	5	define	define	VERB
taxlaw-12357	15	6	which	which	DET
taxlaw-12357	15	7	transactions	transaction	NOUN
taxlaw-12357	15	8	are	be	AUX
taxlaw-12357	15	9	potentially	potentially	ADV
taxlaw-12357	15	10	problematic	problematic	ADJ
taxlaw-12357	15	11	.	.	PUNCT
taxlaw-12357	16	1	an	an	DET
taxlaw-12357	16	2	“	"	PUNCT
taxlaw-12357	16	3	initial	initial	ADJ
taxlaw-12357	16	4	filter	filter	NOUN
taxlaw-12357	16	5	”	"	PUNCT
taxlaw-12357	16	6	should	should	AUX
taxlaw-12357	16	7	exempt	exempt	VERB
taxlaw-12357	16	8	transactions	transaction	NOUN
taxlaw-12357	16	9	that	that	PRON
taxlaw-12357	16	10	clearly	clearly	ADV
taxlaw-12357	16	11	do	do	AUX
taxlaw-12357	16	12	n’t	not	PART
taxlaw-12357	16	13	pose	pose	VERB
taxlaw-12357	16	14	the	the	DET
taxlaw-12357	16	15	relevant	relevant	ADJ
taxlaw-12357	16	16	concern	concern	NOUN
taxlaw-12357	16	17	.	.	PUNCT
taxlaw-12357	17	1	third	third	ADJ
taxlaw-12357	17	2	,	,	PUNCT
taxlaw-12357	17	3	once	once	ADV
taxlaw-12357	17	4	a	a	DET
taxlaw-12357	17	5	transaction	transaction	NOUN
taxlaw-12357	17	6	is	be	AUX
taxlaw-12357	17	7	deemed	deem	VERB
taxlaw-12357	17	8	to	to	PART
taxlaw-12357	17	9	be	be	AUX
taxlaw-12357	17	10	potentially	potentially	ADV
taxlaw-12357	17	11	problematic	problematic	ADJ
taxlaw-12357	17	12	,	,	PUNCT
taxlaw-12357	17	13	a	a	DET
taxlaw-12357	17	14	sophisticated	sophisticated	ADJ
taxlaw-12357	17	15	test	test	NOUN
taxlaw-12357	17	16	is	be	AUX
taxlaw-12357	17	17	needed	need	VERB
taxlaw-12357	17	18	to	to	PART
taxlaw-12357	17	19	check	check	VERB
taxlaw-12357	17	20	whether	whether	SCONJ
taxlaw-12357	17	21	it	it	PRON
taxlaw-12357	17	22	actually	actually	ADV
taxlaw-12357	17	23	is	be	AUX
taxlaw-12357	17	24	.	.	PUNCT
taxlaw-12357	18	1	admittedly	admittedly	ADV
taxlaw-12357	18	2	,	,	PUNCT
taxlaw-12357	18	3	a	a	DET
taxlaw-12357	18	4	sophisticated	sophisticated	ADJ
taxlaw-12357	18	5	test	test	NOUN
taxlaw-12357	18	6	is	be	AUX
taxlaw-12357	18	7	costly	costly	ADJ
taxlaw-12357	18	8	to	to	PART
taxlaw-12357	18	9	administer	administer	VERB
taxlaw-12357	18	10	.	.	PUNCT
taxlaw-12357	19	1	this	this	PRON
taxlaw-12357	19	2	is	be	AUX
taxlaw-12357	19	3	why	why	SCONJ
taxlaw-12357	19	4	initial	initial	ADJ
taxlaw-12357	19	5	filters	filter	NOUN
taxlaw-12357	19	6	are	be	AUX
taxlaw-12357	19	7	needed	need	VERB
taxlaw-12357	19	8	to	to	PART
taxlaw-12357	19	9	limit	limit	VERB
taxlaw-12357	19	10	how	how	SCONJ
taxlaw-12357	19	11	often	often	ADV
taxlaw-12357	19	12	it	it	PRON
taxlaw-12357	19	13	is	be	AUX
taxlaw-12357	19	14	used	use	VERB
taxlaw-12357	19	15	.	.	PUNCT
taxlaw-12357	20	1	along	along	ADP
taxlaw-12357	20	2	with	with	ADP
taxlaw-12357	20	3	proposing	propose	VERB
taxlaw-12357	20	4	this	this	DET
taxlaw-12357	20	5	three	three	NUM
taxlaw-12357	20	6	-	-	PUNCT
taxlaw-12357	20	7	part	part	NOUN
taxlaw-12357	20	8	framework	framework	NOUN
taxlaw-12357	20	9	,	,	PUNCT
taxlaw-12357	20	10	this	this	DET
taxlaw-12357	20	11	article	article	NOUN
taxlaw-12357	20	12	offers	offer	VERB
taxlaw-12357	20	13	a	a	DET
taxlaw-12357	20	14	novel	novel	ADJ
taxlaw-12357	20	15	critique	critique	NOUN
taxlaw-12357	20	16	of	of	ADP
taxlaw-12357	20	17	a	a	DET
taxlaw-12357	20	18	sophisticated	sophisticated	ADJ
taxlaw-12357	20	19	test	test	NOUN
taxlaw-12357	20	20	the	the	DET
taxlaw-12357	20	21	government	government	NOUN
taxlaw-12357	20	22	has	have	AUX
taxlaw-12357	20	23	begun	begin	VERB
taxlaw-12357	20	24	using	use	VERB
taxlaw-12357	20	25	:	:	PUNCT
taxlaw-12357	20	26	a	a	DET
taxlaw-12357	20	27	“	"	PUNCT
taxlaw-12357	20	28	delta	delta	NOUN
taxlaw-12357	20	29	”	"	PUNCT
taxlaw-12357	20	30	test	test	NOUN
taxlaw-12357	20	31	,	,	PUNCT
taxlaw-12357	20	32	which	which	PRON
taxlaw-12357	20	33	measures	measure	VERB
taxlaw-12357	20	34	how	how	SCONJ
taxlaw-12357	20	35	closely	closely	ADV
taxlaw-12357	20	36	investments	investment	NOUN
taxlaw-12357	20	37	track	track	VERB
taxlaw-12357	20	38	each	each	DET
taxlaw-12357	20	39	other	other	ADJ
taxlaw-12357	20	40	.	.	PUNCT
taxlaw-12357	21	1	although	although	SCONJ
taxlaw-12357	21	2	delta	delta	NOUN
taxlaw-12357	21	3	is	be	AUX
taxlaw-12357	21	4	often	often	ADV
taxlaw-12357	21	5	considered	consider	VERB
taxlaw-12357	21	6	the	the	DET
taxlaw-12357	21	7	gold	gold	NOUN
taxlaw-12357	21	8	standard	standard	NOUN
taxlaw-12357	21	9	,	,	PUNCT
taxlaw-12357	21	10	we	we	PRON
taxlaw-12357	21	11	show	show	VERB
taxlaw-12357	21	12	how	how	SCONJ
taxlaw-12357	21	13	easy	easy	ADJ
taxlaw-12357	21	14	it	it	PRON
taxlaw-12357	21	15	is	be	AUX
taxlaw-12357	21	16	to	to	PART
taxlaw-12357	21	17	manipulate	manipulate	VERB
taxlaw-12357	21	18	.	.	PUNCT
taxlaw-12357	22	1	the	the	DET
taxlaw-12357	22	2	trick	trick	NOUN
taxlaw-12357	22	3	is	be	AUX
taxlaw-12357	22	4	to	to	PART
taxlaw-12357	22	5	add	add	VERB
taxlaw-12357	22	6	contingencies	contingency	NOUN
taxlaw-12357	22	7	(	(	PUNCT
taxlaw-12357	22	8	e.g.	e.g.	ADV
taxlaw-12357	22	9	,	,	PUNCT
taxlaw-12357	22	10	so	so	SCONJ
taxlaw-12357	22	11	the	the	DET
taxlaw-12357	22	12	investment	investment	NOUN
taxlaw-12357	22	13	terminates	terminate	VERB
taxlaw-12357	22	14	when	when	SCONJ
taxlaw-12357	22	15	the	the	DET
taxlaw-12357	22	16	price	price	NOUN
taxlaw-12357	22	17	reaches	reach	VERB
taxlaw-12357	22	18	a	a	DET
taxlaw-12357	22	19	specified	specified	ADJ
taxlaw-12357	22	20	level	level	NOUN
taxlaw-12357	22	21	)	)	PUNCT
taxlaw-12357	22	22	.	.	PUNCT
taxlaw-12357	23	1	to	to	PART
taxlaw-12357	23	2	head	head	VERB
taxlaw-12357	23	3	off	off	ADP
taxlaw-12357	23	4	this	this	DET
taxlaw-12357	23	5	gaming	gaming	NOUN
taxlaw-12357	23	6	,	,	PUNCT
taxlaw-12357	23	7	we	we	PRON
taxlaw-12357	23	8	recommend	recommend	VERB
taxlaw-12357	23	9	an	an	DET
taxlaw-12357	23	10	alternative	alternative	ADJ
taxlaw-12357	23	11	test	test	NOUN
taxlaw-12357	23	12	that	that	PRON
taxlaw-12357	23	13	focuses	focus	VERB
taxlaw-12357	23	14	on	on	ADP
taxlaw-12357	23	15	value	value	NOUN
taxlaw-12357	23	16	instead	instead	ADV
taxlaw-12357	23	17	of	of	ADP
taxlaw-12357	23	18	on	on	ADP
taxlaw-12357	23	19	changes	change	NOUN
taxlaw-12357	23	20	in	in	ADP
taxlaw-12357	23	21	value	value	NOUN
taxlaw-12357	23	22	–	–	PUNCT
taxlaw-12357	23	23	and	and	CCONJ
taxlaw-12357	23	24	,	,	PUNCT
taxlaw-12357	23	25	more	more	ADV
taxlaw-12357	23	26	generally	generally	ADV
taxlaw-12357	23	27	,	,	PUNCT
taxlaw-12357	23	28	on	on	ADP
taxlaw-12357	23	29	enduring	endure	VERB
taxlaw-12357	23	30	features	feature	NOUN
taxlaw-12357	23	31	instead	instead	ADV
taxlaw-12357	23	32	of	of	ADP
taxlaw-12357	23	33	temporary	temporary	ADJ
taxlaw-12357	23	34	quirks	quirk	NOUN
taxlaw-12357	23	35	.	.	PUNCT
taxlaw-12357	24	1	*	*	PUNCT
taxlaw-12357	24	2	*	*	PUNCT
taxlaw-12357	24	3	*	*	PUNCT
taxlaw-12357	24	4	*	*	PUNCT
taxlaw-12357	24	5	stanley	stanley	PROPN
taxlaw-12357	24	6	s.	s.	PROPN
taxlaw-12357	24	7	surrey	surrey	PROPN
taxlaw-12357	24	8	professor	professor	PROPN
taxlaw-12357	24	9	of	of	ADP
taxlaw-12357	24	10	law	law	PROPN
taxlaw-12357	24	11	at	at	ADP
taxlaw-12357	24	12	harvard	harvard	PROPN
taxlaw-12357	24	13	law	law	PROPN
taxlaw-12357	24	14	school	school	NOUN
taxlaw-12357	24	15	.	.	PUNCT
taxlaw-12357	25	1	*	*	PUNCT
taxlaw-12357	25	2	*	*	PUNCT
taxlaw-12357	25	3	dean	dean	PROPN
taxlaw-12357	25	4	emeritus	emeritus	NOUN
taxlaw-12357	25	5	&	&	CCONJ
taxlaw-12357	25	6	harvey	harvey	PROPN
taxlaw-12357	25	7	r.	r.	PROPN
taxlaw-12357	25	8	miller	miller	PROPN
taxlaw-12357	25	9	professor	professor	PROPN
taxlaw-12357	25	10	of	of	ADP
taxlaw-12357	25	11	law	law	PROPN
taxlaw-12357	25	12	&	&	CCONJ
taxlaw-12357	25	13	economics	economics	PROPN
taxlaw-12357	25	14	at	at	ADP
taxlaw-12357	25	15	columbia	columbia	PROPN
taxlaw-12357	25	16	law	law	PROPN
taxlaw-12357	25	17	school	school	NOUN
taxlaw-12357	25	18	.	.	PUNCT
taxlaw-12357	26	1	we	we	PRON
taxlaw-12357	26	2	appreciate	appreciate	VERB
taxlaw-12357	26	3	thoughtful	thoughtful	ADJ
taxlaw-12357	26	4	comments	comment	NOUN
taxlaw-12357	26	5	from	from	ADP
taxlaw-12357	26	6	jake	jake	PROPN
taxlaw-12357	26	7	brooks	brooks	PROPN
taxlaw-12357	26	8	,	,	PUNCT
taxlaw-12357	26	9	victor	victor	PROPN
taxlaw-12357	26	10	fleischer	fleischer	PROPN
taxlaw-12357	26	11	,	,	PUNCT
taxlaw-12357	26	12	louis	louis	PROPN
taxlaw-12357	26	13	kaplow	kaplow	PROPN
taxlaw-12357	26	14	,	,	PUNCT
taxlaw-12357	26	15	michael	michael	PROPN
taxlaw-12357	26	16	love	love	PROPN
taxlaw-12357	26	17	,	,	PUNCT
taxlaw-12357	26	18	bob	bob	PROPN
taxlaw-12357	26	19	mcdonald	mcdonald	PROPN
taxlaw-12357	26	20	,	,	PUNCT
taxlaw-12357	26	21	alex	alex	PROPN
taxlaw-12357	26	22	raskolnikov	raskolnikov	PROPN
taxlaw-12357	26	23	,	,	PUNCT
taxlaw-12357	26	24	michael	michael	PROPN
taxlaw-12357	26	25	schler	schler	PROPN
taxlaw-12357	26	26	,	,	PUNCT
taxlaw-12357	26	27	andrew	andrew	PROPN
taxlaw-12357	26	28	walker	walker	PROPN
taxlaw-12357	26	29	,	,	PUNCT
taxlaw-12357	26	30	david	david	PROPN
taxlaw-12357	26	31	weisbach	weisbach	PROPN
taxlaw-12357	26	32	,	,	PUNCT
taxlaw-12357	26	33	and	and	CCONJ
taxlaw-12357	26	34	participants	participant	NOUN
taxlaw-12357	26	35	at	at	ADP
taxlaw-12357	26	36	workshops	workshop	NOUN
taxlaw-12357	26	37	at	at	ADP
taxlaw-12357	26	38	the	the	DET
taxlaw-12357	26	39	tax	tax	NOUN
taxlaw-12357	26	40	club	club	NOUN
taxlaw-12357	26	41	,	,	PUNCT
taxlaw-12357	26	42	the	the	DET
taxlaw-12357	26	43	american	american	ADJ
taxlaw-12357	26	44	law	law	PROPN
taxlaw-12357	26	45	&	&	CCONJ
taxlaw-12357	26	46	economics	economics	PROPN
taxlaw-12357	26	47	association	association	PROPN
taxlaw-12357	26	48	,	,	PUNCT
taxlaw-12357	26	49	the	the	DET
taxlaw-12357	26	50	national	national	PROPN
taxlaw-12357	26	51	tax	tax	PROPN
taxlaw-12357	26	52	association	association	PROPN
taxlaw-12357	26	53	,	,	PUNCT
taxlaw-12357	26	54	and	and	CCONJ
taxlaw-12357	26	55	columbia	columbia	PROPN
taxlaw-12357	26	56	law	law	NOUN
taxlaw-12357	26	57	school	school	NOUN
taxlaw-12357	26	58	,	,	PUNCT
taxlaw-12357	26	59	as	as	ADV
taxlaw-12357	26	60	well	well	ADV
taxlaw-12357	26	61	as	as	ADP
taxlaw-12357	26	62	support	support	NOUN
taxlaw-12357	26	63	from	from	ADP
taxlaw-12357	26	64	the	the	DET
taxlaw-12357	26	65	henry	henry	PROPN
taxlaw-12357	26	66	and	and	CCONJ
taxlaw-12357	26	67	lucy	lucy	PROPN
taxlaw-12357	26	68	moses	moses	PROPN
taxlaw-12357	26	69	faculty	faculty	PROPN
taxlaw-12357	26	70	research	research	NOUN
taxlaw-12357	26	71	fund	fund	NOUN
taxlaw-12357	26	72	at	at	ADP
taxlaw-12357	26	73	columbia	columbia	PROPN
taxlaw-12357	26	74	law	law	PROPN
taxlaw-12357	26	75	school	school	NOUN
taxlaw-12357	26	76	and	and	CCONJ
taxlaw-12357	26	77	the	the	DET
taxlaw-12357	26	78	harvard	harvard	PROPN
taxlaw-12357	26	79	law	law	PROPN
taxlaw-12357	26	80	school	school	NOUN
taxlaw-12357	26	81	fund	fund	NOUN
taxlaw-12357	26	82	for	for	ADP
taxlaw-12357	26	83	tax	tax	NOUN
taxlaw-12357	26	84	and	and	CCONJ
taxlaw-12357	26	85	fiscal	fiscal	ADJ
taxlaw-12357	26	86	policy	policy	NOUN
taxlaw-12357	26	87	research	research	NOUN
taxlaw-12357	26	88	.	.	PUNCT
taxlaw-12357	27	1	*	*	PUNCT
taxlaw-12357	27	2	*	*	PUNCT
taxlaw-12357	27	3	*	*	PUNCT
taxlaw-12357	27	4	r	r	NOUN
taxlaw-12357	27	5	code	code	NOUN
taxlaw-12357	27	6	of	of	ADP
taxlaw-12357	27	7	the	the	DET
taxlaw-12357	27	8	authors	author	NOUN
taxlaw-12357	27	9	’	’	PART
taxlaw-12357	27	10	calculations	calculation	NOUN
taxlaw-12357	27	11	can	can	AUX
taxlaw-12357	27	12	be	be	AUX
taxlaw-12357	27	13	found	find	VERB
taxlaw-12357	27	14	at	at	ADP
taxlaw-12357	27	15	https://github.com/tbrenn314/transaction	https://github.com/tbrenn314/transaction	NOUN
taxlaw-12357	27	16	specifictaxreform	specifictaxreform	NOUN
taxlaw-12357	28	1	[	[	X
taxlaw-12357	28	2	perma.cc/2g3s-c66c	perma.cc/2g3s-c66c	NOUN
taxlaw-12357	28	3	]	]	PUNCT
taxlaw-12357	28	4	.	.	PUNCT
taxlaw-12357	29	1	columbia	columbia	PROPN
taxlaw-12357	29	2	journal	journal	PROPN
taxlaw-12357	29	3	of	of	ADP
taxlaw-12357	29	4	tax	tax	NOUN
taxlaw-12357	29	5	law	law	NOUN
taxlaw-12357	30	1	[	[	X
taxlaw-12357	30	2	vol	vol	NOUN
taxlaw-12357	30	3	15:1	15:1	NUM
taxlaw-12357	30	4	2	2	NUM
taxlaw-12357	30	5	i.	i.	NOUN
taxlaw-12357	30	6	introduction	introduction	NOUN
taxlaw-12357	30	7	.................................................................................................	.................................................................................................	PUNCT
taxlaw-12357	30	8	4	4	NUM
taxlaw-12357	30	9	ii	ii	NOUN
taxlaw-12357	30	10	.	.	PUNCT
taxlaw-12357	30	11	simulating	simulate	VERB
taxlaw-12357	30	12	ownership	ownership	NOUN
taxlaw-12357	30	13	of	of	ADP
taxlaw-12357	30	14	hedge	hedge	NOUN
taxlaw-12357	30	15	funds	fund	NOUN
taxlaw-12357	30	16	:	:	PUNCT
taxlaw-12357	30	17	the	the	DET
taxlaw-12357	30	18	transaction	transaction	NOUN
taxlaw-12357	30	19	targeted	target	VERB
taxlaw-12357	30	20	by	by	ADP
taxlaw-12357	30	21	section	section	NOUN
taxlaw-12357	30	22	1260	1260	NUM
taxlaw-12357	30	23	....................................................................................................	....................................................................................................	PUNCT
taxlaw-12357	30	24	7	7	NUM
taxlaw-12357	30	25	a.	a.	NOUN
taxlaw-12357	30	26	the	the	DET
taxlaw-12357	30	27	targeted	target	VERB
taxlaw-12357	30	28	transaction	transaction	NOUN
taxlaw-12357	30	29	:	:	PUNCT
taxlaw-12357	30	30	hedge	hedge	NOUN
taxlaw-12357	30	31	fund	fund	NOUN
taxlaw-12357	30	32	derivatives	derivative	NOUN
taxlaw-12357	30	33	...............................	...............................	PUNCT
taxlaw-12357	30	34	7	7	NUM
taxlaw-12357	30	35	b.	b.	PROPN
taxlaw-12357	30	36	section	section	NOUN
taxlaw-12357	30	37	1260	1260	NUM
taxlaw-12357	30	38	.............................................................................................	.............................................................................................	PUNCT
taxlaw-12357	30	39	8	8	NUM
taxlaw-12357	30	40	iii	iii	NOUN
taxlaw-12357	30	41	.	.	PUNCT
taxlaw-12357	31	1	normative	normative	ADJ
taxlaw-12357	31	2	criteria	criterion	NOUN
taxlaw-12357	31	3	for	for	ADP
taxlaw-12357	31	4	evaluating	evaluate	VERB
taxlaw-12357	31	5	transaction	transaction	NOUN
taxlaw-12357	31	6	-	-	PUNCT
taxlaw-12357	31	7	specific	specific	ADJ
taxlaw-12357	31	8	reforms	reform	NOUN
taxlaw-12357	31	9	:	:	PUNCT
taxlaw-12357	31	10	distribution	distribution	NOUN
taxlaw-12357	31	11	and	and	CCONJ
taxlaw-12357	31	12	efficiency	efficiency	NOUN
taxlaw-12357	31	13	..............................................................................	..............................................................................	PUNCT
taxlaw-12357	31	14	9	9	NUM
taxlaw-12357	31	15	a.	a.	NOUN
taxlaw-12357	31	16	distribution	distribution	NOUN
taxlaw-12357	31	17	...............................................................................................	...............................................................................................	PUNCT
taxlaw-12357	31	18	9	9	NUM
taxlaw-12357	31	19	b.	b.	NOUN
taxlaw-12357	31	20	efficiency	efficiency	NOUN
taxlaw-12357	31	21	and	and	CCONJ
taxlaw-12357	31	22	the	the	DET
taxlaw-12357	31	23	“	"	PUNCT
taxlaw-12357	31	24	hit	hit	VERB
taxlaw-12357	31	25	or	or	CCONJ
taxlaw-12357	31	26	miss	miss	VERB
taxlaw-12357	31	27	”	"	PUNCT
taxlaw-12357	31	28	quality	quality	NOUN
taxlaw-12357	31	29	of	of	ADP
taxlaw-12357	31	30	transaction	transaction	NOUN
taxlaw-12357	31	31	-	-	PUNCT
taxlaw-12357	31	32	specific	specific	ADJ
taxlaw-12357	31	33	reforms	reform	NOUN
taxlaw-12357	31	34	...........................................................................................................	...........................................................................................................	PUNCT
taxlaw-12357	32	1	9	9	NUM
taxlaw-12357	32	2	1	1	NUM
taxlaw-12357	32	3	.	.	PUNCT
taxlaw-12357	32	4	administrative	administrative	ADJ
taxlaw-12357	32	5	costs	cost	NOUN
taxlaw-12357	32	6	.......................................................................	.......................................................................	PUNCT
taxlaw-12357	33	1	10	10	NUM
taxlaw-12357	33	2	2	2	NUM
taxlaw-12357	33	3	.	.	PUNCT
taxlaw-12357	33	4	“	"	PUNCT
taxlaw-12357	33	5	regular	regular	ADJ
taxlaw-12357	33	6	”	"	PUNCT
taxlaw-12357	33	7	deadweight	deadweight	NOUN
taxlaw-12357	33	8	loss	loss	NOUN
taxlaw-12357	33	9	from	from	ADP
taxlaw-12357	33	10	real	real	ADJ
taxlaw-12357	33	11	effects	effect	NOUN
taxlaw-12357	33	12	............................	............................	PUNCT
taxlaw-12357	33	13	11	11	NUM
taxlaw-12357	33	14	3	3	X
taxlaw-12357	33	15	.	.	PUNCT
taxlaw-12357	33	16	planning	planning	NOUN
taxlaw-12357	33	17	costs	cost	NOUN
taxlaw-12357	33	18	................................................................................	................................................................................	PUNCT
taxlaw-12357	33	19	12	12	NUM
taxlaw-12357	33	20	4	4	NUM
taxlaw-12357	33	21	.	.	PUNCT
taxlaw-12357	34	1	building	build	VERB
taxlaw-12357	34	2	on	on	ADP
taxlaw-12357	34	3	the	the	DET
taxlaw-12357	34	4	mecf	mecf	NOUN
taxlaw-12357	34	5	framework	framework	NOUN
taxlaw-12357	34	6	................................................	................................................	PUNCT
taxlaw-12357	34	7	13	13	NUM
taxlaw-12357	34	8	iv	iv	NOUN
taxlaw-12357	34	9	.	.	PUNCT
taxlaw-12357	35	1	step	step	NOUN
taxlaw-12357	35	2	1	1	NUM
taxlaw-12357	35	3	:	:	PUNCT
taxlaw-12357	35	4	the	the	DET
taxlaw-12357	35	5	normative	normative	ADJ
taxlaw-12357	35	6	presumption	presumption	NOUN
taxlaw-12357	35	7	........................................................	........................................................	PUNCT
taxlaw-12357	35	8	14	14	NUM
taxlaw-12357	35	9	a.	a.	NOUN
taxlaw-12357	35	10	fairness	fairness	NOUN
taxlaw-12357	35	11	:	:	PUNCT
taxlaw-12357	35	12	distribution	distribution	NOUN
taxlaw-12357	35	13	and	and	CCONJ
taxlaw-12357	35	14	trust	trust	NOUN
taxlaw-12357	35	15	.............................................................	.............................................................	PUNCT
taxlaw-12357	36	1	14	14	NUM
taxlaw-12357	36	2	1	1	NUM
taxlaw-12357	36	3	.	.	PUNCT
taxlaw-12357	36	4	vertical	vertical	PROPN
taxlaw-12357	36	5	equity	equity	PROPN
taxlaw-12357	36	6	................................................................................	................................................................................	PUNCT
taxlaw-12357	37	1	14	14	NUM
taxlaw-12357	37	2	2	2	NUM
taxlaw-12357	37	3	.	.	PUNCT
taxlaw-12357	37	4	horizontal	horizontal	PROPN
taxlaw-12357	37	5	equity	equity	PROPN
taxlaw-12357	37	6	............................................................................	............................................................................	PUNCT
taxlaw-12357	37	7	15	15	NUM
taxlaw-12357	37	8	3	3	X
taxlaw-12357	37	9	.	.	PUNCT
taxlaw-12357	37	10	trust	trust	NOUN
taxlaw-12357	37	11	................................................................................................	................................................................................................	PUNCT
taxlaw-12357	37	12	15	15	NUM
taxlaw-12357	37	13	b.	b.	NOUN
taxlaw-12357	37	14	efficiency	efficiency	NOUN
taxlaw-12357	37	15	:	:	PUNCT
taxlaw-12357	37	16	the	the	DET
taxlaw-12357	37	17	right	right	ADJ
taxlaw-12357	37	18	tax	tax	NOUN
taxlaw-12357	37	19	burden	burden	NOUN
taxlaw-12357	37	20	.........................................................	.........................................................	PUNCT
taxlaw-12357	38	1	16	16	NUM
taxlaw-12357	38	2	1	1	NUM
taxlaw-12357	38	3	.	.	PUNCT
taxlaw-12357	39	1	the	the	DET
taxlaw-12357	39	2	right	right	ADJ
taxlaw-12357	39	3	tax	tax	NOUN
taxlaw-12357	39	4	burden	burden	NOUN
taxlaw-12357	39	5	:	:	PUNCT
taxlaw-12357	39	6	the	the	DET
taxlaw-12357	39	7	gravitational	gravitational	ADJ
taxlaw-12357	39	8	pull	pull	NOUN
taxlaw-12357	39	9	of	of	ADP
taxlaw-12357	39	10	fundamental	fundamental	ADJ
taxlaw-12357	39	11	reforms	reform	NOUN
taxlaw-12357	39	12	..................................................................................................	..................................................................................................	PUNCT
taxlaw-12357	40	1	16	16	NUM
taxlaw-12357	40	2	2	2	NUM
taxlaw-12357	40	3	.	.	PUNCT
taxlaw-12357	41	1	the	the	DET
taxlaw-12357	41	2	right	right	ADJ
taxlaw-12357	41	3	tax	tax	NOUN
taxlaw-12357	41	4	burden	burden	NOUN
taxlaw-12357	41	5	:	:	PUNCT
taxlaw-12357	41	6	a	a	DET
taxlaw-12357	41	7	consumption	consumption	NOUN
taxlaw-12357	41	8	tax	tax	NOUN
taxlaw-12357	41	9	?	?	PUNCT
taxlaw-12357	41	10	.................................	.................................	PUNCT
taxlaw-12357	42	1	17	17	NUM
taxlaw-12357	42	2	3	3	NUM
taxlaw-12357	42	3	.	.	PUNCT
taxlaw-12357	43	1	the	the	DET
taxlaw-12357	43	2	right	right	ADJ
taxlaw-12357	43	3	tax	tax	NOUN
taxlaw-12357	43	4	burden	burden	NOUN
taxlaw-12357	43	5	:	:	PUNCT
taxlaw-12357	43	6	should	should	AUX
taxlaw-12357	43	7	holding	hold	VERB
taxlaw-12357	43	8	period	period	NOUN
taxlaw-12357	43	9	matter	matter	NOUN
taxlaw-12357	43	10	?	?	PUNCT
taxlaw-12357	44	1	................	................	PUNCT
taxlaw-12357	45	1	17	17	NUM
taxlaw-12357	45	2	4	4	NUM
taxlaw-12357	45	3	.	.	PUNCT
taxlaw-12357	46	1	the	the	DET
taxlaw-12357	46	2	right	right	ADJ
taxlaw-12357	46	3	tax	tax	NOUN
taxlaw-12357	46	4	burden	burden	NOUN
taxlaw-12357	46	5	:	:	PUNCT
taxlaw-12357	46	6	should	should	AUX
taxlaw-12357	46	7	there	there	PRON
taxlaw-12357	46	8	be	be	AUX
taxlaw-12357	46	9	a	a	DET
taxlaw-12357	46	10	capital	capital	NOUN
taxlaw-12357	46	11	gains	gain	NOUN
taxlaw-12357	46	12	preference	preference	NOUN
taxlaw-12357	46	13	?	?	PUNCT
taxlaw-12357	47	1	............................................................................................	............................................................................................	PUNCT
taxlaw-12357	48	1	18	18	NUM
taxlaw-12357	48	2	5	5	NUM
taxlaw-12357	48	3	.	.	PUNCT
taxlaw-12357	49	1	the	the	DET
taxlaw-12357	49	2	right	right	ADJ
taxlaw-12357	49	3	tax	tax	NOUN
taxlaw-12357	49	4	burden	burden	NOUN
taxlaw-12357	49	5	:	:	PUNCT
taxlaw-12357	49	6	should	should	AUX
taxlaw-12357	49	7	we	we	PRON
taxlaw-12357	49	8	have	have	VERB
taxlaw-12357	49	9	mark	mark	NOUN
taxlaw-12357	49	10	-	-	PUNCT
taxlaw-12357	49	11	to	to	ADP
taxlaw-12357	49	12	-	-	PUNCT
taxlaw-12357	49	13	market	market	NOUN
taxlaw-12357	49	14	accounting	accounting	NOUN
taxlaw-12357	49	15	?	?	PUNCT
taxlaw-12357	50	1	...........................................................................................	...........................................................................................	PUNCT
taxlaw-12357	51	1	18	18	NUM
taxlaw-12357	51	2	c.	c.	NOUN
taxlaw-12357	51	3	efficiency	efficiency	NOUN
taxlaw-12357	51	4	:	:	PUNCT
taxlaw-12357	51	5	risks	risk	NOUN
taxlaw-12357	51	6	of	of	ADP
taxlaw-12357	51	7	overbreadth	overbreadth	NOUN
taxlaw-12357	51	8	...........................................................	...........................................................	PUNCT
taxlaw-12357	51	9	19	19	NUM
taxlaw-12357	51	10	1	1	NUM
taxlaw-12357	51	11	.	.	PUNCT
taxlaw-12357	51	12	false	false	ADJ
taxlaw-12357	51	13	negatives	negative	NOUN
taxlaw-12357	51	14	versus	versus	ADP
taxlaw-12357	51	15	false	false	ADJ
taxlaw-12357	51	16	positives	positive	NOUN
taxlaw-12357	51	17	..........................................	..........................................	PUNCT
taxlaw-12357	51	18	19	19	NUM
taxlaw-12357	51	19	2	2	NUM
taxlaw-12357	51	20	.	.	PUNCT
taxlaw-12357	52	1	costs	cost	NOUN
taxlaw-12357	52	2	of	of	ADP
taxlaw-12357	52	3	false	false	ADJ
taxlaw-12357	52	4	positives	positive	NOUN
taxlaw-12357	52	5	..................................................................	..................................................................	PUNCT
taxlaw-12357	52	6	19	19	NUM
taxlaw-12357	52	7	a.	a.	NOUN
taxlaw-12357	52	8	probability	probability	NOUN
taxlaw-12357	52	9	...................................................................................	...................................................................................	PUNCT
taxlaw-12357	52	10	19	19	NUM
taxlaw-12357	52	11	b.	b.	PROPN
taxlaw-12357	52	12	magnitude	magnitude	NOUN
taxlaw-12357	52	13	....................................................................................	....................................................................................	PUNCT
taxlaw-12357	53	1	20	20	NUM
taxlaw-12357	53	2	3	3	X
taxlaw-12357	53	3	.	.	PUNCT
taxlaw-12357	54	1	managing	manage	VERB
taxlaw-12357	54	2	the	the	DET
taxlaw-12357	54	3	tradeoff	tradeoff	NOUN
taxlaw-12357	54	4	:	:	PUNCT
taxlaw-12357	54	5	false	false	ADJ
taxlaw-12357	54	6	negatives	negative	NOUN
taxlaw-12357	54	7	versus	versus	ADP
taxlaw-12357	54	8	false	false	ADJ
taxlaw-12357	54	9	positives	positive	NOUN
taxlaw-12357	54	10	..	..	PUNCT
taxlaw-12357	54	11	20	20	NUM
taxlaw-12357	54	12	v.	v.	ADP
taxlaw-12357	54	13	step	step	NOUN
taxlaw-12357	54	14	2	2	NUM
taxlaw-12357	54	15	:	:	PUNCT
taxlaw-12357	54	16	preliminary	preliminary	ADJ
taxlaw-12357	54	17	filters	filter	NOUN
taxlaw-12357	54	18	.......................................................................	.......................................................................	PUNCT
taxlaw-12357	54	19	21	21	NUM
taxlaw-12357	54	20	a.	a.	NOUN
taxlaw-12357	54	21	taxpayer	taxpayer	NOUN
taxlaw-12357	54	22	-	-	PUNCT
taxlaw-12357	54	23	based	base	VERB
taxlaw-12357	54	24	filters	filter	NOUN
taxlaw-12357	54	25	..........................................................................	..........................................................................	PUNCT
taxlaw-12357	54	26	22	22	NUM
taxlaw-12357	54	27	1	1	NUM
taxlaw-12357	54	28	.	.	PUNCT
taxlaw-12357	55	1	taxpayer	taxpayer	NOUN
taxlaw-12357	55	2	income	income	NOUN
taxlaw-12357	55	3	.............................................................................	.............................................................................	PUNCT
taxlaw-12357	55	4	22	22	NUM
taxlaw-12357	55	5	a.	a.	NOUN
taxlaw-12357	55	6	administrability	administrability	NOUN
taxlaw-12357	55	7	advantages	advantage	NOUN
taxlaw-12357	55	8	.......................................................	.......................................................	PUNCT
taxlaw-12357	55	9	22	22	NUM
taxlaw-12357	55	10	b.	b.	NOUN
taxlaw-12357	55	11	relevance	relevance	NOUN
taxlaw-12357	55	12	of	of	ADP
taxlaw-12357	55	13	income	income	NOUN
taxlaw-12357	55	14	:	:	PUNCT
taxlaw-12357	55	15	higher	high	ADJ
taxlaw-12357	55	16	stakes	stake	NOUN
taxlaw-12357	55	17	..........................................	..........................................	PUNCT
taxlaw-12357	55	18	22	22	NUM
taxlaw-12357	55	19	c.	c.	NOUN
taxlaw-12357	55	20	which	which	DET
taxlaw-12357	55	21	income	income	NOUN
taxlaw-12357	55	22	?	?	PUNCT
taxlaw-12357	55	23	............................................................................	............................................................................	PUNCT
taxlaw-12357	56	1	23	23	NUM
taxlaw-12357	56	2	2	2	X
taxlaw-12357	56	3	.	.	PUNCT
taxlaw-12357	56	4	taxpayer	taxpayer	NOUN
taxlaw-12357	56	5	assets	asset	NOUN
taxlaw-12357	56	6	..............................................................................	..............................................................................	PUNCT
taxlaw-12357	56	7	23	23	NUM
taxlaw-12357	56	8	3	3	X
taxlaw-12357	56	9	.	.	PUNCT
taxlaw-12357	56	10	counterparty	counterparty	PROPN
taxlaw-12357	56	11	...................................................................................	...................................................................................	PUNCT
taxlaw-12357	57	1	23	23	NUM
taxlaw-12357	57	2	b.	b.	PROPN
taxlaw-12357	57	3	transaction	transaction	NOUN
taxlaw-12357	57	4	-	-	PUNCT
taxlaw-12357	57	5	based	base	VERB
taxlaw-12357	57	6	filters	filter	NOUN
taxlaw-12357	57	7	.......................................................................	.......................................................................	PUNCT
taxlaw-12357	57	8	24	24	NUM
taxlaw-12357	57	9	1	1	NUM
taxlaw-12357	57	10	.	.	PUNCT
taxlaw-12357	58	1	tax	tax	NOUN
taxlaw-12357	58	2	treatment	treatment	NOUN
taxlaw-12357	58	3	is	be	AUX
taxlaw-12357	58	4	not	not	PART
taxlaw-12357	58	5	objectionable	objectionable	ADJ
taxlaw-12357	58	6	...............................................	...............................................	PUNCT
taxlaw-12357	58	7	25	25	NUM
taxlaw-12357	58	8	2	2	NUM
taxlaw-12357	58	9	.	.	PUNCT
taxlaw-12357	58	10	tax	tax	NOUN
taxlaw-12357	58	11	treatment	treatment	NOUN
taxlaw-12357	58	12	is	be	AUX
taxlaw-12357	58	13	well	well	ADV
taxlaw-12357	58	14	settled	settle	VERB
taxlaw-12357	58	15	.........................................................	.........................................................	PUNCT
taxlaw-12357	58	16	25	25	NUM
taxlaw-12357	58	17	3	3	NUM
taxlaw-12357	58	18	.	.	PUNCT
taxlaw-12357	58	19	tax	tax	NOUN
taxlaw-12357	58	20	treatment	treatment	NOUN
taxlaw-12357	58	21	is	be	AUX
taxlaw-12357	58	22	widely	widely	ADV
taxlaw-12357	58	23	available	available	ADJ
taxlaw-12357	58	24	.................................................	.................................................	PUNCT
taxlaw-12357	59	1	26	26	NUM
taxlaw-12357	59	2	4	4	NUM
taxlaw-12357	59	3	.	.	PUNCT
taxlaw-12357	59	4	transaction	transaction	NOUN
taxlaw-12357	59	5	is	be	AUX
taxlaw-12357	59	6	an	an	DET
taxlaw-12357	59	7	established	establish	VERB
taxlaw-12357	59	8	commercial	commercial	ADJ
taxlaw-12357	59	9	practice	practice	NOUN
taxlaw-12357	59	10	......................	......................	PUNCT
taxlaw-12357	59	11	26	26	NUM
taxlaw-12357	59	12	2024	2024	NUM
taxlaw-12357	59	13	]	]	PUNCT
taxlaw-12357	59	14	transaction	transaction	NOUN
taxlaw-12357	59	15	-	-	PUNCT
taxlaw-12357	59	16	specific	specific	ADJ
taxlaw-12357	59	17	tax	tax	NOUN
taxlaw-12357	59	18	reform	reform	NOUN
taxlaw-12357	59	19	in	in	ADP
taxlaw-12357	59	20	three	three	NUM
taxlaw-12357	59	21	steps	step	NOUN
taxlaw-12357	59	22	3	3	NUM
taxlaw-12357	59	23	5	5	NUM
taxlaw-12357	59	24	.	.	PUNCT
taxlaw-12357	60	1	transaction	transaction	NOUN
taxlaw-12357	60	2	is	be	AUX
taxlaw-12357	60	3	commercially	commercially	ADV
taxlaw-12357	60	4	impractical	impractical	ADJ
taxlaw-12357	60	5	......................................	......................................	PUNCT
taxlaw-12357	60	6	27	27	NUM
taxlaw-12357	60	7	6	6	NUM
taxlaw-12357	60	8	.	.	PUNCT
taxlaw-12357	61	1	transaction	transaction	NOUN
taxlaw-12357	61	2	is	be	AUX
taxlaw-12357	61	3	administratively	administratively	ADV
taxlaw-12357	61	4	cumbersome	cumbersome	ADJ
taxlaw-12357	61	5	to	to	ADP
taxlaw-12357	61	6	police	police	NOUN
taxlaw-12357	61	7	.................	.................	PUNCT
taxlaw-12357	61	8	27	27	NUM
taxlaw-12357	61	9	7	7	NUM
taxlaw-12357	61	10	.	.	PUNCT
taxlaw-12357	62	1	transaction	transaction	NOUN
taxlaw-12357	62	2	is	be	AUX
taxlaw-12357	62	3	already	already	ADV
taxlaw-12357	62	4	policed	police	VERB
taxlaw-12357	62	5	by	by	ADP
taxlaw-12357	62	6	other	other	ADJ
taxlaw-12357	62	7	rules	rule	NOUN
taxlaw-12357	62	8	.............................	.............................	PUNCT
taxlaw-12357	63	1	28	28	NUM
taxlaw-12357	63	2	c.	c.	NOUN
taxlaw-12357	63	3	defining	define	VERB
taxlaw-12357	63	4	the	the	DET
taxlaw-12357	63	5	scope	scope	NOUN
taxlaw-12357	63	6	of	of	ADP
taxlaw-12357	63	7	the	the	DET
taxlaw-12357	63	8	relevant	relevant	ADJ
taxlaw-12357	63	9	transaction	transaction	NOUN
taxlaw-12357	63	10	....................................	....................................	PUNCT
taxlaw-12357	64	1	28	28	NUM
taxlaw-12357	64	2	1	1	X
taxlaw-12357	64	3	.	.	PUNCT
taxlaw-12357	64	4	scope	scope	NOUN
taxlaw-12357	64	5	of	of	ADP
taxlaw-12357	64	6	the	the	DET
taxlaw-12357	64	7	actual	actual	ADJ
taxlaw-12357	64	8	transaction	transaction	NOUN
taxlaw-12357	64	9	.....................................................	.....................................................	PUNCT
taxlaw-12357	64	10	29	29	NUM
taxlaw-12357	64	11	2	2	NUM
taxlaw-12357	64	12	.	.	PUNCT
taxlaw-12357	65	1	scope	scope	NOUN
taxlaw-12357	65	2	of	of	ADP
taxlaw-12357	65	3	the	the	DET
taxlaw-12357	65	4	alternative	alternative	ADJ
taxlaw-12357	65	5	transaction	transaction	NOUN
taxlaw-12357	65	6	..............................................	..............................................	PUNCT
taxlaw-12357	65	7	30	30	NUM
taxlaw-12357	65	8	3	3	NUM
taxlaw-12357	65	9	.	.	PUNCT
taxlaw-12357	66	1	what	what	PRON
taxlaw-12357	66	2	is	be	AUX
taxlaw-12357	66	3	the	the	DET
taxlaw-12357	66	4	solution	solution	NOUN
taxlaw-12357	66	5	?	?	PUNCT
taxlaw-12357	67	1	......................................................................	......................................................................	PUNCT
taxlaw-12357	68	1	31	31	NUM
taxlaw-12357	68	2	d.	d.	NOUN
taxlaw-12357	68	3	interactions	interaction	NOUN
taxlaw-12357	68	4	among	among	ADP
taxlaw-12357	68	5	filters	filter	NOUN
taxlaw-12357	68	6	and	and	CCONJ
taxlaw-12357	68	7	adjustments	adjustment	NOUN
taxlaw-12357	68	8	over	over	ADP
taxlaw-12357	68	9	time	time	NOUN
taxlaw-12357	68	10	......................	......................	PUNCT
taxlaw-12357	68	11	31	31	NUM
taxlaw-12357	68	12	1	1	NUM
taxlaw-12357	68	13	.	.	PUNCT
taxlaw-12357	68	14	interaction	interaction	NOUN
taxlaw-12357	68	15	of	of	ADP
taxlaw-12357	68	16	filters	filter	NOUN
taxlaw-12357	68	17	.......................................................................	.......................................................................	PUNCT
taxlaw-12357	69	1	31	31	NUM
taxlaw-12357	69	2	2	2	NUM
taxlaw-12357	69	3	.	.	PUNCT
taxlaw-12357	69	4	should	should	AUX
taxlaw-12357	69	5	preliminary	preliminary	ADJ
taxlaw-12357	69	6	filters	filter	NOUN
taxlaw-12357	69	7	become	become	VERB
taxlaw-12357	69	8	more	more	ADV
taxlaw-12357	69	9	lenient	lenient	ADJ
taxlaw-12357	69	10	or	or	CCONJ
taxlaw-12357	69	11	tougher	tough	ADJ
taxlaw-12357	69	12	over	over	ADP
taxlaw-12357	69	13	time	time	NOUN
taxlaw-12357	69	14	?	?	PUNCT
taxlaw-12357	69	15	......................................................................................................	......................................................................................................	PROPN
taxlaw-12357	70	1	31	31	NUM
taxlaw-12357	70	2	a.	a.	NOUN
taxlaw-12357	70	3	safe	safe	ADJ
taxlaw-12357	70	4	harbors	harbor	NOUN
taxlaw-12357	70	5	:	:	PUNCT
taxlaw-12357	70	6	more	more	ADV
taxlaw-12357	70	7	lenient	lenient	ADJ
taxlaw-12357	70	8	over	over	ADP
taxlaw-12357	70	9	time	time	NOUN
taxlaw-12357	70	10	......................................	......................................	PUNCT
taxlaw-12357	71	1	32	32	NUM
taxlaw-12357	71	2	b.	b.	PROPN
taxlaw-12357	71	3	listed	list	VERB
taxlaw-12357	71	4	transactions	transaction	NOUN
taxlaw-12357	71	5	:	:	PUNCT
taxlaw-12357	71	6	tougher	tough	ADJ
taxlaw-12357	71	7	over	over	ADP
taxlaw-12357	71	8	time	time	NOUN
taxlaw-12357	71	9	...................................	...................................	PUNCT
taxlaw-12357	71	10	32	32	NUM
taxlaw-12357	71	11	vi	vi	NOUN
taxlaw-12357	71	12	.	.	PROPN
taxlaw-12357	71	13	step	step	NOUN
taxlaw-12357	71	14	3	3	NUM
taxlaw-12357	71	15	:	:	PUNCT
taxlaw-12357	71	16	the	the	DET
taxlaw-12357	71	17	analytical	analytical	ADJ
taxlaw-12357	71	18	stage	stage	NOUN
taxlaw-12357	71	19	...................................................................	...................................................................	PUNCT
taxlaw-12357	71	20	32	32	NUM
taxlaw-12357	71	21	a.	a.	NOUN
taxlaw-12357	71	22	more	more	ADV
taxlaw-12357	71	23	analytically	analytically	ADV
taxlaw-12357	71	24	rigorous	rigorous	ADJ
taxlaw-12357	71	25	comparisons	comparison	NOUN
taxlaw-12357	71	26	:	:	PUNCT
taxlaw-12357	71	27	our	our	PRON
taxlaw-12357	71	28	difference	difference	NOUN
taxlaw-12357	71	29	-	-	PUNCT
taxlaw-12357	71	30	value	value	NOUN
taxlaw-12357	71	31	test	test	NOUN
taxlaw-12357	71	32	33	33	NUM
taxlaw-12357	71	33	1	1	NUM
taxlaw-12357	71	34	.	.	PUNCT
taxlaw-12357	71	35	valuing	value	VERB
taxlaw-12357	71	36	differences	difference	NOUN
taxlaw-12357	71	37	........................................................................	........................................................................	PUNCT
taxlaw-12357	71	38	33	33	NUM
taxlaw-12357	71	39	2	2	NUM
taxlaw-12357	71	40	.	.	PUNCT
taxlaw-12357	71	41	illustrative	illustrative	ADJ
taxlaw-12357	71	42	example	example	NOUN
taxlaw-12357	71	43	........................................................................	........................................................................	PUNCT
taxlaw-12357	71	44	33	33	NUM
taxlaw-12357	71	45	3	3	X
taxlaw-12357	71	46	.	.	PUNCT
taxlaw-12357	72	1	step	step	NOUN
taxlaw-12357	72	2	#	#	SYM
taxlaw-12357	72	3	1	1	NUM
taxlaw-12357	72	4	:	:	PUNCT
taxlaw-12357	72	5	identify	identify	VERB
taxlaw-12357	72	6	the	the	DET
taxlaw-12357	72	7	“	"	PUNCT
taxlaw-12357	72	8	difference	difference	NOUN
taxlaw-12357	72	9	contract	contract	NOUN
taxlaw-12357	72	10	”	"	PUNCT
taxlaw-12357	72	11	...................................	...................................	PUNCT
taxlaw-12357	73	1	34	34	NUM
taxlaw-12357	73	2	4	4	NUM
taxlaw-12357	73	3	.	.	PUNCT
taxlaw-12357	74	1	step	step	NOUN
taxlaw-12357	74	2	#	#	SYM
taxlaw-12357	74	3	2	2	NUM
taxlaw-12357	74	4	:	:	PUNCT
taxlaw-12357	74	5	compute	compute	VERB
taxlaw-12357	74	6	the	the	DET
taxlaw-12357	74	7	“	"	PUNCT
taxlaw-12357	74	8	difference	difference	NOUN
taxlaw-12357	74	9	value	value	NOUN
taxlaw-12357	74	10	”	"	PUNCT
taxlaw-12357	74	11	.....................................	.....................................	PUNCT
taxlaw-12357	74	12	35	35	NUM
taxlaw-12357	74	13	5	5	NUM
taxlaw-12357	74	14	.	.	PUNCT
taxlaw-12357	75	1	step	step	NOUN
taxlaw-12357	75	2	#	#	SYM
taxlaw-12357	75	3	3	3	NUM
taxlaw-12357	75	4	:	:	PUNCT
taxlaw-12357	75	5	compute	compute	VERB
taxlaw-12357	75	6	the	the	DET
taxlaw-12357	75	7	“	"	PUNCT
taxlaw-12357	75	8	difference	difference	NOUN
taxlaw-12357	75	9	percentage	percentage	NOUN
taxlaw-12357	75	10	”	"	PUNCT
taxlaw-12357	75	11	............................	............................	PUNCT
taxlaw-12357	75	12	36	36	NUM
taxlaw-12357	75	13	6	6	NUM
taxlaw-12357	75	14	.	.	PUNCT
taxlaw-12357	76	1	other	other	ADJ
taxlaw-12357	76	2	difference	difference	NOUN
taxlaw-12357	76	3	contracts	contract	NOUN
taxlaw-12357	76	4	:	:	PUNCT
taxlaw-12357	76	5	using	use	VERB
taxlaw-12357	76	6	absolute	absolute	ADJ
taxlaw-12357	76	7	value	value	NOUN
taxlaw-12357	76	8	.......................	.......................	PUNCT
taxlaw-12357	76	9	37	37	NUM
taxlaw-12357	76	10	a.	a.	NOUN
taxlaw-12357	76	11	omitting	omit	VERB
taxlaw-12357	76	12	only	only	ADV
taxlaw-12357	76	13	opportunity	opportunity	NOUN
taxlaw-12357	76	14	for	for	ADP
taxlaw-12357	76	15	gain	gain	NOUN
taxlaw-12357	76	16	...........................................	...........................................	PUNCT
taxlaw-12357	76	17	37	37	NUM
taxlaw-12357	76	18	b.	b.	NOUN
taxlaw-12357	76	19	omitting	omit	VERB
taxlaw-12357	76	20	both	both	DET
taxlaw-12357	76	21	opportunity	opportunity	NOUN
taxlaw-12357	76	22	for	for	ADP
taxlaw-12357	76	23	gain	gain	NOUN
taxlaw-12357	76	24	and	and	CCONJ
taxlaw-12357	76	25	risk	risk	NOUN
taxlaw-12357	76	26	of	of	ADP
taxlaw-12357	76	27	loss	loss	NOUN
taxlaw-12357	76	28	...............	...............	PUNCT
taxlaw-12357	76	29	37	37	NUM
taxlaw-12357	76	30	7	7	NUM
taxlaw-12357	76	31	.	.	PUNCT
taxlaw-12357	76	32	valuing	value	VERB
taxlaw-12357	76	33	the	the	DET
taxlaw-12357	76	34	difference	difference	NOUN
taxlaw-12357	76	35	contract	contract	NOUN
taxlaw-12357	76	36	:	:	PUNCT
taxlaw-12357	76	37	alternative	alternative	ADJ
taxlaw-12357	76	38	methods	method	NOUN
taxlaw-12357	76	39	..................	..................	PUNCT
taxlaw-12357	76	40	39	39	NUM
taxlaw-12357	76	41	8	8	NUM
taxlaw-12357	76	42	.	.	PUNCT
taxlaw-12357	77	1	choosing	choose	VERB
taxlaw-12357	77	2	the	the	DET
taxlaw-12357	77	3	underlying	underlying	ADJ
taxlaw-12357	77	4	and	and	CCONJ
taxlaw-12357	77	5	risks	risk	NOUN
taxlaw-12357	77	6	of	of	ADP
taxlaw-12357	77	7	manipulation	manipulation	NOUN
taxlaw-12357	77	8	.....................	.....................	PUNCT
taxlaw-12357	77	9	40	40	NUM
taxlaw-12357	77	10	b.	b.	PROPN
taxlaw-12357	77	11	comparison	comparison	NOUN
taxlaw-12357	77	12	with	with	ADP
taxlaw-12357	77	13	alternative	alternative	ADJ
taxlaw-12357	77	14	tests	test	NOUN
taxlaw-12357	77	15	........................................................	........................................................	PUNCT
taxlaw-12357	78	1	40	40	NUM
taxlaw-12357	78	2	1	1	NUM
taxlaw-12357	78	3	.	.	PUNCT
taxlaw-12357	78	4	spread	spread	ADJ
taxlaw-12357	78	5	test	test	NOUN
taxlaw-12357	78	6	......................................................................................	......................................................................................	PUNCT
taxlaw-12357	79	1	41	41	NUM
taxlaw-12357	79	2	a.	a.	NOUN
taxlaw-12357	79	3	size	size	NOUN
taxlaw-12357	79	4	of	of	ADP
taxlaw-12357	79	5	the	the	DET
taxlaw-12357	79	6	spread	spread	NOUN
taxlaw-12357	79	7	........................................................................	........................................................................	PUNCT
taxlaw-12357	79	8	41	41	NUM
taxlaw-12357	79	9	b.	b.	NOUN
taxlaw-12357	79	10	no	no	DET
taxlaw-12357	79	11	exposure	exposure	NOUN
taxlaw-12357	79	12	near	near	ADP
taxlaw-12357	79	13	current	current	ADJ
taxlaw-12357	79	14	price	price	NOUN
taxlaw-12357	79	15	:	:	PUNCT
taxlaw-12357	79	16	derivative	derivative	NOUN
taxlaw-12357	79	17	must	must	AUX
taxlaw-12357	79	18	be	be	AUX
taxlaw-12357	79	19	“	"	PUNCT
taxlaw-12357	79	20	out	out	ADJ
taxlaw-12357	79	21	-	-	PUNCT
taxlaw-12357	79	22	ofthe	ofthe	NOUN
taxlaw-12357	79	23	-	-	PUNCT
taxlaw-12357	79	24	money	money	NOUN
taxlaw-12357	79	25	”	"	PUNCT
taxlaw-12357	79	26	........................................................................................	........................................................................................	X
taxlaw-12357	80	1	42	42	NUM
taxlaw-12357	80	2	c.	c.	PROPN
taxlaw-12357	80	3	nysba	nysba	PROPN
taxlaw-12357	80	4	spread	spread	NOUN
taxlaw-12357	80	5	test	test	NOUN
taxlaw-12357	80	6	ca	can	AUX
taxlaw-12357	80	7	n’t	not	PART
taxlaw-12357	80	8	analyze	analyze	VERB
taxlaw-12357	80	9	in	in	ADP
taxlaw-12357	80	10	-	-	PUNCT
taxlaw-12357	80	11	the	the	DET
taxlaw-12357	80	12	-	-	PUNCT
taxlaw-12357	80	13	money	money	NOUN
taxlaw-12357	80	14	derivatives	derivative	NOUN
taxlaw-12357	80	15	.	.	PUNCT
taxlaw-12357	81	1	42	42	NUM
taxlaw-12357	81	2	d.	d.	NOUN
taxlaw-12357	81	3	a	a	DET
taxlaw-12357	81	4	variation	variation	NOUN
taxlaw-12357	81	5	of	of	ADP
taxlaw-12357	81	6	the	the	DET
taxlaw-12357	81	7	spread	spread	ADJ
taxlaw-12357	81	8	test	test	NOUN
taxlaw-12357	81	9	:	:	PUNCT
taxlaw-12357	81	10	how	how	SCONJ
taxlaw-12357	81	11	in	in	ADP
taxlaw-12357	81	12	-	-	PUNCT
taxlaw-12357	81	13	the	the	DET
taxlaw-12357	81	14	-	-	PUNCT
taxlaw-12357	81	15	money	money	NOUN
taxlaw-12357	81	16	is	be	AUX
taxlaw-12357	81	17	the	the	DET
taxlaw-12357	81	18	derivative	derivative	NOUN
taxlaw-12357	81	19	?	?	PUNCT
taxlaw-12357	82	1	........................................................................................	........................................................................................	PUNCT
taxlaw-12357	83	1	43	43	NUM
taxlaw-12357	83	2	e.	e.	PROPN
taxlaw-12357	83	3	other	other	ADJ
taxlaw-12357	83	4	limitations	limitation	NOUN
taxlaw-12357	83	5	of	of	ADP
taxlaw-12357	83	6	the	the	DET
taxlaw-12357	83	7	spread	spread	ADJ
taxlaw-12357	83	8	test	test	NOUN
taxlaw-12357	83	9	:	:	PUNCT
taxlaw-12357	83	10	volatility	volatility	NOUN
taxlaw-12357	83	11	and	and	CCONJ
taxlaw-12357	83	12	term	term	NOUN
taxlaw-12357	83	13	........	........	PUNCT
taxlaw-12357	84	1	43	43	NUM
taxlaw-12357	84	2	2	2	X
taxlaw-12357	84	3	.	.	X
taxlaw-12357	84	4	delta	delta	NOUN
taxlaw-12357	84	5	test	test	NOUN
taxlaw-12357	84	6	:	:	PUNCT
taxlaw-12357	84	7	basic	basic	ADJ
taxlaw-12357	84	8	case	case	NOUN
taxlaw-12357	84	9	....................................................................	....................................................................	PUNCT
taxlaw-12357	84	10	44	44	NUM
taxlaw-12357	84	11	3	3	X
taxlaw-12357	84	12	.	.	PUNCT
taxlaw-12357	84	13	delta	delta	NOUN
taxlaw-12357	84	14	test	test	NOUN
taxlaw-12357	84	15	:	:	PUNCT
taxlaw-12357	84	16	barrier	barrier	NOUN
taxlaw-12357	84	17	options	option	NOUN
taxlaw-12357	84	18	............................................................	............................................................	PUNCT
taxlaw-12357	85	1	45	45	NUM
taxlaw-12357	85	2	a.	a.	NOUN
taxlaw-12357	85	3	confounding	confound	VERB
taxlaw-12357	85	4	the	the	DET
taxlaw-12357	85	5	delta	delta	NOUN
taxlaw-12357	85	6	test	test	NOUN
taxlaw-12357	85	7	with	with	ADP
taxlaw-12357	85	8	contingencies	contingency	NOUN
taxlaw-12357	85	9	........................	........................	PUNCT
taxlaw-12357	86	1	45	45	NUM
taxlaw-12357	86	2	b.	b.	PROPN
taxlaw-12357	86	3	potential	potential	ADJ
taxlaw-12357	86	4	fixes	fix	NOUN
taxlaw-12357	86	5	for	for	ADP
taxlaw-12357	86	6	the	the	DET
taxlaw-12357	86	7	delta	delta	NOUN
taxlaw-12357	86	8	test	test	NOUN
taxlaw-12357	86	9	...............................................	...............................................	PUNCT
taxlaw-12357	86	10	47	47	NUM
taxlaw-12357	86	11	c.	c.	PROPN
taxlaw-12357	86	12	key	key	NOUN
taxlaw-12357	86	13	advantage	advantage	NOUN
taxlaw-12357	86	14	of	of	ADP
taxlaw-12357	86	15	the	the	DET
taxlaw-12357	86	16	difference	difference	NOUN
taxlaw-12357	86	17	-	-	PUNCT
taxlaw-12357	86	18	value	value	NOUN
taxlaw-12357	86	19	test	test	NOUN
taxlaw-12357	86	20	:	:	PUNCT
taxlaw-12357	86	21	treatment	treatment	NOUN
taxlaw-12357	86	22	of	of	ADP
taxlaw-12357	86	23	contingencies	contingency	NOUN
taxlaw-12357	86	24	....................................................................................	....................................................................................	PUNCT
taxlaw-12357	86	25	48	48	NUM
taxlaw-12357	86	26	4	4	NUM
taxlaw-12357	86	27	.	.	PUNCT
taxlaw-12357	87	1	the	the	DET
taxlaw-12357	87	2	mckelvey	mckelvey	NOUN
taxlaw-12357	87	3	test	test	NOUN
taxlaw-12357	87	4	..........................................................................	..........................................................................	PUNCT
taxlaw-12357	87	5	49	49	NUM
taxlaw-12357	87	6	c.	c.	NOUN
taxlaw-12357	87	7	issues	issue	NOUN
taxlaw-12357	87	8	in	in	ADP
taxlaw-12357	87	9	making	make	VERB
taxlaw-12357	87	10	comparisons	comparison	NOUN
taxlaw-12357	87	11	..............................................................	..............................................................	PUNCT
taxlaw-12357	87	12	50	50	NUM
taxlaw-12357	87	13	1	1	NUM
taxlaw-12357	87	14	.	.	PUNCT
taxlaw-12357	88	1	scope	scope	NOUN
taxlaw-12357	88	2	...............................................................................................	...............................................................................................	PUNCT
taxlaw-12357	89	1	50	50	NUM
taxlaw-12357	89	2	2	2	NUM
taxlaw-12357	89	3	.	.	PUNCT
taxlaw-12357	89	4	manipulative	manipulative	ADJ
taxlaw-12357	89	5	contingencies	contingency	NOUN
taxlaw-12357	89	6	...........................................................	...........................................................	PUNCT
taxlaw-12357	89	7	51	51	NUM
taxlaw-12357	89	8	a.	a.	NOUN
taxlaw-12357	89	9	coin	coin	NOUN
taxlaw-12357	89	10	flips	flip	VERB
taxlaw-12357	89	11	....................................................................................	....................................................................................	PUNCT
taxlaw-12357	90	1	52	52	NUM
taxlaw-12357	90	2	b.	b.	NOUN
taxlaw-12357	90	3	more	more	ADV
taxlaw-12357	90	4	realistic	realistic	ADJ
taxlaw-12357	90	5	contingencies	contingency	NOUN
taxlaw-12357	90	6	.....................................................	.....................................................	PUNCT
taxlaw-12357	91	1	52	52	NUM
taxlaw-12357	91	2	c.	c.	NOUN
taxlaw-12357	91	3	normative	normative	ADJ
taxlaw-12357	91	4	assessment	assessment	NOUN
taxlaw-12357	91	5	................................................................	................................................................	PUNCT
taxlaw-12357	91	6	53	53	NUM
taxlaw-12357	91	7	columbia	columbia	PROPN
taxlaw-12357	91	8	journal	journal	PROPN
taxlaw-12357	91	9	of	of	ADP
taxlaw-12357	91	10	tax	tax	NOUN
taxlaw-12357	91	11	law	law	NOUN
taxlaw-12357	91	12	[	[	X
taxlaw-12357	91	13	vol	vol	NOUN
taxlaw-12357	91	14	15:1	15:1	NUM
taxlaw-12357	91	15	4	4	NUM
taxlaw-12357	91	16	d.	d.	PROPN
taxlaw-12357	91	17	probability	probability	NOUN
taxlaw-12357	91	18	-	-	PUNCT
taxlaw-12357	91	19	based	base	VERB
taxlaw-12357	91	20	assumptions	assumption	NOUN
taxlaw-12357	91	21	..................................................	..................................................	PUNCT
taxlaw-12357	91	22	53	53	NUM
taxlaw-12357	91	23	e.	e.	PROPN
taxlaw-12357	91	24	updated	update	VERB
taxlaw-12357	91	25	analysis	analysis	NOUN
taxlaw-12357	91	26	after	after	SCONJ
taxlaw-12357	91	27	contingencies	contingency	NOUN
taxlaw-12357	91	28	are	be	AUX
taxlaw-12357	91	29	resolved	resolve	VERB
taxlaw-12357	91	30	................	................	PUNCT
taxlaw-12357	91	31	53	53	NUM
taxlaw-12357	91	32	3	3	NUM
taxlaw-12357	91	33	.	.	PUNCT
taxlaw-12357	91	34	investor	investor	NOUN
taxlaw-12357	91	35	control	control	NOUN
taxlaw-12357	91	36	..............................................................................	..............................................................................	PUNCT
taxlaw-12357	91	37	54	54	NUM
taxlaw-12357	91	38	vii	vii	PROPN
taxlaw-12357	91	39	.	.	PUNCT
taxlaw-12357	92	1	basket	basket	NOUN
taxlaw-12357	92	2	options	option	NOUN
taxlaw-12357	92	3	and	and	CCONJ
taxlaw-12357	92	4	the	the	DET
taxlaw-12357	92	5	gwa	gwa	NOUN
taxlaw-12357	92	6	litigation	litigation	NOUN
taxlaw-12357	92	7	...............................................	...............................................	PUNCT
taxlaw-12357	93	1	55	55	NUM
taxlaw-12357	93	2	a.	a.	NOUN
taxlaw-12357	93	3	basket	basket	NOUN
taxlaw-12357	93	4	options	option	NOUN
taxlaw-12357	93	5	:	:	PUNCT
taxlaw-12357	93	6	a	a	DET
taxlaw-12357	93	7	potential	potential	ADJ
taxlaw-12357	93	8	end	end	NOUN
taxlaw-12357	93	9	run	run	VERB
taxlaw-12357	93	10	around	around	ADP
taxlaw-12357	93	11	section	section	NOUN
taxlaw-12357	93	12	1260	1260	NUM
taxlaw-12357	93	13	.................	.................	PUNCT
taxlaw-12357	93	14	55	55	NUM
taxlaw-12357	93	15	1	1	NUM
taxlaw-12357	93	16	.	.	PUNCT
taxlaw-12357	93	17	differences	difference	NOUN
taxlaw-12357	93	18	from	from	ADP
taxlaw-12357	93	19	earlier	early	ADJ
taxlaw-12357	93	20	hedge	hedge	NOUN
taxlaw-12357	93	21	fund	fund	NOUN
taxlaw-12357	93	22	derivatives	derivative	NOUN
taxlaw-12357	93	23	.......................	.......................	PUNCT
taxlaw-12357	93	24	56	56	NUM
taxlaw-12357	93	25	2	2	NUM
taxlaw-12357	93	26	.	.	PUNCT
taxlaw-12357	93	27	gwa	gwa	PROPN
taxlaw-12357	93	28	contract	contract	NOUN
taxlaw-12357	93	29	.................................................................................	.................................................................................	PUNCT
taxlaw-12357	93	30	56	56	NUM
taxlaw-12357	93	31	3	3	X
taxlaw-12357	93	32	.	.	PUNCT
taxlaw-12357	93	33	planning	plan	VERB
taxlaw-12357	93	34	around	around	ADP
taxlaw-12357	93	35	section	section	NOUN
taxlaw-12357	93	36	1260	1260	NUM
taxlaw-12357	93	37	.......................................................	.......................................................	PUNCT
taxlaw-12357	94	1	58	58	NUM
taxlaw-12357	94	2	4	4	NUM
taxlaw-12357	94	3	.	.	PUNCT
taxlaw-12357	94	4	economic	economic	ADJ
taxlaw-12357	94	5	similarity	similarity	NOUN
taxlaw-12357	94	6	and	and	CCONJ
taxlaw-12357	94	7	general	general	ADJ
taxlaw-12357	94	8	principles	principle	NOUN
taxlaw-12357	94	9	.................................	.................................	PUNCT
taxlaw-12357	94	10	58	58	NUM
taxlaw-12357	94	11	b.	b.	NOUN
taxlaw-12357	94	12	inadequacy	inadequacy	NOUN
taxlaw-12357	94	13	of	of	ADP
taxlaw-12357	94	14	other	other	ADJ
taxlaw-12357	94	15	tests	test	NOUN
taxlaw-12357	94	16	......................................................................	......................................................................	PUNCT
taxlaw-12357	95	1	59	59	NUM
taxlaw-12357	95	2	1	1	NUM
taxlaw-12357	95	3	.	.	PUNCT
taxlaw-12357	95	4	spread	spread	ADJ
taxlaw-12357	95	5	test	test	NOUN
taxlaw-12357	95	6	......................................................................................	......................................................................................	PUNCT
taxlaw-12357	96	1	59	59	NUM
taxlaw-12357	96	2	2	2	NUM
taxlaw-12357	96	3	.	.	PUNCT
taxlaw-12357	96	4	delta	delta	NOUN
taxlaw-12357	96	5	test	test	NOUN
taxlaw-12357	96	6	........................................................................................	........................................................................................	PUNCT
taxlaw-12357	97	1	60	60	NUM
taxlaw-12357	97	2	3	3	X
taxlaw-12357	97	3	.	.	PUNCT
taxlaw-12357	97	4	mckelvey	mckelvey	NOUN
taxlaw-12357	97	5	test	test	NOUN
taxlaw-12357	97	6	.................................................................................	.................................................................................	PUNCT
taxlaw-12357	98	1	62	62	NUM
taxlaw-12357	98	2	c.	c.	NOUN
taxlaw-12357	98	3	difference	difference	NOUN
taxlaw-12357	98	4	-	-	PUNCT
taxlaw-12357	98	5	value	value	NOUN
taxlaw-12357	98	6	test	test	NOUN
taxlaw-12357	98	7	............................................................................	............................................................................	PUNCT
taxlaw-12357	99	1	63	63	NUM
taxlaw-12357	99	2	1	1	NUM
taxlaw-12357	99	3	.	.	PUNCT
taxlaw-12357	99	4	defining	define	VERB
taxlaw-12357	99	5	the	the	DET
taxlaw-12357	99	6	benchmark	benchmark	NOUN
taxlaw-12357	99	7	:	:	PUNCT
taxlaw-12357	99	8	similar	similar	ADJ
taxlaw-12357	99	9	to	to	ADP
taxlaw-12357	99	10	what	what	PRON
taxlaw-12357	99	11	?	?	PUNCT
taxlaw-12357	99	12	....................................	....................................	PUNCT
taxlaw-12357	100	1	63	63	NUM
taxlaw-12357	100	2	2	2	NUM
taxlaw-12357	100	3	.	.	PUNCT
taxlaw-12357	100	4	comparing	compare	VERB
taxlaw-12357	100	5	values	value	NOUN
taxlaw-12357	100	6	:	:	PUNCT
taxlaw-12357	100	7	gwa	gwa	NOUN
taxlaw-12357	100	8	and	and	CCONJ
taxlaw-12357	100	9	the	the	PRON
taxlaw-12357	100	10	(	(	PUNCT
taxlaw-12357	100	11	properly	properly	ADV
taxlaw-12357	100	12	delineated	delineated	ADJ
taxlaw-12357	100	13	)	)	PUNCT
taxlaw-12357	100	14	underlying	underlie	VERB
taxlaw-12357	100	15	.........................................................................................................	.........................................................................................................	PROPN
taxlaw-12357	100	16	64	64	NUM
taxlaw-12357	100	17	3	3	NUM
taxlaw-12357	100	18	.	.	PUNCT
taxlaw-12357	100	19	first	first	ADJ
taxlaw-12357	100	20	assumption	assumption	NOUN
taxlaw-12357	100	21	:	:	PUNCT
taxlaw-12357	100	22	no	no	DET
taxlaw-12357	100	23	buy	buy	NOUN
taxlaw-12357	100	24	-	-	PUNCT
taxlaw-12357	100	25	down	down	NOUN
taxlaw-12357	100	26	....................................................	....................................................	PUNCT
taxlaw-12357	101	1	66	66	NUM
taxlaw-12357	101	2	4	4	NUM
taxlaw-12357	101	3	.	.	PUNCT
taxlaw-12357	101	4	second	second	ADJ
taxlaw-12357	101	5	assumption	assumption	NOUN
taxlaw-12357	101	6	:	:	PUNCT
taxlaw-12357	101	7	no	no	DET
taxlaw-12357	101	8	“	"	PUNCT
taxlaw-12357	101	9	slippage	slippage	NOUN
taxlaw-12357	101	10	”	"	PUNCT
taxlaw-12357	101	11	...............................................	...............................................	PUNCT
taxlaw-12357	101	12	66	66	NUM
taxlaw-12357	101	13	viii	viii	NOUN
taxlaw-12357	101	14	.	.	PUNCT
taxlaw-12357	102	1	conclusion	conclusion	NOUN
taxlaw-12357	102	2	.................................................................................................	.................................................................................................	PUNCT
taxlaw-12357	103	1	68	68	NUM
taxlaw-12357	103	2	ix	ix	ADJ
taxlaw-12357	103	3	.	.	PUNCT
taxlaw-12357	104	1	appendix	appendix	VERB
taxlaw-12357	104	2	a	a	DET
taxlaw-12357	104	3	:	:	PUNCT
taxlaw-12357	104	4	delta	delta	NOUN
taxlaw-12357	104	5	and	and	CCONJ
taxlaw-12357	104	6	the	the	DET
taxlaw-12357	104	7	timing	timing	NOUN
taxlaw-12357	104	8	of	of	ADP
taxlaw-12357	104	9	payments	payment	NOUN
taxlaw-12357	104	10	in	in	ADP
taxlaw-12357	104	11	the	the	DET
taxlaw-12357	104	12	gwa	gwa	NOUN
taxlaw-12357	104	13	contract	contract	NOUN
taxlaw-12357	104	14	................................................................................................................	................................................................................................................	PUNCT
taxlaw-12357	105	1	69	69	NUM
taxlaw-12357	105	2	a.	a.	NOUN
taxlaw-12357	105	3	the	the	DET
taxlaw-12357	105	4	bank	bank	NOUN
taxlaw-12357	105	5	’s	’s	PART
taxlaw-12357	105	6	perspective	perspective	NOUN
taxlaw-12357	105	7	..........................................................................	..........................................................................	PUNCT
taxlaw-12357	105	8	69	69	NUM
taxlaw-12357	105	9	b.	b.	PROPN
taxlaw-12357	105	10	gwa	gwa	PROPN
taxlaw-12357	105	11	’s	’s	PART
taxlaw-12357	105	12	perspective	perspective	NOUN
taxlaw-12357	105	13	................................................................................	................................................................................	PUNCT
taxlaw-12357	106	1	71	71	NUM
taxlaw-12357	106	2	x.	x.	NOUN
taxlaw-12357	106	3	appendix	appendix	ADJ
taxlaw-12357	106	4	b	b	NOUN
taxlaw-12357	106	5	:	:	PUNCT
taxlaw-12357	106	6	difference	difference	NOUN
taxlaw-12357	106	7	value	value	NOUN
taxlaw-12357	106	8	and	and	CCONJ
taxlaw-12357	106	9	the	the	DET
taxlaw-12357	106	10	timing	timing	NOUN
taxlaw-12357	106	11	of	of	ADP
taxlaw-12357	106	12	payments	payment	NOUN
taxlaw-12357	106	13	in	in	ADP
taxlaw-12357	106	14	the	the	DET
taxlaw-12357	106	15	gwa	gwa	NOUN
taxlaw-12357	106	16	contract	contract	NOUN
taxlaw-12357	106	17	...................................................................................................	...................................................................................................	PUNCT
taxlaw-12357	106	18	73	73	NUM
taxlaw-12357	106	19	a.	a.	NOUN
taxlaw-12357	106	20	the	the	DET
taxlaw-12357	106	21	bank	bank	NOUN
taxlaw-12357	106	22	’s	’s	PART
taxlaw-12357	106	23	perspective	perspective	NOUN
taxlaw-12357	106	24	..........................................................................	..........................................................................	PUNCT
taxlaw-12357	106	25	73	73	NUM
taxlaw-12357	106	26	b.	b.	PROPN
taxlaw-12357	106	27	gwa	gwa	PROPN
taxlaw-12357	106	28	’s	’s	PART
taxlaw-12357	106	29	perspective	perspective	NOUN
taxlaw-12357	106	30	................................................................................	................................................................................	PUNCT
taxlaw-12357	107	1	74	74	NUM
taxlaw-12357	107	2	c.	c.	NOUN
taxlaw-12357	107	3	the	the	DET
taxlaw-12357	107	4	difference	difference	NOUN
taxlaw-12357	107	5	contract	contract	NOUN
taxlaw-12357	107	6	.........................................................................	.........................................................................	PUNCT
taxlaw-12357	107	7	75	75	NUM
taxlaw-12357	107	8	i.	i.	NOUN
taxlaw-12357	107	9	introduction	introduction	NOUN
taxlaw-12357	107	10	as	as	ADP
taxlaw-12357	107	11	any	any	DET
taxlaw-12357	107	12	tax	tax	NOUN
taxlaw-12357	107	13	planner	planner	NOUN
taxlaw-12357	107	14	will	will	AUX
taxlaw-12357	107	15	tell	tell	VERB
taxlaw-12357	107	16	you	you	PRON
taxlaw-12357	107	17	,	,	PUNCT
taxlaw-12357	107	18	form	form	NOUN
taxlaw-12357	107	19	matters	matter	NOUN
taxlaw-12357	107	20	in	in	ADP
taxlaw-12357	107	21	the	the	DET
taxlaw-12357	107	22	tax	tax	NOUN
taxlaw-12357	107	23	law	law	NOUN
taxlaw-12357	107	24	.	.	PUNCT
taxlaw-12357	108	1	with	with	ADP
taxlaw-12357	108	2	a	a	DET
taxlaw-12357	108	3	few	few	ADJ
taxlaw-12357	108	4	tweaks	tweak	NOUN
taxlaw-12357	108	5	,	,	PUNCT
taxlaw-12357	108	6	taxpayers	taxpayer	NOUN
taxlaw-12357	108	7	often	often	ADV
taxlaw-12357	108	8	can	can	AUX
taxlaw-12357	108	9	get	get	VERB
taxlaw-12357	108	10	almost	almost	ADV
taxlaw-12357	108	11	the	the	DET
taxlaw-12357	108	12	same	same	ADJ
taxlaw-12357	108	13	economic	economic	ADJ
taxlaw-12357	108	14	return	return	NOUN
taxlaw-12357	108	15	with	with	ADP
taxlaw-12357	108	16	very	very	ADV
taxlaw-12357	108	17	different	different	ADJ
taxlaw-12357	108	18	tax	tax	NOUN
taxlaw-12357	108	19	treatment.1	treatment.1	NOUN
taxlaw-12357	108	20	unfortunately	unfortunately	ADV
taxlaw-12357	108	21	,	,	PUNCT
taxlaw-12357	108	22	as	as	ADV
taxlaw-12357	108	23	well	well	ADV
taxlaw-12357	108	24	-	-	PUNCT
taxlaw-12357	108	25	advised	advise	VERB
taxlaw-12357	108	26	(	(	PUNCT
taxlaw-12357	108	27	wealthy	wealthy	ADJ
taxlaw-12357	108	28	)	)	PUNCT
taxlaw-12357	108	29	taxpayers	taxpayer	NOUN
taxlaw-12357	108	30	jockey	jockey	VERB
taxlaw-12357	108	31	for	for	ADP
taxlaw-12357	108	32	better	well	ADJ
taxlaw-12357	108	33	treatment	treatment	NOUN
taxlaw-12357	108	34	,	,	PUNCT
taxlaw-12357	108	35	the	the	DET
taxlaw-12357	108	36	tax	tax	NOUN
taxlaw-12357	108	37	system	system	NOUN
taxlaw-12357	108	38	becomes	become	VERB
taxlaw-12357	108	39	less	less	ADV
taxlaw-12357	108	40	efficient	efficient	ADJ
taxlaw-12357	108	41	and	and	CCONJ
taxlaw-12357	108	42	fair	fair	ADJ
taxlaw-12357	108	43	.	.	PUNCT
taxlaw-12357	109	1	in	in	ADP
taxlaw-12357	109	2	principle	principle	ADJ
taxlaw-12357	109	3	,	,	PUNCT
taxlaw-12357	109	4	fundamental	fundamental	ADJ
taxlaw-12357	109	5	tax	tax	NOUN
taxlaw-12357	109	6	reforms	reform	NOUN
taxlaw-12357	109	7	like	like	ADP
taxlaw-12357	109	8	a	a	DET
taxlaw-12357	109	9	consumption	consumption	NOUN
taxlaw-12357	109	10	tax	tax	NOUN
taxlaw-12357	109	11	or	or	CCONJ
taxlaw-12357	109	12	mark	mark	NOUN
taxlaw-12357	109	13	-	-	PUNCT
taxlaw-12357	109	14	to	to	ADP
taxlaw-12357	109	15	-	-	PUNCT
taxlaw-12357	109	16	market	market	NOUN
taxlaw-12357	109	17	accounting	accounting	NOUN
taxlaw-12357	109	18	could	could	AUX
taxlaw-12357	109	19	eliminate	eliminate	VERB
taxlaw-12357	109	20	1	1	NUM
taxlaw-12357	109	21	for	for	ADP
taxlaw-12357	109	22	example	example	NOUN
taxlaw-12357	109	23	,	,	PUNCT
taxlaw-12357	109	24	different	different	ADJ
taxlaw-12357	109	25	tax	tax	NOUN
taxlaw-12357	109	26	rules	rule	NOUN
taxlaw-12357	109	27	apply	apply	VERB
taxlaw-12357	109	28	to	to	ADP
taxlaw-12357	109	29	forward	forward	ADJ
taxlaw-12357	109	30	contracts	contract	NOUN
taxlaw-12357	109	31	,	,	PUNCT
taxlaw-12357	109	32	swaps	swap	NOUN
taxlaw-12357	109	33	,	,	PUNCT
taxlaw-12357	109	34	contingent	contingent	ADJ
taxlaw-12357	109	35	bonds	bond	NOUN
taxlaw-12357	109	36	,	,	PUNCT
taxlaw-12357	109	37	life	life	NOUN
taxlaw-12357	109	38	insurance	insurance	NOUN
taxlaw-12357	109	39	contracts	contract	NOUN
taxlaw-12357	109	40	,	,	PUNCT
taxlaw-12357	109	41	and	and	CCONJ
taxlaw-12357	109	42	annuities	annuity	NOUN
taxlaw-12357	109	43	.	.	PUNCT
taxlaw-12357	110	1	see	see	VERB
taxlaw-12357	110	2	i.r.c	i.r.c	NOUN
taxlaw-12357	110	3	.	.	PUNCT
taxlaw-12357	111	1	§	§	PROPN
taxlaw-12357	111	2	1234a	1234a	NUM
taxlaw-12357	111	3	;	;	PUNCT
taxlaw-12357	112	1	treas	trea	NOUN
taxlaw-12357	112	2	.	.	PUNCT
taxlaw-12357	113	1	reg	reg	PROPN
taxlaw-12357	113	2	.	.	PUNCT
taxlaw-12357	114	1	§	§	PROPN
taxlaw-12357	114	2	1.446	1.446	NUM
taxlaw-12357	114	3	-	-	SYM
taxlaw-12357	114	4	3	3	NUM
taxlaw-12357	114	5	;	;	PUNCT
taxlaw-12357	114	6	treas	trea	NOUN
taxlaw-12357	114	7	.	.	PUNCT
taxlaw-12357	115	1	reg	reg	PROPN
taxlaw-12357	115	2	.	.	PUNCT
taxlaw-12357	116	1	§	§	PROPN
taxlaw-12357	116	2	1.1275	1.1275	NUM
taxlaw-12357	116	3	-	-	SYM
taxlaw-12357	116	4	4	4	NUM
taxlaw-12357	116	5	;	;	PUNCT
taxlaw-12357	116	6	i.r.c	i.r.c	NOUN
taxlaw-12357	116	7	.	.	PUNCT
taxlaw-12357	117	1	§	§	PROPN
taxlaw-12357	117	2	101	101	NUM
taxlaw-12357	117	3	;	;	PUNCT
taxlaw-12357	117	4	i.r.c	i.r.c	NOUN
taxlaw-12357	117	5	.	.	PUNCT
taxlaw-12357	118	1	§	§	PROPN
taxlaw-12357	118	2	72	72	NUM
taxlaw-12357	118	3	.	.	PUNCT
taxlaw-12357	119	1	all	all	DET
taxlaw-12357	119	2	references	reference	NOUN
taxlaw-12357	119	3	to	to	ADP
taxlaw-12357	119	4	sections	section	NOUN
taxlaw-12357	119	5	are	be	AUX
taxlaw-12357	119	6	to	to	ADP
taxlaw-12357	119	7	the	the	DET
taxlaw-12357	119	8	internal	internal	ADJ
taxlaw-12357	119	9	revenue	revenue	NOUN
taxlaw-12357	119	10	code	code	NOUN
taxlaw-12357	119	11	of	of	ADP
taxlaw-12357	119	12	1986	1986	NUM
taxlaw-12357	119	13	,	,	PUNCT
taxlaw-12357	119	14	as	as	SCONJ
taxlaw-12357	119	15	amended	amend	VERB
taxlaw-12357	119	16	,	,	PUNCT
taxlaw-12357	119	17	and	and	CCONJ
taxlaw-12357	119	18	to	to	ADP
taxlaw-12357	119	19	treasury	treasury	NOUN
taxlaw-12357	119	20	regulations	regulation	NOUN
taxlaw-12357	119	21	interpreting	interpret	VERB
taxlaw-12357	119	22	the	the	DET
taxlaw-12357	119	23	code	code	NOUN
taxlaw-12357	119	24	.	.	PUNCT
taxlaw-12357	120	1	2024	2024	NUM
taxlaw-12357	120	2	]	]	PUNCT
taxlaw-12357	120	3	transaction	transaction	NOUN
taxlaw-12357	120	4	-	-	PUNCT
taxlaw-12357	120	5	specific	specific	ADJ
taxlaw-12357	120	6	tax	tax	NOUN
taxlaw-12357	120	7	reform	reform	NOUN
taxlaw-12357	120	8	in	in	ADP
taxlaw-12357	120	9	three	three	NUM
taxlaw-12357	120	10	steps	step	NOUN
taxlaw-12357	120	11	5	5	NUM
taxlaw-12357	120	12	these	these	DET
taxlaw-12357	120	13	inconsistencies,2	inconsistencies,2	NOUN
taxlaw-12357	120	14	but	but	CCONJ
taxlaw-12357	120	15	these	these	DET
taxlaw-12357	120	16	reforms	reform	NOUN
taxlaw-12357	120	17	face	face	VERB
taxlaw-12357	120	18	familiar	familiar	ADJ
taxlaw-12357	120	19	challenges	challenge	NOUN
taxlaw-12357	120	20	of	of	ADP
taxlaw-12357	120	21	administrability	administrability	NOUN
taxlaw-12357	120	22	and	and	CCONJ
taxlaw-12357	120	23	politics.3	politics.3	PROPN
taxlaw-12357	120	24	so	so	ADV
taxlaw-12357	120	25	instead	instead	ADV
taxlaw-12357	120	26	of	of	ADP
taxlaw-12357	120	27	major	major	ADJ
taxlaw-12357	120	28	surgery	surgery	NOUN
taxlaw-12357	120	29	,	,	PUNCT
taxlaw-12357	120	30	congress	congress	PROPN
taxlaw-12357	120	31	typically	typically	ADV
taxlaw-12357	120	32	responds	respond	VERB
taxlaw-12357	120	33	with	with	ADP
taxlaw-12357	120	34	a	a	DET
taxlaw-12357	120	35	band	band	NOUN
taxlaw-12357	120	36	-	-	PUNCT
taxlaw-12357	120	37	aid	aid	NOUN
taxlaw-12357	120	38	,	,	PUNCT
taxlaw-12357	120	39	denying	deny	VERB
taxlaw-12357	120	40	favorable	favorable	ADJ
taxlaw-12357	120	41	treatment	treatment	NOUN
taxlaw-12357	120	42	to	to	ADP
taxlaw-12357	120	43	some	some	DET
taxlaw-12357	120	44	transactions	transaction	NOUN
taxlaw-12357	120	45	,	,	PUNCT
taxlaw-12357	120	46	while	while	SCONJ
taxlaw-12357	120	47	preserving	preserve	VERB
taxlaw-12357	120	48	it	it	PRON
taxlaw-12357	120	49	for	for	ADP
taxlaw-12357	120	50	others	other	NOUN
taxlaw-12357	120	51	.	.	PUNCT
taxlaw-12357	121	1	these	these	DET
taxlaw-12357	121	2	loophole	loophole	NOUN
taxlaw-12357	121	3	-	-	PUNCT
taxlaw-12357	121	4	plugging	plug	VERB
taxlaw-12357	121	5	rules	rule	NOUN
taxlaw-12357	121	6	,	,	PUNCT
taxlaw-12357	121	7	which	which	PRON
taxlaw-12357	121	8	we	we	PRON
taxlaw-12357	121	9	call	call	VERB
taxlaw-12357	121	10	“	"	PUNCT
taxlaw-12357	121	11	transaction	transaction	NOUN
taxlaw-12357	121	12	-	-	PUNCT
taxlaw-12357	121	13	specific	specific	ADJ
taxlaw-12357	121	14	reforms	reform	NOUN
taxlaw-12357	121	15	,	,	PUNCT
taxlaw-12357	121	16	”	"	PUNCT
taxlaw-12357	121	17	are	be	AUX
taxlaw-12357	121	18	supposed	suppose	VERB
taxlaw-12357	121	19	to	to	PART
taxlaw-12357	121	20	block	block	VERB
taxlaw-12357	121	21	a	a	DET
taxlaw-12357	121	22	particular	particular	ADJ
taxlaw-12357	121	23	planning	planning	NOUN
taxlaw-12357	121	24	strategy	strategy	NOUN
taxlaw-12357	121	25	,	,	PUNCT
taxlaw-12357	121	26	without	without	ADP
taxlaw-12357	121	27	disrupting	disrupt	VERB
taxlaw-12357	121	28	similar	similar	ADJ
taxlaw-12357	121	29	transactions	transaction	NOUN
taxlaw-12357	121	30	that	that	PRON
taxlaw-12357	121	31	are	be	AUX
taxlaw-12357	121	32	n’t	not	PART
taxlaw-12357	121	33	tax	tax	NOUN
taxlaw-12357	121	34	-	-	PUNCT
taxlaw-12357	121	35	motivated	motivate	VERB
taxlaw-12357	121	36	.	.	PUNCT
taxlaw-12357	122	1	yet	yet	CCONJ
taxlaw-12357	122	2	these	these	DET
taxlaw-12357	122	3	measures	measure	NOUN
taxlaw-12357	122	4	are	be	AUX
taxlaw-12357	122	5	often	often	ADV
taxlaw-12357	122	6	ineffective	ineffective	ADJ
taxlaw-12357	122	7	and	and	CCONJ
taxlaw-12357	122	8	even	even	ADV
taxlaw-12357	122	9	counterproductive	counterproductive	ADJ
taxlaw-12357	122	10	.	.	PUNCT
taxlaw-12357	123	1	while	while	SCONJ
taxlaw-12357	123	2	they	they	PRON
taxlaw-12357	123	3	complicate	complicate	VERB
taxlaw-12357	123	4	the	the	DET
taxlaw-12357	123	5	law	law	NOUN
taxlaw-12357	123	6	and	and	CCONJ
taxlaw-12357	123	7	create	create	VERB
taxlaw-12357	123	8	traps	trap	NOUN
taxlaw-12357	123	9	for	for	ADP
taxlaw-12357	123	10	the	the	DET
taxlaw-12357	123	11	unwary	unwary	ADJ
taxlaw-12357	123	12	,	,	PUNCT
taxlaw-12357	123	13	these	these	DET
taxlaw-12357	123	14	measures	measure	NOUN
taxlaw-12357	123	15	do	do	AUX
taxlaw-12357	123	16	n’t	not	PART
taxlaw-12357	123	17	stop	stop	VERB
taxlaw-12357	123	18	well	well	ADV
taxlaw-12357	123	19	-	-	PUNCT
taxlaw-12357	123	20	advised	advise	VERB
taxlaw-12357	123	21	taxpayers	taxpayer	NOUN
taxlaw-12357	123	22	,	,	PUNCT
taxlaw-12357	123	23	who	who	PRON
taxlaw-12357	123	24	simply	simply	ADV
taxlaw-12357	123	25	adjust	adjust	VERB
taxlaw-12357	123	26	their	their	PRON
taxlaw-12357	123	27	planning	planning	NOUN
taxlaw-12357	123	28	to	to	PART
taxlaw-12357	123	29	avoid	avoid	VERB
taxlaw-12357	123	30	them	they	PRON
taxlaw-12357	123	31	.	.	PUNCT
taxlaw-12357	124	1	to	to	PART
taxlaw-12357	124	2	show	show	VERB
taxlaw-12357	124	3	how	how	SCONJ
taxlaw-12357	124	4	transaction	transaction	NOUN
taxlaw-12357	124	5	-	-	PUNCT
taxlaw-12357	124	6	specific	specific	ADJ
taxlaw-12357	124	7	reforms	reform	NOUN
taxlaw-12357	124	8	can	can	AUX
taxlaw-12357	124	9	be	be	AUX
taxlaw-12357	124	10	more	more	ADV
taxlaw-12357	124	11	effective	effective	ADJ
taxlaw-12357	124	12	,	,	PUNCT
taxlaw-12357	124	13	this	this	DET
taxlaw-12357	124	14	article	article	NOUN
taxlaw-12357	124	15	uses	use	VERB
taxlaw-12357	124	16	a	a	DET
taxlaw-12357	124	17	case	case	NOUN
taxlaw-12357	124	18	study	study	NOUN
taxlaw-12357	124	19	:	:	PUNCT
taxlaw-12357	124	20	the	the	DET
taxlaw-12357	124	21	tax	tax	NOUN
taxlaw-12357	124	22	on	on	ADP
taxlaw-12357	124	23	investors4	investors4	PROPN
taxlaw-12357	124	24	in	in	ADP
taxlaw-12357	124	25	hedge	hedge	NOUN
taxlaw-12357	124	26	funds.5	funds.5	ADV
taxlaw-12357	124	27	because	because	SCONJ
taxlaw-12357	124	28	these	these	DET
taxlaw-12357	124	29	funds	fund	NOUN
taxlaw-12357	124	30	trade	trade	VERB
taxlaw-12357	124	31	frequently	frequently	ADV
taxlaw-12357	124	32	,	,	PUNCT
taxlaw-12357	124	33	their	their	PRON
taxlaw-12357	124	34	profits	profit	NOUN
taxlaw-12357	124	35	usually	usually	ADV
taxlaw-12357	124	36	are	be	AUX
taxlaw-12357	124	37	short	short	ADJ
taxlaw-12357	124	38	-	-	PUNCT
taxlaw-12357	124	39	term	term	NOUN
taxlaw-12357	124	40	capital	capital	NOUN
taxlaw-12357	124	41	gain.6	gain.6	VERB
taxlaw-12357	124	42	to	to	PART
taxlaw-12357	124	43	qualify	qualify	VERB
taxlaw-12357	124	44	for	for	ADP
taxlaw-12357	124	45	(	(	PUNCT
taxlaw-12357	124	46	lower	low	ADJ
taxlaw-12357	124	47	)	)	PUNCT
taxlaw-12357	124	48	long	long	ADJ
taxlaw-12357	124	49	-	-	PUNCT
taxlaw-12357	124	50	term	term	NOUN
taxlaw-12357	124	51	rates	rate	NOUN
taxlaw-12357	124	52	,	,	PUNCT
taxlaw-12357	124	53	investors	investor	NOUN
taxlaw-12357	124	54	began	begin	VERB
taxlaw-12357	124	55	investing	invest	VERB
taxlaw-12357	124	56	–	–	PUNCT
taxlaw-12357	124	57	not	not	PART
taxlaw-12357	124	58	in	in	ADP
taxlaw-12357	124	59	the	the	DET
taxlaw-12357	124	60	funds	fund	NOUN
taxlaw-12357	124	61	themselves	themselves	PRON
taxlaw-12357	124	62	–	–	PUNCT
taxlaw-12357	124	63	but	but	CCONJ
taxlaw-12357	124	64	in	in	ADP
taxlaw-12357	124	65	contracts	contract	NOUN
taxlaw-12357	124	66	based	base	VERB
taxlaw-12357	124	67	on	on	ADP
taxlaw-12357	124	68	their	their	PRON
taxlaw-12357	124	69	value.7	value.7	NOUN
taxlaw-12357	124	70	by	by	ADP
taxlaw-12357	124	71	holding	hold	VERB
taxlaw-12357	124	72	these	these	DET
taxlaw-12357	124	73	hedge	hedge	NOUN
taxlaw-12357	124	74	fund	fund	NOUN
taxlaw-12357	124	75	derivatives8	derivatives8	NOUN
taxlaw-12357	124	76	for	for	ADP
taxlaw-12357	124	77	at	at	ADV
taxlaw-12357	124	78	least	least	ADV
taxlaw-12357	124	79	a	a	PRON
taxlaw-12357	124	80	year	year	NOUN
taxlaw-12357	124	81	,	,	PUNCT
taxlaw-12357	124	82	investors	investor	NOUN
taxlaw-12357	124	83	used	use	VERB
taxlaw-12357	124	84	to	to	PART
taxlaw-12357	124	85	be	be	AUX
taxlaw-12357	124	86	eligible	eligible	ADJ
taxlaw-12357	124	87	for	for	ADP
taxlaw-12357	124	88	the	the	DET
taxlaw-12357	124	89	long	long	ADJ
taxlaw-12357	124	90	-	-	PUNCT
taxlaw-12357	124	91	term	term	NOUN
taxlaw-12357	124	92	rate	rate	NOUN
taxlaw-12357	124	93	.	.	PUNCT
taxlaw-12357	125	1	in	in	ADP
taxlaw-12357	125	2	response	response	NOUN
taxlaw-12357	125	3	,	,	PUNCT
taxlaw-12357	125	4	congress	congress	PROPN
taxlaw-12357	125	5	enacted	enact	VERB
taxlaw-12357	125	6	a	a	DET
taxlaw-12357	125	7	transaction	transaction	NOUN
taxlaw-12357	125	8	-	-	PUNCT
taxlaw-12357	125	9	specific	specific	ADJ
taxlaw-12357	125	10	reform	reform	NOUN
taxlaw-12357	125	11	,	,	PUNCT
taxlaw-12357	125	12	section	section	NOUN
taxlaw-12357	125	13	1260	1260	NUM
taxlaw-12357	125	14	,	,	PUNCT
taxlaw-12357	125	15	to	to	PART
taxlaw-12357	125	16	treat	treat	VERB
taxlaw-12357	125	17	these	these	DET
taxlaw-12357	125	18	gains	gain	NOUN
taxlaw-12357	125	19	as	as	ADP
taxlaw-12357	125	20	short	short	ADJ
taxlaw-12357	125	21	-	-	PUNCT
taxlaw-12357	125	22	term	term	NOUN
taxlaw-12357	125	23	.	.	PUNCT
taxlaw-12357	126	1	yet	yet	ADV
taxlaw-12357	126	2	taxpayers	taxpayer	NOUN
taxlaw-12357	126	3	found	find	VERB
taxlaw-12357	126	4	ways	way	NOUN
taxlaw-12357	126	5	to	to	PART
taxlaw-12357	126	6	plan	plan	VERB
taxlaw-12357	126	7	around	around	ADP
taxlaw-12357	126	8	this	this	DET
taxlaw-12357	126	9	statute	statute	NOUN
taxlaw-12357	126	10	,	,	PUNCT
taxlaw-12357	126	11	which	which	PRON
taxlaw-12357	126	12	prompted	prompt	VERB
taxlaw-12357	126	13	pending	pende	VERB
taxlaw-12357	126	14	litigation	litigation	NOUN
taxlaw-12357	126	15	with	with	ADP
taxlaw-12357	126	16	billions	billion	NOUN
taxlaw-12357	126	17	of	of	ADP
taxlaw-12357	126	18	dollars	dollar	NOUN
taxlaw-12357	126	19	at	at	ADP
taxlaw-12357	126	20	stake.9	stake.9	NOUN
taxlaw-12357	126	21	what	what	PRON
taxlaw-12357	126	22	is	be	AUX
taxlaw-12357	126	23	the	the	DET
taxlaw-12357	126	24	right	right	ADJ
taxlaw-12357	126	25	tax	tax	NOUN
taxlaw-12357	126	26	2	2	NUM
taxlaw-12357	126	27	under	under	ADP
taxlaw-12357	126	28	a	a	DET
taxlaw-12357	126	29	consumption	consumption	NOUN
taxlaw-12357	126	30	tax	tax	NOUN
taxlaw-12357	126	31	,	,	PUNCT
taxlaw-12357	126	32	investment	investment	NOUN
taxlaw-12357	126	33	returns	return	NOUN
taxlaw-12357	126	34	generally	generally	ADV
taxlaw-12357	126	35	are	be	AUX
taxlaw-12357	126	36	not	not	PART
taxlaw-12357	126	37	taxed	tax	VERB
taxlaw-12357	126	38	.	.	PUNCT
taxlaw-12357	127	1	see	see	VERB
taxlaw-12357	127	2	generally	generally	ADV
taxlaw-12357	127	3	william	william	PROPN
taxlaw-12357	127	4	d.	d.	PROPN
taxlaw-12357	127	5	andrews	andrews	PROPN
taxlaw-12357	127	6	,	,	PUNCT
taxlaw-12357	127	7	a	a	DET
taxlaw-12357	127	8	consumption	consumption	NOUN
taxlaw-12357	127	9	-	-	PUNCT
taxlaw-12357	127	10	type	type	NOUN
taxlaw-12357	127	11	or	or	CCONJ
taxlaw-12357	127	12	cash	cash	NOUN
taxlaw-12357	127	13	flow	flow	NOUN
taxlaw-12357	127	14	personal	personal	ADJ
taxlaw-12357	127	15	income	income	NOUN
taxlaw-12357	127	16	tax	tax	NOUN
taxlaw-12357	127	17	,	,	PUNCT
taxlaw-12357	127	18	87	87	NUM
taxlaw-12357	127	19	harv	harv	NOUN
taxlaw-12357	127	20	.	.	PUNCT
taxlaw-12357	128	1	l.	l.	PROPN
taxlaw-12357	128	2	rev	rev	PROPN
taxlaw-12357	128	3	.	.	PROPN
taxlaw-12357	128	4	1113	1113	NUM
taxlaw-12357	128	5	,	,	PUNCT
taxlaw-12357	128	6	111323	111323	NUM
taxlaw-12357	128	7	(	(	PUNCT
taxlaw-12357	128	8	1974	1974	NUM
taxlaw-12357	128	9	)	)	PUNCT
taxlaw-12357	128	10	(	(	PUNCT
taxlaw-12357	128	11	arguing	argue	VERB
taxlaw-12357	128	12	that	that	SCONJ
taxlaw-12357	128	13	a	a	DET
taxlaw-12357	128	14	consumption	consumption	NOUN
taxlaw-12357	128	15	tax	tax	NOUN
taxlaw-12357	128	16	would	would	AUX
taxlaw-12357	128	17	be	be	AUX
taxlaw-12357	128	18	more	more	ADV
taxlaw-12357	128	19	simple	simple	ADJ
taxlaw-12357	128	20	,	,	PUNCT
taxlaw-12357	128	21	fair	fair	ADJ
taxlaw-12357	128	22	,	,	PUNCT
taxlaw-12357	128	23	and	and	CCONJ
taxlaw-12357	128	24	efficient	efficient	ADJ
taxlaw-12357	128	25	than	than	ADP
taxlaw-12357	128	26	an	an	DET
taxlaw-12357	128	27	accretion	accretion	NOUN
taxlaw-12357	128	28	-	-	PUNCT
taxlaw-12357	128	29	type	type	NOUN
taxlaw-12357	128	30	tax	tax	NOUN
taxlaw-12357	128	31	)	)	PUNCT
taxlaw-12357	128	32	;	;	PUNCT
taxlaw-12357	128	33	david	david	PROPN
taxlaw-12357	128	34	a.	a.	PROPN
taxlaw-12357	128	35	weisbach	weisbach	PROPN
taxlaw-12357	128	36	&	&	CCONJ
taxlaw-12357	128	37	joseph	joseph	PROPN
taxlaw-12357	128	38	bankman	bankman	PROPN
taxlaw-12357	128	39	,	,	PUNCT
taxlaw-12357	128	40	the	the	DET
taxlaw-12357	128	41	superiority	superiority	NOUN
taxlaw-12357	128	42	of	of	ADP
taxlaw-12357	128	43	an	an	DET
taxlaw-12357	128	44	ideal	ideal	ADJ
taxlaw-12357	128	45	consumption	consumption	NOUN
taxlaw-12357	128	46	tax	tax	NOUN
taxlaw-12357	128	47	over	over	ADP
taxlaw-12357	128	48	an	an	DET
taxlaw-12357	128	49	ideal	ideal	ADJ
taxlaw-12357	128	50	income	income	NOUN
taxlaw-12357	128	51	tax	tax	NOUN
taxlaw-12357	128	52	,	,	PUNCT
taxlaw-12357	128	53	58	58	NUM
taxlaw-12357	128	54	stan	stan	PROPN
taxlaw-12357	128	55	.	.	PUNCT
taxlaw-12357	129	1	l.	l.	PROPN
taxlaw-12357	129	2	rev	rev	PROPN
taxlaw-12357	129	3	.	.	PROPN
taxlaw-12357	129	4	1413	1413	NUM
taxlaw-12357	129	5	(	(	PUNCT
taxlaw-12357	129	6	2006	2006	NUM
taxlaw-12357	129	7	)	)	PUNCT
taxlaw-12357	129	8	.	.	PUNCT
taxlaw-12357	130	1	under	under	ADP
taxlaw-12357	130	2	mark	mark	NOUN
taxlaw-12357	130	3	-	-	PUNCT
taxlaw-12357	130	4	to	to	ADP
taxlaw-12357	130	5	-	-	PUNCT
taxlaw-12357	130	6	market	market	NOUN
taxlaw-12357	130	7	accounting	accounting	NOUN
taxlaw-12357	130	8	,	,	PUNCT
taxlaw-12357	130	9	investment	investment	NOUN
taxlaw-12357	130	10	returns	return	NOUN
taxlaw-12357	130	11	are	be	AUX
taxlaw-12357	130	12	taxed	tax	VERB
taxlaw-12357	130	13	annually	annually	ADV
taxlaw-12357	130	14	based	base	VERB
taxlaw-12357	130	15	on	on	ADP
taxlaw-12357	130	16	changes	change	NOUN
taxlaw-12357	130	17	in	in	ADP
taxlaw-12357	130	18	the	the	DET
taxlaw-12357	130	19	asset	asset	NOUN
taxlaw-12357	130	20	's	's	PART
taxlaw-12357	130	21	fair	fair	ADJ
taxlaw-12357	130	22	market	market	NOUN
taxlaw-12357	130	23	value	value	NOUN
taxlaw-12357	130	24	,	,	PUNCT
taxlaw-12357	130	25	regardless	regardless	ADV
taxlaw-12357	130	26	of	of	ADP
taxlaw-12357	130	27	whether	whether	SCONJ
taxlaw-12357	130	28	the	the	DET
taxlaw-12357	130	29	property	property	NOUN
taxlaw-12357	130	30	has	have	AUX
taxlaw-12357	130	31	been	be	AUX
taxlaw-12357	130	32	sold	sell	VERB
taxlaw-12357	130	33	.	.	PUNCT
taxlaw-12357	131	1	see	see	VERB
taxlaw-12357	131	2	generally	generally	ADV
taxlaw-12357	131	3	david	david	PROPN
taxlaw-12357	131	4	j.	j.	PROPN
taxlaw-12357	131	5	shakow	shakow	PROPN
taxlaw-12357	131	6	,	,	PUNCT
taxlaw-12357	131	7	taxation	taxation	NOUN
taxlaw-12357	131	8	without	without	ADP
taxlaw-12357	131	9	realization	realization	NOUN
taxlaw-12357	131	10	:	:	PUNCT
taxlaw-12357	131	11	a	a	DET
taxlaw-12357	131	12	proposal	proposal	NOUN
taxlaw-12357	131	13	for	for	ADP
taxlaw-12357	131	14	accrual	accrual	ADJ
taxlaw-12357	131	15	taxation	taxation	NOUN
taxlaw-12357	131	16	,	,	PUNCT
taxlaw-12357	131	17	134	134	NUM
taxlaw-12357	131	18	u.	u.	NOUN
taxlaw-12357	131	19	pa	pa	PROPN
taxlaw-12357	131	20	.	.	PUNCT
taxlaw-12357	131	21	l.	l.	PROPN
taxlaw-12357	131	22	rev	rev	PROPN
taxlaw-12357	131	23	.	.	PROPN
taxlaw-12357	131	24	1111	1111	NUM
taxlaw-12357	131	25	,	,	PUNCT
taxlaw-12357	131	26	1111	1111	NUM
taxlaw-12357	131	27	-	-	SYM
taxlaw-12357	131	28	18	18	NUM
taxlaw-12357	131	29	(	(	PUNCT
taxlaw-12357	131	30	1986	1986	NUM
taxlaw-12357	131	31	)	)	PUNCT
taxlaw-12357	131	32	(	(	PUNCT
taxlaw-12357	131	33	proposing	propose	VERB
taxlaw-12357	131	34	broader	broad	ADJ
taxlaw-12357	131	35	use	use	NOUN
taxlaw-12357	131	36	of	of	ADP
taxlaw-12357	131	37	mark	mark	NOUN
taxlaw-12357	131	38	-	-	PUNCT
taxlaw-12357	131	39	to	to	ADP
taxlaw-12357	131	40	-	-	PUNCT
taxlaw-12357	131	41	market	market	NOUN
taxlaw-12357	131	42	taxation	taxation	NOUN
taxlaw-12357	131	43	)	)	PUNCT
taxlaw-12357	131	44	.	.	PUNCT
taxlaw-12357	132	1	3	3	NUM
taxlaw-12357	132	2	political	political	ADJ
taxlaw-12357	132	3	and	and	CCONJ
taxlaw-12357	132	4	other	other	ADJ
taxlaw-12357	132	5	obstacles	obstacle	NOUN
taxlaw-12357	132	6	to	to	ADP
taxlaw-12357	132	7	either	either	DET
taxlaw-12357	132	8	reform	reform	NOUN
taxlaw-12357	132	9	are	be	AUX
taxlaw-12357	132	10	thoroughly	thoroughly	ADV
taxlaw-12357	132	11	explored	explore	VERB
taxlaw-12357	132	12	elsewhere	elsewhere	ADV
taxlaw-12357	132	13	.	.	PUNCT
taxlaw-12357	133	1	see	see	VERB
taxlaw-12357	133	2	generally	generally	ADV
taxlaw-12357	133	3	uneasy	uneasy	ADJ
taxlaw-12357	133	4	compromise	compromise	NOUN
taxlaw-12357	133	5	:	:	PUNCT
taxlaw-12357	133	6	problems	problem	NOUN
taxlaw-12357	133	7	of	of	ADP
taxlaw-12357	133	8	a	a	DET
taxlaw-12357	133	9	hybrid	hybrid	ADJ
taxlaw-12357	133	10	income	income	NOUN
taxlaw-12357	133	11	-	-	PUNCT
taxlaw-12357	133	12	consumption	consumption	NOUN
taxlaw-12357	133	13	tax	tax	NOUN
taxlaw-12357	133	14	(	(	PUNCT
taxlaw-12357	133	15	henry	henry	PROPN
taxlaw-12357	133	16	j.	j.	PROPN
taxlaw-12357	133	17	aaron	aaron	PROPN
taxlaw-12357	133	18	et	et	PROPN
taxlaw-12357	133	19	al	al	PROPN
taxlaw-12357	133	20	.	.	PUNCT
taxlaw-12357	134	1	eds	eds	PROPN
taxlaw-12357	134	2	.	.	PROPN
taxlaw-12357	134	3	,	,	PUNCT
taxlaw-12357	134	4	1988	1988	NUM
taxlaw-12357	134	5	)	)	PUNCT
taxlaw-12357	134	6	.	.	PUNCT
taxlaw-12357	135	1	4	4	NUM
taxlaw-12357	135	2	a	a	DET
taxlaw-12357	135	3	hedge	hedge	NOUN
taxlaw-12357	135	4	fund	fund	NOUN
taxlaw-12357	135	5	usually	usually	ADV
taxlaw-12357	135	6	is	be	AUX
taxlaw-12357	135	7	taxed	tax	VERB
taxlaw-12357	135	8	as	as	ADP
taxlaw-12357	135	9	a	a	DET
taxlaw-12357	135	10	partnership	partnership	NOUN
taxlaw-12357	135	11	,	,	PUNCT
taxlaw-12357	135	12	which	which	PRON
taxlaw-12357	135	13	means	mean	VERB
taxlaw-12357	135	14	that	that	SCONJ
taxlaw-12357	135	15	its	its	PRON
taxlaw-12357	135	16	gains	gain	NOUN
taxlaw-12357	135	17	and	and	CCONJ
taxlaw-12357	135	18	losses	loss	NOUN
taxlaw-12357	135	19	are	be	AUX
taxlaw-12357	135	20	computed	compute	VERB
taxlaw-12357	135	21	by	by	ADP
taxlaw-12357	135	22	the	the	DET
taxlaw-12357	135	23	partnership	partnership	NOUN
taxlaw-12357	135	24	,	,	PUNCT
taxlaw-12357	135	25	but	but	CCONJ
taxlaw-12357	135	26	tax	tax	NOUN
taxlaw-12357	135	27	is	be	AUX
taxlaw-12357	135	28	paid	pay	VERB
taxlaw-12357	135	29	by	by	ADP
taxlaw-12357	135	30	the	the	DET
taxlaw-12357	135	31	individual	individual	ADJ
taxlaw-12357	135	32	partners	partner	NOUN
taxlaw-12357	135	33	.	.	PUNCT
taxlaw-12357	136	1	see	see	VERB
taxlaw-12357	136	2	david	david	PROPN
taxlaw-12357	136	3	m.	m.	PROPN
taxlaw-12357	136	4	schizer	schizer	PROPN
taxlaw-12357	136	5	,	,	PUNCT
taxlaw-12357	136	6	frictions	friction	NOUN
taxlaw-12357	136	7	as	as	ADP
taxlaw-12357	136	8	a	a	DET
taxlaw-12357	136	9	constraint	constraint	NOUN
taxlaw-12357	136	10	on	on	ADP
taxlaw-12357	136	11	tax	tax	NOUN
taxlaw-12357	136	12	planning	planning	NOUN
taxlaw-12357	136	13	,	,	PUNCT
taxlaw-12357	136	14	101	101	NUM
taxlaw-12357	136	15	colum	colum	NOUN
taxlaw-12357	136	16	.	.	PUNCT
taxlaw-12357	137	1	l.	l.	PROPN
taxlaw-12357	137	2	rev	rev	PROPN
taxlaw-12357	137	3	.	.	PROPN
taxlaw-12357	137	4	1312	1312	NUM
taxlaw-12357	137	5	,	,	PUNCT
taxlaw-12357	137	6	1368	1368	NUM
taxlaw-12357	137	7	-	-	SYM
taxlaw-12357	137	8	69	69	NUM
taxlaw-12357	137	9	(	(	PUNCT
taxlaw-12357	137	10	2001	2001	NUM
taxlaw-12357	137	11	)	)	PUNCT
taxlaw-12357	138	1	[	[	X
taxlaw-12357	138	2	hereinafter	hereinafter	NOUN
taxlaw-12357	138	3	schizer	schizer	NOUN
taxlaw-12357	138	4	,	,	PUNCT
taxlaw-12357	138	5	frictions	friction	NOUN
taxlaw-12357	138	6	]	]	PUNCT
taxlaw-12357	138	7	.	.	X
taxlaw-12357	139	1	5	5	NUM
taxlaw-12357	139	2	hedge	hedge	NOUN
taxlaw-12357	139	3	funds	fund	NOUN
taxlaw-12357	139	4	engage	engage	VERB
taxlaw-12357	139	5	in	in	ADP
taxlaw-12357	139	6	sophisticated	sophisticated	ADJ
taxlaw-12357	139	7	trading	trading	NOUN
taxlaw-12357	139	8	strategies	strategy	NOUN
taxlaw-12357	139	9	that	that	PRON
taxlaw-12357	139	10	are	be	AUX
taxlaw-12357	139	11	supposed	suppose	VERB
taxlaw-12357	139	12	to	to	PART
taxlaw-12357	139	13	deliver	deliver	VERB
taxlaw-12357	139	14	superior	superior	ADJ
taxlaw-12357	139	15	returns	return	NOUN
taxlaw-12357	139	16	on	on	ADP
taxlaw-12357	139	17	a	a	DET
taxlaw-12357	139	18	risk	risk	NOUN
taxlaw-12357	139	19	-	-	PUNCT
taxlaw-12357	139	20	adjusted	adjust	VERB
taxlaw-12357	139	21	basis	basis	NOUN
taxlaw-12357	139	22	.	.	PUNCT
taxlaw-12357	140	1	they	they	PRON
taxlaw-12357	140	2	usually	usually	ADV
taxlaw-12357	140	3	are	be	AUX
taxlaw-12357	140	4	open	open	ADJ
taxlaw-12357	140	5	only	only	ADV
taxlaw-12357	140	6	to	to	ADP
taxlaw-12357	140	7	sophisticated	sophisticated	ADJ
taxlaw-12357	140	8	investors	investor	NOUN
taxlaw-12357	140	9	who	who	PRON
taxlaw-12357	140	10	satisfy	satisfy	VERB
taxlaw-12357	140	11	income	income	NOUN
taxlaw-12357	140	12	and	and	CCONJ
taxlaw-12357	140	13	asset	asset	NOUN
taxlaw-12357	140	14	tests	test	NOUN
taxlaw-12357	140	15	under	under	ADP
taxlaw-12357	140	16	the	the	DET
taxlaw-12357	140	17	securities	security	NOUN
taxlaw-12357	140	18	law	law	NOUN
taxlaw-12357	140	19	.	.	PUNCT
taxlaw-12357	141	1	see	see	VERB
taxlaw-12357	141	2	the	the	DET
taxlaw-12357	141	3	investopedia	investopedia	PROPN
taxlaw-12357	141	4	team	team	NOUN
taxlaw-12357	141	5	,	,	PUNCT
taxlaw-12357	141	6	what	what	PRON
taxlaw-12357	141	7	are	be	AUX
taxlaw-12357	141	8	hedge	hedge	ADJ
taxlaw-12357	141	9	funds	fund	NOUN
taxlaw-12357	141	10	?	?	PUNCT
taxlaw-12357	142	1	examples	example	NOUN
taxlaw-12357	142	2	,	,	PUNCT
taxlaw-12357	142	3	types	type	NOUN
taxlaw-12357	142	4	,	,	PUNCT
taxlaw-12357	142	5	and	and	CCONJ
taxlaw-12357	142	6	strategies	strategy	NOUN
taxlaw-12357	142	7	,	,	PUNCT
taxlaw-12357	142	8	investopedia	investopedia	PROPN
taxlaw-12357	142	9	(	(	PUNCT
taxlaw-12357	142	10	aug	aug	PROPN
taxlaw-12357	142	11	.	.	PROPN
taxlaw-12357	142	12	11	11	NUM
taxlaw-12357	142	13	,	,	PUNCT
taxlaw-12357	142	14	2022	2022	NUM
taxlaw-12357	142	15	)	)	PUNCT
taxlaw-12357	142	16	,	,	PUNCT
taxlaw-12357	142	17	https://www.investopedia.com/t	https://www.investopedia.com/t	PROPN
taxlaw-12357	142	18	erms	erm	VERB
taxlaw-12357	142	19	/	/	SYM
taxlaw-12357	142	20	h	h	NOUN
taxlaw-12357	142	21	/	/	SYM
taxlaw-12357	142	22	hedgefund.asp	hedgefund.asp	NOUN
taxlaw-12357	142	23	[	[	X
taxlaw-12357	142	24	https://perma.cc/m9kc-nxs7	https://perma.cc/m9kc-nxs7	X
taxlaw-12357	142	25	]	]	X
taxlaw-12357	142	26	.	.	PUNCT
taxlaw-12357	143	1	6	6	NUM
taxlaw-12357	143	2	when	when	SCONJ
taxlaw-12357	143	3	taxpayers	taxpayer	NOUN
taxlaw-12357	143	4	hold	hold	VERB
taxlaw-12357	143	5	an	an	DET
taxlaw-12357	143	6	investment	investment	NOUN
taxlaw-12357	143	7	for	for	ADP
taxlaw-12357	143	8	more	more	ADJ
taxlaw-12357	143	9	than	than	ADP
taxlaw-12357	143	10	one	one	NUM
taxlaw-12357	143	11	year	year	NOUN
taxlaw-12357	143	12	,	,	PUNCT
taxlaw-12357	143	13	their	their	PRON
taxlaw-12357	143	14	capital	capital	NOUN
taxlaw-12357	143	15	gains	gain	NOUN
taxlaw-12357	143	16	qualify	qualify	VERB
taxlaw-12357	143	17	as	as	ADP
taxlaw-12357	143	18	“	"	PUNCT
taxlaw-12357	143	19	long	long	ADJ
taxlaw-12357	143	20	term	term	NOUN
taxlaw-12357	143	21	,	,	PUNCT
taxlaw-12357	143	22	”	"	PUNCT
taxlaw-12357	143	23	and	and	CCONJ
taxlaw-12357	143	24	thus	thus	ADV
taxlaw-12357	143	25	are	be	AUX
taxlaw-12357	143	26	eligible	eligible	ADJ
taxlaw-12357	143	27	for	for	ADP
taxlaw-12357	143	28	a	a	DET
taxlaw-12357	143	29	reduced	reduce	VERB
taxlaw-12357	143	30	rate	rate	NOUN
taxlaw-12357	143	31	.	.	PUNCT
taxlaw-12357	144	1	in	in	ADP
taxlaw-12357	144	2	contrast	contrast	NOUN
taxlaw-12357	144	3	,	,	PUNCT
taxlaw-12357	144	4	short	short	ADJ
taxlaw-12357	144	5	-	-	PUNCT
taxlaw-12357	144	6	term	term	NOUN
taxlaw-12357	144	7	gains	gain	NOUN
taxlaw-12357	144	8	are	be	AUX
taxlaw-12357	144	9	taxed	tax	VERB
taxlaw-12357	144	10	at	at	ADP
taxlaw-12357	144	11	the	the	DET
taxlaw-12357	144	12	(	(	PUNCT
taxlaw-12357	144	13	higher	high	ADJ
taxlaw-12357	144	14	)	)	PUNCT
taxlaw-12357	144	15	rate	rate	NOUN
taxlaw-12357	144	16	for	for	ADP
taxlaw-12357	144	17	ordinary	ordinary	ADJ
taxlaw-12357	144	18	income	income	NOUN
taxlaw-12357	144	19	.	.	PUNCT
taxlaw-12357	145	1	see	see	VERB
taxlaw-12357	145	2	i.r.c	i.r.c	NOUN
taxlaw-12357	145	3	.	.	PUNCT
taxlaw-12357	146	1	§	§	PROPN
taxlaw-12357	146	2	1(h	1(h	NUM
taxlaw-12357	146	3	)	)	PUNCT
taxlaw-12357	146	4	.	.	PUNCT
taxlaw-12357	147	1	7	7	NUM
taxlaw-12357	147	2	see	see	VERB
taxlaw-12357	147	3	schizer	schizer	NOUN
taxlaw-12357	147	4	,	,	PUNCT
taxlaw-12357	147	5	frictions	friction	NOUN
taxlaw-12357	147	6	,	,	PUNCT
taxlaw-12357	147	7	supra	supra	PROPN
taxlaw-12357	147	8	note	note	NOUN
taxlaw-12357	147	9	4	4	NUM
taxlaw-12357	147	10	,	,	PUNCT
taxlaw-12357	147	11	at	at	ADP
taxlaw-12357	147	12	1368	1368	NUM
taxlaw-12357	147	13	-	-	SYM
taxlaw-12357	147	14	69	69	NUM
taxlaw-12357	147	15	.	.	NOUN
taxlaw-12357	147	16	8	8	NUM
taxlaw-12357	148	1	a	a	DET
taxlaw-12357	148	2	derivative	derivative	NOUN
taxlaw-12357	148	3	is	be	AUX
taxlaw-12357	148	4	a	a	DET
taxlaw-12357	148	5	contract	contract	NOUN
taxlaw-12357	148	6	whose	whose	DET
taxlaw-12357	148	7	value	value	NOUN
taxlaw-12357	148	8	derives	derive	VERB
taxlaw-12357	148	9	from	from	ADP
taxlaw-12357	148	10	some	some	DET
taxlaw-12357	148	11	financial	financial	ADJ
taxlaw-12357	148	12	fact	fact	NOUN
taxlaw-12357	148	13	.	.	PUNCT
taxlaw-12357	149	1	see	see	VERB
taxlaw-12357	149	2	generally	generally	ADV
taxlaw-12357	149	3	global	global	ADJ
taxlaw-12357	149	4	derivatives	derivative	NOUN
taxlaw-12357	149	5	study	study	NOUN
taxlaw-12357	149	6	group	group	NOUN
taxlaw-12357	149	7	,	,	PUNCT
taxlaw-12357	149	8	derivatives	derivative	NOUN
taxlaw-12357	149	9	:	:	PUNCT
taxlaw-12357	149	10	practices	practice	NOUN
taxlaw-12357	149	11	and	and	CCONJ
taxlaw-12357	149	12	principles	principle	NOUN
taxlaw-12357	149	13	26	26	NUM
taxlaw-12357	149	14	,	,	PUNCT
taxlaw-12357	149	15	the	the	DET
taxlaw-12357	149	16	group	group	NOUN
taxlaw-12357	149	17	of	of	ADP
taxlaw-12357	149	18	thirty	thirty	NUM
taxlaw-12357	149	19	(	(	PUNCT
taxlaw-12357	149	20	july	july	PROPN
taxlaw-12357	149	21	1993	1993	NUM
taxlaw-12357	149	22	)	)	PUNCT
taxlaw-12357	149	23	,	,	PUNCT
taxlaw-12357	149	24	https://group30.org/images/uploads/publications/g30_derivatives-practicesandprinciples.p	https://group30.org/images/uploads/publications/g30_derivatives-practicesandprinciples.p	PROPN
taxlaw-12357	149	25	df	df	PROPN
taxlaw-12357	149	26	[	[	X
taxlaw-12357	149	27	https://perma.cc/j7ee-xuv3	https://perma.cc/j7ee-xuv3	X
taxlaw-12357	149	28	]	]	X
taxlaw-12357	149	29	(	(	PUNCT
taxlaw-12357	149	30	“	"	PUNCT
taxlaw-12357	149	31	in	in	ADP
taxlaw-12357	149	32	the	the	DET
taxlaw-12357	149	33	most	most	ADV
taxlaw-12357	149	34	general	general	ADJ
taxlaw-12357	149	35	terms	term	NOUN
taxlaw-12357	149	36	,	,	PUNCT
taxlaw-12357	149	37	a	a	DET
taxlaw-12357	149	38	derivatives	derivative	NOUN
taxlaw-12357	149	39	transaction	transaction	NOUN
taxlaw-12357	149	40	is	be	AUX
taxlaw-12357	149	41	a	a	DET
taxlaw-12357	149	42	bilateral	bilateral	ADJ
taxlaw-12357	149	43	contract	contract	NOUN
taxlaw-12357	149	44	or	or	CCONJ
taxlaw-12357	149	45	payments	payment	NOUN
taxlaw-12357	149	46	exchange	exchange	NOUN
taxlaw-12357	149	47	agreement	agreement	NOUN
taxlaw-12357	149	48	whose	whose	DET
taxlaw-12357	149	49	value	value	NOUN
taxlaw-12357	149	50	derives	derive	VERB
taxlaw-12357	149	51	,	,	PUNCT
taxlaw-12357	149	52	as	as	SCONJ
taxlaw-12357	149	53	its	its	PRON
taxlaw-12357	149	54	name	name	NOUN
taxlaw-12357	149	55	implies	imply	VERB
taxlaw-12357	149	56	,	,	PUNCT
taxlaw-12357	149	57	from	from	ADP
taxlaw-12357	149	58	the	the	DET
taxlaw-12357	149	59	value	value	NOUN
taxlaw-12357	149	60	of	of	ADP
taxlaw-12357	149	61	an	an	DET
taxlaw-12357	149	62	underlying	underlie	VERB
taxlaw-12357	149	63	asset	asset	NOUN
taxlaw-12357	149	64	or	or	CCONJ
taxlaw-12357	149	65	underlying	underlying	ADJ
taxlaw-12357	149	66	reference	reference	NOUN
taxlaw-12357	149	67	rate	rate	NOUN
taxlaw-12357	149	68	or	or	CCONJ
taxlaw-12357	149	69	index	index	NOUN
taxlaw-12357	149	70	.	.	PUNCT
taxlaw-12357	149	71	”	"	PUNCT
taxlaw-12357	149	72	)	)	PUNCT
taxlaw-12357	149	73	.	.	PUNCT
taxlaw-12357	150	1	9	9	NUM
taxlaw-12357	150	2	gwa	gwa	NOUN
taxlaw-12357	150	3	v.	v.	CCONJ
taxlaw-12357	150	4	comm’r	comm’r	NOUN
taxlaw-12357	150	5	,	,	PUNCT
taxlaw-12357	150	6	no	no	NOUN
taxlaw-12357	150	7	.	.	NOUN
taxlaw-12357	150	8	6981	6981	NUM
taxlaw-12357	150	9	-	-	SYM
taxlaw-12357	150	10	19	19	NUM
taxlaw-12357	150	11	(	(	PUNCT
taxlaw-12357	150	12	u.s.t.c	u.s.t.c	PROPN
taxlaw-12357	150	13	.	.	PROPN
taxlaw-12357	150	14	filed	file	VERB
taxlaw-12357	150	15	may	may	PROPN
taxlaw-12357	150	16	10	10	NUM
taxlaw-12357	150	17	,	,	PUNCT
taxlaw-12357	150	18	2019	2019	NUM
taxlaw-12357	150	19	)	)	PUNCT
taxlaw-12357	150	20	.	.	PUNCT
taxlaw-12357	151	1	columbia	columbia	PROPN
taxlaw-12357	151	2	journal	journal	PROPN
taxlaw-12357	151	3	of	of	ADP
taxlaw-12357	151	4	tax	tax	NOUN
taxlaw-12357	151	5	law	law	NOUN
taxlaw-12357	152	1	[	[	X
taxlaw-12357	152	2	vol	vol	NOUN
taxlaw-12357	152	3	15:1	15:1	NUM
taxlaw-12357	152	4	6	6	NUM
taxlaw-12357	152	5	treatment	treatment	NOUN
taxlaw-12357	152	6	for	for	ADP
taxlaw-12357	152	7	hedge	hedge	NOUN
taxlaw-12357	152	8	fund	fund	NOUN
taxlaw-12357	152	9	derivatives	derivative	NOUN
taxlaw-12357	152	10	?	?	PUNCT
taxlaw-12357	153	1	more	more	ADV
taxlaw-12357	153	2	generally	generally	ADV
taxlaw-12357	153	3	,	,	PUNCT
taxlaw-12357	153	4	how	how	SCONJ
taxlaw-12357	153	5	can	can	AUX
taxlaw-12357	153	6	transaction	transaction	NOUN
taxlaw-12357	153	7	-	-	PUNCT
taxlaw-12357	153	8	specific	specific	ADJ
taxlaw-12357	153	9	reforms	reform	NOUN
taxlaw-12357	153	10	be	be	VERB
taxlaw-12357	153	11	more	more	ADV
taxlaw-12357	153	12	successful	successful	ADJ
taxlaw-12357	153	13	in	in	ADP
taxlaw-12357	153	14	enhancing	enhance	VERB
taxlaw-12357	153	15	the	the	DET
taxlaw-12357	153	16	tax	tax	NOUN
taxlaw-12357	153	17	system	system	NOUN
taxlaw-12357	153	18	’s	’s	PART
taxlaw-12357	153	19	efficiency	efficiency	NOUN
taxlaw-12357	153	20	and	and	CCONJ
taxlaw-12357	153	21	fairness	fairness	NOUN
taxlaw-12357	153	22	?	?	PUNCT
taxlaw-12357	154	1	this	this	DET
taxlaw-12357	154	2	article	article	NOUN
taxlaw-12357	154	3	recommends	recommend	VERB
taxlaw-12357	154	4	a	a	DET
taxlaw-12357	154	5	three	three	NUM
taxlaw-12357	154	6	-	-	PUNCT
taxlaw-12357	154	7	part	part	NOUN
taxlaw-12357	154	8	approach	approach	NOUN
taxlaw-12357	154	9	.	.	PUNCT
taxlaw-12357	155	1	first	first	ADV
taxlaw-12357	155	2	,	,	PUNCT
taxlaw-12357	155	3	when	when	SCONJ
taxlaw-12357	155	4	faced	face	VERB
taxlaw-12357	155	5	with	with	ADP
taxlaw-12357	155	6	a	a	DET
taxlaw-12357	155	7	new	new	ADJ
taxlaw-12357	155	8	type	type	NOUN
taxlaw-12357	155	9	of	of	ADP
taxlaw-12357	155	10	tax	tax	NOUN
taxlaw-12357	155	11	planning	planning	NOUN
taxlaw-12357	155	12	,	,	PUNCT
taxlaw-12357	155	13	policymakers	policymaker	NOUN
taxlaw-12357	155	14	should	should	AUX
taxlaw-12357	155	15	decide	decide	VERB
taxlaw-12357	155	16	whether	whether	SCONJ
taxlaw-12357	155	17	the	the	DET
taxlaw-12357	155	18	strategy	strategy	NOUN
taxlaw-12357	155	19	is	be	AUX
taxlaw-12357	155	20	harmful	harmful	ADJ
taxlaw-12357	155	21	enough	enough	ADV
taxlaw-12357	155	22	to	to	PART
taxlaw-12357	155	23	warrant	warrant	VERB
taxlaw-12357	155	24	a	a	DET
taxlaw-12357	155	25	response	response	NOUN
taxlaw-12357	155	26	.	.	PUNCT
taxlaw-12357	156	1	this	this	DET
taxlaw-12357	156	2	first	first	ADJ
taxlaw-12357	156	3	phase	phase	NOUN
taxlaw-12357	156	4	determines	determine	VERB
taxlaw-12357	156	5	what	what	PRON
taxlaw-12357	156	6	we	we	PRON
taxlaw-12357	156	7	call	call	VERB
taxlaw-12357	156	8	“	"	PUNCT
taxlaw-12357	156	9	the	the	DET
taxlaw-12357	156	10	normative	normative	ADJ
taxlaw-12357	156	11	presumption	presumption	NOUN
taxlaw-12357	156	12	”	"	PUNCT
taxlaw-12357	156	13	about	about	ADP
taxlaw-12357	156	14	the	the	DET
taxlaw-12357	156	15	transaction	transaction	NOUN
taxlaw-12357	156	16	.	.	PUNCT
taxlaw-12357	157	1	second	second	ADJ
taxlaw-12357	157	2	,	,	PUNCT
taxlaw-12357	157	3	congress	congress	PROPN
taxlaw-12357	157	4	should	should	AUX
taxlaw-12357	157	5	use	use	VERB
taxlaw-12357	157	6	an	an	DET
taxlaw-12357	157	7	“	"	PUNCT
taxlaw-12357	157	8	initial	initial	ADJ
taxlaw-12357	157	9	filter	filter	NOUN
taxlaw-12357	157	10	”	"	PUNCT
taxlaw-12357	157	11	to	to	PART
taxlaw-12357	157	12	exempt	exempt	VERB
taxlaw-12357	157	13	transactions	transaction	NOUN
taxlaw-12357	157	14	that	that	PRON
taxlaw-12357	157	15	clearly	clearly	ADV
taxlaw-12357	157	16	do	do	AUX
taxlaw-12357	157	17	n’t	not	PART
taxlaw-12357	157	18	pose	pose	VERB
taxlaw-12357	157	19	the	the	DET
taxlaw-12357	157	20	relevant	relevant	ADJ
taxlaw-12357	157	21	concern	concern	NOUN
taxlaw-12357	157	22	.	.	PUNCT
taxlaw-12357	158	1	third	third	ADJ
taxlaw-12357	158	2	,	,	PUNCT
taxlaw-12357	158	3	once	once	ADV
taxlaw-12357	158	4	a	a	DET
taxlaw-12357	158	5	transaction	transaction	NOUN
taxlaw-12357	158	6	is	be	AUX
taxlaw-12357	158	7	deemed	deem	VERB
taxlaw-12357	158	8	to	to	PART
taxlaw-12357	158	9	be	be	AUX
taxlaw-12357	158	10	potentially	potentially	ADV
taxlaw-12357	158	11	problematic	problematic	ADJ
taxlaw-12357	158	12	,	,	PUNCT
taxlaw-12357	158	13	a	a	DET
taxlaw-12357	158	14	sophisticated	sophisticated	ADJ
taxlaw-12357	158	15	test	test	NOUN
taxlaw-12357	158	16	is	be	AUX
taxlaw-12357	158	17	needed	need	VERB
taxlaw-12357	158	18	to	to	PART
taxlaw-12357	158	19	check	check	VERB
taxlaw-12357	158	20	whether	whether	SCONJ
taxlaw-12357	158	21	it	it	PRON
taxlaw-12357	158	22	actually	actually	ADV
taxlaw-12357	158	23	is	be	AUX
taxlaw-12357	158	24	.	.	PUNCT
taxlaw-12357	159	1	for	for	ADP
taxlaw-12357	159	2	example	example	NOUN
taxlaw-12357	159	3	,	,	PUNCT
taxlaw-12357	159	4	is	be	AUX
taxlaw-12357	159	5	a	a	DET
taxlaw-12357	159	6	hedge	hedge	NOUN
taxlaw-12357	159	7	fund	fund	NOUN
taxlaw-12357	159	8	derivative	derivative	NOUN
taxlaw-12357	159	9	enough	enough	ADV
taxlaw-12357	159	10	like	like	ADP
taxlaw-12357	159	11	the	the	DET
taxlaw-12357	159	12	underlying	underlie	VERB
taxlaw-12357	159	13	fund	fund	NOUN
taxlaw-12357	159	14	that	that	SCONJ
taxlaw-12357	159	15	it	it	PRON
taxlaw-12357	159	16	should	should	AUX
taxlaw-12357	159	17	be	be	AUX
taxlaw-12357	159	18	recharacterized	recharacterize	VERB
taxlaw-12357	159	19	?	?	PUNCT
taxlaw-12357	160	1	with	with	ADP
taxlaw-12357	160	2	a	a	DET
taxlaw-12357	160	3	nuanced	nuanced	ADJ
taxlaw-12357	160	4	and	and	CCONJ
taxlaw-12357	160	5	sophisticated	sophisticated	ADJ
taxlaw-12357	160	6	rule	rule	NOUN
taxlaw-12357	160	7	,	,	PUNCT
taxlaw-12357	160	8	the	the	DET
taxlaw-12357	160	9	government	government	NOUN
taxlaw-12357	160	10	can	can	AUX
taxlaw-12357	160	11	catch	catch	VERB
taxlaw-12357	160	12	transactions	transaction	NOUN
taxlaw-12357	160	13	that	that	PRON
taxlaw-12357	160	14	actually	actually	ADV
taxlaw-12357	160	15	are	be	AUX
taxlaw-12357	160	16	economically	economically	ADV
taxlaw-12357	160	17	similar	similar	ADJ
taxlaw-12357	160	18	,	,	PUNCT
taxlaw-12357	160	19	regardless	regardless	ADV
taxlaw-12357	160	20	of	of	ADP
taxlaw-12357	160	21	what	what	PRON
taxlaw-12357	160	22	form	form	NOUN
taxlaw-12357	160	23	the	the	DET
taxlaw-12357	160	24	taxpayer	taxpayer	NOUN
taxlaw-12357	160	25	uses	use	VERB
taxlaw-12357	160	26	.	.	PUNCT
taxlaw-12357	161	1	admittedly	admittedly	ADV
taxlaw-12357	161	2	,	,	PUNCT
taxlaw-12357	161	3	a	a	DET
taxlaw-12357	161	4	sophisticated	sophisticated	ADJ
taxlaw-12357	161	5	test	test	NOUN
taxlaw-12357	161	6	can	can	AUX
taxlaw-12357	161	7	be	be	AUX
taxlaw-12357	161	8	costly	costly	ADJ
taxlaw-12357	161	9	to	to	PART
taxlaw-12357	161	10	administer	administer	VERB
taxlaw-12357	161	11	.	.	PUNCT
taxlaw-12357	162	1	this	this	PRON
taxlaw-12357	162	2	is	be	AUX
taxlaw-12357	162	3	why	why	SCONJ
taxlaw-12357	162	4	initial	initial	ADJ
taxlaw-12357	162	5	filters	filter	NOUN
taxlaw-12357	162	6	are	be	AUX
taxlaw-12357	162	7	needed	need	VERB
taxlaw-12357	162	8	to	to	PART
taxlaw-12357	162	9	limit	limit	VERB
taxlaw-12357	162	10	how	how	SCONJ
taxlaw-12357	162	11	often	often	ADV
taxlaw-12357	162	12	it	it	PRON
taxlaw-12357	162	13	is	be	AUX
taxlaw-12357	162	14	used	use	VERB
taxlaw-12357	162	15	.	.	PUNCT
taxlaw-12357	163	1	along	along	ADP
taxlaw-12357	163	2	with	with	ADP
taxlaw-12357	163	3	proposing	propose	VERB
taxlaw-12357	163	4	this	this	DET
taxlaw-12357	163	5	three	three	NUM
taxlaw-12357	163	6	-	-	PUNCT
taxlaw-12357	163	7	part	part	NOUN
taxlaw-12357	163	8	framework	framework	NOUN
taxlaw-12357	163	9	,	,	PUNCT
taxlaw-12357	163	10	this	this	DET
taxlaw-12357	163	11	article	article	NOUN
taxlaw-12357	163	12	offers	offer	VERB
taxlaw-12357	163	13	a	a	DET
taxlaw-12357	163	14	novel	novel	ADJ
taxlaw-12357	163	15	critique	critique	NOUN
taxlaw-12357	163	16	of	of	ADP
taxlaw-12357	163	17	a	a	DET
taxlaw-12357	163	18	sophisticated	sophisticated	ADJ
taxlaw-12357	163	19	test	test	NOUN
taxlaw-12357	163	20	the	the	DET
taxlaw-12357	163	21	government	government	NOUN
taxlaw-12357	163	22	has	have	AUX
taxlaw-12357	163	23	begun	begin	VERB
taxlaw-12357	163	24	using	use	VERB
taxlaw-12357	163	25	:	:	PUNCT
taxlaw-12357	163	26	a	a	DET
taxlaw-12357	163	27	“	"	PUNCT
taxlaw-12357	163	28	delta	delta	ADJ
taxlaw-12357	163	29	”	"	PUNCT
taxlaw-12357	163	30	test,10	test,10	NOUN
taxlaw-12357	163	31	which	which	PRON
taxlaw-12357	163	32	measures	measure	VERB
taxlaw-12357	163	33	how	how	SCONJ
taxlaw-12357	163	34	closely	closely	ADV
taxlaw-12357	163	35	investments	investment	NOUN
taxlaw-12357	163	36	track	track	VERB
taxlaw-12357	163	37	each	each	DET
taxlaw-12357	163	38	other.11	other.11	ADJ
taxlaw-12357	163	39	although	although	SCONJ
taxlaw-12357	163	40	delta	delta	NOUN
taxlaw-12357	163	41	is	be	AUX
taxlaw-12357	163	42	often	often	ADV
taxlaw-12357	163	43	considered	consider	VERB
taxlaw-12357	163	44	the	the	DET
taxlaw-12357	163	45	gold	gold	NOUN
taxlaw-12357	163	46	standard,12	standard,12	NOUN
taxlaw-12357	163	47	we	we	PRON
taxlaw-12357	163	48	show	show	VERB
taxlaw-12357	163	49	how	how	SCONJ
taxlaw-12357	163	50	easy	easy	ADJ
taxlaw-12357	163	51	it	it	PRON
taxlaw-12357	163	52	is	be	AUX
taxlaw-12357	163	53	to	to	PART
taxlaw-12357	163	54	manipulate	manipulate	VERB
taxlaw-12357	163	55	.	.	PUNCT
taxlaw-12357	164	1	the	the	DET
taxlaw-12357	164	2	trick	trick	NOUN
taxlaw-12357	164	3	is	be	AUX
taxlaw-12357	164	4	to	to	PART
taxlaw-12357	164	5	add	add	VERB
taxlaw-12357	164	6	contingencies	contingency	NOUN
taxlaw-12357	164	7	,	,	PUNCT
taxlaw-12357	164	8	for	for	ADP
taxlaw-12357	164	9	instance	instance	NOUN
taxlaw-12357	164	10	,	,	PUNCT
taxlaw-12357	164	11	so	so	ADV
taxlaw-12357	164	12	the	the	DET
taxlaw-12357	164	13	investment	investment	NOUN
taxlaw-12357	164	14	terminates	terminate	VERB
taxlaw-12357	164	15	when	when	SCONJ
taxlaw-12357	164	16	the	the	DET
taxlaw-12357	164	17	price	price	NOUN
taxlaw-12357	164	18	reaches	reach	VERB
taxlaw-12357	164	19	a	a	DET
taxlaw-12357	164	20	specified	specified	ADJ
taxlaw-12357	164	21	level	level	NOUN
taxlaw-12357	164	22	.	.	PUNCT
taxlaw-12357	165	1	as	as	ADV
taxlaw-12357	165	2	far	far	ADV
taxlaw-12357	165	3	as	as	SCONJ
taxlaw-12357	165	4	we	we	PRON
taxlaw-12357	165	5	know	know	VERB
taxlaw-12357	165	6	,	,	PUNCT
taxlaw-12357	165	7	this	this	DET
taxlaw-12357	165	8	critique	critique	NOUN
taxlaw-12357	165	9	of	of	ADP
taxlaw-12357	165	10	delta	delta	NOUN
taxlaw-12357	165	11	is	be	AUX
taxlaw-12357	165	12	new	new	ADJ
taxlaw-12357	165	13	to	to	ADP
taxlaw-12357	165	14	the	the	DET
taxlaw-12357	165	15	literature	literature	NOUN
taxlaw-12357	165	16	.	.	PUNCT
taxlaw-12357	166	1	to	to	PART
taxlaw-12357	166	2	head	head	VERB
taxlaw-12357	166	3	off	off	ADP
taxlaw-12357	166	4	this	this	DET
taxlaw-12357	166	5	gaming	gaming	NOUN
taxlaw-12357	166	6	,	,	PUNCT
taxlaw-12357	166	7	we	we	PRON
taxlaw-12357	166	8	recommend	recommend	VERB
taxlaw-12357	166	9	an	an	DET
taxlaw-12357	166	10	alternative	alternative	ADJ
taxlaw-12357	166	11	test	test	NOUN
taxlaw-12357	166	12	that	that	PRON
taxlaw-12357	166	13	focuses	focus	VERB
taxlaw-12357	166	14	on	on	ADP
taxlaw-12357	166	15	value	value	NOUN
taxlaw-12357	166	16	instead	instead	ADV
taxlaw-12357	166	17	of	of	ADP
taxlaw-12357	166	18	on	on	ADP
taxlaw-12357	166	19	changes	change	NOUN
taxlaw-12357	166	20	in	in	ADP
taxlaw-12357	166	21	value	value	NOUN
taxlaw-12357	166	22	–	–	PUNCT
taxlaw-12357	166	23	and	and	CCONJ
taxlaw-12357	166	24	,	,	PUNCT
taxlaw-12357	166	25	more	more	ADV
taxlaw-12357	166	26	generally	generally	ADV
taxlaw-12357	166	27	,	,	PUNCT
taxlaw-12357	166	28	on	on	ADP
taxlaw-12357	166	29	enduring	endure	VERB
taxlaw-12357	166	30	features	feature	NOUN
taxlaw-12357	166	31	instead	instead	ADV
taxlaw-12357	166	32	of	of	ADP
taxlaw-12357	166	33	temporary	temporary	ADJ
taxlaw-12357	166	34	quirks	quirk	NOUN
taxlaw-12357	166	35	.	.	PUNCT
taxlaw-12357	167	1	as	as	SCONJ
taxlaw-12357	167	2	should	should	AUX
taxlaw-12357	167	3	be	be	AUX
taxlaw-12357	167	4	clear	clear	ADJ
taxlaw-12357	167	5	by	by	ADP
taxlaw-12357	167	6	now	now	ADV
taxlaw-12357	167	7	,	,	PUNCT
taxlaw-12357	167	8	this	this	DET
taxlaw-12357	167	9	article	article	NOUN
taxlaw-12357	167	10	focuses	focus	VERB
taxlaw-12357	167	11	on	on	ADP
taxlaw-12357	167	12	incremental	incremental	ADJ
taxlaw-12357	167	13	reform	reform	NOUN
taxlaw-12357	167	14	,	,	PUNCT
taxlaw-12357	167	15	not	not	PART
taxlaw-12357	167	16	fundamental	fundamental	ADJ
taxlaw-12357	167	17	reform	reform	NOUN
taxlaw-12357	167	18	.	.	PUNCT
taxlaw-12357	168	1	if	if	SCONJ
taxlaw-12357	168	2	only	only	ADV
taxlaw-12357	168	3	modest	modest	ADJ
taxlaw-12357	168	4	measures	measure	NOUN
taxlaw-12357	168	5	are	be	AUX
taxlaw-12357	168	6	politically	politically	ADV
taxlaw-12357	168	7	and	and	CCONJ
taxlaw-12357	168	8	administratively	administratively	ADV
taxlaw-12357	168	9	feasible	feasible	ADJ
taxlaw-12357	168	10	,	,	PUNCT
taxlaw-12357	168	11	policymakers	policymaker	NOUN
taxlaw-12357	168	12	need	need	VERB
taxlaw-12357	168	13	to	to	PART
taxlaw-12357	168	14	know	know	VERB
taxlaw-12357	168	15	how	how	SCONJ
taxlaw-12357	168	16	to	to	PART
taxlaw-12357	168	17	choose	choose	VERB
taxlaw-12357	168	18	the	the	DET
taxlaw-12357	168	19	right	right	ADJ
taxlaw-12357	168	20	ones	one	NOUN
taxlaw-12357	168	21	.	.	PUNCT
taxlaw-12357	169	1	to	to	PART
taxlaw-12357	169	2	give	give	VERB
taxlaw-12357	169	3	them	they	PRON
taxlaw-12357	169	4	guidance	guidance	NOUN
taxlaw-12357	169	5	,	,	PUNCT
taxlaw-12357	169	6	we	we	PRON
taxlaw-12357	169	7	take	take	VERB
taxlaw-12357	169	8	the	the	DET
taxlaw-12357	169	9	current	current	ADJ
taxlaw-12357	169	10	highly	highly	ADV
taxlaw-12357	169	11	imperfect	imperfect	ADJ
taxlaw-12357	169	12	system	system	NOUN
taxlaw-12357	169	13	as	as	SCONJ
taxlaw-12357	169	14	given	give	VERB
taxlaw-12357	169	15	and	and	CCONJ
taxlaw-12357	169	16	explore	explore	VERB
taxlaw-12357	169	17	how	how	SCONJ
taxlaw-12357	169	18	to	to	PART
taxlaw-12357	169	19	implement	implement	VERB
taxlaw-12357	169	20	better	well	ADJ
taxlaw-12357	169	21	constructive	constructive	ADJ
taxlaw-12357	169	22	ownership	ownership	NOUN
taxlaw-12357	169	23	rules	rule	NOUN
taxlaw-12357	169	24	and	and	CCONJ
taxlaw-12357	169	25	,	,	PUNCT
taxlaw-12357	169	26	more	more	ADV
taxlaw-12357	169	27	generally	generally	ADV
taxlaw-12357	169	28	,	,	PUNCT
taxlaw-12357	169	29	more	more	ADV
taxlaw-12357	169	30	effective	effective	ADJ
taxlaw-12357	169	31	transaction	transaction	NOUN
taxlaw-12357	169	32	-	-	PUNCT
taxlaw-12357	169	33	specific	specific	ADJ
taxlaw-12357	169	34	reforms	reform	NOUN
taxlaw-12357	169	35	.	.	PUNCT
taxlaw-12357	170	1	although	although	SCONJ
taxlaw-12357	170	2	our	our	PRON
taxlaw-12357	170	3	approach	approach	NOUN
taxlaw-12357	170	4	will	will	AUX
taxlaw-12357	170	5	not	not	PART
taxlaw-12357	170	6	achieve	achieve	VERB
taxlaw-12357	170	7	optimality	optimality	NOUN
taxlaw-12357	170	8	,	,	PUNCT
taxlaw-12357	170	9	it	it	PRON
taxlaw-12357	170	10	can	can	AUX
taxlaw-12357	170	11	still	still	ADV
taxlaw-12357	170	12	improve	improve	VERB
taxlaw-12357	170	13	the	the	DET
taxlaw-12357	170	14	system	system	NOUN
taxlaw-12357	170	15	in	in	ADP
taxlaw-12357	170	16	meaningful	meaningful	ADJ
taxlaw-12357	170	17	ways	way	NOUN
taxlaw-12357	170	18	.	.	PUNCT
taxlaw-12357	171	1	part	part	PROPN
taxlaw-12357	171	2	ii	ii	PROPN
taxlaw-12357	171	3	introduces	introduce	VERB
taxlaw-12357	171	4	our	our	PRON
taxlaw-12357	171	5	case	case	NOUN
taxlaw-12357	171	6	study	study	NOUN
taxlaw-12357	171	7	,	,	PUNCT
taxlaw-12357	171	8	section	section	NOUN
taxlaw-12357	171	9	1260	1260	NUM
taxlaw-12357	171	10	.	.	PUNCT
taxlaw-12357	172	1	part	part	NOUN
taxlaw-12357	172	2	iii	iii	PROPN
taxlaw-12357	172	3	lays	lay	VERB
taxlaw-12357	172	4	out	out	ADP
taxlaw-12357	172	5	the	the	DET
taxlaw-12357	172	6	normative	normative	ADJ
taxlaw-12357	172	7	criteria	criterion	NOUN
taxlaw-12357	172	8	for	for	ADP
taxlaw-12357	172	9	evaluating	evaluate	VERB
taxlaw-12357	172	10	transaction	transaction	NOUN
taxlaw-12357	172	11	-	-	PUNCT
taxlaw-12357	172	12	specific	specific	ADJ
taxlaw-12357	172	13	reforms	reform	NOUN
taxlaw-12357	172	14	:	:	PUNCT
taxlaw-12357	172	15	distribution	distribution	NOUN
taxlaw-12357	172	16	and	and	CCONJ
taxlaw-12357	172	17	efficiency	efficiency	NOUN
taxlaw-12357	172	18	.	.	PUNCT
taxlaw-12357	173	1	part	part	NOUN
taxlaw-12357	173	2	iv	iv	NUM
taxlaw-12357	173	3	explains	explain	VERB
taxlaw-12357	173	4	the	the	DET
taxlaw-12357	173	5	first	first	ADJ
taxlaw-12357	173	6	step	step	NOUN
taxlaw-12357	173	7	in	in	ADP
taxlaw-12357	173	8	our	our	PRON
taxlaw-12357	173	9	proposed	propose	VERB
taxlaw-12357	173	10	approach	approach	NOUN
taxlaw-12357	173	11	,	,	PUNCT
taxlaw-12357	173	12	which	which	PRON
taxlaw-12357	173	13	we	we	PRON
taxlaw-12357	173	14	call	call	VERB
taxlaw-12357	173	15	“	"	PUNCT
taxlaw-12357	173	16	the	the	DET
taxlaw-12357	173	17	normative	normative	ADJ
taxlaw-12357	173	18	presumption	presumption	NOUN
taxlaw-12357	173	19	”	"	PUNCT
taxlaw-12357	173	20	about	about	ADP
taxlaw-12357	173	21	a	a	DET
taxlaw-12357	173	22	tax	tax	NOUN
taxlaw-12357	173	23	planning	planning	NOUN
taxlaw-12357	173	24	strategy	strategy	NOUN
taxlaw-12357	173	25	.	.	PUNCT
taxlaw-12357	174	1	part	part	NOUN
taxlaw-12357	174	2	v	v	NOUN
taxlaw-12357	174	3	explains	explain	VERB
taxlaw-12357	174	4	the	the	DET
taxlaw-12357	174	5	second	second	NOUN
taxlaw-12357	174	6	of	of	ADP
taxlaw-12357	174	7	our	our	PRON
taxlaw-12357	174	8	three	three	NUM
taxlaw-12357	174	9	steps	step	NOUN
taxlaw-12357	174	10	,	,	PUNCT
taxlaw-12357	174	11	“	"	PUNCT
taxlaw-12357	174	12	the	the	DET
taxlaw-12357	174	13	preliminary	preliminary	ADJ
taxlaw-12357	174	14	filter	filter	NOUN
taxlaw-12357	174	15	,	,	PUNCT
taxlaw-12357	174	16	”	"	PUNCT
taxlaw-12357	174	17	which	which	PRON
taxlaw-12357	174	18	exempts	exempt	VERB
taxlaw-12357	174	19	transactions	transaction	NOUN
taxlaw-12357	174	20	that	that	PRON
taxlaw-12357	174	21	do	do	AUX
taxlaw-12357	174	22	not	not	PART
taxlaw-12357	174	23	warrant	warrant	VERB
taxlaw-12357	174	24	careful	careful	ADJ
taxlaw-12357	174	25	vetting	vetting	NOUN
taxlaw-12357	174	26	.	.	PUNCT
taxlaw-12357	175	1	part	part	PROPN
taxlaw-12357	175	2	vi	vi	PROPN
taxlaw-12357	175	3	covers	cover	VERB
taxlaw-12357	175	4	the	the	DET
taxlaw-12357	175	5	third	third	ADJ
taxlaw-12357	175	6	stage	stage	NOUN
taxlaw-12357	175	7	,	,	PUNCT
taxlaw-12357	175	8	which	which	PRON
taxlaw-12357	175	9	uses	use	VERB
taxlaw-12357	175	10	sophisticated	sophisticated	ADJ
taxlaw-12357	175	11	tools	tool	NOUN
taxlaw-12357	175	12	to	to	PART
taxlaw-12357	175	13	specify	specify	VERB
taxlaw-12357	175	14	which	which	DET
taxlaw-12357	175	15	transactions	transaction	NOUN
taxlaw-12357	175	16	should	should	AUX
taxlaw-12357	175	17	be	be	AUX
taxlaw-12357	175	18	recharacterized	recharacterize	VERB
taxlaw-12357	175	19	.	.	PUNCT
taxlaw-12357	176	1	part	part	PROPN
taxlaw-12357	176	2	vii	vii	PROPN
taxlaw-12357	176	3	applies	apply	VERB
taxlaw-12357	176	4	our	our	PRON
taxlaw-12357	176	5	approach	approach	NOUN
taxlaw-12357	176	6	to	to	ADP
taxlaw-12357	176	7	a	a	DET
taxlaw-12357	176	8	pending	pende	VERB
taxlaw-12357	176	9	case	case	NOUN
taxlaw-12357	176	10	,	,	PUNCT
taxlaw-12357	176	11	gwa	gwa	PROPN
taxlaw-12357	176	12	,	,	PUNCT
taxlaw-12357	176	13	llc	llc	PROPN
taxlaw-12357	176	14	v.	v.	PROPN
taxlaw-12357	176	15	commissioner	commissioner	PROPN
taxlaw-12357	176	16	.	.	PUNCT
taxlaw-12357	177	1	part	part	NOUN
taxlaw-12357	177	2	viii	viii	PROPN
taxlaw-12357	177	3	is	be	AUX
taxlaw-12357	177	4	10	10	NUM
taxlaw-12357	177	5	see	see	ADJ
taxlaw-12357	177	6	,	,	PUNCT
taxlaw-12357	177	7	e.g.	e.g.	ADV
taxlaw-12357	177	8	,	,	PUNCT
taxlaw-12357	177	9	treas	treas	PROPN
taxlaw-12357	177	10	.	.	PUNCT
taxlaw-12357	178	1	reg	reg	PROPN
taxlaw-12357	178	2	.	.	PUNCT
taxlaw-12357	179	1	§	§	PROPN
taxlaw-12357	179	2	1.871	1.871	NUM
taxlaw-12357	179	3	-	-	SYM
taxlaw-12357	179	4	15	15	NUM
taxlaw-12357	179	5	(	(	PUNCT
taxlaw-12357	179	6	using	use	VERB
taxlaw-12357	179	7	delta	delta	NOUN
taxlaw-12357	179	8	to	to	PART
taxlaw-12357	179	9	determine	determine	VERB
taxlaw-12357	179	10	whether	whether	SCONJ
taxlaw-12357	179	11	withholding	withholding	NOUN
taxlaw-12357	179	12	is	be	AUX
taxlaw-12357	179	13	required	require	VERB
taxlaw-12357	179	14	on	on	ADP
taxlaw-12357	179	15	dividend	dividend	NOUN
taxlaw-12357	179	16	equivalent	equivalent	ADJ
taxlaw-12357	179	17	payments	payment	NOUN
taxlaw-12357	179	18	on	on	ADP
taxlaw-12357	179	19	equity	equity	NOUN
taxlaw-12357	179	20	derivatives	derivative	NOUN
taxlaw-12357	179	21	)	)	PUNCT
taxlaw-12357	179	22	.	.	PUNCT
taxlaw-12357	180	1	11	11	NUM
taxlaw-12357	180	2	in	in	ADP
taxlaw-12357	180	3	the	the	DET
taxlaw-12357	180	4	parlance	parlance	NOUN
taxlaw-12357	180	5	of	of	ADP
taxlaw-12357	180	6	derivatives	derivative	NOUN
taxlaw-12357	180	7	traders	trader	NOUN
taxlaw-12357	180	8	,	,	PUNCT
taxlaw-12357	180	9	“	"	PUNCT
taxlaw-12357	180	10	delta	delta	NOUN
taxlaw-12357	180	11	”	"	PUNCT
taxlaw-12357	180	12	measures	measure	NOUN
taxlaw-12357	180	13	how	how	SCONJ
taxlaw-12357	180	14	much	much	ADJ
taxlaw-12357	180	15	the	the	DET
taxlaw-12357	180	16	value	value	NOUN
taxlaw-12357	180	17	of	of	ADP
taxlaw-12357	180	18	a	a	DET
taxlaw-12357	180	19	derivative	derivative	ADJ
taxlaw-12357	180	20	changes	change	NOUN
taxlaw-12357	180	21	when	when	SCONJ
taxlaw-12357	180	22	the	the	DET
taxlaw-12357	180	23	price	price	NOUN
taxlaw-12357	180	24	of	of	ADP
taxlaw-12357	180	25	the	the	DET
taxlaw-12357	180	26	underlying	underlie	VERB
taxlaw-12357	180	27	asset	asset	NOUN
taxlaw-12357	180	28	changes	change	NOUN
taxlaw-12357	180	29	by	by	ADP
taxlaw-12357	180	30	a	a	DET
taxlaw-12357	180	31	dollar	dollar	NOUN
taxlaw-12357	180	32	.	.	PUNCT
taxlaw-12357	181	1	james	james	PROPN
taxlaw-12357	181	2	chen	chen	PROPN
taxlaw-12357	181	3	,	,	PUNCT
taxlaw-12357	181	4	what	what	PRON
taxlaw-12357	181	5	is	be	AUX
taxlaw-12357	181	6	delta	delta	NOUN
taxlaw-12357	181	7	in	in	ADP
taxlaw-12357	181	8	derivatives	derivative	NOUN
taxlaw-12357	181	9	trading	trading	NOUN
taxlaw-12357	181	10	,	,	PUNCT
taxlaw-12357	181	11	and	and	CCONJ
taxlaw-12357	181	12	how	how	SCONJ
taxlaw-12357	181	13	does	do	AUX
taxlaw-12357	181	14	it	it	PRON
taxlaw-12357	181	15	work	work	VERB
taxlaw-12357	181	16	?	?	PUNCT
taxlaw-12357	181	17	,	,	PUNCT
taxlaw-12357	181	18	investopedia	investopedia	PROPN
taxlaw-12357	181	19	(	(	PUNCT
taxlaw-12357	181	20	july	july	PROPN
taxlaw-12357	181	21	26	26	NUM
taxlaw-12357	181	22	,	,	PUNCT
taxlaw-12357	181	23	2023	2023	NUM
taxlaw-12357	181	24	)	)	PUNCT
taxlaw-12357	181	25	,	,	PUNCT
taxlaw-12357	181	26	https://www.investo	https://www.investo	VERB
taxlaw-12357	181	27	pedia.com/terms/d/delta.asp	pedia.com/terms/d/delta.asp	NOUN
taxlaw-12357	182	1	[	[	X
taxlaw-12357	182	2	https://perma.cc/4ypd-3r9f	https://perma.cc/4ypd-3r9f	X
taxlaw-12357	182	3	]	]	X
taxlaw-12357	182	4	.	.	PUNCT
taxlaw-12357	183	1	12	12	NUM
taxlaw-12357	183	2	see	see	NOUN
taxlaw-12357	183	3	,	,	PUNCT
taxlaw-12357	183	4	e.g.	e.g.	ADV
taxlaw-12357	183	5	,	,	PUNCT
taxlaw-12357	183	6	n.y	n.y	PROPN
taxlaw-12357	183	7	.	.	PROPN
taxlaw-12357	183	8	state	state	PROPN
taxlaw-12357	183	9	bar	bar	PROPN
taxlaw-12357	183	10	ass’n	ass’n	NOUN
taxlaw-12357	183	11	tax	tax	NOUN
taxlaw-12357	183	12	section	section	NOUN
taxlaw-12357	183	13	comm	comm	NOUN
taxlaw-12357	183	14	.	.	PUNCT
taxlaw-12357	184	1	on	on	ADP
taxlaw-12357	184	2	fin	fin	NOUN
taxlaw-12357	184	3	.	.	PUNCT
taxlaw-12357	185	1	instruments	instrument	NOUN
taxlaw-12357	185	2	,	,	PUNCT
taxlaw-12357	185	3	comments	comment	NOUN
taxlaw-12357	185	4	on	on	ADP
taxlaw-12357	185	5	“	"	PUNCT
taxlaw-12357	185	6	short	short	ADJ
taxlaw-12357	185	7	-	-	PUNCT
taxlaw-12357	185	8	against	against	ADP
taxlaw-12357	185	9	-	-	PUNCT
taxlaw-12357	185	10	the	the	DET
taxlaw-12357	185	11	-	-	PUNCT
taxlaw-12357	185	12	box	box	NOUN
taxlaw-12357	185	13	”	"	PUNCT
taxlaw-12357	185	14	proposal	proposal	NOUN
taxlaw-12357	185	15	,	,	PUNCT
taxlaw-12357	185	16	nysba	nysba	NOUN
taxlaw-12357	185	17	tax	tax	PROPN
taxlaw-12357	185	18	section	section	PROPN
taxlaw-12357	185	19	rep	rep	PROPN
taxlaw-12357	185	20	.	.	PROPN
taxlaw-12357	185	21	#	#	SYM
taxlaw-12357	185	22	868	868	NUM
taxlaw-12357	185	23	18	18	NUM
taxlaw-12357	185	24	-	-	SYM
taxlaw-12357	185	25	22	22	NUM
taxlaw-12357	185	26	(	(	PUNCT
taxlaw-12357	185	27	march	march	PROPN
taxlaw-12357	185	28	1	1	NUM
taxlaw-12357	185	29	,	,	PUNCT
taxlaw-12357	185	30	1996	1996	NUM
taxlaw-12357	185	31	)	)	PUNCT
taxlaw-12357	186	1	[	[	X
taxlaw-12357	186	2	hereinafter	hereinafter	NOUN
taxlaw-12357	186	3	“	"	PUNCT
taxlaw-12357	186	4	nysba	nysba	PROPN
taxlaw-12357	186	5	,	,	PUNCT
taxlaw-12357	186	6	rep	rep	PROPN
taxlaw-12357	186	7	.	.	PROPN
taxlaw-12357	186	8	#	#	SYM
taxlaw-12357	186	9	868	868	NUM
taxlaw-12357	186	10	”	"	PUNCT
taxlaw-12357	186	11	]	]	X
taxlaw-12357	186	12	(	(	PUNCT
taxlaw-12357	186	13	discussing	discuss	VERB
taxlaw-12357	186	14	use	use	NOUN
taxlaw-12357	186	15	of	of	ADP
taxlaw-12357	186	16	delta	delta	NOUN
taxlaw-12357	186	17	to	to	PART
taxlaw-12357	186	18	test	test	VERB
taxlaw-12357	186	19	for	for	ADP
taxlaw-12357	186	20	constructive	constructive	ADJ
taxlaw-12357	186	21	sales	sale	NOUN
taxlaw-12357	186	22	under	under	ADP
taxlaw-12357	186	23	early	early	ADJ
taxlaw-12357	186	24	proposed	propose	VERB
taxlaw-12357	186	25	version	version	NOUN
taxlaw-12357	186	26	of	of	ADP
taxlaw-12357	186	27	section	section	NOUN
taxlaw-12357	186	28	1259	1259	NUM
taxlaw-12357	186	29	)	)	PUNCT
taxlaw-12357	186	30	.	.	PUNCT
taxlaw-12357	187	1	one	one	NUM
taxlaw-12357	187	2	of	of	ADP
taxlaw-12357	187	3	us	we	PRON
taxlaw-12357	187	4	(	(	PUNCT
taxlaw-12357	187	5	david	david	PROPN
taxlaw-12357	187	6	schizer	schizer	PROPN
taxlaw-12357	187	7	)	)	PUNCT
taxlaw-12357	187	8	helped	help	VERB
taxlaw-12357	187	9	prepare	prepare	VERB
taxlaw-12357	187	10	this	this	DET
taxlaw-12357	187	11	report	report	NOUN
taxlaw-12357	187	12	.	.	PUNCT
taxlaw-12357	188	1	2024	2024	NUM
taxlaw-12357	188	2	]	]	PUNCT
taxlaw-12357	188	3	transaction	transaction	NOUN
taxlaw-12357	188	4	-	-	PUNCT
taxlaw-12357	188	5	specific	specific	ADJ
taxlaw-12357	188	6	tax	tax	NOUN
taxlaw-12357	188	7	reform	reform	NOUN
taxlaw-12357	188	8	in	in	ADP
taxlaw-12357	188	9	three	three	NUM
taxlaw-12357	188	10	steps	step	NOUN
taxlaw-12357	188	11	7	7	NUM
taxlaw-12357	188	12	the	the	DET
taxlaw-12357	188	13	conclusion	conclusion	NOUN
taxlaw-12357	188	14	.	.	PUNCT
taxlaw-12357	189	1	parts	part	NOUN
taxlaw-12357	189	2	ix	ix	X
taxlaw-12357	190	1	and	and	CCONJ
taxlaw-12357	190	2	x	x	SYM
taxlaw-12357	190	3	are	be	AUX
taxlaw-12357	190	4	appendices	appendix	NOUN
taxlaw-12357	190	5	,	,	PUNCT
taxlaw-12357	190	6	which	which	PRON
taxlaw-12357	190	7	elaborate	elaborate	VERB
taxlaw-12357	190	8	on	on	ADP
taxlaw-12357	190	9	specific	specific	ADJ
taxlaw-12357	190	10	aspects	aspect	NOUN
taxlaw-12357	190	11	of	of	ADP
taxlaw-12357	190	12	the	the	DET
taxlaw-12357	190	13	analysis	analysis	NOUN
taxlaw-12357	190	14	.	.	PUNCT
taxlaw-12357	191	1	ii	ii	X
taxlaw-12357	191	2	.	.	PUNCT
taxlaw-12357	192	1	simulating	simulate	VERB
taxlaw-12357	192	2	ownership	ownership	NOUN
taxlaw-12357	192	3	of	of	ADP
taxlaw-12357	192	4	hedge	hedge	NOUN
taxlaw-12357	192	5	funds	fund	NOUN
taxlaw-12357	192	6	:	:	PUNCT
taxlaw-12357	192	7	the	the	DET
taxlaw-12357	192	8	transaction	transaction	NOUN
taxlaw-12357	192	9	targeted	target	VERB
taxlaw-12357	192	10	by	by	ADP
taxlaw-12357	192	11	section	section	NOUN
taxlaw-12357	192	12	1260	1260	NUM
taxlaw-12357	192	13	often	often	ADV
taxlaw-12357	192	14	,	,	PUNCT
taxlaw-12357	192	15	a	a	DET
taxlaw-12357	192	16	high	high	ADJ
taxlaw-12357	192	17	-	-	PUNCT
taxlaw-12357	192	18	profile	profile	NOUN
taxlaw-12357	192	19	transaction	transaction	NOUN
taxlaw-12357	192	20	exposes	expose	VERB
taxlaw-12357	192	21	a	a	DET
taxlaw-12357	192	22	deeper	deep	ADJ
taxlaw-12357	192	23	problem	problem	NOUN
taxlaw-12357	192	24	in	in	ADP
taxlaw-12357	192	25	the	the	DET
taxlaw-12357	192	26	tax	tax	NOUN
taxlaw-12357	192	27	system	system	NOUN
taxlaw-12357	192	28	.	.	PUNCT
taxlaw-12357	193	1	but	but	CCONJ
taxlaw-12357	193	2	instead	instead	ADV
taxlaw-12357	193	3	of	of	ADP
taxlaw-12357	193	4	addressing	address	VERB
taxlaw-12357	193	5	the	the	DET
taxlaw-12357	193	6	underlying	underlying	ADJ
taxlaw-12357	193	7	issues	issue	NOUN
taxlaw-12357	193	8	,	,	PUNCT
taxlaw-12357	193	9	congress	congress	PROPN
taxlaw-12357	193	10	opts	opt	VERB
taxlaw-12357	193	11	for	for	ADP
taxlaw-12357	193	12	a	a	DET
taxlaw-12357	193	13	more	more	ADV
taxlaw-12357	193	14	targeted	target	VERB
taxlaw-12357	193	15	response	response	NOUN
taxlaw-12357	193	16	.	.	PUNCT
taxlaw-12357	194	1	to	to	PART
taxlaw-12357	194	2	illustrate	illustrate	VERB
taxlaw-12357	194	3	this	this	DET
taxlaw-12357	194	4	common	common	ADJ
taxlaw-12357	194	5	pattern	pattern	NOUN
taxlaw-12357	194	6	,	,	PUNCT
taxlaw-12357	194	7	this	this	DET
taxlaw-12357	194	8	article	article	NOUN
taxlaw-12357	194	9	focuses	focus	VERB
taxlaw-12357	194	10	on	on	ADP
taxlaw-12357	194	11	hedge	hedge	NOUN
taxlaw-12357	194	12	fund	fund	NOUN
taxlaw-12357	194	13	derivatives	derivative	NOUN
taxlaw-12357	194	14	.	.	PUNCT
taxlaw-12357	195	1	a.	a.	NOUN
taxlaw-12357	196	1	the	the	DET
taxlaw-12357	196	2	targeted	target	VERB
taxlaw-12357	196	3	transaction	transaction	NOUN
taxlaw-12357	196	4	:	:	PUNCT
taxlaw-12357	196	5	hedge	hedge	NOUN
taxlaw-12357	196	6	fund	fund	NOUN
taxlaw-12357	196	7	derivatives	derivative	NOUN
taxlaw-12357	196	8	to	to	PART
taxlaw-12357	196	9	implement	implement	VERB
taxlaw-12357	196	10	complex	complex	ADJ
taxlaw-12357	196	11	trading	trading	NOUN
taxlaw-12357	196	12	strategies	strategy	NOUN
taxlaw-12357	196	13	that	that	PRON
taxlaw-12357	196	14	are	be	AUX
taxlaw-12357	196	15	supposed	suppose	VERB
taxlaw-12357	196	16	to	to	PART
taxlaw-12357	196	17	deliver	deliver	VERB
taxlaw-12357	196	18	superior	superior	ADJ
taxlaw-12357	196	19	returns	return	NOUN
taxlaw-12357	196	20	,	,	PUNCT
taxlaw-12357	196	21	hedge	hedge	NOUN
taxlaw-12357	196	22	funds	fund	NOUN
taxlaw-12357	196	23	trade	trade	VERB
taxlaw-12357	196	24	constantly	constantly	ADV
taxlaw-12357	196	25	.	.	PUNCT
taxlaw-12357	197	1	so	so	ADV
taxlaw-12357	197	2	instead	instead	ADV
taxlaw-12357	197	3	of	of	ADP
taxlaw-12357	197	4	qualifying	qualify	VERB
taxlaw-12357	197	5	as	as	ADP
taxlaw-12357	197	6	longterm	longterm	ADJ
taxlaw-12357	197	7	capital	capital	NOUN
taxlaw-12357	197	8	gain	gain	NOUN
taxlaw-12357	197	9	,	,	PUNCT
taxlaw-12357	197	10	their	their	PRON
taxlaw-12357	197	11	profits	profit	NOUN
taxlaw-12357	197	12	usually	usually	ADV
taxlaw-12357	197	13	are	be	AUX
taxlaw-12357	197	14	taxed	tax	VERB
taxlaw-12357	197	15	at	at	ADP
taxlaw-12357	197	16	(	(	PUNCT
taxlaw-12357	197	17	higher	high	ADJ
taxlaw-12357	197	18	)	)	PUNCT
taxlaw-12357	197	19	ordinary	ordinary	ADJ
taxlaw-12357	197	20	rates	rate	NOUN
taxlaw-12357	197	21	.	.	PUNCT
taxlaw-12357	198	1	the	the	DET
taxlaw-12357	198	2	frequent	frequent	ADJ
taxlaw-12357	198	3	trades	trade	NOUN
taxlaw-12357	198	4	also	also	ADV
taxlaw-12357	198	5	mean	mean	VERB
taxlaw-12357	198	6	that	that	SCONJ
taxlaw-12357	198	7	gains	gain	NOUN
taxlaw-12357	198	8	are	be	AUX
taxlaw-12357	198	9	taxed	tax	VERB
taxlaw-12357	198	10	currently	currently	ADV
taxlaw-12357	198	11	,	,	PUNCT
taxlaw-12357	198	12	instead	instead	ADV
taxlaw-12357	198	13	of	of	ADP
taxlaw-12357	198	14	being	be	AUX
taxlaw-12357	198	15	deferred	defer	VERB
taxlaw-12357	198	16	.	.	PUNCT
taxlaw-12357	199	1	this	this	DET
taxlaw-12357	199	2	tax	tax	NOUN
taxlaw-12357	199	3	is	be	AUX
taxlaw-12357	199	4	paid	pay	VERB
taxlaw-12357	199	5	by	by	ADP
taxlaw-12357	199	6	investors	investor	NOUN
taxlaw-12357	199	7	,	,	PUNCT
taxlaw-12357	199	8	not	not	PART
taxlaw-12357	199	9	the	the	DET
taxlaw-12357	199	10	fund	fund	NOUN
taxlaw-12357	199	11	,	,	PUNCT
taxlaw-12357	199	12	which	which	PRON
taxlaw-12357	199	13	typically	typically	ADV
taxlaw-12357	199	14	is	be	AUX
taxlaw-12357	199	15	a	a	DET
taxlaw-12357	199	16	partnership	partnership	NOUN
taxlaw-12357	199	17	for	for	ADP
taxlaw-12357	199	18	tax	tax	NOUN
taxlaw-12357	199	19	purposes.13	purposes.13	NOUN
taxlaw-12357	199	20	as	as	ADP
taxlaw-12357	199	21	a	a	DET
taxlaw-12357	199	22	result	result	NOUN
taxlaw-12357	199	23	,	,	PUNCT
taxlaw-12357	199	24	taxable	taxable	ADJ
taxlaw-12357	199	25	investors	investor	NOUN
taxlaw-12357	199	26	often	often	ADV
taxlaw-12357	199	27	have	have	VERB
taxlaw-12357	199	28	mixed	mixed	ADJ
taxlaw-12357	199	29	feelings	feeling	NOUN
taxlaw-12357	199	30	about	about	ADP
taxlaw-12357	199	31	hedge	hedge	NOUN
taxlaw-12357	199	32	funds	fund	NOUN
taxlaw-12357	199	33	.	.	PUNCT
taxlaw-12357	200	1	they	they	PRON
taxlaw-12357	200	2	want	want	VERB
taxlaw-12357	200	3	the	the	DET
taxlaw-12357	200	4	pre	pre	ADJ
taxlaw-12357	200	5	-	-	ADJ
taxlaw-12357	200	6	tax	tax	ADJ
taxlaw-12357	200	7	return	return	NOUN
taxlaw-12357	200	8	,	,	PUNCT
taxlaw-12357	200	9	but	but	CCONJ
taxlaw-12357	200	10	not	not	PART
taxlaw-12357	200	11	the	the	DET
taxlaw-12357	200	12	steep	steep	ADJ
taxlaw-12357	200	13	tax	tax	NOUN
taxlaw-12357	200	14	bill	bill	NOUN
taxlaw-12357	200	15	.	.	PUNCT
taxlaw-12357	201	1	in	in	ADP
taxlaw-12357	201	2	response	response	NOUN
taxlaw-12357	201	3	,	,	PUNCT
taxlaw-12357	201	4	investment	investment	NOUN
taxlaw-12357	201	5	banks	bank	NOUN
taxlaw-12357	201	6	offered	offer	VERB
taxlaw-12357	201	7	a	a	DET
taxlaw-12357	201	8	way	way	NOUN
taxlaw-12357	201	9	for	for	SCONJ
taxlaw-12357	201	10	investors	investor	NOUN
taxlaw-12357	201	11	to	to	PART
taxlaw-12357	201	12	get	get	VERB
taxlaw-12357	201	13	hedge	hedge	NOUN
taxlaw-12357	201	14	fund	fund	NOUN
taxlaw-12357	201	15	returns	return	NOUN
taxlaw-12357	201	16	without	without	ADP
taxlaw-12357	201	17	the	the	DET
taxlaw-12357	201	18	high	high	ADJ
taxlaw-12357	201	19	tax	tax	NOUN
taxlaw-12357	201	20	:	:	PUNCT
taxlaw-12357	201	21	investing	invest	VERB
taxlaw-12357	201	22	in	in	ADP
taxlaw-12357	201	23	a	a	DET
taxlaw-12357	201	24	derivative	derivative	NOUN
taxlaw-12357	201	25	based	base	VERB
taxlaw-12357	201	26	on	on	ADP
taxlaw-12357	201	27	the	the	DET
taxlaw-12357	201	28	hedge	hedge	PROPN
taxlaw-12357	201	29	fund	fund	PROPN
taxlaw-12357	201	30	’s	’s	PART
taxlaw-12357	201	31	value	value	NOUN
taxlaw-12357	201	32	,	,	PUNCT
taxlaw-12357	201	33	instead	instead	ADV
taxlaw-12357	201	34	of	of	ADP
taxlaw-12357	201	35	in	in	ADP
taxlaw-12357	201	36	the	the	DET
taxlaw-12357	201	37	hedge	hedge	NOUN
taxlaw-12357	201	38	fund	fund	NOUN
taxlaw-12357	201	39	itself	itself	PRON
taxlaw-12357	201	40	.	.	PUNCT
taxlaw-12357	202	1	for	for	ADP
taxlaw-12357	202	2	example	example	NOUN
taxlaw-12357	202	3	,	,	PUNCT
taxlaw-12357	202	4	an	an	DET
taxlaw-12357	202	5	investor	investor	NOUN
taxlaw-12357	202	6	could	could	AUX
taxlaw-12357	202	7	enter	enter	VERB
taxlaw-12357	202	8	into	into	ADP
taxlaw-12357	202	9	a	a	DET
taxlaw-12357	202	10	forward	forward	ADJ
taxlaw-12357	202	11	contract	contract	NOUN
taxlaw-12357	202	12	with	with	ADP
taxlaw-12357	202	13	a	a	DET
taxlaw-12357	202	14	securities	security	NOUN
taxlaw-12357	202	15	dealer	dealer	NOUN
taxlaw-12357	202	16	,	,	PUNCT
taxlaw-12357	202	17	committing	commit	VERB
taxlaw-12357	202	18	to	to	PART
taxlaw-12357	202	19	buy	buy	VERB
taxlaw-12357	202	20	the	the	DET
taxlaw-12357	202	21	fund	fund	NOUN
taxlaw-12357	202	22	interest	interest	NOUN
taxlaw-12357	202	23	for	for	ADP
taxlaw-12357	202	24	a	a	DET
taxlaw-12357	202	25	preset	preset	ADJ
taxlaw-12357	202	26	price	price	NOUN
taxlaw-12357	202	27	after	after	ADP
taxlaw-12357	202	28	a	a	DET
taxlaw-12357	202	29	fixed	fix	VERB
taxlaw-12357	202	30	term	term	NOUN
taxlaw-12357	202	31	of	of	ADP
taxlaw-12357	202	32	years	year	NOUN
taxlaw-12357	202	33	.	.	PUNCT
taxlaw-12357	203	1	this	this	DET
taxlaw-12357	203	2	derivative	derivative	NOUN
taxlaw-12357	203	3	would	would	AUX
taxlaw-12357	203	4	immediately	immediately	ADV
taxlaw-12357	203	5	transfer	transfer	VERB
taxlaw-12357	203	6	the	the	DET
taxlaw-12357	203	7	hedge	hedge	NOUN
taxlaw-12357	203	8	fund	fund	NOUN
taxlaw-12357	203	9	’s	’s	PART
taxlaw-12357	203	10	economic	economic	ADJ
taxlaw-12357	203	11	return	return	NOUN
taxlaw-12357	203	12	to	to	ADP
taxlaw-12357	203	13	the	the	DET
taxlaw-12357	203	14	investor	investor	NOUN
taxlaw-12357	203	15	.	.	PUNCT
taxlaw-12357	204	1	after	after	ADV
taxlaw-12357	204	2	all	all	ADV
taxlaw-12357	204	3	,	,	PUNCT
taxlaw-12357	204	4	the	the	DET
taxlaw-12357	204	5	investor	investor	NOUN
taxlaw-12357	204	6	would	would	AUX
taxlaw-12357	204	7	pay	pay	VERB
taxlaw-12357	204	8	the	the	DET
taxlaw-12357	204	9	same	same	ADJ
taxlaw-12357	204	10	fixed	fix	VERB
taxlaw-12357	204	11	price	price	NOUN
taxlaw-12357	204	12	,	,	PUNCT
taxlaw-12357	204	13	whether	whether	SCONJ
taxlaw-12357	204	14	the	the	DET
taxlaw-12357	204	15	fund	fund	NOUN
taxlaw-12357	204	16	gained	gain	VERB
taxlaw-12357	204	17	or	or	CCONJ
taxlaw-12357	204	18	lost	lose	VERB
taxlaw-12357	204	19	value	value	NOUN
taxlaw-12357	204	20	.	.	PUNCT
taxlaw-12357	205	1	but	but	CCONJ
taxlaw-12357	205	2	unlike	unlike	ADP
taxlaw-12357	205	3	the	the	DET
taxlaw-12357	205	4	fund	fund	NOUN
taxlaw-12357	205	5	interest	interest	NOUN
taxlaw-12357	205	6	,	,	PUNCT
taxlaw-12357	205	7	the	the	DET
taxlaw-12357	205	8	derivative	derivative	NOUN
taxlaw-12357	205	9	would	would	AUX
taxlaw-12357	205	10	not	not	PART
taxlaw-12357	205	11	be	be	AUX
taxlaw-12357	205	12	taxable	taxable	ADJ
taxlaw-12357	205	13	until	until	SCONJ
taxlaw-12357	205	14	it	it	PRON
taxlaw-12357	205	15	matured	mature	VERB
taxlaw-12357	205	16	or	or	CCONJ
taxlaw-12357	205	17	was	be	AUX
taxlaw-12357	205	18	terminated	terminate	VERB
taxlaw-12357	205	19	.	.	PUNCT
taxlaw-12357	206	1	at	at	ADP
taxlaw-12357	206	2	this	this	DET
taxlaw-12357	206	3	point	point	NOUN
taxlaw-12357	206	4	,	,	PUNCT
taxlaw-12357	206	5	if	if	SCONJ
taxlaw-12357	206	6	the	the	DET
taxlaw-12357	206	7	transaction	transaction	NOUN
taxlaw-12357	206	8	was	be	AUX
taxlaw-12357	206	9	structured	structure	VERB
taxlaw-12357	206	10	properly	properly	ADV
taxlaw-12357	206	11	,	,	PUNCT
taxlaw-12357	206	12	the	the	DET
taxlaw-12357	206	13	gain	gain	NOUN
taxlaw-12357	206	14	(	(	PUNCT
taxlaw-12357	206	15	or	or	CCONJ
taxlaw-12357	206	16	loss	loss	NOUN
taxlaw-12357	206	17	)	)	PUNCT
taxlaw-12357	206	18	would	would	AUX
taxlaw-12357	206	19	be	be	AUX
taxlaw-12357	206	20	treated	treat	VERB
taxlaw-12357	206	21	as	as	ADP
taxlaw-12357	206	22	longterm	longterm	ADJ
taxlaw-12357	206	23	capital	capital	NOUN
taxlaw-12357	206	24	gain.14	gain.14	PROPN
taxlaw-12357	206	25	how	how	SCONJ
taxlaw-12357	206	26	could	could	AUX
taxlaw-12357	206	27	a	a	DET
taxlaw-12357	206	28	securities	security	NOUN
taxlaw-12357	206	29	dealer	dealer	NOUN
taxlaw-12357	206	30	offer	offer	VERB
taxlaw-12357	206	31	this	this	DET
taxlaw-12357	206	32	contract	contract	NOUN
taxlaw-12357	206	33	?	?	PUNCT
taxlaw-12357	207	1	the	the	DET
taxlaw-12357	207	2	key	key	NOUN
taxlaw-12357	207	3	was	be	AUX
taxlaw-12357	207	4	for	for	SCONJ
taxlaw-12357	207	5	the	the	DET
taxlaw-12357	207	6	dealer	dealer	NOUN
taxlaw-12357	207	7	to	to	PART
taxlaw-12357	207	8	invest	invest	VERB
taxlaw-12357	207	9	in	in	ADP
taxlaw-12357	207	10	the	the	DET
taxlaw-12357	207	11	hedge	hedge	NOUN
taxlaw-12357	207	12	fund	fund	NOUN
taxlaw-12357	207	13	.	.	PUNCT
taxlaw-12357	208	1	by	by	ADP
taxlaw-12357	208	2	purchasing	purchase	VERB
taxlaw-12357	208	3	an	an	DET
taxlaw-12357	208	4	interest	interest	NOUN
taxlaw-12357	208	5	in	in	ADP
taxlaw-12357	208	6	the	the	DET
taxlaw-12357	208	7	fund	fund	NOUN
taxlaw-12357	208	8	,	,	PUNCT
taxlaw-12357	208	9	the	the	DET
taxlaw-12357	208	10	dealer	dealer	NOUN
taxlaw-12357	208	11	could	could	AUX
taxlaw-12357	208	12	hedge	hedge	VERB
taxlaw-12357	208	13	its	its	PRON
taxlaw-12357	208	14	obligation	obligation	NOUN
taxlaw-12357	208	15	to	to	PART
taxlaw-12357	208	16	deliver	deliver	VERB
taxlaw-12357	208	17	an	an	DET
taxlaw-12357	208	18	interest	interest	NOUN
taxlaw-12357	208	19	to	to	ADP
taxlaw-12357	208	20	its	its	PRON
taxlaw-12357	208	21	client	client	NOUN
taxlaw-12357	208	22	in	in	ADP
taxlaw-12357	208	23	the	the	DET
taxlaw-12357	208	24	future	future	NOUN
taxlaw-12357	208	25	.	.	PUNCT
taxlaw-12357	209	1	but	but	CCONJ
taxlaw-12357	209	2	did	do	AUX
taxlaw-12357	209	3	n’t	not	PART
taxlaw-12357	209	4	this	this	PRON
taxlaw-12357	209	5	just	just	ADV
taxlaw-12357	209	6	shift	shift	VERB
taxlaw-12357	209	7	the	the	DET
taxlaw-12357	209	8	heavy	heavy	ADJ
taxlaw-12357	209	9	tax	tax	NOUN
taxlaw-12357	209	10	burden	burden	NOUN
taxlaw-12357	209	11	to	to	ADP
taxlaw-12357	209	12	the	the	DET
taxlaw-12357	209	13	dealer	dealer	NOUN
taxlaw-12357	209	14	?	?	PUNCT
taxlaw-12357	210	1	as	as	ADP
taxlaw-12357	210	2	an	an	DET
taxlaw-12357	210	3	investor	investor	NOUN
taxlaw-12357	210	4	in	in	ADP
taxlaw-12357	210	5	the	the	DET
taxlaw-12357	210	6	fund	fund	NOUN
taxlaw-12357	210	7	,	,	PUNCT
taxlaw-12357	210	8	did	do	AUX
taxlaw-12357	210	9	n’t	not	PART
taxlaw-12357	210	10	the	the	DET
taxlaw-12357	210	11	dealer	dealer	NOUN
taxlaw-12357	210	12	have	have	VERB
taxlaw-12357	210	13	to	to	PART
taxlaw-12357	210	14	pay	pay	VERB
taxlaw-12357	210	15	the	the	DET
taxlaw-12357	210	16	very	very	ADJ
taxlaw-12357	210	17	tax	tax	NOUN
taxlaw-12357	210	18	its	its	PRON
taxlaw-12357	210	19	client	client	NOUN
taxlaw-12357	210	20	wanted	want	VERB
taxlaw-12357	210	21	to	to	PART
taxlaw-12357	210	22	avoid	avoid	VERB
taxlaw-12357	210	23	?	?	PUNCT
taxlaw-12357	211	1	actually	actually	ADV
taxlaw-12357	211	2	,	,	PUNCT
taxlaw-12357	211	3	the	the	DET
taxlaw-12357	211	4	answer	answer	NOUN
taxlaw-12357	211	5	is	be	AUX
taxlaw-12357	211	6	“	"	PUNCT
taxlaw-12357	211	7	no	no	INTJ
taxlaw-12357	211	8	,	,	PUNCT
taxlaw-12357	211	9	”	"	PUNCT
taxlaw-12357	211	10	since	since	SCONJ
taxlaw-12357	211	11	securities	security	NOUN
taxlaw-12357	211	12	dealers	dealer	NOUN
taxlaw-12357	211	13	are	be	AUX
taxlaw-12357	211	14	subject	subject	ADJ
taxlaw-12357	211	15	to	to	ADP
taxlaw-12357	211	16	different	different	ADJ
taxlaw-12357	211	17	tax	tax	NOUN
taxlaw-12357	211	18	rules	rule	NOUN
taxlaw-12357	211	19	.	.	PUNCT
taxlaw-12357	212	1	in	in	ADP
taxlaw-12357	212	2	general	general	ADJ
taxlaw-12357	212	3	,	,	PUNCT
taxlaw-12357	212	4	they	they	PRON
taxlaw-12357	212	5	mark	mark	VERB
taxlaw-12357	212	6	their	their	PRON
taxlaw-12357	212	7	inventory	inventory	NOUN
taxlaw-12357	212	8	to	to	ADP
taxlaw-12357	212	9	market	market	NOUN
taxlaw-12357	212	10	and	and	CCONJ
taxlaw-12357	212	11	their	their	PRON
taxlaw-12357	212	12	gains	gain	NOUN
taxlaw-12357	212	13	and	and	CCONJ
taxlaw-12357	212	14	losses	loss	NOUN
taxlaw-12357	212	15	are	be	AUX
taxlaw-12357	212	16	ordinary	ordinary	ADJ
taxlaw-12357	212	17	income	income	NOUN
taxlaw-12357	212	18	,	,	PUNCT
taxlaw-12357	212	19	not	not	PART
taxlaw-12357	212	20	capital	capital	NOUN
taxlaw-12357	212	21	gain.15	gain.15	NOUN
taxlaw-12357	212	22	as	as	ADP
taxlaw-12357	212	23	a	a	DET
taxlaw-12357	212	24	result	result	NOUN
taxlaw-12357	212	25	,	,	PUNCT
taxlaw-12357	212	26	the	the	DET
taxlaw-12357	212	27	derivative	derivative	NOUN
taxlaw-12357	212	28	and	and	CCONJ
taxlaw-12357	212	29	the	the	DET
taxlaw-12357	212	30	hedge	hedge	NOUN
taxlaw-12357	212	31	fund	fund	NOUN
taxlaw-12357	212	32	were	be	AUX
taxlaw-12357	212	33	offsetting	offset	VERB
taxlaw-12357	212	34	not	not	PART
taxlaw-12357	212	35	just	just	ADV
taxlaw-12357	212	36	economically	economically	ADV
taxlaw-12357	212	37	,	,	PUNCT
taxlaw-12357	212	38	but	but	CCONJ
taxlaw-12357	212	39	also	also	ADV
taxlaw-12357	212	40	in	in	ADP
taxlaw-12357	212	41	their	their	PRON
taxlaw-12357	212	42	tax	tax	NOUN
taxlaw-12357	212	43	treatment	treatment	NOUN
taxlaw-12357	212	44	.	.	PUNCT
taxlaw-12357	213	1	in	in	ADP
taxlaw-12357	213	2	general	general	ADJ
taxlaw-12357	213	3	,	,	PUNCT
taxlaw-12357	213	4	ordinary	ordinary	ADJ
taxlaw-12357	213	5	income	income	NOUN
taxlaw-12357	213	6	on	on	ADP
taxlaw-12357	213	7	the	the	DET
taxlaw-12357	213	8	hedge	hedge	NOUN
taxlaw-12357	213	9	fund	fund	NOUN
taxlaw-12357	213	10	was	be	AUX
taxlaw-12357	213	11	offset	offset	VERB
taxlaw-12357	213	12	by	by	ADP
taxlaw-12357	213	13	ordinary	ordinary	ADJ
taxlaw-12357	213	14	loss	loss	NOUN
taxlaw-12357	213	15	on	on	ADP
taxlaw-12357	213	16	the	the	DET
taxlaw-12357	213	17	derivative	derivative	NOUN
taxlaw-12357	213	18	,	,	PUNCT
taxlaw-12357	213	19	and	and	CCONJ
taxlaw-12357	213	20	vice	vice	NOUN
taxlaw-12357	213	21	versa.16	versa.16	PROPN
taxlaw-12357	213	22	13	13	NUM
taxlaw-12357	213	23	see	see	VERB
taxlaw-12357	213	24	schizer	schizer	NOUN
taxlaw-12357	213	25	,	,	PUNCT
taxlaw-12357	213	26	frictions	friction	NOUN
taxlaw-12357	213	27	,	,	PUNCT
taxlaw-12357	213	28	supra	supra	PROPN
taxlaw-12357	213	29	note	note	NOUN
taxlaw-12357	213	30	4	4	NUM
taxlaw-12357	213	31	,	,	PUNCT
taxlaw-12357	213	32	at	at	ADP
taxlaw-12357	213	33	1368	1368	NUM
taxlaw-12357	213	34	-	-	SYM
taxlaw-12357	213	35	69	69	NUM
taxlaw-12357	213	36	.	.	PUNCT
taxlaw-12357	214	1	14	14	NUM
taxlaw-12357	214	2	see	see	VERB
taxlaw-12357	214	3	i.r.c	i.r.c	NOUN
taxlaw-12357	214	4	.	.	PUNCT
taxlaw-12357	215	1	§	§	ADJ
taxlaw-12357	215	2	1234a	1234a	NUM
taxlaw-12357	215	3	(	(	PUNCT
taxlaw-12357	215	4	termination	termination	NOUN
taxlaw-12357	215	5	of	of	ADP
taxlaw-12357	215	6	a	a	DET
taxlaw-12357	215	7	contract	contract	NOUN
taxlaw-12357	215	8	is	be	AUX
taxlaw-12357	215	9	treated	treat	VERB
taxlaw-12357	215	10	as	as	ADP
taxlaw-12357	215	11	long	long	ADJ
taxlaw-12357	215	12	-	-	PUNCT
taxlaw-12357	215	13	term	term	NOUN
taxlaw-12357	215	14	capital	capital	NOUN
taxlaw-12357	215	15	gain	gain	NOUN
taxlaw-12357	215	16	or	or	CCONJ
taxlaw-12357	215	17	loss	loss	NOUN
taxlaw-12357	215	18	)	)	PUNCT
taxlaw-12357	215	19	.	.	PUNCT
taxlaw-12357	216	1	15	15	NUM
taxlaw-12357	216	2	i.r.c	i.r.c	NOUN
taxlaw-12357	216	3	.	.	PUNCT
taxlaw-12357	217	1	§	§	PROPN
taxlaw-12357	217	2	475	475	NUM
taxlaw-12357	217	3	(	(	PUNCT
taxlaw-12357	217	4	requiring	require	VERB
taxlaw-12357	217	5	securities	security	NOUN
taxlaw-12357	217	6	dealers	dealer	NOUN
taxlaw-12357	217	7	to	to	PART
taxlaw-12357	217	8	mark	mark	VERB
taxlaw-12357	217	9	inventory	inventory	NOUN
taxlaw-12357	217	10	to	to	ADP
taxlaw-12357	217	11	market	market	NOUN
taxlaw-12357	217	12	)	)	PUNCT
taxlaw-12357	217	13	;	;	PUNCT
taxlaw-12357	217	14	i.r.c	i.r.c	NOUN
taxlaw-12357	217	15	.	.	PUNCT
taxlaw-12357	218	1	§	§	PROPN
taxlaw-12357	218	2	1221(a)(1	1221(a)(1	NUM
taxlaw-12357	218	3	)	)	PUNCT
taxlaw-12357	218	4	(	(	PUNCT
taxlaw-12357	218	5	noting	note	VERB
taxlaw-12357	218	6	that	that	SCONJ
taxlaw-12357	218	7	inventory	inventory	NOUN
taxlaw-12357	218	8	is	be	AUX
taxlaw-12357	218	9	not	not	PART
taxlaw-12357	218	10	a	a	DET
taxlaw-12357	218	11	capital	capital	NOUN
taxlaw-12357	218	12	asset	asset	NOUN
taxlaw-12357	218	13	)	)	PUNCT
taxlaw-12357	218	14	.	.	PUNCT
taxlaw-12357	219	1	16	16	NUM
taxlaw-12357	219	2	see	see	VERB
taxlaw-12357	219	3	david	david	PROPN
taxlaw-12357	219	4	m.	m.	PROPN
taxlaw-12357	219	5	schizer	schizer	PROPN
taxlaw-12357	219	6	,	,	PUNCT
taxlaw-12357	219	7	sticks	stick	NOUN
taxlaw-12357	219	8	and	and	CCONJ
taxlaw-12357	219	9	snakes	snake	NOUN
taxlaw-12357	219	10	:	:	PUNCT
taxlaw-12357	219	11	derivatives	derivative	NOUN
taxlaw-12357	219	12	and	and	CCONJ
taxlaw-12357	219	13	curtailing	curtail	VERB
taxlaw-12357	219	14	aggressive	aggressive	ADJ
taxlaw-12357	219	15	tax	tax	NOUN
taxlaw-12357	219	16	planning	planning	NOUN
taxlaw-12357	219	17	,	,	PUNCT
taxlaw-12357	219	18	73	73	NUM
taxlaw-12357	219	19	s.	s.	PROPN
taxlaw-12357	219	20	cal	cal	PROPN
taxlaw-12357	219	21	.	.	PUNCT
taxlaw-12357	220	1	l.	l.	PROPN
taxlaw-12357	220	2	rev	rev	PROPN
taxlaw-12357	220	3	.	.	PROPN
taxlaw-12357	220	4	1339	1339	NUM
taxlaw-12357	220	5	,	,	PUNCT
taxlaw-12357	220	6	1367	1367	NUM
taxlaw-12357	220	7	-	-	SYM
taxlaw-12357	220	8	68	68	NUM
taxlaw-12357	220	9	(	(	PUNCT
taxlaw-12357	220	10	2000	2000	NUM
taxlaw-12357	220	11	)	)	PUNCT
taxlaw-12357	220	12	;	;	PUNCT
taxlaw-12357	220	13	see	see	VERB
taxlaw-12357	220	14	also	also	ADV
taxlaw-12357	220	15	schizer	schizer	NOUN
taxlaw-12357	220	16	,	,	PUNCT
taxlaw-12357	220	17	frictions	friction	NOUN
taxlaw-12357	220	18	,	,	PUNCT
taxlaw-12357	220	19	supra	supra	PROPN
taxlaw-12357	220	20	note	note	NOUN
taxlaw-12357	220	21	4	4	NUM
taxlaw-12357	220	22	,	,	PUNCT
taxlaw-12357	220	23	at	at	ADP
taxlaw-12357	220	24	1369	1369	NUM
taxlaw-12357	220	25	n.206	n.206	NOUN
taxlaw-12357	220	26	.	.	PUNCT
taxlaw-12357	221	1	columbia	columbia	PROPN
taxlaw-12357	221	2	journal	journal	PROPN
taxlaw-12357	221	3	of	of	ADP
taxlaw-12357	221	4	tax	tax	NOUN
taxlaw-12357	221	5	law	law	NOUN
taxlaw-12357	222	1	[	[	X
taxlaw-12357	222	2	vol	vol	NOUN
taxlaw-12357	222	3	15:1	15:1	NUM
taxlaw-12357	222	4	8	8	NUM
taxlaw-12357	222	5	even	even	ADV
taxlaw-12357	222	6	so	so	ADV
taxlaw-12357	222	7	,	,	PUNCT
taxlaw-12357	222	8	this	this	DET
taxlaw-12357	222	9	transaction	transaction	NOUN
taxlaw-12357	222	10	was	be	AUX
taxlaw-12357	222	11	not	not	PART
taxlaw-12357	222	12	invulnerable	invulnerable	ADJ
taxlaw-12357	222	13	.	.	PUNCT
taxlaw-12357	223	1	invoking	invoke	VERB
taxlaw-12357	223	2	traditional	traditional	ADJ
taxlaw-12357	223	3	principles	principle	NOUN
taxlaw-12357	223	4	of	of	ADP
taxlaw-12357	223	5	tax	tax	NOUN
taxlaw-12357	223	6	ownership	ownership	NOUN
taxlaw-12357	223	7	,	,	PUNCT
taxlaw-12357	223	8	the	the	DET
taxlaw-12357	223	9	government	government	NOUN
taxlaw-12357	223	10	could	could	AUX
taxlaw-12357	223	11	argue	argue	VERB
taxlaw-12357	223	12	that	that	SCONJ
taxlaw-12357	223	13	the	the	DET
taxlaw-12357	223	14	real	real	ADJ
taxlaw-12357	223	15	investor	investor	NOUN
taxlaw-12357	223	16	in	in	ADP
taxlaw-12357	223	17	the	the	DET
taxlaw-12357	223	18	fund	fund	NOUN
taxlaw-12357	223	19	was	be	AUX
taxlaw-12357	223	20	the	the	DET
taxlaw-12357	223	21	client	client	NOUN
taxlaw-12357	223	22	,	,	PUNCT
taxlaw-12357	223	23	not	not	PART
taxlaw-12357	223	24	the	the	DET
taxlaw-12357	223	25	dealer	dealer	NOUN
taxlaw-12357	223	26	.	.	PUNCT
taxlaw-12357	224	1	to	to	PART
taxlaw-12357	224	2	defeat	defeat	VERB
taxlaw-12357	224	3	this	this	DET
taxlaw-12357	224	4	argument	argument	NOUN
taxlaw-12357	224	5	,	,	PUNCT
taxlaw-12357	224	6	taxpayers	taxpayer	NOUN
taxlaw-12357	224	7	and	and	CCONJ
taxlaw-12357	224	8	their	their	PRON
taxlaw-12357	224	9	advisors	advisor	NOUN
taxlaw-12357	224	10	introduced	introduce	VERB
taxlaw-12357	224	11	various	various	ADJ
taxlaw-12357	224	12	features	feature	NOUN
taxlaw-12357	224	13	to	to	PART
taxlaw-12357	224	14	reinforce	reinforce	VERB
taxlaw-12357	224	15	the	the	DET
taxlaw-12357	224	16	claim	claim	NOUN
taxlaw-12357	224	17	that	that	SCONJ
taxlaw-12357	224	18	the	the	DET
taxlaw-12357	224	19	dealer	dealer	NOUN
taxlaw-12357	224	20	was	be	AUX
taxlaw-12357	224	21	the	the	DET
taxlaw-12357	224	22	true	true	ADJ
taxlaw-12357	224	23	owner	owner	NOUN
taxlaw-12357	224	24	.	.	PUNCT
taxlaw-12357	225	1	for	for	ADP
taxlaw-12357	225	2	example	example	NOUN
taxlaw-12357	225	3	,	,	PUNCT
taxlaw-12357	225	4	the	the	DET
taxlaw-12357	225	5	dealer	dealer	NOUN
taxlaw-12357	225	6	needed	need	VERB
taxlaw-12357	225	7	to	to	PART
taxlaw-12357	225	8	have	have	VERB
taxlaw-12357	225	9	discretion	discretion	NOUN
taxlaw-12357	225	10	about	about	ADP
taxlaw-12357	225	11	whether	whether	SCONJ
taxlaw-12357	225	12	(	(	PUNCT
taxlaw-12357	225	13	and	and	CCONJ
taxlaw-12357	225	14	how	how	SCONJ
taxlaw-12357	225	15	)	)	PUNCT
taxlaw-12357	225	16	to	to	PART
taxlaw-12357	225	17	hedge	hedge	VERB
taxlaw-12357	225	18	its	its	PRON
taxlaw-12357	225	19	position	position	NOUN
taxlaw-12357	225	20	in	in	ADP
taxlaw-12357	225	21	the	the	DET
taxlaw-12357	225	22	contract.17	contract.17	PROPN
taxlaw-12357	225	23	b.	b.	PROPN
taxlaw-12357	225	24	section	section	PROPN
taxlaw-12357	225	25	1260	1260	NUM
taxlaw-12357	225	26	in	in	ADP
taxlaw-12357	225	27	response	response	NOUN
taxlaw-12357	225	28	,	,	PUNCT
taxlaw-12357	225	29	congress	congress	PROPN
taxlaw-12357	225	30	enacted	enact	VERB
taxlaw-12357	225	31	section	section	NOUN
taxlaw-12357	225	32	1260	1260	NUM
taxlaw-12357	225	33	in	in	ADP
taxlaw-12357	225	34	1999	1999	NUM
taxlaw-12357	225	35	.	.	PUNCT
taxlaw-12357	226	1	under	under	ADP
taxlaw-12357	226	2	this	this	DET
taxlaw-12357	226	3	provision	provision	NOUN
taxlaw-12357	226	4	,	,	PUNCT
taxlaw-12357	226	5	if	if	SCONJ
taxlaw-12357	226	6	a	a	DET
taxlaw-12357	226	7	derivative	derivative	ADJ
taxlaw-12357	226	8	tracks	track	VERB
taxlaw-12357	226	9	a	a	DET
taxlaw-12357	226	10	hedge	hedge	NOUN
taxlaw-12357	226	11	fund	fund	NOUN
taxlaw-12357	226	12	’s	’s	PART
taxlaw-12357	226	13	return	return	NOUN
taxlaw-12357	226	14	too	too	ADV
taxlaw-12357	226	15	closely	closely	ADV
taxlaw-12357	226	16	,	,	PUNCT
taxlaw-12357	226	17	a	a	DET
taxlaw-12357	226	18	portion	portion	NOUN
taxlaw-12357	226	19	of	of	ADP
taxlaw-12357	226	20	the	the	DET
taxlaw-12357	226	21	long	long	ADJ
taxlaw-12357	226	22	-	-	PUNCT
taxlaw-12357	226	23	term	term	NOUN
taxlaw-12357	226	24	capital	capital	NOUN
taxlaw-12357	226	25	gain	gain	NOUN
taxlaw-12357	226	26	on	on	ADP
taxlaw-12357	226	27	the	the	DET
taxlaw-12357	226	28	derivative	derivative	NOUN
taxlaw-12357	226	29	is	be	AUX
taxlaw-12357	226	30	taxed	tax	VERB
taxlaw-12357	226	31	as	as	ADP
taxlaw-12357	226	32	ordinary	ordinary	ADJ
taxlaw-12357	226	33	income.18	income.18	NOUN
taxlaw-12357	226	34	in	in	ADP
taxlaw-12357	226	35	addition	addition	NOUN
taxlaw-12357	226	36	,	,	PUNCT
taxlaw-12357	226	37	to	to	PART
taxlaw-12357	226	38	offset	offset	VERB
taxlaw-12357	226	39	the	the	DET
taxlaw-12357	226	40	tax	tax	NOUN
taxlaw-12357	226	41	deferral	deferral	NOUN
taxlaw-12357	226	42	offered	offer	VERB
taxlaw-12357	226	43	by	by	ADP
taxlaw-12357	226	44	the	the	DET
taxlaw-12357	226	45	derivative	derivative	NOUN
taxlaw-12357	226	46	,	,	PUNCT
taxlaw-12357	226	47	an	an	DET
taxlaw-12357	226	48	interest	interest	NOUN
taxlaw-12357	226	49	charge	charge	NOUN
taxlaw-12357	226	50	is	be	AUX
taxlaw-12357	226	51	imposed	impose	VERB
taxlaw-12357	226	52	once	once	ADV
taxlaw-12357	226	53	the	the	DET
taxlaw-12357	226	54	tax	tax	NOUN
taxlaw-12357	226	55	comes	come	VERB
taxlaw-12357	226	56	due.19	due.19	NOUN
taxlaw-12357	226	57	yet	yet	CCONJ
taxlaw-12357	226	58	section	section	NOUN
taxlaw-12357	226	59	1260	1260	NUM
taxlaw-12357	226	60	is	be	AUX
taxlaw-12357	226	61	not	not	PART
taxlaw-12357	226	62	precise	precise	ADJ
taxlaw-12357	226	63	in	in	ADP
taxlaw-12357	226	64	specifying	specify	VERB
taxlaw-12357	226	65	how	how	SCONJ
taxlaw-12357	226	66	closely	closely	ADV
taxlaw-12357	226	67	the	the	DET
taxlaw-12357	226	68	derivative	derivative	NOUN
taxlaw-12357	226	69	’s	’s	PART
taxlaw-12357	226	70	economic	economic	ADJ
taxlaw-12357	226	71	return	return	NOUN
taxlaw-12357	226	72	has	have	VERB
taxlaw-12357	226	73	to	to	PART
taxlaw-12357	226	74	track	track	VERB
taxlaw-12357	226	75	the	the	DET
taxlaw-12357	226	76	hedge	hedge	NOUN
taxlaw-12357	226	77	fund	fund	PROPN
taxlaw-12357	226	78	’s	’s	PART
taxlaw-12357	226	79	return	return	NOUN
taxlaw-12357	226	80	.	.	PUNCT
taxlaw-12357	227	1	how	how	SCONJ
taxlaw-12357	227	2	much	much	ADJ
taxlaw-12357	227	3	of	of	ADP
taxlaw-12357	227	4	a	a	DET
taxlaw-12357	227	5	gap	gap	NOUN
taxlaw-12357	227	6	is	be	AUX
taxlaw-12357	227	7	sufficient	sufficient	ADJ
taxlaw-12357	227	8	to	to	PART
taxlaw-12357	227	9	avoid	avoid	VERB
taxlaw-12357	227	10	the	the	DET
taxlaw-12357	227	11	statute	statute	NOUN
taxlaw-12357	227	12	?	?	PUNCT
taxlaw-12357	228	1	the	the	DET
taxlaw-12357	228	2	key	key	ADJ
taxlaw-12357	228	3	word	word	NOUN
taxlaw-12357	228	4	in	in	ADP
taxlaw-12357	228	5	the	the	DET
taxlaw-12357	228	6	statute	statute	NOUN
taxlaw-12357	228	7	is	be	AUX
taxlaw-12357	228	8	“	"	PUNCT
taxlaw-12357	228	9	substantial	substantial	ADJ
taxlaw-12357	228	10	”	"	PUNCT
taxlaw-12357	228	11	;	;	PUNCT
taxlaw-12357	228	12	in	in	ADP
taxlaw-12357	228	13	general	general	ADJ
taxlaw-12357	228	14	,	,	PUNCT
taxlaw-12357	228	15	a	a	DET
taxlaw-12357	228	16	derivative	derivative	NOUN
taxlaw-12357	228	17	is	be	AUX
taxlaw-12357	228	18	caught	catch	VERB
taxlaw-12357	228	19	if	if	SCONJ
taxlaw-12357	228	20	it	it	PRON
taxlaw-12357	228	21	provides	provide	VERB
taxlaw-12357	228	22	“	"	PUNCT
taxlaw-12357	228	23	substantially	substantially	ADV
taxlaw-12357	228	24	all	all	DET
taxlaw-12357	228	25	”	"	PUNCT
taxlaw-12357	228	26	the	the	DET
taxlaw-12357	228	27	risk	risk	NOUN
taxlaw-12357	228	28	of	of	ADP
taxlaw-12357	228	29	loss	loss	NOUN
taxlaw-12357	228	30	and	and	CCONJ
taxlaw-12357	228	31	opportunity	opportunity	NOUN
taxlaw-12357	228	32	for	for	ADP
taxlaw-12357	228	33	gain	gain	NOUN
taxlaw-12357	228	34	in	in	ADP
taxlaw-12357	228	35	the	the	DET
taxlaw-12357	228	36	hedge	hedge	NOUN
taxlaw-12357	228	37	fund.20	fund.20	PROPN
taxlaw-12357	228	38	but	but	CCONJ
taxlaw-12357	228	39	what	what	PRON
taxlaw-12357	228	40	does	do	AUX
taxlaw-12357	228	41	“	"	PUNCT
taxlaw-12357	228	42	substantial	substantial	ADJ
taxlaw-12357	228	43	”	"	PUNCT
taxlaw-12357	228	44	mean	mean	NOUN
taxlaw-12357	228	45	in	in	ADP
taxlaw-12357	228	46	this	this	DET
taxlaw-12357	228	47	context?21	context?21	NOUN
taxlaw-12357	228	48	almost	almost	ADV
taxlaw-12357	228	49	twenty	twenty	NUM
taxlaw-12357	228	50	-	-	PUNCT
taxlaw-12357	228	51	five	five	NUM
taxlaw-12357	228	52	years	year	NOUN
taxlaw-12357	228	53	later	later	ADV
taxlaw-12357	228	54	,	,	PUNCT
taxlaw-12357	228	55	no	no	DET
taxlaw-12357	228	56	regulations	regulation	NOUN
taxlaw-12357	228	57	have	have	AUX
taxlaw-12357	228	58	been	be	AUX
taxlaw-12357	228	59	issued	issue	VERB
taxlaw-12357	228	60	to	to	PART
taxlaw-12357	228	61	clarify	clarify	VERB
taxlaw-12357	228	62	this	this	DET
taxlaw-12357	228	63	question.22	question.22	NOUN
taxlaw-12357	228	64	17	17	NUM
taxlaw-12357	228	65	see	see	NOUN
taxlaw-12357	228	66	schizer	schizer	NOUN
taxlaw-12357	228	67	,	,	PUNCT
taxlaw-12357	228	68	frictions	friction	NOUN
taxlaw-12357	228	69	,	,	PUNCT
taxlaw-12357	228	70	supra	supra	PROPN
taxlaw-12357	228	71	note	note	NOUN
taxlaw-12357	228	72	4	4	NUM
taxlaw-12357	228	73	,	,	PUNCT
taxlaw-12357	228	74	at	at	ADP
taxlaw-12357	228	75	1369	1369	NUM
taxlaw-12357	228	76	n.206	n.206	NOUN
taxlaw-12357	228	77	.	.	PUNCT
taxlaw-12357	229	1	18	18	NUM
taxlaw-12357	229	2	i.r.c	i.r.c	NOUN
taxlaw-12357	229	3	.	.	PUNCT
taxlaw-12357	230	1	§	§	PROPN
taxlaw-12357	230	2	1260(a	1260(a	NUM
taxlaw-12357	230	3	)	)	PUNCT
taxlaw-12357	230	4	.	.	PUNCT
taxlaw-12357	231	1	19	19	NUM
taxlaw-12357	231	2	i.r.c	i.r.c	NOUN
taxlaw-12357	231	3	.	.	PUNCT
taxlaw-12357	232	1	§	§	PROPN
taxlaw-12357	232	2	1260(b	1260(b	PROPN
taxlaw-12357	232	3	)	)	PUNCT
taxlaw-12357	232	4	.	.	PUNCT
taxlaw-12357	233	1	20	20	NUM
taxlaw-12357	233	2	for	for	ADP
taxlaw-12357	233	3	example	example	NOUN
taxlaw-12357	233	4	,	,	PUNCT
taxlaw-12357	233	5	a	a	DET
taxlaw-12357	233	6	notional	notional	ADJ
taxlaw-12357	233	7	principal	principal	ADJ
taxlaw-12357	233	8	contract	contract	NOUN
taxlaw-12357	233	9	is	be	AUX
taxlaw-12357	233	10	covered	cover	VERB
taxlaw-12357	233	11	if	if	SCONJ
taxlaw-12357	233	12	the	the	DET
taxlaw-12357	233	13	holder	holder	NOUN
taxlaw-12357	233	14	“	"	PUNCT
taxlaw-12357	233	15	(	(	PUNCT
taxlaw-12357	233	16	a	a	X
taxlaw-12357	233	17	)	)	PUNCT
taxlaw-12357	233	18	has	have	VERB
taxlaw-12357	233	19	the	the	DET
taxlaw-12357	233	20	right	right	NOUN
taxlaw-12357	233	21	to	to	PART
taxlaw-12357	233	22	be	be	AUX
taxlaw-12357	233	23	paid	pay	VERB
taxlaw-12357	233	24	(	(	PUNCT
taxlaw-12357	233	25	or	or	CCONJ
taxlaw-12357	233	26	receive	receive	VERB
taxlaw-12357	233	27	credit	credit	NOUN
taxlaw-12357	233	28	for	for	ADP
taxlaw-12357	233	29	)	)	PUNCT
taxlaw-12357	233	30	all	all	PRON
taxlaw-12357	233	31	or	or	CCONJ
taxlaw-12357	233	32	substantially	substantially	ADV
taxlaw-12357	233	33	all	all	PRON
taxlaw-12357	233	34	of	of	ADP
taxlaw-12357	233	35	the	the	DET
taxlaw-12357	233	36	investment	investment	NOUN
taxlaw-12357	233	37	yield	yield	NOUN
taxlaw-12357	233	38	(	(	PUNCT
taxlaw-12357	233	39	including	include	VERB
taxlaw-12357	233	40	appreciation	appreciation	NOUN
taxlaw-12357	233	41	)	)	PUNCT
taxlaw-12357	233	42	on	on	ADP
taxlaw-12357	233	43	such	such	ADJ
taxlaw-12357	233	44	financial	financial	ADJ
taxlaw-12357	233	45	asset	asset	NOUN
taxlaw-12357	233	46	for	for	ADP
taxlaw-12357	233	47	a	a	DET
taxlaw-12357	233	48	specified	specified	ADJ
taxlaw-12357	233	49	period	period	NOUN
taxlaw-12357	233	50	,	,	PUNCT
taxlaw-12357	233	51	and	and	CCONJ
taxlaw-12357	233	52	(	(	PUNCT
taxlaw-12357	233	53	b	b	X
taxlaw-12357	233	54	)	)	PUNCT
taxlaw-12357	233	55	is	be	AUX
taxlaw-12357	233	56	obligated	obligate	VERB
taxlaw-12357	233	57	to	to	PART
taxlaw-12357	233	58	reimburse	reimburse	VERB
taxlaw-12357	233	59	(	(	PUNCT
taxlaw-12357	233	60	or	or	CCONJ
taxlaw-12357	233	61	provide	provide	VERB
taxlaw-12357	233	62	credit	credit	NOUN
taxlaw-12357	233	63	for	for	ADP
taxlaw-12357	233	64	)	)	PUNCT
taxlaw-12357	233	65	all	all	PRON
taxlaw-12357	233	66	or	or	CCONJ
taxlaw-12357	233	67	substantially	substantially	ADV
taxlaw-12357	233	68	all	all	PRON
taxlaw-12357	233	69	of	of	ADP
taxlaw-12357	233	70	any	any	DET
taxlaw-12357	233	71	decline	decline	NOUN
taxlaw-12357	233	72	in	in	ADP
taxlaw-12357	233	73	the	the	DET
taxlaw-12357	233	74	value	value	NOUN
taxlaw-12357	233	75	of	of	ADP
taxlaw-12357	233	76	such	such	ADJ
taxlaw-12357	233	77	financial	financial	ADJ
taxlaw-12357	233	78	asset	asset	NOUN
taxlaw-12357	233	79	.	.	PUNCT
taxlaw-12357	233	80	”	"	PUNCT
taxlaw-12357	233	81	i.r.c	i.r.c	NOUN
taxlaw-12357	233	82	.	.	PUNCT
taxlaw-12357	234	1	§	§	PROPN
taxlaw-12357	234	2	1260(d)(3	1260(d)(3	NUM
taxlaw-12357	234	3	)	)	PUNCT
taxlaw-12357	234	4	(	(	PUNCT
taxlaw-12357	234	5	emphasis	emphasis	NOUN
taxlaw-12357	234	6	added	add	VERB
taxlaw-12357	234	7	)	)	PUNCT
taxlaw-12357	234	8	.	.	PUNCT
taxlaw-12357	235	1	likewise	likewise	ADV
taxlaw-12357	235	2	,	,	PUNCT
taxlaw-12357	235	3	the	the	DET
taxlaw-12357	235	4	statute	statute	NOUN
taxlaw-12357	235	5	also	also	ADV
taxlaw-12357	235	6	applies	apply	VERB
taxlaw-12357	235	7	to	to	ADP
taxlaw-12357	235	8	a	a	DET
taxlaw-12357	235	9	taxpayer	taxpayer	NOUN
taxlaw-12357	235	10	who	who	PRON
taxlaw-12357	235	11	“	"	PUNCT
taxlaw-12357	235	12	is	be	AUX
taxlaw-12357	235	13	the	the	DET
taxlaw-12357	235	14	holder	holder	NOUN
taxlaw-12357	235	15	of	of	ADP
taxlaw-12357	235	16	a	a	DET
taxlaw-12357	235	17	call	call	NOUN
taxlaw-12357	235	18	option	option	NOUN
taxlaw-12357	235	19	,	,	PUNCT
taxlaw-12357	235	20	and	and	CCONJ
taxlaw-12357	235	21	is	be	AUX
taxlaw-12357	235	22	the	the	DET
taxlaw-12357	235	23	grantor	grantor	NOUN
taxlaw-12357	235	24	of	of	ADP
taxlaw-12357	235	25	a	a	DET
taxlaw-12357	235	26	put	put	NOUN
taxlaw-12357	235	27	option	option	NOUN
taxlaw-12357	235	28	,	,	PUNCT
taxlaw-12357	235	29	with	with	ADP
taxlaw-12357	235	30	respect	respect	NOUN
taxlaw-12357	235	31	to	to	ADP
taxlaw-12357	235	32	the	the	DET
taxlaw-12357	235	33	financial	financial	ADJ
taxlaw-12357	235	34	asset	asset	NOUN
taxlaw-12357	235	35	and	and	CCONJ
taxlaw-12357	235	36	such	such	ADJ
taxlaw-12357	235	37	options	option	NOUN
taxlaw-12357	235	38	have	have	VERB
taxlaw-12357	235	39	substantially	substantially	ADV
taxlaw-12357	235	40	equal	equal	ADJ
taxlaw-12357	235	41	strike	strike	NOUN
taxlaw-12357	235	42	prices	price	NOUN
taxlaw-12357	235	43	and	and	CCONJ
taxlaw-12357	235	44	substantially	substantially	ADV
taxlaw-12357	235	45	contemporaneous	contemporaneous	ADJ
taxlaw-12357	235	46	maturity	maturity	NOUN
taxlaw-12357	235	47	dates	date	NOUN
taxlaw-12357	235	48	.	.	PUNCT
taxlaw-12357	235	49	”	"	PUNCT
taxlaw-12357	235	50	i.r.c	i.r.c	NOUN
taxlaw-12357	235	51	.	.	PUNCT
taxlaw-12357	236	1	§	§	PROPN
taxlaw-12357	236	2	1260(d)(1)(c	1260(d)(1)(c	NUM
taxlaw-12357	236	3	)	)	PUNCT
taxlaw-12357	236	4	(	(	PUNCT
taxlaw-12357	236	5	emphasis	emphasis	NOUN
taxlaw-12357	236	6	added	add	VERB
taxlaw-12357	236	7	)	)	PUNCT
taxlaw-12357	236	8	.	.	PUNCT
taxlaw-12357	237	1	i.r.c	i.r.c	NOUN
taxlaw-12357	237	2	.	.	PUNCT
taxlaw-12357	238	1	§	§	PROPN
taxlaw-12357	238	2	1260	1260	NUM
taxlaw-12357	238	3	also	also	ADV
taxlaw-12357	238	4	applies	apply	VERB
taxlaw-12357	238	5	to	to	ADP
taxlaw-12357	238	6	forward	forward	ADJ
taxlaw-12357	238	7	contracts	contract	NOUN
taxlaw-12357	238	8	and	and	CCONJ
taxlaw-12357	238	9	,	,	PUNCT
taxlaw-12357	238	10	under	under	ADP
taxlaw-12357	238	11	regulations	regulation	NOUN
taxlaw-12357	238	12	,	,	PUNCT
taxlaw-12357	238	13	to	to	ADP
taxlaw-12357	238	14	“	"	PUNCT
taxlaw-12357	238	15	other	other	ADJ
taxlaw-12357	238	16	transactions	transaction	NOUN
taxlaw-12357	238	17	(	(	PUNCT
taxlaw-12357	238	18	or	or	CCONJ
taxlaw-12357	238	19	.	.	PUNCT
taxlaw-12357	238	20	.	.	PUNCT
taxlaw-12357	238	21	.	.	PUNCT
taxlaw-12357	239	1	positions	position	NOUN
taxlaw-12357	239	2	)	)	PUNCT
taxlaw-12357	239	3	that	that	PRON
taxlaw-12357	239	4	have	have	VERB
taxlaw-12357	239	5	substantially	substantially	ADV
taxlaw-12357	239	6	the	the	DET
taxlaw-12357	239	7	same	same	ADJ
taxlaw-12357	239	8	effect	effect	NOUN
taxlaw-12357	239	9	”	"	PUNCT
taxlaw-12357	239	10	as	as	ADP
taxlaw-12357	239	11	the	the	DET
taxlaw-12357	239	12	transactions	transaction	NOUN
taxlaw-12357	239	13	listed	list	VERB
taxlaw-12357	239	14	above	above	ADV
taxlaw-12357	239	15	.	.	PUNCT
taxlaw-12357	240	1	i.r.c	i.r.c	NOUN
taxlaw-12357	240	2	.	.	PUNCT
taxlaw-12357	241	1	§	§	PROPN
taxlaw-12357	241	2	1260(d)(1)(d	1260(d)(1)(d	NUM
taxlaw-12357	241	3	)	)	PUNCT
taxlaw-12357	241	4	(	(	PUNCT
taxlaw-12357	241	5	emphasis	emphasis	NOUN
taxlaw-12357	241	6	added	add	VERB
taxlaw-12357	241	7	)	)	PUNCT
taxlaw-12357	241	8	.	.	PUNCT
taxlaw-12357	242	1	21	21	NUM
taxlaw-12357	242	2	guidance	guidance	NOUN
taxlaw-12357	242	3	can	can	AUX
taxlaw-12357	242	4	be	be	AUX
taxlaw-12357	242	5	gleaned	glean	VERB
taxlaw-12357	242	6	from	from	ADP
taxlaw-12357	242	7	another	another	DET
taxlaw-12357	242	8	provision	provision	NOUN
taxlaw-12357	242	9	that	that	PRON
taxlaw-12357	242	10	uses	use	VERB
taxlaw-12357	242	11	similar	similar	ADJ
taxlaw-12357	242	12	language	language	NOUN
taxlaw-12357	242	13	,	,	PUNCT
taxlaw-12357	242	14	section	section	NOUN
taxlaw-12357	242	15	1259	1259	NUM
taxlaw-12357	242	16	,	,	PUNCT
taxlaw-12357	242	17	which	which	PRON
taxlaw-12357	242	18	imposes	impose	VERB
taxlaw-12357	242	19	tax	tax	NOUN
taxlaw-12357	242	20	when	when	SCONJ
taxlaw-12357	242	21	taxpayers	taxpayer	NOUN
taxlaw-12357	242	22	hedge	hedge	VERB
taxlaw-12357	242	23	appreciated	appreciated	ADJ
taxlaw-12357	242	24	assets	asset	NOUN
taxlaw-12357	242	25	too	too	ADV
taxlaw-12357	242	26	perfectly	perfectly	ADV
taxlaw-12357	242	27	.	.	PUNCT
taxlaw-12357	243	1	in	in	ADP
taxlaw-12357	243	2	2003	2003	NUM
taxlaw-12357	243	3	,	,	PUNCT
taxlaw-12357	243	4	the	the	DET
taxlaw-12357	243	5	i.r.s	i.r.s	NOUN
taxlaw-12357	243	6	.	.	PUNCT
taxlaw-12357	243	7	indicated	indicate	VERB
taxlaw-12357	243	8	that	that	SCONJ
taxlaw-12357	243	9	a	a	DET
taxlaw-12357	243	10	forward	forward	ADJ
taxlaw-12357	243	11	contract	contract	NOUN
taxlaw-12357	243	12	does	do	AUX
taxlaw-12357	243	13	not	not	PART
taxlaw-12357	243	14	deliver	deliver	VERB
taxlaw-12357	243	15	a	a	DET
taxlaw-12357	243	16	substantially	substantially	ADV
taxlaw-12357	243	17	fixed	fix	VERB
taxlaw-12357	243	18	number	number	NOUN
taxlaw-12357	243	19	of	of	ADP
taxlaw-12357	243	20	shares	share	NOUN
taxlaw-12357	243	21	if	if	SCONJ
taxlaw-12357	243	22	the	the	DET
taxlaw-12357	243	23	number	number	NOUN
taxlaw-12357	243	24	would	would	AUX
taxlaw-12357	243	25	vary	vary	VERB
taxlaw-12357	243	26	between	between	ADP
taxlaw-12357	243	27	80	80	NUM
taxlaw-12357	243	28	and	and	CCONJ
taxlaw-12357	243	29	100	100	NUM
taxlaw-12357	243	30	,	,	PUNCT
taxlaw-12357	243	31	depending	depend	VERB
taxlaw-12357	243	32	on	on	ADP
taxlaw-12357	243	33	the	the	DET
taxlaw-12357	243	34	stock	stock	NOUN
taxlaw-12357	243	35	price	price	NOUN
taxlaw-12357	243	36	when	when	SCONJ
taxlaw-12357	243	37	the	the	DET
taxlaw-12357	243	38	forward	forward	ADJ
taxlaw-12357	243	39	contract	contract	NOUN
taxlaw-12357	243	40	matures	mature	NOUN
taxlaw-12357	243	41	or	or	CCONJ
taxlaw-12357	243	42	is	be	AUX
taxlaw-12357	243	43	terminated	terminate	VERB
taxlaw-12357	243	44	.	.	PUNCT
taxlaw-12357	244	1	“	"	PUNCT
taxlaw-12357	244	2	according	accord	VERB
taxlaw-12357	244	3	to	to	ADP
taxlaw-12357	244	4	the	the	DET
taxlaw-12357	244	5	agreement	agreement	NOUN
taxlaw-12357	244	6	,	,	PUNCT
taxlaw-12357	244	7	delivery	delivery	NOUN
taxlaw-12357	244	8	of	of	ADP
taxlaw-12357	244	9	a	a	DET
taxlaw-12357	244	10	number	number	NOUN
taxlaw-12357	244	11	of	of	ADP
taxlaw-12357	244	12	shares	share	NOUN
taxlaw-12357	244	13	,	,	PUNCT
taxlaw-12357	244	14	which	which	PRON
taxlaw-12357	244	15	may	may	AUX
taxlaw-12357	244	16	vary	vary	VERB
taxlaw-12357	244	17	between	between	ADP
taxlaw-12357	244	18	80	80	NUM
taxlaw-12357	244	19	and	and	CCONJ
taxlaw-12357	244	20	100	100	NUM
taxlaw-12357	244	21	shares	share	NOUN
taxlaw-12357	244	22	,	,	PUNCT
taxlaw-12357	244	23	depends	depend	VERB
taxlaw-12357	244	24	on	on	ADP
taxlaw-12357	244	25	the	the	DET
taxlaw-12357	244	26	fair	fair	ADJ
taxlaw-12357	244	27	market	market	NOUN
taxlaw-12357	244	28	value	value	NOUN
taxlaw-12357	244	29	of	of	ADP
taxlaw-12357	244	30	the	the	DET
taxlaw-12357	244	31	stock	stock	NOUN
taxlaw-12357	244	32	on	on	ADP
taxlaw-12357	244	33	the	the	DET
taxlaw-12357	244	34	exchange	exchange	NOUN
taxlaw-12357	244	35	date	date	NOUN
taxlaw-12357	244	36	,	,	PUNCT
taxlaw-12357	244	37	”	"	PUNCT
taxlaw-12357	244	38	the	the	DET
taxlaw-12357	244	39	i.r.s	i.r.s	PROPN
taxlaw-12357	244	40	.	.	PROPN
taxlaw-12357	244	41	said	say	VERB
taxlaw-12357	244	42	.	.	PUNCT
taxlaw-12357	245	1	“	"	PUNCT
taxlaw-12357	245	2	because	because	SCONJ
taxlaw-12357	245	3	this	this	PRON
taxlaw-12357	245	4	.	.	PUNCT
taxlaw-12357	245	5	.	.	PUNCT
taxlaw-12357	245	6	.	.	PUNCT
taxlaw-12357	245	7	is	be	AUX
taxlaw-12357	245	8	a	a	DET
taxlaw-12357	245	9	significant	significant	ADJ
taxlaw-12357	245	10	variation	variation	NOUN
taxlaw-12357	245	11	,	,	PUNCT
taxlaw-12357	245	12	the	the	DET
taxlaw-12357	245	13	agreement	agreement	NOUN
taxlaw-12357	245	14	is	be	AUX
taxlaw-12357	245	15	not	not	PART
taxlaw-12357	245	16	a	a	DET
taxlaw-12357	245	17	contract	contract	NOUN
taxlaw-12357	245	18	to	to	PART
taxlaw-12357	245	19	deliver	deliver	VERB
taxlaw-12357	245	20	a	a	DET
taxlaw-12357	245	21	substantially	substantially	ADV
taxlaw-12357	245	22	fixed	fix	VERB
taxlaw-12357	245	23	amount	amount	NOUN
taxlaw-12357	245	24	of	of	ADP
taxlaw-12357	245	25	property	property	NOUN
taxlaw-12357	245	26	for	for	ADP
taxlaw-12357	245	27	purposes	purpose	NOUN
taxlaw-12357	245	28	of	of	ADP
taxlaw-12357	245	29	§	§	NOUN
taxlaw-12357	245	30	1259(d)(1	1259(d)(1	NUM
taxlaw-12357	245	31	)	)	PUNCT
taxlaw-12357	245	32	.	.	PUNCT
taxlaw-12357	245	33	”	"	PUNCT
taxlaw-12357	246	1	rev	rev	PROPN
taxlaw-12357	246	2	.	.	PROPN
taxlaw-12357	247	1	rul	rul	PROPN
taxlaw-12357	247	2	.	.	PUNCT
taxlaw-12357	247	3	2003	2003	NUM
taxlaw-12357	247	4	-	-	SYM
taxlaw-12357	247	5	7	7	NUM
taxlaw-12357	247	6	,	,	PUNCT
taxlaw-12357	247	7	2003	2003	NUM
taxlaw-12357	247	8	-	-	SYM
taxlaw-12357	247	9	1	1	NUM
taxlaw-12357	247	10	c.b	c.b	PROPN
taxlaw-12357	247	11	.	.	PROPN
taxlaw-12357	247	12	363	363	NUM
taxlaw-12357	247	13	.	.	PUNCT
taxlaw-12357	248	1	even	even	ADV
taxlaw-12357	248	2	so	so	ADV
taxlaw-12357	248	3	,	,	PUNCT
taxlaw-12357	248	4	the	the	DET
taxlaw-12357	248	5	strategies	strategy	NOUN
taxlaw-12357	248	6	for	for	ADP
taxlaw-12357	248	7	avoiding	avoid	VERB
taxlaw-12357	248	8	section	section	NOUN
taxlaw-12357	248	9	1259	1259	NUM
taxlaw-12357	248	10	and	and	CCONJ
taxlaw-12357	248	11	section	section	NOUN
taxlaw-12357	248	12	1260	1260	NUM
taxlaw-12357	248	13	are	be	AUX
taxlaw-12357	248	14	somewhat	somewhat	ADV
taxlaw-12357	248	15	different	different	ADJ
taxlaw-12357	248	16	.	.	PUNCT
taxlaw-12357	249	1	see	see	VERB
taxlaw-12357	249	2	generally	generally	ADV
taxlaw-12357	249	3	schizer	schizer	NOUN
taxlaw-12357	249	4	,	,	PUNCT
taxlaw-12357	249	5	frictions	friction	NOUN
taxlaw-12357	249	6	,	,	PUNCT
taxlaw-12357	249	7	supra	supra	PROPN
taxlaw-12357	249	8	note	note	NOUN
taxlaw-12357	249	9	4	4	NUM
taxlaw-12357	249	10	(	(	PUNCT
taxlaw-12357	249	11	noting	note	VERB
taxlaw-12357	249	12	similarities	similarity	NOUN
taxlaw-12357	249	13	in	in	ADP
taxlaw-12357	249	14	the	the	DET
taxlaw-12357	249	15	statutory	statutory	ADJ
taxlaw-12357	249	16	language	language	NOUN
taxlaw-12357	249	17	of	of	ADP
taxlaw-12357	249	18	section	section	NOUN
taxlaw-12357	249	19	1259	1259	NUM
taxlaw-12357	249	20	and	and	CCONJ
taxlaw-12357	249	21	section	section	NOUN
taxlaw-12357	249	22	1260	1260	NUM
taxlaw-12357	249	23	,	,	PUNCT
taxlaw-12357	249	24	but	but	CCONJ
taxlaw-12357	249	25	important	important	ADJ
taxlaw-12357	249	26	differences	difference	NOUN
taxlaw-12357	249	27	in	in	ADP
taxlaw-12357	249	28	the	the	DET
taxlaw-12357	249	29	nontax	nontax	NOUN
taxlaw-12357	249	30	cost	cost	NOUN
taxlaw-12357	249	31	of	of	ADP
taxlaw-12357	249	32	avoiding	avoid	VERB
taxlaw-12357	249	33	these	these	DET
taxlaw-12357	249	34	provisions	provision	NOUN
taxlaw-12357	249	35	,	,	PUNCT
taxlaw-12357	249	36	and	and	CCONJ
taxlaw-12357	249	37	thus	thus	ADV
taxlaw-12357	249	38	in	in	ADP
taxlaw-12357	249	39	the	the	DET
taxlaw-12357	249	40	strategies	strategy	NOUN
taxlaw-12357	249	41	for	for	ADP
taxlaw-12357	249	42	planning	plan	VERB
taxlaw-12357	249	43	around	around	ADP
taxlaw-12357	249	44	them	they	PRON
taxlaw-12357	249	45	)	)	PUNCT
taxlaw-12357	249	46	.	.	PUNCT
taxlaw-12357	250	1	22	22	NUM
taxlaw-12357	251	1	likewise	likewise	ADV
taxlaw-12357	251	2	,	,	PUNCT
taxlaw-12357	251	3	there	there	PRON
taxlaw-12357	251	4	are	be	VERB
taxlaw-12357	251	5	no	no	DET
taxlaw-12357	251	6	regulations	regulation	NOUN
taxlaw-12357	251	7	to	to	PART
taxlaw-12357	251	8	resolve	resolve	VERB
taxlaw-12357	251	9	other	other	ADJ
taxlaw-12357	251	10	issues	issue	NOUN
taxlaw-12357	251	11	.	.	PUNCT
taxlaw-12357	252	1	for	for	ADP
taxlaw-12357	252	2	example	example	NOUN
taxlaw-12357	252	3	,	,	PUNCT
taxlaw-12357	252	4	aside	aside	ADV
taxlaw-12357	252	5	from	from	ADP
taxlaw-12357	252	6	the	the	DET
taxlaw-12357	252	7	derivatives	derivative	NOUN
taxlaw-12357	252	8	specified	specify	VERB
taxlaw-12357	252	9	in	in	ADP
taxlaw-12357	252	10	the	the	DET
taxlaw-12357	252	11	statute	statute	NOUN
taxlaw-12357	252	12	,	,	PUNCT
taxlaw-12357	252	13	congress	congress	PROPN
taxlaw-12357	252	14	authorized	authorize	VERB
taxlaw-12357	252	15	the	the	DET
taxlaw-12357	252	16	treasury	treasury	NOUN
taxlaw-12357	252	17	to	to	PART
taxlaw-12357	252	18	recharacterize	recharacterize	VERB
taxlaw-12357	252	19	“	"	PUNCT
taxlaw-12357	252	20	other	other	ADJ
taxlaw-12357	252	21	transactions	transaction	NOUN
taxlaw-12357	252	22	.	.	PUNCT
taxlaw-12357	252	23	.	.	PUNCT
taxlaw-12357	252	24	.	.	PUNCT
taxlaw-12357	253	1	that	that	PRON
taxlaw-12357	253	2	have	have	VERB
taxlaw-12357	253	3	substantially	substantially	ADV
taxlaw-12357	253	4	the	the	DET
taxlaw-12357	253	5	same	same	ADJ
taxlaw-12357	253	6	effect	effect	NOUN
taxlaw-12357	253	7	”	"	PUNCT
taxlaw-12357	253	8	as	as	ADP
taxlaw-12357	253	9	the	the	DET
taxlaw-12357	253	10	listed	list	VERB
taxlaw-12357	253	11	transactions	transaction	NOUN
taxlaw-12357	253	12	.	.	PUNCT
taxlaw-12357	254	1	i.r.c	i.r.c	NOUN
taxlaw-12357	254	2	.	.	PUNCT
taxlaw-12357	255	1	§	§	PROPN
taxlaw-12357	255	2	1260(d)(1)(d	1260(d)(1)(d	NUM
taxlaw-12357	255	3	)	)	PUNCT
taxlaw-12357	255	4	.	.	PUNCT
taxlaw-12357	256	1	along	along	ADP
taxlaw-12357	256	2	with	with	ADP
taxlaw-12357	256	3	derivatives	derivative	NOUN
taxlaw-12357	256	4	based	base	VERB
taxlaw-12357	256	5	on	on	ADP
taxlaw-12357	256	6	hedge	hedge	NOUN
taxlaw-12357	256	7	funds	fund	NOUN
taxlaw-12357	256	8	,	,	PUNCT
taxlaw-12357	256	9	the	the	DET
taxlaw-12357	256	10	statute	statute	NOUN
taxlaw-12357	256	11	also	also	ADV
taxlaw-12357	256	12	applied	apply	VERB
taxlaw-12357	256	13	to	to	ADP
taxlaw-12357	256	14	derivatives	derivative	NOUN
taxlaw-12357	256	15	based	base	VERB
taxlaw-12357	256	16	on	on	ADP
taxlaw-12357	256	17	mutual	mutual	ADJ
taxlaw-12357	256	18	funds	fund	NOUN
taxlaw-12357	256	19	,	,	PUNCT
taxlaw-12357	256	20	reits	reit	NOUN
taxlaw-12357	256	21	,	,	PUNCT
taxlaw-12357	256	22	and	and	CCONJ
taxlaw-12357	256	23	other	other	ADJ
taxlaw-12357	256	24	pass	pass	VERB
taxlaw-12357	256	25	-	-	PUNCT
taxlaw-12357	256	26	through	through	ADP
taxlaw-12357	256	27	entities	entity	NOUN
taxlaw-12357	256	28	.	.	PUNCT
taxlaw-12357	257	1	i.r.c	i.r.c	NOUN
taxlaw-12357	257	2	.	.	PUNCT
taxlaw-12357	258	1	§	§	PROPN
taxlaw-12357	258	2	1260(c)(2	1260(c)(2	NUM
taxlaw-12357	258	3	)	)	PUNCT
taxlaw-12357	258	4	.	.	PUNCT
taxlaw-12357	259	1	but	but	CCONJ
taxlaw-12357	259	2	what	what	PRON
taxlaw-12357	259	3	about	about	ADP
taxlaw-12357	259	4	derivatives	derivative	NOUN
taxlaw-12357	259	5	based	base	VERB
taxlaw-12357	259	6	on	on	ADP
taxlaw-12357	259	7	debt	debt	NOUN
taxlaw-12357	259	8	instruments	instrument	NOUN
taxlaw-12357	259	9	or	or	CCONJ
taxlaw-12357	259	10	common	common	ADJ
taxlaw-12357	259	11	stock	stock	NOUN
taxlaw-12357	259	12	?	?	PUNCT
taxlaw-12357	260	1	congress	congress	PROPN
taxlaw-12357	260	2	authorized	authorize	VERB
taxlaw-12357	260	3	the	the	DET
taxlaw-12357	260	4	treasury	treasury	NOUN
taxlaw-12357	260	5	to	to	PART
taxlaw-12357	260	6	cover	cover	VERB
taxlaw-12357	260	7	these	these	DET
taxlaw-12357	260	8	instruments	instrument	NOUN
taxlaw-12357	260	9	2024	2024	NUM
taxlaw-12357	260	10	]	]	PUNCT
taxlaw-12357	260	11	transaction	transaction	NOUN
taxlaw-12357	260	12	-	-	PUNCT
taxlaw-12357	260	13	specific	specific	ADJ
taxlaw-12357	260	14	tax	tax	NOUN
taxlaw-12357	260	15	reform	reform	NOUN
taxlaw-12357	260	16	in	in	ADP
taxlaw-12357	260	17	three	three	NUM
taxlaw-12357	260	18	steps	step	NOUN
taxlaw-12357	260	19	9	9	NUM
taxlaw-12357	260	20	meanwhile	meanwhile	ADV
taxlaw-12357	260	21	,	,	PUNCT
taxlaw-12357	260	22	the	the	DET
taxlaw-12357	260	23	government	government	NOUN
taxlaw-12357	260	24	has	have	AUX
taxlaw-12357	260	25	pursued	pursue	VERB
taxlaw-12357	260	26	a	a	DET
taxlaw-12357	260	27	range	range	NOUN
taxlaw-12357	260	28	of	of	ADP
taxlaw-12357	260	29	cases	case	NOUN
taxlaw-12357	260	30	against	against	ADP
taxlaw-12357	260	31	hedge	hedge	NOUN
taxlaw-12357	260	32	fund	fund	NOUN
taxlaw-12357	260	33	derivatives	derivative	NOUN
taxlaw-12357	260	34	that	that	PRON
taxlaw-12357	260	35	might	might	AUX
taxlaw-12357	260	36	–	–	PUNCT
taxlaw-12357	260	37	or	or	CCONJ
taxlaw-12357	260	38	might	might	AUX
taxlaw-12357	260	39	not	not	PART
taxlaw-12357	260	40	–	–	PUNCT
taxlaw-12357	260	41	be	be	AUX
taxlaw-12357	260	42	covered	cover	VERB
taxlaw-12357	260	43	by	by	ADP
taxlaw-12357	260	44	the	the	DET
taxlaw-12357	260	45	statute	statute	NOUN
taxlaw-12357	260	46	.	.	PUNCT
taxlaw-12357	261	1	the	the	DET
taxlaw-12357	261	2	george	george	PROPN
taxlaw-12357	261	3	weiss	weiss	PROPN
taxlaw-12357	261	4	case	case	NOUN
taxlaw-12357	261	5	went	go	VERB
taxlaw-12357	261	6	to	to	ADP
taxlaw-12357	261	7	trial	trial	NOUN
taxlaw-12357	261	8	in	in	ADP
taxlaw-12357	261	9	2022.23	2022.23	NUM
taxlaw-12357	261	10	as	as	ADP
taxlaw-12357	261	11	of	of	ADP
taxlaw-12357	261	12	this	this	DET
taxlaw-12357	261	13	writing	writing	NOUN
taxlaw-12357	261	14	,	,	PUNCT
taxlaw-12357	261	15	a	a	DET
taxlaw-12357	261	16	decision	decision	NOUN
taxlaw-12357	261	17	is	be	AUX
taxlaw-12357	261	18	still	still	ADV
taxlaw-12357	261	19	pending	pende	VERB
taxlaw-12357	261	20	.	.	PUNCT
taxlaw-12357	262	1	iii	iii	X
taxlaw-12357	262	2	.	.	PUNCT
taxlaw-12357	262	3	normative	normative	ADJ
taxlaw-12357	262	4	criteria	criterion	NOUN
taxlaw-12357	262	5	for	for	ADP
taxlaw-12357	262	6	evaluating	evaluate	VERB
taxlaw-12357	262	7	transaction	transaction	NOUN
taxlaw-12357	262	8	-	-	PUNCT
taxlaw-12357	262	9	specific	specific	ADJ
taxlaw-12357	262	10	reforms	reform	NOUN
taxlaw-12357	262	11	:	:	PUNCT
taxlaw-12357	262	12	distribution	distribution	NOUN
taxlaw-12357	262	13	and	and	CCONJ
taxlaw-12357	262	14	efficiency	efficiency	NOUN
taxlaw-12357	262	15	how	how	SCONJ
taxlaw-12357	262	16	do	do	AUX
taxlaw-12357	262	17	we	we	PRON
taxlaw-12357	262	18	know	know	VERB
taxlaw-12357	262	19	whether	whether	SCONJ
taxlaw-12357	262	20	a	a	DET
taxlaw-12357	262	21	rule	rule	NOUN
taxlaw-12357	262	22	like	like	ADP
taxlaw-12357	262	23	section	section	NOUN
taxlaw-12357	262	24	1260	1260	NUM
taxlaw-12357	262	25	is	be	AUX
taxlaw-12357	262	26	a	a	DET
taxlaw-12357	262	27	good	good	ADJ
taxlaw-12357	262	28	idea	idea	NOUN
taxlaw-12357	262	29	?	?	PUNCT
taxlaw-12357	263	1	after	after	ADV
taxlaw-12357	263	2	all	all	ADV
taxlaw-12357	263	3	,	,	PUNCT
taxlaw-12357	263	4	there	there	PRON
taxlaw-12357	263	5	are	be	VERB
taxlaw-12357	263	6	a	a	DET
taxlaw-12357	263	7	host	host	NOUN
taxlaw-12357	263	8	of	of	ADP
taxlaw-12357	263	9	other	other	ADJ
taxlaw-12357	263	10	ways	way	NOUN
taxlaw-12357	263	11	to	to	PART
taxlaw-12357	263	12	raise	raise	VERB
taxlaw-12357	263	13	(	(	PUNCT
taxlaw-12357	263	14	and	and	CCONJ
taxlaw-12357	263	15	lower	low	ADJ
taxlaw-12357	263	16	)	)	PUNCT
taxlaw-12357	263	17	taxes	taxis	NOUN
taxlaw-12357	263	18	.	.	PUNCT
taxlaw-12357	264	1	in	in	ADP
taxlaw-12357	264	2	deciding	decide	VERB
taxlaw-12357	264	3	which	which	PRON
taxlaw-12357	264	4	incremental	incremental	ADJ
taxlaw-12357	264	5	reforms	reform	NOUN
taxlaw-12357	264	6	to	to	PART
taxlaw-12357	264	7	pick	pick	VERB
taxlaw-12357	264	8	,	,	PUNCT
taxlaw-12357	264	9	policymakers	policymaker	NOUN
taxlaw-12357	264	10	should	should	AUX
taxlaw-12357	264	11	consider	consider	VERB
taxlaw-12357	264	12	two	two	NUM
taxlaw-12357	264	13	familiar	familiar	ADJ
taxlaw-12357	264	14	criteria	criterion	NOUN
taxlaw-12357	264	15	:	:	PUNCT
taxlaw-12357	264	16	distribution	distribution	NOUN
taxlaw-12357	264	17	and	and	CCONJ
taxlaw-12357	264	18	efficiency	efficiency	NOUN
taxlaw-12357	264	19	.	.	PUNCT
taxlaw-12357	265	1	a.	a.	NOUN
taxlaw-12357	265	2	distribution	distribution	NOUN
taxlaw-12357	265	3	a	a	DET
taxlaw-12357	265	4	key	key	ADJ
taxlaw-12357	265	5	question	question	NOUN
taxlaw-12357	265	6	is	be	AUX
taxlaw-12357	265	7	whose	whose	DET
taxlaw-12357	265	8	tax	tax	NOUN
taxlaw-12357	265	9	bill	bill	NOUN
taxlaw-12357	265	10	is	be	AUX
taxlaw-12357	265	11	changing	change	VERB
taxlaw-12357	265	12	.	.	PUNCT
taxlaw-12357	266	1	do	do	AUX
taxlaw-12357	266	2	they	they	PRON
taxlaw-12357	266	3	have	have	VERB
taxlaw-12357	266	4	high	high	ADJ
taxlaw-12357	266	5	incomes	income	NOUN
taxlaw-12357	266	6	?	?	PUNCT
taxlaw-12357	267	1	does	do	AUX
taxlaw-12357	267	2	the	the	DET
taxlaw-12357	267	3	change	change	NOUN
taxlaw-12357	267	4	make	make	VERB
taxlaw-12357	267	5	the	the	DET
taxlaw-12357	267	6	system	system	NOUN
taxlaw-12357	267	7	more	more	ADV
taxlaw-12357	267	8	or	or	CCONJ
taxlaw-12357	267	9	less	less	ADV
taxlaw-12357	267	10	progressive	progressive	ADJ
taxlaw-12357	267	11	?	?	PUNCT
taxlaw-12357	268	1	policymakers	policymaker	NOUN
taxlaw-12357	268	2	should	should	AUX
taxlaw-12357	268	3	care	care	VERB
taxlaw-12357	268	4	about	about	ADP
taxlaw-12357	268	5	not	not	PART
taxlaw-12357	268	6	only	only	ADV
taxlaw-12357	268	7	whose	whose	DET
taxlaw-12357	268	8	tax	tax	NOUN
taxlaw-12357	268	9	bill	bill	NOUN
taxlaw-12357	268	10	is	be	AUX
taxlaw-12357	268	11	cut	cut	VERB
taxlaw-12357	268	12	,	,	PUNCT
taxlaw-12357	268	13	but	but	CCONJ
taxlaw-12357	268	14	also	also	ADV
taxlaw-12357	268	15	how	how	SCONJ
taxlaw-12357	268	16	it	it	PRON
taxlaw-12357	268	17	is	be	AUX
taxlaw-12357	268	18	cut	cut	VERB
taxlaw-12357	268	19	.	.	PUNCT
taxlaw-12357	269	1	if	if	SCONJ
taxlaw-12357	269	2	the	the	DET
taxlaw-12357	269	3	tax	tax	NOUN
taxlaw-12357	269	4	system	system	NOUN
taxlaw-12357	269	5	is	be	AUX
taxlaw-12357	269	6	easy	easy	ADJ
taxlaw-12357	269	7	to	to	PART
taxlaw-12357	269	8	game	game	VERB
taxlaw-12357	269	9	,	,	PUNCT
taxlaw-12357	269	10	sophisticated	sophisticated	ADJ
taxlaw-12357	269	11	advice	advice	NOUN
taxlaw-12357	269	12	commands	command	VERB
taxlaw-12357	269	13	a	a	DET
taxlaw-12357	269	14	premium	premium	NOUN
taxlaw-12357	269	15	,	,	PUNCT
taxlaw-12357	269	16	which	which	PRON
taxlaw-12357	269	17	is	be	AUX
taxlaw-12357	269	18	easier	easy	ADJ
taxlaw-12357	269	19	for	for	SCONJ
taxlaw-12357	269	20	wealthy	wealthy	ADJ
taxlaw-12357	269	21	taxpayers	taxpayer	NOUN
taxlaw-12357	269	22	to	to	PART
taxlaw-12357	269	23	afford	afford	VERB
taxlaw-12357	269	24	.	.	PUNCT
taxlaw-12357	270	1	yet	yet	ADV
taxlaw-12357	270	2	we	we	PRON
taxlaw-12357	270	3	should	should	AUX
taxlaw-12357	270	4	not	not	PART
taxlaw-12357	270	5	want	want	VERB
taxlaw-12357	270	6	a	a	DET
taxlaw-12357	270	7	system	system	NOUN
taxlaw-12357	270	8	in	in	ADP
taxlaw-12357	270	9	which	which	PRON
taxlaw-12357	270	10	,	,	PUNCT
taxlaw-12357	270	11	in	in	ADP
taxlaw-12357	270	12	the	the	DET
taxlaw-12357	270	13	infamous	infamous	ADJ
taxlaw-12357	270	14	words	word	NOUN
taxlaw-12357	270	15	of	of	ADP
taxlaw-12357	270	16	a	a	DET
taxlaw-12357	270	17	famous	famous	ADJ
taxlaw-12357	270	18	wealthy	wealthy	ADJ
taxlaw-12357	270	19	tax	tax	NOUN
taxlaw-12357	270	20	cheat	cheat	NOUN
taxlaw-12357	270	21	,	,	PUNCT
taxlaw-12357	270	22	“	"	PUNCT
taxlaw-12357	270	23	only	only	ADV
taxlaw-12357	270	24	the	the	DET
taxlaw-12357	270	25	little	little	ADJ
taxlaw-12357	270	26	people	people	NOUN
taxlaw-12357	270	27	pay	pay	VERB
taxlaw-12357	270	28	taxes	taxis	NOUN
taxlaw-12357	270	29	.	.	PUNCT
taxlaw-12357	271	1	”24	”24	VERB
taxlaw-12357	271	2	this	this	DET
taxlaw-12357	271	3	unequal	unequal	ADJ
taxlaw-12357	271	4	access	access	NOUN
taxlaw-12357	271	5	is	be	AUX
taxlaw-12357	271	6	not	not	PART
taxlaw-12357	271	7	just	just	ADV
taxlaw-12357	271	8	unfair	unfair	ADJ
taxlaw-12357	271	9	,	,	PUNCT
taxlaw-12357	271	10	but	but	CCONJ
taxlaw-12357	271	11	also	also	ADV
taxlaw-12357	271	12	demoralizing	demoralizing	ADJ
taxlaw-12357	271	13	.	.	PUNCT
taxlaw-12357	272	1	if	if	SCONJ
taxlaw-12357	272	2	taxpayers	taxpayer	NOUN
taxlaw-12357	272	3	believe	believe	VERB
taxlaw-12357	272	4	that	that	SCONJ
taxlaw-12357	272	5	others	other	NOUN
taxlaw-12357	272	6	are	be	AUX
taxlaw-12357	272	7	not	not	PART
taxlaw-12357	272	8	paying	pay	VERB
taxlaw-12357	272	9	their	their	PRON
taxlaw-12357	272	10	fair	fair	ADJ
taxlaw-12357	272	11	share	share	NOUN
taxlaw-12357	272	12	,	,	PUNCT
taxlaw-12357	272	13	they	they	PRON
taxlaw-12357	272	14	are	be	AUX
taxlaw-12357	272	15	less	less	ADV
taxlaw-12357	272	16	likely	likely	ADJ
taxlaw-12357	272	17	to	to	PART
taxlaw-12357	272	18	comply	comply	VERB
taxlaw-12357	272	19	voluntarily	voluntarily	ADV
taxlaw-12357	272	20	.	.	PUNCT
taxlaw-12357	273	1	in	in	ADP
taxlaw-12357	273	2	response	response	NOUN
taxlaw-12357	273	3	,	,	PUNCT
taxlaw-12357	273	4	the	the	DET
taxlaw-12357	273	5	i.r.s	i.r.	NOUN
taxlaw-12357	273	6	.	.	PUNCT
taxlaw-12357	273	7	has	have	VERB
taxlaw-12357	273	8	to	to	PART
taxlaw-12357	273	9	spend	spend	VERB
taxlaw-12357	273	10	more	more	ADJ
taxlaw-12357	273	11	on	on	ADP
taxlaw-12357	273	12	enforcement.25	enforcement.25	PROPN
taxlaw-12357	273	13	b.	b.	PROPN
taxlaw-12357	273	14	efficiency	efficiency	NOUN
taxlaw-12357	273	15	and	and	CCONJ
taxlaw-12357	273	16	the	the	DET
taxlaw-12357	273	17	“	"	PUNCT
taxlaw-12357	273	18	hit	hit	VERB
taxlaw-12357	273	19	or	or	CCONJ
taxlaw-12357	273	20	miss	miss	VERB
taxlaw-12357	273	21	”	"	PUNCT
taxlaw-12357	273	22	quality	quality	NOUN
taxlaw-12357	273	23	of	of	ADP
taxlaw-12357	273	24	transaction	transaction	NOUN
taxlaw-12357	273	25	-	-	PUNCT
taxlaw-12357	273	26	specific	specific	ADJ
taxlaw-12357	273	27	reforms	reform	NOUN
taxlaw-12357	273	28	along	along	ADP
taxlaw-12357	273	29	with	with	ADP
taxlaw-12357	273	30	distribution	distribution	NOUN
taxlaw-12357	273	31	,	,	PUNCT
taxlaw-12357	273	32	policymakers	policymaker	NOUN
taxlaw-12357	273	33	also	also	ADV
taxlaw-12357	273	34	need	need	VERB
taxlaw-12357	273	35	to	to	PART
taxlaw-12357	273	36	consider	consider	VERB
taxlaw-12357	273	37	efficiency	efficiency	NOUN
taxlaw-12357	273	38	.	.	PUNCT
taxlaw-12357	274	1	do	do	AUX
taxlaw-12357	274	2	section	section	NOUN
taxlaw-12357	274	3	1260	1260	NUM
taxlaw-12357	274	4	and	and	CCONJ
taxlaw-12357	274	5	other	other	ADJ
taxlaw-12357	274	6	transaction	transaction	NOUN
taxlaw-12357	274	7	-	-	PUNCT
taxlaw-12357	274	8	specific	specific	ADJ
taxlaw-12357	274	9	reforms	reform	NOUN
taxlaw-12357	274	10	increase	increase	VERB
taxlaw-12357	274	11	the	the	DET
taxlaw-12357	274	12	efficiency	efficiency	NOUN
taxlaw-12357	274	13	of	of	ADP
taxlaw-12357	274	14	the	the	DET
taxlaw-12357	274	15	tax	tax	NOUN
taxlaw-12357	274	16	system	system	NOUN
taxlaw-12357	274	17	?	?	PUNCT
taxlaw-12357	275	1	in	in	ADP
taxlaw-12357	275	2	general	general	ADJ
taxlaw-12357	275	3	,	,	PUNCT
taxlaw-12357	275	4	an	an	DET
taxlaw-12357	275	5	efficient	efficient	ADJ
taxlaw-12357	275	6	tax	tax	NOUN
taxlaw-12357	275	7	changes	change	NOUN
taxlaw-12357	275	8	taxpayer	taxpayer	NOUN
taxlaw-12357	275	9	behavior	behavior	NOUN
taxlaw-12357	275	10	as	as	ADV
taxlaw-12357	275	11	little	little	ADJ
taxlaw-12357	275	12	as	as	ADP
taxlaw-12357	275	13	possible.26	possible.26	VERB
taxlaw-12357	275	14	this	this	PRON
taxlaw-12357	275	15	is	be	AUX
taxlaw-12357	275	16	a	a	DET
taxlaw-12357	275	17	critical	critical	ADJ
taxlaw-12357	275	18	goal	goal	NOUN
taxlaw-12357	275	19	not	not	PART
taxlaw-12357	275	20	only	only	ADV
taxlaw-12357	275	21	in	in	ADP
taxlaw-12357	275	22	fundamental	fundamental	ADJ
taxlaw-12357	275	23	tax	tax	NOUN
taxlaw-12357	275	24	reform,27	reform,27	NOUN
taxlaw-12357	275	25	but	but	CCONJ
taxlaw-12357	275	26	also	also	ADV
taxlaw-12357	275	27	in	in	ADP
taxlaw-12357	275	28	the	the	DET
taxlaw-12357	275	29	transaction	transaction	NOUN
taxlaw-12357	275	30	-	-	PUNCT
taxlaw-12357	275	31	specific	specific	ADJ
taxlaw-12357	275	32	reforms	reform	NOUN
taxlaw-12357	275	33	analyzed	analyze	VERB
taxlaw-12357	275	34	here	here	ADV
taxlaw-12357	275	35	.	.	PUNCT
taxlaw-12357	276	1	under	under	ADP
taxlaw-12357	276	2	regulations	regulation	NOUN
taxlaw-12357	276	3	.	.	PUNCT
taxlaw-12357	277	1	i.r.c	i.r.c	NOUN
taxlaw-12357	277	2	.	.	PUNCT
taxlaw-12357	278	1	§	§	PROPN
taxlaw-12357	278	2	1260(c)(1)(b	1260(c)(1)(b	NUM
taxlaw-12357	278	3	)	)	PUNCT
taxlaw-12357	278	4	.	.	PUNCT
taxlaw-12357	279	1	but	but	CCONJ
taxlaw-12357	279	2	again	again	ADV
taxlaw-12357	279	3	,	,	PUNCT
taxlaw-12357	279	4	no	no	DET
taxlaw-12357	279	5	regulations	regulation	NOUN
taxlaw-12357	279	6	have	have	AUX
taxlaw-12357	279	7	been	be	AUX
taxlaw-12357	279	8	written	write	VERB
taxlaw-12357	279	9	on	on	ADP
taxlaw-12357	279	10	these	these	DET
taxlaw-12357	279	11	issues	issue	NOUN
taxlaw-12357	279	12	as	as	ADV
taxlaw-12357	279	13	well	well	ADV
taxlaw-12357	279	14	.	.	PUNCT
taxlaw-12357	280	1	23	23	NUM
taxlaw-12357	281	1	the	the	DET
taxlaw-12357	281	2	taxpayer	taxpayer	NOUN
taxlaw-12357	281	3	filed	file	VERB
taxlaw-12357	281	4	its	its	PRON
taxlaw-12357	281	5	original	original	ADJ
taxlaw-12357	281	6	petition	petition	NOUN
taxlaw-12357	281	7	with	with	ADP
taxlaw-12357	281	8	the	the	DET
taxlaw-12357	281	9	tax	tax	NOUN
taxlaw-12357	281	10	court	court	NOUN
taxlaw-12357	281	11	in	in	ADP
taxlaw-12357	281	12	may	may	PROPN
taxlaw-12357	281	13	2019	2019	NUM
taxlaw-12357	281	14	.	.	PUNCT
taxlaw-12357	282	1	24	24	NUM
taxlaw-12357	282	2	top	top	ADJ
taxlaw-12357	282	3	10	10	NUM
taxlaw-12357	282	4	tax	tax	NOUN
taxlaw-12357	282	5	dodges	dodge	NOUN
taxlaw-12357	282	6	,	,	PUNCT
taxlaw-12357	282	7	time	time	NOUN
taxlaw-12357	282	8	,	,	PUNCT
taxlaw-12357	282	9	https://content.time.com/time/specials/packages/article/0,28804,1891	https://content.time.com/time/specials/packages/article/0,28804,1891	NOUN
taxlaw-12357	282	10	335_1891333_1891317,00.html	335_1891333_1891317,00.html	NUM
taxlaw-12357	283	1	[	[	X
taxlaw-12357	283	2	https://perma.cc/qz8x-aj5n	https://perma.cc/qz8x-aj5n	X
taxlaw-12357	283	3	]	]	X
taxlaw-12357	283	4	(	(	PUNCT
taxlaw-12357	283	5	quoting	quote	VERB
taxlaw-12357	283	6	leona	leona	PROPN
taxlaw-12357	283	7	helmsley	helmsley	PROPN
taxlaw-12357	283	8	,	,	PUNCT
taxlaw-12357	283	9	a	a	DET
taxlaw-12357	283	10	wealthy	wealthy	ADJ
taxlaw-12357	283	11	real	real	ADJ
taxlaw-12357	283	12	estate	estate	NOUN
taxlaw-12357	283	13	developer	developer	NOUN
taxlaw-12357	283	14	who	who	PRON
taxlaw-12357	283	15	was	be	AUX
taxlaw-12357	283	16	imprisoned	imprison	VERB
taxlaw-12357	283	17	for	for	ADP
taxlaw-12357	283	18	tax	tax	NOUN
taxlaw-12357	283	19	fraud	fraud	NOUN
taxlaw-12357	283	20	)	)	PUNCT
taxlaw-12357	283	21	.	.	PUNCT
taxlaw-12357	284	1	25	25	NUM
taxlaw-12357	284	2	see	see	VERB
taxlaw-12357	284	3	benno	benno	ADJ
taxlaw-12357	284	4	torgler	torgler	NOUN
taxlaw-12357	284	5	,	,	PUNCT
taxlaw-12357	284	6	tax	tax	NOUN
taxlaw-12357	284	7	morale	morale	NOUN
taxlaw-12357	284	8	,	,	PUNCT
taxlaw-12357	284	9	rule	rule	NOUN
taxlaw-12357	284	10	-	-	PUNCT
taxlaw-12357	284	11	governed	govern	VERB
taxlaw-12357	284	12	behaviour	behaviour	NOUN
taxlaw-12357	284	13	and	and	CCONJ
taxlaw-12357	284	14	trust	trust	NOUN
taxlaw-12357	284	15	,	,	PUNCT
taxlaw-12357	284	16	14	14	NUM
taxlaw-12357	284	17	const	const	NOUN
taxlaw-12357	284	18	.	.	PUNCT
taxlaw-12357	285	1	pol	pol	PROPN
taxlaw-12357	285	2	.	.	PUNCT
taxlaw-12357	286	1	econ	econ	PROPN
taxlaw-12357	286	2	.	.	PUNCT
taxlaw-12357	287	1	119	119	NUM
taxlaw-12357	287	2	(	(	PUNCT
taxlaw-12357	287	3	2003	2003	NUM
taxlaw-12357	287	4	)	)	PUNCT
taxlaw-12357	287	5	,	,	PUNCT
taxlaw-12357	287	6	https://doi.org/10.1023/a:1023643622283	https://doi.org/10.1023/a:1023643622283	PROPN
taxlaw-12357	287	7	(	(	PUNCT
taxlaw-12357	287	8	trust	trust	NOUN
taxlaw-12357	287	9	in	in	ADP
taxlaw-12357	287	10	public	public	ADJ
taxlaw-12357	287	11	officials	official	NOUN
taxlaw-12357	287	12	and	and	CCONJ
taxlaw-12357	287	13	the	the	DET
taxlaw-12357	287	14	legal	legal	ADJ
taxlaw-12357	287	15	system	system	NOUN
taxlaw-12357	287	16	has	have	VERB
taxlaw-12357	287	17	a	a	DET
taxlaw-12357	287	18	significant	significant	ADJ
taxlaw-12357	287	19	positive	positive	ADJ
taxlaw-12357	287	20	effect	effect	NOUN
taxlaw-12357	287	21	on	on	ADP
taxlaw-12357	287	22	tax	tax	NOUN
taxlaw-12357	287	23	morale	morale	NOUN
taxlaw-12357	287	24	)	)	PUNCT
taxlaw-12357	287	25	.	.	PUNCT
taxlaw-12357	288	1	26	26	NUM
taxlaw-12357	288	2	to	to	PART
taxlaw-12357	288	3	be	be	AUX
taxlaw-12357	288	4	more	more	ADV
taxlaw-12357	288	5	precise	precise	ADJ
taxlaw-12357	288	6	,	,	PUNCT
taxlaw-12357	288	7	an	an	DET
taxlaw-12357	288	8	efficient	efficient	ADJ
taxlaw-12357	288	9	tax	tax	NOUN
taxlaw-12357	288	10	changes	change	NOUN
taxlaw-12357	288	11	behavior	behavior	NOUN
taxlaw-12357	288	12	as	as	ADV
taxlaw-12357	288	13	little	little	ADJ
taxlaw-12357	288	14	as	as	ADP
taxlaw-12357	288	15	possible	possible	ADJ
taxlaw-12357	288	16	as	as	SCONJ
taxlaw-12357	288	17	compared	compare	VERB
taxlaw-12357	288	18	to	to	ADP
taxlaw-12357	288	19	a	a	DET
taxlaw-12357	288	20	world	world	NOUN
taxlaw-12357	288	21	with	with	ADP
taxlaw-12357	288	22	no	no	DET
taxlaw-12357	288	23	taxes	taxis	NOUN
taxlaw-12357	288	24	,	,	PUNCT
taxlaw-12357	288	25	except	except	SCONJ
taxlaw-12357	288	26	that	that	SCONJ
taxlaw-12357	288	27	taxpayers	taxpayer	NOUN
taxlaw-12357	288	28	have	have	AUX
taxlaw-12357	288	29	less	less	ADJ
taxlaw-12357	288	30	money	money	NOUN
taxlaw-12357	288	31	.	.	PUNCT
taxlaw-12357	289	1	in	in	ADP
taxlaw-12357	289	2	other	other	ADJ
taxlaw-12357	289	3	words	word	NOUN
taxlaw-12357	289	4	,	,	PUNCT
taxlaw-12357	289	5	efficient	efficient	ADJ
taxlaw-12357	289	6	taxes	taxis	NOUN
taxlaw-12357	289	7	minimize	minimize	VERB
taxlaw-12357	289	8	substitution	substitution	NOUN
taxlaw-12357	289	9	effects	effect	NOUN
taxlaw-12357	289	10	,	,	PUNCT
taxlaw-12357	289	11	but	but	CCONJ
taxlaw-12357	289	12	there	there	PRON
taxlaw-12357	289	13	is	be	VERB
taxlaw-12357	289	14	still	still	ADV
taxlaw-12357	289	15	an	an	DET
taxlaw-12357	289	16	income	income	NOUN
taxlaw-12357	289	17	effect	effect	NOUN
taxlaw-12357	289	18	.	.	PUNCT
taxlaw-12357	290	1	see	see	VERB
taxlaw-12357	290	2	david	david	PROPN
taxlaw-12357	290	3	a.	a.	PROPN
taxlaw-12357	290	4	weisbach	weisbach	PROPN
taxlaw-12357	290	5	,	,	PUNCT
taxlaw-12357	290	6	line	line	NOUN
taxlaw-12357	290	7	-	-	PUNCT
taxlaw-12357	290	8	drawing	draw	VERB
taxlaw-12357	290	9	doctrine	doctrine	NOUN
taxlaw-12357	290	10	and	and	CCONJ
taxlaw-12357	290	11	efficiency	efficiency	NOUN
taxlaw-12357	290	12	in	in	ADP
taxlaw-12357	290	13	the	the	DET
taxlaw-12357	290	14	tax	tax	NOUN
taxlaw-12357	290	15	law	law	NOUN
taxlaw-12357	290	16	,	,	PUNCT
taxlaw-12357	290	17	84	84	NUM
taxlaw-12357	290	18	cornell	cornell	PROPN
taxlaw-12357	290	19	l.	l.	PROPN
taxlaw-12357	290	20	rev	rev	PROPN
taxlaw-12357	290	21	.	.	PROPN
taxlaw-12357	290	22	1627	1627	NUM
taxlaw-12357	290	23	,	,	PUNCT
taxlaw-12357	290	24	1652	1652	NUM
taxlaw-12357	290	25	(	(	PUNCT
taxlaw-12357	290	26	1999	1999	NUM
taxlaw-12357	290	27	)	)	PUNCT
taxlaw-12357	291	1	[	[	X
taxlaw-12357	291	2	hereinafter	hereinafter	NOUN
taxlaw-12357	291	3	weisbach	weisbach	NOUN
taxlaw-12357	291	4	,	,	PUNCT
taxlaw-12357	291	5	line	line	NOUN
taxlaw-12357	291	6	-	-	PUNCT
taxlaw-12357	291	7	drawing	drawing	NOUN
taxlaw-12357	291	8	]	]	PUNCT
taxlaw-12357	291	9	(	(	PUNCT
taxlaw-12357	291	10	“	"	PUNCT
taxlaw-12357	291	11	tax	tax	NOUN
taxlaw-12357	291	12	efficiency	efficiency	NOUN
taxlaw-12357	291	13	is	be	AUX
taxlaw-12357	291	14	concerned	concern	VERB
taxlaw-12357	291	15	with	with	ADP
taxlaw-12357	291	16	the	the	DET
taxlaw-12357	291	17	difference	difference	NOUN
taxlaw-12357	291	18	between	between	ADP
taxlaw-12357	291	19	consumers	consumer	NOUN
taxlaw-12357	291	20	'	'	PART
taxlaw-12357	291	21	actual	actual	ADJ
taxlaw-12357	291	22	after	after	ADP
taxlaw-12357	291	23	-	-	PUNCT
taxlaw-12357	291	24	tax	tax	NOUN
taxlaw-12357	291	25	behavior	behavior	NOUN
taxlaw-12357	291	26	and	and	CCONJ
taxlaw-12357	291	27	the	the	DET
taxlaw-12357	291	28	behavior	behavior	NOUN
taxlaw-12357	291	29	they	they	PRON
taxlaw-12357	291	30	would	would	AUX
taxlaw-12357	291	31	engage	engage	VERB
taxlaw-12357	291	32	in	in	ADP
taxlaw-12357	291	33	merely	merely	ADV
taxlaw-12357	291	34	because	because	SCONJ
taxlaw-12357	291	35	they	they	PRON
taxlaw-12357	291	36	have	have	VERB
taxlaw-12357	291	37	less	less	ADJ
taxlaw-12357	291	38	revenue	revenue	NOUN
taxlaw-12357	291	39	”	"	PUNCT
taxlaw-12357	291	40	)	)	PUNCT
taxlaw-12357	291	41	.	.	PUNCT
taxlaw-12357	292	1	27	27	NUM
taxlaw-12357	292	2	see	see	VERB
taxlaw-12357	292	3	,	,	PUNCT
taxlaw-12357	292	4	e.g.	e.g.	ADV
taxlaw-12357	292	5	,	,	PUNCT
taxlaw-12357	292	6	alan	alan	PROPN
taxlaw-12357	292	7	auerbach	auerbach	PROPN
taxlaw-12357	292	8	,	,	PUNCT
taxlaw-12357	292	9	retrospective	retrospective	ADJ
taxlaw-12357	292	10	capital	capital	NOUN
taxlaw-12357	292	11	gains	gain	NOUN
taxlaw-12357	292	12	taxation	taxation	NOUN
taxlaw-12357	292	13	,	,	PUNCT
taxlaw-12357	292	14	81	81	NUM
taxlaw-12357	292	15	am	am	NOUN
taxlaw-12357	292	16	.	.	PUNCT
taxlaw-12357	293	1	econ	econ	PROPN
taxlaw-12357	293	2	.	.	PUNCT
taxlaw-12357	294	1	rev	rev	PROPN
taxlaw-12357	294	2	.	.	PROPN
taxlaw-12357	294	3	167	167	NUM
taxlaw-12357	294	4	,	,	PUNCT
taxlaw-12357	294	5	168	168	NUM
taxlaw-12357	294	6	(	(	PUNCT
taxlaw-12357	294	7	1991	1991	NUM
taxlaw-12357	294	8	)	)	PUNCT
taxlaw-12357	294	9	(	(	PUNCT
taxlaw-12357	294	10	arguing	argue	VERB
taxlaw-12357	294	11	that	that	SCONJ
taxlaw-12357	294	12	charging	charge	VERB
taxlaw-12357	294	13	interest	interest	NOUN
taxlaw-12357	294	14	upon	upon	SCONJ
taxlaw-12357	294	15	realization	realization	NOUN
taxlaw-12357	294	16	would	would	AUX
taxlaw-12357	294	17	enhance	enhance	VERB
taxlaw-12357	294	18	efficiency	efficiency	NOUN
taxlaw-12357	294	19	of	of	ADP
taxlaw-12357	294	20	tax	tax	NOUN
taxlaw-12357	294	21	system	system	NOUN
taxlaw-12357	294	22	)	)	PUNCT
taxlaw-12357	294	23	;	;	PUNCT
taxlaw-12357	294	24	columbia	columbia	PROPN
taxlaw-12357	294	25	journal	journal	PROPN
taxlaw-12357	294	26	of	of	ADP
taxlaw-12357	294	27	tax	tax	NOUN
taxlaw-12357	294	28	law	law	NOUN
taxlaw-12357	295	1	[	[	X
taxlaw-12357	295	2	vol	vol	NOUN
taxlaw-12357	295	3	15:1	15:1	NUM
taxlaw-12357	295	4	10	10	NUM
taxlaw-12357	295	5	it	it	PRON
taxlaw-12357	295	6	is	be	AUX
taxlaw-12357	295	7	well	well	ADV
taxlaw-12357	295	8	understood	understand	VERB
taxlaw-12357	295	9	that	that	SCONJ
taxlaw-12357	295	10	the	the	DET
taxlaw-12357	295	11	key	key	NOUN
taxlaw-12357	295	12	in	in	ADP
taxlaw-12357	295	13	an	an	DET
taxlaw-12357	295	14	incremental	incremental	ADJ
taxlaw-12357	295	15	reform	reform	NOUN
taxlaw-12357	295	16	like	like	ADP
taxlaw-12357	295	17	section	section	NOUN
taxlaw-12357	295	18	1260	1260	NUM
taxlaw-12357	295	19	is	be	AUX
taxlaw-12357	295	20	to	to	PART
taxlaw-12357	295	21	reduce	reduce	VERB
taxlaw-12357	295	22	various	various	ADJ
taxlaw-12357	295	23	types	type	NOUN
taxlaw-12357	295	24	of	of	ADP
taxlaw-12357	295	25	social	social	ADJ
taxlaw-12357	295	26	waste	waste	NOUN
taxlaw-12357	295	27	,	,	PUNCT
taxlaw-12357	295	28	including	include	VERB
taxlaw-12357	295	29	administrative	administrative	ADJ
taxlaw-12357	295	30	costs	cost	NOUN
taxlaw-12357	295	31	,	,	PUNCT
taxlaw-12357	295	32	changes	change	NOUN
taxlaw-12357	295	33	in	in	ADP
taxlaw-12357	295	34	work	work	NOUN
taxlaw-12357	295	35	and	and	CCONJ
taxlaw-12357	295	36	savings	saving	NOUN
taxlaw-12357	295	37	decisions	decision	NOUN
taxlaw-12357	295	38	,	,	PUNCT
taxlaw-12357	295	39	and	and	CCONJ
taxlaw-12357	295	40	tax	tax	NOUN
taxlaw-12357	295	41	planning	planning	NOUN
taxlaw-12357	295	42	costs.28	costs.28	NOUN
taxlaw-12357	295	43	there	there	PRON
taxlaw-12357	295	44	usually	usually	ADV
taxlaw-12357	295	45	are	be	AUX
taxlaw-12357	295	46	tradeoffs	tradeoff	NOUN
taxlaw-12357	295	47	among	among	ADP
taxlaw-12357	295	48	these	these	DET
taxlaw-12357	295	49	costs	cost	NOUN
taxlaw-12357	295	50	;	;	PUNCT
taxlaw-12357	295	51	for	for	ADP
taxlaw-12357	295	52	instance	instance	NOUN
taxlaw-12357	295	53	,	,	PUNCT
taxlaw-12357	295	54	targeting	target	VERB
taxlaw-12357	295	55	tax	tax	NOUN
taxlaw-12357	295	56	planning	planning	NOUN
taxlaw-12357	295	57	more	more	ADV
taxlaw-12357	295	58	effectively	effectively	ADV
taxlaw-12357	295	59	can	can	AUX
taxlaw-12357	295	60	increase	increase	VERB
taxlaw-12357	295	61	administrative	administrative	ADJ
taxlaw-12357	295	62	costs	cost	NOUN
taxlaw-12357	295	63	.	.	PUNCT
taxlaw-12357	296	1	even	even	ADV
taxlaw-12357	296	2	if	if	SCONJ
taxlaw-12357	296	3	some	some	DET
taxlaw-12357	296	4	costs	cost	NOUN
taxlaw-12357	296	5	increase	increase	VERB
taxlaw-12357	296	6	,	,	PUNCT
taxlaw-12357	296	7	a	a	DET
taxlaw-12357	296	8	reform	reform	NOUN
taxlaw-12357	296	9	can	can	AUX
taxlaw-12357	296	10	still	still	ADV
taxlaw-12357	296	11	enhance	enhance	VERB
taxlaw-12357	296	12	efficiency	efficiency	NOUN
taxlaw-12357	296	13	by	by	ADP
taxlaw-12357	296	14	cutting	cut	VERB
taxlaw-12357	296	15	others	other	NOUN
taxlaw-12357	296	16	,	,	PUNCT
taxlaw-12357	296	17	so	so	SCONJ
taxlaw-12357	296	18	there	there	PRON
taxlaw-12357	296	19	is	be	VERB
taxlaw-12357	296	20	a	a	DET
taxlaw-12357	296	21	net	net	ADJ
taxlaw-12357	296	22	reduction	reduction	NOUN
taxlaw-12357	296	23	in	in	ADP
taxlaw-12357	296	24	the	the	DET
taxlaw-12357	296	25	sum	sum	NOUN
taxlaw-12357	296	26	of	of	ADP
taxlaw-12357	296	27	these	these	DET
taxlaw-12357	296	28	costs.29	costs.29	NOUN
taxlaw-12357	296	29	1	1	X
taxlaw-12357	296	30	.	.	PUNCT
taxlaw-12357	297	1	administrative	administrative	ADJ
taxlaw-12357	297	2	costs	cost	NOUN
taxlaw-12357	297	3	let	let	VERB
taxlaw-12357	297	4	’s	’s	PRON
taxlaw-12357	297	5	begin	begin	VERB
taxlaw-12357	297	6	with	with	ADP
taxlaw-12357	297	7	the	the	DET
taxlaw-12357	297	8	cost	cost	NOUN
taxlaw-12357	297	9	of	of	ADP
taxlaw-12357	297	10	enforcing	enforce	VERB
taxlaw-12357	297	11	and	and	CCONJ
taxlaw-12357	297	12	complying	comply	VERB
taxlaw-12357	297	13	with	with	ADP
taxlaw-12357	297	14	the	the	DET
taxlaw-12357	297	15	law	law	NOUN
taxlaw-12357	297	16	.	.	PUNCT
taxlaw-12357	298	1	transaction	transaction	NOUN
taxlaw-12357	298	2	-	-	PUNCT
taxlaw-12357	298	3	specific	specific	ADJ
taxlaw-12357	298	4	reforms	reform	NOUN
taxlaw-12357	298	5	like	like	ADP
taxlaw-12357	298	6	section	section	NOUN
taxlaw-12357	298	7	1260	1260	NUM
taxlaw-12357	298	8	usually	usually	ADV
taxlaw-12357	298	9	increase	increase	VERB
taxlaw-12357	298	10	these	these	DET
taxlaw-12357	298	11	costs	cost	NOUN
taxlaw-12357	298	12	by	by	ADP
taxlaw-12357	298	13	making	make	VERB
taxlaw-12357	298	14	the	the	DET
taxlaw-12357	298	15	tax	tax	NOUN
taxlaw-12357	298	16	code	code	NOUN
taxlaw-12357	298	17	more	more	ADJ
taxlaw-12357	298	18	complicated.30	complicated.30	NOUN
taxlaw-12357	298	19	congressional	congressional	ADJ
taxlaw-12357	298	20	staffers	staffer	NOUN
taxlaw-12357	298	21	and	and	CCONJ
taxlaw-12357	298	22	treasury	treasury	NOUN
taxlaw-12357	298	23	officials	official	NOUN
taxlaw-12357	298	24	must	must	AUX
taxlaw-12357	298	25	draft	draft	VERB
taxlaw-12357	298	26	the	the	DET
taxlaw-12357	298	27	new	new	ADJ
taxlaw-12357	298	28	rules	rule	NOUN
taxlaw-12357	298	29	,	,	PUNCT
taxlaw-12357	298	30	and	and	CCONJ
taxlaw-12357	298	31	then	then	ADV
taxlaw-12357	298	32	taxpayers	taxpayer	NOUN
taxlaw-12357	298	33	have	have	VERB
taxlaw-12357	298	34	to	to	PART
taxlaw-12357	298	35	pay	pay	VERB
taxlaw-12357	298	36	advisors	advisor	NOUN
taxlaw-12357	298	37	to	to	PART
taxlaw-12357	298	38	help	help	VERB
taxlaw-12357	298	39	them	they	PRON
taxlaw-12357	298	40	comply	comply	VERB
taxlaw-12357	298	41	.	.	PUNCT
taxlaw-12357	299	1	meanwhile	meanwhile	ADV
taxlaw-12357	299	2	,	,	PUNCT
taxlaw-12357	299	3	i.r.s	i.r.	NOUN
taxlaw-12357	299	4	.	.	PUNCT
taxlaw-12357	300	1	auditors	auditor	NOUN
taxlaw-12357	300	2	need	need	VERB
taxlaw-12357	300	3	to	to	PART
taxlaw-12357	300	4	monitor	monitor	VERB
taxlaw-12357	300	5	their	their	PRON
taxlaw-12357	300	6	compliance	compliance	NOUN
taxlaw-12357	300	7	,	,	PUNCT
taxlaw-12357	300	8	and	and	CCONJ
taxlaw-12357	300	9	there	there	PRON
taxlaw-12357	300	10	may	may	AUX
taxlaw-12357	300	11	be	be	AUX
taxlaw-12357	300	12	litigation	litigation	NOUN
taxlaw-12357	300	13	on	on	ADP
taxlaw-12357	300	14	contested	contest	VERB
taxlaw-12357	300	15	issues.31	issues.31	ADV
taxlaw-12357	300	16	even	even	ADV
taxlaw-12357	300	17	so	so	ADV
taxlaw-12357	300	18	,	,	PUNCT
taxlaw-12357	300	19	some	some	DET
taxlaw-12357	300	20	transaction	transaction	NOUN
taxlaw-12357	300	21	-	-	PUNCT
taxlaw-12357	300	22	specific	specific	ADJ
taxlaw-12357	300	23	reforms	reform	NOUN
taxlaw-12357	300	24	increase	increase	VERB
taxlaw-12357	300	25	administrative	administrative	ADJ
taxlaw-12357	300	26	costs	cost	NOUN
taxlaw-12357	300	27	more	more	ADJ
taxlaw-12357	300	28	than	than	ADP
taxlaw-12357	300	29	others	other	NOUN
taxlaw-12357	300	30	.	.	PUNCT
taxlaw-12357	301	1	obviously	obviously	ADV
taxlaw-12357	301	2	,	,	PUNCT
taxlaw-12357	301	3	policymakers	policymaker	NOUN
taxlaw-12357	301	4	should	should	AUX
taxlaw-12357	301	5	look	look	VERB
taxlaw-12357	301	6	for	for	ADP
taxlaw-12357	301	7	ways	way	NOUN
taxlaw-12357	301	8	to	to	PART
taxlaw-12357	301	9	economize	economize	VERB
taxlaw-12357	301	10	on	on	ADP
taxlaw-12357	301	11	these	these	DET
taxlaw-12357	301	12	costs	cost	NOUN
taxlaw-12357	301	13	–	–	PUNCT
taxlaw-12357	301	14	a	a	DET
taxlaw-12357	301	15	theme	theme	NOUN
taxlaw-12357	301	16	that	that	PRON
taxlaw-12357	301	17	features	feature	VERB
taxlaw-12357	301	18	prominently	prominently	ADV
taxlaw-12357	301	19	in	in	ADP
taxlaw-12357	301	20	our	our	PRON
taxlaw-12357	301	21	analysis	analysis	NOUN
taxlaw-12357	301	22	.	.	PUNCT
taxlaw-12357	302	1	bankman	bankman	NOUN
taxlaw-12357	302	2	&	&	CCONJ
taxlaw-12357	302	3	weisbach	weisbach	NOUN
taxlaw-12357	302	4	,	,	PUNCT
taxlaw-12357	302	5	supra	supra	ADJ
taxlaw-12357	302	6	note	note	NOUN
taxlaw-12357	302	7	2	2	NUM
taxlaw-12357	302	8	(	(	PUNCT
taxlaw-12357	302	9	arguing	argue	VERB
taxlaw-12357	302	10	that	that	SCONJ
taxlaw-12357	302	11	an	an	DET
taxlaw-12357	302	12	ideal	ideal	ADJ
taxlaw-12357	302	13	consumption	consumption	NOUN
taxlaw-12357	302	14	tax	tax	NOUN
taxlaw-12357	302	15	distorts	distort	VERB
taxlaw-12357	302	16	behavior	behavior	NOUN
taxlaw-12357	302	17	less	less	ADJ
taxlaw-12357	302	18	than	than	ADP
taxlaw-12357	302	19	an	an	DET
taxlaw-12357	302	20	ideal	ideal	ADJ
taxlaw-12357	302	21	income	income	NOUN
taxlaw-12357	302	22	tax	tax	NOUN
taxlaw-12357	302	23	)	)	PUNCT
taxlaw-12357	302	24	;	;	PUNCT
taxlaw-12357	302	25	daniel	daniel	PROPN
taxlaw-12357	302	26	halperin	halperin	PROPN
taxlaw-12357	302	27	,	,	PUNCT
taxlaw-12357	302	28	saving	save	VERB
taxlaw-12357	302	29	the	the	DET
taxlaw-12357	302	30	income	income	NOUN
taxlaw-12357	302	31	tax	tax	NOUN
taxlaw-12357	302	32	:	:	PUNCT
taxlaw-12357	302	33	an	an	DET
taxlaw-12357	302	34	agenda	agenda	NOUN
taxlaw-12357	302	35	for	for	ADP
taxlaw-12357	302	36	research	research	NOUN
taxlaw-12357	302	37	,	,	PUNCT
taxlaw-12357	302	38	woodworth	woodworth	NOUN
taxlaw-12357	302	39	lecture	lecture	NOUN
taxlaw-12357	302	40	(	(	PUNCT
taxlaw-12357	302	41	nov	nov	PROPN
taxlaw-12357	302	42	.	.	PROPN
taxlaw-12357	302	43	7	7	NUM
taxlaw-12357	302	44	,	,	PUNCT
taxlaw-12357	302	45	1997	1997	NUM
taxlaw-12357	302	46	)	)	PUNCT
taxlaw-12357	302	47	,	,	PUNCT
taxlaw-12357	302	48	in	in	ADP
taxlaw-12357	302	49	77	77	NUM
taxlaw-12357	302	50	tax	tax	NOUN
taxlaw-12357	302	51	notes	note	NOUN
taxlaw-12357	302	52	(	(	PUNCT
taxlaw-12357	302	53	ta	ta	NOUN
taxlaw-12357	302	54	)	)	PUNCT
taxlaw-12357	302	55	967	967	NUM
taxlaw-12357	302	56	,	,	PUNCT
taxlaw-12357	302	57	967	967	NUM
taxlaw-12357	302	58	(	(	PUNCT
taxlaw-12357	302	59	nov	nov	PROPN
taxlaw-12357	302	60	.	.	PROPN
taxlaw-12357	302	61	24	24	NUM
taxlaw-12357	302	62	,	,	PUNCT
taxlaw-12357	302	63	1997	1997	NUM
taxlaw-12357	302	64	)	)	PUNCT
taxlaw-12357	302	65	,	,	PUNCT
taxlaw-12357	302	66	reprinted	reprint	VERB
taxlaw-12357	302	67	in	in	ADP
taxlaw-12357	302	68	24	24	NUM
taxlaw-12357	302	69	ohio	ohio	PROPN
taxlaw-12357	302	70	n.	n.	PROPN
taxlaw-12357	302	71	u.	u.	PROPN
taxlaw-12357	302	72	l.	l.	PROPN
taxlaw-12357	302	73	rev	rev	PROPN
taxlaw-12357	302	74	.	.	PROPN
taxlaw-12357	302	75	493	493	NUM
taxlaw-12357	302	76	(	(	PUNCT
taxlaw-12357	302	77	1998	1998	NUM
taxlaw-12357	302	78	)	)	PUNCT
taxlaw-12357	302	79	(	(	PUNCT
taxlaw-12357	302	80	arguing	argue	VERB
taxlaw-12357	302	81	that	that	PRON
taxlaw-12357	302	82	mark	mark	NOUN
taxlaw-12357	302	83	to	to	ADP
taxlaw-12357	302	84	market	market	NOUN
taxlaw-12357	302	85	taxation	taxation	NOUN
taxlaw-12357	302	86	for	for	ADP
taxlaw-12357	302	87	publicly	publicly	ADV
taxlaw-12357	302	88	traded	trade	VERB
taxlaw-12357	302	89	securities	security	NOUN
taxlaw-12357	302	90	would	would	AUX
taxlaw-12357	302	91	enhance	enhance	VERB
taxlaw-12357	302	92	efficiency	efficiency	NOUN
taxlaw-12357	302	93	of	of	ADP
taxlaw-12357	302	94	tax	tax	NOUN
taxlaw-12357	302	95	system	system	NOUN
taxlaw-12357	302	96	)	)	PUNCT
taxlaw-12357	302	97	;	;	PUNCT
taxlaw-12357	302	98	michael	michael	PROPN
taxlaw-12357	302	99	j.	j.	PROPN
taxlaw-12357	302	100	graetz	graetz	PROPN
taxlaw-12357	302	101	,	,	PUNCT
taxlaw-12357	302	102	100	100	NUM
taxlaw-12357	302	103	million	million	NUM
taxlaw-12357	302	104	unnecessary	unnecessary	ADJ
taxlaw-12357	302	105	returns	return	NOUN
taxlaw-12357	302	106	:	:	PUNCT
taxlaw-12357	302	107	a	a	DET
taxlaw-12357	302	108	simple	simple	ADJ
taxlaw-12357	302	109	,	,	PUNCT
taxlaw-12357	302	110	fair	fair	ADJ
taxlaw-12357	302	111	,	,	PUNCT
taxlaw-12357	302	112	and	and	CCONJ
taxlaw-12357	302	113	competitive	competitive	ADJ
taxlaw-12357	302	114	tax	tax	NOUN
taxlaw-12357	302	115	plan	plan	NOUN
taxlaw-12357	302	116	for	for	ADP
taxlaw-12357	302	117	the	the	DET
taxlaw-12357	302	118	united	united	PROPN
taxlaw-12357	302	119	states	states	PROPN
taxlaw-12357	302	120	(	(	PUNCT
taxlaw-12357	302	121	2008	2008	NUM
taxlaw-12357	302	122	)	)	PUNCT
taxlaw-12357	302	123	(	(	PUNCT
taxlaw-12357	302	124	arguing	argue	VERB
taxlaw-12357	302	125	that	that	SCONJ
taxlaw-12357	302	126	replacing	replace	VERB
taxlaw-12357	302	127	the	the	DET
taxlaw-12357	302	128	income	income	NOUN
taxlaw-12357	302	129	tax	tax	NOUN
taxlaw-12357	302	130	with	with	ADP
taxlaw-12357	302	131	a	a	DET
taxlaw-12357	302	132	vat	vat	NOUN
taxlaw-12357	302	133	for	for	ADP
taxlaw-12357	302	134	most	most	ADJ
taxlaw-12357	302	135	americans	americans	PROPN
taxlaw-12357	302	136	would	would	AUX
taxlaw-12357	302	137	enhance	enhance	VERB
taxlaw-12357	302	138	the	the	DET
taxlaw-12357	302	139	efficiency	efficiency	NOUN
taxlaw-12357	302	140	of	of	ADP
taxlaw-12357	302	141	the	the	DET
taxlaw-12357	302	142	tax	tax	NOUN
taxlaw-12357	302	143	system	system	NOUN
taxlaw-12357	302	144	)	)	PUNCT
taxlaw-12357	302	145	;	;	PUNCT
taxlaw-12357	302	146	louis	louis	PROPN
taxlaw-12357	302	147	kaplow	kaplow	PROPN
taxlaw-12357	302	148	,	,	PUNCT
taxlaw-12357	302	149	the	the	DET
taxlaw-12357	302	150	optimal	optimal	ADJ
taxlaw-12357	302	151	supply	supply	NOUN
taxlaw-12357	302	152	of	of	ADP
taxlaw-12357	302	153	public	public	ADJ
taxlaw-12357	302	154	goods	good	NOUN
taxlaw-12357	302	155	and	and	CCONJ
taxlaw-12357	302	156	the	the	DET
taxlaw-12357	302	157	distortionary	distortionary	ADJ
taxlaw-12357	302	158	cost	cost	NOUN
taxlaw-12357	302	159	of	of	ADP
taxlaw-12357	302	160	taxation	taxation	NOUN
taxlaw-12357	302	161	,	,	PUNCT
taxlaw-12357	302	162	49	49	NUM
taxlaw-12357	302	163	nat	nat	NOUN
taxlaw-12357	302	164	.	.	PUNCT
taxlaw-12357	303	1	tax	tax	PROPN
taxlaw-12357	303	2	j.	j.	PROPN
taxlaw-12357	303	3	513	513	NUM
taxlaw-12357	303	4	(	(	PUNCT
taxlaw-12357	303	5	1996	1996	NUM
taxlaw-12357	303	6	)	)	PUNCT
taxlaw-12357	303	7	(	(	PUNCT
taxlaw-12357	303	8	reexamining	reexamine	VERB
taxlaw-12357	303	9	relationship	relationship	NOUN
taxlaw-12357	303	10	between	between	ADP
taxlaw-12357	303	11	optimal	optimal	ADJ
taxlaw-12357	303	12	supply	supply	NOUN
taxlaw-12357	303	13	of	of	ADP
taxlaw-12357	303	14	public	public	ADJ
taxlaw-12357	303	15	goods	good	NOUN
taxlaw-12357	303	16	and	and	CCONJ
taxlaw-12357	303	17	distortionary	distortionary	ADJ
taxlaw-12357	303	18	cost	cost	NOUN
taxlaw-12357	303	19	of	of	ADP
taxlaw-12357	303	20	income	income	NOUN
taxlaw-12357	303	21	taxation	taxation	NOUN
taxlaw-12357	303	22	)	)	PUNCT
taxlaw-12357	303	23	.	.	PUNCT
taxlaw-12357	304	1	28	28	NUM
taxlaw-12357	304	2	see	see	VERB
taxlaw-12357	304	3	,	,	PUNCT
taxlaw-12357	304	4	e.g.	e.g.	ADV
taxlaw-12357	304	5	,	,	PUNCT
taxlaw-12357	304	6	daniel	daniel	PROPN
taxlaw-12357	304	7	hemel	hemel	PROPN
taxlaw-12357	304	8	,	,	PUNCT
taxlaw-12357	304	9	jennifer	jennifer	PROPN
taxlaw-12357	304	10	nou	nou	PROPN
taxlaw-12357	304	11	&	&	CCONJ
taxlaw-12357	304	12	david	david	PROPN
taxlaw-12357	304	13	a.	a.	PROPN
taxlaw-12357	304	14	weisbach	weisbach	PROPN
taxlaw-12357	304	15	,	,	PUNCT
taxlaw-12357	304	16	the	the	DET
taxlaw-12357	304	17	marginal	marginal	ADJ
taxlaw-12357	304	18	revenue	revenue	NOUN
taxlaw-12357	304	19	rule	rule	NOUN
taxlaw-12357	304	20	in	in	ADP
taxlaw-12357	304	21	costbenefit	costbenefit	NOUN
taxlaw-12357	304	22	analysis	analysis	NOUN
taxlaw-12357	304	23	,	,	PUNCT
taxlaw-12357	304	24	160	160	NUM
taxlaw-12357	304	25	tax	tax	NOUN
taxlaw-12357	304	26	notes	note	NOUN
taxlaw-12357	304	27	1507	1507	NUM
taxlaw-12357	304	28	(	(	PUNCT
taxlaw-12357	304	29	2018	2018	NUM
taxlaw-12357	304	30	)	)	PUNCT
taxlaw-12357	304	31	(	(	PUNCT
taxlaw-12357	304	32	proposing	propose	VERB
taxlaw-12357	304	33	method	method	NOUN
taxlaw-12357	304	34	of	of	ADP
taxlaw-12357	304	35	cost	cost	NOUN
taxlaw-12357	304	36	-	-	PUNCT
taxlaw-12357	304	37	benefit	benefit	NOUN
taxlaw-12357	304	38	analysis	analysis	NOUN
taxlaw-12357	304	39	for	for	ADP
taxlaw-12357	304	40	tax	tax	NOUN
taxlaw-12357	304	41	regulations	regulation	NOUN
taxlaw-12357	304	42	,	,	PUNCT
taxlaw-12357	304	43	“	"	PUNCT
taxlaw-12357	304	44	the	the	DET
taxlaw-12357	304	45	marginal	marginal	ADJ
taxlaw-12357	304	46	revenue	revenue	NOUN
taxlaw-12357	304	47	rule	rule	NOUN
taxlaw-12357	304	48	,	,	PUNCT
taxlaw-12357	304	49	”	"	PUNCT
taxlaw-12357	304	50	which	which	PRON
taxlaw-12357	304	51	accounts	account	VERB
taxlaw-12357	304	52	for	for	ADP
taxlaw-12357	304	53	behavioral	behavioral	ADJ
taxlaw-12357	304	54	effects	effect	NOUN
taxlaw-12357	304	55	(	(	PUNCT
taxlaw-12357	304	56	measured	measure	VERB
taxlaw-12357	304	57	indirectly	indirectly	ADV
taxlaw-12357	304	58	through	through	ADP
taxlaw-12357	304	59	a	a	DET
taxlaw-12357	304	60	regulation	regulation	NOUN
taxlaw-12357	304	61	’s	’s	PART
taxlaw-12357	304	62	impact	impact	NOUN
taxlaw-12357	304	63	on	on	ADP
taxlaw-12357	304	64	revenue	revenue	NOUN
taxlaw-12357	304	65	)	)	PUNCT
taxlaw-12357	304	66	,	,	PUNCT
taxlaw-12357	304	67	administrative	administrative	ADJ
taxlaw-12357	304	68	and	and	CCONJ
taxlaw-12357	304	69	compliance	compliance	NOUN
taxlaw-12357	304	70	costs	cost	NOUN
taxlaw-12357	304	71	,	,	PUNCT
taxlaw-12357	304	72	and	and	CCONJ
taxlaw-12357	304	73	non	non	ADJ
taxlaw-12357	304	74	-	-	ADJ
taxlaw-12357	304	75	revenuerelated	revenuerelate	VERB
taxlaw-12357	304	76	effects	effect	NOUN
taxlaw-12357	304	77	)	)	PUNCT
taxlaw-12357	304	78	;	;	PUNCT
taxlaw-12357	304	79	daniel	daniel	PROPN
taxlaw-12357	304	80	hemel	hemel	PROPN
taxlaw-12357	304	81	&	&	CCONJ
taxlaw-12357	304	82	david	david	PROPN
taxlaw-12357	304	83	a.	a.	PROPN
taxlaw-12357	304	84	weisbach	weisbach	PROPN
taxlaw-12357	304	85	,	,	PUNCT
taxlaw-12357	304	86	the	the	DET
taxlaw-12357	304	87	behavioral	behavioral	ADJ
taxlaw-12357	304	88	elasticity	elasticity	NOUN
taxlaw-12357	304	89	of	of	ADP
taxlaw-12357	304	90	tax	tax	NOUN
taxlaw-12357	304	91	revenue	revenue	NOUN
taxlaw-12357	304	92	,	,	PUNCT
taxlaw-12357	304	93	13	13	NUM
taxlaw-12357	304	94	j.	j.	PROPN
taxlaw-12357	304	95	legal	legal	ADJ
taxlaw-12357	304	96	analysis	analysis	NOUN
taxlaw-12357	304	97	381	381	NUM
taxlaw-12357	304	98	,	,	PUNCT
taxlaw-12357	304	99	382	382	NUM
taxlaw-12357	304	100	(	(	PUNCT
taxlaw-12357	304	101	2021	2021	NUM
taxlaw-12357	304	102	)	)	PUNCT
taxlaw-12357	304	103	(	(	PUNCT
taxlaw-12357	304	104	proposing	propose	VERB
taxlaw-12357	304	105	“	"	PUNCT
taxlaw-12357	304	106	behavioral	behavioral	ADJ
taxlaw-12357	304	107	elasticity	elasticity	NOUN
taxlaw-12357	304	108	of	of	ADP
taxlaw-12357	304	109	tax	tax	NOUN
taxlaw-12357	304	110	revenue	revenue	NOUN
taxlaw-12357	304	111	(	(	PUNCT
taxlaw-12357	304	112	betr	betr	NOUN
taxlaw-12357	304	113	)	)	PUNCT
taxlaw-12357	304	114	”	"	PUNCT
taxlaw-12357	304	115	as	as	ADP
taxlaw-12357	304	116	“	"	PUNCT
taxlaw-12357	304	117	a	a	DET
taxlaw-12357	304	118	tool	tool	NOUN
taxlaw-12357	304	119	for	for	ADP
taxlaw-12357	304	120	analyzing	analyze	VERB
taxlaw-12357	304	121	problems	problem	NOUN
taxlaw-12357	304	122	of	of	ADP
taxlaw-12357	304	123	tax	tax	NOUN
taxlaw-12357	304	124	system	system	NOUN
taxlaw-12357	304	125	design	design	NOUN
taxlaw-12357	304	126	,	,	PUNCT
taxlaw-12357	304	127	”	"	PUNCT
taxlaw-12357	304	128	which	which	PRON
taxlaw-12357	304	129	“	"	PUNCT
taxlaw-12357	304	130	allows	allow	VERB
taxlaw-12357	304	131	tax	tax	NOUN
taxlaw-12357	304	132	laws	law	NOUN
taxlaw-12357	304	133	and	and	CCONJ
taxlaw-12357	304	134	policies	policy	NOUN
taxlaw-12357	304	135	to	to	PART
taxlaw-12357	304	136	be	be	AUX
taxlaw-12357	304	137	measured	measure	VERB
taxlaw-12357	304	138	and	and	CCONJ
taxlaw-12357	304	139	compared	compare	VERB
taxlaw-12357	304	140	using	use	VERB
taxlaw-12357	304	141	a	a	DET
taxlaw-12357	304	142	unified	unified	ADJ
taxlaw-12357	304	143	metric	metric	NOUN
taxlaw-12357	304	144	”	"	PUNCT
taxlaw-12357	304	145	)	)	PUNCT
taxlaw-12357	304	146	;	;	PUNCT
taxlaw-12357	304	147	daniel	daniel	PROPN
taxlaw-12357	304	148	n.	n.	PROPN
taxlaw-12357	304	149	shaviro	shaviro	PROPN
taxlaw-12357	304	150	,	,	PUNCT
taxlaw-12357	304	151	an	an	DET
taxlaw-12357	304	152	efficiency	efficiency	NOUN
taxlaw-12357	304	153	analysis	analysis	NOUN
taxlaw-12357	304	154	of	of	ADP
taxlaw-12357	304	155	realization	realization	NOUN
taxlaw-12357	304	156	and	and	CCONJ
taxlaw-12357	304	157	recognition	recognition	NOUN
taxlaw-12357	304	158	rules	rule	NOUN
taxlaw-12357	304	159	under	under	ADP
taxlaw-12357	304	160	the	the	DET
taxlaw-12357	304	161	federal	federal	ADJ
taxlaw-12357	304	162	income	income	NOUN
taxlaw-12357	304	163	tax	tax	NOUN
taxlaw-12357	304	164	,	,	PUNCT
taxlaw-12357	304	165	48	48	NUM
taxlaw-12357	304	166	tax	tax	NOUN
taxlaw-12357	304	167	l.	l.	PROPN
taxlaw-12357	304	168	rev	rev	PROPN
taxlaw-12357	304	169	.	.	PROPN
taxlaw-12357	304	170	1	1	NUM
taxlaw-12357	304	171	(	(	PUNCT
taxlaw-12357	304	172	1992	1992	NUM
taxlaw-12357	304	173	)	)	PUNCT
taxlaw-12357	304	174	;	;	PUNCT
taxlaw-12357	304	175	joel	joel	PROPN
taxlaw-12357	304	176	slemrod	slemrod	PROPN
taxlaw-12357	304	177	&	&	CCONJ
taxlaw-12357	304	178	shlomo	shlomo	PROPN
taxlaw-12357	304	179	yitzhaki	yitzhaki	PROPN
taxlaw-12357	304	180	,	,	PUNCT
taxlaw-12357	304	181	the	the	DET
taxlaw-12357	304	182	costs	cost	NOUN
taxlaw-12357	304	183	of	of	ADP
taxlaw-12357	304	184	taxation	taxation	NOUN
taxlaw-12357	304	185	and	and	CCONJ
taxlaw-12357	304	186	the	the	DET
taxlaw-12357	304	187	marginal	marginal	ADJ
taxlaw-12357	304	188	efficiency	efficiency	NOUN
taxlaw-12357	304	189	cost	cost	NOUN
taxlaw-12357	304	190	of	of	ADP
taxlaw-12357	304	191	funds	fund	NOUN
taxlaw-12357	304	192	,	,	PUNCT
taxlaw-12357	304	193	43	43	NUM
taxlaw-12357	304	194	i.m.f	i.m.f	NOUN
taxlaw-12357	304	195	.	.	PUNCT
taxlaw-12357	305	1	staff	staff	NOUN
taxlaw-12357	305	2	papers	paper	NOUN
taxlaw-12357	305	3	172	172	NUM
taxlaw-12357	305	4	,	,	PUNCT
taxlaw-12357	305	5	175	175	NUM
taxlaw-12357	305	6	(	(	PUNCT
taxlaw-12357	305	7	1996	1996	NUM
taxlaw-12357	305	8	)	)	PUNCT
taxlaw-12357	305	9	(	(	PUNCT
taxlaw-12357	305	10	“	"	PUNCT
taxlaw-12357	305	11	we	we	PRON
taxlaw-12357	305	12	explore	explore	VERB
taxlaw-12357	305	13	an	an	DET
taxlaw-12357	305	14	alternative	alternative	ADJ
taxlaw-12357	305	15	approach	approach	NOUN
taxlaw-12357	305	16	that	that	PRON
taxlaw-12357	305	17	is	be	AUX
taxlaw-12357	305	18	limited	limit	VERB
taxlaw-12357	305	19	to	to	ADP
taxlaw-12357	305	20	identifying	identify	VERB
taxlaw-12357	305	21	desirable	desirable	ADJ
taxlaw-12357	305	22	marginal	marginal	ADJ
taxlaw-12357	305	23	changes	change	NOUN
taxlaw-12357	305	24	,	,	PUNCT
taxlaw-12357	305	25	without	without	ADP
taxlaw-12357	305	26	a	a	DET
taxlaw-12357	305	27	claim	claim	NOUN
taxlaw-12357	305	28	of	of	ADP
taxlaw-12357	305	29	optimality	optimality	NOUN
taxlaw-12357	305	30	.	.	PUNCT
taxlaw-12357	305	31	”	"	PUNCT
taxlaw-12357	305	32	)	)	PUNCT
taxlaw-12357	305	33	;	;	PUNCT
taxlaw-12357	305	34	weisbach	weisbach	NOUN
taxlaw-12357	305	35	,	,	PUNCT
taxlaw-12357	305	36	line	line	NOUN
taxlaw-12357	305	37	-	-	PUNCT
taxlaw-12357	305	38	drawing	drawing	NOUN
taxlaw-12357	305	39	,	,	PUNCT
taxlaw-12357	305	40	supra	supra	PROPN
taxlaw-12357	305	41	note	note	PROPN
taxlaw-12357	305	42	26	26	NUM
taxlaw-12357	305	43	;	;	PUNCT
taxlaw-12357	305	44	david	david	PROPN
taxlaw-12357	305	45	a.	a.	PROPN
taxlaw-12357	305	46	weisbach	weisbach	PROPN
taxlaw-12357	305	47	,	,	PUNCT
taxlaw-12357	305	48	ten	ten	NUM
taxlaw-12357	305	49	truths	truth	NOUN
taxlaw-12357	305	50	about	about	ADP
taxlaw-12357	305	51	tax	tax	NOUN
taxlaw-12357	305	52	shelters	shelter	NOUN
taxlaw-12357	305	53	,	,	PUNCT
taxlaw-12357	305	54	55	55	NUM
taxlaw-12357	305	55	tax	tax	NOUN
taxlaw-12357	305	56	l.	l.	PROPN
taxlaw-12357	305	57	rev	rev	PROPN
taxlaw-12357	305	58	.	.	PROPN
taxlaw-12357	305	59	215	215	NUM
taxlaw-12357	305	60	(	(	PUNCT
taxlaw-12357	305	61	2002	2002	NUM
taxlaw-12357	305	62	)	)	PUNCT
taxlaw-12357	305	63	.	.	PUNCT
taxlaw-12357	306	1	29	29	NUM
taxlaw-12357	306	2	see	see	VERB
taxlaw-12357	306	3	slemrod	slemrod	NOUN
taxlaw-12357	306	4	&	&	CCONJ
taxlaw-12357	306	5	yitzhaki	yitzhaki	NOUN
taxlaw-12357	306	6	,	,	PUNCT
taxlaw-12357	306	7	supra	supra	PROPN
taxlaw-12357	306	8	note	note	PROPN
taxlaw-12357	306	9	28	28	NUM
taxlaw-12357	306	10	,	,	PUNCT
taxlaw-12357	306	11	at	at	ADP
taxlaw-12357	306	12	183	183	NUM
taxlaw-12357	306	13	(	(	PUNCT
taxlaw-12357	306	14	“	"	PUNCT
taxlaw-12357	306	15	[	[	X
taxlaw-12357	306	16	w]e	w]e	NOUN
taxlaw-12357	306	17	offer	offer	VERB
taxlaw-12357	306	18	a	a	DET
taxlaw-12357	306	19	tractable	tractable	ADJ
taxlaw-12357	306	20	methodology	methodology	NOUN
taxlaw-12357	306	21	that	that	PRON
taxlaw-12357	306	22	can	can	AUX
taxlaw-12357	306	23	evaluate	evaluate	VERB
taxlaw-12357	306	24	marginal	marginal	ADJ
taxlaw-12357	306	25	changes	change	NOUN
taxlaw-12357	306	26	in	in	ADP
taxlaw-12357	306	27	tax	tax	NOUN
taxlaw-12357	306	28	systems	system	NOUN
taxlaw-12357	306	29	and	and	CCONJ
taxlaw-12357	306	30	take	take	VERB
taxlaw-12357	306	31	account	account	NOUN
taxlaw-12357	306	32	of	of	ADP
taxlaw-12357	306	33	all	all	DET
taxlaw-12357	306	34	five	five	NUM
taxlaw-12357	306	35	components	component	NOUN
taxlaw-12357	306	36	of	of	ADP
taxlaw-12357	306	37	the	the	DET
taxlaw-12357	306	38	cost	cost	NOUN
taxlaw-12357	306	39	of	of	ADP
taxlaw-12357	306	40	tax	tax	NOUN
taxlaw-12357	306	41	systems	system	NOUN
taxlaw-12357	306	42	.	.	PUNCT
taxlaw-12357	307	1	the	the	DET
taxlaw-12357	307	2	methodology	methodology	NOUN
taxlaw-12357	307	3	is	be	AUX
taxlaw-12357	307	4	based	base	VERB
taxlaw-12357	307	5	on	on	ADP
taxlaw-12357	307	6	the	the	DET
taxlaw-12357	307	7	concept	concept	NOUN
taxlaw-12357	307	8	of	of	ADP
taxlaw-12357	307	9	the	the	DET
taxlaw-12357	307	10	marginal	marginal	ADJ
taxlaw-12357	307	11	cost	cost	NOUN
taxlaw-12357	307	12	of	of	ADP
taxlaw-12357	307	13	public	public	ADJ
taxlaw-12357	307	14	funds	fund	NOUN
taxlaw-12357	307	15	.	.	PUNCT
taxlaw-12357	307	16	”	"	PUNCT
taxlaw-12357	307	17	)	)	PUNCT
taxlaw-12357	307	18	.	.	PUNCT
taxlaw-12357	308	1	30	30	NUM
taxlaw-12357	308	2	see	see	VERB
taxlaw-12357	308	3	i	i	PRON
taxlaw-12357	308	4	d.	d.	PROPN
taxlaw-12357	308	5	at	at	ADP
taxlaw-12357	308	6	179	179	NUM
taxlaw-12357	308	7	-	-	SYM
taxlaw-12357	308	8	81	81	NUM
taxlaw-12357	308	9	(	(	PUNCT
taxlaw-12357	308	10	discussing	discuss	VERB
taxlaw-12357	308	11	administrative	administrative	ADJ
taxlaw-12357	308	12	and	and	CCONJ
taxlaw-12357	308	13	compliance	compliance	NOUN
taxlaw-12357	308	14	costs	cost	NOUN
taxlaw-12357	308	15	)	)	PUNCT
taxlaw-12357	308	16	.	.	PUNCT
taxlaw-12357	309	1	31	31	NUM
taxlaw-12357	309	2	see	see	VERB
taxlaw-12357	309	3	generally	generally	ADV
taxlaw-12357	309	4	louis	louis	PROPN
taxlaw-12357	309	5	kaplow	kaplow	NOUN
taxlaw-12357	309	6	,	,	PUNCT
taxlaw-12357	309	7	rules	rule	NOUN
taxlaw-12357	309	8	versus	versus	ADP
taxlaw-12357	309	9	standards	standard	NOUN
taxlaw-12357	309	10	:	:	PUNCT
taxlaw-12357	309	11	an	an	DET
taxlaw-12357	309	12	economic	economic	ADJ
taxlaw-12357	309	13	analysis	analysis	NOUN
taxlaw-12357	309	14	,	,	PUNCT
taxlaw-12357	309	15	42	42	NUM
taxlaw-12357	309	16	duke	duke	PROPN
taxlaw-12357	309	17	l.	l.	PROPN
taxlaw-12357	309	18	j.	j.	PROPN
taxlaw-12357	309	19	557	557	PROPN
taxlaw-12357	309	20	,	,	PUNCT
taxlaw-12357	309	21	557	557	NUM
taxlaw-12357	309	22	-	-	SYM
taxlaw-12357	309	23	629	629	NUM
taxlaw-12357	309	24	(	(	PUNCT
taxlaw-12357	309	25	1992	1992	NUM
taxlaw-12357	309	26	)	)	PUNCT
taxlaw-12357	309	27	(	(	PUNCT
taxlaw-12357	309	28	noting	note	VERB
taxlaw-12357	309	29	various	various	ADJ
taxlaw-12357	309	30	costs	cost	NOUN
taxlaw-12357	309	31	of	of	ADP
taxlaw-12357	309	32	drafting	draft	VERB
taxlaw-12357	309	33	and	and	CCONJ
taxlaw-12357	309	34	applying	apply	VERB
taxlaw-12357	309	35	laws	law	NOUN
taxlaw-12357	309	36	and	and	CCONJ
taxlaw-12357	309	37	tradeoffs	tradeoff	NOUN
taxlaw-12357	309	38	among	among	ADP
taxlaw-12357	309	39	them	they	PRON
taxlaw-12357	309	40	)	)	PUNCT
taxlaw-12357	309	41	.	.	PUNCT
taxlaw-12357	310	1	2024	2024	NUM
taxlaw-12357	310	2	]	]	PUNCT
taxlaw-12357	310	3	transaction	transaction	NOUN
taxlaw-12357	310	4	-	-	PUNCT
taxlaw-12357	310	5	specific	specific	ADJ
taxlaw-12357	310	6	tax	tax	NOUN
taxlaw-12357	310	7	reform	reform	NOUN
taxlaw-12357	310	8	in	in	ADP
taxlaw-12357	310	9	three	three	NUM
taxlaw-12357	310	10	steps	step	NOUN
taxlaw-12357	310	11	11	11	NUM
taxlaw-12357	310	12	2	2	NUM
taxlaw-12357	310	13	.	.	PUNCT
taxlaw-12357	311	1	“	"	PUNCT
taxlaw-12357	311	2	regular	regular	ADJ
taxlaw-12357	311	3	”	"	PUNCT
taxlaw-12357	311	4	deadweight	deadweight	NOUN
taxlaw-12357	311	5	loss	loss	NOUN
taxlaw-12357	311	6	from	from	ADP
taxlaw-12357	311	7	real	real	ADJ
taxlaw-12357	311	8	effects	effect	NOUN
taxlaw-12357	311	9	even	even	ADV
taxlaw-12357	311	10	as	as	SCONJ
taxlaw-12357	311	11	transaction	transaction	NOUN
taxlaw-12357	311	12	-	-	PUNCT
taxlaw-12357	311	13	specific	specific	ADJ
taxlaw-12357	311	14	reforms	reform	NOUN
taxlaw-12357	311	15	increase	increase	VERB
taxlaw-12357	311	16	administrative	administrative	ADJ
taxlaw-12357	311	17	burdens	burden	NOUN
taxlaw-12357	311	18	,	,	PUNCT
taxlaw-12357	311	19	do	do	AUX
taxlaw-12357	311	20	they	they	PRON
taxlaw-12357	311	21	reduce	reduce	VERB
taxlaw-12357	311	22	other	other	ADJ
taxlaw-12357	311	23	sources	source	NOUN
taxlaw-12357	311	24	of	of	ADP
taxlaw-12357	311	25	waste	waste	NOUN
taxlaw-12357	311	26	?	?	PUNCT
taxlaw-12357	312	1	another	another	DET
taxlaw-12357	312	2	familiar	familiar	ADJ
taxlaw-12357	312	3	one	one	NOUN
taxlaw-12357	312	4	is	be	AUX
taxlaw-12357	312	5	when	when	SCONJ
taxlaw-12357	312	6	tax	tax	NOUN
taxlaw-12357	312	7	rules	rule	NOUN
taxlaw-12357	312	8	distort	distort	VERB
taxlaw-12357	312	9	work	work	NOUN
taxlaw-12357	312	10	and	and	CCONJ
taxlaw-12357	312	11	savings	saving	NOUN
taxlaw-12357	312	12	decisions.32	decisions.32	NOUN
taxlaw-12357	312	13	in	in	ADP
taxlaw-12357	312	14	general	general	ADJ
taxlaw-12357	312	15	,	,	PUNCT
taxlaw-12357	312	16	there	there	PRON
taxlaw-12357	312	17	is	be	VERB
taxlaw-12357	312	18	less	less	ADJ
taxlaw-12357	312	19	of	of	ADP
taxlaw-12357	312	20	this	this	DET
taxlaw-12357	312	21	“	"	PUNCT
taxlaw-12357	312	22	regular	regular	ADJ
taxlaw-12357	312	23	deadweight	deadweight	NOUN
taxlaw-12357	312	24	loss	loss	NOUN
taxlaw-12357	312	25	”	"	PUNCT
taxlaw-12357	312	26	when	when	SCONJ
taxlaw-12357	312	27	taxpayers	taxpayer	NOUN
taxlaw-12357	312	28	have	have	VERB
taxlaw-12357	312	29	no	no	DET
taxlaw-12357	312	30	easy	easy	ADJ
taxlaw-12357	312	31	way	way	NOUN
taxlaw-12357	312	32	to	to	PART
taxlaw-12357	312	33	change	change	VERB
taxlaw-12357	312	34	their	their	PRON
taxlaw-12357	312	35	behavior	behavior	NOUN
taxlaw-12357	312	36	.	.	PUNCT
taxlaw-12357	313	1	in	in	ADP
taxlaw-12357	313	2	this	this	DET
taxlaw-12357	313	3	situation	situation	NOUN
taxlaw-12357	313	4	(	(	PUNCT
taxlaw-12357	313	5	i.e.	i.e.	X
taxlaw-12357	313	6	,	,	PUNCT
taxlaw-12357	313	7	when	when	SCONJ
taxlaw-12357	313	8	their	their	PRON
taxlaw-12357	313	9	demand	demand	NOUN
taxlaw-12357	313	10	is	be	AUX
taxlaw-12357	313	11	inelastic	inelastic	ADJ
taxlaw-12357	313	12	)	)	PUNCT
taxlaw-12357	313	13	,	,	PUNCT
taxlaw-12357	313	14	they	they	PRON
taxlaw-12357	313	15	are	be	AUX
taxlaw-12357	313	16	still	still	ADV
taxlaw-12357	313	17	likely	likely	ADJ
taxlaw-12357	313	18	to	to	PART
taxlaw-12357	313	19	engage	engage	VERB
taxlaw-12357	313	20	in	in	ADP
taxlaw-12357	313	21	the	the	DET
taxlaw-12357	313	22	relevant	relevant	ADJ
taxlaw-12357	313	23	transaction	transaction	NOUN
taxlaw-12357	313	24	even	even	ADV
taxlaw-12357	313	25	if	if	SCONJ
taxlaw-12357	313	26	it	it	PRON
taxlaw-12357	313	27	is	be	AUX
taxlaw-12357	313	28	taxed	tax	VERB
taxlaw-12357	313	29	more	more	ADJ
taxlaw-12357	313	30	heavily.33	heavily.33	NOUN
taxlaw-12357	313	31	as	as	ADP
taxlaw-12357	313	32	a	a	DET
taxlaw-12357	313	33	result	result	NOUN
taxlaw-12357	313	34	,	,	PUNCT
taxlaw-12357	313	35	this	this	DET
taxlaw-12357	313	36	flexibility	flexibility	NOUN
taxlaw-12357	313	37	(	(	PUNCT
taxlaw-12357	313	38	or	or	CCONJ
taxlaw-12357	313	39	“	"	PUNCT
taxlaw-12357	313	40	elasticity	elasticity	NOUN
taxlaw-12357	313	41	”	"	PUNCT
taxlaw-12357	313	42	)	)	PUNCT
taxlaw-12357	313	43	is	be	AUX
taxlaw-12357	313	44	a	a	DET
taxlaw-12357	313	45	key	key	ADJ
taxlaw-12357	313	46	variable	variable	NOUN
taxlaw-12357	313	47	.	.	PUNCT
taxlaw-12357	314	1	of	of	ADP
taxlaw-12357	314	2	course	course	NOUN
taxlaw-12357	314	3	,	,	PUNCT
taxlaw-12357	314	4	the	the	DET
taxlaw-12357	314	5	premise	premise	NOUN
taxlaw-12357	314	6	here	here	ADV
taxlaw-12357	314	7	is	be	AUX
taxlaw-12357	314	8	that	that	SCONJ
taxlaw-12357	314	9	taxpayers	taxpayer	NOUN
taxlaw-12357	314	10	’	’	PART
taxlaw-12357	314	11	choices	choice	NOUN
taxlaw-12357	314	12	are	be	AUX
taxlaw-12357	314	13	socially	socially	ADV
taxlaw-12357	314	14	optimal	optimal	ADJ
taxlaw-12357	314	15	,	,	PUNCT
taxlaw-12357	314	16	but	but	CCONJ
taxlaw-12357	314	17	this	this	PRON
taxlaw-12357	314	18	is	be	AUX
taxlaw-12357	314	19	n’t	not	PART
taxlaw-12357	314	20	the	the	DET
taxlaw-12357	314	21	case	case	NOUN
taxlaw-12357	314	22	when	when	SCONJ
taxlaw-12357	314	23	markets	market	NOUN
taxlaw-12357	314	24	fail	fail	VERB
taxlaw-12357	314	25	.	.	PUNCT
taxlaw-12357	315	1	for	for	ADP
taxlaw-12357	315	2	example	example	NOUN
taxlaw-12357	315	3	,	,	PUNCT
taxlaw-12357	315	4	if	if	SCONJ
taxlaw-12357	315	5	an	an	DET
taxlaw-12357	315	6	activity	activity	NOUN
taxlaw-12357	315	7	imposes	impose	VERB
taxlaw-12357	315	8	social	social	ADJ
taxlaw-12357	315	9	costs	cost	NOUN
taxlaw-12357	315	10	that	that	PRON
taxlaw-12357	315	11	are	be	AUX
taxlaw-12357	315	12	n’t	not	PART
taxlaw-12357	315	13	impounded	impound	VERB
taxlaw-12357	315	14	in	in	ADP
taxlaw-12357	315	15	the	the	DET
taxlaw-12357	315	16	price	price	NOUN
taxlaw-12357	315	17	(	(	PUNCT
taxlaw-12357	315	18	as	as	SCONJ
taxlaw-12357	315	19	do	do	AUX
taxlaw-12357	315	20	greenhouse	greenhouse	NOUN
taxlaw-12357	315	21	gas	gas	NOUN
taxlaw-12357	315	22	emissions	emission	NOUN
taxlaw-12357	315	23	,	,	PUNCT
taxlaw-12357	315	24	addictive	addictive	ADJ
taxlaw-12357	315	25	drugs	drug	NOUN
taxlaw-12357	315	26	,	,	PUNCT
taxlaw-12357	315	27	and	and	CCONJ
taxlaw-12357	315	28	other	other	ADJ
taxlaw-12357	315	29	activities	activity	NOUN
taxlaw-12357	315	30	that	that	PRON
taxlaw-12357	315	31	harm	harm	VERB
taxlaw-12357	315	32	third	third	ADJ
taxlaw-12357	315	33	parties	party	NOUN
taxlaw-12357	315	34	)	)	PUNCT
taxlaw-12357	315	35	,	,	PUNCT
taxlaw-12357	315	36	discouraging	discourage	VERB
taxlaw-12357	315	37	this	this	DET
taxlaw-12357	315	38	activity	activity	NOUN
taxlaw-12357	315	39	actually	actually	ADV
taxlaw-12357	315	40	is	be	AUX
taxlaw-12357	315	41	a	a	DET
taxlaw-12357	315	42	good	good	ADJ
taxlaw-12357	315	43	thing.34	thing.34	NOUN
taxlaw-12357	315	44	so	so	SCONJ
taxlaw-12357	315	45	the	the	DET
taxlaw-12357	315	46	activity	activity	NOUN
taxlaw-12357	315	47	’s	’s	PART
taxlaw-12357	315	48	social	social	ADJ
taxlaw-12357	315	49	value	value	NOUN
taxlaw-12357	315	50	is	be	AUX
taxlaw-12357	315	51	relevant	relevant	ADJ
taxlaw-12357	315	52	when	when	SCONJ
taxlaw-12357	315	53	policymakers	policymaker	NOUN
taxlaw-12357	315	54	consider	consider	VERB
taxlaw-12357	315	55	changing	change	VERB
taxlaw-12357	315	56	its	its	PRON
taxlaw-12357	315	57	tax	tax	NOUN
taxlaw-12357	315	58	treatment	treatment	NOUN
taxlaw-12357	315	59	.	.	PUNCT
taxlaw-12357	316	1	so	so	ADV
taxlaw-12357	316	2	,	,	PUNCT
taxlaw-12357	316	3	in	in	ADP
taxlaw-12357	316	4	deciding	decide	VERB
taxlaw-12357	316	5	whether	whether	SCONJ
taxlaw-12357	316	6	to	to	PART
taxlaw-12357	316	7	target	target	VERB
taxlaw-12357	316	8	a	a	DET
taxlaw-12357	316	9	particular	particular	ADJ
taxlaw-12357	316	10	planning	planning	NOUN
taxlaw-12357	316	11	strategy	strategy	NOUN
taxlaw-12357	316	12	,	,	PUNCT
taxlaw-12357	316	13	policymakers	policymaker	NOUN
taxlaw-12357	316	14	should	should	AUX
taxlaw-12357	316	15	consider	consider	VERB
taxlaw-12357	316	16	what	what	PRON
taxlaw-12357	316	17	the	the	DET
taxlaw-12357	316	18	effective	effective	ADJ
taxlaw-12357	316	19	tax	tax	NOUN
taxlaw-12357	316	20	rate	rate	NOUN
taxlaw-12357	316	21	on	on	ADP
taxlaw-12357	316	22	the	the	DET
taxlaw-12357	316	23	underlying	underlie	VERB
taxlaw-12357	316	24	activity	activity	NOUN
taxlaw-12357	316	25	actually	actually	ADV
taxlaw-12357	316	26	should	should	AUX
taxlaw-12357	316	27	be	be	AUX
taxlaw-12357	316	28	.	.	PUNCT
taxlaw-12357	317	1	obviously	obviously	ADV
taxlaw-12357	317	2	,	,	PUNCT
taxlaw-12357	317	3	tax	tax	NOUN
taxlaw-12357	317	4	planning	planning	NOUN
taxlaw-12357	317	5	reduces	reduce	VERB
taxlaw-12357	317	6	the	the	DET
taxlaw-12357	317	7	effective	effective	ADJ
taxlaw-12357	317	8	rate	rate	NOUN
taxlaw-12357	317	9	(	(	PUNCT
taxlaw-12357	317	10	i.e.	i.e.	X
taxlaw-12357	317	11	,	,	PUNCT
taxlaw-12357	317	12	what	what	PRON
taxlaw-12357	317	13	taxpayers	taxpayer	NOUN
taxlaw-12357	317	14	actually	actually	ADV
taxlaw-12357	317	15	pay	pay	VERB
taxlaw-12357	317	16	)	)	PUNCT
taxlaw-12357	317	17	below	below	ADP
taxlaw-12357	317	18	the	the	DET
taxlaw-12357	317	19	nominal	nominal	ADJ
taxlaw-12357	317	20	rate	rate	NOUN
taxlaw-12357	317	21	(	(	PUNCT
taxlaw-12357	317	22	i.e.	i.e.	X
taxlaw-12357	317	23	,	,	PUNCT
taxlaw-12357	317	24	the	the	DET
taxlaw-12357	317	25	rate	rate	NOUN
taxlaw-12357	317	26	on	on	ADP
taxlaw-12357	317	27	the	the	DET
taxlaw-12357	317	28	books	book	NOUN
taxlaw-12357	317	29	)	)	PUNCT
taxlaw-12357	317	30	,	,	PUNCT
taxlaw-12357	317	31	but	but	CCONJ
taxlaw-12357	317	32	is	be	AUX
taxlaw-12357	317	33	this	this	PRON
taxlaw-12357	317	34	a	a	DET
taxlaw-12357	317	35	good	good	NOUN
taxlaw-12357	317	36	or	or	CCONJ
taxlaw-12357	317	37	a	a	DET
taxlaw-12357	317	38	bad	bad	ADJ
taxlaw-12357	317	39	thing	thing	NOUN
taxlaw-12357	317	40	?	?	PUNCT
taxlaw-12357	318	1	for	for	ADP
taxlaw-12357	318	2	example	example	NOUN
taxlaw-12357	318	3	,	,	PUNCT
taxlaw-12357	318	4	imagine	imagine	VERB
taxlaw-12357	318	5	that	that	SCONJ
taxlaw-12357	318	6	the	the	DET
taxlaw-12357	318	7	nominal	nominal	ADJ
taxlaw-12357	318	8	rate	rate	NOUN
taxlaw-12357	318	9	is	be	AUX
taxlaw-12357	318	10	40	40	NUM
taxlaw-12357	318	11	%	%	NOUN
taxlaw-12357	318	12	,	,	PUNCT
taxlaw-12357	318	13	but	but	CCONJ
taxlaw-12357	318	14	a	a	DET
taxlaw-12357	318	15	planning	planning	NOUN
taxlaw-12357	318	16	strategy	strategy	NOUN
taxlaw-12357	318	17	reduces	reduce	VERB
taxlaw-12357	318	18	the	the	DET
taxlaw-12357	318	19	effective	effective	ADJ
taxlaw-12357	318	20	rate	rate	NOUN
taxlaw-12357	318	21	to	to	ADP
taxlaw-12357	318	22	25	25	NUM
taxlaw-12357	318	23	%	%	NOUN
taxlaw-12357	318	24	.	.	PUNCT
taxlaw-12357	319	1	if	if	SCONJ
taxlaw-12357	319	2	the	the	DET
taxlaw-12357	319	3	rate	rate	NOUN
taxlaw-12357	319	4	really	really	ADV
taxlaw-12357	319	5	should	should	AUX
taxlaw-12357	319	6	be	be	AUX
taxlaw-12357	319	7	40%–based	40%–base	VERB
taxlaw-12357	319	8	on	on	ADP
taxlaw-12357	319	9	elasticity	elasticity	NOUN
taxlaw-12357	319	10	,	,	PUNCT
taxlaw-12357	319	11	externalities	externality	NOUN
taxlaw-12357	319	12	,	,	PUNCT
taxlaw-12357	319	13	and	and	CCONJ
taxlaw-12357	319	14	the	the	DET
taxlaw-12357	319	15	like	like	ADJ
taxlaw-12357	319	16	–	–	PUNCT
taxlaw-12357	319	17	the	the	DET
taxlaw-12357	319	18	transaction	transaction	NOUN
taxlaw-12357	319	19	is	be	AUX
taxlaw-12357	319	20	problematic	problematic	ADJ
taxlaw-12357	319	21	.	.	PUNCT
taxlaw-12357	320	1	but	but	CCONJ
taxlaw-12357	320	2	if	if	SCONJ
taxlaw-12357	320	3	it	it	PRON
taxlaw-12357	320	4	should	should	AUX
taxlaw-12357	320	5	be	be	AUX
taxlaw-12357	320	6	25	25	NUM
taxlaw-12357	320	7	%	%	NOUN
taxlaw-12357	320	8	(	(	PUNCT
taxlaw-12357	320	9	or	or	CCONJ
taxlaw-12357	320	10	even	even	ADV
taxlaw-12357	320	11	22	22	NUM
taxlaw-12357	320	12	%	%	NOUN
taxlaw-12357	320	13	or	or	CCONJ
taxlaw-12357	320	14	28	28	NUM
taxlaw-12357	320	15	%	%	NOUN
taxlaw-12357	320	16	)	)	PUNCT
taxlaw-12357	320	17	,	,	PUNCT
taxlaw-12357	320	18	the	the	DET
taxlaw-12357	320	19	planning	planning	NOUN
taxlaw-12357	320	20	actually	actually	ADV
taxlaw-12357	320	21	is	be	AUX
taxlaw-12357	320	22	bringing	bring	VERB
taxlaw-12357	320	23	the	the	DET
taxlaw-12357	320	24	effective	effective	ADJ
taxlaw-12357	320	25	rate	rate	NOUN
taxlaw-12357	320	26	closer	close	ADJ
taxlaw-12357	320	27	to	to	ADP
taxlaw-12357	320	28	where	where	SCONJ
taxlaw-12357	320	29	it	it	PRON
taxlaw-12357	320	30	should	should	AUX
taxlaw-12357	320	31	be.35	be.35	NOUN
taxlaw-12357	320	32	in	in	ADP
taxlaw-12357	320	33	other	other	ADJ
taxlaw-12357	320	34	words	word	NOUN
taxlaw-12357	320	35	,	,	PUNCT
taxlaw-12357	320	36	is	be	AUX
taxlaw-12357	320	37	the	the	DET
taxlaw-12357	320	38	relevant	relevant	ADJ
taxlaw-12357	320	39	planning	planning	NOUN
taxlaw-12357	320	40	causing	cause	VERB
taxlaw-12357	320	41	this	this	DET
taxlaw-12357	320	42	activity	activity	NOUN
taxlaw-12357	320	43	to	to	PART
taxlaw-12357	320	44	be	be	AUX
taxlaw-12357	320	45	undertaxed	undertaxe	VERB
taxlaw-12357	320	46	?	?	PUNCT
taxlaw-12357	321	1	if	if	SCONJ
taxlaw-12357	321	2	so	so	ADV
taxlaw-12357	321	3	,	,	PUNCT
taxlaw-12357	321	4	shutting	shut	VERB
taxlaw-12357	321	5	down	down	ADP
taxlaw-12357	321	6	this	this	DET
taxlaw-12357	321	7	planning	planning	NOUN
taxlaw-12357	321	8	can	can	AUX
taxlaw-12357	321	9	make	make	VERB
taxlaw-12357	321	10	the	the	DET
taxlaw-12357	321	11	system	system	NOUN
taxlaw-12357	321	12	more	more	ADV
taxlaw-12357	321	13	efficient	efficient	ADJ
taxlaw-12357	321	14	.	.	PUNCT
taxlaw-12357	322	1	but	but	CCONJ
taxlaw-12357	322	2	if	if	SCONJ
taxlaw-12357	322	3	not	not	PART
taxlaw-12357	322	4	–	–	PUNCT
taxlaw-12357	322	5	that	that	ADV
taxlaw-12357	322	6	is	is	ADV
taxlaw-12357	322	7	,	,	PUNCT
taxlaw-12357	322	8	if	if	SCONJ
taxlaw-12357	322	9	the	the	DET
taxlaw-12357	322	10	nominal	nominal	ADJ
taxlaw-12357	322	11	tax	tax	NOUN
taxlaw-12357	322	12	rate	rate	NOUN
taxlaw-12357	322	13	is	be	AUX
taxlaw-12357	322	14	too	too	ADV
taxlaw-12357	322	15	high	high	ADJ
taxlaw-12357	322	16	–	–	PUNCT
taxlaw-12357	322	17	there	there	PRON
taxlaw-12357	322	18	is	be	VERB
taxlaw-12357	322	19	less	less	ADJ
taxlaw-12357	322	20	reason	reason	NOUN
taxlaw-12357	322	21	to	to	PART
taxlaw-12357	322	22	target	target	VERB
taxlaw-12357	322	23	the	the	DET
taxlaw-12357	322	24	planning	planning	NOUN
taxlaw-12357	322	25	strategy	strategy	NOUN
taxlaw-12357	322	26	.	.	PUNCT
taxlaw-12357	323	1	in	in	ADP
taxlaw-12357	323	2	the	the	DET
taxlaw-12357	323	3	case	case	NOUN
taxlaw-12357	323	4	of	of	ADP
taxlaw-12357	323	5	section	section	NOUN
taxlaw-12357	323	6	1260	1260	NUM
taxlaw-12357	323	7	,	,	PUNCT
taxlaw-12357	323	8	for	for	ADP
taxlaw-12357	323	9	example	example	NOUN
taxlaw-12357	323	10	,	,	PUNCT
taxlaw-12357	323	11	how	how	SCONJ
taxlaw-12357	323	12	bad	bad	ADJ
taxlaw-12357	323	13	is	be	AUX
taxlaw-12357	323	14	it	it	PRON
taxlaw-12357	323	15	to	to	PART
taxlaw-12357	323	16	raise	raise	VERB
taxlaw-12357	323	17	the	the	DET
taxlaw-12357	323	18	tax	tax	NOUN
taxlaw-12357	323	19	on	on	ADP
taxlaw-12357	323	20	indirect	indirect	ADJ
taxlaw-12357	323	21	investments	investment	NOUN
taxlaw-12357	323	22	in	in	ADP
taxlaw-12357	323	23	hedge	hedge	NOUN
taxlaw-12357	323	24	funds	fund	NOUN
taxlaw-12357	323	25	?	?	PUNCT
taxlaw-12357	324	1	will	will	AUX
taxlaw-12357	324	2	investors	investor	NOUN
taxlaw-12357	324	3	invest	invest	VERB
taxlaw-12357	324	4	less	less	ADJ
taxlaw-12357	324	5	in	in	ADP
taxlaw-12357	324	6	these	these	DET
taxlaw-12357	324	7	funds	fund	NOUN
taxlaw-12357	324	8	?	?	PUNCT
taxlaw-12357	325	1	if	if	SCONJ
taxlaw-12357	325	2	so	so	ADV
taxlaw-12357	325	3	,	,	PUNCT
taxlaw-12357	325	4	how	how	SCONJ
taxlaw-12357	325	5	much	much	ADV
taxlaw-12357	325	6	less	less	ADJ
taxlaw-12357	325	7	and	and	CCONJ
taxlaw-12357	325	8	what	what	PRON
taxlaw-12357	325	9	would	would	AUX
taxlaw-12357	325	10	they	they	PRON
taxlaw-12357	325	11	do	do	VERB
taxlaw-12357	325	12	instead	instead	ADV
taxlaw-12357	325	13	?	?	PUNCT
taxlaw-12357	326	1	in	in	ADP
taxlaw-12357	326	2	addition	addition	NOUN
taxlaw-12357	326	3	to	to	ADP
taxlaw-12357	326	4	this	this	DET
taxlaw-12357	326	5	sort	sort	NOUN
taxlaw-12357	326	6	of	of	ADP
taxlaw-12357	326	7	analysis	analysis	NOUN
taxlaw-12357	326	8	of	of	ADP
taxlaw-12357	326	9	elasticity	elasticity	NOUN
taxlaw-12357	326	10	,	,	PUNCT
taxlaw-12357	326	11	policymakers	policymaker	NOUN
taxlaw-12357	326	12	should	should	AUX
taxlaw-12357	326	13	also	also	ADV
taxlaw-12357	326	14	consider	consider	VERB
taxlaw-12357	326	15	externalities	externality	NOUN
taxlaw-12357	326	16	.	.	PUNCT
taxlaw-12357	327	1	for	for	ADP
taxlaw-12357	327	2	example	example	NOUN
taxlaw-12357	327	3	,	,	PUNCT
taxlaw-12357	327	4	do	do	AUX
taxlaw-12357	327	5	hedge	hedge	NOUN
taxlaw-12357	327	6	funds	fund	NOUN
taxlaw-12357	327	7	improve	improve	VERB
taxlaw-12357	327	8	price	price	NOUN
taxlaw-12357	327	9	discovery	discovery	NOUN
taxlaw-12357	327	10	?	?	PUNCT
taxlaw-12357	328	1	or	or	CCONJ
taxlaw-12357	328	2	are	be	AUX
taxlaw-12357	328	3	they	they	PRON
taxlaw-12357	328	4	just	just	ADV
taxlaw-12357	328	5	a	a	DET
taxlaw-12357	328	6	form	form	NOUN
taxlaw-12357	328	7	of	of	ADP
taxlaw-12357	328	8	zero	zero	NUM
taxlaw-12357	328	9	-	-	PUNCT
taxlaw-12357	328	10	sum	sum	NOUN
taxlaw-12357	328	11	gambling	gambling	NOUN
taxlaw-12357	328	12	?	?	PUNCT
taxlaw-12357	329	1	even	even	ADV
taxlaw-12357	329	2	if	if	SCONJ
taxlaw-12357	329	3	the	the	DET
taxlaw-12357	329	4	social	social	ADJ
taxlaw-12357	329	5	contribution	contribution	NOUN
taxlaw-12357	329	6	of	of	ADP
taxlaw-12357	329	7	hedge	hedge	NOUN
taxlaw-12357	329	8	funds	fund	NOUN
taxlaw-12357	329	9	is	be	AUX
taxlaw-12357	329	10	limited	limited	ADJ
taxlaw-12357	329	11	,	,	PUNCT
taxlaw-12357	329	12	is	be	AUX
taxlaw-12357	329	13	section	section	NOUN
taxlaw-12357	329	14	1260	1260	NUM
taxlaw-12357	329	15	32	32	NUM
taxlaw-12357	329	16	see	see	VERB
taxlaw-12357	329	17	slemrod	slemrod	NOUN
taxlaw-12357	329	18	&	&	CCONJ
taxlaw-12357	329	19	yitzhaki	yitzhaki	NOUN
taxlaw-12357	329	20	,	,	PUNCT
taxlaw-12357	329	21	supra	supra	PROPN
taxlaw-12357	329	22	note	note	PROPN
taxlaw-12357	329	23	28	28	NUM
taxlaw-12357	329	24	,	,	PUNCT
taxlaw-12357	329	25	at	at	ADP
taxlaw-12357	329	26	181	181	NUM
taxlaw-12357	329	27	(	(	PUNCT
taxlaw-12357	329	28	discussing	discuss	VERB
taxlaw-12357	329	29	“	"	PUNCT
taxlaw-12357	329	30	regular	regular	ADJ
taxlaw-12357	329	31	deadweight	deadweight	NOUN
taxlaw-12357	329	32	loss	loss	NOUN
taxlaw-12357	329	33	”	"	PUNCT
taxlaw-12357	329	34	)	)	PUNCT
taxlaw-12357	329	35	.	.	PUNCT
taxlaw-12357	330	1	33	33	NUM
taxlaw-12357	330	2	see	see	VERB
taxlaw-12357	330	3	weisbach	weisbach	NOUN
taxlaw-12357	330	4	,	,	PUNCT
taxlaw-12357	330	5	line	line	NOUN
taxlaw-12357	330	6	-	-	PUNCT
taxlaw-12357	330	7	drawing	drawing	NOUN
taxlaw-12357	330	8	,	,	PUNCT
taxlaw-12357	330	9	supra	supra	PROPN
taxlaw-12357	330	10	note	note	PROPN
taxlaw-12357	330	11	26	26	NUM
taxlaw-12357	330	12	,	,	PUNCT
taxlaw-12357	330	13	at	at	ADP
taxlaw-12357	330	14	1658	1658	NUM
taxlaw-12357	330	15	(	(	PUNCT
taxlaw-12357	330	16	“	"	PUNCT
taxlaw-12357	330	17	if	if	SCONJ
taxlaw-12357	330	18	the	the	DET
taxlaw-12357	330	19	elasticity	elasticity	NOUN
taxlaw-12357	330	20	is	be	AUX
taxlaw-12357	330	21	high	high	ADJ
taxlaw-12357	330	22	,	,	PUNCT
taxlaw-12357	330	23	the	the	DET
taxlaw-12357	330	24	tax	tax	NOUN
taxlaw-12357	330	25	should	should	AUX
taxlaw-12357	330	26	be	be	AUX
taxlaw-12357	330	27	low	low	ADJ
taxlaw-12357	330	28	,	,	PUNCT
taxlaw-12357	330	29	and	and	CCONJ
taxlaw-12357	330	30	if	if	SCONJ
taxlaw-12357	330	31	the	the	DET
taxlaw-12357	330	32	elasticity	elasticity	NOUN
taxlaw-12357	330	33	is	be	AUX
taxlaw-12357	330	34	low	low	ADJ
taxlaw-12357	330	35	,	,	PUNCT
taxlaw-12357	330	36	the	the	DET
taxlaw-12357	330	37	tax	tax	NOUN
taxlaw-12357	330	38	should	should	AUX
taxlaw-12357	330	39	be	be	AUX
taxlaw-12357	330	40	high	high	ADJ
taxlaw-12357	330	41	.	.	PUNCT
taxlaw-12357	330	42	”	"	PUNCT
taxlaw-12357	330	43	)	)	PUNCT
taxlaw-12357	330	44	.	.	PUNCT
taxlaw-12357	331	1	yet	yet	CCONJ
taxlaw-12357	331	2	the	the	DET
taxlaw-12357	331	3	inquiry	inquiry	NOUN
taxlaw-12357	331	4	is	be	AUX
taxlaw-12357	331	5	nuanced	nuanced	ADJ
taxlaw-12357	331	6	.	.	PUNCT
taxlaw-12357	332	1	while	while	SCONJ
taxlaw-12357	332	2	taxing	tax	VERB
taxlaw-12357	332	3	inelastic	inelastic	ADJ
taxlaw-12357	332	4	activity	activity	NOUN
taxlaw-12357	332	5	generally	generally	ADV
taxlaw-12357	332	6	is	be	AUX
taxlaw-12357	332	7	more	more	ADV
taxlaw-12357	332	8	efficient	efficient	ADJ
taxlaw-12357	332	9	,	,	PUNCT
taxlaw-12357	332	10	this	this	PRON
taxlaw-12357	332	11	is	be	AUX
taxlaw-12357	332	12	n’t	not	PART
taxlaw-12357	332	13	always	always	ADV
taxlaw-12357	332	14	the	the	DET
taxlaw-12357	332	15	case	case	NOUN
taxlaw-12357	332	16	.	.	PUNCT
taxlaw-12357	333	1	for	for	ADP
taxlaw-12357	333	2	instance	instance	NOUN
taxlaw-12357	333	3	,	,	PUNCT
taxlaw-12357	333	4	if	if	SCONJ
taxlaw-12357	333	5	demand	demand	NOUN
taxlaw-12357	333	6	is	be	AUX
taxlaw-12357	333	7	inelastic	inelastic	ADJ
taxlaw-12357	333	8	but	but	CCONJ
taxlaw-12357	333	9	taxpayers	taxpayer	NOUN
taxlaw-12357	333	10	change	change	VERB
taxlaw-12357	333	11	their	their	PRON
taxlaw-12357	333	12	behavior	behavior	NOUN
taxlaw-12357	333	13	anyway	anyway	ADV
taxlaw-12357	333	14	,	,	PUNCT
taxlaw-12357	333	15	the	the	DET
taxlaw-12357	333	16	welfare	welfare	NOUN
taxlaw-12357	333	17	losses	loss	NOUN
taxlaw-12357	333	18	can	can	AUX
taxlaw-12357	333	19	be	be	AUX
taxlaw-12357	333	20	especially	especially	ADV
taxlaw-12357	333	21	large	large	ADJ
taxlaw-12357	333	22	.	.	PUNCT
taxlaw-12357	334	1	see	see	VERB
taxlaw-12357	334	2	i	i	PRON
taxlaw-12357	334	3	d.	d.	PROPN
taxlaw-12357	334	4	at	at	ADP
taxlaw-12357	334	5	1656	1656	NUM
taxlaw-12357	334	6	(	(	PUNCT
taxlaw-12357	334	7	“	"	PUNCT
taxlaw-12357	334	8	the	the	DET
taxlaw-12357	334	9	ability	ability	NOUN
taxlaw-12357	334	10	to	to	PART
taxlaw-12357	334	11	raise	raise	VERB
taxlaw-12357	334	12	taxes	taxis	NOUN
taxlaw-12357	334	13	on	on	ADP
taxlaw-12357	334	14	low	low	ADJ
taxlaw-12357	334	15	-	-	PUNCT
taxlaw-12357	334	16	elasticity	elasticity	NOUN
taxlaw-12357	334	17	items	item	NOUN
taxlaw-12357	334	18	is	be	AUX
taxlaw-12357	334	19	limited	limit	VERB
taxlaw-12357	334	20	because	because	SCONJ
taxlaw-12357	334	21	as	as	ADP
taxlaw-12357	334	22	the	the	DET
taxlaw-12357	334	23	tax	tax	NOUN
taxlaw-12357	334	24	on	on	ADP
taxlaw-12357	334	25	a	a	DET
taxlaw-12357	334	26	commodity	commodity	NOUN
taxlaw-12357	334	27	increases	increase	NOUN
taxlaw-12357	334	28	,	,	PUNCT
taxlaw-12357	334	29	the	the	DET
taxlaw-12357	334	30	marginal	marginal	ADJ
taxlaw-12357	334	31	deadweight	deadweight	NOUN
taxlaw-12357	334	32	loss	loss	NOUN
taxlaw-12357	334	33	increases	increase	NOUN
taxlaw-12357	334	34	”	"	PUNCT
taxlaw-12357	334	35	)	)	PUNCT
taxlaw-12357	334	36	.	.	PUNCT
taxlaw-12357	335	1	34	34	NUM
taxlaw-12357	335	2	see	see	VERB
taxlaw-12357	335	3	i	i	PRON
taxlaw-12357	335	4	d.	d.	PROPN
taxlaw-12357	335	5	at	at	ADP
taxlaw-12357	335	6	1654	1654	NUM
taxlaw-12357	335	7	(	(	PUNCT
taxlaw-12357	335	8	“	"	PUNCT
taxlaw-12357	335	9	to	to	ADP
taxlaw-12357	335	10	the	the	DET
taxlaw-12357	335	11	extent	extent	NOUN
taxlaw-12357	335	12	that	that	SCONJ
taxlaw-12357	335	13	there	there	PRON
taxlaw-12357	335	14	is	be	VERB
taxlaw-12357	335	15	a	a	DET
taxlaw-12357	335	16	market	market	NOUN
taxlaw-12357	335	17	failure	failure	NOUN
taxlaw-12357	335	18	,	,	PUNCT
taxlaw-12357	335	19	the	the	DET
taxlaw-12357	335	20	definition	definition	NOUN
taxlaw-12357	335	21	of	of	ADP
taxlaw-12357	335	22	an	an	DET
taxlaw-12357	335	23	efficient	efficient	ADJ
taxlaw-12357	335	24	tax	tax	NOUN
taxlaw-12357	335	25	changes	change	NOUN
taxlaw-12357	335	26	.	.	PUNCT
taxlaw-12357	336	1	in	in	ADP
taxlaw-12357	336	2	particular	particular	ADJ
taxlaw-12357	336	3	,	,	PUNCT
taxlaw-12357	336	4	so	so	ADV
taxlaw-12357	336	5	-	-	PUNCT
taxlaw-12357	336	6	called	call	VERB
taxlaw-12357	336	7	pigouvian	pigouvian	ADJ
taxlaw-12357	336	8	taxes	taxis	NOUN
taxlaw-12357	336	9	are	be	AUX
taxlaw-12357	336	10	taxes	taxis	NOUN
taxlaw-12357	336	11	,	,	PUNCT
taxlaw-12357	336	12	or	or	CCONJ
taxlaw-12357	336	13	subsidies	subsidy	NOUN
taxlaw-12357	336	14	,	,	PUNCT
taxlaw-12357	336	15	that	that	PRON
taxlaw-12357	336	16	attempt	attempt	VERB
taxlaw-12357	336	17	to	to	PART
taxlaw-12357	336	18	cure	cure	VERB
taxlaw-12357	336	19	market	market	NOUN
taxlaw-12357	336	20	failures	failure	NOUN
taxlaw-12357	336	21	.	.	PUNCT
taxlaw-12357	336	22	”	"	PUNCT
taxlaw-12357	336	23	)	)	PUNCT
taxlaw-12357	337	1	;	;	PUNCT
taxlaw-12357	337	2	david	david	PROPN
taxlaw-12357	337	3	m.	m.	PROPN
taxlaw-12357	337	4	schizer	schizer	PROPN
taxlaw-12357	337	5	,	,	PUNCT
taxlaw-12357	337	6	red	red	ADJ
taxlaw-12357	337	7	white	white	ADJ
taxlaw-12357	337	8	and	and	CCONJ
taxlaw-12357	337	9	blue	blue	ADJ
taxlaw-12357	337	10	–	–	PUNCT
taxlaw-12357	337	11	and	and	CCONJ
taxlaw-12357	337	12	also	also	ADV
taxlaw-12357	337	13	green	green	ADJ
taxlaw-12357	337	14	:	:	PUNCT
taxlaw-12357	337	15	how	how	SCONJ
taxlaw-12357	337	16	energy	energy	NOUN
taxlaw-12357	337	17	policy	policy	NOUN
taxlaw-12357	337	18	can	can	AUX
taxlaw-12357	337	19	protect	protect	VERB
taxlaw-12357	337	20	both	both	PRON
taxlaw-12357	337	21	national	national	ADJ
taxlaw-12357	337	22	security	security	NOUN
taxlaw-12357	337	23	and	and	CCONJ
taxlaw-12357	337	24	the	the	DET
taxlaw-12357	337	25	environment	environment	NOUN
taxlaw-12357	337	26	,	,	PUNCT
taxlaw-12357	337	27	96	96	NUM
taxlaw-12357	337	28	s.	s.	PROPN
taxlaw-12357	337	29	calif	calif	PROPN
taxlaw-12357	337	30	.	.	PUNCT
taxlaw-12357	338	1	l.	l.	PROPN
taxlaw-12357	338	2	rev	rev	PROPN
taxlaw-12357	338	3	.	.	PUNCT
taxlaw-12357	339	1	(	(	PUNCT
taxlaw-12357	339	2	forthcoming	forthcoming	ADJ
taxlaw-12357	339	3	2024	2024	NUM
taxlaw-12357	339	4	)	)	PUNCT
taxlaw-12357	340	1	(	(	PUNCT
taxlaw-12357	340	2	noting	note	VERB
taxlaw-12357	340	3	that	that	SCONJ
taxlaw-12357	340	4	pigouvian	pigouvian	ADJ
taxlaw-12357	340	5	taxes	taxis	NOUN
taxlaw-12357	340	6	should	should	AUX
taxlaw-12357	340	7	be	be	AUX
taxlaw-12357	340	8	set	set	VERB
taxlaw-12357	340	9	equal	equal	ADJ
taxlaw-12357	340	10	to	to	ADP
taxlaw-12357	340	11	the	the	DET
taxlaw-12357	340	12	marginal	marginal	ADJ
taxlaw-12357	340	13	harm	harm	NOUN
taxlaw-12357	340	14	from	from	ADP
taxlaw-12357	340	15	the	the	DET
taxlaw-12357	340	16	relevant	relevant	ADJ
taxlaw-12357	340	17	activity	activity	NOUN
taxlaw-12357	340	18	)	)	PUNCT
taxlaw-12357	340	19	.	.	PUNCT
taxlaw-12357	340	20	35	35	NUM
taxlaw-12357	340	21	see	see	VERB
taxlaw-12357	340	22	weisbach	weisbach	NOUN
taxlaw-12357	340	23	,	,	PUNCT
taxlaw-12357	340	24	line	line	NOUN
taxlaw-12357	340	25	drawing	drawing	NOUN
taxlaw-12357	340	26	,	,	PUNCT
taxlaw-12357	340	27	supra	supra	PROPN
taxlaw-12357	340	28	note	note	PROPN
taxlaw-12357	340	29	26	26	NUM
taxlaw-12357	340	30	,	,	PUNCT
taxlaw-12357	340	31	at	at	ADP
taxlaw-12357	340	32	1669	1669	NUM
taxlaw-12357	340	33	(	(	PUNCT
taxlaw-12357	340	34	“	"	PUNCT
taxlaw-12357	340	35	taxing	tax	VERB
taxlaw-12357	340	36	a	a	DET
taxlaw-12357	340	37	low	low	ADJ
taxlaw-12357	340	38	-	-	PUNCT
taxlaw-12357	340	39	elasticity	elasticity	NOUN
taxlaw-12357	340	40	item	item	NOUN
taxlaw-12357	340	41	too	too	ADV
taxlaw-12357	340	42	high	high	ADJ
taxlaw-12357	340	43	is	be	AUX
taxlaw-12357	340	44	not	not	PART
taxlaw-12357	340	45	optimal	optimal	ADJ
taxlaw-12357	340	46	.	.	PUNCT
taxlaw-12357	340	47	”	"	PUNCT
taxlaw-12357	340	48	)	)	PUNCT
taxlaw-12357	340	49	.	.	PUNCT
taxlaw-12357	341	1	columbia	columbia	PROPN
taxlaw-12357	341	2	journal	journal	PROPN
taxlaw-12357	341	3	of	of	ADP
taxlaw-12357	341	4	tax	tax	NOUN
taxlaw-12357	341	5	law	law	NOUN
taxlaw-12357	342	1	[	[	X
taxlaw-12357	342	2	vol	vol	NOUN
taxlaw-12357	342	3	15:1	15:1	NUM
taxlaw-12357	342	4	12	12	NUM
taxlaw-12357	342	5	overbroad	overbroad	NOUN
taxlaw-12357	342	6	?	?	PUNCT
taxlaw-12357	343	1	does	do	AUX
taxlaw-12357	343	2	it	it	PRON
taxlaw-12357	343	3	inadvertently	inadvertently	ADV
taxlaw-12357	343	4	discourage	discourage	VERB
taxlaw-12357	343	5	other	other	ADJ
taxlaw-12357	343	6	real	real	ADJ
taxlaw-12357	343	7	activity	activity	NOUN
taxlaw-12357	343	8	that	that	PRON
taxlaw-12357	343	9	is	be	AUX
taxlaw-12357	343	10	more	more	ADV
taxlaw-12357	343	11	valuable	valuable	ADJ
taxlaw-12357	343	12	,	,	PUNCT
taxlaw-12357	343	13	implicating	implicate	VERB
taxlaw-12357	343	14	other	other	ADJ
taxlaw-12357	343	15	elasticities	elasticity	NOUN
taxlaw-12357	343	16	and	and	CCONJ
taxlaw-12357	343	17	externalities	externality	NOUN
taxlaw-12357	343	18	?	?	PUNCT
taxlaw-12357	344	1	in	in	ADP
taxlaw-12357	344	2	short	short	ADJ
taxlaw-12357	344	3	,	,	PUNCT
taxlaw-12357	344	4	in	in	ADP
taxlaw-12357	344	5	crafting	craft	VERB
taxlaw-12357	344	6	section	section	NOUN
taxlaw-12357	344	7	1260	1260	NUM
taxlaw-12357	344	8	and	and	CCONJ
taxlaw-12357	344	9	other	other	ADJ
taxlaw-12357	344	10	transaction	transaction	NOUN
taxlaw-12357	344	11	-	-	PUNCT
taxlaw-12357	344	12	specific	specific	ADJ
taxlaw-12357	344	13	reforms	reform	NOUN
taxlaw-12357	344	14	,	,	PUNCT
taxlaw-12357	344	15	policymakers	policymaker	NOUN
taxlaw-12357	344	16	should	should	AUX
taxlaw-12357	344	17	consider	consider	VERB
taxlaw-12357	344	18	whether	whether	SCONJ
taxlaw-12357	344	19	the	the	DET
taxlaw-12357	344	20	measure	measure	NOUN
taxlaw-12357	344	21	moves	move	VERB
taxlaw-12357	344	22	the	the	DET
taxlaw-12357	344	23	effective	effective	ADJ
taxlaw-12357	344	24	tax	tax	NOUN
taxlaw-12357	344	25	rate	rate	NOUN
taxlaw-12357	344	26	closer	close	ADJ
taxlaw-12357	344	27	to	to	ADP
taxlaw-12357	344	28	or	or	CCONJ
taxlaw-12357	344	29	further	far	ADV
taxlaw-12357	344	30	from	from	ADP
taxlaw-12357	344	31	the	the	DET
taxlaw-12357	344	32	optimal	optimal	ADJ
taxlaw-12357	344	33	level.36	level.36	NOUN
taxlaw-12357	344	34	3	3	NUM
taxlaw-12357	344	35	.	.	PUNCT
taxlaw-12357	344	36	planning	planning	NOUN
taxlaw-12357	344	37	costs	cost	NOUN
taxlaw-12357	344	38	even	even	ADV
taxlaw-12357	344	39	if	if	SCONJ
taxlaw-12357	344	40	the	the	DET
taxlaw-12357	344	41	effective	effective	ADJ
taxlaw-12357	344	42	rate	rate	NOUN
taxlaw-12357	344	43	is	be	AUX
taxlaw-12357	344	44	too	too	ADV
taxlaw-12357	344	45	high	high	ADJ
taxlaw-12357	344	46	,	,	PUNCT
taxlaw-12357	344	47	tax	tax	NOUN
taxlaw-12357	344	48	planning	planning	NOUN
taxlaw-12357	344	49	usually	usually	ADV
taxlaw-12357	344	50	is	be	AUX
taxlaw-12357	344	51	an	an	DET
taxlaw-12357	344	52	inefficient	inefficient	ADJ
taxlaw-12357	344	53	way	way	NOUN
taxlaw-12357	344	54	to	to	PART
taxlaw-12357	344	55	reduce	reduce	VERB
taxlaw-12357	344	56	it	it	PRON
taxlaw-12357	344	57	.	.	PUNCT
taxlaw-12357	345	1	taxpayers	taxpayer	NOUN
taxlaw-12357	345	2	have	have	VERB
taxlaw-12357	345	3	to	to	PART
taxlaw-12357	345	4	invest	invest	VERB
taxlaw-12357	345	5	time	time	NOUN
taxlaw-12357	345	6	and	and	CCONJ
taxlaw-12357	345	7	resources	resource	NOUN
taxlaw-12357	345	8	to	to	PART
taxlaw-12357	345	9	plan	plan	VERB
taxlaw-12357	345	10	around	around	ADP
taxlaw-12357	345	11	the	the	DET
taxlaw-12357	345	12	relevant	relevant	ADJ
taxlaw-12357	345	13	rule.37	rule.37	NOUN
taxlaw-12357	345	14	along	along	ADP
taxlaw-12357	345	15	with	with	ADP
taxlaw-12357	345	16	hiring	hire	VERB
taxlaw-12357	345	17	the	the	DET
taxlaw-12357	345	18	right	right	ADJ
taxlaw-12357	345	19	advisors	advisor	NOUN
taxlaw-12357	345	20	,	,	PUNCT
taxlaw-12357	345	21	they	they	PRON
taxlaw-12357	345	22	have	have	VERB
taxlaw-12357	345	23	to	to	PART
taxlaw-12357	345	24	modify	modify	VERB
taxlaw-12357	345	25	their	their	PRON
taxlaw-12357	345	26	transactions	transaction	NOUN
taxlaw-12357	345	27	in	in	ADP
taxlaw-12357	345	28	ways	way	NOUN
taxlaw-12357	345	29	that	that	PRON
taxlaw-12357	345	30	might	might	AUX
taxlaw-12357	345	31	be	be	AUX
taxlaw-12357	345	32	unappealing	unappealing	ADJ
taxlaw-12357	345	33	.	.	PUNCT
taxlaw-12357	346	1	if	if	SCONJ
taxlaw-12357	346	2	the	the	DET
taxlaw-12357	346	3	effective	effective	ADJ
taxlaw-12357	346	4	rate	rate	NOUN
taxlaw-12357	346	5	needs	need	VERB
taxlaw-12357	346	6	to	to	PART
taxlaw-12357	346	7	be	be	AUX
taxlaw-12357	346	8	cut	cut	VERB
taxlaw-12357	346	9	,	,	PUNCT
taxlaw-12357	346	10	policymakers	policymaker	NOUN
taxlaw-12357	346	11	generally	generally	ADV
taxlaw-12357	346	12	should	should	AUX
taxlaw-12357	346	13	just	just	ADV
taxlaw-12357	346	14	do	do	VERB
taxlaw-12357	346	15	that	that	PRON
taxlaw-12357	346	16	directly	directly	ADV
taxlaw-12357	346	17	,	,	PUNCT
taxlaw-12357	346	18	instead	instead	ADV
taxlaw-12357	346	19	of	of	ADP
taxlaw-12357	346	20	relying	rely	VERB
taxlaw-12357	346	21	on	on	ADP
taxlaw-12357	346	22	taxpayer	taxpayer	NOUN
taxlaw-12357	346	23	self	self	NOUN
taxlaw-12357	346	24	-	-	PUNCT
taxlaw-12357	346	25	help	help	NOUN
taxlaw-12357	346	26	.	.	PUNCT
taxlaw-12357	347	1	all	all	PRON
taxlaw-12357	347	2	else	else	ADV
taxlaw-12357	347	3	being	be	AUX
taxlaw-12357	347	4	equal	equal	ADJ
taxlaw-12357	347	5	,	,	PUNCT
taxlaw-12357	347	6	then	then	ADV
taxlaw-12357	347	7	,	,	PUNCT
taxlaw-12357	347	8	reducing	reduce	VERB
taxlaw-12357	347	9	the	the	DET
taxlaw-12357	347	10	waste	waste	NOUN
taxlaw-12357	347	11	from	from	ADP
taxlaw-12357	347	12	tax	tax	NOUN
taxlaw-12357	347	13	planning	planning	NOUN
taxlaw-12357	347	14	improves	improve	VERB
taxlaw-12357	347	15	efficiency	efficiency	NOUN
taxlaw-12357	347	16	.	.	PUNCT
taxlaw-12357	348	1	indeed	indeed	ADV
taxlaw-12357	348	2	,	,	PUNCT
taxlaw-12357	348	3	these	these	DET
taxlaw-12357	348	4	efficiency	efficiency	NOUN
taxlaw-12357	348	5	gains	gain	NOUN
taxlaw-12357	348	6	can	can	AUX
taxlaw-12357	348	7	offset	offset	VERB
taxlaw-12357	348	8	–	–	PUNCT
taxlaw-12357	348	9	and	and	CCONJ
taxlaw-12357	348	10	in	in	ADP
taxlaw-12357	348	11	some	some	DET
taxlaw-12357	348	12	cases	case	NOUN
taxlaw-12357	348	13	can	can	AUX
taxlaw-12357	348	14	exceed	exceed	VERB
taxlaw-12357	348	15	–	–	PUNCT
taxlaw-12357	348	16	increases	increase	NOUN
taxlaw-12357	348	17	in	in	ADP
taxlaw-12357	348	18	administrative	administrative	ADJ
taxlaw-12357	348	19	costs	cost	NOUN
taxlaw-12357	348	20	and	and	CCONJ
taxlaw-12357	348	21	“	"	PUNCT
taxlaw-12357	348	22	regular	regular	ADJ
taxlaw-12357	348	23	”	"	PUNCT
taxlaw-12357	348	24	deadweight	deadweight	ADJ
taxlaw-12357	348	25	loss.38	loss.38	NOUN
taxlaw-12357	348	26	but	but	CCONJ
taxlaw-12357	348	27	obviously	obviously	ADV
taxlaw-12357	348	28	,	,	PUNCT
taxlaw-12357	348	29	this	this	PRON
taxlaw-12357	348	30	can	can	AUX
taxlaw-12357	348	31	happen	happen	VERB
taxlaw-12357	348	32	only	only	ADV
taxlaw-12357	348	33	if	if	SCONJ
taxlaw-12357	348	34	reforms	reform	NOUN
taxlaw-12357	348	35	actually	actually	ADV
taxlaw-12357	348	36	discourage	discourage	VERB
taxlaw-12357	348	37	planning	planning	NOUN
taxlaw-12357	348	38	,	,	PUNCT
taxlaw-12357	348	39	instead	instead	ADV
taxlaw-12357	348	40	of	of	ADP
taxlaw-12357	348	41	merely	merely	ADV
taxlaw-12357	348	42	prompting	prompt	VERB
taxlaw-12357	348	43	a	a	DET
taxlaw-12357	348	44	more	more	ADV
taxlaw-12357	348	45	elaborate	elaborate	ADJ
taxlaw-12357	348	46	variation	variation	NOUN
taxlaw-12357	348	47	of	of	ADP
taxlaw-12357	348	48	it	it	PRON
taxlaw-12357	348	49	.	.	PUNCT
taxlaw-12357	349	1	this	this	PRON
taxlaw-12357	349	2	brings	bring	VERB
taxlaw-12357	349	3	us	we	PRON
taxlaw-12357	349	4	to	to	ADP
taxlaw-12357	349	5	a	a	DET
taxlaw-12357	349	6	critically	critically	ADV
taxlaw-12357	349	7	important	important	ADJ
taxlaw-12357	349	8	question	question	NOUN
taxlaw-12357	349	9	:	:	PUNCT
taxlaw-12357	349	10	does	do	AUX
taxlaw-12357	349	11	the	the	DET
taxlaw-12357	349	12	targeted	target	VERB
taxlaw-12357	349	13	planning	planning	NOUN
taxlaw-12357	349	14	actually	actually	ADV
taxlaw-12357	349	15	stop	stop	VERB
taxlaw-12357	349	16	?	?	PUNCT
taxlaw-12357	350	1	or	or	CCONJ
taxlaw-12357	350	2	does	do	AUX
taxlaw-12357	350	3	it	it	PRON
taxlaw-12357	350	4	simply	simply	ADV
taxlaw-12357	350	5	metastasize	metastasize	VERB
taxlaw-12357	350	6	into	into	ADP
taxlaw-12357	350	7	a	a	DET
taxlaw-12357	350	8	different	different	ADJ
taxlaw-12357	350	9	(	(	PUNCT
taxlaw-12357	350	10	more	more	ADV
taxlaw-12357	350	11	costly	costly	ADJ
taxlaw-12357	350	12	)	)	PUNCT
taxlaw-12357	350	13	variation?39	variation?39	PROPN
taxlaw-12357	350	14	for	for	ADP
taxlaw-12357	350	15	example	example	NOUN
taxlaw-12357	350	16	,	,	PUNCT
taxlaw-12357	350	17	assume	assume	VERB
taxlaw-12357	350	18	that	that	SCONJ
taxlaw-12357	350	19	the	the	DET
taxlaw-12357	350	20	tax	tax	NOUN
taxlaw-12357	350	21	law	law	NOUN
taxlaw-12357	350	22	distinguishes	distinguish	VERB
taxlaw-12357	350	23	between	between	ADP
taxlaw-12357	350	24	two	two	NUM
taxlaw-12357	350	25	transactions	transaction	NOUN
taxlaw-12357	350	26	:	:	PUNCT
taxlaw-12357	350	27	y	y	PROPN
taxlaw-12357	350	28	(	(	PUNCT
taxlaw-12357	350	29	which	which	PRON
taxlaw-12357	350	30	is	be	AUX
taxlaw-12357	350	31	taxed	tax	VERB
taxlaw-12357	350	32	unfavorably	unfavorably	ADV
taxlaw-12357	350	33	)	)	PUNCT
taxlaw-12357	350	34	and	and	CCONJ
taxlaw-12357	350	35	z	z	X
taxlaw-12357	350	36	(	(	PUNCT
taxlaw-12357	350	37	which	which	PRON
taxlaw-12357	350	38	is	be	AUX
taxlaw-12357	350	39	taxed	tax	VERB
taxlaw-12357	350	40	favorably	favorably	ADV
taxlaw-12357	350	41	)	)	PUNCT
taxlaw-12357	350	42	.	.	PUNCT
taxlaw-12357	351	1	for	for	ADP
taxlaw-12357	351	2	instance	instance	NOUN
taxlaw-12357	351	3	,	,	PUNCT
taxlaw-12357	351	4	y	y	PROPN
taxlaw-12357	351	5	could	could	AUX
taxlaw-12357	351	6	be	be	AUX
taxlaw-12357	351	7	a	a	DET
taxlaw-12357	351	8	hedge	hedge	NOUN
taxlaw-12357	351	9	fund	fund	NOUN
taxlaw-12357	351	10	and	and	CCONJ
taxlaw-12357	351	11	z	z	NOUN
taxlaw-12357	351	12	could	could	AUX
taxlaw-12357	351	13	be	be	AUX
taxlaw-12357	351	14	a	a	DET
taxlaw-12357	351	15	growth	growth	NOUN
taxlaw-12357	351	16	stock	stock	NOUN
taxlaw-12357	351	17	,	,	PUNCT
taxlaw-12357	351	18	or	or	CCONJ
taxlaw-12357	351	19	y	y	PROPN
taxlaw-12357	351	20	could	could	AUX
taxlaw-12357	351	21	be	be	AUX
taxlaw-12357	351	22	equity	equity	NOUN
taxlaw-12357	351	23	and	and	CCONJ
taxlaw-12357	351	24	z	z	NOUN
taxlaw-12357	351	25	could	could	AUX
taxlaw-12357	351	26	be	be	AUX
taxlaw-12357	351	27	debt	debt	NOUN
taxlaw-12357	351	28	,	,	PUNCT
taxlaw-12357	351	29	or	or	CCONJ
taxlaw-12357	351	30	y	y	PROPN
taxlaw-12357	351	31	could	could	AUX
taxlaw-12357	351	32	be	be	AUX
taxlaw-12357	351	33	subject	subject	ADJ
taxlaw-12357	351	34	to	to	ADP
taxlaw-12357	351	35	withholding	withholding	NOUN
taxlaw-12357	351	36	while	while	SCONJ
taxlaw-12357	351	37	z	z	NOUN
taxlaw-12357	351	38	is	be	AUX
taxlaw-12357	351	39	not	not	PART
taxlaw-12357	351	40	,	,	PUNCT
taxlaw-12357	351	41	etc	etc	X
taxlaw-12357	351	42	.	.	X
taxlaw-12357	352	1	in	in	ADP
taxlaw-12357	352	2	response	response	NOUN
taxlaw-12357	352	3	to	to	ADP
taxlaw-12357	352	4	this	this	DET
taxlaw-12357	352	5	inconsistent	inconsistent	ADJ
taxlaw-12357	352	6	treatment	treatment	NOUN
taxlaw-12357	352	7	,	,	PUNCT
taxlaw-12357	352	8	taxpayers	taxpayer	NOUN
taxlaw-12357	352	9	develop	develop	VERB
taxlaw-12357	352	10	a	a	DET
taxlaw-12357	352	11	new	new	ADJ
taxlaw-12357	352	12	transaction	transaction	NOUN
taxlaw-12357	352	13	,	,	PUNCT
taxlaw-12357	352	14	x	x	X
taxlaw-12357	352	15	,	,	PUNCT
taxlaw-12357	352	16	which	which	PRON
taxlaw-12357	352	17	is	be	AUX
taxlaw-12357	352	18	economically	economically	ADV
taxlaw-12357	352	19	like	like	ADP
taxlaw-12357	352	20	(	(	PUNCT
taxlaw-12357	352	21	unfavorable	unfavorable	ADJ
taxlaw-12357	352	22	)	)	PUNCT
taxlaw-12357	352	23	y	y	PROPN
taxlaw-12357	352	24	but	but	CCONJ
taxlaw-12357	352	25	is	be	AUX
taxlaw-12357	352	26	taxed	tax	VERB
taxlaw-12357	352	27	like	like	ADP
taxlaw-12357	352	28	(	(	PUNCT
taxlaw-12357	352	29	favorable	favorable	ADJ
taxlaw-12357	352	30	)	)	PUNCT
taxlaw-12357	352	31	z.	z.	PROPN
taxlaw-12357	352	32	for	for	ADP
taxlaw-12357	352	33	example	example	NOUN
taxlaw-12357	352	34	,	,	PUNCT
taxlaw-12357	352	35	x	x	PRON
taxlaw-12357	352	36	could	could	AUX
taxlaw-12357	352	37	be	be	AUX
taxlaw-12357	352	38	a	a	DET
taxlaw-12357	352	39	hedge	hedge	NOUN
taxlaw-12357	352	40	fund	fund	NOUN
taxlaw-12357	352	41	derivative	derivative	NOUN
taxlaw-12357	352	42	,	,	PUNCT
taxlaw-12357	352	43	which	which	PRON
taxlaw-12357	352	44	offers	offer	VERB
taxlaw-12357	352	45	the	the	DET
taxlaw-12357	352	46	economics	economic	NOUN
taxlaw-12357	352	47	of	of	ADP
taxlaw-12357	352	48	a	a	DET
taxlaw-12357	352	49	hedge	hedge	NOUN
taxlaw-12357	352	50	fund	fund	NOUN
taxlaw-12357	352	51	but	but	CCONJ
taxlaw-12357	352	52	the	the	DET
taxlaw-12357	352	53	tax	tax	NOUN
taxlaw-12357	352	54	treatment	treatment	NOUN
taxlaw-12357	352	55	of	of	ADP
taxlaw-12357	352	56	a	a	DET
taxlaw-12357	352	57	growth	growth	NOUN
taxlaw-12357	352	58	stock	stock	NOUN
taxlaw-12357	352	59	.	.	PUNCT
taxlaw-12357	353	1	as	as	SCONJ
taxlaw-12357	353	2	taxpayers	taxpayer	NOUN
taxlaw-12357	353	3	begin	begin	VERB
taxlaw-12357	353	4	engaging	engage	VERB
taxlaw-12357	353	5	in	in	ADP
taxlaw-12357	353	6	x	x	PROPN
taxlaw-12357	353	7	,	,	PUNCT
taxlaw-12357	353	8	congress	congress	PROPN
taxlaw-12357	353	9	changes	change	VERB
taxlaw-12357	353	10	its	its	PRON
taxlaw-12357	353	11	tax	tax	NOUN
taxlaw-12357	353	12	treatment	treatment	NOUN
taxlaw-12357	353	13	,	,	PUNCT
taxlaw-12357	353	14	so	so	CCONJ
taxlaw-12357	353	15	x	x	PRON
taxlaw-12357	353	16	is	be	AUX
taxlaw-12357	353	17	taxed	tax	VERB
taxlaw-12357	353	18	like	like	ADP
taxlaw-12357	353	19	(	(	PUNCT
taxlaw-12357	353	20	unfavorable	unfavorable	ADJ
taxlaw-12357	353	21	)	)	PUNCT
taxlaw-12357	353	22	y	y	NOUN
taxlaw-12357	353	23	,	,	PUNCT
taxlaw-12357	353	24	instead	instead	ADV
taxlaw-12357	353	25	of	of	ADP
taxlaw-12357	353	26	(	(	PUNCT
taxlaw-12357	353	27	favorable	favorable	ADJ
taxlaw-12357	353	28	)	)	PUNCT
taxlaw-12357	353	29	z.	z.	PROPN
taxlaw-12357	354	1	notably	notably	ADV
taxlaw-12357	354	2	,	,	PUNCT
taxlaw-12357	354	3	the	the	DET
taxlaw-12357	354	4	response	response	NOUN
taxlaw-12357	354	5	is	be	AUX
taxlaw-12357	354	6	usually	usually	ADV
taxlaw-12357	354	7	a	a	DET
taxlaw-12357	354	8	narrow	narrow	ADJ
taxlaw-12357	354	9	one	one	NUM
taxlaw-12357	354	10	.	.	PUNCT
taxlaw-12357	355	1	congress	congress	PROPN
taxlaw-12357	355	2	does	do	AUX
taxlaw-12357	355	3	not	not	PART
taxlaw-12357	355	4	eliminate	eliminate	VERB
taxlaw-12357	355	5	the	the	DET
taxlaw-12357	355	6	distinction	distinction	NOUN
taxlaw-12357	355	7	between	between	ADP
taxlaw-12357	355	8	y	y	PROPN
taxlaw-12357	355	9	and	and	CCONJ
taxlaw-12357	355	10	z.	z.	PROPN
taxlaw-12357	355	11	instead	instead	ADV
taxlaw-12357	355	12	,	,	PUNCT
taxlaw-12357	355	13	congress	congress	PROPN
taxlaw-12357	355	14	just	just	ADV
taxlaw-12357	355	15	redefines	redefine	VERB
taxlaw-12357	355	16	the	the	DET
taxlaw-12357	355	17	boundary	boundary	NOUN
taxlaw-12357	355	18	between	between	ADP
taxlaw-12357	355	19	y	y	PROPN
taxlaw-12357	355	20	and	and	CCONJ
taxlaw-12357	355	21	z	z	PROPN
taxlaw-12357	355	22	,	,	PUNCT
taxlaw-12357	355	23	ensuring	ensure	VERB
taxlaw-12357	355	24	that	that	SCONJ
taxlaw-12357	355	25	x	x	PRON
taxlaw-12357	355	26	is	be	AUX
taxlaw-12357	355	27	taxed	tax	VERB
taxlaw-12357	355	28	like	like	ADP
taxlaw-12357	355	29	y.	y.	PROPN
taxlaw-12357	355	30	but	but	CCONJ
taxlaw-12357	355	31	what	what	PRON
taxlaw-12357	355	32	if	if	SCONJ
taxlaw-12357	355	33	the	the	DET
taxlaw-12357	355	34	new	new	ADJ
taxlaw-12357	355	35	rule	rule	NOUN
taxlaw-12357	355	36	covers	cover	VERB
taxlaw-12357	355	37	x	x	PRON
taxlaw-12357	355	38	,	,	PUNCT
taxlaw-12357	355	39	but	but	CCONJ
taxlaw-12357	355	40	not	not	PART
taxlaw-12357	355	41	a	a	DET
taxlaw-12357	355	42	similar	similar	ADJ
taxlaw-12357	355	43	but	but	CCONJ
taxlaw-12357	355	44	costlier	costly	ADJ
taxlaw-12357	355	45	variation	variation	NOUN
taxlaw-12357	355	46	of	of	ADP
taxlaw-12357	355	47	x	x	PRON
taxlaw-12357	355	48	that	that	SCONJ
taxlaw-12357	355	49	we	we	PRON
taxlaw-12357	355	50	call	call	VERB
taxlaw-12357	355	51	xx	xx	PRON
taxlaw-12357	355	52	?	?	PUNCT
taxlaw-12357	356	1	in	in	ADP
taxlaw-12357	356	2	this	this	DET
taxlaw-12357	356	3	case	case	NOUN
taxlaw-12357	356	4	,	,	PUNCT
taxlaw-12357	356	5	some	some	DET
taxlaw-12357	356	6	taxpayers	taxpayer	NOUN
taxlaw-12357	356	7	may	may	AUX
taxlaw-12357	356	8	start	start	VERB
taxlaw-12357	356	9	doing	do	VERB
taxlaw-12357	356	10	(	(	PUNCT
taxlaw-12357	356	11	favorable	favorable	ADJ
taxlaw-12357	356	12	)	)	PUNCT
taxlaw-12357	356	13	xx	xx	NUM
taxlaw-12357	356	14	to	to	ADP
taxlaw-12357	356	15	36	36	NUM
taxlaw-12357	356	16	i	i	PROPN
taxlaw-12357	356	17	d.	d.	PROPN
taxlaw-12357	356	18	at	at	ADP
taxlaw-12357	356	19	1679	1679	NUM
taxlaw-12357	356	20	(	(	PUNCT
taxlaw-12357	356	21	noting	note	VERB
taxlaw-12357	356	22	that	that	SCONJ
taxlaw-12357	356	23	one	one	NUM
taxlaw-12357	356	24	of	of	ADP
taxlaw-12357	356	25	the	the	DET
taxlaw-12357	356	26	two	two	NUM
taxlaw-12357	356	27	most	most	ADV
taxlaw-12357	356	28	important	important	ADJ
taxlaw-12357	356	29	factors	factor	NOUN
taxlaw-12357	356	30	in	in	ADP
taxlaw-12357	356	31	line	line	NOUN
taxlaw-12357	356	32	-	-	PUNCT
taxlaw-12357	356	33	drawing	drawing	NOUN
taxlaw-12357	356	34	is	be	AUX
taxlaw-12357	356	35	“	"	PUNCT
taxlaw-12357	356	36	whether	whether	SCONJ
taxlaw-12357	356	37	transactions	transaction	NOUN
taxlaw-12357	356	38	are	be	AUX
taxlaw-12357	356	39	taxed	tax	VERB
taxlaw-12357	356	40	appropriately	appropriately	ADV
taxlaw-12357	356	41	when	when	SCONJ
taxlaw-12357	356	42	considered	consider	VERB
taxlaw-12357	356	43	by	by	ADP
taxlaw-12357	356	44	themselves	themselves	PRON
taxlaw-12357	356	45	(	(	PUNCT
taxlaw-12357	356	46	i.e.	i.e.	X
taxlaw-12357	356	47	,	,	PUNCT
taxlaw-12357	356	48	without	without	ADP
taxlaw-12357	356	49	regard	regard	NOUN
taxlaw-12357	356	50	to	to	ADP
taxlaw-12357	356	51	line	line	NOUN
taxlaw-12357	356	52	drawing	drawing	NOUN
taxlaw-12357	356	53	)	)	PUNCT
taxlaw-12357	356	54	”	"	PUNCT
taxlaw-12357	356	55	)	)	PUNCT
taxlaw-12357	356	56	.	.	PUNCT
taxlaw-12357	357	1	37	37	NUM
taxlaw-12357	357	2	slemrod	slemrod	NOUN
taxlaw-12357	357	3	&	&	CCONJ
taxlaw-12357	357	4	yitzhaki	yitzhaki	NOUN
taxlaw-12357	357	5	,	,	PUNCT
taxlaw-12357	357	6	supra	supra	PROPN
taxlaw-12357	357	7	note	note	PROPN
taxlaw-12357	357	8	28	28	NUM
taxlaw-12357	357	9	,	,	PUNCT
taxlaw-12357	357	10	at	at	ADP
taxlaw-12357	357	11	181	181	NUM
taxlaw-12357	357	12	.	.	PUNCT
taxlaw-12357	357	13	38	38	NUM
taxlaw-12357	357	14	as	as	SCONJ
taxlaw-12357	357	15	joel	joel	PROPN
taxlaw-12357	357	16	slemrod	slemrod	PROPN
taxlaw-12357	357	17	and	and	CCONJ
taxlaw-12357	357	18	shlomo	shlomo	PROPN
taxlaw-12357	357	19	yitzhaki	yitzhaki	NOUN
taxlaw-12357	357	20	have	have	AUX
taxlaw-12357	357	21	emphasized	emphasize	VERB
taxlaw-12357	357	22	,	,	PUNCT
taxlaw-12357	357	23	the	the	DET
taxlaw-12357	357	24	efficiency	efficiency	NOUN
taxlaw-12357	357	25	of	of	ADP
taxlaw-12357	357	26	an	an	DET
taxlaw-12357	357	27	incremental	incremental	ADJ
taxlaw-12357	357	28	reform	reform	NOUN
taxlaw-12357	357	29	depends	depend	VERB
taxlaw-12357	357	30	on	on	ADP
taxlaw-12357	357	31	its	its	PRON
taxlaw-12357	357	32	effect	effect	NOUN
taxlaw-12357	357	33	on	on	ADP
taxlaw-12357	357	34	the	the	DET
taxlaw-12357	357	35	sum	sum	NOUN
taxlaw-12357	357	36	of	of	ADP
taxlaw-12357	357	37	various	various	ADJ
taxlaw-12357	357	38	efficiency	efficiency	NOUN
taxlaw-12357	357	39	costs	cost	NOUN
taxlaw-12357	357	40	,	,	PUNCT
taxlaw-12357	357	41	a	a	DET
taxlaw-12357	357	42	concept	concept	NOUN
taxlaw-12357	357	43	they	they	PRON
taxlaw-12357	357	44	call	call	VERB
taxlaw-12357	357	45	the	the	DET
taxlaw-12357	357	46	marginal	marginal	ADJ
taxlaw-12357	357	47	efficiency	efficiency	NOUN
taxlaw-12357	357	48	cost	cost	NOUN
taxlaw-12357	357	49	of	of	ADP
taxlaw-12357	357	50	funds	fund	NOUN
taxlaw-12357	357	51	.	.	PUNCT
taxlaw-12357	358	1	i	i	PRON
taxlaw-12357	358	2	d.	d.	PROPN
taxlaw-12357	358	3	at	at	ADP
taxlaw-12357	358	4	183	183	NUM
taxlaw-12357	358	5	.	.	PUNCT
taxlaw-12357	359	1	(	(	PUNCT
taxlaw-12357	359	2	“	"	PUNCT
taxlaw-12357	359	3	[	[	X
taxlaw-12357	359	4	w]e	w]e	NOUN
taxlaw-12357	359	5	offer	offer	VERB
taxlaw-12357	359	6	a	a	DET
taxlaw-12357	359	7	tractable	tractable	ADJ
taxlaw-12357	359	8	methodology	methodology	NOUN
taxlaw-12357	359	9	that	that	PRON
taxlaw-12357	359	10	can	can	AUX
taxlaw-12357	359	11	evaluate	evaluate	VERB
taxlaw-12357	359	12	marginal	marginal	ADJ
taxlaw-12357	359	13	changes	change	NOUN
taxlaw-12357	359	14	in	in	ADP
taxlaw-12357	359	15	tax	tax	NOUN
taxlaw-12357	359	16	systems	system	NOUN
taxlaw-12357	359	17	and	and	CCONJ
taxlaw-12357	359	18	take	take	VERB
taxlaw-12357	359	19	account	account	NOUN
taxlaw-12357	359	20	of	of	ADP
taxlaw-12357	359	21	all	all	DET
taxlaw-12357	359	22	five	five	NUM
taxlaw-12357	359	23	components	component	NOUN
taxlaw-12357	359	24	of	of	ADP
taxlaw-12357	359	25	the	the	DET
taxlaw-12357	359	26	cost	cost	NOUN
taxlaw-12357	359	27	of	of	ADP
taxlaw-12357	359	28	tax	tax	NOUN
taxlaw-12357	359	29	systems	system	NOUN
taxlaw-12357	359	30	.	.	PUNCT
taxlaw-12357	360	1	the	the	DET
taxlaw-12357	360	2	methodology	methodology	NOUN
taxlaw-12357	360	3	is	be	AUX
taxlaw-12357	360	4	based	base	VERB
taxlaw-12357	360	5	on	on	ADP
taxlaw-12357	360	6	the	the	DET
taxlaw-12357	360	7	concept	concept	NOUN
taxlaw-12357	360	8	of	of	ADP
taxlaw-12357	360	9	the	the	DET
taxlaw-12357	360	10	marginal	marginal	ADJ
taxlaw-12357	360	11	cost	cost	NOUN
taxlaw-12357	360	12	of	of	ADP
taxlaw-12357	360	13	public	public	ADJ
taxlaw-12357	360	14	funds	fund	NOUN
taxlaw-12357	360	15	.	.	PUNCT
taxlaw-12357	360	16	”	"	PUNCT
taxlaw-12357	360	17	)	)	PUNCT
taxlaw-12357	360	18	.	.	PUNCT
taxlaw-12357	361	1	39	39	NUM
taxlaw-12357	361	2	weisbach	weisbach	NOUN
taxlaw-12357	361	3	,	,	PUNCT
taxlaw-12357	361	4	line	line	NOUN
taxlaw-12357	361	5	drawing	drawing	NOUN
taxlaw-12357	361	6	,	,	PUNCT
taxlaw-12357	361	7	supra	supra	PROPN
taxlaw-12357	361	8	note	note	PROPN
taxlaw-12357	361	9	26	26	NUM
taxlaw-12357	361	10	,	,	PUNCT
taxlaw-12357	361	11	at	at	ADP
taxlaw-12357	361	12	1670	1670	NUM
taxlaw-12357	361	13	(	(	PUNCT
taxlaw-12357	361	14	“	"	PUNCT
taxlaw-12357	361	15	we	we	PRON
taxlaw-12357	361	16	can	can	AUX
taxlaw-12357	361	17	not	not	PART
taxlaw-12357	361	18	simply	simply	ADV
taxlaw-12357	361	19	look	look	VERB
taxlaw-12357	361	20	at	at	ADP
taxlaw-12357	361	21	how	how	SCONJ
taxlaw-12357	361	22	many	many	ADJ
taxlaw-12357	361	23	taxpayers	taxpayer	NOUN
taxlaw-12357	361	24	avoid	avoid	VERB
taxlaw-12357	361	25	a	a	DET
taxlaw-12357	361	26	line	line	NOUN
taxlaw-12357	361	27	.	.	PUNCT
taxlaw-12357	362	1	we	we	PRON
taxlaw-12357	362	2	must	must	AUX
taxlaw-12357	362	3	also	also	ADV
taxlaw-12357	362	4	look	look	VERB
taxlaw-12357	362	5	at	at	ADP
taxlaw-12357	362	6	the	the	DET
taxlaw-12357	362	7	costs	cost	NOUN
taxlaw-12357	362	8	of	of	ADP
taxlaw-12357	362	9	doing	do	VERB
taxlaw-12357	362	10	so	so	ADV
taxlaw-12357	362	11	.	.	PUNCT
taxlaw-12357	362	12	”	"	PUNCT
taxlaw-12357	362	13	)	)	PUNCT
taxlaw-12357	362	14	.	.	PUNCT
taxlaw-12357	363	1	2024	2024	NUM
taxlaw-12357	363	2	]	]	PUNCT
taxlaw-12357	363	3	transaction	transaction	NOUN
taxlaw-12357	363	4	-	-	PUNCT
taxlaw-12357	363	5	specific	specific	ADJ
taxlaw-12357	363	6	tax	tax	NOUN
taxlaw-12357	363	7	reform	reform	NOUN
taxlaw-12357	363	8	in	in	ADP
taxlaw-12357	363	9	three	three	NUM
taxlaw-12357	363	10	steps	step	NOUN
taxlaw-12357	363	11	13	13	NUM
taxlaw-12357	363	12	avoid	avoid	VERB
taxlaw-12357	363	13	the	the	DET
taxlaw-12357	363	14	rule.40	rule.40	NOUN
taxlaw-12357	363	15	meanwhile	meanwhile	ADV
taxlaw-12357	363	16	,	,	PUNCT
taxlaw-12357	363	17	others	other	NOUN
taxlaw-12357	363	18	who	who	PRON
taxlaw-12357	363	19	would	would	AUX
taxlaw-12357	363	20	have	have	AUX
taxlaw-12357	363	21	done	do	VERB
taxlaw-12357	363	22	x	x	PRON
taxlaw-12357	363	23	,	,	PUNCT
taxlaw-12357	363	24	but	but	CCONJ
taxlaw-12357	363	25	consider	consider	VERB
taxlaw-12357	363	26	xx	xx	PRON
taxlaw-12357	363	27	an	an	DET
taxlaw-12357	363	28	inadequate	inadequate	ADJ
taxlaw-12357	363	29	substitute	substitute	NOUN
taxlaw-12357	363	30	,	,	PUNCT
taxlaw-12357	363	31	will	will	AUX
taxlaw-12357	363	32	simply	simply	ADV
taxlaw-12357	363	33	do	do	VERB
taxlaw-12357	363	34	(	(	PUNCT
taxlaw-12357	363	35	unfavorable	unfavorable	ADJ
taxlaw-12357	363	36	)	)	PUNCT
taxlaw-12357	363	37	y.	y.	NOUN
taxlaw-12357	363	38	the	the	DET
taxlaw-12357	363	39	distribution	distribution	NOUN
taxlaw-12357	363	40	of	of	ADP
taxlaw-12357	363	41	these	these	DET
taxlaw-12357	363	42	reactions	reaction	NOUN
taxlaw-12357	363	43	is	be	AUX
taxlaw-12357	363	44	important	important	ADJ
taxlaw-12357	363	45	.	.	PUNCT
taxlaw-12357	364	1	on	on	ADP
taxlaw-12357	364	2	the	the	DET
taxlaw-12357	364	3	one	one	NUM
taxlaw-12357	364	4	hand	hand	NOUN
taxlaw-12357	364	5	,	,	PUNCT
taxlaw-12357	364	6	if	if	SCONJ
taxlaw-12357	364	7	everyone	everyone	PRON
taxlaw-12357	364	8	who	who	PRON
taxlaw-12357	364	9	was	be	AUX
taxlaw-12357	364	10	going	go	VERB
taxlaw-12357	364	11	to	to	PART
taxlaw-12357	364	12	do	do	VERB
taxlaw-12357	364	13	x	x	PUNCT
taxlaw-12357	364	14	“	"	PUNCT
taxlaw-12357	364	15	doubles	double	VERB
taxlaw-12357	364	16	down	down	ADP
taxlaw-12357	364	17	”	"	PUNCT
taxlaw-12357	364	18	on	on	ADP
taxlaw-12357	364	19	tax	tax	NOUN
taxlaw-12357	364	20	planning	planning	NOUN
taxlaw-12357	364	21	to	to	PART
taxlaw-12357	364	22	do	do	VERB
taxlaw-12357	364	23	xx	xx	NUM
taxlaw-12357	364	24	,	,	PUNCT
taxlaw-12357	364	25	the	the	DET
taxlaw-12357	364	26	reform	reform	NOUN
taxlaw-12357	364	27	is	be	AUX
taxlaw-12357	364	28	not	not	PART
taxlaw-12357	364	29	successful.41	successful.41	NOUN
taxlaw-12357	364	30	the	the	DET
taxlaw-12357	364	31	government	government	NOUN
taxlaw-12357	364	32	does	do	AUX
taxlaw-12357	364	33	not	not	PART
taxlaw-12357	364	34	collect	collect	VERB
taxlaw-12357	364	35	more	more	ADJ
taxlaw-12357	364	36	revenue	revenue	NOUN
taxlaw-12357	364	37	,	,	PUNCT
taxlaw-12357	364	38	and	and	CCONJ
taxlaw-12357	364	39	distributional	distributional	ADJ
taxlaw-12357	364	40	goals	goal	NOUN
taxlaw-12357	364	41	are	be	AUX
taxlaw-12357	364	42	not	not	PART
taxlaw-12357	364	43	advanced	advanced	ADJ
taxlaw-12357	364	44	.	.	PUNCT
taxlaw-12357	365	1	instead	instead	ADV
taxlaw-12357	365	2	,	,	PUNCT
taxlaw-12357	365	3	the	the	DET
taxlaw-12357	365	4	relevant	relevant	ADJ
taxlaw-12357	365	5	tax	tax	NOUN
taxlaw-12357	365	6	planning	planning	NOUN
taxlaw-12357	365	7	continues	continue	VERB
taxlaw-12357	365	8	but	but	CCONJ
taxlaw-12357	365	9	in	in	ADP
taxlaw-12357	365	10	a	a	DET
taxlaw-12357	365	11	more	more	ADV
taxlaw-12357	365	12	elaborate	elaborate	ADJ
taxlaw-12357	365	13	way	way	NOUN
taxlaw-12357	365	14	,	,	PUNCT
taxlaw-12357	365	15	making	make	VERB
taxlaw-12357	365	16	the	the	DET
taxlaw-12357	365	17	tax	tax	NOUN
taxlaw-12357	365	18	system	system	NOUN
taxlaw-12357	365	19	less	less	ADV
taxlaw-12357	365	20	efficient	efficient	ADJ
taxlaw-12357	365	21	.	.	PUNCT
taxlaw-12357	366	1	on	on	ADP
taxlaw-12357	366	2	the	the	DET
taxlaw-12357	366	3	other	other	ADJ
taxlaw-12357	366	4	hand	hand	NOUN
taxlaw-12357	366	5	,	,	PUNCT
taxlaw-12357	366	6	if	if	SCONJ
taxlaw-12357	366	7	everyone	everyone	PRON
taxlaw-12357	366	8	who	who	PRON
taxlaw-12357	366	9	was	be	AUX
taxlaw-12357	366	10	going	go	VERB
taxlaw-12357	366	11	to	to	PART
taxlaw-12357	366	12	do	do	VERB
taxlaw-12357	366	13	x	x	PUNCT
taxlaw-12357	366	14	“	"	PUNCT
taxlaw-12357	366	15	gives	give	VERB
taxlaw-12357	366	16	up	up	ADP
taxlaw-12357	366	17	”	"	PUNCT
taxlaw-12357	366	18	and	and	CCONJ
taxlaw-12357	366	19	simply	simply	ADV
taxlaw-12357	366	20	does	do	VERB
taxlaw-12357	366	21	y	y	PROPN
taxlaw-12357	366	22	–	–	PUNCT
taxlaw-12357	366	23	since	since	SCONJ
taxlaw-12357	366	24	xx	xx	NUM
taxlaw-12357	366	25	is	be	AUX
taxlaw-12357	366	26	too	too	ADV
taxlaw-12357	366	27	hard	hard	ADJ
taxlaw-12357	366	28	or	or	CCONJ
taxlaw-12357	366	29	unappealing	unappealing	ADJ
taxlaw-12357	366	30	–	–	PUNCT
taxlaw-12357	366	31	the	the	DET
taxlaw-12357	366	32	reform	reform	NOUN
taxlaw-12357	366	33	is	be	AUX
taxlaw-12357	366	34	successful	successful	ADJ
taxlaw-12357	366	35	.	.	PUNCT
taxlaw-12357	367	1	the	the	DET
taxlaw-12357	367	2	government	government	NOUN
taxlaw-12357	367	3	collects	collect	VERB
taxlaw-12357	367	4	more	more	ADJ
taxlaw-12357	367	5	revenue	revenue	NOUN
taxlaw-12357	367	6	,	,	PUNCT
taxlaw-12357	367	7	distributional	distributional	ADJ
taxlaw-12357	367	8	goals	goal	NOUN
taxlaw-12357	367	9	are	be	AUX
taxlaw-12357	367	10	advanced	advanced	ADJ
taxlaw-12357	367	11	,	,	PUNCT
taxlaw-12357	367	12	and	and	CCONJ
taxlaw-12357	367	13	the	the	DET
taxlaw-12357	367	14	planning	planning	NOUN
taxlaw-12357	367	15	costs	cost	NOUN
taxlaw-12357	367	16	of	of	ADP
taxlaw-12357	367	17	x	x	PRON
taxlaw-12357	367	18	(	(	PUNCT
taxlaw-12357	367	19	and	and	CCONJ
taxlaw-12357	367	20	of	of	ADP
taxlaw-12357	367	21	xx	xx	NUM
taxlaw-12357	367	22	)	)	PUNCT
taxlaw-12357	367	23	are	be	AUX
taxlaw-12357	367	24	avoided	avoid	VERB
taxlaw-12357	367	25	.	.	PUNCT
taxlaw-12357	368	1	of	of	ADP
taxlaw-12357	368	2	course	course	NOUN
taxlaw-12357	368	3	,	,	PUNCT
taxlaw-12357	368	4	with	with	ADP
taxlaw-12357	368	5	any	any	DET
taxlaw-12357	368	6	reform	reform	NOUN
taxlaw-12357	368	7	there	there	PRON
taxlaw-12357	368	8	is	be	VERB
taxlaw-12357	368	9	unlikely	unlikely	ADJ
taxlaw-12357	368	10	to	to	PART
taxlaw-12357	368	11	be	be	AUX
taxlaw-12357	368	12	a	a	DET
taxlaw-12357	368	13	uniform	uniform	ADJ
taxlaw-12357	368	14	reaction	reaction	NOUN
taxlaw-12357	368	15	.	.	PUNCT
taxlaw-12357	369	1	some	some	DET
taxlaw-12357	369	2	taxpayers	taxpayer	NOUN
taxlaw-12357	369	3	will	will	AUX
taxlaw-12357	369	4	double	double	VERB
taxlaw-12357	369	5	down	down	ADP
taxlaw-12357	369	6	with	with	ADP
taxlaw-12357	369	7	xx	xx	PROPN
taxlaw-12357	369	8	(	(	PUNCT
taxlaw-12357	369	9	increasing	increase	VERB
taxlaw-12357	369	10	planning	planning	NOUN
taxlaw-12357	369	11	costs	cost	NOUN
taxlaw-12357	369	12	)	)	PUNCT
taxlaw-12357	369	13	,	,	PUNCT
taxlaw-12357	369	14	while	while	SCONJ
taxlaw-12357	369	15	others	other	NOUN
taxlaw-12357	369	16	will	will	AUX
taxlaw-12357	369	17	give	give	VERB
taxlaw-12357	369	18	up	up	ADP
taxlaw-12357	369	19	and	and	CCONJ
taxlaw-12357	369	20	do	do	AUX
taxlaw-12357	369	21	y	y	PROPN
taxlaw-12357	369	22	(	(	PUNCT
taxlaw-12357	369	23	reducing	reduce	VERB
taxlaw-12357	369	24	planning	planning	NOUN
taxlaw-12357	369	25	costs	cost	NOUN
taxlaw-12357	369	26	)	)	PUNCT
taxlaw-12357	369	27	,	,	PUNCT
taxlaw-12357	369	28	and	and	CCONJ
taxlaw-12357	369	29	the	the	DET
taxlaw-12357	369	30	net	net	NOUN
taxlaw-12357	369	31	of	of	ADP
taxlaw-12357	369	32	these	these	DET
taxlaw-12357	369	33	effects	effect	NOUN
taxlaw-12357	369	34	determines	determine	VERB
taxlaw-12357	369	35	whether	whether	SCONJ
taxlaw-12357	369	36	the	the	DET
taxlaw-12357	369	37	reform	reform	NOUN
taxlaw-12357	369	38	actually	actually	ADV
taxlaw-12357	369	39	reduces	reduce	VERB
taxlaw-12357	369	40	planning	planning	NOUN
taxlaw-12357	369	41	costs	cost	NOUN
taxlaw-12357	369	42	.	.	PUNCT
taxlaw-12357	370	1	the	the	DET
taxlaw-12357	370	2	distribution	distribution	NOUN
taxlaw-12357	370	3	of	of	ADP
taxlaw-12357	370	4	these	these	DET
taxlaw-12357	370	5	reactions	reaction	NOUN
taxlaw-12357	370	6	depends	depend	VERB
taxlaw-12357	370	7	,	,	PUNCT
taxlaw-12357	370	8	in	in	ADP
taxlaw-12357	370	9	turn	turn	NOUN
taxlaw-12357	370	10	,	,	PUNCT
taxlaw-12357	370	11	on	on	ADP
taxlaw-12357	370	12	how	how	SCONJ
taxlaw-12357	370	13	well	well	ADV
taxlaw-12357	370	14	-	-	PUNCT
taxlaw-12357	370	15	crafted	craft	VERB
taxlaw-12357	370	16	and	and	CCONJ
taxlaw-12357	370	17	rigorous	rigorous	ADJ
taxlaw-12357	370	18	the	the	DET
taxlaw-12357	370	19	reform	reform	NOUN
taxlaw-12357	370	20	is	be	AUX
taxlaw-12357	370	21	.	.	PUNCT
taxlaw-12357	371	1	at	at	ADP
taxlaw-12357	371	2	the	the	DET
taxlaw-12357	371	3	end	end	NOUN
taxlaw-12357	371	4	of	of	ADP
taxlaw-12357	371	5	the	the	DET
taxlaw-12357	371	6	day	day	NOUN
taxlaw-12357	371	7	,	,	PUNCT
taxlaw-12357	371	8	the	the	DET
taxlaw-12357	371	9	efficiency	efficiency	NOUN
taxlaw-12357	371	10	analysis	analysis	NOUN
taxlaw-12357	371	11	turns	turn	VERB
taxlaw-12357	371	12	on	on	ADP
taxlaw-12357	371	13	the	the	DET
taxlaw-12357	371	14	net	net	NOUN
taxlaw-12357	371	15	of	of	ADP
taxlaw-12357	371	16	all	all	DET
taxlaw-12357	371	17	these	these	DET
taxlaw-12357	371	18	effects	effect	NOUN
taxlaw-12357	371	19	–	–	PUNCT
taxlaw-12357	371	20	on	on	ADP
taxlaw-12357	371	21	administrative	administrative	ADJ
taxlaw-12357	371	22	costs	cost	NOUN
taxlaw-12357	371	23	,	,	PUNCT
taxlaw-12357	371	24	real	real	ADJ
taxlaw-12357	371	25	behavior	behavior	NOUN
taxlaw-12357	371	26	,	,	PUNCT
taxlaw-12357	371	27	and	and	CCONJ
taxlaw-12357	371	28	planning	plan	VERB
taxlaw-12357	371	29	.	.	PUNCT
taxlaw-12357	372	1	some	some	DET
taxlaw-12357	372	2	transactionspecific	transactionspecific	ADJ
taxlaw-12357	372	3	reforms	reform	NOUN
taxlaw-12357	372	4	increase	increase	VERB
taxlaw-12357	372	5	social	social	ADJ
taxlaw-12357	372	6	waste	waste	NOUN
taxlaw-12357	372	7	,	,	PUNCT
taxlaw-12357	372	8	while	while	SCONJ
taxlaw-12357	372	9	others	other	NOUN
taxlaw-12357	372	10	reduce	reduce	VERB
taxlaw-12357	372	11	it	it	PRON
taxlaw-12357	372	12	.	.	PUNCT
taxlaw-12357	373	1	4	4	X
taxlaw-12357	373	2	.	.	X
taxlaw-12357	373	3	building	build	VERB
taxlaw-12357	373	4	on	on	ADP
taxlaw-12357	373	5	the	the	DET
taxlaw-12357	373	6	mecf	mecf	NOUN
taxlaw-12357	373	7	framework	framework	NOUN
taxlaw-12357	373	8	while	while	SCONJ
taxlaw-12357	373	9	others	other	NOUN
taxlaw-12357	373	10	have	have	AUX
taxlaw-12357	373	11	highlighted	highlight	VERB
taxlaw-12357	373	12	key	key	ADJ
taxlaw-12357	373	13	issues	issue	NOUN
taxlaw-12357	373	14	and	and	CCONJ
taxlaw-12357	373	15	tradeoffs	tradeoff	NOUN
taxlaw-12357	373	16	in	in	ADP
taxlaw-12357	373	17	incremental	incremental	ADJ
taxlaw-12357	373	18	tax	tax	NOUN
taxlaw-12357	373	19	reform	reform	NOUN
taxlaw-12357	373	20	,	,	PUNCT
taxlaw-12357	373	21	this	this	DET
taxlaw-12357	373	22	article	article	NOUN
taxlaw-12357	373	23	adds	add	VERB
taxlaw-12357	373	24	to	to	ADP
taxlaw-12357	373	25	the	the	DET
taxlaw-12357	373	26	literature	literature	NOUN
taxlaw-12357	373	27	in	in	ADP
taxlaw-12357	373	28	three	three	NUM
taxlaw-12357	373	29	ways	way	NOUN
taxlaw-12357	373	30	.	.	PUNCT
taxlaw-12357	374	1	first	first	ADV
taxlaw-12357	374	2	,	,	PUNCT
taxlaw-12357	374	3	we	we	PRON
taxlaw-12357	374	4	help	help	VERB
taxlaw-12357	374	5	policymakers	policymaker	NOUN
taxlaw-12357	374	6	operationalize	operationalize	VERB
taxlaw-12357	374	7	this	this	DET
taxlaw-12357	374	8	literature	literature	NOUN
taxlaw-12357	374	9	by	by	ADP
taxlaw-12357	374	10	recommending	recommend	VERB
taxlaw-12357	374	11	three	three	NUM
taxlaw-12357	374	12	steps	step	NOUN
taxlaw-12357	374	13	,	,	PUNCT
taxlaw-12357	374	14	which	which	PRON
taxlaw-12357	374	15	focus	focus	VERB
taxlaw-12357	374	16	on	on	ADP
taxlaw-12357	374	17	different	different	ADJ
taxlaw-12357	374	18	aspects	aspect	NOUN
taxlaw-12357	374	19	of	of	ADP
taxlaw-12357	374	20	the	the	DET
taxlaw-12357	374	21	analysis	analysis	NOUN
taxlaw-12357	374	22	.	.	PUNCT
taxlaw-12357	375	1	in	in	ADP
taxlaw-12357	375	2	asking	ask	VERB
taxlaw-12357	375	3	what	what	PRON
taxlaw-12357	375	4	the	the	DET
taxlaw-12357	375	5	right	right	ADJ
taxlaw-12357	375	6	tax	tax	NOUN
taxlaw-12357	375	7	burden	burden	NOUN
taxlaw-12357	375	8	should	should	AUX
taxlaw-12357	375	9	be	be	AUX
taxlaw-12357	375	10	on	on	ADP
taxlaw-12357	375	11	the	the	DET
taxlaw-12357	375	12	relevant	relevant	ADJ
taxlaw-12357	375	13	transaction	transaction	NOUN
taxlaw-12357	375	14	,	,	PUNCT
taxlaw-12357	375	15	the	the	DET
taxlaw-12357	375	16	first	first	ADJ
taxlaw-12357	375	17	step	step	NOUN
taxlaw-12357	375	18	(	(	PUNCT
taxlaw-12357	375	19	“	"	PUNCT
taxlaw-12357	375	20	the	the	DET
taxlaw-12357	375	21	normative	normative	ADJ
taxlaw-12357	375	22	presumption	presumption	NOUN
taxlaw-12357	375	23	”	"	PUNCT
taxlaw-12357	375	24	)	)	PUNCT
taxlaw-12357	375	25	focuses	focus	VERB
taxlaw-12357	375	26	on	on	ADP
taxlaw-12357	375	27	regular	regular	ADJ
taxlaw-12357	375	28	deadweight	deadweight	NOUN
taxlaw-12357	375	29	loss	loss	NOUN
taxlaw-12357	375	30	and	and	CCONJ
taxlaw-12357	375	31	distribution	distribution	NOUN
taxlaw-12357	375	32	.	.	PUNCT
taxlaw-12357	376	1	likewise	likewise	ADV
taxlaw-12357	376	2	,	,	PUNCT
taxlaw-12357	376	3	in	in	ADP
taxlaw-12357	376	4	urging	urge	VERB
taxlaw-12357	376	5	policymakers	policymaker	NOUN
taxlaw-12357	376	6	to	to	PART
taxlaw-12357	376	7	identify	identify	VERB
taxlaw-12357	376	8	the	the	DET
taxlaw-12357	376	9	relevant	relevant	ADJ
taxlaw-12357	376	10	transaction	transaction	NOUN
taxlaw-12357	376	11	in	in	ADP
taxlaw-12357	376	12	a	a	DET
taxlaw-12357	376	13	way	way	NOUN
taxlaw-12357	376	14	that	that	PRON
taxlaw-12357	376	15	is	be	AUX
taxlaw-12357	376	16	both	both	CCONJ
taxlaw-12357	376	17	precise	precise	ADJ
taxlaw-12357	376	18	and	and	CCONJ
taxlaw-12357	376	19	economical	economical	ADJ
taxlaw-12357	376	20	,	,	PUNCT
taxlaw-12357	376	21	the	the	DET
taxlaw-12357	376	22	second	second	ADJ
taxlaw-12357	376	23	step	step	NOUN
taxlaw-12357	376	24	(	(	PUNCT
taxlaw-12357	376	25	“	"	PUNCT
taxlaw-12357	376	26	preliminary	preliminary	ADJ
taxlaw-12357	376	27	filters	filter	NOUN
taxlaw-12357	376	28	”	"	PUNCT
taxlaw-12357	376	29	)	)	PUNCT
taxlaw-12357	376	30	and	and	CCONJ
taxlaw-12357	376	31	third	third	ADJ
taxlaw-12357	376	32	step	step	NOUN
taxlaw-12357	376	33	(	(	PUNCT
taxlaw-12357	376	34	“	"	PUNCT
taxlaw-12357	376	35	rigorous	rigorous	ADJ
taxlaw-12357	376	36	analysis	analysis	NOUN
taxlaw-12357	376	37	”	"	PUNCT
taxlaw-12357	376	38	)	)	PUNCT
taxlaw-12357	376	39	manage	manage	VERB
taxlaw-12357	376	40	the	the	DET
taxlaw-12357	376	41	tradeoff	tradeoff	NOUN
taxlaw-12357	376	42	between	between	ADP
taxlaw-12357	376	43	administrative	administrative	ADJ
taxlaw-12357	376	44	and	and	CCONJ
taxlaw-12357	376	45	planning	planning	NOUN
taxlaw-12357	376	46	costs	cost	NOUN
taxlaw-12357	376	47	.	.	PUNCT
taxlaw-12357	377	1	second	second	ADJ
taxlaw-12357	377	2	,	,	PUNCT
taxlaw-12357	377	3	and	and	CCONJ
taxlaw-12357	377	4	relatedly	relatedly	ADV
taxlaw-12357	377	5	,	,	PUNCT
taxlaw-12357	377	6	we	we	PRON
taxlaw-12357	377	7	recommend	recommend	VERB
taxlaw-12357	377	8	using	use	VERB
taxlaw-12357	377	9	preliminary	preliminary	ADJ
taxlaw-12357	377	10	filters	filter	NOUN
taxlaw-12357	377	11	as	as	ADP
taxlaw-12357	377	12	a	a	DET
taxlaw-12357	377	13	way	way	NOUN
taxlaw-12357	377	14	to	to	PART
taxlaw-12357	377	15	economize	economize	VERB
taxlaw-12357	377	16	on	on	ADP
taxlaw-12357	377	17	administrative	administrative	ADJ
taxlaw-12357	377	18	costs	cost	NOUN
taxlaw-12357	377	19	,	,	PUNCT
taxlaw-12357	377	20	enabling	enable	VERB
taxlaw-12357	377	21	more	more	ADV
taxlaw-12357	377	22	precise	precise	ADJ
taxlaw-12357	377	23	(	(	PUNCT
taxlaw-12357	377	24	and	and	CCONJ
taxlaw-12357	377	25	administratively	administratively	ADV
taxlaw-12357	377	26	costly	costly	ADJ
taxlaw-12357	377	27	)	)	PUNCT
taxlaw-12357	377	28	tests	test	NOUN
taxlaw-12357	377	29	to	to	PART
taxlaw-12357	377	30	be	be	AUX
taxlaw-12357	377	31	deployed	deploy	VERB
taxlaw-12357	377	32	only	only	ADV
taxlaw-12357	377	33	when	when	SCONJ
taxlaw-12357	377	34	they	they	PRON
taxlaw-12357	377	35	are	be	AUX
taxlaw-12357	377	36	needed	need	VERB
taxlaw-12357	377	37	.	.	PUNCT
taxlaw-12357	378	1	this	this	DET
taxlaw-12357	378	2	insight	insight	NOUN
taxlaw-12357	378	3	has	have	VERB
taxlaw-12357	378	4	broad	broad	ADJ
taxlaw-12357	378	5	application	application	NOUN
taxlaw-12357	378	6	not	not	PART
taxlaw-12357	378	7	just	just	ADV
taxlaw-12357	378	8	to	to	ADP
taxlaw-12357	378	9	our	our	PRON
taxlaw-12357	378	10	case	case	NOUN
taxlaw-12357	378	11	study	study	NOUN
taxlaw-12357	378	12	of	of	ADP
taxlaw-12357	378	13	section	section	NOUN
taxlaw-12357	378	14	1260	1260	NUM
taxlaw-12357	378	15	,	,	PUNCT
taxlaw-12357	378	16	but	but	CCONJ
taxlaw-12357	378	17	to	to	ADP
taxlaw-12357	378	18	any	any	DET
taxlaw-12357	378	19	transactionspecific	transactionspecific	ADJ
taxlaw-12357	378	20	anti	anti	ADJ
taxlaw-12357	378	21	-	-	ADJ
taxlaw-12357	378	22	abuse	abuse	ADJ
taxlaw-12357	378	23	rule	rule	NOUN
taxlaw-12357	378	24	.	.	PUNCT
taxlaw-12357	379	1	third	third	ADV
taxlaw-12357	379	2	,	,	PUNCT
taxlaw-12357	379	3	we	we	PRON
taxlaw-12357	379	4	identify	identify	VERB
taxlaw-12357	379	5	problems	problem	NOUN
taxlaw-12357	379	6	with	with	ADP
taxlaw-12357	379	7	a	a	DET
taxlaw-12357	379	8	sophisticated	sophisticated	ADJ
taxlaw-12357	379	9	test	test	NOUN
taxlaw-12357	379	10	that	that	PRON
taxlaw-12357	379	11	commentators	commentator	NOUN
taxlaw-12357	379	12	have	have	AUX
taxlaw-12357	379	13	recommended	recommend	VERB
taxlaw-12357	379	14	and	and	CCONJ
taxlaw-12357	379	15	the	the	DET
taxlaw-12357	379	16	government	government	NOUN
taxlaw-12357	379	17	has	have	AUX
taxlaw-12357	379	18	used	use	VERB
taxlaw-12357	379	19	for	for	ADP
taxlaw-12357	379	20	financial	financial	ADJ
taxlaw-12357	379	21	transactions	transaction	NOUN
taxlaw-12357	379	22	:	:	PUNCT
taxlaw-12357	379	23	comparisons	comparison	NOUN
taxlaw-12357	379	24	based	base	VERB
taxlaw-12357	379	25	on	on	ADP
taxlaw-12357	379	26	“	"	PUNCT
taxlaw-12357	379	27	delta	delta	NOUN
taxlaw-12357	379	28	.	.	PUNCT
taxlaw-12357	379	29	”	"	PUNCT
taxlaw-12357	380	1	as	as	ADV
taxlaw-12357	380	2	far	far	ADV
taxlaw-12357	380	3	as	as	SCONJ
taxlaw-12357	380	4	we	we	PRON
taxlaw-12357	380	5	know	know	VERB
taxlaw-12357	380	6	,	,	PUNCT
taxlaw-12357	380	7	these	these	DET
taxlaw-12357	380	8	insights	insight	NOUN
taxlaw-12357	380	9	are	be	AUX
taxlaw-12357	380	10	new	new	ADJ
taxlaw-12357	380	11	to	to	ADP
taxlaw-12357	380	12	the	the	DET
taxlaw-12357	380	13	literature	literature	NOUN
taxlaw-12357	380	14	.	.	PUNCT
taxlaw-12357	381	1	40	40	NUM
taxlaw-12357	381	2	see	see	VERB
taxlaw-12357	381	3	shaviro	shaviro	NOUN
taxlaw-12357	381	4	,	,	PUNCT
taxlaw-12357	381	5	supra	supra	PROPN
taxlaw-12357	381	6	note	note	NOUN
taxlaw-12357	381	7	28	28	NUM
taxlaw-12357	381	8	.	.	PUNCT
taxlaw-12357	382	1	41	41	NUM
taxlaw-12357	382	2	daniel	daniel	PROPN
taxlaw-12357	382	3	n.	n.	PROPN
taxlaw-12357	382	4	shaviro	shaviro	PROPN
taxlaw-12357	382	5	,	,	PUNCT
taxlaw-12357	382	6	economic	economic	ADJ
taxlaw-12357	382	7	substance	substance	NOUN
taxlaw-12357	382	8	,	,	PUNCT
taxlaw-12357	382	9	corporate	corporate	ADJ
taxlaw-12357	382	10	tax	tax	NOUN
taxlaw-12357	382	11	shelters	shelter	NOUN
taxlaw-12357	382	12	,	,	PUNCT
taxlaw-12357	382	13	and	and	CCONJ
taxlaw-12357	382	14	the	the	DET
taxlaw-12357	382	15	compaq	compaq	NOUN
taxlaw-12357	382	16	case	case	NOUN
taxlaw-12357	382	17	,	,	PUNCT
taxlaw-12357	382	18	88	88	NUM
taxlaw-12357	382	19	tax	tax	NOUN
taxlaw-12357	382	20	notes	note	NOUN
taxlaw-12357	382	21	221	221	NUM
taxlaw-12357	382	22	,	,	PUNCT
taxlaw-12357	382	23	223	223	NUM
taxlaw-12357	382	24	(	(	PUNCT
taxlaw-12357	382	25	2000	2000	NUM
taxlaw-12357	382	26	)	)	PUNCT
taxlaw-12357	382	27	(	(	PUNCT
taxlaw-12357	382	28	noting	note	VERB
taxlaw-12357	382	29	that	that	SCONJ
taxlaw-12357	382	30	the	the	DET
taxlaw-12357	382	31	desirability	desirability	NOUN
taxlaw-12357	382	32	of	of	ADP
taxlaw-12357	382	33	an	an	DET
taxlaw-12357	382	34	anti	anti	ADJ
taxlaw-12357	382	35	-	-	ADJ
taxlaw-12357	382	36	abuse	abuse	ADJ
taxlaw-12357	382	37	rule	rule	NOUN
taxlaw-12357	382	38	depends	depend	VERB
taxlaw-12357	382	39	on	on	ADP
taxlaw-12357	382	40	how	how	SCONJ
taxlaw-12357	382	41	effective	effective	ADJ
taxlaw-12357	382	42	it	it	PRON
taxlaw-12357	382	43	is	be	AUX
taxlaw-12357	382	44	in	in	ADP
taxlaw-12357	382	45	“	"	PUNCT
taxlaw-12357	382	46	generating	generate	VERB
taxlaw-12357	382	47	such	such	ADJ
taxlaw-12357	382	48	deterrence	deterrence	NOUN
taxlaw-12357	382	49	rather	rather	ADV
taxlaw-12357	382	50	than	than	ADP
taxlaw-12357	382	51	simply	simply	ADV
taxlaw-12357	382	52	inducing	induce	VERB
taxlaw-12357	382	53	taxpayers	taxpayer	NOUN
taxlaw-12357	382	54	to	to	PART
taxlaw-12357	382	55	jump	jump	VERB
taxlaw-12357	382	56	through	through	ADP
taxlaw-12357	382	57	a	a	DET
taxlaw-12357	382	58	few	few	ADJ
taxlaw-12357	382	59	extra	extra	ADJ
taxlaw-12357	382	60	hoops	hoop	NOUN
taxlaw-12357	382	61	before	before	ADP
taxlaw-12357	382	62	getting	get	VERB
taxlaw-12357	382	63	the	the	DET
taxlaw-12357	382	64	desired	desire	VERB
taxlaw-12357	382	65	tax	tax	NOUN
taxlaw-12357	382	66	consequences	consequence	NOUN
taxlaw-12357	382	67	anyway	anyway	ADV
taxlaw-12357	382	68	”	"	PUNCT
taxlaw-12357	382	69	)	)	PUNCT
taxlaw-12357	382	70	.	.	PUNCT
taxlaw-12357	383	1	columbia	columbia	PROPN
taxlaw-12357	383	2	journal	journal	PROPN
taxlaw-12357	383	3	of	of	ADP
taxlaw-12357	383	4	tax	tax	NOUN
taxlaw-12357	383	5	law	law	NOUN
taxlaw-12357	384	1	[	[	X
taxlaw-12357	384	2	vol	vol	NOUN
taxlaw-12357	384	3	15:1	15:1	NUM
taxlaw-12357	384	4	14	14	NUM
taxlaw-12357	384	5	iv	iv	NUM
taxlaw-12357	384	6	.	.	PUNCT
taxlaw-12357	385	1	step	step	NOUN
taxlaw-12357	385	2	1	1	NUM
taxlaw-12357	385	3	:	:	PUNCT
taxlaw-12357	386	1	the	the	DET
taxlaw-12357	386	2	normative	normative	ADJ
taxlaw-12357	386	3	presumption	presumption	NOUN
taxlaw-12357	386	4	let	let	VERB
taxlaw-12357	386	5	’s	’s	NOUN
taxlaw-12357	386	6	turn	turn	VERB
taxlaw-12357	386	7	to	to	ADP
taxlaw-12357	386	8	the	the	DET
taxlaw-12357	386	9	first	first	ADJ
taxlaw-12357	386	10	of	of	ADP
taxlaw-12357	386	11	the	the	DET
taxlaw-12357	386	12	three	three	NUM
taxlaw-12357	386	13	steps	step	NOUN
taxlaw-12357	386	14	we	we	PRON
taxlaw-12357	386	15	propose	propose	VERB
taxlaw-12357	386	16	:	:	PUNCT
taxlaw-12357	386	17	when	when	SCONJ
taxlaw-12357	386	18	confronted	confront	VERB
taxlaw-12357	386	19	with	with	ADP
taxlaw-12357	386	20	a	a	DET
taxlaw-12357	386	21	new	new	ADJ
taxlaw-12357	386	22	planning	planning	NOUN
taxlaw-12357	386	23	strategy	strategy	NOUN
taxlaw-12357	386	24	,	,	PUNCT
taxlaw-12357	386	25	policymakers	policymaker	NOUN
taxlaw-12357	386	26	should	should	AUX
taxlaw-12357	386	27	decide	decide	VERB
taxlaw-12357	386	28	how	how	SCONJ
taxlaw-12357	386	29	urgently	urgently	ADV
taxlaw-12357	386	30	a	a	DET
taxlaw-12357	386	31	response	response	NOUN
taxlaw-12357	386	32	is	be	AUX
taxlaw-12357	386	33	needed	need	VERB
taxlaw-12357	386	34	,	,	PUNCT
taxlaw-12357	386	35	as	as	ADV
taxlaw-12357	386	36	well	well	ADV
taxlaw-12357	386	37	as	as	ADP
taxlaw-12357	386	38	how	how	SCONJ
taxlaw-12357	386	39	broad	broad	ADJ
taxlaw-12357	386	40	and	and	CCONJ
taxlaw-12357	386	41	tough	tough	ADJ
taxlaw-12357	386	42	it	it	PRON
taxlaw-12357	386	43	should	should	AUX
taxlaw-12357	386	44	be	be	AUX
taxlaw-12357	386	45	.	.	PUNCT
taxlaw-12357	387	1	in	in	ADP
taxlaw-12357	387	2	making	make	VERB
taxlaw-12357	387	3	these	these	DET
taxlaw-12357	387	4	judgments	judgment	NOUN
taxlaw-12357	387	5	,	,	PUNCT
taxlaw-12357	387	6	policymakers	policymaker	NOUN
taxlaw-12357	387	7	establish	establish	VERB
taxlaw-12357	387	8	what	what	PRON
taxlaw-12357	387	9	we	we	PRON
taxlaw-12357	387	10	call	call	VERB
taxlaw-12357	387	11	the	the	DET
taxlaw-12357	387	12	“	"	PUNCT
taxlaw-12357	387	13	normative	normative	ADJ
taxlaw-12357	387	14	presumption	presumption	NOUN
taxlaw-12357	387	15	”	"	PUNCT
taxlaw-12357	387	16	about	about	ADP
taxlaw-12357	387	17	a	a	DET
taxlaw-12357	387	18	transaction	transaction	NOUN
taxlaw-12357	387	19	.	.	PUNCT
taxlaw-12357	388	1	to	to	PART
taxlaw-12357	388	2	do	do	VERB
taxlaw-12357	388	3	so	so	ADV
taxlaw-12357	388	4	,	,	PUNCT
taxlaw-12357	388	5	they	they	PRON
taxlaw-12357	388	6	should	should	AUX
taxlaw-12357	388	7	consider	consider	VERB
taxlaw-12357	388	8	three	three	NUM
taxlaw-12357	388	9	sets	set	NOUN
taxlaw-12357	388	10	of	of	ADP
taxlaw-12357	388	11	issues	issue	NOUN
taxlaw-12357	388	12	,	,	PUNCT
taxlaw-12357	388	13	which	which	PRON
taxlaw-12357	388	14	this	this	DET
taxlaw-12357	388	15	section	section	NOUN
taxlaw-12357	388	16	explores	explore	VERB
taxlaw-12357	388	17	in	in	ADP
taxlaw-12357	388	18	turn	turn	NOUN
taxlaw-12357	388	19	:	:	PUNCT
taxlaw-12357	388	20	●	●	PUNCT
taxlaw-12357	388	21	first	first	ADJ
taxlaw-12357	388	22	,	,	PUNCT
taxlaw-12357	388	23	how	how	SCONJ
taxlaw-12357	388	24	unfair	unfair	ADJ
taxlaw-12357	388	25	is	be	AUX
taxlaw-12357	388	26	the	the	DET
taxlaw-12357	388	27	targeted	target	VERB
taxlaw-12357	388	28	transaction	transaction	NOUN
taxlaw-12357	388	29	?	?	PUNCT
taxlaw-12357	389	1	how	how	SCONJ
taxlaw-12357	389	2	does	do	AUX
taxlaw-12357	389	3	it	it	PRON
taxlaw-12357	389	4	affect	affect	VERB
taxlaw-12357	389	5	the	the	DET
taxlaw-12357	389	6	distribution	distribution	NOUN
taxlaw-12357	389	7	of	of	ADP
taxlaw-12357	389	8	tax	tax	NOUN
taxlaw-12357	389	9	burdens	burden	NOUN
taxlaw-12357	389	10	,	,	PUNCT
taxlaw-12357	389	11	as	as	ADV
taxlaw-12357	389	12	well	well	ADV
taxlaw-12357	389	13	as	as	ADP
taxlaw-12357	389	14	public	public	ADJ
taxlaw-12357	389	15	trust	trust	NOUN
taxlaw-12357	389	16	in	in	ADP
taxlaw-12357	389	17	the	the	DET
taxlaw-12357	389	18	tax	tax	NOUN
taxlaw-12357	389	19	system	system	NOUN
taxlaw-12357	389	20	?	?	PUNCT
taxlaw-12357	390	1	●	●	PUNCT
taxlaw-12357	390	2	second	second	ADJ
taxlaw-12357	390	3	,	,	PUNCT
taxlaw-12357	390	4	what	what	PRON
taxlaw-12357	390	5	is	be	AUX
taxlaw-12357	390	6	the	the	DET
taxlaw-12357	390	7	right	right	ADJ
taxlaw-12357	390	8	tax	tax	NOUN
taxlaw-12357	390	9	burden	burden	NOUN
taxlaw-12357	390	10	on	on	ADP
taxlaw-12357	390	11	the	the	DET
taxlaw-12357	390	12	targeted	target	VERB
taxlaw-12357	390	13	transaction	transaction	NOUN
taxlaw-12357	390	14	(	(	PUNCT
taxlaw-12357	390	15	in	in	ADP
taxlaw-12357	390	16	light	light	NOUN
taxlaw-12357	390	17	of	of	ADP
taxlaw-12357	390	18	elasticity	elasticity	NOUN
taxlaw-12357	390	19	,	,	PUNCT
taxlaw-12357	390	20	externalities	externality	NOUN
taxlaw-12357	390	21	,	,	PUNCT
taxlaw-12357	390	22	and	and	CCONJ
taxlaw-12357	390	23	other	other	ADJ
taxlaw-12357	390	24	efficiency	efficiency	NOUN
taxlaw-12357	390	25	considerations	consideration	NOUN
taxlaw-12357	390	26	)	)	PUNCT
taxlaw-12357	390	27	?	?	PUNCT
taxlaw-12357	391	1	●	●	PUNCT
taxlaw-12357	391	2	third	third	ADJ
taxlaw-12357	391	3	,	,	PUNCT
taxlaw-12357	391	4	how	how	SCONJ
taxlaw-12357	391	5	costly	costly	ADJ
taxlaw-12357	391	6	would	would	AUX
taxlaw-12357	391	7	it	it	PRON
taxlaw-12357	391	8	be	be	AUX
taxlaw-12357	391	9	for	for	SCONJ
taxlaw-12357	391	10	the	the	DET
taxlaw-12357	391	11	transaction	transaction	NOUN
taxlaw-12357	391	12	-	-	PUNCT
taxlaw-12357	391	13	specific	specific	ADJ
taxlaw-12357	391	14	response	response	NOUN
taxlaw-12357	391	15	to	to	PART
taxlaw-12357	391	16	be	be	AUX
taxlaw-12357	391	17	overbroad	overbroad	ADJ
taxlaw-12357	391	18	,	,	PUNCT
taxlaw-12357	391	19	so	so	SCONJ
taxlaw-12357	391	20	it	it	PRON
taxlaw-12357	391	21	reaches	reach	VERB
taxlaw-12357	391	22	activity	activity	NOUN
taxlaw-12357	391	23	other	other	ADJ
taxlaw-12357	391	24	than	than	ADP
taxlaw-12357	391	25	the	the	DET
taxlaw-12357	391	26	targeted	target	VERB
taxlaw-12357	391	27	transaction	transaction	NOUN
taxlaw-12357	391	28	?	?	PUNCT
taxlaw-12357	392	1	while	while	SCONJ
taxlaw-12357	392	2	policymakers	policymaker	NOUN
taxlaw-12357	392	3	should	should	AUX
taxlaw-12357	392	4	consider	consider	VERB
taxlaw-12357	392	5	these	these	DET
taxlaw-12357	392	6	issues	issue	NOUN
taxlaw-12357	392	7	in	in	ADP
taxlaw-12357	392	8	crafting	craft	VERB
taxlaw-12357	392	9	any	any	DET
taxlaw-12357	392	10	transactionspecific	transactionspecific	ADJ
taxlaw-12357	392	11	reform	reform	NOUN
taxlaw-12357	392	12	,	,	PUNCT
taxlaw-12357	392	13	this	this	DET
taxlaw-12357	392	14	part	part	NOUN
taxlaw-12357	392	15	focuses	focus	VERB
taxlaw-12357	392	16	on	on	ADP
taxlaw-12357	392	17	section	section	NOUN
taxlaw-12357	392	18	1260	1260	NUM
taxlaw-12357	392	19	as	as	ADP
taxlaw-12357	392	20	a	a	DET
taxlaw-12357	392	21	case	case	NOUN
taxlaw-12357	392	22	study	study	NOUN
taxlaw-12357	392	23	.	.	PUNCT
taxlaw-12357	393	1	a.	a.	NOUN
taxlaw-12357	393	2	fairness	fairness	NOUN
taxlaw-12357	393	3	:	:	PUNCT
taxlaw-12357	393	4	distribution	distribution	NOUN
taxlaw-12357	393	5	and	and	CCONJ
taxlaw-12357	393	6	trust	trust	NOUN
taxlaw-12357	393	7	in	in	ADP
taxlaw-12357	393	8	deciding	decide	VERB
taxlaw-12357	393	9	how	how	SCONJ
taxlaw-12357	393	10	tough	tough	ADJ
taxlaw-12357	393	11	to	to	PART
taxlaw-12357	393	12	be	be	AUX
taxlaw-12357	393	13	,	,	PUNCT
taxlaw-12357	393	14	policymakers	policymaker	NOUN
taxlaw-12357	393	15	need	need	VERB
taxlaw-12357	393	16	to	to	PART
taxlaw-12357	393	17	consider	consider	VERB
taxlaw-12357	393	18	whether	whether	SCONJ
taxlaw-12357	393	19	the	the	DET
taxlaw-12357	393	20	targeted	target	VERB
taxlaw-12357	393	21	planning	planning	NOUN
taxlaw-12357	393	22	makes	make	VERB
taxlaw-12357	393	23	the	the	DET
taxlaw-12357	393	24	system	system	NOUN
taxlaw-12357	393	25	less	less	ADV
taxlaw-12357	393	26	fair	fair	ADJ
taxlaw-12357	393	27	.	.	PUNCT
taxlaw-12357	394	1	as	as	SCONJ
taxlaw-12357	394	2	this	this	DET
taxlaw-12357	394	3	section	section	NOUN
taxlaw-12357	394	4	shows	show	VERB
taxlaw-12357	394	5	,	,	PUNCT
taxlaw-12357	394	6	the	the	DET
taxlaw-12357	394	7	relevant	relevant	ADJ
taxlaw-12357	394	8	issues	issue	NOUN
taxlaw-12357	394	9	are	be	AUX
taxlaw-12357	394	10	distribution	distribution	NOUN
taxlaw-12357	394	11	,	,	PUNCT
taxlaw-12357	394	12	horizontal	horizontal	ADJ
taxlaw-12357	394	13	equity	equity	NOUN
taxlaw-12357	394	14	,	,	PUNCT
taxlaw-12357	394	15	and	and	CCONJ
taxlaw-12357	394	16	trust	trust	NOUN
taxlaw-12357	394	17	in	in	ADP
taxlaw-12357	394	18	the	the	DET
taxlaw-12357	394	19	system	system	NOUN
taxlaw-12357	394	20	.	.	PUNCT
taxlaw-12357	395	1	1	1	X
taxlaw-12357	395	2	.	.	X
taxlaw-12357	395	3	vertical	vertical	PROPN
taxlaw-12357	395	4	equity	equity	PROPN
taxlaw-12357	395	5	since	since	SCONJ
taxlaw-12357	395	6	high	high	ADJ
taxlaw-12357	395	7	-	-	PUNCT
taxlaw-12357	395	8	net	net	NOUN
taxlaw-12357	395	9	worth	worth	ADJ
taxlaw-12357	395	10	taxpayers	taxpayer	NOUN
taxlaw-12357	395	11	have	have	VERB
taxlaw-12357	395	12	better	well	ADJ
taxlaw-12357	395	13	access	access	NOUN
taxlaw-12357	395	14	to	to	ADP
taxlaw-12357	395	15	tax	tax	NOUN
taxlaw-12357	395	16	advice	advice	NOUN
taxlaw-12357	395	17	,	,	PUNCT
taxlaw-12357	395	18	they	they	PRON
taxlaw-12357	395	19	often	often	ADV
taxlaw-12357	395	20	are	be	AUX
taxlaw-12357	395	21	the	the	DET
taxlaw-12357	395	22	main	main	ADJ
taxlaw-12357	395	23	beneficiaries	beneficiary	NOUN
taxlaw-12357	395	24	.	.	PUNCT
taxlaw-12357	396	1	when	when	SCONJ
taxlaw-12357	396	2	they	they	PRON
taxlaw-12357	396	3	are	be	AUX
taxlaw-12357	396	4	the	the	DET
taxlaw-12357	396	5	main	main	ADJ
taxlaw-12357	396	6	users	user	NOUN
taxlaw-12357	396	7	of	of	ADP
taxlaw-12357	396	8	a	a	DET
taxlaw-12357	396	9	planning	planning	NOUN
taxlaw-12357	396	10	strategy	strategy	NOUN
taxlaw-12357	396	11	,	,	PUNCT
taxlaw-12357	396	12	it	it	PRON
taxlaw-12357	396	13	reduces	reduce	VERB
taxlaw-12357	396	14	the	the	DET
taxlaw-12357	396	15	tax	tax	NOUN
taxlaw-12357	396	16	burdens	burden	NOUN
taxlaw-12357	396	17	of	of	ADP
taxlaw-12357	396	18	those	those	PRON
taxlaw-12357	396	19	with	with	ADP
taxlaw-12357	396	20	the	the	DET
taxlaw-12357	396	21	greatest	great	ADJ
taxlaw-12357	396	22	ability	ability	NOUN
taxlaw-12357	396	23	to	to	PART
taxlaw-12357	396	24	pay	pay	VERB
taxlaw-12357	396	25	.	.	PUNCT
taxlaw-12357	397	1	this	this	PRON
taxlaw-12357	397	2	is	be	AUX
taxlaw-12357	397	3	likely	likely	ADJ
taxlaw-12357	397	4	the	the	DET
taxlaw-12357	397	5	case	case	NOUN
taxlaw-12357	397	6	with	with	ADP
taxlaw-12357	397	7	hedge	hedge	NOUN
taxlaw-12357	397	8	fund	fund	NOUN
taxlaw-12357	397	9	derivatives	derivative	NOUN
taxlaw-12357	397	10	.	.	PUNCT
taxlaw-12357	398	1	under	under	ADP
taxlaw-12357	398	2	the	the	DET
taxlaw-12357	398	3	securities	security	NOUN
taxlaw-12357	398	4	law	law	NOUN
taxlaw-12357	398	5	,	,	PUNCT
taxlaw-12357	398	6	hedge	hedge	NOUN
taxlaw-12357	398	7	funds	fund	NOUN
taxlaw-12357	398	8	are	be	AUX
taxlaw-12357	398	9	open	open	ADJ
taxlaw-12357	398	10	only	only	ADV
taxlaw-12357	398	11	to	to	ADP
taxlaw-12357	398	12	investors	investor	NOUN
taxlaw-12357	398	13	who	who	PRON
taxlaw-12357	398	14	satisfy	satisfy	VERB
taxlaw-12357	398	15	income	income	NOUN
taxlaw-12357	398	16	or	or	CCONJ
taxlaw-12357	398	17	asset	asset	NOUN
taxlaw-12357	398	18	tests.42	tests.42	NOUN
taxlaw-12357	398	19	the	the	DET
taxlaw-12357	398	20	same	same	ADJ
taxlaw-12357	398	21	is	be	AUX
taxlaw-12357	398	22	true	true	ADJ
taxlaw-12357	398	23	of	of	ADP
taxlaw-12357	398	24	the	the	DET
taxlaw-12357	398	25	customized	customize	VERB
taxlaw-12357	398	26	derivatives	derivative	NOUN
taxlaw-12357	398	27	used	use	VERB
taxlaw-12357	398	28	in	in	ADP
taxlaw-12357	398	29	these	these	DET
taxlaw-12357	398	30	transactions	transaction	NOUN
taxlaw-12357	398	31	.	.	PUNCT
taxlaw-12357	399	1	they	they	PRON
taxlaw-12357	399	2	are	be	AUX
taxlaw-12357	399	3	not	not	PART
taxlaw-12357	399	4	available	available	ADJ
taxlaw-12357	399	5	on	on	ADP
taxlaw-12357	399	6	an	an	DET
taxlaw-12357	399	7	exchange	exchange	NOUN
taxlaw-12357	399	8	,	,	PUNCT
taxlaw-12357	399	9	where	where	SCONJ
taxlaw-12357	399	10	a	a	DET
taxlaw-12357	399	11	broader	broad	ADJ
taxlaw-12357	399	12	group	group	NOUN
taxlaw-12357	399	13	of	of	ADP
taxlaw-12357	399	14	customers	customer	NOUN
taxlaw-12357	399	15	would	would	AUX
taxlaw-12357	399	16	have	have	VERB
taxlaw-12357	399	17	access	access	NOUN
taxlaw-12357	399	18	to	to	ADP
taxlaw-12357	399	19	them	they	PRON
taxlaw-12357	399	20	,	,	PUNCT
taxlaw-12357	399	21	but	but	CCONJ
taxlaw-12357	399	22	in	in	ADP
taxlaw-12357	399	23	the	the	DET
taxlaw-12357	399	24	“	"	PUNCT
taxlaw-12357	399	25	over	over	ADP
taxlaw-12357	399	26	-	-	PUNCT
taxlaw-12357	399	27	the	the	DET
taxlaw-12357	399	28	-	-	PUNCT
taxlaw-12357	399	29	counter	counter	NOUN
taxlaw-12357	399	30	”	"	PUNCT
taxlaw-12357	399	31	market	market	NOUN
taxlaw-12357	399	32	,	,	PUNCT
taxlaw-12357	399	33	where	where	SCONJ
taxlaw-12357	399	34	investors	investor	NOUN
taxlaw-12357	399	35	need	need	VERB
taxlaw-12357	399	36	to	to	PART
taxlaw-12357	399	37	satisfy	satisfy	VERB
taxlaw-12357	399	38	income	income	NOUN
taxlaw-12357	399	39	or	or	CCONJ
taxlaw-12357	399	40	asset	asset	NOUN
taxlaw-12357	399	41	tests	test	NOUN
taxlaw-12357	399	42	.	.	PUNCT
taxlaw-12357	400	1	admittedly	admittedly	ADV
taxlaw-12357	400	2	,	,	PUNCT
taxlaw-12357	400	3	transactions	transaction	NOUN
taxlaw-12357	400	4	that	that	PRON
taxlaw-12357	400	5	are	be	AUX
taxlaw-12357	400	6	first	first	ADV
taxlaw-12357	400	7	crafted	craft	VERB
taxlaw-12357	400	8	just	just	ADV
taxlaw-12357	400	9	for	for	ADP
taxlaw-12357	400	10	sophisticated	sophisticated	ADJ
taxlaw-12357	400	11	taxpayers	taxpayer	NOUN
taxlaw-12357	400	12	can	can	AUX
taxlaw-12357	400	13	become	become	VERB
taxlaw-12357	400	14	more	more	ADV
taxlaw-12357	400	15	widespread	widespread	ADJ
taxlaw-12357	400	16	over	over	ADP
taxlaw-12357	400	17	time	time	NOUN
taxlaw-12357	400	18	.	.	PUNCT
taxlaw-12357	401	1	for	for	ADP
taxlaw-12357	401	2	example	example	NOUN
taxlaw-12357	401	3	,	,	PUNCT
taxlaw-12357	401	4	a	a	DET
taxlaw-12357	401	5	variation	variation	NOUN
taxlaw-12357	401	6	of	of	ADP
taxlaw-12357	401	7	tax	tax	NOUN
taxlaw-12357	401	8	shelters	shelter	NOUN
taxlaw-12357	401	9	that	that	PRON
taxlaw-12357	401	10	became	become	VERB
taxlaw-12357	401	11	popular	popular	ADJ
taxlaw-12357	401	12	in	in	ADP
taxlaw-12357	401	13	the	the	DET
taxlaw-12357	401	14	1980s	1980s	NUM
taxlaw-12357	401	15	–	–	PUNCT
taxlaw-12357	401	16	leveraged	leverage	VERB
taxlaw-12357	401	17	investments	investment	NOUN
taxlaw-12357	401	18	in	in	ADP
taxlaw-12357	401	19	depreciable	depreciable	ADJ
taxlaw-12357	401	20	property	property	NOUN
taxlaw-12357	401	21	–	–	PUNCT
taxlaw-12357	401	22	were	be	AUX
taxlaw-12357	401	23	mass	mass	NOUN
taxlaw-12357	401	24	marketed	market	VERB
taxlaw-12357	401	25	through	through	ADP
taxlaw-12357	401	26	partnerships	partnership	NOUN
taxlaw-12357	401	27	,	,	PUNCT
taxlaw-12357	401	28	so	so	ADV
taxlaw-12357	401	29	upper	upper	ADJ
taxlaw-12357	401	30	-	-	PUNCT
taxlaw-12357	401	31	middle	middle	ADJ
taxlaw-12357	401	32	-	-	PUNCT
taxlaw-12357	401	33	class	class	NOUN
taxlaw-12357	401	34	dentists	dentist	NOUN
taxlaw-12357	401	35	and	and	CCONJ
taxlaw-12357	401	36	accountants	accountant	NOUN
taxlaw-12357	401	37	could	could	AUX
taxlaw-12357	401	38	use	use	VERB
taxlaw-12357	401	39	them	they	PRON
taxlaw-12357	401	40	(	(	PUNCT
taxlaw-12357	401	41	until	until	SCONJ
taxlaw-12357	401	42	congress	congress	PROPN
taxlaw-12357	401	43	shut	shut	VERB
taxlaw-12357	401	44	them	they	PRON
taxlaw-12357	401	45	down	down	ADP
taxlaw-12357	401	46	)	)	PUNCT
taxlaw-12357	401	47	.	.	PUNCT
taxlaw-12357	402	1	in	in	ADP
taxlaw-12357	402	2	principle	principle	ADJ
taxlaw-12357	402	3	,	,	PUNCT
taxlaw-12357	402	4	hedge	hedge	NOUN
taxlaw-12357	402	5	fund	fund	NOUN
taxlaw-12357	402	6	derivatives	derivative	NOUN
taxlaw-12357	402	7	might	might	AUX
taxlaw-12357	402	8	also	also	ADV
taxlaw-12357	402	9	start	start	VERB
taxlaw-12357	402	10	attracting	attract	VERB
taxlaw-12357	402	11	a	a	DET
taxlaw-12357	402	12	broader	broad	ADJ
taxlaw-12357	402	13	clientele	clientele	NOUN
taxlaw-12357	402	14	over	over	ADP
taxlaw-12357	402	15	time	time	NOUN
taxlaw-12357	402	16	,	,	PUNCT
taxlaw-12357	402	17	for	for	ADP
taxlaw-12357	402	18	instance	instance	NOUN
taxlaw-12357	402	19	,	,	PUNCT
taxlaw-12357	402	20	as	as	SCONJ
taxlaw-12357	402	21	legal	legal	ADJ
taxlaw-12357	402	22	restrictions	restriction	NOUN
taxlaw-12357	402	23	ease	ease	VERB
taxlaw-12357	402	24	and	and	CCONJ
taxlaw-12357	402	25	transactions	transaction	NOUN
taxlaw-12357	402	26	costs	cost	VERB
taxlaw-12357	402	27	decline.43	decline.43	ADJ
taxlaw-12357	402	28	but	but	CCONJ
taxlaw-12357	402	29	as	as	ADP
taxlaw-12357	402	30	of	of	ADP
taxlaw-12357	402	31	now	now	ADV
taxlaw-12357	402	32	,	,	PUNCT
taxlaw-12357	402	33	hedge	hedge	NOUN
taxlaw-12357	402	34	fund	fund	NOUN
taxlaw-12357	402	35	derivatives	derivative	NOUN
taxlaw-12357	402	36	are	be	AUX
taxlaw-12357	402	37	available	available	ADJ
taxlaw-12357	402	38	only	only	ADV
taxlaw-12357	402	39	to	to	ADP
taxlaw-12357	402	40	wealthy	wealthy	ADJ
taxlaw-12357	402	41	taxpayers	taxpayer	NOUN
taxlaw-12357	402	42	.	.	PUNCT
taxlaw-12357	403	1	42	42	NUM
taxlaw-12357	403	2	of	of	ADP
taxlaw-12357	403	3	course	course	NOUN
taxlaw-12357	403	4	,	,	PUNCT
taxlaw-12357	403	5	this	this	PRON
taxlaw-12357	403	6	includes	include	VERB
taxlaw-12357	403	7	pension	pension	NOUN
taxlaw-12357	403	8	funds	fund	NOUN
taxlaw-12357	403	9	and	and	CCONJ
taxlaw-12357	403	10	nonprofits	nonprofit	NOUN
taxlaw-12357	403	11	,	,	PUNCT
taxlaw-12357	403	12	which	which	PRON
taxlaw-12357	403	13	may	may	AUX
taxlaw-12357	403	14	serve	serve	VERB
taxlaw-12357	403	15	low	low	ADJ
taxlaw-12357	403	16	-	-	PUNCT
taxlaw-12357	403	17	income	income	NOUN
taxlaw-12357	403	18	people	people	NOUN
taxlaw-12357	403	19	.	.	PUNCT
taxlaw-12357	404	1	43	43	NUM
taxlaw-12357	404	2	for	for	ADP
taxlaw-12357	404	3	example	example	NOUN
taxlaw-12357	404	4	,	,	PUNCT
taxlaw-12357	404	5	mutual	mutual	ADJ
taxlaw-12357	404	6	funds	fund	NOUN
taxlaw-12357	404	7	appeal	appeal	VERB
taxlaw-12357	404	8	to	to	ADP
taxlaw-12357	404	9	a	a	DET
taxlaw-12357	404	10	much	much	ADV
taxlaw-12357	404	11	broader	broad	ADJ
taxlaw-12357	404	12	class	class	NOUN
taxlaw-12357	404	13	of	of	ADP
taxlaw-12357	404	14	investors	investor	NOUN
taxlaw-12357	404	15	.	.	PUNCT
taxlaw-12357	405	1	some	some	DET
taxlaw-12357	405	2	funds	fund	NOUN
taxlaw-12357	405	3	trade	trade	VERB
taxlaw-12357	405	4	frequently	frequently	ADV
taxlaw-12357	405	5	,	,	PUNCT
taxlaw-12357	405	6	triggering	trigger	VERB
taxlaw-12357	405	7	current	current	ADJ
taxlaw-12357	405	8	tax	tax	NOUN
taxlaw-12357	405	9	liability	liability	NOUN
taxlaw-12357	405	10	at	at	ADP
taxlaw-12357	405	11	a	a	DET
taxlaw-12357	405	12	higher	high	ADJ
taxlaw-12357	405	13	rate	rate	NOUN
taxlaw-12357	405	14	.	.	PUNCT
taxlaw-12357	406	1	to	to	PART
taxlaw-12357	406	2	cut	cut	VERB
taxlaw-12357	406	3	their	their	PRON
taxlaw-12357	406	4	investors	investor	NOUN
taxlaw-12357	406	5	’	’	PART
taxlaw-12357	406	6	tax	tax	NOUN
taxlaw-12357	406	7	bills	bill	NOUN
taxlaw-12357	406	8	,	,	PUNCT
taxlaw-12357	406	9	these	these	DET
taxlaw-12357	406	10	funds	fund	NOUN
taxlaw-12357	406	11	might	might	AUX
taxlaw-12357	406	12	find	find	VERB
taxlaw-12357	406	13	ways	way	NOUN
taxlaw-12357	406	14	to	to	PART
taxlaw-12357	406	15	make	make	VERB
taxlaw-12357	406	16	their	their	PRON
taxlaw-12357	406	17	investments	investment	NOUN
taxlaw-12357	406	18	indirectly	indirectly	ADV
taxlaw-12357	406	19	through	through	ADP
taxlaw-12357	406	20	derivatives	derivative	NOUN
taxlaw-12357	406	21	.	.	PUNCT
taxlaw-12357	407	1	alternatively	alternatively	ADV
taxlaw-12357	407	2	,	,	PUNCT
taxlaw-12357	407	3	2024	2024	NUM
taxlaw-12357	407	4	]	]	PUNCT
taxlaw-12357	407	5	transaction	transaction	NOUN
taxlaw-12357	407	6	-	-	PUNCT
taxlaw-12357	407	7	specific	specific	ADJ
taxlaw-12357	407	8	tax	tax	NOUN
taxlaw-12357	407	9	reform	reform	NOUN
taxlaw-12357	407	10	in	in	ADP
taxlaw-12357	407	11	three	three	NUM
taxlaw-12357	407	12	steps	step	NOUN
taxlaw-12357	407	13	15	15	NUM
taxlaw-12357	407	14	as	as	ADP
taxlaw-12357	407	15	a	a	DET
taxlaw-12357	407	16	result	result	NOUN
taxlaw-12357	407	17	,	,	PUNCT
taxlaw-12357	407	18	vertical	vertical	ADJ
taxlaw-12357	407	19	equity	equity	NOUN
taxlaw-12357	407	20	is	be	AUX
taxlaw-12357	407	21	a	a	DET
taxlaw-12357	407	22	plausible	plausible	ADJ
taxlaw-12357	407	23	rationale	rationale	NOUN
taxlaw-12357	407	24	for	for	ADP
taxlaw-12357	407	25	targeting	target	VERB
taxlaw-12357	407	26	them	they	PRON
taxlaw-12357	407	27	.	.	PUNCT
taxlaw-12357	408	1	yet	yet	ADV
taxlaw-12357	408	2	in	in	ADP
taxlaw-12357	408	3	our	our	PRON
taxlaw-12357	408	4	view	view	NOUN
taxlaw-12357	408	5	,	,	PUNCT
taxlaw-12357	408	6	this	this	PRON
taxlaw-12357	408	7	is	be	AUX
taxlaw-12357	408	8	not	not	PART
taxlaw-12357	408	9	a	a	DET
taxlaw-12357	408	10	“	"	PUNCT
taxlaw-12357	408	11	slam	slam	NOUN
taxlaw-12357	408	12	dunk	dunk	NOUN
taxlaw-12357	408	13	,	,	PUNCT
taxlaw-12357	408	14	”	"	PUNCT
taxlaw-12357	408	15	if	if	SCONJ
taxlaw-12357	408	16	only	only	ADV
taxlaw-12357	408	17	because	because	SCONJ
taxlaw-12357	408	18	high	high	ADJ
taxlaw-12357	408	19	-	-	PUNCT
taxlaw-12357	408	20	income	income	NOUN
taxlaw-12357	408	21	taxpayers	taxpayer	NOUN
taxlaw-12357	408	22	can	can	AUX
taxlaw-12357	408	23	get	get	VERB
taxlaw-12357	408	24	the	the	DET
taxlaw-12357	408	25	same	same	ADJ
taxlaw-12357	408	26	tax	tax	NOUN
taxlaw-12357	408	27	treatment	treatment	NOUN
taxlaw-12357	408	28	–	–	PUNCT
taxlaw-12357	408	29	tax	tax	NOUN
taxlaw-12357	408	30	deferral	deferral	NOUN
taxlaw-12357	408	31	and	and	CCONJ
taxlaw-12357	408	32	a	a	DET
taxlaw-12357	408	33	reduced	reduced	ADJ
taxlaw-12357	408	34	rate	rate	NOUN
taxlaw-12357	408	35	–	–	PUNCT
taxlaw-12357	408	36	with	with	ADP
taxlaw-12357	408	37	a	a	DET
taxlaw-12357	408	38	host	host	NOUN
taxlaw-12357	408	39	of	of	ADP
taxlaw-12357	408	40	other	other	ADJ
taxlaw-12357	408	41	investments	investment	NOUN
taxlaw-12357	408	42	,	,	PUNCT
taxlaw-12357	408	43	including	include	VERB
taxlaw-12357	408	44	growth	growth	NOUN
taxlaw-12357	408	45	stocks	stock	NOUN
taxlaw-12357	408	46	,	,	PUNCT
taxlaw-12357	408	47	index	index	NOUN
taxlaw-12357	408	48	funds	fund	NOUN
taxlaw-12357	408	49	,	,	PUNCT
taxlaw-12357	408	50	venture	venture	NOUN
taxlaw-12357	408	51	capital	capital	NOUN
taxlaw-12357	408	52	,	,	PUNCT
taxlaw-12357	408	53	private	private	ADJ
taxlaw-12357	408	54	equity	equity	NOUN
taxlaw-12357	408	55	,	,	PUNCT
taxlaw-12357	408	56	and	and	CCONJ
taxlaw-12357	408	57	real	real	ADJ
taxlaw-12357	408	58	estate	estate	NOUN
taxlaw-12357	408	59	.	.	PUNCT
taxlaw-12357	409	1	it	it	PRON
taxlaw-12357	409	2	’s	’	VERB
taxlaw-12357	409	3	not	not	PART
taxlaw-12357	409	4	clear	clear	ADJ
taxlaw-12357	409	5	why	why	SCONJ
taxlaw-12357	409	6	getting	get	VERB
taxlaw-12357	409	7	these	these	DET
taxlaw-12357	409	8	tax	tax	NOUN
taxlaw-12357	409	9	advantages	advantage	NOUN
taxlaw-12357	409	10	this	this	DET
taxlaw-12357	409	11	way	way	NOUN
taxlaw-12357	409	12	is	be	AUX
taxlaw-12357	409	13	worse	bad	ADJ
taxlaw-12357	409	14	than	than	ADP
taxlaw-12357	409	15	getting	get	VERB
taxlaw-12357	409	16	them	they	PRON
taxlaw-12357	409	17	other	other	ADJ
taxlaw-12357	409	18	ways	way	NOUN
taxlaw-12357	409	19	.	.	PUNCT
taxlaw-12357	410	1	in	in	ADP
taxlaw-12357	410	2	principle	principle	NOUN
taxlaw-12357	410	3	,	,	PUNCT
taxlaw-12357	410	4	there	there	PRON
taxlaw-12357	410	5	might	might	AUX
taxlaw-12357	410	6	be	be	AUX
taxlaw-12357	410	7	a	a	DET
taxlaw-12357	410	8	difference	difference	NOUN
taxlaw-12357	410	9	based	base	VERB
taxlaw-12357	410	10	on	on	ADP
taxlaw-12357	410	11	congressional	congressional	ADJ
taxlaw-12357	410	12	intent	intent	NOUN
taxlaw-12357	410	13	but	but	CCONJ
taxlaw-12357	410	14	,	,	PUNCT
taxlaw-12357	410	15	in	in	ADP
taxlaw-12357	410	16	our	our	PRON
taxlaw-12357	410	17	view	view	NOUN
taxlaw-12357	410	18	,	,	PUNCT
taxlaw-12357	410	19	this	this	DET
taxlaw-12357	410	20	difference	difference	NOUN
taxlaw-12357	410	21	is	be	AUX
taxlaw-12357	410	22	n’t	not	PART
taxlaw-12357	410	23	relevant	relevant	ADJ
taxlaw-12357	410	24	.	.	PUNCT
taxlaw-12357	411	1	perhaps	perhaps	ADV
taxlaw-12357	411	2	congress	congress	PROPN
taxlaw-12357	411	3	meant	mean	VERB
taxlaw-12357	411	4	to	to	PART
taxlaw-12357	411	5	reduce	reduce	VERB
taxlaw-12357	411	6	the	the	DET
taxlaw-12357	411	7	tax	tax	NOUN
taxlaw-12357	411	8	burden	burden	NOUN
taxlaw-12357	411	9	on	on	ADP
taxlaw-12357	411	10	these	these	DET
taxlaw-12357	411	11	other	other	ADJ
taxlaw-12357	411	12	investments	investment	NOUN
taxlaw-12357	411	13	,	,	PUNCT
taxlaw-12357	411	14	but	but	CCONJ
taxlaw-12357	411	15	not	not	PART
taxlaw-12357	411	16	on	on	ADP
taxlaw-12357	411	17	hedge	hedge	NOUN
taxlaw-12357	411	18	fund	fund	NOUN
taxlaw-12357	411	19	derivatives	derivative	NOUN
taxlaw-12357	411	20	.	.	PUNCT
taxlaw-12357	412	1	yet	yet	ADV
taxlaw-12357	412	2	even	even	ADV
taxlaw-12357	412	3	if	if	SCONJ
taxlaw-12357	412	4	true,44	true,44	NOUN
taxlaw-12357	412	5	this	this	PRON
taxlaw-12357	412	6	is	be	AUX
taxlaw-12357	412	7	beside	beside	ADP
taxlaw-12357	412	8	the	the	DET
taxlaw-12357	412	9	point	point	NOUN
taxlaw-12357	412	10	.	.	PUNCT
taxlaw-12357	413	1	after	after	ADV
taxlaw-12357	413	2	all	all	ADV
taxlaw-12357	413	3	,	,	PUNCT
taxlaw-12357	413	4	the	the	DET
taxlaw-12357	413	5	issue	issue	NOUN
taxlaw-12357	413	6	explored	explore	VERB
taxlaw-12357	413	7	in	in	ADP
taxlaw-12357	413	8	this	this	DET
taxlaw-12357	413	9	article	article	NOUN
taxlaw-12357	413	10	is	be	AUX
taxlaw-12357	413	11	not	not	PART
taxlaw-12357	413	12	what	what	PRON
taxlaw-12357	413	13	congress	congress	PROPN
taxlaw-12357	413	14	has	have	AUX
taxlaw-12357	413	15	done	do	VERB
taxlaw-12357	413	16	,	,	PUNCT
taxlaw-12357	413	17	but	but	CCONJ
taxlaw-12357	413	18	what	what	PRON
taxlaw-12357	413	19	it	it	PRON
taxlaw-12357	413	20	should	should	AUX
taxlaw-12357	413	21	do	do	VERB
taxlaw-12357	413	22	.	.	PUNCT
taxlaw-12357	414	1	the	the	DET
taxlaw-12357	414	2	relevant	relevant	ADJ
taxlaw-12357	414	3	question	question	NOUN
taxlaw-12357	414	4	is	be	AUX
taxlaw-12357	414	5	whether	whether	SCONJ
taxlaw-12357	414	6	a	a	DET
taxlaw-12357	414	7	transaction	transaction	NOUN
taxlaw-12357	414	8	-	-	PUNCT
taxlaw-12357	414	9	specific	specific	ADJ
taxlaw-12357	414	10	reform	reform	NOUN
taxlaw-12357	414	11	like	like	ADP
taxlaw-12357	414	12	section	section	NOUN
taxlaw-12357	414	13	1260	1260	NUM
taxlaw-12357	414	14	is	be	AUX
taxlaw-12357	414	15	a	a	DET
taxlaw-12357	414	16	good	good	ADJ
taxlaw-12357	414	17	idea	idea	NOUN
taxlaw-12357	414	18	.	.	PUNCT
taxlaw-12357	415	1	the	the	DET
taxlaw-12357	415	2	answer	answer	NOUN
taxlaw-12357	415	3	should	should	AUX
taxlaw-12357	415	4	turn	turn	VERB
taxlaw-12357	415	5	on	on	ADP
taxlaw-12357	415	6	fairness	fairness	NOUN
taxlaw-12357	415	7	and	and	CCONJ
taxlaw-12357	415	8	efficiency	efficiency	NOUN
taxlaw-12357	415	9	,	,	PUNCT
taxlaw-12357	415	10	not	not	PART
taxlaw-12357	415	11	congressional	congressional	ADJ
taxlaw-12357	415	12	intent	intent	NOUN
taxlaw-12357	415	13	.	.	PUNCT
taxlaw-12357	416	1	2	2	X
taxlaw-12357	416	2	.	.	X
taxlaw-12357	416	3	horizontal	horizontal	PROPN
taxlaw-12357	416	4	equity	equity	PROPN
taxlaw-12357	416	5	arguably	arguably	ADV
taxlaw-12357	416	6	,	,	PUNCT
taxlaw-12357	416	7	policymakers	policymaker	NOUN
taxlaw-12357	416	8	should	should	AUX
taxlaw-12357	416	9	consider	consider	VERB
taxlaw-12357	416	10	not	not	PART
taxlaw-12357	416	11	just	just	ADV
taxlaw-12357	416	12	vertical	vertical	ADJ
taxlaw-12357	416	13	equity	equity	NOUN
taxlaw-12357	416	14	,	,	PUNCT
taxlaw-12357	416	15	but	but	CCONJ
taxlaw-12357	416	16	also	also	ADV
taxlaw-12357	416	17	horizontal	horizontal	ADJ
taxlaw-12357	416	18	equity	equity	NOUN
taxlaw-12357	416	19	,	,	PUNCT
taxlaw-12357	416	20	which	which	PRON
taxlaw-12357	416	21	provides	provide	VERB
taxlaw-12357	416	22	that	that	SCONJ
taxlaw-12357	416	23	similarly	similarly	ADV
taxlaw-12357	416	24	situated	situate	VERB
taxlaw-12357	416	25	taxpayers	taxpayer	NOUN
taxlaw-12357	416	26	should	should	AUX
taxlaw-12357	416	27	be	be	AUX
taxlaw-12357	416	28	taxed	tax	VERB
taxlaw-12357	416	29	the	the	DET
taxlaw-12357	416	30	same	same	ADJ
taxlaw-12357	416	31	way.45	way.45	NOUN
taxlaw-12357	416	32	hedge	hedge	PROPN
taxlaw-12357	416	33	fund	fund	NOUN
taxlaw-12357	416	34	derivatives	derivative	NOUN
taxlaw-12357	416	35	violate	violate	VERB
taxlaw-12357	416	36	this	this	DET
taxlaw-12357	416	37	norm	norm	NOUN
taxlaw-12357	416	38	by	by	ADP
taxlaw-12357	416	39	allowing	allow	VERB
taxlaw-12357	416	40	investors	investor	NOUN
taxlaw-12357	416	41	in	in	ADP
taxlaw-12357	416	42	derivatives	derivative	NOUN
taxlaw-12357	416	43	to	to	PART
taxlaw-12357	416	44	pay	pay	VERB
taxlaw-12357	416	45	less	less	ADJ
taxlaw-12357	416	46	tax	tax	NOUN
taxlaw-12357	416	47	than	than	ADP
taxlaw-12357	416	48	investors	investor	NOUN
taxlaw-12357	416	49	in	in	ADP
taxlaw-12357	416	50	the	the	DET
taxlaw-12357	416	51	underlying	underlying	ADJ
taxlaw-12357	416	52	fund	fund	NOUN
taxlaw-12357	416	53	.	.	PUNCT
taxlaw-12357	417	1	this	this	DET
taxlaw-12357	417	2	inconsistency	inconsistency	NOUN
taxlaw-12357	417	3	puts	put	VERB
taxlaw-12357	417	4	a	a	DET
taxlaw-12357	417	5	premium	premium	NOUN
taxlaw-12357	417	6	on	on	ADP
taxlaw-12357	417	7	good	good	ADJ
taxlaw-12357	417	8	advice	advice	NOUN
taxlaw-12357	417	9	.	.	PUNCT
taxlaw-12357	418	1	taxpayers	taxpayer	NOUN
taxlaw-12357	418	2	who	who	PRON
taxlaw-12357	418	3	do	do	AUX
taxlaw-12357	418	4	n’t	not	PART
taxlaw-12357	418	5	know	know	VERB
taxlaw-12357	418	6	about	about	ADP
taxlaw-12357	418	7	the	the	DET
taxlaw-12357	418	8	more	more	ADV
taxlaw-12357	418	9	taxefficient	taxefficient	ADJ
taxlaw-12357	418	10	strategy	strategy	NOUN
taxlaw-12357	418	11	face	face	VERB
taxlaw-12357	418	12	a	a	DET
taxlaw-12357	418	13	“	"	PUNCT
taxlaw-12357	418	14	trap	trap	NOUN
taxlaw-12357	418	15	for	for	ADP
taxlaw-12357	418	16	the	the	DET
taxlaw-12357	418	17	unwary	unwary	NOUN
taxlaw-12357	418	18	.	.	PUNCT
taxlaw-12357	418	19	”	"	PUNCT
taxlaw-12357	419	1	in	in	ADP
taxlaw-12357	419	2	principle	principle	ADJ
taxlaw-12357	419	3	,	,	PUNCT
taxlaw-12357	419	4	horizontal	horizontal	ADJ
taxlaw-12357	419	5	equity	equity	NOUN
taxlaw-12357	419	6	might	might	AUX
taxlaw-12357	419	7	justify	justify	VERB
taxlaw-12357	419	8	a	a	DET
taxlaw-12357	419	9	response	response	NOUN
taxlaw-12357	419	10	like	like	ADP
taxlaw-12357	419	11	section	section	NOUN
taxlaw-12357	419	12	1260	1260	NUM
taxlaw-12357	419	13	,	,	PUNCT
taxlaw-12357	419	14	but	but	CCONJ
taxlaw-12357	419	15	we	we	PRON
taxlaw-12357	419	16	are	be	AUX
taxlaw-12357	419	17	skeptical	skeptical	ADJ
taxlaw-12357	419	18	,	,	PUNCT
taxlaw-12357	419	19	if	if	SCONJ
taxlaw-12357	419	20	only	only	ADV
taxlaw-12357	419	21	because	because	SCONJ
taxlaw-12357	419	22	both	both	DET
taxlaw-12357	419	23	groups	group	NOUN
taxlaw-12357	419	24	of	of	ADP
taxlaw-12357	419	25	taxpayers	taxpayer	NOUN
taxlaw-12357	419	26	–	–	PUNCT
taxlaw-12357	419	27	investors	investor	NOUN
taxlaw-12357	419	28	in	in	ADP
taxlaw-12357	419	29	funds	fund	NOUN
taxlaw-12357	419	30	and	and	CCONJ
taxlaw-12357	419	31	in	in	ADP
taxlaw-12357	419	32	derivatives	derivative	NOUN
taxlaw-12357	419	33	–	–	PUNCT
taxlaw-12357	419	34	are	be	AUX
taxlaw-12357	419	35	quite	quite	ADV
taxlaw-12357	419	36	well	well	ADV
taxlaw-12357	419	37	off	off	ADV
taxlaw-12357	419	38	.	.	PUNCT
taxlaw-12357	420	1	how	how	SCONJ
taxlaw-12357	420	2	sympathetic	sympathetic	ADJ
taxlaw-12357	420	3	should	should	AUX
taxlaw-12357	420	4	we	we	PRON
taxlaw-12357	420	5	be	be	AUX
taxlaw-12357	420	6	to	to	ADP
taxlaw-12357	420	7	wealthy	wealthy	ADJ
taxlaw-12357	420	8	people	people	NOUN
taxlaw-12357	420	9	who	who	PRON
taxlaw-12357	420	10	have	have	VERB
taxlaw-12357	420	11	bad	bad	ADJ
taxlaw-12357	420	12	tax	tax	NOUN
taxlaw-12357	420	13	advisors	advisor	NOUN
taxlaw-12357	420	14	?	?	PUNCT
taxlaw-12357	421	1	are	be	AUX
taxlaw-12357	421	2	reforms	reform	NOUN
taxlaw-12357	421	3	really	really	ADV
taxlaw-12357	421	4	needed	need	VERB
taxlaw-12357	421	5	to	to	PART
taxlaw-12357	421	6	protect	protect	VERB
taxlaw-12357	421	7	them	they	PRON
taxlaw-12357	421	8	?	?	PUNCT
taxlaw-12357	422	1	this	this	PRON
taxlaw-12357	422	2	is	be	AUX
taxlaw-12357	422	3	not	not	PART
taxlaw-12357	422	4	to	to	PART
taxlaw-12357	422	5	say	say	VERB
taxlaw-12357	422	6	that	that	SCONJ
taxlaw-12357	422	7	traps	trap	NOUN
taxlaw-12357	422	8	for	for	ADP
taxlaw-12357	422	9	the	the	DET
taxlaw-12357	422	10	unwary	unwary	ADJ
taxlaw-12357	422	11	are	be	AUX
taxlaw-12357	422	12	desirable	desirable	ADJ
taxlaw-12357	422	13	.	.	PUNCT
taxlaw-12357	423	1	yet	yet	ADV
taxlaw-12357	423	2	in	in	ADP
taxlaw-12357	423	3	our	our	PRON
taxlaw-12357	423	4	view	view	NOUN
taxlaw-12357	423	5	,	,	PUNCT
taxlaw-12357	423	6	they	they	PRON
taxlaw-12357	423	7	are	be	AUX
taxlaw-12357	423	8	a	a	DET
taxlaw-12357	423	9	problem	problem	NOUN
taxlaw-12357	423	10	of	of	ADP
taxlaw-12357	423	11	efficiency	efficiency	NOUN
taxlaw-12357	423	12	,	,	PUNCT
taxlaw-12357	423	13	not	not	PART
taxlaw-12357	423	14	fairness	fairness	NOUN
taxlaw-12357	423	15	:	:	PUNCT
taxlaw-12357	423	16	the	the	DET
taxlaw-12357	423	17	issue	issue	NOUN
taxlaw-12357	423	18	is	be	AUX
taxlaw-12357	423	19	not	not	PART
taxlaw-12357	423	20	so	so	ADV
taxlaw-12357	423	21	much	much	ADJ
taxlaw-12357	423	22	that	that	SCONJ
taxlaw-12357	423	23	they	they	PRON
taxlaw-12357	423	24	are	be	AUX
taxlaw-12357	423	25	unfair	unfair	ADJ
taxlaw-12357	423	26	(	(	PUNCT
taxlaw-12357	423	27	at	at	ADP
taxlaw-12357	423	28	least	least	ADJ
taxlaw-12357	423	29	in	in	ADP
taxlaw-12357	423	30	ensnaring	ensnare	VERB
taxlaw-12357	423	31	wealthy	wealthy	ADJ
taxlaw-12357	423	32	people	people	NOUN
taxlaw-12357	423	33	)	)	PUNCT
taxlaw-12357	423	34	,	,	PUNCT
taxlaw-12357	423	35	but	but	CCONJ
taxlaw-12357	423	36	that	that	SCONJ
taxlaw-12357	423	37	they	they	PRON
taxlaw-12357	423	38	encourage	encourage	VERB
taxlaw-12357	423	39	an	an	DET
taxlaw-12357	423	40	overinvestment	overinvestment	NOUN
taxlaw-12357	423	41	in	in	ADP
taxlaw-12357	423	42	tax	tax	NOUN
taxlaw-12357	423	43	advice.46	advice.46	NOUN
taxlaw-12357	423	44	3	3	NUM
taxlaw-12357	423	45	.	.	PUNCT
taxlaw-12357	423	46	trust	trust	NOUN
taxlaw-12357	423	47	along	along	ADP
taxlaw-12357	423	48	with	with	ADP
taxlaw-12357	423	49	vertical	vertical	ADJ
taxlaw-12357	423	50	and	and	CCONJ
taxlaw-12357	423	51	horizontal	horizontal	ADJ
taxlaw-12357	423	52	equity	equity	NOUN
taxlaw-12357	423	53	,	,	PUNCT
taxlaw-12357	423	54	planning	plan	VERB
taxlaw-12357	423	55	by	by	ADP
taxlaw-12357	423	56	high	high	ADJ
taxlaw-12357	423	57	-	-	PUNCT
taxlaw-12357	423	58	income	income	NOUN
taxlaw-12357	423	59	taxpayers	taxpayer	NOUN
taxlaw-12357	423	60	can	can	AUX
taxlaw-12357	423	61	implicate	implicate	VERB
taxlaw-12357	423	62	another	another	DET
taxlaw-12357	423	63	concern	concern	NOUN
taxlaw-12357	423	64	as	as	ADV
taxlaw-12357	423	65	well	well	ADV
taxlaw-12357	423	66	:	:	PUNCT
taxlaw-12357	423	67	when	when	SCONJ
taxlaw-12357	423	68	publicized	publicize	VERB
taxlaw-12357	423	69	in	in	ADP
taxlaw-12357	423	70	the	the	DET
taxlaw-12357	423	71	media	medium	NOUN
taxlaw-12357	423	72	,	,	PUNCT
taxlaw-12357	423	73	this	this	DET
taxlaw-12357	423	74	planning	planning	NOUN
taxlaw-12357	423	75	can	can	AUX
taxlaw-12357	423	76	erode	erode	VERB
taxlaw-12357	423	77	confidence	confidence	NOUN
taxlaw-12357	423	78	in	in	ADP
taxlaw-12357	423	79	the	the	DET
taxlaw-12357	423	80	tax	tax	NOUN
taxlaw-12357	423	81	system	system	NOUN
taxlaw-12357	423	82	,	,	PUNCT
taxlaw-12357	423	83	as	as	SCONJ
taxlaw-12357	423	84	noted	note	VERB
taxlaw-12357	423	85	above	above	ADV
taxlaw-12357	423	86	.	.	PUNCT
taxlaw-12357	424	1	if	if	SCONJ
taxlaw-12357	424	2	other	other	ADJ
taxlaw-12357	424	3	taxpayers	taxpayer	NOUN
taxlaw-12357	424	4	learn	learn	VERB
taxlaw-12357	424	5	of	of	ADP
taxlaw-12357	424	6	these	these	DET
taxlaw-12357	424	7	strategies	strategy	NOUN
taxlaw-12357	424	8	,	,	PUNCT
taxlaw-12357	424	9	they	they	PRON
taxlaw-12357	424	10	might	might	AUX
taxlaw-12357	424	11	think	think	VERB
taxlaw-12357	424	12	“	"	PUNCT
taxlaw-12357	424	13	the	the	DET
taxlaw-12357	424	14	game	game	NOUN
taxlaw-12357	424	15	is	be	AUX
taxlaw-12357	424	16	rigged	rig	VERB
taxlaw-12357	424	17	”	"	PUNCT
taxlaw-12357	424	18	and	and	CCONJ
taxlaw-12357	424	19	stop	stop	VERB
taxlaw-12357	424	20	paying	pay	VERB
taxlaw-12357	424	21	tax	tax	NOUN
taxlaw-12357	424	22	voluntarily	voluntarily	ADV
taxlaw-12357	424	23	.	.	PUNCT
taxlaw-12357	425	1	derivatives	derivative	NOUN
taxlaw-12357	425	2	exchanges	exchange	NOUN
taxlaw-12357	425	3	might	might	AUX
taxlaw-12357	425	4	start	start	VERB
taxlaw-12357	425	5	offering	offer	VERB
taxlaw-12357	425	6	derivatives	derivative	NOUN
taxlaw-12357	425	7	based	base	VERB
taxlaw-12357	425	8	on	on	ADP
taxlaw-12357	425	9	the	the	DET
taxlaw-12357	425	10	value	value	NOUN
taxlaw-12357	425	11	of	of	ADP
taxlaw-12357	425	12	these	these	DET
taxlaw-12357	425	13	mutual	mutual	ADJ
taxlaw-12357	425	14	funds	fund	NOUN
taxlaw-12357	425	15	.	.	PUNCT
taxlaw-12357	426	1	see	see	VERB
taxlaw-12357	426	2	generally	generally	ADV
taxlaw-12357	426	3	andriy	andriy	PROPN
taxlaw-12357	426	4	blokhin	blokhin	NOUN
taxlaw-12357	426	5	,	,	PUNCT
taxlaw-12357	426	6	can	can	AUX
taxlaw-12357	426	7	mutual	mutual	ADJ
taxlaw-12357	426	8	funds	fund	NOUN
taxlaw-12357	426	9	invest	invest	VERB
taxlaw-12357	426	10	in	in	ADP
taxlaw-12357	426	11	options	option	NOUN
taxlaw-12357	426	12	and	and	CCONJ
taxlaw-12357	426	13	futures	future	NOUN
taxlaw-12357	426	14	?	?	PUNCT
taxlaw-12357	426	15	,	,	PUNCT
taxlaw-12357	426	16	investopedia	investopedia	PROPN
taxlaw-12357	426	17	(	(	PUNCT
taxlaw-12357	426	18	sept	sept	PROPN
taxlaw-12357	426	19	.	.	PROPN
taxlaw-12357	426	20	29	29	NUM
taxlaw-12357	426	21	,	,	PUNCT
taxlaw-12357	426	22	2022	2022	NUM
taxlaw-12357	426	23	)	)	PUNCT
taxlaw-12357	426	24	,	,	PUNCT
taxlaw-12357	426	25	https://www.investopedia.com/ask/answers/091115/can-mutual-funds-invest-optionsand-futures.asp	https://www.investopedia.com/ask/answers/091115/can-mutual-funds-invest-optionsand-futures.asp	NOUN
taxlaw-12357	427	1	[	[	X
taxlaw-12357	427	2	https://perma.cc/b66x-jen2	https://perma.cc/b66x-jen2	NOUN
taxlaw-12357	427	3	]	]	PUNCT
taxlaw-12357	427	4	.	.	PUNCT
taxlaw-12357	428	1	44	44	NUM
taxlaw-12357	429	1	it	it	PRON
taxlaw-12357	429	2	is	be	AUX
taxlaw-12357	429	3	not	not	PART
taxlaw-12357	429	4	obvious	obvious	ADJ
taxlaw-12357	429	5	that	that	SCONJ
taxlaw-12357	429	6	the	the	DET
taxlaw-12357	429	7	favorable	favorable	ADJ
taxlaw-12357	429	8	treatment	treatment	NOUN
taxlaw-12357	429	9	of	of	ADP
taxlaw-12357	429	10	hedge	hedge	NOUN
taxlaw-12357	429	11	fund	fund	NOUN
taxlaw-12357	429	12	derivatives	derivative	NOUN
taxlaw-12357	429	13	before	before	ADP
taxlaw-12357	429	14	section	section	NOUN
taxlaw-12357	429	15	1260	1260	NUM
taxlaw-12357	429	16	was	be	AUX
taxlaw-12357	429	17	somehow	somehow	ADV
taxlaw-12357	429	18	inadvertent	inadvertent	ADJ
taxlaw-12357	429	19	.	.	PUNCT
taxlaw-12357	430	1	after	after	ADV
taxlaw-12357	430	2	all	all	ADV
taxlaw-12357	430	3	,	,	PUNCT
taxlaw-12357	430	4	this	this	DET
taxlaw-12357	430	5	treatment	treatment	NOUN
taxlaw-12357	430	6	was	be	AUX
taxlaw-12357	430	7	simply	simply	ADV
taxlaw-12357	430	8	an	an	DET
taxlaw-12357	430	9	application	application	NOUN
taxlaw-12357	430	10	of	of	ADP
taxlaw-12357	430	11	the	the	DET
taxlaw-12357	430	12	general	general	ADJ
taxlaw-12357	430	13	rules	rule	NOUN
taxlaw-12357	430	14	for	for	ADP
taxlaw-12357	430	15	derivatives	derivative	NOUN
taxlaw-12357	430	16	that	that	PRON
taxlaw-12357	430	17	congress	congress	PROPN
taxlaw-12357	430	18	had	have	AUX
taxlaw-12357	430	19	enacted	enact	VERB
taxlaw-12357	430	20	.	.	PUNCT
taxlaw-12357	431	1	see	see	VERB
taxlaw-12357	431	2	,	,	PUNCT
taxlaw-12357	431	3	e.g.	e.g.	ADV
taxlaw-12357	431	4	,	,	PUNCT
taxlaw-12357	431	5	i.r.c	i.r.c	NOUN
taxlaw-12357	431	6	.	.	PUNCT
taxlaw-12357	432	1	§	§	PROPN
taxlaw-12357	432	2	1234	1234	NUM
taxlaw-12357	432	3	(	(	PUNCT
taxlaw-12357	432	4	treatment	treatment	NOUN
taxlaw-12357	432	5	of	of	ADP
taxlaw-12357	432	6	options	option	NOUN
taxlaw-12357	432	7	)	)	PUNCT
taxlaw-12357	432	8	;	;	PUNCT
taxlaw-12357	432	9	i.r.c	i.r.c	NOUN
taxlaw-12357	432	10	.	.	PUNCT
taxlaw-12357	433	1	§	§	PROPN
taxlaw-12357	433	2	1234a	1234a	NUM
taxlaw-12357	433	3	(	(	PUNCT
taxlaw-12357	433	4	treatment	treatment	NOUN
taxlaw-12357	433	5	of	of	ADP
taxlaw-12357	433	6	the	the	DET
taxlaw-12357	433	7	termination	termination	NOUN
taxlaw-12357	433	8	of	of	ADP
taxlaw-12357	433	9	derivative	derivative	ADJ
taxlaw-12357	433	10	contracts	contract	NOUN
taxlaw-12357	433	11	)	)	PUNCT
taxlaw-12357	433	12	.	.	PUNCT
taxlaw-12357	434	1	45	45	NUM
taxlaw-12357	434	2	arguably	arguably	ADV
taxlaw-12357	434	3	,	,	PUNCT
taxlaw-12357	434	4	horizontal	horizontal	ADJ
taxlaw-12357	434	5	equity	equity	NOUN
taxlaw-12357	434	6	is	be	AUX
taxlaw-12357	434	7	not	not	PART
taxlaw-12357	434	8	a	a	DET
taxlaw-12357	434	9	compelling	compelling	ADJ
taxlaw-12357	434	10	norm	norm	NOUN
taxlaw-12357	434	11	,	,	PUNCT
taxlaw-12357	434	12	if	if	SCONJ
taxlaw-12357	434	13	only	only	ADV
taxlaw-12357	434	14	because	because	SCONJ
taxlaw-12357	434	15	it	it	PRON
taxlaw-12357	434	16	simply	simply	ADV
taxlaw-12357	434	17	raises	raise	VERB
taxlaw-12357	434	18	the	the	DET
taxlaw-12357	434	19	further	further	ADJ
taxlaw-12357	434	20	question	question	NOUN
taxlaw-12357	434	21	of	of	ADP
taxlaw-12357	434	22	whether	whether	SCONJ
taxlaw-12357	434	23	taxpayers	taxpayer	NOUN
taxlaw-12357	434	24	actually	actually	ADV
taxlaw-12357	434	25	are	be	AUX
taxlaw-12357	434	26	similarly	similarly	ADV
taxlaw-12357	434	27	situated	situate	VERB
taxlaw-12357	434	28	.	.	PUNCT
taxlaw-12357	435	1	see	see	VERB
taxlaw-12357	435	2	generally	generally	ADV
taxlaw-12357	435	3	louis	louis	PROPN
taxlaw-12357	435	4	kaplow	kaplow	PROPN
taxlaw-12357	435	5	,	,	PUNCT
taxlaw-12357	435	6	horizontal	horizontal	ADJ
taxlaw-12357	435	7	equity	equity	NOUN
taxlaw-12357	435	8	:	:	PUNCT
taxlaw-12357	435	9	measures	measure	NOUN
taxlaw-12357	435	10	in	in	ADP
taxlaw-12357	435	11	search	search	NOUN
taxlaw-12357	435	12	of	of	ADP
taxlaw-12357	435	13	a	a	DET
taxlaw-12357	435	14	principle	principle	NOUN
taxlaw-12357	435	15	,	,	PUNCT
taxlaw-12357	435	16	42	42	NUM
taxlaw-12357	435	17	nat’l	nat’l	NOUN
taxlaw-12357	435	18	tax	tax	NOUN
taxlaw-12357	435	19	j.	j.	PROPN
taxlaw-12357	435	20	139	139	NUM
taxlaw-12357	435	21	(	(	PUNCT
taxlaw-12357	435	22	1989	1989	NUM
taxlaw-12357	435	23	)	)	PUNCT
taxlaw-12357	435	24	.	.	PUNCT
taxlaw-12357	436	1	46	46	NUM
taxlaw-12357	436	2	we	we	PRON
taxlaw-12357	436	3	focus	focus	VERB
taxlaw-12357	436	4	on	on	ADP
taxlaw-12357	436	5	planning	planning	NOUN
taxlaw-12357	436	6	and	and	CCONJ
taxlaw-12357	436	7	administrative	administrative	ADJ
taxlaw-12357	436	8	costs	cost	NOUN
taxlaw-12357	436	9	in	in	ADP
taxlaw-12357	436	10	parts	part	NOUN
taxlaw-12357	436	11	v	v	NOUN
taxlaw-12357	436	12	&	&	CCONJ
taxlaw-12357	436	13	vi	vi	NOUN
taxlaw-12357	436	14	,	,	PUNCT
taxlaw-12357	436	15	infra	infra	NOUN
taxlaw-12357	436	16	.	.	PUNCT
taxlaw-12357	437	1	columbia	columbia	PROPN
taxlaw-12357	437	2	journal	journal	PROPN
taxlaw-12357	437	3	of	of	ADP
taxlaw-12357	437	4	tax	tax	NOUN
taxlaw-12357	437	5	law	law	NOUN
taxlaw-12357	438	1	[	[	X
taxlaw-12357	438	2	vol	vol	NOUN
taxlaw-12357	438	3	15:1	15:1	NUM
taxlaw-12357	438	4	16	16	NUM
taxlaw-12357	438	5	in	in	ADP
taxlaw-12357	438	6	our	our	PRON
taxlaw-12357	438	7	view	view	NOUN
taxlaw-12357	438	8	,	,	PUNCT
taxlaw-12357	438	9	this	this	PRON
taxlaw-12357	438	10	is	be	AUX
taxlaw-12357	438	11	a	a	DET
taxlaw-12357	438	12	plausible	plausible	ADJ
taxlaw-12357	438	13	,	,	PUNCT
taxlaw-12357	438	14	but	but	CCONJ
taxlaw-12357	438	15	incomplete	incomplete	ADJ
taxlaw-12357	438	16	,	,	PUNCT
taxlaw-12357	438	17	rationale	rationale	NOUN
taxlaw-12357	438	18	for	for	ADP
taxlaw-12357	438	19	section	section	NOUN
taxlaw-12357	438	20	1260	1260	NUM
taxlaw-12357	438	21	and	and	CCONJ
taxlaw-12357	438	22	other	other	ADJ
taxlaw-12357	438	23	transaction	transaction	NOUN
taxlaw-12357	438	24	-	-	PUNCT
taxlaw-12357	438	25	specific	specific	ADJ
taxlaw-12357	438	26	reforms	reform	NOUN
taxlaw-12357	438	27	.	.	PUNCT
taxlaw-12357	439	1	confidence	confidence	NOUN
taxlaw-12357	439	2	in	in	ADP
taxlaw-12357	439	3	the	the	DET
taxlaw-12357	439	4	tax	tax	NOUN
taxlaw-12357	439	5	system	system	NOUN
taxlaw-12357	439	6	undoubtedly	undoubtedly	ADV
taxlaw-12357	439	7	is	be	AUX
taxlaw-12357	439	8	important	important	ADJ
taxlaw-12357	439	9	,	,	PUNCT
taxlaw-12357	439	10	but	but	CCONJ
taxlaw-12357	439	11	how	how	SCONJ
taxlaw-12357	439	12	vigorous	vigorous	ADJ
taxlaw-12357	439	13	must	must	AUX
taxlaw-12357	439	14	the	the	DET
taxlaw-12357	439	15	response	response	NOUN
taxlaw-12357	439	16	be	be	AUX
taxlaw-12357	439	17	to	to	PART
taxlaw-12357	439	18	preserve	preserve	VERB
taxlaw-12357	439	19	it	it	PRON
taxlaw-12357	439	20	?	?	PUNCT
taxlaw-12357	440	1	after	after	ADV
taxlaw-12357	440	2	all	all	ADV
taxlaw-12357	440	3	,	,	PUNCT
taxlaw-12357	440	4	if	if	SCONJ
taxlaw-12357	440	5	the	the	DET
taxlaw-12357	440	6	problem	problem	NOUN
taxlaw-12357	440	7	is	be	AUX
taxlaw-12357	440	8	one	one	NUM
taxlaw-12357	440	9	of	of	ADP
taxlaw-12357	440	10	perception	perception	NOUN
taxlaw-12357	440	11	,	,	PUNCT
taxlaw-12357	440	12	is	be	AUX
taxlaw-12357	440	13	the	the	DET
taxlaw-12357	440	14	mere	mere	ADJ
taxlaw-12357	440	15	appearance	appearance	NOUN
taxlaw-12357	440	16	of	of	ADP
taxlaw-12357	440	17	a	a	DET
taxlaw-12357	440	18	response	response	NOUN
taxlaw-12357	440	19	sufficient	sufficient	ADJ
taxlaw-12357	440	20	?	?	PUNCT
taxlaw-12357	441	1	in	in	ADP
taxlaw-12357	441	2	principle	principle	NOUN
taxlaw-12357	441	3	,	,	PUNCT
taxlaw-12357	441	4	the	the	DET
taxlaw-12357	441	5	government	government	NOUN
taxlaw-12357	441	6	might	might	AUX
taxlaw-12357	441	7	achieve	achieve	VERB
taxlaw-12357	441	8	its	its	PRON
taxlaw-12357	441	9	goal	goal	NOUN
taxlaw-12357	441	10	by	by	ADP
taxlaw-12357	441	11	seeming	seem	VERB
taxlaw-12357	441	12	to	to	PART
taxlaw-12357	441	13	stop	stop	VERB
taxlaw-12357	441	14	the	the	DET
taxlaw-12357	441	15	planning	planning	NOUN
taxlaw-12357	441	16	,	,	PUNCT
taxlaw-12357	441	17	while	while	SCONJ
taxlaw-12357	441	18	(	(	PUNCT
taxlaw-12357	441	19	quietly	quietly	ADV
taxlaw-12357	441	20	)	)	PUNCT
taxlaw-12357	441	21	letting	let	VERB
taxlaw-12357	441	22	it	it	PRON
taxlaw-12357	441	23	continue	continue	VERB
taxlaw-12357	441	24	.	.	PUNCT
taxlaw-12357	442	1	presumably	presumably	ADV
taxlaw-12357	442	2	,	,	PUNCT
taxlaw-12357	442	3	though	though	ADV
taxlaw-12357	442	4	,	,	PUNCT
taxlaw-12357	442	5	this	this	DET
taxlaw-12357	442	6	symbolic	symbolic	ADJ
taxlaw-12357	442	7	response	response	NOUN
taxlaw-12357	442	8	would	would	AUX
taxlaw-12357	442	9	no	no	ADV
taxlaw-12357	442	10	longer	long	ADV
taxlaw-12357	442	11	suffice	suffice	VERB
taxlaw-12357	442	12	–	–	PUNCT
taxlaw-12357	442	13	and	and	CCONJ
taxlaw-12357	442	14	might	might	AUX
taxlaw-12357	442	15	even	even	ADV
taxlaw-12357	442	16	be	be	AUX
taxlaw-12357	442	17	counterproductive	counterproductive	ADJ
taxlaw-12357	442	18	–	–	PUNCT
taxlaw-12357	442	19	if	if	SCONJ
taxlaw-12357	442	20	the	the	DET
taxlaw-12357	442	21	media	medium	NOUN
taxlaw-12357	442	22	exposes	expose	VERB
taxlaw-12357	442	23	its	its	PRON
taxlaw-12357	442	24	ineffectiveness	ineffectiveness	NOUN
taxlaw-12357	442	25	.	.	PUNCT
taxlaw-12357	443	1	to	to	PART
taxlaw-12357	443	2	sum	sum	VERB
taxlaw-12357	443	3	up	up	ADP
taxlaw-12357	443	4	,	,	PUNCT
taxlaw-12357	443	5	the	the	DET
taxlaw-12357	443	6	most	most	ADV
taxlaw-12357	443	7	persuasive	persuasive	ADJ
taxlaw-12357	443	8	equity	equity	NOUN
taxlaw-12357	443	9	-	-	PUNCT
taxlaw-12357	443	10	based	base	VERB
taxlaw-12357	443	11	argument	argument	NOUN
taxlaw-12357	443	12	for	for	ADP
taxlaw-12357	443	13	targeting	target	VERB
taxlaw-12357	443	14	hedge	hedge	NOUN
taxlaw-12357	443	15	fund	fund	NOUN
taxlaw-12357	443	16	derivatives	derivative	NOUN
taxlaw-12357	443	17	is	be	AUX
taxlaw-12357	443	18	that	that	SCONJ
taxlaw-12357	443	19	they	they	PRON
taxlaw-12357	443	20	are	be	AUX
taxlaw-12357	443	21	available	available	ADJ
taxlaw-12357	443	22	only	only	ADV
taxlaw-12357	443	23	to	to	ADP
taxlaw-12357	443	24	wealthy	wealthy	ADJ
taxlaw-12357	443	25	taxpayers	taxpayer	NOUN
taxlaw-12357	443	26	.	.	PUNCT
taxlaw-12357	444	1	a	a	DET
taxlaw-12357	444	2	transactionspecific	transactionspecific	NOUN
taxlaw-12357	444	3	reform	reform	NOUN
taxlaw-12357	444	4	also	also	ADV
taxlaw-12357	444	5	may	may	AUX
taxlaw-12357	444	6	be	be	AUX
taxlaw-12357	444	7	useful	useful	ADJ
taxlaw-12357	444	8	in	in	ADP
taxlaw-12357	444	9	reinforcing	reinforce	VERB
taxlaw-12357	444	10	confidence	confidence	NOUN
taxlaw-12357	444	11	in	in	ADP
taxlaw-12357	444	12	the	the	DET
taxlaw-12357	444	13	system	system	NOUN
taxlaw-12357	444	14	.	.	PUNCT
taxlaw-12357	445	1	b.	b.	PROPN
taxlaw-12357	445	2	efficiency	efficiency	PROPN
taxlaw-12357	445	3	:	:	PUNCT
taxlaw-12357	445	4	the	the	DET
taxlaw-12357	445	5	right	right	ADJ
taxlaw-12357	445	6	tax	tax	NOUN
taxlaw-12357	445	7	burden	burden	NOUN
taxlaw-12357	445	8	in	in	ADP
taxlaw-12357	445	9	deciding	decide	VERB
taxlaw-12357	445	10	whether	whether	SCONJ
taxlaw-12357	445	11	to	to	PART
taxlaw-12357	445	12	target	target	VERB
taxlaw-12357	445	13	a	a	DET
taxlaw-12357	445	14	planning	planning	NOUN
taxlaw-12357	445	15	strategy	strategy	NOUN
taxlaw-12357	445	16	–	–	PUNCT
taxlaw-12357	445	17	and	and	CCONJ
taxlaw-12357	445	18	,	,	PUNCT
taxlaw-12357	445	19	if	if	SCONJ
taxlaw-12357	445	20	so	so	ADV
taxlaw-12357	445	21	,	,	PUNCT
taxlaw-12357	445	22	how	how	SCONJ
taxlaw-12357	445	23	vigorously	vigorously	ADV
taxlaw-12357	445	24	–	–	PUNCT
taxlaw-12357	445	25	policymakers	policymaker	NOUN
taxlaw-12357	445	26	also	also	ADV
taxlaw-12357	445	27	need	need	VERB
taxlaw-12357	445	28	to	to	PART
taxlaw-12357	445	29	consider	consider	VERB
taxlaw-12357	445	30	efficiency	efficiency	NOUN
taxlaw-12357	445	31	.	.	PUNCT
taxlaw-12357	446	1	as	as	SCONJ
taxlaw-12357	446	2	detailed	detailed	ADJ
taxlaw-12357	446	3	in	in	ADP
taxlaw-12357	446	4	part	part	PROPN
taxlaw-12357	446	5	iii	iii	NOUN
taxlaw-12357	446	6	,	,	PUNCT
taxlaw-12357	446	7	this	this	PRON
taxlaw-12357	446	8	requires	require	VERB
taxlaw-12357	446	9	policymakers	policymaker	NOUN
taxlaw-12357	446	10	to	to	PART
taxlaw-12357	446	11	consider	consider	VERB
taxlaw-12357	446	12	three	three	NUM
taxlaw-12357	446	13	issues	issue	NOUN
taxlaw-12357	446	14	:	:	PUNCT
taxlaw-12357	446	15	the	the	DET
taxlaw-12357	446	16	right	right	ADJ
taxlaw-12357	446	17	tax	tax	NOUN
taxlaw-12357	446	18	burden	burden	NOUN
taxlaw-12357	446	19	on	on	ADP
taxlaw-12357	446	20	an	an	DET
taxlaw-12357	446	21	activity	activity	NOUN
taxlaw-12357	446	22	(	(	PUNCT
taxlaw-12357	446	23	based	base	VERB
taxlaw-12357	446	24	on	on	ADP
taxlaw-12357	446	25	elasticity	elasticity	NOUN
taxlaw-12357	446	26	,	,	PUNCT
taxlaw-12357	446	27	externalities	externality	NOUN
taxlaw-12357	446	28	,	,	PUNCT
taxlaw-12357	446	29	etc	etc	X
taxlaw-12357	446	30	.	.	X
taxlaw-12357	446	31	)	)	PUNCT
taxlaw-12357	446	32	;	;	PUNCT
taxlaw-12357	447	1	administrative	administrative	ADJ
taxlaw-12357	447	2	costs	cost	NOUN
taxlaw-12357	447	3	;	;	PUNCT
taxlaw-12357	447	4	and	and	CCONJ
taxlaw-12357	447	5	planning	planning	NOUN
taxlaw-12357	447	6	costs	cost	NOUN
taxlaw-12357	447	7	.	.	PUNCT
taxlaw-12357	448	1	in	in	ADP
taxlaw-12357	448	2	setting	set	VERB
taxlaw-12357	448	3	the	the	DET
taxlaw-12357	448	4	normative	normative	ADJ
taxlaw-12357	448	5	presumption	presumption	NOUN
taxlaw-12357	448	6	for	for	ADP
taxlaw-12357	448	7	a	a	DET
taxlaw-12357	448	8	reform	reform	NOUN
taxlaw-12357	448	9	–	–	PUNCT
taxlaw-12357	448	10	which	which	PRON
taxlaw-12357	448	11	,	,	PUNCT
taxlaw-12357	448	12	again	again	ADV
taxlaw-12357	448	13	,	,	PUNCT
taxlaw-12357	448	14	is	be	AUX
taxlaw-12357	448	15	the	the	DET
taxlaw-12357	448	16	first	first	ADJ
taxlaw-12357	448	17	stage	stage	NOUN
taxlaw-12357	448	18	in	in	ADP
taxlaw-12357	448	19	our	our	PRON
taxlaw-12357	448	20	three	three	NUM
taxlaw-12357	448	21	-	-	PUNCT
taxlaw-12357	448	22	step	step	NOUN
taxlaw-12357	448	23	analysis	analysis	NOUN
taxlaw-12357	448	24	–	–	PUNCT
taxlaw-12357	448	25	we	we	PRON
taxlaw-12357	448	26	urge	urge	VERB
taxlaw-12357	448	27	policymakers	policymaker	NOUN
taxlaw-12357	448	28	to	to	PART
taxlaw-12357	448	29	focus	focus	VERB
taxlaw-12357	448	30	on	on	ADP
taxlaw-12357	448	31	the	the	DET
taxlaw-12357	448	32	first	first	ADJ
taxlaw-12357	448	33	of	of	ADP
taxlaw-12357	448	34	these	these	DET
taxlaw-12357	448	35	issues	issue	NOUN
taxlaw-12357	448	36	:	:	PUNCT
taxlaw-12357	448	37	the	the	DET
taxlaw-12357	448	38	efficient	efficient	ADJ
taxlaw-12357	448	39	tax	tax	NOUN
taxlaw-12357	448	40	burden	burden	NOUN
taxlaw-12357	448	41	.	.	PUNCT
taxlaw-12357	449	1	specifically	specifically	ADV
taxlaw-12357	449	2	,	,	PUNCT
taxlaw-12357	449	3	they	they	PRON
taxlaw-12357	449	4	should	should	AUX
taxlaw-12357	449	5	consider	consider	VERB
taxlaw-12357	449	6	two	two	NUM
taxlaw-12357	449	7	questions	question	NOUN
taxlaw-12357	449	8	,	,	PUNCT
taxlaw-12357	449	9	which	which	PRON
taxlaw-12357	449	10	this	this	DET
taxlaw-12357	449	11	part	part	NOUN
taxlaw-12357	449	12	discusses	discuss	VERB
taxlaw-12357	449	13	in	in	ADP
taxlaw-12357	449	14	turn	turn	NOUN
taxlaw-12357	449	15	:	:	PUNCT
taxlaw-12357	449	16	●	●	PUNCT
taxlaw-12357	449	17	first	first	ADJ
taxlaw-12357	449	18	,	,	PUNCT
taxlaw-12357	449	19	what	what	PRON
taxlaw-12357	449	20	is	be	AUX
taxlaw-12357	449	21	the	the	DET
taxlaw-12357	449	22	right	right	ADJ
taxlaw-12357	449	23	tax	tax	NOUN
taxlaw-12357	449	24	burden	burden	NOUN
taxlaw-12357	449	25	for	for	ADP
taxlaw-12357	449	26	the	the	DET
taxlaw-12357	449	27	targeted	target	VERB
taxlaw-12357	449	28	transaction	transaction	NOUN
taxlaw-12357	449	29	?	?	PUNCT
taxlaw-12357	450	1	●	●	PUNCT
taxlaw-12357	450	2	second	second	ADJ
taxlaw-12357	450	3	,	,	PUNCT
taxlaw-12357	450	4	how	how	SCONJ
taxlaw-12357	450	5	great	great	ADJ
taxlaw-12357	450	6	is	be	AUX
taxlaw-12357	450	7	the	the	DET
taxlaw-12357	450	8	risk	risk	NOUN
taxlaw-12357	450	9	of	of	ADP
taxlaw-12357	450	10	overtaxing	overtax	VERB
taxlaw-12357	450	11	“	"	PUNCT
taxlaw-12357	450	12	good	good	ADJ
taxlaw-12357	450	13	”	"	PUNCT
taxlaw-12357	450	14	transactions	transaction	NOUN
taxlaw-12357	450	15	that	that	PRON
taxlaw-12357	450	16	do	do	AUX
taxlaw-12357	450	17	n’t	not	PART
taxlaw-12357	450	18	present	present	VERB
taxlaw-12357	450	19	the	the	DET
taxlaw-12357	450	20	relevant	relevant	ADJ
taxlaw-12357	450	21	abuse	abuse	NOUN
taxlaw-12357	450	22	?	?	PUNCT
taxlaw-12357	451	1	1	1	X
taxlaw-12357	451	2	.	.	X
taxlaw-12357	451	3	the	the	DET
taxlaw-12357	451	4	right	right	ADJ
taxlaw-12357	451	5	tax	tax	NOUN
taxlaw-12357	451	6	burden	burden	NOUN
taxlaw-12357	451	7	:	:	PUNCT
taxlaw-12357	451	8	the	the	DET
taxlaw-12357	451	9	gravitational	gravitational	ADJ
taxlaw-12357	451	10	pull	pull	NOUN
taxlaw-12357	451	11	of	of	ADP
taxlaw-12357	451	12	fundamental	fundamental	ADJ
taxlaw-12357	451	13	reforms	reform	NOUN
taxlaw-12357	451	14	in	in	ADP
taxlaw-12357	451	15	addressing	address	VERB
taxlaw-12357	451	16	the	the	DET
taxlaw-12357	451	17	first	first	ADJ
taxlaw-12357	451	18	of	of	ADP
taxlaw-12357	451	19	these	these	DET
taxlaw-12357	451	20	questions	question	NOUN
taxlaw-12357	451	21	–	–	PUNCT
taxlaw-12357	451	22	the	the	DET
taxlaw-12357	451	23	right	right	ADJ
taxlaw-12357	451	24	tax	tax	NOUN
taxlaw-12357	451	25	burden	burden	NOUN
taxlaw-12357	451	26	–	–	PUNCT
taxlaw-12357	451	27	policymakers	policymaker	NOUN
taxlaw-12357	451	28	face	face	VERB
taxlaw-12357	451	29	a	a	DET
taxlaw-12357	451	30	fundamental	fundamental	ADJ
taxlaw-12357	451	31	issue	issue	NOUN
taxlaw-12357	451	32	when	when	SCONJ
taxlaw-12357	451	33	the	the	DET
taxlaw-12357	451	34	planning	planning	NOUN
taxlaw-12357	451	35	strategy	strategy	NOUN
taxlaw-12357	451	36	is	be	AUX
taxlaw-12357	451	37	for	for	ADP
taxlaw-12357	451	38	investments	investment	NOUN
taxlaw-12357	451	39	,	,	PUNCT
taxlaw-12357	451	40	as	as	ADV
taxlaw-12357	451	41	often	often	ADV
taxlaw-12357	451	42	is	be	AUX
taxlaw-12357	451	43	the	the	DET
taxlaw-12357	451	44	case	case	NOUN
taxlaw-12357	451	45	:	:	PUNCT
taxlaw-12357	451	46	how	how	SCONJ
taxlaw-12357	451	47	should	should	AUX
taxlaw-12357	451	48	investments	investment	NOUN
taxlaw-12357	451	49	be	be	AUX
taxlaw-12357	451	50	taxed	tax	VERB
taxlaw-12357	451	51	?	?	PUNCT
taxlaw-12357	452	1	should	should	AUX
taxlaw-12357	452	2	our	our	PRON
taxlaw-12357	452	3	system	system	NOUN
taxlaw-12357	452	4	use	use	VERB
taxlaw-12357	452	5	an	an	DET
taxlaw-12357	452	6	income	income	NOUN
taxlaw-12357	452	7	tax	tax	NOUN
taxlaw-12357	452	8	(	(	PUNCT
taxlaw-12357	452	9	which	which	PRON
taxlaw-12357	452	10	taxes	tax	VERB
taxlaw-12357	452	11	investments	investment	NOUN
taxlaw-12357	452	12	)	)	PUNCT
taxlaw-12357	452	13	or	or	CCONJ
taxlaw-12357	452	14	a	a	DET
taxlaw-12357	452	15	consumption	consumption	NOUN
taxlaw-12357	452	16	tax	tax	NOUN
taxlaw-12357	452	17	(	(	PUNCT
taxlaw-12357	452	18	which	which	PRON
taxlaw-12357	452	19	does	do	VERB
taxlaw-12357	452	20	not	not	PART
taxlaw-12357	452	21	)	)	PUNCT
taxlaw-12357	452	22	?	?	PUNCT
taxlaw-12357	453	1	the	the	DET
taxlaw-12357	453	2	debate	debate	NOUN
taxlaw-12357	453	3	over	over	ADP
taxlaw-12357	453	4	these	these	DET
taxlaw-12357	453	5	tax	tax	NOUN
taxlaw-12357	453	6	bases	basis	NOUN
taxlaw-12357	453	7	has	have	AUX
taxlaw-12357	453	8	raged	rage	VERB
taxlaw-12357	453	9	for	for	ADP
taxlaw-12357	453	10	decades	decade	NOUN
taxlaw-12357	453	11	,	,	PUNCT
taxlaw-12357	453	12	and	and	CCONJ
taxlaw-12357	453	13	we	we	PRON
taxlaw-12357	453	14	do	do	AUX
taxlaw-12357	453	15	not	not	PART
taxlaw-12357	453	16	seek	seek	VERB
taxlaw-12357	453	17	to	to	PART
taxlaw-12357	453	18	contribute	contribute	VERB
taxlaw-12357	453	19	to	to	ADP
taxlaw-12357	453	20	it	it	PRON
taxlaw-12357	453	21	here.47	here.47	NOUN
taxlaw-12357	453	22	instead	instead	ADV
taxlaw-12357	453	23	,	,	PUNCT
taxlaw-12357	453	24	we	we	PRON
taxlaw-12357	453	25	emphasize	emphasize	VERB
taxlaw-12357	453	26	two	two	NUM
taxlaw-12357	453	27	ways	way	NOUN
taxlaw-12357	453	28	in	in	ADP
taxlaw-12357	453	29	which	which	PRON
taxlaw-12357	453	30	this	this	DET
taxlaw-12357	453	31	debate	debate	NOUN
taxlaw-12357	453	32	influences	influence	VERB
taxlaw-12357	453	33	transaction	transaction	NOUN
taxlaw-12357	453	34	-	-	PUNCT
taxlaw-12357	453	35	specific	specific	ADJ
taxlaw-12357	453	36	reforms	reform	NOUN
taxlaw-12357	453	37	.	.	PUNCT
taxlaw-12357	454	1	first	first	ADV
taxlaw-12357	454	2	,	,	PUNCT
taxlaw-12357	454	3	if	if	SCONJ
taxlaw-12357	454	4	more	more	ADV
taxlaw-12357	454	5	ambitious	ambitious	ADJ
taxlaw-12357	454	6	reforms	reform	NOUN
taxlaw-12357	454	7	are	be	AUX
taxlaw-12357	454	8	enacted	enact	VERB
taxlaw-12357	454	9	,	,	PUNCT
taxlaw-12357	454	10	section	section	NOUN
taxlaw-12357	454	11	1260	1260	NUM
taxlaw-12357	454	12	(	(	PUNCT
taxlaw-12357	454	13	and	and	CCONJ
taxlaw-12357	454	14	many	many	ADJ
taxlaw-12357	454	15	other	other	ADJ
taxlaw-12357	454	16	transaction	transaction	NOUN
taxlaw-12357	454	17	-	-	PUNCT
taxlaw-12357	454	18	specific	specific	ADJ
taxlaw-12357	454	19	reforms	reform	NOUN
taxlaw-12357	454	20	)	)	PUNCT
taxlaw-12357	454	21	would	would	AUX
taxlaw-12357	454	22	become	become	VERB
taxlaw-12357	454	23	irrelevant	irrelevant	ADJ
taxlaw-12357	454	24	.	.	PUNCT
taxlaw-12357	455	1	second	second	ADJ
taxlaw-12357	455	2	,	,	PUNCT
taxlaw-12357	455	3	policymakers	policymaker	NOUN
taxlaw-12357	455	4	’	’	PART
taxlaw-12357	455	5	priors	prior	NOUN
taxlaw-12357	455	6	on	on	ADP
taxlaw-12357	455	7	fundamental	fundamental	ADJ
taxlaw-12357	455	8	reform	reform	NOUN
taxlaw-12357	455	9	can	can	AUX
taxlaw-12357	455	10	influence	influence	VERB
taxlaw-12357	455	11	their	their	PRON
taxlaw-12357	455	12	view	view	NOUN
taxlaw-12357	455	13	of	of	ADP
taxlaw-12357	455	14	a	a	DET
taxlaw-12357	455	15	particular	particular	ADJ
taxlaw-12357	455	16	transaction	transaction	NOUN
taxlaw-12357	455	17	-	-	PUNCT
taxlaw-12357	455	18	specific	specific	ADJ
taxlaw-12357	455	19	reform	reform	NOUN
taxlaw-12357	455	20	.	.	PUNCT
taxlaw-12357	456	1	after	after	ADV
taxlaw-12357	456	2	all	all	ADV
taxlaw-12357	456	3	,	,	PUNCT
taxlaw-12357	456	4	to	to	PART
taxlaw-12357	456	5	assess	assess	VERB
taxlaw-12357	456	6	how	how	SCONJ
taxlaw-12357	456	7	abusive	abusive	ADJ
taxlaw-12357	456	8	a	a	DET
taxlaw-12357	456	9	transaction	transaction	NOUN
taxlaw-12357	456	10	is	be	AUX
taxlaw-12357	456	11	,	,	PUNCT
taxlaw-12357	456	12	they	they	PRON
taxlaw-12357	456	13	need	need	VERB
taxlaw-12357	456	14	to	to	PART
taxlaw-12357	456	15	determine	determine	VERB
taxlaw-12357	456	16	what	what	PRON
taxlaw-12357	456	17	the	the	DET
taxlaw-12357	456	18	tax	tax	NOUN
taxlaw-12357	456	19	on	on	ADP
taxlaw-12357	456	20	it	it	PRON
taxlaw-12357	456	21	is	be	AUX
taxlaw-12357	456	22	supposed	suppose	VERB
taxlaw-12357	456	23	to	to	PART
taxlaw-12357	456	24	be	be	AUX
taxlaw-12357	456	25	.	.	PUNCT
taxlaw-12357	457	1	their	their	PRON
taxlaw-12357	457	2	answer	answer	NOUN
taxlaw-12357	457	3	is	be	AUX
taxlaw-12357	457	4	likely	likely	ADJ
taxlaw-12357	457	5	to	to	PART
taxlaw-12357	457	6	vary	vary	VERB
taxlaw-12357	457	7	,	,	PUNCT
taxlaw-12357	457	8	for	for	ADP
taxlaw-12357	457	9	instance	instance	NOUN
taxlaw-12357	457	10	,	,	PUNCT
taxlaw-12357	457	11	depending	depend	VERB
taxlaw-12357	457	12	on	on	ADP
taxlaw-12357	457	13	whether	whether	SCONJ
taxlaw-12357	457	14	they	they	PRON
taxlaw-12357	457	15	would	would	AUX
taxlaw-12357	457	16	prefer	prefer	VERB
taxlaw-12357	457	17	a	a	DET
taxlaw-12357	457	18	47	47	NUM
taxlaw-12357	457	19	see	see	NOUN
taxlaw-12357	457	20	bankman	bankman	NOUN
taxlaw-12357	457	21	&	&	CCONJ
taxlaw-12357	457	22	weisbach	weisbach	NOUN
taxlaw-12357	457	23	,	,	PUNCT
taxlaw-12357	457	24	supra	supra	ADJ
taxlaw-12357	457	25	note	note	NOUN
taxlaw-12357	457	26	2	2	NUM
taxlaw-12357	457	27	,	,	PUNCT
taxlaw-12357	457	28	at	at	ADP
taxlaw-12357	457	29	1414	1414	NUM
taxlaw-12357	457	30	(	(	PUNCT
taxlaw-12357	457	31	“	"	PUNCT
taxlaw-12357	457	32	perhaps	perhaps	ADV
taxlaw-12357	457	33	the	the	DET
taxlaw-12357	457	34	single	single	ADJ
taxlaw-12357	457	35	most	most	ADV
taxlaw-12357	457	36	important	important	ADJ
taxlaw-12357	457	37	tax	tax	NOUN
taxlaw-12357	457	38	policy	policy	NOUN
taxlaw-12357	457	39	decision	decision	NOUN
taxlaw-12357	457	40	is	be	AUX
taxlaw-12357	457	41	the	the	DET
taxlaw-12357	457	42	choice	choice	NOUN
taxlaw-12357	457	43	between	between	ADP
taxlaw-12357	457	44	an	an	DET
taxlaw-12357	457	45	income	income	NOUN
taxlaw-12357	457	46	tax	tax	NOUN
taxlaw-12357	457	47	and	and	CCONJ
taxlaw-12357	457	48	a	a	DET
taxlaw-12357	457	49	consumption	consumption	NOUN
taxlaw-12357	457	50	tax	tax	NOUN
taxlaw-12357	457	51	.	.	PUNCT
taxlaw-12357	458	1	the	the	DET
taxlaw-12357	458	2	topic	topic	NOUN
taxlaw-12357	458	3	has	have	AUX
taxlaw-12357	458	4	been	be	AUX
taxlaw-12357	458	5	discussed	discuss	VERB
taxlaw-12357	458	6	and	and	CCONJ
taxlaw-12357	458	7	argued	argue	VERB
taxlaw-12357	458	8	over	over	ADP
taxlaw-12357	458	9	since	since	SCONJ
taxlaw-12357	458	10	at	at	ADP
taxlaw-12357	458	11	least	least	ADJ
taxlaw-12357	458	12	the	the	DET
taxlaw-12357	458	13	time	time	NOUN
taxlaw-12357	458	14	of	of	ADP
taxlaw-12357	458	15	hobbes	hobbe	NOUN
taxlaw-12357	458	16	and	and	CCONJ
taxlaw-12357	458	17	mill	mill	NOUN
taxlaw-12357	458	18	,	,	PUNCT
taxlaw-12357	458	19	without	without	ADP
taxlaw-12357	458	20	apparent	apparent	ADJ
taxlaw-12357	458	21	resolution	resolution	NOUN
taxlaw-12357	458	22	.	.	PUNCT
taxlaw-12357	458	23	”	"	PUNCT
taxlaw-12357	458	24	)	)	PUNCT
taxlaw-12357	458	25	;	;	PUNCT
taxlaw-12357	458	26	see	see	VERB
taxlaw-12357	458	27	also	also	ADV
taxlaw-12357	458	28	,	,	PUNCT
taxlaw-12357	458	29	e.g.	e.g.	ADV
taxlaw-12357	458	30	,	,	PUNCT
taxlaw-12357	458	31	andrews	andrews	PROPN
taxlaw-12357	458	32	,	,	PUNCT
taxlaw-12357	458	33	supra	supra	PROPN
taxlaw-12357	458	34	note	note	NOUN
taxlaw-12357	458	35	2	2	NUM
taxlaw-12357	458	36	;	;	PUNCT
taxlaw-12357	458	37	barbara	barbara	PROPN
taxlaw-12357	458	38	h.	h.	PROPN
taxlaw-12357	458	39	fried	fried	PROPN
taxlaw-12357	458	40	,	,	PUNCT
taxlaw-12357	458	41	fairness	fairness	NOUN
taxlaw-12357	458	42	and	and	CCONJ
taxlaw-12357	458	43	the	the	DET
taxlaw-12357	458	44	consumption	consumption	NOUN
taxlaw-12357	458	45	tax	tax	NOUN
taxlaw-12357	458	46	,	,	PUNCT
taxlaw-12357	458	47	44	44	NUM
taxlaw-12357	458	48	stan	stan	NOUN
taxlaw-12357	458	49	.	.	PUNCT
taxlaw-12357	459	1	l.	l.	PROPN
taxlaw-12357	459	2	rev	rev	PROPN
taxlaw-12357	459	3	.	.	PROPN
taxlaw-12357	460	1	961	961	NUM
taxlaw-12357	460	2	(	(	PUNCT
taxlaw-12357	460	3	1992	1992	NUM
taxlaw-12357	460	4	)	)	PUNCT
taxlaw-12357	460	5	;	;	PUNCT
taxlaw-12357	461	1	michael	michael	PROPN
taxlaw-12357	461	2	graetz	graetz	PROPN
taxlaw-12357	461	3	,	,	PUNCT
taxlaw-12357	461	4	implementing	implement	VERB
taxlaw-12357	461	5	a	a	DET
taxlaw-12357	461	6	progressive	progressive	ADJ
taxlaw-12357	461	7	consumption	consumption	NOUN
taxlaw-12357	461	8	tax	tax	NOUN
taxlaw-12357	461	9	,	,	PUNCT
taxlaw-12357	461	10	92	92	NUM
taxlaw-12357	461	11	harv	harv	NOUN
taxlaw-12357	461	12	.	.	PUNCT
taxlaw-12357	462	1	l.	l.	PROPN
taxlaw-12357	462	2	rev	rev	PROPN
taxlaw-12357	462	3	.	.	PROPN
taxlaw-12357	463	1	1575	1575	NUM
taxlaw-12357	463	2	(	(	PUNCT
taxlaw-12357	463	3	1979	1979	NUM
taxlaw-12357	463	4	)	)	PUNCT
taxlaw-12357	463	5	;	;	PUNCT
taxlaw-12357	463	6	alvin	alvin	PROPN
taxlaw-12357	463	7	warren	warren	PROPN
taxlaw-12357	463	8	,	,	PUNCT
taxlaw-12357	463	9	would	would	AUX
taxlaw-12357	463	10	a	a	DET
taxlaw-12357	463	11	consumption	consumption	NOUN
taxlaw-12357	463	12	tax	tax	NOUN
taxlaw-12357	463	13	be	be	AUX
taxlaw-12357	463	14	fairer	fair	ADJ
taxlaw-12357	463	15	than	than	ADP
taxlaw-12357	463	16	an	an	DET
taxlaw-12357	463	17	income	income	NOUN
taxlaw-12357	463	18	tax	tax	NOUN
taxlaw-12357	463	19	?	?	PUNCT
taxlaw-12357	463	20	,	,	PUNCT
taxlaw-12357	463	21	89	89	NUM
taxlaw-12357	463	22	yale	yale	PROPN
taxlaw-12357	463	23	l.	l.	PROPN
taxlaw-12357	463	24	j.	j.	PROPN
taxlaw-12357	463	25	1081	1081	NUM
taxlaw-12357	463	26	(	(	PUNCT
taxlaw-12357	463	27	1980	1980	NUM
taxlaw-12357	463	28	)	)	PUNCT
taxlaw-12357	463	29	.	.	PUNCT
taxlaw-12357	464	1	2024	2024	NUM
taxlaw-12357	464	2	]	]	PUNCT
taxlaw-12357	464	3	transaction	transaction	NOUN
taxlaw-12357	464	4	-	-	PUNCT
taxlaw-12357	464	5	specific	specific	ADJ
taxlaw-12357	464	6	tax	tax	NOUN
taxlaw-12357	464	7	reform	reform	NOUN
taxlaw-12357	464	8	in	in	ADP
taxlaw-12357	464	9	three	three	NUM
taxlaw-12357	464	10	steps	step	NOUN
taxlaw-12357	464	11	17	17	NUM
taxlaw-12357	464	12	consumption	consumption	NOUN
taxlaw-12357	464	13	tax	tax	NOUN
taxlaw-12357	464	14	,	,	PUNCT
taxlaw-12357	464	15	on	on	ADP
taxlaw-12357	464	16	the	the	DET
taxlaw-12357	464	17	one	one	NUM
taxlaw-12357	464	18	hand	hand	NOUN
taxlaw-12357	464	19	,	,	PUNCT
taxlaw-12357	464	20	or	or	CCONJ
taxlaw-12357	464	21	mark	mark	NOUN
taxlaw-12357	464	22	-	-	PUNCT
taxlaw-12357	464	23	to	to	ADP
taxlaw-12357	464	24	-	-	PUNCT
taxlaw-12357	464	25	market	market	NOUN
taxlaw-12357	464	26	accounting	accounting	NOUN
taxlaw-12357	464	27	,	,	PUNCT
taxlaw-12357	464	28	on	on	ADP
taxlaw-12357	464	29	the	the	DET
taxlaw-12357	464	30	other	other	ADJ
taxlaw-12357	464	31	.	.	PUNCT
taxlaw-12357	465	1	in	in	ADP
taxlaw-12357	465	2	a	a	DET
taxlaw-12357	465	3	sense	sense	NOUN
taxlaw-12357	465	4	,	,	PUNCT
taxlaw-12357	465	5	their	their	PRON
taxlaw-12357	465	6	take	take	NOUN
taxlaw-12357	465	7	on	on	ADP
taxlaw-12357	465	8	fundamental	fundamental	ADJ
taxlaw-12357	465	9	reform	reform	NOUN
taxlaw-12357	465	10	can	can	AUX
taxlaw-12357	465	11	exert	exert	VERB
taxlaw-12357	465	12	something	something	PRON
taxlaw-12357	465	13	like	like	ADP
taxlaw-12357	465	14	a	a	DET
taxlaw-12357	465	15	gravitational	gravitational	ADJ
taxlaw-12357	465	16	pull	pull	NOUN
taxlaw-12357	465	17	on	on	ADP
taxlaw-12357	465	18	their	their	PRON
taxlaw-12357	465	19	judgments	judgment	NOUN
taxlaw-12357	465	20	about	about	ADP
taxlaw-12357	465	21	transaction	transaction	NOUN
taxlaw-12357	465	22	-	-	PUNCT
taxlaw-12357	465	23	specific	specific	ADJ
taxlaw-12357	465	24	reforms	reform	NOUN
taxlaw-12357	465	25	.	.	PUNCT
taxlaw-12357	466	1	2	2	X
taxlaw-12357	466	2	.	.	X
taxlaw-12357	466	3	the	the	DET
taxlaw-12357	466	4	right	right	ADJ
taxlaw-12357	466	5	tax	tax	NOUN
taxlaw-12357	466	6	burden	burden	NOUN
taxlaw-12357	466	7	:	:	PUNCT
taxlaw-12357	466	8	a	a	DET
taxlaw-12357	466	9	consumption	consumption	NOUN
taxlaw-12357	466	10	tax	tax	NOUN
taxlaw-12357	466	11	?	?	PUNCT
taxlaw-12357	467	1	so	so	ADV
taxlaw-12357	467	2	if	if	SCONJ
taxlaw-12357	467	3	policymakers	policymaker	NOUN
taxlaw-12357	467	4	prefer	prefer	VERB
taxlaw-12357	467	5	not	not	PART
taxlaw-12357	467	6	to	to	PART
taxlaw-12357	467	7	tax	tax	VERB
taxlaw-12357	467	8	any	any	DET
taxlaw-12357	467	9	investments	investment	NOUN
taxlaw-12357	467	10	,	,	PUNCT
taxlaw-12357	467	11	they	they	PRON
taxlaw-12357	467	12	are	be	AUX
taxlaw-12357	467	13	less	less	ADV
taxlaw-12357	467	14	motivated	motivated	ADJ
taxlaw-12357	467	15	to	to	PART
taxlaw-12357	467	16	backstop	backstop	VERB
taxlaw-12357	467	17	the	the	DET
taxlaw-12357	467	18	tax	tax	NOUN
taxlaw-12357	467	19	on	on	ADP
taxlaw-12357	467	20	specific	specific	ADJ
taxlaw-12357	467	21	investments	investment	NOUN
taxlaw-12357	467	22	,	,	PUNCT
taxlaw-12357	467	23	such	such	ADJ
taxlaw-12357	467	24	as	as	ADP
taxlaw-12357	467	25	hedge	hedge	NOUN
taxlaw-12357	467	26	fund	fund	NOUN
taxlaw-12357	467	27	derivatives	derivative	NOUN
taxlaw-12357	467	28	.	.	PUNCT
taxlaw-12357	468	1	for	for	ADP
taxlaw-12357	468	2	example	example	NOUN
taxlaw-12357	468	3	,	,	PUNCT
taxlaw-12357	468	4	assume	assume	VERB
taxlaw-12357	468	5	that	that	SCONJ
taxlaw-12357	468	6	a	a	DET
taxlaw-12357	468	7	policymaker	policymaker	NOUN
taxlaw-12357	468	8	wants	want	VERB
taxlaw-12357	468	9	to	to	PART
taxlaw-12357	468	10	let	let	VERB
taxlaw-12357	468	11	taxpayers	taxpayer	NOUN
taxlaw-12357	468	12	deduct	deduct	VERB
taxlaw-12357	468	13	the	the	DET
taxlaw-12357	468	14	cost	cost	NOUN
taxlaw-12357	468	15	of	of	ADP
taxlaw-12357	468	16	their	their	PRON
taxlaw-12357	468	17	investments.48	investments.48	NOUN
taxlaw-12357	468	18	under	under	ADP
taxlaw-12357	468	19	this	this	DET
taxlaw-12357	468	20	fundamental	fundamental	ADJ
taxlaw-12357	468	21	reform	reform	NOUN
taxlaw-12357	468	22	(	(	PUNCT
taxlaw-12357	468	23	a	a	DET
taxlaw-12357	468	24	cash	cash	NOUN
taxlaw-12357	468	25	-	-	PUNCT
taxlaw-12357	468	26	flow	flow	NOUN
taxlaw-12357	468	27	consumption	consumption	NOUN
taxlaw-12357	468	28	tax	tax	NOUN
taxlaw-12357	468	29	)	)	PUNCT
taxlaw-12357	468	30	,	,	PUNCT
taxlaw-12357	468	31	the	the	DET
taxlaw-12357	468	32	form	form	NOUN
taxlaw-12357	468	33	and	and	CCONJ
taxlaw-12357	468	34	timing	timing	NOUN
taxlaw-12357	468	35	of	of	ADP
taxlaw-12357	468	36	investments	investment	NOUN
taxlaw-12357	468	37	no	no	ADV
taxlaw-12357	468	38	longer	long	ADV
taxlaw-12357	468	39	matter	matter	NOUN
taxlaw-12357	468	40	.	.	PUNCT
taxlaw-12357	469	1	hedge	hedge	NOUN
taxlaw-12357	469	2	funds	fund	NOUN
taxlaw-12357	469	3	and	and	CCONJ
taxlaw-12357	469	4	hedge	hedge	NOUN
taxlaw-12357	469	5	fund	fund	NOUN
taxlaw-12357	469	6	derivatives	derivative	NOUN
taxlaw-12357	469	7	are	be	AUX
taxlaw-12357	469	8	taxed	tax	VERB
taxlaw-12357	469	9	the	the	DET
taxlaw-12357	469	10	same	same	ADJ
taxlaw-12357	469	11	way	way	NOUN
taxlaw-12357	469	12	–	–	PUNCT
taxlaw-12357	469	13	as	as	SCONJ
taxlaw-12357	469	14	are	be	AUX
taxlaw-12357	469	15	taxpayers	taxpayer	NOUN
taxlaw-12357	469	16	who	who	PRON
taxlaw-12357	469	17	trade	trade	VERB
taxlaw-12357	469	18	frequently	frequently	ADV
taxlaw-12357	469	19	and	and	CCONJ
taxlaw-12357	469	20	those	those	PRON
taxlaw-12357	469	21	who	who	PRON
taxlaw-12357	469	22	“	"	PUNCT
taxlaw-12357	469	23	buy	buy	VERB
taxlaw-12357	469	24	and	and	CCONJ
taxlaw-12357	469	25	hold	hold	VERB
taxlaw-12357	469	26	.	.	PUNCT
taxlaw-12357	469	27	”	"	PUNCT
taxlaw-12357	470	1	their	their	PRON
taxlaw-12357	470	2	tax	tax	NOUN
taxlaw-12357	470	3	depends	depend	VERB
taxlaw-12357	470	4	on	on	ADP
taxlaw-12357	470	5	how	how	SCONJ
taxlaw-12357	470	6	much	much	ADJ
taxlaw-12357	470	7	they	they	PRON
taxlaw-12357	470	8	save	save	VERB
taxlaw-12357	470	9	,	,	PUNCT
taxlaw-12357	470	10	not	not	PART
taxlaw-12357	470	11	how	how	SCONJ
taxlaw-12357	470	12	they	they	PRON
taxlaw-12357	470	13	save	save	VERB
taxlaw-12357	470	14	.	.	PUNCT
taxlaw-12357	471	1	for	for	ADP
taxlaw-12357	471	2	a	a	DET
taxlaw-12357	471	3	policymaker	policymaker	NOUN
taxlaw-12357	471	4	who	who	PRON
taxlaw-12357	471	5	favors	favor	VERB
taxlaw-12357	471	6	this	this	DET
taxlaw-12357	471	7	approach	approach	NOUN
taxlaw-12357	471	8	,	,	PUNCT
taxlaw-12357	471	9	allowing	allow	VERB
taxlaw-12357	471	10	deferral	deferral	ADJ
taxlaw-12357	471	11	and	and	CCONJ
taxlaw-12357	471	12	longterm	longterm	ADJ
taxlaw-12357	471	13	capital	capital	NOUN
taxlaw-12357	471	14	gains	gain	NOUN
taxlaw-12357	471	15	for	for	ADP
taxlaw-12357	471	16	hedge	hedge	NOUN
taxlaw-12357	471	17	fund	fund	NOUN
taxlaw-12357	471	18	derivatives	derivative	NOUN
taxlaw-12357	471	19	is	be	AUX
taxlaw-12357	471	20	not	not	PART
taxlaw-12357	471	21	particularly	particularly	ADV
taxlaw-12357	471	22	objectionable	objectionable	ADJ
taxlaw-12357	471	23	;	;	PUNCT
taxlaw-12357	471	24	on	on	ADP
taxlaw-12357	471	25	the	the	DET
taxlaw-12357	471	26	contrary	contrary	NOUN
taxlaw-12357	471	27	,	,	PUNCT
taxlaw-12357	471	28	it	it	PRON
taxlaw-12357	471	29	can	can	AUX
taxlaw-12357	471	30	be	be	AUX
taxlaw-12357	471	31	a	a	DET
taxlaw-12357	471	32	step	step	NOUN
taxlaw-12357	471	33	in	in	ADP
taxlaw-12357	471	34	the	the	DET
taxlaw-12357	471	35	right	right	ADJ
taxlaw-12357	471	36	direction.49	direction.49	PROPN
taxlaw-12357	471	37	3	3	NUM
taxlaw-12357	471	38	.	.	PUNCT
taxlaw-12357	472	1	the	the	DET
taxlaw-12357	472	2	right	right	ADJ
taxlaw-12357	472	3	tax	tax	NOUN
taxlaw-12357	472	4	burden	burden	NOUN
taxlaw-12357	472	5	:	:	PUNCT
taxlaw-12357	472	6	should	should	AUX
taxlaw-12357	472	7	holding	hold	VERB
taxlaw-12357	472	8	period	period	NOUN
taxlaw-12357	472	9	matter	matter	NOUN
taxlaw-12357	472	10	?	?	PUNCT
taxlaw-12357	473	1	alternatively	alternatively	ADV
taxlaw-12357	473	2	,	,	PUNCT
taxlaw-12357	473	3	even	even	ADV
taxlaw-12357	473	4	if	if	SCONJ
taxlaw-12357	473	5	policymakers	policymaker	NOUN
taxlaw-12357	473	6	want	want	VERB
taxlaw-12357	473	7	to	to	PART
taxlaw-12357	473	8	tax	tax	VERB
taxlaw-12357	473	9	investments	investment	NOUN
taxlaw-12357	473	10	,	,	PUNCT
taxlaw-12357	473	11	they	they	PRON
taxlaw-12357	473	12	still	still	ADV
taxlaw-12357	473	13	might	might	AUX
taxlaw-12357	473	14	not	not	PART
taxlaw-12357	473	15	object	object	VERB
taxlaw-12357	473	16	to	to	PART
taxlaw-12357	473	17	hedge	hedge	VERB
taxlaw-12357	473	18	fund	fund	NOUN
taxlaw-12357	473	19	derivatives	derivative	NOUN
taxlaw-12357	473	20	.	.	PUNCT
taxlaw-12357	474	1	in	in	ADP
taxlaw-12357	474	2	part	part	NOUN
taxlaw-12357	474	3	,	,	PUNCT
taxlaw-12357	474	4	their	their	PRON
taxlaw-12357	474	5	view	view	NOUN
taxlaw-12357	474	6	might	might	AUX
taxlaw-12357	474	7	turn	turn	VERB
taxlaw-12357	474	8	on	on	ADP
taxlaw-12357	474	9	how	how	SCONJ
taxlaw-12357	474	10	committed	committed	ADJ
taxlaw-12357	474	11	they	they	PRON
taxlaw-12357	474	12	are	be	AUX
taxlaw-12357	474	13	to	to	ADP
taxlaw-12357	474	14	a	a	DET
taxlaw-12357	474	15	rule	rule	NOUN
taxlaw-12357	474	16	this	this	DET
taxlaw-12357	474	17	strategy	strategy	NOUN
taxlaw-12357	474	18	games	game	NOUN
taxlaw-12357	474	19	:	:	PUNCT
taxlaw-12357	474	20	the	the	DET
taxlaw-12357	474	21	holding	hold	VERB
taxlaw-12357	474	22	period	period	NOUN
taxlaw-12357	474	23	rule	rule	NOUN
taxlaw-12357	474	24	for	for	ADP
taxlaw-12357	474	25	longterm	longterm	ADJ
taxlaw-12357	474	26	capital	capital	NOUN
taxlaw-12357	474	27	gains	gain	NOUN
taxlaw-12357	474	28	.	.	PUNCT
taxlaw-12357	475	1	arguably	arguably	ADV
taxlaw-12357	475	2	,	,	PUNCT
taxlaw-12357	475	3	this	this	DET
taxlaw-12357	475	4	rule	rule	NOUN
taxlaw-12357	475	5	is	be	AUX
taxlaw-12357	475	6	misguided	misguided	ADJ
taxlaw-12357	475	7	.	.	PUNCT
taxlaw-12357	476	1	after	after	ADV
taxlaw-12357	476	2	all	all	ADV
taxlaw-12357	476	3	,	,	PUNCT
taxlaw-12357	476	4	although	although	SCONJ
taxlaw-12357	476	5	there	there	PRON
taxlaw-12357	476	6	are	be	VERB
taxlaw-12357	476	7	reasons	reason	NOUN
taxlaw-12357	476	8	to	to	PART
taxlaw-12357	476	9	encourage	encourage	VERB
taxlaw-12357	476	10	taxpayers	taxpayer	NOUN
taxlaw-12357	476	11	to	to	PART
taxlaw-12357	476	12	save	save	VERB
taxlaw-12357	476	13	and	and	CCONJ
taxlaw-12357	476	14	invest	invest	VERB
taxlaw-12357	476	15	,	,	PUNCT
taxlaw-12357	476	16	why	why	SCONJ
taxlaw-12357	476	17	encourage	encourage	VERB
taxlaw-12357	476	18	them	they	PRON
taxlaw-12357	476	19	to	to	PART
taxlaw-12357	476	20	stick	stick	VERB
taxlaw-12357	476	21	with	with	ADP
taxlaw-12357	476	22	the	the	DET
taxlaw-12357	476	23	same	same	ADJ
taxlaw-12357	476	24	investment	investment	NOUN
taxlaw-12357	476	25	?	?	PUNCT
taxlaw-12357	477	1	is	be	AUX
taxlaw-12357	477	2	“	"	PUNCT
taxlaw-12357	477	3	buying	buy	VERB
taxlaw-12357	477	4	and	and	CCONJ
taxlaw-12357	477	5	holding	holding	NOUN
taxlaw-12357	477	6	”	"	PUNCT
taxlaw-12357	477	7	really	really	ADV
taxlaw-12357	477	8	more	more	ADV
taxlaw-12357	477	9	socially	socially	ADV
taxlaw-12357	477	10	valuable	valuable	ADJ
taxlaw-12357	477	11	than	than	ADP
taxlaw-12357	477	12	monitoring	monitor	VERB
taxlaw-12357	477	13	markets	market	NOUN
taxlaw-12357	477	14	and	and	CCONJ
taxlaw-12357	477	15	redeploying	redeploy	VERB
taxlaw-12357	477	16	capital?50	capital?50	PROPN
taxlaw-12357	477	17	on	on	ADP
taxlaw-12357	477	18	the	the	DET
taxlaw-12357	477	19	contrary	contrary	NOUN
taxlaw-12357	477	20	,	,	PUNCT
taxlaw-12357	477	21	a	a	DET
taxlaw-12357	477	22	tax	tax	NOUN
taxlaw-12357	477	23	incentive	incentive	NOUN
taxlaw-12357	477	24	not	not	PART
taxlaw-12357	477	25	to	to	PART
taxlaw-12357	477	26	sell	sell	VERB
taxlaw-12357	477	27	–	–	PUNCT
taxlaw-12357	477	28	a	a	DET
taxlaw-12357	477	29	phenomenon	phenomenon	NOUN
taxlaw-12357	477	30	known	know	VERB
taxlaw-12357	477	31	as	as	ADP
taxlaw-12357	477	32	lock	lock	NOUN
taxlaw-12357	477	33	-	-	PUNCT
taxlaw-12357	477	34	in”–has	in”–has	ADJ
taxlaw-12357	477	35	familiar	familiar	ADJ
taxlaw-12357	477	36	efficiency	efficiency	NOUN
taxlaw-12357	477	37	costs	cost	NOUN
taxlaw-12357	477	38	.	.	PUNCT
taxlaw-12357	478	1	when	when	SCONJ
taxlaw-12357	478	2	taxpayers	taxpayer	NOUN
taxlaw-12357	478	3	keep	keep	VERB
taxlaw-12357	478	4	positions	position	NOUN
taxlaw-12357	478	5	they	they	PRON
taxlaw-12357	478	6	want	want	VERB
taxlaw-12357	478	7	to	to	PART
taxlaw-12357	478	8	sell	sell	VERB
taxlaw-12357	478	9	,	,	PUNCT
taxlaw-12357	478	10	not	not	PART
taxlaw-12357	478	11	only	only	ADV
taxlaw-12357	478	12	are	be	AUX
taxlaw-12357	478	13	they	they	PRON
taxlaw-12357	478	14	less	less	ADV
taxlaw-12357	478	15	happy	happy	ADJ
taxlaw-12357	478	16	with	with	ADP
taxlaw-12357	478	17	their	their	PRON
taxlaw-12357	478	18	portfolios	portfolio	NOUN
taxlaw-12357	478	19	,	,	PUNCT
taxlaw-12357	478	20	but	but	CCONJ
taxlaw-12357	478	21	market	market	NOUN
taxlaw-12357	478	22	prices	price	NOUN
taxlaw-12357	478	23	do	do	AUX
taxlaw-12357	478	24	n’t	not	PART
taxlaw-12357	478	25	reflect	reflect	VERB
taxlaw-12357	478	26	new	new	ADJ
taxlaw-12357	478	27	information	information	NOUN
taxlaw-12357	478	28	as	as	ADV
taxlaw-12357	478	29	effectively	effectively	ADV
taxlaw-12357	478	30	.	.	PUNCT
taxlaw-12357	479	1	policymakers	policymaker	NOUN
taxlaw-12357	479	2	who	who	PRON
taxlaw-12357	479	3	worry	worry	VERB
taxlaw-12357	479	4	about	about	ADP
taxlaw-12357	479	5	lock	lock	NOUN
taxlaw-12357	479	6	-	-	PUNCT
taxlaw-12357	479	7	in	in	ADP
taxlaw-12357	479	8	(	(	PUNCT
taxlaw-12357	479	9	as	as	SCONJ
taxlaw-12357	479	10	we	we	PRON
taxlaw-12357	479	11	do	do	AUX
taxlaw-12357	479	12	)	)	PUNCT
taxlaw-12357	479	13	might	might	AUX
taxlaw-12357	479	14	want	want	VERB
taxlaw-12357	479	15	to	to	PART
taxlaw-12357	479	16	reward	reward	VERB
taxlaw-12357	479	17	taxpayers	taxpayer	NOUN
taxlaw-12357	479	18	for	for	ADP
taxlaw-12357	479	19	investing	invest	VERB
taxlaw-12357	479	20	for	for	ADP
taxlaw-12357	479	21	over	over	ADP
taxlaw-12357	479	22	a	a	PRON
taxlaw-12357	479	23	year	year	NOUN
taxlaw-12357	479	24	not	not	PART
taxlaw-12357	479	25	just	just	ADV
taxlaw-12357	479	26	in	in	ADP
taxlaw-12357	479	27	a	a	DET
taxlaw-12357	479	28	single	single	ADJ
taxlaw-12357	479	29	position	position	NOUN
taxlaw-12357	479	30	,	,	PUNCT
taxlaw-12357	479	31	but	but	CCONJ
taxlaw-12357	479	32	in	in	ADP
taxlaw-12357	479	33	a	a	DET
taxlaw-12357	479	34	series	series	NOUN
taxlaw-12357	479	35	of	of	ADP
taxlaw-12357	479	36	positions	position	NOUN
taxlaw-12357	479	37	.	.	PUNCT
taxlaw-12357	480	1	in	in	ADP
taxlaw-12357	480	2	this	this	DET
taxlaw-12357	480	3	spirit	spirit	NOUN
taxlaw-12357	480	4	,	,	PUNCT
taxlaw-12357	480	5	they	they	PRON
taxlaw-12357	480	6	might	might	AUX
taxlaw-12357	480	7	favor	favor	VERB
taxlaw-12357	480	8	a	a	DET
taxlaw-12357	480	9	“	"	PUNCT
taxlaw-12357	480	10	rollover	rollover	NOUN
taxlaw-12357	480	11	”	"	PUNCT
taxlaw-12357	480	12	rule	rule	NOUN
taxlaw-12357	480	13	that	that	PRON
taxlaw-12357	480	14	defers	defer	VERB
taxlaw-12357	480	15	tax	tax	NOUN
taxlaw-12357	480	16	(	(	PUNCT
taxlaw-12357	480	17	and	and	CCONJ
taxlaw-12357	480	18	continues	continue	VERB
taxlaw-12357	480	19	the	the	DET
taxlaw-12357	480	20	holding	hold	VERB
taxlaw-12357	480	21	period	period	NOUN
taxlaw-12357	480	22	)	)	PUNCT
taxlaw-12357	480	23	when	when	SCONJ
taxlaw-12357	480	24	taxpayers	taxpayer	NOUN
taxlaw-12357	480	25	sell	sell	VERB
taxlaw-12357	480	26	one	one	NUM
taxlaw-12357	480	27	investment	investment	NOUN
taxlaw-12357	480	28	and	and	CCONJ
taxlaw-12357	480	29	immediately	immediately	ADV
taxlaw-12357	480	30	48	48	NUM
taxlaw-12357	480	31	as	as	SCONJ
taxlaw-12357	480	32	cary	cary	PROPN
taxlaw-12357	480	33	brown	brown	PROPN
taxlaw-12357	480	34	showed	show	VERB
taxlaw-12357	480	35	years	year	NOUN
taxlaw-12357	480	36	ago	ago	ADV
taxlaw-12357	480	37	,	,	PUNCT
taxlaw-12357	480	38	allowing	allow	VERB
taxlaw-12357	480	39	taxpayers	taxpayer	NOUN
taxlaw-12357	480	40	to	to	PART
taxlaw-12357	480	41	deduct	deduct	VERB
taxlaw-12357	480	42	the	the	DET
taxlaw-12357	480	43	cost	cost	NOUN
taxlaw-12357	480	44	of	of	ADP
taxlaw-12357	480	45	investments	investment	NOUN
taxlaw-12357	480	46	generally	generally	ADV
taxlaw-12357	480	47	is	be	AUX
taxlaw-12357	480	48	equivalent	equivalent	ADJ
taxlaw-12357	480	49	to	to	ADP
taxlaw-12357	480	50	exempting	exempt	VERB
taxlaw-12357	480	51	the	the	DET
taxlaw-12357	480	52	yield	yield	NOUN
taxlaw-12357	480	53	.	.	PUNCT
taxlaw-12357	481	1	see	see	VERB
taxlaw-12357	481	2	e.	e.	PROPN
taxlaw-12357	481	3	cary	cary	PROPN
taxlaw-12357	481	4	brown	brown	PROPN
taxlaw-12357	481	5	,	,	PUNCT
taxlaw-12357	481	6	business	business	NOUN
taxlaw-12357	481	7	-	-	PUNCT
taxlaw-12357	481	8	income	income	NOUN
taxlaw-12357	481	9	taxation	taxation	NOUN
taxlaw-12357	481	10	and	and	CCONJ
taxlaw-12357	481	11	investment	investment	NOUN
taxlaw-12357	481	12	incentives	incentive	NOUN
taxlaw-12357	481	13	,	,	PUNCT
taxlaw-12357	481	14	in	in	ADP
taxlaw-12357	481	15	income	income	NOUN
taxlaw-12357	481	16	,	,	PUNCT
taxlaw-12357	481	17	employment	employment	NOUN
taxlaw-12357	481	18	and	and	CCONJ
taxlaw-12357	481	19	public	public	ADJ
taxlaw-12357	481	20	policy	policy	NOUN
taxlaw-12357	481	21	:	:	PUNCT
taxlaw-12357	481	22	essays	essay	NOUN
taxlaw-12357	481	23	in	in	ADP
taxlaw-12357	481	24	honor	honor	NOUN
taxlaw-12357	481	25	of	of	ADP
taxlaw-12357	481	26	alvin	alvin	PROPN
taxlaw-12357	481	27	h.	h.	PROPN
taxlaw-12357	481	28	hansen	hansen	PROPN
taxlaw-12357	481	29	300	300	PROPN
taxlaw-12357	481	30	,	,	PUNCT
taxlaw-12357	481	31	300	300	NUM
taxlaw-12357	481	32	-	-	SYM
taxlaw-12357	481	33	16	16	NUM
taxlaw-12357	481	34	(	(	PUNCT
taxlaw-12357	481	35	1948	1948	NUM
taxlaw-12357	481	36	)	)	PUNCT
taxlaw-12357	481	37	,	,	PUNCT
taxlaw-12357	481	38	reprinted	reprint	VERB
taxlaw-12357	481	39	in	in	ADP
taxlaw-12357	481	40	am	am	PROPN
taxlaw-12357	481	41	.	.	PUNCT
taxlaw-12357	482	1	econ	econ	PROPN
taxlaw-12357	482	2	.	.	PUNCT
taxlaw-12357	483	1	ass’n	ass’n	PROPN
taxlaw-12357	483	2	,	,	PUNCT
taxlaw-12357	483	3	readings	reading	NOUN
taxlaw-12357	483	4	in	in	ADP
taxlaw-12357	483	5	the	the	DET
taxlaw-12357	483	6	economics	economic	NOUN
taxlaw-12357	483	7	of	of	ADP
taxlaw-12357	483	8	taxation	taxation	NOUN
taxlaw-12357	483	9	525	525	NUM
taxlaw-12357	483	10	,	,	PUNCT
taxlaw-12357	483	11	525	525	NUM
taxlaw-12357	483	12	-	-	SYM
taxlaw-12357	483	13	37	37	NUM
taxlaw-12357	483	14	(	(	PUNCT
taxlaw-12357	483	15	richard	richard	PROPN
taxlaw-12357	483	16	a.	a.	PROPN
taxlaw-12357	483	17	musgrave	musgrave	PROPN
taxlaw-12357	483	18	&	&	CCONJ
taxlaw-12357	483	19	carl	carl	PROPN
taxlaw-12357	483	20	s.	s.	PROPN
taxlaw-12357	483	21	shoup	shoup	PROPN
taxlaw-12357	483	22	eds	eds	PROPN
taxlaw-12357	483	23	.	.	PROPN
taxlaw-12357	483	24	,	,	PUNCT
taxlaw-12357	483	25	1959	1959	NUM
taxlaw-12357	483	26	)	)	PUNCT
taxlaw-12357	483	27	.	.	PUNCT
taxlaw-12357	484	1	to	to	PART
taxlaw-12357	484	2	implement	implement	VERB
taxlaw-12357	484	3	this	this	DET
taxlaw-12357	484	4	reform	reform	NOUN
taxlaw-12357	484	5	,	,	PUNCT
taxlaw-12357	484	6	congress	congress	PROPN
taxlaw-12357	484	7	could	could	AUX
taxlaw-12357	484	8	offer	offer	VERB
taxlaw-12357	484	9	deductible	deductible	ADJ
taxlaw-12357	484	10	iras	ira	NOUN
taxlaw-12357	484	11	with	with	ADP
taxlaw-12357	484	12	no	no	DET
taxlaw-12357	484	13	limit	limit	NOUN
taxlaw-12357	484	14	on	on	ADP
taxlaw-12357	484	15	the	the	DET
taxlaw-12357	484	16	amounts	amount	NOUN
taxlaw-12357	484	17	invested	invest	VERB
taxlaw-12357	484	18	and	and	CCONJ
taxlaw-12357	484	19	freedom	freedom	NOUN
taxlaw-12357	484	20	to	to	PART
taxlaw-12357	484	21	withdraw	withdraw	VERB
taxlaw-12357	484	22	proceeds	proceed	NOUN
taxlaw-12357	484	23	at	at	ADP
taxlaw-12357	484	24	any	any	DET
taxlaw-12357	484	25	time	time	NOUN
taxlaw-12357	484	26	.	.	PUNCT
taxlaw-12357	485	1	with	with	ADP
taxlaw-12357	485	2	these	these	DET
taxlaw-12357	485	3	“	"	PUNCT
taxlaw-12357	485	4	mega	mega	NOUN
taxlaw-12357	485	5	-	-	NOUN
taxlaw-12357	485	6	iras	ira	NOUN
taxlaw-12357	485	7	,	,	PUNCT
taxlaw-12357	485	8	”	"	PUNCT
taxlaw-12357	485	9	the	the	DET
taxlaw-12357	485	10	treatment	treatment	NOUN
taxlaw-12357	485	11	of	of	ADP
taxlaw-12357	485	12	all	all	DET
taxlaw-12357	485	13	investments	investment	NOUN
taxlaw-12357	485	14	would	would	AUX
taxlaw-12357	485	15	be	be	AUX
taxlaw-12357	485	16	consistent	consistent	ADJ
taxlaw-12357	485	17	:	:	PUNCT
taxlaw-12357	485	18	amounts	amount	NOUN
taxlaw-12357	485	19	contributed	contribute	VERB
taxlaw-12357	485	20	would	would	AUX
taxlaw-12357	485	21	be	be	AUX
taxlaw-12357	485	22	deductible	deductible	ADJ
taxlaw-12357	485	23	,	,	PUNCT
taxlaw-12357	485	24	transactions	transaction	NOUN
taxlaw-12357	485	25	inside	inside	ADP
taxlaw-12357	485	26	the	the	DET
taxlaw-12357	485	27	ira	ira	PROPN
taxlaw-12357	485	28	would	would	AUX
taxlaw-12357	485	29	have	have	VERB
taxlaw-12357	485	30	no	no	DET
taxlaw-12357	485	31	tax	tax	NOUN
taxlaw-12357	485	32	consequences	consequence	NOUN
taxlaw-12357	485	33	,	,	PUNCT
taxlaw-12357	485	34	and	and	CCONJ
taxlaw-12357	485	35	withdrawals	withdrawal	NOUN
taxlaw-12357	485	36	would	would	AUX
taxlaw-12357	485	37	be	be	AUX
taxlaw-12357	485	38	taxed	tax	VERB
taxlaw-12357	485	39	as	as	ADP
taxlaw-12357	485	40	ordinary	ordinary	ADJ
taxlaw-12357	485	41	income	income	NOUN
taxlaw-12357	485	42	.	.	PUNCT
taxlaw-12357	486	1	49	49	NUM
taxlaw-12357	486	2	admittedly	admittedly	ADV
taxlaw-12357	486	3	,	,	PUNCT
taxlaw-12357	486	4	a	a	DET
taxlaw-12357	486	5	partial	partial	ADJ
taxlaw-12357	486	6	step	step	NOUN
taxlaw-12357	486	7	can	can	AUX
taxlaw-12357	486	8	sometimes	sometimes	ADV
taxlaw-12357	486	9	turn	turn	VERB
taxlaw-12357	486	10	out	out	ADP
taxlaw-12357	486	11	to	to	PART
taxlaw-12357	486	12	be	be	AUX
taxlaw-12357	486	13	less	less	ADV
taxlaw-12357	486	14	appealing	appealing	ADJ
taxlaw-12357	486	15	than	than	ADP
taxlaw-12357	486	16	a	a	DET
taxlaw-12357	486	17	fundamental	fundamental	ADJ
taxlaw-12357	486	18	reform	reform	NOUN
taxlaw-12357	486	19	–	–	PUNCT
taxlaw-12357	486	20	and	and	CCONJ
taxlaw-12357	486	21	even	even	ADV
taxlaw-12357	486	22	counterproductive	counterproductive	ADJ
taxlaw-12357	486	23	–	–	PUNCT
taxlaw-12357	486	24	by	by	ADP
taxlaw-12357	486	25	introducing	introduce	VERB
taxlaw-12357	486	26	inefficiencies	inefficiency	NOUN
taxlaw-12357	486	27	and	and	CCONJ
taxlaw-12357	486	28	inequities	inequity	NOUN
taxlaw-12357	486	29	of	of	ADP
taxlaw-12357	486	30	its	its	PRON
taxlaw-12357	486	31	own	own	ADJ
taxlaw-12357	486	32	.	.	PUNCT
taxlaw-12357	487	1	this	this	PRON
taxlaw-12357	487	2	is	be	AUX
taxlaw-12357	487	3	a	a	DET
taxlaw-12357	487	4	key	key	ADJ
taxlaw-12357	487	5	reason	reason	NOUN
taxlaw-12357	487	6	why	why	SCONJ
taxlaw-12357	487	7	incremental	incremental	ADJ
taxlaw-12357	487	8	reforms	reform	NOUN
taxlaw-12357	487	9	are	be	AUX
taxlaw-12357	487	10	so	so	ADV
taxlaw-12357	487	11	challenging	challenging	ADJ
taxlaw-12357	487	12	–	–	PUNCT
taxlaw-12357	487	13	and	and	CCONJ
taxlaw-12357	487	14	,	,	PUNCT
taxlaw-12357	487	15	indeed	indeed	ADV
taxlaw-12357	487	16	,	,	PUNCT
taxlaw-12357	487	17	why	why	SCONJ
taxlaw-12357	487	18	the	the	DET
taxlaw-12357	487	19	normative	normative	ADJ
taxlaw-12357	487	20	presumption	presumption	NOUN
taxlaw-12357	487	21	is	be	AUX
taxlaw-12357	487	22	just	just	ADV
taxlaw-12357	487	23	one	one	NUM
taxlaw-12357	487	24	step	step	NOUN
taxlaw-12357	487	25	in	in	ADP
taxlaw-12357	487	26	our	our	PRON
taxlaw-12357	487	27	three	three	NUM
taxlaw-12357	487	28	-	-	PUNCT
taxlaw-12357	487	29	step	step	NOUN
taxlaw-12357	487	30	analysis	analysis	NOUN
taxlaw-12357	487	31	.	.	PUNCT
taxlaw-12357	488	1	50	50	NUM
taxlaw-12357	488	2	perhaps	perhaps	ADV
taxlaw-12357	488	3	the	the	DET
taxlaw-12357	488	4	concern	concern	NOUN
taxlaw-12357	488	5	is	be	AUX
taxlaw-12357	488	6	that	that	SCONJ
taxlaw-12357	488	7	taxpayers	taxpayer	NOUN
taxlaw-12357	488	8	otherwise	otherwise	ADV
taxlaw-12357	488	9	would	would	AUX
taxlaw-12357	488	10	trade	trade	VERB
taxlaw-12357	488	11	too	too	ADV
taxlaw-12357	488	12	often	often	ADV
taxlaw-12357	488	13	,	,	PUNCT
taxlaw-12357	488	14	indulging	indulge	VERB
taxlaw-12357	488	15	speculative	speculative	ADJ
taxlaw-12357	488	16	impulses	impulse	NOUN
taxlaw-12357	488	17	and	and	CCONJ
taxlaw-12357	488	18	racking	rack	VERB
taxlaw-12357	488	19	up	up	ADP
taxlaw-12357	488	20	transaction	transaction	NOUN
taxlaw-12357	488	21	costs	cost	NOUN
taxlaw-12357	488	22	.	.	PUNCT
taxlaw-12357	489	1	but	but	CCONJ
taxlaw-12357	489	2	it	it	PRON
taxlaw-12357	489	3	is	be	AUX
taxlaw-12357	489	4	not	not	PART
taxlaw-12357	489	5	obvious	obvious	ADJ
taxlaw-12357	489	6	why	why	SCONJ
taxlaw-12357	489	7	tax	tax	NOUN
taxlaw-12357	489	8	policy	policy	NOUN
taxlaw-12357	489	9	is	be	AUX
taxlaw-12357	489	10	the	the	DET
taxlaw-12357	489	11	right	right	ADJ
taxlaw-12357	489	12	instrument	instrument	NOUN
taxlaw-12357	489	13	to	to	PART
taxlaw-12357	489	14	constrain	constrain	VERB
taxlaw-12357	489	15	these	these	DET
taxlaw-12357	489	16	impulses	impulse	NOUN
taxlaw-12357	489	17	.	.	PUNCT
taxlaw-12357	490	1	columbia	columbia	PROPN
taxlaw-12357	490	2	journal	journal	PROPN
taxlaw-12357	490	3	of	of	ADP
taxlaw-12357	490	4	tax	tax	NOUN
taxlaw-12357	490	5	law	law	NOUN
taxlaw-12357	491	1	[	[	X
taxlaw-12357	491	2	vol	vol	NOUN
taxlaw-12357	491	3	15:1	15:1	NUM
taxlaw-12357	491	4	18	18	NUM
taxlaw-12357	491	5	reinvest	reinvest	VERB
taxlaw-12357	491	6	the	the	DET
taxlaw-12357	491	7	proceeds	proceed	NOUN
taxlaw-12357	491	8	in	in	ADP
taxlaw-12357	491	9	another.51	another.51	NOUN
taxlaw-12357	491	10	if	if	SCONJ
taxlaw-12357	491	11	enacted	enact	VERB
taxlaw-12357	491	12	,	,	PUNCT
taxlaw-12357	491	13	this	this	DET
taxlaw-12357	491	14	provision	provision	NOUN
taxlaw-12357	491	15	would	would	AUX
taxlaw-12357	491	16	extend	extend	VERB
taxlaw-12357	491	17	the	the	DET
taxlaw-12357	491	18	favorable	favorable	ADJ
taxlaw-12357	491	19	treatment	treatment	NOUN
taxlaw-12357	491	20	of	of	ADP
taxlaw-12357	491	21	derivatives	derivative	NOUN
taxlaw-12357	491	22	–	–	PUNCT
taxlaw-12357	491	23	deferral	deferral	ADJ
taxlaw-12357	491	24	and	and	CCONJ
taxlaw-12357	491	25	reduced	reduced	ADJ
taxlaw-12357	491	26	rates	rate	NOUN
taxlaw-12357	491	27	–	–	PUNCT
taxlaw-12357	491	28	to	to	ADP
taxlaw-12357	491	29	the	the	DET
taxlaw-12357	491	30	underlying	underlie	VERB
taxlaw-12357	491	31	fund.52	fund.52	NOUN
taxlaw-12357	491	32	so	so	SCONJ
taxlaw-12357	491	33	if	if	SCONJ
taxlaw-12357	491	34	policymakers	policymaker	NOUN
taxlaw-12357	491	35	would	would	AUX
taxlaw-12357	491	36	favor	favor	VERB
taxlaw-12357	491	37	this	this	DET
taxlaw-12357	491	38	reform	reform	NOUN
taxlaw-12357	491	39	but	but	CCONJ
taxlaw-12357	491	40	ca	can	AUX
taxlaw-12357	491	41	n’t	not	PART
taxlaw-12357	491	42	get	get	VERB
taxlaw-12357	491	43	it	it	PRON
taxlaw-12357	491	44	enacted	enact	VERB
taxlaw-12357	491	45	,	,	PUNCT
taxlaw-12357	491	46	would	would	AUX
taxlaw-12357	491	47	they	they	PRON
taxlaw-12357	491	48	be	be	AUX
taxlaw-12357	491	49	motivated	motivate	VERB
taxlaw-12357	491	50	to	to	PART
taxlaw-12357	491	51	target	target	VERB
taxlaw-12357	491	52	hedge	hedge	NOUN
taxlaw-12357	491	53	fund	fund	NOUN
taxlaw-12357	491	54	derivatives	derivative	NOUN
taxlaw-12357	491	55	?	?	PUNCT
taxlaw-12357	492	1	arguably	arguably	ADV
taxlaw-12357	492	2	,	,	PUNCT
taxlaw-12357	492	3	the	the	DET
taxlaw-12357	492	4	answer	answer	NOUN
taxlaw-12357	492	5	is	be	AUX
taxlaw-12357	492	6	“	"	PUNCT
taxlaw-12357	492	7	no	no	INTJ
taxlaw-12357	492	8	.	.	PUNCT
taxlaw-12357	492	9	”	"	PUNCT
taxlaw-12357	493	1	the	the	DET
taxlaw-12357	493	2	treatment	treatment	NOUN
taxlaw-12357	493	3	of	of	ADP
taxlaw-12357	493	4	the	the	DET
taxlaw-12357	493	5	derivative	derivative	NOUN
taxlaw-12357	493	6	(	(	PUNCT
taxlaw-12357	493	7	a	a	DET
taxlaw-12357	493	8	deferred	deferred	ADJ
taxlaw-12357	493	9	tax	tax	NOUN
taxlaw-12357	493	10	at	at	ADP
taxlaw-12357	493	11	long	long	ADJ
taxlaw-12357	493	12	-	-	PUNCT
taxlaw-12357	493	13	term	term	NOUN
taxlaw-12357	493	14	rates	rate	NOUN
taxlaw-12357	493	15	)	)	PUNCT
taxlaw-12357	493	16	is	be	AUX
taxlaw-12357	493	17	more	more	ADV
taxlaw-12357	493	18	consistent	consistent	ADJ
taxlaw-12357	493	19	with	with	ADP
taxlaw-12357	493	20	the	the	DET
taxlaw-12357	493	21	rule	rule	NOUN
taxlaw-12357	493	22	they	they	PRON
taxlaw-12357	493	23	want	want	VERB
taxlaw-12357	493	24	(	(	PUNCT
taxlaw-12357	493	25	rollover	rollover	NOUN
taxlaw-12357	493	26	)	)	PUNCT
taxlaw-12357	493	27	than	than	ADP
taxlaw-12357	493	28	the	the	DET
taxlaw-12357	493	29	treatment	treatment	NOUN
taxlaw-12357	493	30	of	of	ADP
taxlaw-12357	493	31	the	the	DET
taxlaw-12357	493	32	underlying	underlie	VERB
taxlaw-12357	493	33	fund	fund	NOUN
taxlaw-12357	493	34	(	(	PUNCT
taxlaw-12357	493	35	annual	annual	ADJ
taxlaw-12357	493	36	taxes	taxis	NOUN
taxlaw-12357	493	37	at	at	ADP
taxlaw-12357	493	38	short	short	ADJ
taxlaw-12357	493	39	-	-	PUNCT
taxlaw-12357	493	40	term	term	NOUN
taxlaw-12357	493	41	rates	rate	NOUN
taxlaw-12357	493	42	)	)	PUNCT
taxlaw-12357	493	43	.	.	PUNCT
taxlaw-12357	494	1	as	as	ADP
taxlaw-12357	494	2	a	a	DET
taxlaw-12357	494	3	result	result	NOUN
taxlaw-12357	494	4	,	,	PUNCT
taxlaw-12357	494	5	these	these	DET
taxlaw-12357	494	6	policymakers	policymaker	NOUN
taxlaw-12357	494	7	might	might	AUX
taxlaw-12357	494	8	view	view	VERB
taxlaw-12357	494	9	the	the	DET
taxlaw-12357	494	10	derivative	derivative	NOUN
taxlaw-12357	494	11	as	as	ADP
taxlaw-12357	494	12	self	self	NOUN
taxlaw-12357	494	13	-	-	PUNCT
taxlaw-12357	494	14	help	help	NOUN
taxlaw-12357	494	15	that	that	PRON
taxlaw-12357	494	16	moves	move	VERB
taxlaw-12357	494	17	the	the	DET
taxlaw-12357	494	18	system	system	NOUN
taxlaw-12357	494	19	in	in	ADP
taxlaw-12357	494	20	the	the	DET
taxlaw-12357	494	21	right	right	ADJ
taxlaw-12357	494	22	direction	direction	NOUN
taxlaw-12357	494	23	.	.	PUNCT
taxlaw-12357	495	1	4	4	X
taxlaw-12357	495	2	.	.	X
taxlaw-12357	495	3	the	the	DET
taxlaw-12357	495	4	right	right	ADJ
taxlaw-12357	495	5	tax	tax	NOUN
taxlaw-12357	495	6	burden	burden	NOUN
taxlaw-12357	495	7	:	:	PUNCT
taxlaw-12357	495	8	should	should	AUX
taxlaw-12357	495	9	there	there	PRON
taxlaw-12357	495	10	be	be	AUX
taxlaw-12357	495	11	a	a	DET
taxlaw-12357	495	12	capital	capital	NOUN
taxlaw-12357	495	13	gains	gain	NOUN
taxlaw-12357	495	14	preference	preference	NOUN
taxlaw-12357	495	15	?	?	PUNCT
taxlaw-12357	496	1	in	in	ADP
taxlaw-12357	496	2	contrast	contrast	NOUN
taxlaw-12357	496	3	,	,	PUNCT
taxlaw-12357	496	4	policymakers	policymaker	NOUN
taxlaw-12357	496	5	who	who	PRON
taxlaw-12357	496	6	are	be	AUX
taxlaw-12357	496	7	skeptical	skeptical	ADJ
taxlaw-12357	496	8	of	of	ADP
taxlaw-12357	496	9	the	the	DET
taxlaw-12357	496	10	capital	capital	NOUN
taxlaw-12357	496	11	gains	gain	NOUN
taxlaw-12357	496	12	preference	preference	NOUN
taxlaw-12357	496	13	have	have	VERB
taxlaw-12357	496	14	the	the	DET
taxlaw-12357	496	15	opposite	opposite	ADJ
taxlaw-12357	496	16	view	view	NOUN
taxlaw-12357	496	17	.	.	PUNCT
taxlaw-12357	497	1	they	they	PRON
taxlaw-12357	497	2	want	want	VERB
taxlaw-12357	497	3	ordinary	ordinary	ADJ
taxlaw-12357	497	4	rates	rate	NOUN
taxlaw-12357	497	5	to	to	PART
taxlaw-12357	497	6	apply	apply	VERB
taxlaw-12357	497	7	to	to	ADP
taxlaw-12357	497	8	all	all	DET
taxlaw-12357	497	9	investment	investment	NOUN
taxlaw-12357	497	10	gains	gain	NOUN
taxlaw-12357	497	11	,	,	PUNCT
taxlaw-12357	497	12	which	which	PRON
taxlaw-12357	497	13	would	would	AUX
taxlaw-12357	497	14	eliminate	eliminate	VERB
taxlaw-12357	497	15	a	a	DET
taxlaw-12357	497	16	key	key	ADJ
taxlaw-12357	497	17	advantage	advantage	NOUN
taxlaw-12357	497	18	of	of	ADP
taxlaw-12357	497	19	derivatives	derivative	NOUN
taxlaw-12357	497	20	:	:	PUNCT
taxlaw-12357	497	21	it	it	PRON
taxlaw-12357	497	22	would	would	AUX
taxlaw-12357	497	23	be	be	AUX
taxlaw-12357	497	24	taxed	tax	VERB
taxlaw-12357	497	25	at	at	ADP
taxlaw-12357	497	26	the	the	DET
taxlaw-12357	497	27	same	same	ADJ
taxlaw-12357	497	28	rate	rate	NOUN
taxlaw-12357	497	29	as	as	ADP
taxlaw-12357	497	30	the	the	DET
taxlaw-12357	497	31	fund	fund	NOUN
taxlaw-12357	497	32	(	(	PUNCT
taxlaw-12357	497	33	but	but	CCONJ
taxlaw-12357	497	34	would	would	AUX
taxlaw-12357	497	35	still	still	ADV
taxlaw-12357	497	36	offer	offer	VERB
taxlaw-12357	497	37	tax	tax	NOUN
taxlaw-12357	497	38	deferral	deferral	NOUN
taxlaw-12357	497	39	)	)	PUNCT
taxlaw-12357	497	40	.	.	PUNCT
taxlaw-12357	498	1	if	if	SCONJ
taxlaw-12357	498	2	these	these	DET
taxlaw-12357	498	3	policymakers	policymaker	NOUN
taxlaw-12357	498	4	are	be	AUX
taxlaw-12357	498	5	n’t	not	PART
taxlaw-12357	498	6	able	able	ADJ
taxlaw-12357	498	7	to	to	PART
taxlaw-12357	498	8	enact	enact	VERB
taxlaw-12357	498	9	this	this	DET
taxlaw-12357	498	10	reform	reform	NOUN
taxlaw-12357	498	11	,	,	PUNCT
taxlaw-12357	498	12	they	they	PRON
taxlaw-12357	498	13	will	will	AUX
taxlaw-12357	498	14	be	be	AUX
taxlaw-12357	498	15	motivated	motivate	VERB
taxlaw-12357	498	16	–	–	PUNCT
taxlaw-12357	498	17	much	much	ADV
taxlaw-12357	498	18	more	more	ADJ
taxlaw-12357	498	19	than	than	ADP
taxlaw-12357	498	20	,	,	PUNCT
taxlaw-12357	498	21	say	say	INTJ
taxlaw-12357	498	22	,	,	PUNCT
taxlaw-12357	498	23	proponents	proponent	NOUN
taxlaw-12357	498	24	of	of	ADP
taxlaw-12357	498	25	a	a	DET
taxlaw-12357	498	26	reduced	reduced	ADJ
taxlaw-12357	498	27	tax	tax	NOUN
taxlaw-12357	498	28	(	(	PUNCT
taxlaw-12357	498	29	or	or	CCONJ
taxlaw-12357	498	30	no	no	DET
taxlaw-12357	498	31	tax	tax	NOUN
taxlaw-12357	498	32	at	at	ADV
taxlaw-12357	498	33	all	all	ADV
taxlaw-12357	498	34	)	)	PUNCT
taxlaw-12357	498	35	on	on	ADP
taxlaw-12357	498	36	investments	investment	NOUN
taxlaw-12357	498	37	–	–	PUNCT
taxlaw-12357	498	38	to	to	PART
taxlaw-12357	498	39	police	police	VERB
taxlaw-12357	498	40	the	the	DET
taxlaw-12357	498	41	holding	hold	VERB
taxlaw-12357	498	42	period	period	NOUN
taxlaw-12357	498	43	rule	rule	NOUN
taxlaw-12357	498	44	,	,	PUNCT
taxlaw-12357	498	45	if	if	SCONJ
taxlaw-12357	498	46	only	only	ADV
taxlaw-12357	498	47	to	to	PART
taxlaw-12357	498	48	reduce	reduce	VERB
taxlaw-12357	498	49	the	the	DET
taxlaw-12357	498	50	volume	volume	NOUN
taxlaw-12357	498	51	of	of	ADP
taxlaw-12357	498	52	investments	investment	NOUN
taxlaw-12357	498	53	taxed	tax	VERB
taxlaw-12357	498	54	at	at	ADP
taxlaw-12357	498	55	rates	rate	NOUN
taxlaw-12357	498	56	they	they	PRON
taxlaw-12357	498	57	consider	consider	VERB
taxlaw-12357	498	58	too	too	ADV
taxlaw-12357	498	59	low	low	ADJ
taxlaw-12357	498	60	.	.	PUNCT
taxlaw-12357	499	1	put	put	VERB
taxlaw-12357	499	2	another	another	DET
taxlaw-12357	499	3	way	way	NOUN
taxlaw-12357	499	4	,	,	PUNCT
taxlaw-12357	499	5	since	since	SCONJ
taxlaw-12357	499	6	they	they	PRON
taxlaw-12357	499	7	think	think	VERB
taxlaw-12357	499	8	current	current	ADJ
taxlaw-12357	499	9	law	law	NOUN
taxlaw-12357	499	10	taxes	taxis	NOUN
taxlaw-12357	499	11	hedge	hedge	VERB
taxlaw-12357	499	12	funds	fund	NOUN
taxlaw-12357	499	13	appropriately	appropriately	ADV
taxlaw-12357	499	14	,	,	PUNCT
taxlaw-12357	499	15	they	they	PRON
taxlaw-12357	499	16	are	be	AUX
taxlaw-12357	499	17	especially	especially	ADV
taxlaw-12357	499	18	eager	eager	ADJ
taxlaw-12357	499	19	to	to	PART
taxlaw-12357	499	20	keep	keep	VERB
taxlaw-12357	499	21	taxpayers	taxpayer	NOUN
taxlaw-12357	499	22	from	from	ADP
taxlaw-12357	499	23	avoiding	avoid	VERB
taxlaw-12357	499	24	this	this	DET
taxlaw-12357	499	25	treatment	treatment	NOUN
taxlaw-12357	499	26	.	.	PUNCT
taxlaw-12357	500	1	5	5	X
taxlaw-12357	500	2	.	.	X
taxlaw-12357	500	3	the	the	DET
taxlaw-12357	500	4	right	right	ADJ
taxlaw-12357	500	5	tax	tax	NOUN
taxlaw-12357	500	6	burden	burden	NOUN
taxlaw-12357	500	7	:	:	PUNCT
taxlaw-12357	500	8	should	should	AUX
taxlaw-12357	500	9	we	we	PRON
taxlaw-12357	500	10	have	have	VERB
taxlaw-12357	500	11	mark	mark	NOUN
taxlaw-12357	500	12	-	-	PUNCT
taxlaw-12357	500	13	to	to	ADP
taxlaw-12357	500	14	-	-	PUNCT
taxlaw-12357	500	15	market	market	NOUN
taxlaw-12357	500	16	accounting	accounting	NOUN
taxlaw-12357	500	17	?	?	PUNCT
taxlaw-12357	501	1	the	the	DET
taxlaw-12357	501	2	same	same	ADJ
taxlaw-12357	501	3	is	be	AUX
taxlaw-12357	501	4	true	true	ADJ
taxlaw-12357	501	5	of	of	ADP
taxlaw-12357	501	6	policymakers	policymaker	NOUN
taxlaw-12357	501	7	who	who	PRON
taxlaw-12357	501	8	favor	favor	VERB
taxlaw-12357	501	9	mark	mark	NOUN
taxlaw-12357	501	10	-	-	PUNCT
taxlaw-12357	501	11	to	to	ADP
taxlaw-12357	501	12	-	-	PUNCT
taxlaw-12357	501	13	market	market	NOUN
taxlaw-12357	501	14	accounting	accounting	NOUN
taxlaw-12357	501	15	.	.	PUNCT
taxlaw-12357	502	1	to	to	PART
taxlaw-12357	502	2	measure	measure	VERB
taxlaw-12357	502	3	income	income	NOUN
taxlaw-12357	502	4	more	more	ADV
taxlaw-12357	502	5	accurately	accurately	ADV
taxlaw-12357	502	6	,	,	PUNCT
taxlaw-12357	502	7	they	they	PRON
taxlaw-12357	502	8	want	want	VERB
taxlaw-12357	502	9	to	to	PART
taxlaw-12357	502	10	tax	tax	VERB
taxlaw-12357	502	11	gains	gain	NOUN
taxlaw-12357	502	12	every	every	DET
taxlaw-12357	502	13	year	year	NOUN
taxlaw-12357	502	14	,	,	PUNCT
taxlaw-12357	502	15	regardless	regardless	ADV
taxlaw-12357	502	16	of	of	ADP
taxlaw-12357	502	17	whether	whether	SCONJ
taxlaw-12357	502	18	there	there	PRON
taxlaw-12357	502	19	has	have	AUX
taxlaw-12357	502	20	been	be	AUX
taxlaw-12357	502	21	a	a	DET
taxlaw-12357	502	22	sale	sale	NOUN
taxlaw-12357	502	23	.	.	PUNCT
taxlaw-12357	503	1	this	this	DET
taxlaw-12357	503	2	reform	reform	NOUN
taxlaw-12357	503	3	would	would	AUX
taxlaw-12357	503	4	eliminate	eliminate	VERB
taxlaw-12357	503	5	the	the	DET
taxlaw-12357	503	6	timing	timing	NOUN
taxlaw-12357	503	7	advantage	advantage	NOUN
taxlaw-12357	503	8	of	of	ADP
taxlaw-12357	503	9	hedge	hedge	NOUN
taxlaw-12357	503	10	fund	fund	NOUN
taxlaw-12357	503	11	derivatives	derivative	NOUN
taxlaw-12357	503	12	(	(	PUNCT
taxlaw-12357	503	13	taxing	tax	VERB
taxlaw-12357	503	14	gains	gain	NOUN
taxlaw-12357	503	15	every	every	DET
taxlaw-12357	503	16	year	year	NOUN
taxlaw-12357	503	17	,	,	PUNCT
taxlaw-12357	503	18	as	as	ADP
taxlaw-12357	503	19	generally	generally	ADV
taxlaw-12357	503	20	is	be	AUX
taxlaw-12357	503	21	the	the	DET
taxlaw-12357	503	22	case	case	NOUN
taxlaw-12357	503	23	with	with	ADP
taxlaw-12357	503	24	underlying	underlie	VERB
taxlaw-12357	503	25	funds	fund	NOUN
taxlaw-12357	503	26	that	that	PRON
taxlaw-12357	503	27	trade	trade	VERB
taxlaw-12357	503	28	frequently	frequently	ADV
taxlaw-12357	503	29	)	)	PUNCT
taxlaw-12357	503	30	.	.	PUNCT
taxlaw-12357	504	1	again	again	ADV
taxlaw-12357	504	2	,	,	PUNCT
taxlaw-12357	504	3	if	if	SCONJ
taxlaw-12357	504	4	this	this	DET
taxlaw-12357	504	5	reform	reform	NOUN
taxlaw-12357	504	6	is	be	AUX
taxlaw-12357	504	7	unavailable,53	unavailable,53	ADJ
taxlaw-12357	504	8	these	these	DET
taxlaw-12357	504	9	policymakers	policymaker	NOUN
taxlaw-12357	504	10	will	will	AUX
taxlaw-12357	504	11	be	be	AUX
taxlaw-12357	504	12	especially	especially	ADV
taxlaw-12357	504	13	motivated	motivate	VERB
taxlaw-12357	504	14	–	–	PUNCT
taxlaw-12357	504	15	more	more	ADJ
taxlaw-12357	504	16	than	than	ADP
taxlaw-12357	504	17	advocates	advocate	NOUN
taxlaw-12357	504	18	of	of	ADP
taxlaw-12357	504	19	a	a	DET
taxlaw-12357	504	20	reduced	reduced	ADJ
taxlaw-12357	504	21	tax	tax	NOUN
taxlaw-12357	504	22	(	(	PUNCT
taxlaw-12357	504	23	or	or	CCONJ
taxlaw-12357	504	24	no	no	DET
taxlaw-12357	504	25	tax	tax	NOUN
taxlaw-12357	504	26	)	)	PUNCT
taxlaw-12357	504	27	on	on	ADP
taxlaw-12357	504	28	investments	investment	NOUN
taxlaw-12357	504	29	–	–	PUNCT
taxlaw-12357	504	30	to	to	PART
taxlaw-12357	504	31	target	target	VERB
taxlaw-12357	504	32	tax	tax	NOUN
taxlaw-12357	504	33	deferral	deferral	NOUN
taxlaw-12357	504	34	on	on	ADP
taxlaw-12357	504	35	hedge	hedge	NOUN
taxlaw-12357	504	36	fund	fund	NOUN
taxlaw-12357	504	37	derivatives	derivative	NOUN
taxlaw-12357	504	38	.	.	PUNCT
taxlaw-12357	505	1	for	for	ADP
taxlaw-12357	505	2	example	example	NOUN
taxlaw-12357	505	3	,	,	PUNCT
taxlaw-12357	505	4	section	section	NOUN
taxlaw-12357	505	5	1260	1260	NUM
taxlaw-12357	505	6	pursues	pursue	VERB
taxlaw-12357	505	7	this	this	DET
taxlaw-12357	505	8	goal	goal	NOUN
taxlaw-12357	505	9	by	by	ADP
taxlaw-12357	505	10	imposing	impose	VERB
taxlaw-12357	505	11	an	an	DET
taxlaw-12357	505	12	interest	interest	NOUN
taxlaw-12357	505	13	charge	charge	NOUN
taxlaw-12357	505	14	when	when	SCONJ
taxlaw-12357	505	15	the	the	DET
taxlaw-12357	505	16	derivative	derivative	NOUN
taxlaw-12357	505	17	terminates	terminate	VERB
taxlaw-12357	505	18	.	.	PUNCT
taxlaw-12357	506	1	to	to	PART
taxlaw-12357	506	2	sum	sum	VERB
taxlaw-12357	506	3	up	up	ADP
taxlaw-12357	506	4	,	,	PUNCT
taxlaw-12357	506	5	this	this	DET
taxlaw-12357	506	6	section	section	NOUN
taxlaw-12357	506	7	has	have	AUX
taxlaw-12357	506	8	shown	show	VERB
taxlaw-12357	506	9	that	that	SCONJ
taxlaw-12357	506	10	a	a	DET
taxlaw-12357	506	11	number	number	NOUN
taxlaw-12357	506	12	of	of	ADP
taxlaw-12357	506	13	more	more	ADV
taxlaw-12357	506	14	ambitious	ambitious	ADJ
taxlaw-12357	506	15	reforms	reform	NOUN
taxlaw-12357	506	16	would	would	AUX
taxlaw-12357	506	17	eliminate	eliminate	VERB
taxlaw-12357	506	18	the	the	DET
taxlaw-12357	506	19	need	need	NOUN
taxlaw-12357	506	20	for	for	ADP
taxlaw-12357	506	21	section	section	NOUN
taxlaw-12357	506	22	1260	1260	NUM
taxlaw-12357	506	23	,	,	PUNCT
taxlaw-12357	506	24	as	as	ADV
taxlaw-12357	506	25	well	well	ADV
taxlaw-12357	506	26	as	as	ADP
taxlaw-12357	506	27	other	other	ADJ
taxlaw-12357	506	28	transaction	transaction	NOUN
taxlaw-12357	506	29	-	-	PUNCT
taxlaw-12357	506	30	specific	specific	ADJ
taxlaw-12357	506	31	51	51	NUM
taxlaw-12357	506	32	see	see	NOUN
taxlaw-12357	506	33	,	,	PUNCT
taxlaw-12357	506	34	e.g.	e.g.	ADV
taxlaw-12357	506	35	,	,	PUNCT
taxlaw-12357	506	36	i.r.c	i.r.c	NOUN
taxlaw-12357	506	37	.	.	PUNCT
taxlaw-12357	507	1	§	§	PROPN
taxlaw-12357	507	2	1033	1033	NUM
taxlaw-12357	507	3	(	(	PUNCT
taxlaw-12357	507	4	providing	provide	VERB
taxlaw-12357	507	5	a	a	DET
taxlaw-12357	507	6	rollover	rollover	NOUN
taxlaw-12357	507	7	rule	rule	NOUN
taxlaw-12357	507	8	for	for	ADP
taxlaw-12357	507	9	involuntary	involuntary	ADJ
taxlaw-12357	507	10	conversions	conversion	NOUN
taxlaw-12357	507	11	)	)	PUNCT
taxlaw-12357	507	12	.	.	PUNCT
taxlaw-12357	508	1	tacking	tack	VERB
taxlaw-12357	508	2	holding	hold	VERB
taxlaw-12357	508	3	periods	period	NOUN
taxlaw-12357	508	4	is	be	AUX
taxlaw-12357	508	5	the	the	DET
taxlaw-12357	508	6	norm	norm	NOUN
taxlaw-12357	508	7	in	in	ADP
taxlaw-12357	508	8	tax	tax	NOUN
taxlaw-12357	508	9	-	-	PUNCT
taxlaw-12357	508	10	free	free	ADJ
taxlaw-12357	508	11	reorganizations	reorganization	NOUN
taxlaw-12357	508	12	.	.	PUNCT
taxlaw-12357	509	1	i.r.s	i.r.s	NOUN
taxlaw-12357	509	2	.	.	PUNCT
taxlaw-12357	510	1	pub	pub	NOUN
taxlaw-12357	510	2	.	.	PUNCT
taxlaw-12357	511	1	544	544	NUM
taxlaw-12357	511	2	,	,	PUNCT
taxlaw-12357	511	3	sales	sale	NOUN
taxlaw-12357	511	4	and	and	CCONJ
taxlaw-12357	511	5	other	other	ADJ
taxlaw-12357	511	6	dispositions	disposition	NOUN
taxlaw-12357	511	7	of	of	ADP
taxlaw-12357	511	8	assets	asset	NOUN
taxlaw-12357	511	9	,	,	PUNCT
taxlaw-12357	511	10	35	35	NUM
taxlaw-12357	511	11	(	(	PUNCT
taxlaw-12357	511	12	feb	feb	X
taxlaw-12357	511	13	.	.	PROPN
taxlaw-12357	511	14	7	7	NUM
taxlaw-12357	511	15	,	,	PUNCT
taxlaw-12357	511	16	2023	2023	NUM
taxlaw-12357	511	17	)	)	PUNCT
taxlaw-12357	511	18	,	,	PUNCT
taxlaw-12357	511	19	https://www.irs.gov/pub/irs-pdf/p544.pdf	https://www.irs.gov/pub/irs-pdf/p544.pdf	PROPN
taxlaw-12357	511	20	[	[	X
taxlaw-12357	511	21	https://perma.cc/tb7qurar	https://perma.cc/tb7qurar	NOUN
taxlaw-12357	511	22	]	]	X
taxlaw-12357	511	23	(	(	PUNCT
taxlaw-12357	511	24	“	"	PUNCT
taxlaw-12357	511	25	if	if	SCONJ
taxlaw-12357	511	26	you	you	PRON
taxlaw-12357	511	27	acquire	acquire	VERB
taxlaw-12357	511	28	an	an	DET
taxlaw-12357	511	29	asset	asset	NOUN
taxlaw-12357	511	30	in	in	ADP
taxlaw-12357	511	31	exchange	exchange	NOUN
taxlaw-12357	511	32	for	for	ADP
taxlaw-12357	511	33	another	another	DET
taxlaw-12357	511	34	asset	asset	NOUN
taxlaw-12357	511	35	and	and	CCONJ
taxlaw-12357	511	36	your	your	PRON
taxlaw-12357	511	37	basis	basis	NOUN
taxlaw-12357	511	38	for	for	SCONJ
taxlaw-12357	511	39	the	the	DET
taxlaw-12357	511	40	new	new	ADJ
taxlaw-12357	511	41	asset	asset	NOUN
taxlaw-12357	511	42	is	be	AUX
taxlaw-12357	511	43	figured	figure	VERB
taxlaw-12357	511	44	,	,	PUNCT
taxlaw-12357	511	45	in	in	ADP
taxlaw-12357	511	46	whole	whole	ADJ
taxlaw-12357	511	47	or	or	CCONJ
taxlaw-12357	511	48	in	in	ADP
taxlaw-12357	511	49	part	part	NOUN
taxlaw-12357	511	50	,	,	PUNCT
taxlaw-12357	511	51	by	by	ADP
taxlaw-12357	511	52	using	use	VERB
taxlaw-12357	511	53	your	your	PRON
taxlaw-12357	511	54	basis	basis	NOUN
taxlaw-12357	511	55	in	in	ADP
taxlaw-12357	511	56	the	the	DET
taxlaw-12357	511	57	old	old	ADJ
taxlaw-12357	511	58	property	property	NOUN
taxlaw-12357	511	59	,	,	PUNCT
taxlaw-12357	511	60	the	the	DET
taxlaw-12357	511	61	holding	hold	VERB
taxlaw-12357	511	62	period	period	NOUN
taxlaw-12357	511	63	of	of	ADP
taxlaw-12357	511	64	the	the	DET
taxlaw-12357	511	65	new	new	ADJ
taxlaw-12357	511	66	property	property	NOUN
taxlaw-12357	511	67	includes	include	VERB
taxlaw-12357	511	68	the	the	DET
taxlaw-12357	511	69	holding	hold	VERB
taxlaw-12357	511	70	period	period	NOUN
taxlaw-12357	511	71	of	of	ADP
taxlaw-12357	511	72	the	the	DET
taxlaw-12357	511	73	old	old	ADJ
taxlaw-12357	511	74	property	property	NOUN
taxlaw-12357	511	75	.	.	PUNCT
taxlaw-12357	512	1	that	that	PRON
taxlaw-12357	512	2	is	is	ADV
taxlaw-12357	512	3	,	,	PUNCT
taxlaw-12357	512	4	it	it	PRON
taxlaw-12357	512	5	begins	begin	VERB
taxlaw-12357	512	6	on	on	ADP
taxlaw-12357	512	7	the	the	DET
taxlaw-12357	512	8	same	same	ADJ
taxlaw-12357	512	9	day	day	NOUN
taxlaw-12357	512	10	as	as	ADP
taxlaw-12357	512	11	your	your	PRON
taxlaw-12357	512	12	holding	holding	NOUN
taxlaw-12357	512	13	period	period	NOUN
taxlaw-12357	512	14	for	for	ADP
taxlaw-12357	512	15	the	the	DET
taxlaw-12357	512	16	old	old	ADJ
taxlaw-12357	512	17	property	property	NOUN
taxlaw-12357	512	18	.	.	PUNCT
taxlaw-12357	512	19	”	"	PUNCT
taxlaw-12357	512	20	)	)	PUNCT
taxlaw-12357	512	21	.	.	PUNCT
taxlaw-12357	513	1	52the	52the	DET
taxlaw-12357	513	2	assumption	assumption	NOUN
taxlaw-12357	513	3	here	here	ADV
taxlaw-12357	513	4	is	be	AUX
taxlaw-12357	513	5	that	that	SCONJ
taxlaw-12357	513	6	the	the	DET
taxlaw-12357	513	7	hedge	hedge	NOUN
taxlaw-12357	513	8	fund	fund	NOUN
taxlaw-12357	513	9	reinvests	reinvest	VERB
taxlaw-12357	513	10	profits	profit	NOUN
taxlaw-12357	513	11	,	,	PUNCT
taxlaw-12357	513	12	instead	instead	ADV
taxlaw-12357	513	13	of	of	ADP
taxlaw-12357	513	14	distributing	distribute	VERB
taxlaw-12357	513	15	them	they	PRON
taxlaw-12357	513	16	to	to	ADP
taxlaw-12357	513	17	investors	investor	NOUN
taxlaw-12357	513	18	,	,	PUNCT
taxlaw-12357	513	19	so	so	SCONJ
taxlaw-12357	513	20	these	these	DET
taxlaw-12357	513	21	trading	trading	NOUN
taxlaw-12357	513	22	gains	gain	NOUN
taxlaw-12357	513	23	benefit	benefit	VERB
taxlaw-12357	513	24	from	from	ADP
taxlaw-12357	513	25	the	the	DET
taxlaw-12357	513	26	rollover	rollover	NOUN
taxlaw-12357	513	27	rule	rule	NOUN
taxlaw-12357	513	28	.	.	PUNCT
taxlaw-12357	514	1	53	53	NUM
taxlaw-12357	514	2	this	this	DET
taxlaw-12357	514	3	reform	reform	NOUN
taxlaw-12357	514	4	faces	face	VERB
taxlaw-12357	514	5	familiar	familiar	ADJ
taxlaw-12357	514	6	political	political	ADJ
taxlaw-12357	514	7	and	and	CCONJ
taxlaw-12357	514	8	administrative	administrative	ADJ
taxlaw-12357	514	9	challenges	challenge	NOUN
taxlaw-12357	514	10	.	.	PUNCT
taxlaw-12357	515	1	see	see	VERB
taxlaw-12357	515	2	,	,	PUNCT
taxlaw-12357	515	3	e.g.	e.g.	ADV
taxlaw-12357	515	4	,	,	PUNCT
taxlaw-12357	515	5	david	david	PROPN
taxlaw-12357	515	6	a.	a.	PROPN
taxlaw-12357	515	7	weisbach	weisbach	PROPN
taxlaw-12357	515	8	,	,	PUNCT
taxlaw-12357	515	9	a	a	DET
taxlaw-12357	515	10	partial	partial	ADJ
taxlaw-12357	515	11	mark	mark	NOUN
taxlaw-12357	515	12	-	-	PUNCT
taxlaw-12357	515	13	to	to	ADP
taxlaw-12357	515	14	-	-	PUNCT
taxlaw-12357	515	15	market	market	NOUN
taxlaw-12357	515	16	tax	tax	NOUN
taxlaw-12357	515	17	system	system	NOUN
taxlaw-12357	515	18	,	,	PUNCT
taxlaw-12357	515	19	53	53	NUM
taxlaw-12357	515	20	tax	tax	NOUN
taxlaw-12357	515	21	l.	l.	PROPN
taxlaw-12357	515	22	rev	rev	PROPN
taxlaw-12357	515	23	.	.	PROPN
taxlaw-12357	515	24	95	95	NUM
taxlaw-12357	515	25	(	(	PUNCT
taxlaw-12357	515	26	1999	1999	NUM
taxlaw-12357	515	27	)	)	PUNCT
taxlaw-12357	515	28	.	.	PUNCT
taxlaw-12357	516	1	another	another	DET
taxlaw-12357	516	2	issue	issue	NOUN
taxlaw-12357	516	3	is	be	AUX
taxlaw-12357	516	4	whether	whether	SCONJ
taxlaw-12357	516	5	markto	markto	NOUN
taxlaw-12357	516	6	-	-	PUNCT
taxlaw-12357	516	7	market	market	NOUN
taxlaw-12357	516	8	accounting	accounting	NOUN
taxlaw-12357	516	9	is	be	AUX
taxlaw-12357	516	10	constitutional	constitutional	ADJ
taxlaw-12357	516	11	.	.	PUNCT
taxlaw-12357	517	1	the	the	DET
taxlaw-12357	517	2	supreme	supreme	PROPN
taxlaw-12357	517	3	court	court	PROPN
taxlaw-12357	517	4	has	have	AUX
taxlaw-12357	517	5	granted	grant	VERB
taxlaw-12357	517	6	certiorari	certiorari	NOUN
taxlaw-12357	517	7	on	on	ADP
taxlaw-12357	517	8	this	this	DET
taxlaw-12357	517	9	issue	issue	NOUN
taxlaw-12357	517	10	.	.	PUNCT
taxlaw-12357	518	1	see	see	VERB
taxlaw-12357	518	2	moore	moore	PROPN
taxlaw-12357	518	3	v.	v.	PROPN
taxlaw-12357	518	4	united	united	PROPN
taxlaw-12357	518	5	states	states	PROPN
taxlaw-12357	518	6	,	,	PUNCT
taxlaw-12357	518	7	cert	cert	PROPN
taxlaw-12357	518	8	.	.	PUNCT
taxlaw-12357	519	1	granted	grant	VERB
taxlaw-12357	519	2	,	,	PUNCT
taxlaw-12357	519	3	no	no	INTJ
taxlaw-12357	519	4	.	.	NOUN
taxlaw-12357	519	5	20	20	NUM
taxlaw-12357	519	6	-	-	SYM
taxlaw-12357	519	7	36122	36122	NUM
taxlaw-12357	519	8	(	(	PUNCT
taxlaw-12357	519	9	june	june	PROPN
taxlaw-12357	519	10	26	26	NUM
taxlaw-12357	519	11	,	,	PUNCT
taxlaw-12357	519	12	2023	2023	NUM
taxlaw-12357	519	13	)	)	PUNCT
taxlaw-12357	519	14	.	.	PUNCT
taxlaw-12357	520	1	2024	2024	NUM
taxlaw-12357	520	2	]	]	PUNCT
taxlaw-12357	520	3	transaction	transaction	NOUN
taxlaw-12357	520	4	-	-	PUNCT
taxlaw-12357	520	5	specific	specific	ADJ
taxlaw-12357	520	6	tax	tax	NOUN
taxlaw-12357	520	7	reform	reform	NOUN
taxlaw-12357	520	8	in	in	ADP
taxlaw-12357	520	9	three	three	NUM
taxlaw-12357	520	10	steps	step	NOUN
taxlaw-12357	520	11	19	19	NUM
taxlaw-12357	520	12	reforms	reform	NOUN
taxlaw-12357	520	13	.	.	PUNCT
taxlaw-12357	521	1	in	in	ADP
taxlaw-12357	521	2	our	our	PRON
taxlaw-12357	521	3	view	view	NOUN
taxlaw-12357	521	4	,	,	PUNCT
taxlaw-12357	521	5	although	although	SCONJ
taxlaw-12357	521	6	many	many	ADJ
taxlaw-12357	521	7	of	of	ADP
taxlaw-12357	521	8	these	these	PRON
taxlaw-12357	521	9	would	would	AUX
taxlaw-12357	521	10	be	be	AUX
taxlaw-12357	521	11	advisable	advisable	ADJ
taxlaw-12357	521	12	if	if	SCONJ
taxlaw-12357	521	13	crafted	craft	VERB
taxlaw-12357	521	14	the	the	DET
taxlaw-12357	521	15	right	right	ADJ
taxlaw-12357	521	16	way	way	NOUN
taxlaw-12357	521	17	,	,	PUNCT
taxlaw-12357	521	18	congress	congress	PROPN
taxlaw-12357	521	19	is	be	AUX
taxlaw-12357	521	20	unlikely	unlikely	ADJ
taxlaw-12357	521	21	to	to	PART
taxlaw-12357	521	22	enact	enact	VERB
taxlaw-12357	521	23	them	they	PRON
taxlaw-12357	521	24	.	.	PUNCT
taxlaw-12357	522	1	even	even	ADV
taxlaw-12357	522	2	so	so	ADV
taxlaw-12357	522	3	,	,	PUNCT
taxlaw-12357	522	4	policymakers	policymaker	NOUN
taxlaw-12357	522	5	should	should	AUX
taxlaw-12357	522	6	still	still	ADV
taxlaw-12357	522	7	be	be	AUX
taxlaw-12357	522	8	guided	guide	VERB
taxlaw-12357	522	9	in	in	ADP
taxlaw-12357	522	10	part	part	NOUN
taxlaw-12357	522	11	by	by	ADP
taxlaw-12357	522	12	the	the	DET
taxlaw-12357	522	13	fundamental	fundamental	ADJ
taxlaw-12357	522	14	reform	reform	NOUN
taxlaw-12357	522	15	they	they	PRON
taxlaw-12357	522	16	prefer	prefer	VERB
taxlaw-12357	522	17	in	in	ADP
taxlaw-12357	522	18	deciding	decide	VERB
taxlaw-12357	522	19	whether	whether	SCONJ
taxlaw-12357	522	20	to	to	PART
taxlaw-12357	522	21	target	target	VERB
taxlaw-12357	522	22	a	a	DET
taxlaw-12357	522	23	planning	planning	NOUN
taxlaw-12357	522	24	strategy	strategy	NOUN
taxlaw-12357	522	25	.	.	PUNCT
taxlaw-12357	523	1	again	again	ADV
taxlaw-12357	523	2	,	,	PUNCT
taxlaw-12357	523	3	hedge	hedge	NOUN
taxlaw-12357	523	4	fund	fund	NOUN
taxlaw-12357	523	5	derivatives	derivative	NOUN
taxlaw-12357	523	6	are	be	AUX
taxlaw-12357	523	7	likely	likely	ADJ
taxlaw-12357	523	8	to	to	PART
taxlaw-12357	523	9	be	be	AUX
taxlaw-12357	523	10	more	more	ADV
taxlaw-12357	523	11	troubling	troubling	ADJ
taxlaw-12357	523	12	if	if	SCONJ
taxlaw-12357	523	13	one	one	NUM
taxlaw-12357	523	14	’s	’s	PART
taxlaw-12357	523	15	ideal	ideal	NOUN
taxlaw-12357	523	16	is	be	AUX
taxlaw-12357	523	17	mark	mark	NOUN
taxlaw-12357	523	18	-	-	PUNCT
taxlaw-12357	523	19	to	to	ADP
taxlaw-12357	523	20	-	-	PUNCT
taxlaw-12357	523	21	market	market	NOUN
taxlaw-12357	523	22	accounting	accounting	NOUN
taxlaw-12357	523	23	,	,	PUNCT
taxlaw-12357	523	24	instead	instead	ADV
taxlaw-12357	523	25	of	of	ADP
taxlaw-12357	523	26	a	a	DET
taxlaw-12357	523	27	consumption	consumption	NOUN
taxlaw-12357	523	28	tax	tax	NOUN
taxlaw-12357	523	29	.	.	PUNCT
taxlaw-12357	524	1	c.	c.	NOUN
taxlaw-12357	524	2	efficiency	efficiency	NOUN
taxlaw-12357	524	3	:	:	PUNCT
taxlaw-12357	524	4	risks	risk	NOUN
taxlaw-12357	524	5	of	of	ADP
taxlaw-12357	524	6	overbreadth	overbreadth	NOUN
taxlaw-12357	524	7	in	in	ADP
taxlaw-12357	524	8	setting	set	VERB
taxlaw-12357	524	9	the	the	DET
taxlaw-12357	524	10	normative	normative	ADJ
taxlaw-12357	524	11	presumption	presumption	NOUN
taxlaw-12357	524	12	,	,	PUNCT
taxlaw-12357	524	13	policymakers	policymaker	NOUN
taxlaw-12357	524	14	should	should	AUX
taxlaw-12357	524	15	consider	consider	VERB
taxlaw-12357	524	16	not	not	PART
taxlaw-12357	524	17	just	just	ADV
taxlaw-12357	524	18	how	how	SCONJ
taxlaw-12357	524	19	to	to	PART
taxlaw-12357	524	20	tax	tax	VERB
taxlaw-12357	524	21	the	the	DET
taxlaw-12357	524	22	targeted	target	VERB
taxlaw-12357	524	23	transaction	transaction	NOUN
taxlaw-12357	524	24	,	,	PUNCT
taxlaw-12357	524	25	but	but	CCONJ
taxlaw-12357	524	26	also	also	ADV
taxlaw-12357	524	27	how	how	SCONJ
taxlaw-12357	524	28	to	to	PART
taxlaw-12357	524	29	avoid	avoid	VERB
taxlaw-12357	524	30	“	"	PUNCT
taxlaw-12357	524	31	good	good	ADJ
taxlaw-12357	524	32	”	"	PUNCT
taxlaw-12357	524	33	transactions	transaction	NOUN
taxlaw-12357	525	1	that	that	PRON
taxlaw-12357	525	2	do	do	AUX
taxlaw-12357	525	3	n’t	not	PART
taxlaw-12357	525	4	involve	involve	VERB
taxlaw-12357	525	5	the	the	DET
taxlaw-12357	525	6	same	same	ADJ
taxlaw-12357	525	7	abuse	abuse	NOUN
taxlaw-12357	525	8	.	.	PUNCT
taxlaw-12357	526	1	in	in	ADP
taxlaw-12357	526	2	other	other	ADJ
taxlaw-12357	526	3	words	word	NOUN
taxlaw-12357	526	4	,	,	PUNCT
taxlaw-12357	526	5	policymakers	policymaker	NOUN
taxlaw-12357	526	6	also	also	ADV
taxlaw-12357	526	7	need	need	VERB
taxlaw-12357	526	8	to	to	PART
taxlaw-12357	526	9	worry	worry	VERB
taxlaw-12357	526	10	about	about	ADP
taxlaw-12357	526	11	overbreadth	overbreadth	NOUN
taxlaw-12357	526	12	.	.	PUNCT
taxlaw-12357	527	1	1	1	NUM
taxlaw-12357	527	2	.	.	X
taxlaw-12357	527	3	false	false	ADJ
taxlaw-12357	527	4	negatives	negative	NOUN
taxlaw-12357	527	5	versus	versus	ADP
taxlaw-12357	527	6	false	false	ADJ
taxlaw-12357	527	7	positives	positive	NOUN
taxlaw-12357	527	8	this	this	PRON
taxlaw-12357	527	9	means	mean	VERB
taxlaw-12357	527	10	policymakers	policymaker	NOUN
taxlaw-12357	527	11	have	have	VERB
taxlaw-12357	527	12	to	to	PART
taxlaw-12357	527	13	walk	walk	VERB
taxlaw-12357	527	14	a	a	DET
taxlaw-12357	527	15	fine	fine	ADJ
taxlaw-12357	527	16	line	line	NOUN
taxlaw-12357	527	17	.	.	PUNCT
taxlaw-12357	528	1	on	on	ADP
taxlaw-12357	528	2	the	the	DET
taxlaw-12357	528	3	one	one	NUM
taxlaw-12357	528	4	hand	hand	NOUN
taxlaw-12357	528	5	,	,	PUNCT
taxlaw-12357	528	6	if	if	SCONJ
taxlaw-12357	528	7	a	a	DET
taxlaw-12357	528	8	rule	rule	NOUN
taxlaw-12357	528	9	is	be	AUX
taxlaw-12357	528	10	too	too	ADV
taxlaw-12357	528	11	narrow	narrow	ADJ
taxlaw-12357	528	12	,	,	PUNCT
taxlaw-12357	528	13	it	it	PRON
taxlaw-12357	528	14	misses	miss	VERB
taxlaw-12357	528	15	some	some	DET
taxlaw-12357	528	16	abusive	abusive	ADJ
taxlaw-12357	528	17	transactions	transaction	NOUN
taxlaw-12357	528	18	that	that	PRON
taxlaw-12357	528	19	should	should	AUX
taxlaw-12357	528	20	be	be	AUX
taxlaw-12357	528	21	covered	cover	VERB
taxlaw-12357	528	22	.	.	PUNCT
taxlaw-12357	529	1	these	these	DET
taxlaw-12357	529	2	“	"	PUNCT
taxlaw-12357	529	3	false	false	ADJ
taxlaw-12357	529	4	negatives	negative	NOUN
taxlaw-12357	529	5	”	"	PUNCT
taxlaw-12357	529	6	have	have	VERB
taxlaw-12357	529	7	familiar	familiar	ADJ
taxlaw-12357	529	8	costs	cost	NOUN
taxlaw-12357	529	9	,	,	PUNCT
taxlaw-12357	529	10	discussed	discuss	VERB
taxlaw-12357	529	11	above	above	ADV
taxlaw-12357	529	12	,	,	PUNCT
taxlaw-12357	529	13	in	in	ADP
taxlaw-12357	529	14	cutting	cut	VERB
taxlaw-12357	529	15	the	the	DET
taxlaw-12357	529	16	taxes	taxis	NOUN
taxlaw-12357	529	17	of	of	ADP
taxlaw-12357	529	18	wealthy	wealthy	ADJ
taxlaw-12357	529	19	households	household	NOUN
taxlaw-12357	529	20	,	,	PUNCT
taxlaw-12357	529	21	putting	put	VERB
taxlaw-12357	529	22	a	a	DET
taxlaw-12357	529	23	premium	premium	NOUN
taxlaw-12357	529	24	on	on	ADP
taxlaw-12357	529	25	sophisticated	sophisticated	ADJ
taxlaw-12357	529	26	tax	tax	NOUN
taxlaw-12357	529	27	advice	advice	NOUN
taxlaw-12357	529	28	,	,	PUNCT
taxlaw-12357	529	29	and	and	CCONJ
taxlaw-12357	529	30	the	the	DET
taxlaw-12357	529	31	like.54	like.54	PROPN
taxlaw-12357	529	32	on	on	ADP
taxlaw-12357	529	33	the	the	DET
taxlaw-12357	529	34	other	other	ADJ
taxlaw-12357	529	35	hand	hand	NOUN
taxlaw-12357	529	36	,	,	PUNCT
taxlaw-12357	529	37	if	if	SCONJ
taxlaw-12357	529	38	a	a	DET
taxlaw-12357	529	39	rule	rule	NOUN
taxlaw-12357	529	40	is	be	AUX
taxlaw-12357	529	41	too	too	ADV
taxlaw-12357	529	42	broad	broad	ADJ
taxlaw-12357	529	43	,	,	PUNCT
taxlaw-12357	529	44	it	it	PRON
taxlaw-12357	529	45	sweeps	sweep	VERB
taxlaw-12357	529	46	in	in	ADP
taxlaw-12357	529	47	“	"	PUNCT
taxlaw-12357	529	48	good	good	ADJ
taxlaw-12357	529	49	”	"	PUNCT
taxlaw-12357	529	50	transactions	transaction	NOUN
taxlaw-12357	529	51	that	that	PRON
taxlaw-12357	529	52	should	should	AUX
taxlaw-12357	529	53	not	not	PART
taxlaw-12357	529	54	be	be	AUX
taxlaw-12357	529	55	covered	cover	VERB
taxlaw-12357	529	56	.	.	PUNCT
taxlaw-12357	530	1	these	these	DET
taxlaw-12357	530	2	“	"	PUNCT
taxlaw-12357	530	3	false	false	ADJ
taxlaw-12357	530	4	positives	positive	NOUN
taxlaw-12357	530	5	”	"	PUNCT
taxlaw-12357	530	6	can	can	AUX
taxlaw-12357	530	7	be	be	AUX
taxlaw-12357	530	8	costly	costly	ADJ
taxlaw-12357	530	9	in	in	ADP
taxlaw-12357	530	10	overtaxing	overtax	VERB
taxlaw-12357	530	11	–	–	PUNCT
taxlaw-12357	530	12	and	and	CCONJ
taxlaw-12357	530	13	,	,	PUNCT
taxlaw-12357	530	14	potentially	potentially	ADV
taxlaw-12357	530	15	,	,	PUNCT
taxlaw-12357	530	16	discouraging	discouraging	ADJ
taxlaw-12357	530	17	–	–	PUNCT
taxlaw-12357	530	18	socially	socially	ADV
taxlaw-12357	530	19	useful	useful	ADJ
taxlaw-12357	530	20	activity	activity	NOUN
taxlaw-12357	530	21	.	.	PUNCT
taxlaw-12357	531	1	in	in	ADP
taxlaw-12357	531	2	managing	manage	VERB
taxlaw-12357	531	3	this	this	DET
taxlaw-12357	531	4	tradeoff	tradeoff	NOUN
taxlaw-12357	531	5	,	,	PUNCT
taxlaw-12357	531	6	policymakers	policymaker	NOUN
taxlaw-12357	531	7	have	have	VERB
taxlaw-12357	531	8	to	to	PART
taxlaw-12357	531	9	tolerate	tolerate	VERB
taxlaw-12357	531	10	some	some	DET
taxlaw-12357	531	11	false	false	ADJ
taxlaw-12357	531	12	positives	positive	NOUN
taxlaw-12357	531	13	to	to	PART
taxlaw-12357	531	14	avoid	avoid	VERB
taxlaw-12357	531	15	false	false	ADJ
taxlaw-12357	531	16	negatives	negative	NOUN
taxlaw-12357	531	17	,	,	PUNCT
taxlaw-12357	531	18	and	and	CCONJ
taxlaw-12357	531	19	vice	vice	ADV
taxlaw-12357	531	20	versa	versa	ADV
taxlaw-12357	531	21	.	.	PUNCT
taxlaw-12357	532	1	as	as	SCONJ
taxlaw-12357	532	2	they	they	PRON
taxlaw-12357	532	3	strike	strike	VERB
taxlaw-12357	532	4	this	this	DET
taxlaw-12357	532	5	balance	balance	NOUN
taxlaw-12357	532	6	,	,	PUNCT
taxlaw-12357	532	7	they	they	PRON
taxlaw-12357	532	8	need	need	VERB
taxlaw-12357	532	9	to	to	PART
taxlaw-12357	532	10	make	make	VERB
taxlaw-12357	532	11	context	context	NOUN
taxlaw-12357	532	12	-	-	PUNCT
taxlaw-12357	532	13	specific	specific	ADJ
taxlaw-12357	532	14	judgments	judgment	NOUN
taxlaw-12357	532	15	about	about	ADP
taxlaw-12357	532	16	the	the	DET
taxlaw-12357	532	17	relative	relative	ADJ
taxlaw-12357	532	18	costs	cost	NOUN
taxlaw-12357	532	19	of	of	ADP
taxlaw-12357	532	20	these	these	DET
taxlaw-12357	532	21	different	different	ADJ
taxlaw-12357	532	22	errors	error	NOUN
taxlaw-12357	532	23	.	.	PUNCT
taxlaw-12357	533	1	ultimately	ultimately	ADV
taxlaw-12357	533	2	,	,	PUNCT
taxlaw-12357	533	3	the	the	DET
taxlaw-12357	533	4	goal	goal	NOUN
taxlaw-12357	533	5	should	should	AUX
taxlaw-12357	533	6	be	be	AUX
taxlaw-12357	533	7	to	to	PART
taxlaw-12357	533	8	minimize	minimize	VERB
taxlaw-12357	533	9	the	the	DET
taxlaw-12357	533	10	total	total	ADJ
taxlaw-12357	533	11	cost	cost	NOUN
taxlaw-12357	533	12	from	from	ADP
taxlaw-12357	533	13	both	both	DET
taxlaw-12357	533	14	types	type	NOUN
taxlaw-12357	533	15	of	of	ADP
taxlaw-12357	533	16	errors	error	NOUN
taxlaw-12357	533	17	.	.	PUNCT
taxlaw-12357	534	1	2	2	X
taxlaw-12357	534	2	.	.	X
taxlaw-12357	534	3	costs	cost	NOUN
taxlaw-12357	534	4	of	of	ADP
taxlaw-12357	534	5	false	false	ADJ
taxlaw-12357	534	6	positives	positive	NOUN
taxlaw-12357	534	7	the	the	DET
taxlaw-12357	534	8	costs	cost	NOUN
taxlaw-12357	534	9	of	of	ADP
taxlaw-12357	534	10	false	false	ADJ
taxlaw-12357	534	11	negatives	negative	NOUN
taxlaw-12357	534	12	are	be	AUX
taxlaw-12357	534	13	,	,	PUNCT
taxlaw-12357	534	14	in	in	ADP
taxlaw-12357	534	15	effect	effect	NOUN
taxlaw-12357	534	16	,	,	PUNCT
taxlaw-12357	534	17	the	the	DET
taxlaw-12357	534	18	costs	cost	NOUN
taxlaw-12357	534	19	of	of	ADP
taxlaw-12357	534	20	allowing	allow	VERB
taxlaw-12357	534	21	the	the	DET
taxlaw-12357	534	22	relevant	relevant	ADJ
taxlaw-12357	534	23	tax	tax	NOUN
taxlaw-12357	534	24	planning	planning	NOUN
taxlaw-12357	534	25	strategy	strategy	NOUN
taxlaw-12357	534	26	to	to	PART
taxlaw-12357	534	27	continue	continue	VERB
taxlaw-12357	534	28	,	,	PUNCT
taxlaw-12357	534	29	which	which	PRON
taxlaw-12357	534	30	we	we	PRON
taxlaw-12357	534	31	already	already	ADV
taxlaw-12357	534	32	have	have	AUX
taxlaw-12357	534	33	surveyed	survey	VERB
taxlaw-12357	534	34	above.55	above.55	NOUN
taxlaw-12357	534	35	yet	yet	CCONJ
taxlaw-12357	534	36	what	what	PRON
taxlaw-12357	534	37	about	about	ADP
taxlaw-12357	534	38	false	false	ADJ
taxlaw-12357	534	39	positives	positive	NOUN
taxlaw-12357	534	40	?	?	PUNCT
taxlaw-12357	535	1	how	how	SCONJ
taxlaw-12357	535	2	costly	costly	ADJ
taxlaw-12357	535	3	is	be	AUX
taxlaw-12357	535	4	it	it	PRON
taxlaw-12357	535	5	to	to	PART
taxlaw-12357	535	6	cover	cover	VERB
taxlaw-12357	535	7	(	(	PUNCT
taxlaw-12357	535	8	and	and	CCONJ
taxlaw-12357	535	9	,	,	PUNCT
taxlaw-12357	535	10	thus	thus	ADV
taxlaw-12357	535	11	,	,	PUNCT
taxlaw-12357	535	12	overtax	overtax	ADJ
taxlaw-12357	535	13	)	)	PUNCT
taxlaw-12357	535	14	transactions	transaction	NOUN
taxlaw-12357	535	15	that	that	PRON
taxlaw-12357	535	16	do	do	AUX
taxlaw-12357	535	17	not	not	PART
taxlaw-12357	535	18	pose	pose	VERB
taxlaw-12357	535	19	the	the	DET
taxlaw-12357	535	20	relevant	relevant	ADJ
taxlaw-12357	535	21	abuse	abuse	NOUN
taxlaw-12357	535	22	?	?	PUNCT
taxlaw-12357	536	1	to	to	PART
taxlaw-12357	536	2	make	make	VERB
taxlaw-12357	536	3	this	this	DET
taxlaw-12357	536	4	judgment	judgment	NOUN
taxlaw-12357	536	5	,	,	PUNCT
taxlaw-12357	536	6	policymakers	policymaker	NOUN
taxlaw-12357	536	7	should	should	AUX
taxlaw-12357	536	8	analyze	analyze	VERB
taxlaw-12357	536	9	two	two	NUM
taxlaw-12357	536	10	issues	issue	NOUN
taxlaw-12357	536	11	,	,	PUNCT
taxlaw-12357	536	12	which	which	PRON
taxlaw-12357	536	13	we	we	PRON
taxlaw-12357	536	14	consider	consider	VERB
taxlaw-12357	536	15	in	in	ADP
taxlaw-12357	536	16	turn	turn	NOUN
taxlaw-12357	536	17	:	:	PUNCT
taxlaw-12357	536	18	first	first	ADV
taxlaw-12357	536	19	,	,	PUNCT
taxlaw-12357	536	20	the	the	DET
taxlaw-12357	536	21	likelihood	likelihood	NOUN
taxlaw-12357	536	22	of	of	ADP
taxlaw-12357	536	23	reaching	reach	VERB
taxlaw-12357	536	24	the	the	DET
taxlaw-12357	536	25	wrong	wrong	ADJ
taxlaw-12357	536	26	transactions	transaction	NOUN
taxlaw-12357	536	27	;	;	PUNCT
taxlaw-12357	536	28	and	and	CCONJ
taxlaw-12357	536	29	second	second	ADV
taxlaw-12357	536	30	,	,	PUNCT
taxlaw-12357	536	31	the	the	DET
taxlaw-12357	536	32	cost	cost	NOUN
taxlaw-12357	536	33	of	of	ADP
taxlaw-12357	536	34	doing	do	VERB
taxlaw-12357	536	35	so	so	ADV
taxlaw-12357	536	36	.	.	PUNCT
taxlaw-12357	537	1	a.	a.	NOUN
taxlaw-12357	537	2	probability	probability	NOUN
taxlaw-12357	537	3	so	so	ADV
taxlaw-12357	537	4	,	,	PUNCT
taxlaw-12357	537	5	starting	start	VERB
taxlaw-12357	537	6	with	with	ADP
taxlaw-12357	537	7	probability	probability	NOUN
taxlaw-12357	537	8	,	,	PUNCT
taxlaw-12357	537	9	which	which	PRON
taxlaw-12357	537	10	“	"	PUNCT
taxlaw-12357	537	11	good	good	ADJ
taxlaw-12357	537	12	”	"	PUNCT
taxlaw-12357	537	13	transactions	transaction	NOUN
taxlaw-12357	537	14	are	be	AUX
taxlaw-12357	537	15	at	at	ADP
taxlaw-12357	537	16	risk	risk	NOUN
taxlaw-12357	537	17	of	of	ADP
taxlaw-12357	537	18	being	be	AUX
taxlaw-12357	537	19	covered	cover	VERB
taxlaw-12357	537	20	?	?	PUNCT
taxlaw-12357	538	1	the	the	DET
taxlaw-12357	538	2	key	key	ADJ
taxlaw-12357	538	3	question	question	NOUN
taxlaw-12357	538	4	is	be	AUX
taxlaw-12357	538	5	how	how	SCONJ
taxlaw-12357	538	6	similar	similar	ADJ
taxlaw-12357	538	7	an	an	DET
taxlaw-12357	538	8	abusive	abusive	ADJ
taxlaw-12357	538	9	transaction	transaction	NOUN
taxlaw-12357	538	10	is	be	AUX
taxlaw-12357	538	11	to	to	ADP
taxlaw-12357	538	12	others	other	NOUN
taxlaw-12357	538	13	that	that	PRON
taxlaw-12357	538	14	are	be	AUX
taxlaw-12357	538	15	not	not	PART
taxlaw-12357	538	16	abusive	abusive	ADJ
taxlaw-12357	538	17	.	.	PUNCT
taxlaw-12357	539	1	for	for	ADP
taxlaw-12357	539	2	example	example	NOUN
taxlaw-12357	539	3	,	,	PUNCT
taxlaw-12357	539	4	how	how	SCONJ
taxlaw-12357	539	5	similar	similar	ADJ
taxlaw-12357	539	6	is	be	AUX
taxlaw-12357	539	7	a	a	DET
taxlaw-12357	539	8	hedge	hedge	NOUN
taxlaw-12357	539	9	fund	fund	NOUN
taxlaw-12357	539	10	derivative	derivative	NOUN
taxlaw-12357	539	11	to	to	ADP
taxlaw-12357	539	12	an	an	DET
taxlaw-12357	539	13	s&p	s&p	PROPN
taxlaw-12357	539	14	500	500	NUM
taxlaw-12357	539	15	index	index	NOUN
taxlaw-12357	539	16	future	future	NOUN
taxlaw-12357	539	17	?	?	PUNCT
taxlaw-12357	539	18	or	or	CCONJ
taxlaw-12357	539	19	to	to	ADP
taxlaw-12357	539	20	derivatives	derivative	NOUN
taxlaw-12357	539	21	on	on	ADP
taxlaw-12357	539	22	gold	gold	NOUN
taxlaw-12357	539	23	or	or	CCONJ
taxlaw-12357	539	24	oil	oil	NOUN
taxlaw-12357	539	25	,	,	PUNCT
taxlaw-12357	539	26	which	which	PRON
taxlaw-12357	539	27	give	give	VERB
taxlaw-12357	539	28	investors	investor	NOUN
taxlaw-12357	539	29	greater	great	ADJ
taxlaw-12357	539	30	diversification	diversification	NOUN
taxlaw-12357	539	31	?	?	PUNCT
taxlaw-12357	540	1	relatedly	relatedly	ADV
taxlaw-12357	540	2	,	,	PUNCT
taxlaw-12357	540	3	are	be	AUX
taxlaw-12357	540	4	there	there	ADV
taxlaw-12357	540	5	notable	notable	ADJ
taxlaw-12357	540	6	differences	difference	NOUN
taxlaw-12357	540	7	between	between	ADP
taxlaw-12357	540	8	the	the	DET
taxlaw-12357	540	9	abusive	abusive	ADJ
taxlaw-12357	540	10	and	and	CCONJ
taxlaw-12357	540	11	“	"	PUNCT
taxlaw-12357	540	12	good	good	ADJ
taxlaw-12357	540	13	”	"	PUNCT
taxlaw-12357	540	14	transactions	transaction	NOUN
taxlaw-12357	540	15	,	,	PUNCT
taxlaw-12357	540	16	which	which	PRON
taxlaw-12357	540	17	a	a	DET
taxlaw-12357	540	18	rule	rule	NOUN
taxlaw-12357	540	19	can	can	AUX
taxlaw-12357	540	20	use	use	VERB
taxlaw-12357	540	21	to	to	PART
taxlaw-12357	540	22	distinguish	distinguish	VERB
taxlaw-12357	540	23	them	they	PRON
taxlaw-12357	540	24	?	?	PUNCT
taxlaw-12357	541	1	for	for	ADP
taxlaw-12357	541	2	example	example	NOUN
taxlaw-12357	541	3	,	,	PUNCT
taxlaw-12357	541	4	can	can	AUX
taxlaw-12357	541	5	a	a	DET
taxlaw-12357	541	6	line	line	NOUN
taxlaw-12357	541	7	be	be	AUX
taxlaw-12357	541	8	drawn	draw	VERB
taxlaw-12357	541	9	based	base	VERB
taxlaw-12357	541	10	on	on	ADP
taxlaw-12357	541	11	who	who	PRON
taxlaw-12357	541	12	is	be	AUX
taxlaw-12357	541	13	engaging	engage	VERB
taxlaw-12357	541	14	in	in	ADP
taxlaw-12357	541	15	the	the	DET
taxlaw-12357	541	16	transaction	transaction	NOUN
taxlaw-12357	541	17	(	(	PUNCT
taxlaw-12357	541	18	e.g.	e.g.	ADV
taxlaw-12357	541	19	,	,	PUNCT
taxlaw-12357	541	20	high	high	ADJ
taxlaw-12357	541	21	-	-	PUNCT
taxlaw-12357	541	22	net	net	NOUN
taxlaw-12357	541	23	worth	worth	ADJ
taxlaw-12357	541	24	individuals	individual	NOUN
taxlaw-12357	541	25	,	,	PUNCT
taxlaw-12357	541	26	corporations	corporation	NOUN
taxlaw-12357	541	27	,	,	PUNCT
taxlaw-12357	541	28	etc	etc	X
taxlaw-12357	541	29	.	.	X
taxlaw-12357	541	30	)	)	PUNCT
taxlaw-12357	541	31	?	?	PUNCT
taxlaw-12357	542	1	or	or	CCONJ
taxlaw-12357	542	2	who	who	PRON
taxlaw-12357	542	3	is	be	AUX
taxlaw-12357	542	4	offering	offer	VERB
taxlaw-12357	542	5	it	it	PRON
taxlaw-12357	542	6	(	(	PUNCT
taxlaw-12357	542	7	e.g.	e.g.	ADV
taxlaw-12357	542	8	,	,	PUNCT
taxlaw-12357	542	9	public	public	ADJ
taxlaw-12357	542	10	exchanges	exchange	NOUN
taxlaw-12357	542	11	,	,	PUNCT
taxlaw-12357	542	12	tax	tax	NOUN
taxlaw-12357	542	13	-	-	PUNCT
taxlaw-12357	542	14	indifferent	indifferent	ADJ
taxlaw-12357	542	15	counterparties	counterpartie	NOUN
taxlaw-12357	542	16	,	,	PUNCT
taxlaw-12357	542	17	etc	etc	X
taxlaw-12357	542	18	.	.	X
taxlaw-12357	542	19	)	)	PUNCT
taxlaw-12357	542	20	?	?	PUNCT
taxlaw-12357	543	1	this	this	DET
taxlaw-12357	543	2	sort	sort	NOUN
taxlaw-12357	543	3	of	of	ADP
taxlaw-12357	543	4	distinguishing	distinguish	VERB
taxlaw-12357	543	5	characteristic	characteristic	NOUN
taxlaw-12357	543	6	is	be	AUX
taxlaw-12357	543	7	more	more	ADV
taxlaw-12357	543	8	reliable	reliable	ADJ
taxlaw-12357	543	9	in	in	ADP
taxlaw-12357	543	10	54	54	NUM
taxlaw-12357	543	11	see	see	NOUN
taxlaw-12357	543	12	supra	supra	PROPN
taxlaw-12357	543	13	part	part	PROPN
taxlaw-12357	543	14	iv.a	iv.a	PROPN
taxlaw-12357	543	15	&	&	CCONJ
taxlaw-12357	543	16	b.	b.	PROPN
taxlaw-12357	543	17	55	55	NUM
taxlaw-12357	543	18	see	see	VERB
taxlaw-12357	543	19	supra	supra	PROPN
taxlaw-12357	543	20	part	part	PROPN
taxlaw-12357	543	21	iv.b	iv.b	PROPN
taxlaw-12357	543	22	.	.	PUNCT
taxlaw-12357	544	1	columbia	columbia	PROPN
taxlaw-12357	544	2	journal	journal	PROPN
taxlaw-12357	544	3	of	of	ADP
taxlaw-12357	544	4	tax	tax	NOUN
taxlaw-12357	544	5	law	law	NOUN
taxlaw-12357	545	1	[	[	X
taxlaw-12357	545	2	vol	vol	NOUN
taxlaw-12357	545	3	15:1	15:1	NUM
taxlaw-12357	545	4	20	20	NUM
taxlaw-12357	545	5	some	some	DET
taxlaw-12357	545	6	contexts	context	NOUN
taxlaw-12357	545	7	than	than	ADP
taxlaw-12357	545	8	in	in	ADP
taxlaw-12357	545	9	others	other	NOUN
taxlaw-12357	545	10	.	.	PUNCT
taxlaw-12357	546	1	some	some	DET
taxlaw-12357	546	2	tax	tax	NOUN
taxlaw-12357	546	3	planning	planning	NOUN
taxlaw-12357	546	4	strategies	strategy	NOUN
taxlaw-12357	546	5	stand	stand	VERB
taxlaw-12357	546	6	out	out	ADP
taxlaw-12357	546	7	,	,	PUNCT
taxlaw-12357	546	8	while	while	SCONJ
taxlaw-12357	546	9	others	other	NOUN
taxlaw-12357	546	10	look	look	VERB
taxlaw-12357	546	11	a	a	DET
taxlaw-12357	546	12	lot	lot	NOUN
taxlaw-12357	546	13	like	like	ADP
taxlaw-12357	546	14	conventional	conventional	ADJ
taxlaw-12357	546	15	business	business	NOUN
taxlaw-12357	546	16	transactions	transaction	NOUN
taxlaw-12357	546	17	.	.	PUNCT
taxlaw-12357	547	1	indeed	indeed	ADV
taxlaw-12357	547	2	,	,	PUNCT
taxlaw-12357	547	3	truly	truly	ADV
taxlaw-12357	547	4	gifted	gifted	ADJ
taxlaw-12357	547	5	tax	tax	NOUN
taxlaw-12357	547	6	advisors	advisor	NOUN
taxlaw-12357	547	7	make	make	VERB
taxlaw-12357	547	8	tax	tax	NOUN
taxlaw-12357	547	9	planning	planning	NOUN
taxlaw-12357	547	10	look	look	VERB
taxlaw-12357	547	11	like	like	ADP
taxlaw-12357	547	12	“	"	PUNCT
taxlaw-12357	547	13	business	business	NOUN
taxlaw-12357	547	14	as	as	ADP
taxlaw-12357	547	15	usual	usual	ADJ
taxlaw-12357	547	16	.	.	PUNCT
taxlaw-12357	547	17	”	"	PUNCT
taxlaw-12357	548	1	the	the	DET
taxlaw-12357	548	2	risks	risk	NOUN
taxlaw-12357	548	3	of	of	ADP
taxlaw-12357	548	4	overbreadth	overbreadth	ADJ
taxlaw-12357	548	5	turn	turn	NOUN
taxlaw-12357	548	6	not	not	PART
taxlaw-12357	548	7	just	just	ADV
taxlaw-12357	548	8	on	on	ADP
taxlaw-12357	548	9	the	the	DET
taxlaw-12357	548	10	similarity	similarity	NOUN
taxlaw-12357	548	11	between	between	ADP
taxlaw-12357	548	12	the	the	DET
taxlaw-12357	548	13	planning	planning	NOUN
taxlaw-12357	548	14	and	and	CCONJ
taxlaw-12357	548	15	other	other	ADJ
taxlaw-12357	548	16	transactions	transaction	NOUN
taxlaw-12357	548	17	,	,	PUNCT
taxlaw-12357	548	18	but	but	CCONJ
taxlaw-12357	548	19	also	also	ADV
taxlaw-12357	548	20	on	on	ADP
taxlaw-12357	548	21	the	the	DET
taxlaw-12357	548	22	breadth	breadth	NOUN
taxlaw-12357	548	23	of	of	ADP
taxlaw-12357	548	24	the	the	DET
taxlaw-12357	548	25	government	government	NOUN
taxlaw-12357	548	26	’s	’s	PART
taxlaw-12357	548	27	response	response	NOUN
taxlaw-12357	548	28	.	.	PUNCT
taxlaw-12357	549	1	needless	needless	ADJ
taxlaw-12357	549	2	to	to	PART
taxlaw-12357	549	3	say	say	VERB
taxlaw-12357	549	4	,	,	PUNCT
taxlaw-12357	549	5	the	the	PRON
taxlaw-12357	549	6	broader	broad	ADJ
taxlaw-12357	549	7	the	the	DET
taxlaw-12357	549	8	rule	rule	NOUN
taxlaw-12357	549	9	,	,	PUNCT
taxlaw-12357	549	10	the	the	PRON
taxlaw-12357	549	11	greater	great	ADJ
taxlaw-12357	549	12	the	the	DET
taxlaw-12357	549	13	risk	risk	NOUN
taxlaw-12357	549	14	of	of	ADP
taxlaw-12357	549	15	burdening	burden	VERB
taxlaw-12357	549	16	transactions	transaction	NOUN
taxlaw-12357	549	17	far	far	ADV
taxlaw-12357	549	18	removed	remove	VERB
taxlaw-12357	549	19	from	from	ADP
taxlaw-12357	549	20	the	the	DET
taxlaw-12357	549	21	targeted	target	VERB
taxlaw-12357	549	22	planning	planning	NOUN
taxlaw-12357	549	23	.	.	PUNCT
taxlaw-12357	550	1	for	for	ADP
taxlaw-12357	550	2	example	example	NOUN
taxlaw-12357	550	3	,	,	PUNCT
taxlaw-12357	550	4	if	if	SCONJ
taxlaw-12357	550	5	you	you	PRON
taxlaw-12357	550	6	rent	rent	VERB
taxlaw-12357	550	7	out	out	ADP
taxlaw-12357	550	8	a	a	DET
taxlaw-12357	550	9	room	room	NOUN
taxlaw-12357	550	10	in	in	ADP
taxlaw-12357	550	11	your	your	PRON
taxlaw-12357	550	12	home	home	NOUN
taxlaw-12357	550	13	,	,	PUNCT
taxlaw-12357	550	14	you	you	PRON
taxlaw-12357	550	15	do	do	AUX
taxlaw-12357	550	16	n’t	not	PART
taxlaw-12357	550	17	have	have	VERB
taxlaw-12357	550	18	to	to	PART
taxlaw-12357	550	19	worry	worry	VERB
taxlaw-12357	550	20	about	about	ADP
taxlaw-12357	550	21	a	a	DET
taxlaw-12357	550	22	(	(	PUNCT
taxlaw-12357	550	23	narrow	narrow	ADJ
taxlaw-12357	550	24	)	)	PUNCT
taxlaw-12357	550	25	rule	rule	NOUN
taxlaw-12357	550	26	on	on	ADP
taxlaw-12357	550	27	hedge	hedge	NOUN
taxlaw-12357	550	28	fund	fund	NOUN
taxlaw-12357	550	29	derivatives	derivative	NOUN
taxlaw-12357	550	30	,	,	PUNCT
taxlaw-12357	550	31	but	but	CCONJ
taxlaw-12357	550	32	you	you	PRON
taxlaw-12357	550	33	probably	probably	ADV
taxlaw-12357	550	34	are	be	AUX
taxlaw-12357	550	35	covered	cover	VERB
taxlaw-12357	550	36	by	by	ADP
taxlaw-12357	550	37	a	a	DET
taxlaw-12357	550	38	(	(	PUNCT
taxlaw-12357	550	39	broad	broad	ADJ
taxlaw-12357	550	40	)	)	PUNCT
taxlaw-12357	550	41	rule	rule	NOUN
taxlaw-12357	550	42	on	on	ADP
taxlaw-12357	550	43	losses	loss	NOUN
taxlaw-12357	550	44	from	from	ADP
taxlaw-12357	550	45	passive	passive	ADJ
taxlaw-12357	550	46	investments	investment	NOUN
taxlaw-12357	550	47	like	like	ADP
taxlaw-12357	550	48	mink	mink	NOUN
taxlaw-12357	550	49	farms.56	farms.56	VERB
taxlaw-12357	550	50	even	even	ADV
taxlaw-12357	550	51	so	so	ADV
taxlaw-12357	550	52	,	,	PUNCT
taxlaw-12357	550	53	when	when	SCONJ
taxlaw-12357	550	54	policymakers	policymaker	NOUN
taxlaw-12357	550	55	seek	seek	VERB
taxlaw-12357	550	56	to	to	PART
taxlaw-12357	550	57	avoid	avoid	VERB
taxlaw-12357	550	58	overbreadth	overbreadth	ADJ
taxlaw-12357	550	59	,	,	PUNCT
taxlaw-12357	550	60	they	they	PRON
taxlaw-12357	550	61	have	have	VERB
taxlaw-12357	550	62	a	a	DET
taxlaw-12357	550	63	motivated	motivated	ADJ
taxlaw-12357	550	64	ally	ally	NOUN
taxlaw-12357	550	65	:	:	PUNCT
taxlaw-12357	550	66	the	the	DET
taxlaw-12357	550	67	tax	tax	NOUN
taxlaw-12357	550	68	bar	bar	NOUN
taxlaw-12357	550	69	.	.	PUNCT
taxlaw-12357	551	1	tax	tax	NOUN
taxlaw-12357	551	2	advisors	advisor	NOUN
taxlaw-12357	551	3	have	have	VERB
taxlaw-12357	551	4	a	a	DET
taxlaw-12357	551	5	stake	stake	NOUN
taxlaw-12357	551	6	in	in	ADP
taxlaw-12357	551	7	protecting	protect	VERB
taxlaw-12357	551	8	“	"	PUNCT
taxlaw-12357	551	9	good	good	ADJ
taxlaw-12357	551	10	”	"	PUNCT
taxlaw-12357	551	11	transactions	transaction	NOUN
taxlaw-12357	551	12	,	,	PUNCT
taxlaw-12357	551	13	so	so	SCONJ
taxlaw-12357	551	14	clients	client	NOUN
taxlaw-12357	551	15	can	can	AUX
taxlaw-12357	551	16	keep	keep	VERB
taxlaw-12357	551	17	doing	do	VERB
taxlaw-12357	551	18	them	they	PRON
taxlaw-12357	551	19	.	.	PUNCT
taxlaw-12357	552	1	the	the	DET
taxlaw-12357	552	2	bar	bar	NOUN
taxlaw-12357	552	3	also	also	ADV
taxlaw-12357	552	4	expects	expect	VERB
taxlaw-12357	552	5	(	(	PUNCT
taxlaw-12357	552	6	or	or	CCONJ
taxlaw-12357	552	7	,	,	PUNCT
taxlaw-12357	552	8	at	at	ADP
taxlaw-12357	552	9	least	least	ADJ
taxlaw-12357	552	10	,	,	PUNCT
taxlaw-12357	552	11	hopes	hope	NOUN
taxlaw-12357	552	12	)	)	PUNCT
taxlaw-12357	552	13	that	that	SCONJ
taxlaw-12357	552	14	policymakers	policymaker	NOUN
taxlaw-12357	552	15	will	will	AUX
taxlaw-12357	552	16	sympathize	sympathize	VERB
taxlaw-12357	552	17	with	with	ADP
taxlaw-12357	552	18	this	this	DET
taxlaw-12357	552	19	goal	goal	NOUN
taxlaw-12357	552	20	.	.	PUNCT
taxlaw-12357	553	1	in	in	ADP
taxlaw-12357	553	2	contrast	contrast	NOUN
taxlaw-12357	553	3	,	,	PUNCT
taxlaw-12357	553	4	the	the	DET
taxlaw-12357	553	5	dynamic	dynamic	NOUN
taxlaw-12357	553	6	is	be	AUX
taxlaw-12357	553	7	quite	quite	ADV
taxlaw-12357	553	8	different	different	ADJ
taxlaw-12357	553	9	for	for	ADP
taxlaw-12357	553	10	false	false	ADJ
taxlaw-12357	553	11	negatives	negative	NOUN
taxlaw-12357	553	12	.	.	PUNCT
taxlaw-12357	554	1	if	if	SCONJ
taxlaw-12357	554	2	there	there	PRON
taxlaw-12357	554	3	is	be	VERB
taxlaw-12357	554	4	an	an	DET
taxlaw-12357	554	5	easy	easy	ADJ
taxlaw-12357	554	6	end	end	NOUN
taxlaw-12357	554	7	run	run	VERB
taxlaw-12357	554	8	around	around	ADP
taxlaw-12357	554	9	a	a	DET
taxlaw-12357	554	10	rule	rule	NOUN
taxlaw-12357	554	11	,	,	PUNCT
taxlaw-12357	554	12	which	which	PRON
taxlaw-12357	554	13	policymakers	policymaker	NOUN
taxlaw-12357	554	14	have	have	AUX
taxlaw-12357	554	15	missed	miss	VERB
taxlaw-12357	554	16	,	,	PUNCT
taxlaw-12357	554	17	tax	tax	NOUN
taxlaw-12357	554	18	advisors	advisor	NOUN
taxlaw-12357	554	19	have	have	VERB
taxlaw-12357	554	20	an	an	DET
taxlaw-12357	554	21	obvious	obvious	ADJ
taxlaw-12357	554	22	reason	reason	NOUN
taxlaw-12357	554	23	to	to	PART
taxlaw-12357	554	24	stay	stay	VERB
taxlaw-12357	554	25	silent	silent	ADJ
taxlaw-12357	554	26	:	:	PUNCT
taxlaw-12357	554	27	until	until	SCONJ
taxlaw-12357	554	28	this	this	DET
taxlaw-12357	554	29	hole	hole	NOUN
taxlaw-12357	554	30	is	be	AUX
taxlaw-12357	554	31	plugged	plug	VERB
taxlaw-12357	554	32	,	,	PUNCT
taxlaw-12357	554	33	their	their	PRON
taxlaw-12357	554	34	clients	client	NOUN
taxlaw-12357	554	35	can	can	AUX
taxlaw-12357	554	36	use	use	VERB
taxlaw-12357	554	37	it	it	PRON
taxlaw-12357	554	38	.	.	PUNCT
taxlaw-12357	555	1	b.	b.	PROPN
taxlaw-12357	555	2	magnitude	magnitude	NOUN
taxlaw-12357	555	3	in	in	ADP
taxlaw-12357	555	4	assessing	assess	VERB
taxlaw-12357	555	5	the	the	DET
taxlaw-12357	555	6	risk	risk	NOUN
taxlaw-12357	555	7	of	of	ADP
taxlaw-12357	555	8	overbreadth	overbreadth	NOUN
taxlaw-12357	555	9	,	,	PUNCT
taxlaw-12357	555	10	policymakers	policymaker	NOUN
taxlaw-12357	555	11	should	should	AUX
taxlaw-12357	555	12	consider	consider	VERB
taxlaw-12357	555	13	not	not	PART
taxlaw-12357	555	14	just	just	ADV
taxlaw-12357	555	15	the	the	DET
taxlaw-12357	555	16	likelihood	likelihood	NOUN
taxlaw-12357	555	17	of	of	ADP
taxlaw-12357	555	18	false	false	ADJ
taxlaw-12357	555	19	positives	positive	NOUN
taxlaw-12357	555	20	,	,	PUNCT
taxlaw-12357	555	21	but	but	CCONJ
taxlaw-12357	555	22	also	also	ADV
taxlaw-12357	555	23	their	their	PRON
taxlaw-12357	555	24	cost	cost	NOUN
taxlaw-12357	555	25	.	.	PUNCT
taxlaw-12357	556	1	how	how	SCONJ
taxlaw-12357	556	2	problematic	problematic	ADJ
taxlaw-12357	556	3	would	would	AUX
taxlaw-12357	556	4	it	it	PRON
taxlaw-12357	556	5	be	be	AUX
taxlaw-12357	556	6	to	to	PART
taxlaw-12357	556	7	tax	tax	VERB
taxlaw-12357	556	8	these	these	DET
taxlaw-12357	556	9	transactions	transaction	NOUN
taxlaw-12357	556	10	more	more	ADV
taxlaw-12357	556	11	heavily	heavily	ADV
taxlaw-12357	556	12	?	?	PUNCT
taxlaw-12357	557	1	how	how	SCONJ
taxlaw-12357	557	2	socially	socially	ADV
taxlaw-12357	557	3	valuable	valuable	ADJ
taxlaw-12357	557	4	are	be	AUX
taxlaw-12357	557	5	they	they	PRON
taxlaw-12357	557	6	?	?	PUNCT
taxlaw-12357	558	1	would	would	AUX
taxlaw-12357	558	2	taxpayers	taxpayer	NOUN
taxlaw-12357	558	3	really	really	ADV
taxlaw-12357	558	4	stop	stop	VERB
taxlaw-12357	558	5	doing	do	VERB
taxlaw-12357	558	6	them	they	PRON
taxlaw-12357	558	7	?	?	PUNCT
taxlaw-12357	559	1	again	again	ADV
taxlaw-12357	559	2	,	,	PUNCT
taxlaw-12357	559	3	policymakers	policymaker	NOUN
taxlaw-12357	559	4	should	should	AUX
taxlaw-12357	559	5	consider	consider	VERB
taxlaw-12357	559	6	elasticity	elasticity	NOUN
taxlaw-12357	559	7	and	and	CCONJ
taxlaw-12357	559	8	externalities	externality	NOUN
taxlaw-12357	559	9	in	in	ADP
taxlaw-12357	559	10	deciding	decide	VERB
taxlaw-12357	559	11	what	what	PRON
taxlaw-12357	559	12	the	the	DET
taxlaw-12357	559	13	tax	tax	NOUN
taxlaw-12357	559	14	burden	burden	NOUN
taxlaw-12357	559	15	on	on	ADP
taxlaw-12357	559	16	these	these	DET
taxlaw-12357	559	17	“	"	PUNCT
taxlaw-12357	559	18	good	good	ADJ
taxlaw-12357	559	19	”	"	PUNCT
taxlaw-12357	559	20	transactions	transaction	NOUN
taxlaw-12357	559	21	should	should	AUX
taxlaw-12357	559	22	be	be	AUX
taxlaw-12357	559	23	.	.	PUNCT
taxlaw-12357	560	1	based	base	VERB
taxlaw-12357	560	2	on	on	ADP
taxlaw-12357	560	3	this	this	DET
taxlaw-12357	560	4	analysis	analysis	NOUN
taxlaw-12357	560	5	,	,	PUNCT
taxlaw-12357	560	6	if	if	SCONJ
taxlaw-12357	560	7	an	an	DET
taxlaw-12357	560	8	over	over	ADP
taxlaw-12357	560	9	-	-	PUNCT
taxlaw-12357	560	10	broad	broad	ADJ
taxlaw-12357	560	11	rule	rule	NOUN
taxlaw-12357	560	12	would	would	AUX
taxlaw-12357	560	13	threaten	threaten	VERB
taxlaw-12357	560	14	a	a	DET
taxlaw-12357	560	15	large	large	ADJ
taxlaw-12357	560	16	volume	volume	NOUN
taxlaw-12357	560	17	of	of	ADP
taxlaw-12357	560	18	socially	socially	ADV
taxlaw-12357	560	19	valuable	valuable	ADJ
taxlaw-12357	560	20	activity	activity	NOUN
taxlaw-12357	560	21	,	,	PUNCT
taxlaw-12357	560	22	policymakers	policymaker	NOUN
taxlaw-12357	560	23	should	should	AUX
taxlaw-12357	560	24	go	go	VERB
taxlaw-12357	560	25	to	to	ADP
taxlaw-12357	560	26	greater	great	ADJ
taxlaw-12357	560	27	lengths	length	NOUN
taxlaw-12357	560	28	to	to	PART
taxlaw-12357	560	29	avoid	avoid	VERB
taxlaw-12357	560	30	false	false	ADJ
taxlaw-12357	560	31	positives	positive	NOUN
taxlaw-12357	560	32	,	,	PUNCT
taxlaw-12357	560	33	even	even	ADV
taxlaw-12357	560	34	at	at	ADP
taxlaw-12357	560	35	the	the	DET
taxlaw-12357	560	36	cost	cost	NOUN
taxlaw-12357	560	37	of	of	ADP
taxlaw-12357	560	38	allowing	allow	VERB
taxlaw-12357	560	39	more	more	ADV
taxlaw-12357	560	40	false	false	ADJ
taxlaw-12357	560	41	negatives	negative	NOUN
taxlaw-12357	560	42	.	.	PUNCT
taxlaw-12357	561	1	in	in	ADP
taxlaw-12357	561	2	contrast	contrast	NOUN
taxlaw-12357	561	3	,	,	PUNCT
taxlaw-12357	561	4	an	an	DET
taxlaw-12357	561	5	overbroad	overbroad	NOUN
taxlaw-12357	561	6	rule	rule	NOUN
taxlaw-12357	561	7	is	be	AUX
taxlaw-12357	561	8	less	less	ADJ
taxlaw-12357	561	9	of	of	ADP
taxlaw-12357	561	10	a	a	DET
taxlaw-12357	561	11	concern	concern	NOUN
taxlaw-12357	561	12	if	if	SCONJ
taxlaw-12357	561	13	the	the	DET
taxlaw-12357	561	14	costs	cost	NOUN
taxlaw-12357	561	15	of	of	ADP
taxlaw-12357	561	16	overbreadth	overbreadth	NOUN
taxlaw-12357	561	17	are	be	AUX
taxlaw-12357	561	18	low	low	ADJ
taxlaw-12357	561	19	.	.	PUNCT
taxlaw-12357	562	1	maybe	maybe	ADV
taxlaw-12357	562	2	these	these	DET
taxlaw-12357	562	3	transactions	transaction	NOUN
taxlaw-12357	562	4	are	be	AUX
taxlaw-12357	562	5	of	of	ADP
taxlaw-12357	562	6	only	only	ADJ
taxlaw-12357	562	7	marginal	marginal	ADJ
taxlaw-12357	562	8	importance	importance	NOUN
taxlaw-12357	562	9	to	to	ADP
taxlaw-12357	562	10	the	the	DET
taxlaw-12357	562	11	economy	economy	NOUN
taxlaw-12357	562	12	.	.	PUNCT
taxlaw-12357	563	1	or	or	CCONJ
taxlaw-12357	563	2	maybe	maybe	ADV
taxlaw-12357	563	3	the	the	DET
taxlaw-12357	563	4	relevant	relevant	ADJ
taxlaw-12357	563	5	activity	activity	NOUN
taxlaw-12357	563	6	is	be	AUX
taxlaw-12357	563	7	important	important	ADJ
taxlaw-12357	563	8	,	,	PUNCT
taxlaw-12357	563	9	but	but	CCONJ
taxlaw-12357	563	10	taxpayers	taxpayer	NOUN
taxlaw-12357	563	11	could	could	AUX
taxlaw-12357	563	12	still	still	ADV
taxlaw-12357	563	13	pursue	pursue	VERB
taxlaw-12357	563	14	it	it	PRON
taxlaw-12357	563	15	without	without	ADP
taxlaw-12357	563	16	being	be	AUX
taxlaw-12357	563	17	caught	catch	VERB
taxlaw-12357	563	18	by	by	ADP
taxlaw-12357	563	19	the	the	DET
taxlaw-12357	563	20	new	new	ADJ
taxlaw-12357	563	21	rule	rule	NOUN
taxlaw-12357	563	22	.	.	PUNCT
taxlaw-12357	564	1	3	3	X
taxlaw-12357	564	2	.	.	X
taxlaw-12357	564	3	managing	manage	VERB
taxlaw-12357	564	4	the	the	DET
taxlaw-12357	564	5	tradeoff	tradeoff	NOUN
taxlaw-12357	564	6	:	:	PUNCT
taxlaw-12357	564	7	false	false	ADJ
taxlaw-12357	564	8	negatives	negative	NOUN
taxlaw-12357	564	9	versus	versus	ADP
taxlaw-12357	564	10	false	false	ADJ
taxlaw-12357	564	11	positives	positive	NOUN
taxlaw-12357	564	12	in	in	ADP
taxlaw-12357	564	13	short	short	ADJ
taxlaw-12357	564	14	,	,	PUNCT
taxlaw-12357	564	15	in	in	ADP
taxlaw-12357	564	16	setting	set	VERB
taxlaw-12357	564	17	the	the	DET
taxlaw-12357	564	18	normative	normative	ADJ
taxlaw-12357	564	19	presumption	presumption	NOUN
taxlaw-12357	564	20	,	,	PUNCT
taxlaw-12357	564	21	policymakers	policymaker	NOUN
taxlaw-12357	564	22	need	need	VERB
taxlaw-12357	564	23	to	to	PART
taxlaw-12357	564	24	consider	consider	VERB
taxlaw-12357	564	25	not	not	PART
taxlaw-12357	564	26	just	just	ADV
taxlaw-12357	564	27	how	how	SCONJ
taxlaw-12357	564	28	bad	bad	ADJ
taxlaw-12357	564	29	the	the	DET
taxlaw-12357	564	30	targeted	target	VERB
taxlaw-12357	564	31	transaction	transaction	NOUN
taxlaw-12357	564	32	is	be	AUX
taxlaw-12357	564	33	,	,	PUNCT
taxlaw-12357	564	34	but	but	CCONJ
taxlaw-12357	564	35	also	also	ADV
taxlaw-12357	564	36	how	how	SCONJ
taxlaw-12357	564	37	bad	bad	ADJ
taxlaw-12357	564	38	the	the	DET
taxlaw-12357	564	39	collateral	collateral	ADJ
taxlaw-12357	564	40	damage	damage	NOUN
taxlaw-12357	564	41	would	would	AUX
taxlaw-12357	564	42	be	be	AUX
taxlaw-12357	564	43	from	from	ADP
taxlaw-12357	564	44	targeting	target	VERB
taxlaw-12357	564	45	it	it	PRON
taxlaw-12357	564	46	imprecisely	imprecisely	ADV
taxlaw-12357	564	47	.	.	PUNCT
taxlaw-12357	565	1	if	if	SCONJ
taxlaw-12357	565	2	false	false	ADJ
taxlaw-12357	565	3	negatives	negative	NOUN
taxlaw-12357	565	4	are	be	AUX
taxlaw-12357	565	5	the	the	DET
taxlaw-12357	565	6	more	more	ADV
taxlaw-12357	565	7	daunting	daunting	ADJ
taxlaw-12357	565	8	prospect	prospect	NOUN
taxlaw-12357	565	9	,	,	PUNCT
taxlaw-12357	565	10	policymakers	policymaker	NOUN
taxlaw-12357	565	11	should	should	AUX
taxlaw-12357	565	12	err	err	VERB
taxlaw-12357	565	13	in	in	ADP
taxlaw-12357	565	14	the	the	DET
taxlaw-12357	565	15	direction	direction	NOUN
taxlaw-12357	565	16	of	of	ADP
taxlaw-12357	565	17	overbreadth	overbreadth	NOUN
taxlaw-12357	565	18	.	.	PUNCT
taxlaw-12357	566	1	but	but	CCONJ
taxlaw-12357	566	2	if	if	SCONJ
taxlaw-12357	566	3	false	false	ADJ
taxlaw-12357	566	4	positives	positive	NOUN
taxlaw-12357	566	5	are	be	AUX
taxlaw-12357	566	6	the	the	DET
taxlaw-12357	566	7	more	more	ADV
taxlaw-12357	566	8	troubling	troubling	ADJ
taxlaw-12357	566	9	scenario	scenario	NOUN
taxlaw-12357	566	10	,	,	PUNCT
taxlaw-12357	566	11	a	a	DET
taxlaw-12357	566	12	narrower	narrow	ADJ
taxlaw-12357	566	13	rule	rule	NOUN
taxlaw-12357	566	14	is	be	AUX
taxlaw-12357	566	15	needed	need	VERB
taxlaw-12357	566	16	.	.	PUNCT
taxlaw-12357	567	1	56	56	NUM
taxlaw-12357	567	2	the	the	DET
taxlaw-12357	567	3	passive	passive	ADJ
taxlaw-12357	567	4	activity	activity	NOUN
taxlaw-12357	567	5	loss	loss	NOUN
taxlaw-12357	567	6	rules	rule	NOUN
taxlaw-12357	567	7	of	of	ADP
taxlaw-12357	567	8	section	section	NOUN
taxlaw-12357	567	9	469	469	NUM
taxlaw-12357	567	10	are	be	AUX
taxlaw-12357	567	11	notoriously	notoriously	ADV
taxlaw-12357	567	12	overbroad	overbroad	ADJ
taxlaw-12357	567	13	.	.	PUNCT
taxlaw-12357	568	1	see	see	VERB
taxlaw-12357	568	2	justyana	justyana	PROPN
taxlaw-12357	568	3	mueller	mueller	PROPN
taxlaw-12357	568	4	&	&	CCONJ
taxlaw-12357	568	5	susanna	susanna	PROPN
taxlaw-12357	568	6	forbes	forbes	PROPN
taxlaw-12357	568	7	,	,	PUNCT
taxlaw-12357	568	8	i	i	PRON
taxlaw-12357	568	9	’m	’m	VERB
taxlaw-12357	568	10	not	not	PART
taxlaw-12357	568	11	your	your	PRON
taxlaw-12357	568	12	friend	friend	NOUN
taxlaw-12357	568	13	—	—	PUNCT
taxlaw-12357	568	14	i’m	i’m	NOUN
taxlaw-12357	568	15	a	a	DET
taxlaw-12357	568	16	pal	pal	NOUN
taxlaw-12357	568	17	!	!	PUNCT
taxlaw-12357	569	1	passive	passive	ADJ
taxlaw-12357	569	2	activity	activity	NOUN
taxlaw-12357	569	3	loss	loss	NOUN
taxlaw-12357	569	4	rules	rule	NOUN
taxlaw-12357	569	5	explained	explain	VERB
taxlaw-12357	569	6	,	,	PUNCT
taxlaw-12357	569	7	james	james	PROPN
taxlaw-12357	569	8	moore	moore	PROPN
taxlaw-12357	569	9	(	(	PUNCT
taxlaw-12357	569	10	july	july	PROPN
taxlaw-12357	569	11	23	23	NUM
taxlaw-12357	569	12	,	,	PUNCT
taxlaw-12357	569	13	2019	2019	NUM
taxlaw-12357	569	14	)	)	PUNCT
taxlaw-12357	569	15	,	,	PUNCT
taxlaw-12357	569	16	https://www.jmco.com/articles/tax/passive-activity-loss-rules-explained/	https://www.jmco.com/articles/tax/passive-activity-loss-rules-explained/	PROPN
taxlaw-12357	570	1	[	[	X
taxlaw-12357	570	2	https://perma.cc/5unn-gppx	https://perma.cc/5unn-gppx	X
taxlaw-12357	570	3	]	]	X
taxlaw-12357	570	4	(	(	PUNCT
taxlaw-12357	570	5	“	"	PUNCT
taxlaw-12357	570	6	sounds	sound	VERB
taxlaw-12357	570	7	like	like	ADP
taxlaw-12357	570	8	a	a	DET
taxlaw-12357	570	9	tax	tax	NOUN
taxlaw-12357	570	10	nightmare	nightmare	NOUN
taxlaw-12357	570	11	,	,	PUNCT
taxlaw-12357	570	12	right	right	ADJ
taxlaw-12357	570	13	?	?	PUNCT
taxlaw-12357	571	1	unfortunately	unfortunately	ADV
taxlaw-12357	571	2	,	,	PUNCT
taxlaw-12357	571	3	the	the	DET
taxlaw-12357	571	4	situation	situation	NOUN
taxlaw-12357	571	5	is	be	AUX
taxlaw-12357	571	6	not	not	PART
taxlaw-12357	571	7	uncommon	uncommon	ADJ
taxlaw-12357	571	8	.	.	PUNCT
taxlaw-12357	571	9	”	"	PUNCT
taxlaw-12357	571	10	)	)	PUNCT
taxlaw-12357	571	11	.	.	PUNCT
taxlaw-12357	572	1	2024	2024	NUM
taxlaw-12357	572	2	]	]	PUNCT
taxlaw-12357	572	3	transaction	transaction	NOUN
taxlaw-12357	572	4	-	-	PUNCT
taxlaw-12357	572	5	specific	specific	ADJ
taxlaw-12357	572	6	tax	tax	NOUN
taxlaw-12357	572	7	reform	reform	NOUN
taxlaw-12357	572	8	in	in	ADP
taxlaw-12357	572	9	three	three	NUM
taxlaw-12357	572	10	steps	step	NOUN
taxlaw-12357	572	11	21	21	NUM
taxlaw-12357	572	12	what	what	PRON
taxlaw-12357	572	13	if	if	SCONJ
taxlaw-12357	572	14	false	false	ADJ
taxlaw-12357	572	15	negatives	negative	NOUN
taxlaw-12357	572	16	and	and	CCONJ
taxlaw-12357	572	17	false	false	ADJ
taxlaw-12357	572	18	positives	positive	NOUN
taxlaw-12357	572	19	are	be	AUX
taxlaw-12357	572	20	both	both	PRON
taxlaw-12357	572	21	very	very	ADV
taxlaw-12357	572	22	costly	costly	ADJ
taxlaw-12357	572	23	?	?	PUNCT
taxlaw-12357	573	1	when	when	SCONJ
taxlaw-12357	573	2	this	this	PRON
taxlaw-12357	573	3	is	be	AUX
taxlaw-12357	573	4	the	the	DET
taxlaw-12357	573	5	case	case	NOUN
taxlaw-12357	573	6	,	,	PUNCT
taxlaw-12357	573	7	there	there	PRON
taxlaw-12357	573	8	is	be	VERB
taxlaw-12357	573	9	more	more	ADJ
taxlaw-12357	573	10	pressure	pressure	NOUN
taxlaw-12357	573	11	to	to	PART
taxlaw-12357	573	12	craft	craft	VERB
taxlaw-12357	573	13	a	a	DET
taxlaw-12357	573	14	precise	precise	ADJ
taxlaw-12357	573	15	rule	rule	NOUN
taxlaw-12357	573	16	,	,	PUNCT
taxlaw-12357	573	17	which	which	PRON
taxlaw-12357	573	18	is	be	AUX
taxlaw-12357	573	19	better	well	ADJ
taxlaw-12357	573	20	at	at	ADP
taxlaw-12357	573	21	distinguishing	distinguish	VERB
taxlaw-12357	573	22	the	the	DET
taxlaw-12357	573	23	targeted	target	VERB
taxlaw-12357	573	24	planning	planning	NOUN
taxlaw-12357	573	25	from	from	ADP
taxlaw-12357	573	26	“	"	PUNCT
taxlaw-12357	573	27	good	good	ADJ
taxlaw-12357	573	28	”	"	PUNCT
taxlaw-12357	573	29	transactions	transaction	NOUN
taxlaw-12357	573	30	.	.	PUNCT
taxlaw-12357	574	1	yet	yet	CCONJ
taxlaw-12357	574	2	this	this	DET
taxlaw-12357	574	3	precision	precision	NOUN
taxlaw-12357	574	4	is	be	AUX
taxlaw-12357	574	5	n’t	not	PART
taxlaw-12357	574	6	free	free	ADJ
taxlaw-12357	574	7	.	.	PUNCT
taxlaw-12357	575	1	usually	usually	ADV
taxlaw-12357	575	2	,	,	PUNCT
taxlaw-12357	575	3	a	a	DET
taxlaw-12357	575	4	sophisticated	sophisticated	ADJ
taxlaw-12357	575	5	rule	rule	NOUN
taxlaw-12357	575	6	is	be	AUX
taxlaw-12357	575	7	needed	need	VERB
taxlaw-12357	575	8	,	,	PUNCT
taxlaw-12357	575	9	which	which	PRON
taxlaw-12357	575	10	increases	increase	VERB
taxlaw-12357	575	11	compliance	compliance	NOUN
taxlaw-12357	575	12	and	and	CCONJ
taxlaw-12357	575	13	enforcement	enforcement	NOUN
taxlaw-12357	575	14	costs	cost	NOUN
taxlaw-12357	575	15	(	(	PUNCT
taxlaw-12357	575	16	e.g.	e.g.	ADV
taxlaw-12357	575	17	,	,	PUNCT
taxlaw-12357	575	18	in	in	ADP
taxlaw-12357	575	19	requiring	require	VERB
taxlaw-12357	575	20	complex	complex	ADJ
taxlaw-12357	575	21	calculations	calculation	NOUN
taxlaw-12357	575	22	,	,	PUNCT
taxlaw-12357	575	23	challenging	challenging	ADJ
taxlaw-12357	575	24	valuations	valuation	NOUN
taxlaw-12357	575	25	,	,	PUNCT
taxlaw-12357	575	26	subtle	subtle	ADJ
taxlaw-12357	575	27	distinctions	distinction	NOUN
taxlaw-12357	575	28	,	,	PUNCT
taxlaw-12357	575	29	and	and	CCONJ
taxlaw-12357	575	30	the	the	DET
taxlaw-12357	575	31	like	like	ADJ
taxlaw-12357	575	32	)	)	PUNCT
taxlaw-12357	575	33	.	.	PUNCT
taxlaw-12357	576	1	as	as	ADP
taxlaw-12357	576	2	a	a	DET
taxlaw-12357	576	3	result	result	NOUN
taxlaw-12357	576	4	,	,	PUNCT
taxlaw-12357	576	5	policymakers	policymaker	NOUN
taxlaw-12357	576	6	face	face	VERB
taxlaw-12357	576	7	a	a	DET
taxlaw-12357	576	8	tradeoff	tradeoff	NOUN
taxlaw-12357	576	9	:	:	PUNCT
taxlaw-12357	576	10	on	on	ADP
taxlaw-12357	576	11	the	the	DET
taxlaw-12357	576	12	one	one	NUM
taxlaw-12357	576	13	hand	hand	NOUN
taxlaw-12357	576	14	,	,	PUNCT
taxlaw-12357	576	15	a	a	DET
taxlaw-12357	576	16	more	more	ADV
taxlaw-12357	576	17	sophisticated	sophisticated	ADJ
taxlaw-12357	576	18	rule	rule	NOUN
taxlaw-12357	576	19	targets	target	NOUN
taxlaw-12357	576	20	the	the	DET
taxlaw-12357	576	21	abuse	abuse	NOUN
taxlaw-12357	576	22	more	more	ADV
taxlaw-12357	576	23	precisely	precisely	ADV
taxlaw-12357	576	24	but	but	CCONJ
taxlaw-12357	576	25	is	be	AUX
taxlaw-12357	576	26	harder	hard	ADJ
taxlaw-12357	576	27	to	to	PART
taxlaw-12357	576	28	administer	administer	VERB
taxlaw-12357	576	29	.	.	PUNCT
taxlaw-12357	577	1	on	on	ADP
taxlaw-12357	577	2	the	the	DET
taxlaw-12357	577	3	other	other	ADJ
taxlaw-12357	577	4	hand	hand	NOUN
taxlaw-12357	577	5	,	,	PUNCT
taxlaw-12357	577	6	a	a	DET
taxlaw-12357	577	7	blunter	blunter	ADJ
taxlaw-12357	577	8	rule	rule	NOUN
taxlaw-12357	577	9	is	be	AUX
taxlaw-12357	577	10	cheaper	cheap	ADJ
taxlaw-12357	577	11	,	,	PUNCT
taxlaw-12357	577	12	but	but	CCONJ
taxlaw-12357	577	13	it	it	PRON
taxlaw-12357	577	14	is	be	AUX
taxlaw-12357	577	15	likely	likely	ADJ
taxlaw-12357	577	16	to	to	PART
taxlaw-12357	577	17	be	be	AUX
taxlaw-12357	577	18	either	either	PRON
taxlaw-12357	577	19	overbroad	overbroad	NOUN
taxlaw-12357	577	20	(	(	PUNCT
taxlaw-12357	577	21	with	with	ADP
taxlaw-12357	577	22	many	many	ADJ
taxlaw-12357	577	23	false	false	ADJ
taxlaw-12357	577	24	positives	positive	NOUN
taxlaw-12357	577	25	)	)	PUNCT
taxlaw-12357	577	26	or	or	CCONJ
taxlaw-12357	577	27	easy	easy	ADJ
taxlaw-12357	577	28	to	to	PART
taxlaw-12357	577	29	avoid	avoid	VERB
taxlaw-12357	577	30	(	(	PUNCT
taxlaw-12357	577	31	with	with	ADP
taxlaw-12357	577	32	many	many	ADJ
taxlaw-12357	577	33	false	false	ADJ
taxlaw-12357	577	34	negatives	negative	NOUN
taxlaw-12357	577	35	)	)	PUNCT
taxlaw-12357	577	36	.	.	PUNCT
taxlaw-12357	578	1	so	so	ADV
taxlaw-12357	578	2	is	be	AUX
taxlaw-12357	578	3	it	it	PRON
taxlaw-12357	578	4	better	well	ADJ
taxlaw-12357	578	5	to	to	PART
taxlaw-12357	578	6	increase	increase	VERB
taxlaw-12357	578	7	administrative	administrative	ADJ
taxlaw-12357	578	8	costs	cost	NOUN
taxlaw-12357	578	9	?	?	PUNCT
taxlaw-12357	578	10	or	or	CCONJ
taxlaw-12357	578	11	to	to	PART
taxlaw-12357	578	12	tolerate	tolerate	VERB
taxlaw-12357	578	13	more	more	ADV
taxlaw-12357	578	14	false	false	ADJ
taxlaw-12357	578	15	positives	positive	NOUN
taxlaw-12357	578	16	and	and	CCONJ
taxlaw-12357	578	17	false	false	ADJ
taxlaw-12357	578	18	negatives	negative	NOUN
taxlaw-12357	578	19	?	?	PUNCT
taxlaw-12357	579	1	there	there	PRON
taxlaw-12357	579	2	is	be	VERB
taxlaw-12357	579	3	no	no	DET
taxlaw-12357	579	4	one	one	NUM
taxlaw-12357	579	5	-	-	PUNCT
taxlaw-12357	579	6	size	size	NOUN
taxlaw-12357	579	7	-	-	PUNCT
taxlaw-12357	579	8	fits	fit	VERB
taxlaw-12357	579	9	-	-	PUNCT
taxlaw-12357	579	10	all	all	DET
taxlaw-12357	579	11	answer	answer	NOUN
taxlaw-12357	579	12	.	.	PUNCT
taxlaw-12357	580	1	instead	instead	ADV
taxlaw-12357	580	2	,	,	PUNCT
taxlaw-12357	580	3	policymakers	policymaker	NOUN
taxlaw-12357	580	4	need	need	VERB
taxlaw-12357	580	5	to	to	PART
taxlaw-12357	580	6	make	make	VERB
taxlaw-12357	580	7	context	context	NOUN
taxlaw-12357	580	8	-	-	PUNCT
taxlaw-12357	580	9	specific	specific	ADJ
taxlaw-12357	580	10	judgments	judgment	NOUN
taxlaw-12357	580	11	.	.	PUNCT
taxlaw-12357	581	1	in	in	ADP
taxlaw-12357	581	2	principle	principle	NOUN
taxlaw-12357	581	3	,	,	PUNCT
taxlaw-12357	581	4	this	this	DET
taxlaw-12357	581	5	tradeoff	tradeoff	NOUN
taxlaw-12357	581	6	can	can	AUX
taxlaw-12357	581	7	be	be	AUX
taxlaw-12357	581	8	avoided	avoid	VERB
taxlaw-12357	581	9	(	(	PUNCT
taxlaw-12357	581	10	or	or	CCONJ
taxlaw-12357	581	11	at	at	ADP
taxlaw-12357	581	12	least	least	ADJ
taxlaw-12357	581	13	mitigated	mitigate	VERB
taxlaw-12357	581	14	)	)	PUNCT
taxlaw-12357	581	15	with	with	ADP
taxlaw-12357	581	16	a	a	DET
taxlaw-12357	581	17	test	test	NOUN
taxlaw-12357	581	18	that	that	PRON
taxlaw-12357	581	19	is	be	AUX
taxlaw-12357	581	20	both	both	CCONJ
taxlaw-12357	581	21	accurate	accurate	ADJ
taxlaw-12357	581	22	and	and	CCONJ
taxlaw-12357	581	23	administrable	administrable	ADJ
taxlaw-12357	581	24	.	.	PUNCT
taxlaw-12357	582	1	to	to	PART
taxlaw-12357	582	2	help	help	VERB
taxlaw-12357	582	3	policymakers	policymaker	NOUN
taxlaw-12357	582	4	come	come	VERB
taxlaw-12357	582	5	up	up	ADP
taxlaw-12357	582	6	with	with	ADP
taxlaw-12357	582	7	this	this	DET
taxlaw-12357	582	8	sort	sort	NOUN
taxlaw-12357	582	9	of	of	ADP
taxlaw-12357	582	10	test	test	NOUN
taxlaw-12357	582	11	,	,	PUNCT
taxlaw-12357	582	12	we	we	PRON
taxlaw-12357	582	13	propose	propose	VERB
taxlaw-12357	582	14	two	two	NUM
taxlaw-12357	582	15	more	more	ADJ
taxlaw-12357	582	16	steps	step	NOUN
taxlaw-12357	582	17	in	in	ADP
taxlaw-12357	582	18	our	our	PRON
taxlaw-12357	582	19	three	three	NUM
taxlaw-12357	582	20	-	-	PUNCT
taxlaw-12357	582	21	step	step	NOUN
taxlaw-12357	582	22	process	process	NOUN
taxlaw-12357	582	23	.	.	PUNCT
taxlaw-12357	583	1	in	in	ADP
taxlaw-12357	583	2	the	the	DET
taxlaw-12357	583	3	second	second	ADJ
taxlaw-12357	583	4	step	step	NOUN
taxlaw-12357	583	5	,	,	PUNCT
taxlaw-12357	583	6	preliminary	preliminary	ADJ
taxlaw-12357	583	7	filters	filter	NOUN
taxlaw-12357	583	8	should	should	AUX
taxlaw-12357	583	9	be	be	AUX
taxlaw-12357	583	10	used	use	VERB
taxlaw-12357	583	11	to	to	PART
taxlaw-12357	583	12	lower	lower	VERB
taxlaw-12357	583	13	administrative	administrative	ADJ
taxlaw-12357	583	14	costs	cost	NOUN
taxlaw-12357	583	15	.	.	PUNCT
taxlaw-12357	584	1	in	in	ADP
taxlaw-12357	584	2	the	the	DET
taxlaw-12357	584	3	third	third	ADJ
taxlaw-12357	584	4	step	step	NOUN
taxlaw-12357	584	5	,	,	PUNCT
taxlaw-12357	584	6	sophisticated	sophisticated	ADJ
taxlaw-12357	584	7	tests	test	NOUN
taxlaw-12357	584	8	should	should	AUX
taxlaw-12357	584	9	be	be	AUX
taxlaw-12357	584	10	used	use	VERB
taxlaw-12357	584	11	to	to	PART
taxlaw-12357	584	12	draw	draw	VERB
taxlaw-12357	584	13	accurate	accurate	ADJ
taxlaw-12357	584	14	distinctions	distinction	NOUN
taxlaw-12357	584	15	.	.	PUNCT
taxlaw-12357	585	1	the	the	DET
taxlaw-12357	585	2	next	next	ADJ
taxlaw-12357	585	3	two	two	NUM
taxlaw-12357	585	4	parts	part	NOUN
taxlaw-12357	585	5	consider	consider	VERB
taxlaw-12357	585	6	these	these	DET
taxlaw-12357	585	7	steps	step	NOUN
taxlaw-12357	585	8	in	in	ADP
taxlaw-12357	585	9	turn	turn	NOUN
taxlaw-12357	585	10	.	.	PUNCT
taxlaw-12357	586	1	v.	v.	ADP
taxlaw-12357	586	2	step	step	NOUN
taxlaw-12357	586	3	2	2	NUM
taxlaw-12357	586	4	:	:	PUNCT
taxlaw-12357	586	5	preliminary	preliminary	ADJ
taxlaw-12357	586	6	filters	filter	NOUN
taxlaw-12357	586	7	part	part	NOUN
taxlaw-12357	586	8	iv	iv	NUM
taxlaw-12357	586	9	showed	show	VERB
taxlaw-12357	586	10	that	that	SCONJ
taxlaw-12357	586	11	when	when	SCONJ
taxlaw-12357	586	12	policymakers	policymaker	NOUN
taxlaw-12357	586	13	learn	learn	VERB
taxlaw-12357	586	14	about	about	ADP
taxlaw-12357	586	15	a	a	DET
taxlaw-12357	586	16	new	new	ADJ
taxlaw-12357	586	17	type	type	NOUN
taxlaw-12357	586	18	of	of	ADP
taxlaw-12357	586	19	tax	tax	NOUN
taxlaw-12357	586	20	planning	planning	NOUN
taxlaw-12357	586	21	,	,	PUNCT
taxlaw-12357	586	22	the	the	DET
taxlaw-12357	586	23	first	first	ADJ
taxlaw-12357	586	24	step	step	NOUN
taxlaw-12357	586	25	is	be	AUX
taxlaw-12357	586	26	to	to	PART
taxlaw-12357	586	27	decide	decide	VERB
taxlaw-12357	586	28	whether	whether	SCONJ
taxlaw-12357	586	29	it	it	PRON
taxlaw-12357	586	30	warrants	warrant	VERB
taxlaw-12357	586	31	a	a	DET
taxlaw-12357	586	32	response	response	NOUN
taxlaw-12357	586	33	.	.	PUNCT
taxlaw-12357	587	1	assuming	assume	VERB
taxlaw-12357	587	2	it	it	PRON
taxlaw-12357	587	3	does	do	VERB
taxlaw-12357	587	4	,	,	PUNCT
taxlaw-12357	587	5	policymakers	policymaker	NOUN
taxlaw-12357	587	6	should	should	AUX
taxlaw-12357	587	7	seek	seek	VERB
taxlaw-12357	587	8	to	to	PART
taxlaw-12357	587	9	cover	cover	VERB
taxlaw-12357	587	10	all	all	DET
taxlaw-12357	587	11	the	the	DET
taxlaw-12357	587	12	relevant	relevant	ADJ
taxlaw-12357	587	13	variations	variation	NOUN
taxlaw-12357	587	14	,	,	PUNCT
taxlaw-12357	587	15	without	without	ADP
taxlaw-12357	587	16	burdening	burden	VERB
taxlaw-12357	587	17	“	"	PUNCT
taxlaw-12357	587	18	good	good	ADJ
taxlaw-12357	587	19	”	"	PUNCT
taxlaw-12357	587	20	transactions	transaction	NOUN
taxlaw-12357	587	21	.	.	PUNCT
taxlaw-12357	588	1	at	at	ADP
taxlaw-12357	588	2	the	the	DET
taxlaw-12357	588	3	same	same	ADJ
taxlaw-12357	588	4	time	time	NOUN
taxlaw-12357	588	5	,	,	PUNCT
taxlaw-12357	588	6	the	the	DET
taxlaw-12357	588	7	response	response	NOUN
taxlaw-12357	588	8	also	also	ADV
taxlaw-12357	588	9	needs	need	VERB
taxlaw-12357	588	10	to	to	PART
taxlaw-12357	588	11	be	be	AUX
taxlaw-12357	588	12	administrable	administrable	ADJ
taxlaw-12357	588	13	.	.	PUNCT
taxlaw-12357	589	1	striking	strike	VERB
taxlaw-12357	589	2	this	this	DET
taxlaw-12357	589	3	balance	balance	NOUN
taxlaw-12357	589	4	between	between	ADP
taxlaw-12357	589	5	precision	precision	NOUN
taxlaw-12357	589	6	and	and	CCONJ
taxlaw-12357	589	7	administrability	administrability	NOUN
taxlaw-12357	589	8	is	be	AUX
taxlaw-12357	589	9	the	the	DET
taxlaw-12357	589	10	job	job	NOUN
taxlaw-12357	589	11	of	of	ADP
taxlaw-12357	589	12	our	our	PRON
taxlaw-12357	589	13	second	second	ADJ
taxlaw-12357	589	14	and	and	CCONJ
taxlaw-12357	589	15	third	third	ADJ
taxlaw-12357	589	16	steps	step	NOUN
taxlaw-12357	589	17	.	.	PUNCT
taxlaw-12357	590	1	in	in	ADP
taxlaw-12357	590	2	part	part	NOUN
taxlaw-12357	590	3	vi	vi	PROPN
taxlaw-12357	590	4	,	,	PUNCT
taxlaw-12357	590	5	we	we	PRON
taxlaw-12357	590	6	argue	argue	VERB
taxlaw-12357	590	7	that	that	SCONJ
taxlaw-12357	590	8	a	a	DET
taxlaw-12357	590	9	sophisticated	sophisticated	ADJ
taxlaw-12357	590	10	test	test	NOUN
taxlaw-12357	590	11	,	,	PUNCT
taxlaw-12357	590	12	which	which	PRON
taxlaw-12357	590	13	minimizes	minimize	VERB
taxlaw-12357	590	14	false	false	ADJ
taxlaw-12357	590	15	positives	positive	NOUN
taxlaw-12357	590	16	and	and	CCONJ
taxlaw-12357	590	17	false	false	ADJ
taxlaw-12357	590	18	negatives	negative	NOUN
taxlaw-12357	590	19	,	,	PUNCT
taxlaw-12357	590	20	should	should	AUX
taxlaw-12357	590	21	be	be	AUX
taxlaw-12357	590	22	used	use	VERB
taxlaw-12357	590	23	as	as	ADP
taxlaw-12357	590	24	the	the	DET
taxlaw-12357	590	25	third	third	ADJ
taxlaw-12357	590	26	step	step	NOUN
taxlaw-12357	590	27	.	.	PUNCT
taxlaw-12357	591	1	but	but	CCONJ
taxlaw-12357	591	2	first	first	ADV
taxlaw-12357	591	3	,	,	PUNCT
taxlaw-12357	591	4	this	this	DET
taxlaw-12357	591	5	part	part	NOUN
taxlaw-12357	591	6	recommends	recommend	VERB
taxlaw-12357	591	7	a	a	DET
taxlaw-12357	591	8	second	second	ADJ
taxlaw-12357	591	9	step	step	NOUN
taxlaw-12357	591	10	:	:	PUNCT
taxlaw-12357	591	11	to	to	PART
taxlaw-12357	591	12	economize	economize	VERB
taxlaw-12357	591	13	on	on	ADP
taxlaw-12357	591	14	administrative	administrative	ADJ
taxlaw-12357	591	15	costs	cost	NOUN
taxlaw-12357	591	16	,	,	PUNCT
taxlaw-12357	591	17	the	the	DET
taxlaw-12357	591	18	sophisticated	sophisticated	ADJ
taxlaw-12357	591	19	test	test	NOUN
taxlaw-12357	591	20	should	should	AUX
taxlaw-12357	591	21	apply	apply	VERB
taxlaw-12357	591	22	to	to	ADP
taxlaw-12357	591	23	only	only	ADV
taxlaw-12357	591	24	a	a	DET
taxlaw-12357	591	25	subset	subset	NOUN
taxlaw-12357	591	26	of	of	ADP
taxlaw-12357	591	27	transactions	transaction	NOUN
taxlaw-12357	591	28	.	.	PUNCT
taxlaw-12357	592	1	to	to	PART
taxlaw-12357	592	2	hone	hone	VERB
taxlaw-12357	592	3	in	in	ADP
taxlaw-12357	592	4	on	on	ADP
taxlaw-12357	592	5	the	the	DET
taxlaw-12357	592	6	right	right	ADJ
taxlaw-12357	592	7	ones	one	NOUN
taxlaw-12357	592	8	,	,	PUNCT
taxlaw-12357	592	9	policymakers	policymaker	NOUN
taxlaw-12357	592	10	should	should	AUX
taxlaw-12357	592	11	use	use	VERB
taxlaw-12357	592	12	what	what	PRON
taxlaw-12357	592	13	we	we	PRON
taxlaw-12357	592	14	call	call	VERB
taxlaw-12357	592	15	“	"	PUNCT
taxlaw-12357	592	16	preliminary	preliminary	ADJ
taxlaw-12357	592	17	filters	filter	NOUN
taxlaw-12357	592	18	.	.	PUNCT
taxlaw-12357	592	19	”	"	PUNCT
taxlaw-12357	593	1	instead	instead	ADV
taxlaw-12357	593	2	of	of	ADP
taxlaw-12357	593	3	imposing	impose	VERB
taxlaw-12357	593	4	tax	tax	NOUN
taxlaw-12357	593	5	liability	liability	NOUN
taxlaw-12357	593	6	,	,	PUNCT
taxlaw-12357	593	7	these	these	DET
taxlaw-12357	593	8	initial	initial	ADJ
taxlaw-12357	593	9	tests	test	NOUN
taxlaw-12357	593	10	merely	merely	ADV
taxlaw-12357	593	11	determine	determine	VERB
taxlaw-12357	593	12	whether	whether	SCONJ
taxlaw-12357	593	13	a	a	DET
taxlaw-12357	593	14	more	more	ADV
taxlaw-12357	593	15	rigorous	rigorous	ADJ
taxlaw-12357	593	16	test	test	NOUN
taxlaw-12357	593	17	is	be	AUX
taxlaw-12357	593	18	warranted	warrant	VERB
taxlaw-12357	593	19	.	.	PUNCT
taxlaw-12357	594	1	as	as	ADP
taxlaw-12357	594	2	a	a	DET
taxlaw-12357	594	3	result	result	NOUN
taxlaw-12357	594	4	,	,	PUNCT
taxlaw-12357	594	5	they	they	PRON
taxlaw-12357	594	6	can	can	AUX
taxlaw-12357	594	7	be	be	AUX
taxlaw-12357	594	8	fairly	fairly	ADV
taxlaw-12357	594	9	crude	crude	ADJ
taxlaw-12357	594	10	,	,	PUNCT
taxlaw-12357	594	11	turning	turn	VERB
taxlaw-12357	594	12	on	on	ADP
taxlaw-12357	594	13	indicators	indicator	NOUN
taxlaw-12357	594	14	that	that	PRON
taxlaw-12357	594	15	correlate	correlate	VERB
taxlaw-12357	594	16	–	–	PUNCT
taxlaw-12357	594	17	sometimes	sometimes	ADV
taxlaw-12357	594	18	only	only	ADV
taxlaw-12357	594	19	roughly	roughly	ADV
taxlaw-12357	594	20	–	–	PUNCT
taxlaw-12357	594	21	with	with	ADP
taxlaw-12357	594	22	the	the	DET
taxlaw-12357	594	23	targeted	target	VERB
taxlaw-12357	594	24	abuse	abuse	NOUN
taxlaw-12357	594	25	.	.	PUNCT
taxlaw-12357	595	1	the	the	DET
taxlaw-12357	595	2	presence	presence	NOUN
taxlaw-12357	595	3	of	of	ADP
taxlaw-12357	595	4	these	these	DET
taxlaw-12357	595	5	factors	factor	NOUN
taxlaw-12357	595	6	triggers	trigger	VERB
taxlaw-12357	595	7	further	further	ADJ
taxlaw-12357	595	8	review	review	NOUN
taxlaw-12357	595	9	,	,	PUNCT
taxlaw-12357	595	10	while	while	SCONJ
taxlaw-12357	595	11	their	their	PRON
taxlaw-12357	595	12	absence	absence	NOUN
taxlaw-12357	595	13	is	be	AUX
taxlaw-12357	595	14	a	a	DET
taxlaw-12357	595	15	safe	safe	ADJ
taxlaw-12357	595	16	harbor	harbor	NOUN
taxlaw-12357	595	17	.	.	PUNCT
taxlaw-12357	596	1	this	this	DET
taxlaw-12357	596	2	part	part	NOUN
taxlaw-12357	596	3	suggests	suggest	VERB
taxlaw-12357	596	4	two	two	NUM
taxlaw-12357	596	5	types	type	NOUN
taxlaw-12357	596	6	of	of	ADP
taxlaw-12357	596	7	preliminary	preliminary	ADJ
taxlaw-12357	596	8	filters	filter	NOUN
taxlaw-12357	596	9	:	:	PUNCT
taxlaw-12357	596	10	one	one	NUM
taxlaw-12357	596	11	focuses	focus	VERB
taxlaw-12357	596	12	on	on	ADP
taxlaw-12357	596	13	characteristics	characteristic	NOUN
taxlaw-12357	596	14	of	of	ADP
taxlaw-12357	596	15	the	the	DET
taxlaw-12357	596	16	taxpayer	taxpayer	NOUN
taxlaw-12357	596	17	,	,	PUNCT
taxlaw-12357	596	18	and	and	CCONJ
taxlaw-12357	596	19	the	the	DET
taxlaw-12357	596	20	other	other	ADJ
taxlaw-12357	596	21	on	on	ADP
taxlaw-12357	596	22	characteristics	characteristic	NOUN
taxlaw-12357	596	23	of	of	ADP
taxlaw-12357	596	24	the	the	DET
taxlaw-12357	596	25	transaction	transaction	NOUN
taxlaw-12357	596	26	.	.	PUNCT
taxlaw-12357	597	1	while	while	SCONJ
taxlaw-12357	597	2	these	these	DET
taxlaw-12357	597	3	characteristics	characteristic	NOUN
taxlaw-12357	597	4	are	be	AUX
taxlaw-12357	597	5	likely	likely	ADJ
taxlaw-12357	597	6	to	to	PART
taxlaw-12357	597	7	be	be	AUX
taxlaw-12357	597	8	relevant	relevant	ADJ
taxlaw-12357	597	9	for	for	ADP
taxlaw-12357	597	10	various	various	ADJ
taxlaw-12357	597	11	transaction	transaction	NOUN
taxlaw-12357	597	12	-	-	PUNCT
taxlaw-12357	597	13	specific	specific	ADJ
taxlaw-12357	597	14	reforms	reform	NOUN
taxlaw-12357	597	15	,	,	PUNCT
taxlaw-12357	597	16	this	this	DET
taxlaw-12357	597	17	part	part	NOUN
taxlaw-12357	597	18	focuses	focus	VERB
taxlaw-12357	597	19	on	on	ADP
taxlaw-12357	597	20	section	section	NOUN
taxlaw-12357	597	21	1260	1260	NUM
taxlaw-12357	597	22	as	as	ADP
taxlaw-12357	597	23	an	an	DET
taxlaw-12357	597	24	illustrative	illustrative	ADJ
taxlaw-12357	597	25	example	example	NOUN
taxlaw-12357	597	26	.	.	PUNCT
taxlaw-12357	598	1	this	this	DET
taxlaw-12357	598	2	part	part	NOUN
taxlaw-12357	598	3	concludes	conclude	VERB
taxlaw-12357	598	4	by	by	ADP
taxlaw-12357	598	5	highlighting	highlight	VERB
taxlaw-12357	598	6	challenges	challenge	NOUN
taxlaw-12357	598	7	in	in	ADP
taxlaw-12357	598	8	administering	administer	VERB
taxlaw-12357	598	9	preliminary	preliminary	ADJ
taxlaw-12357	598	10	filters	filter	NOUN
taxlaw-12357	598	11	,	,	PUNCT
taxlaw-12357	598	12	including	include	VERB
taxlaw-12357	598	13	:	:	PUNCT
taxlaw-12357	598	14	how	how	SCONJ
taxlaw-12357	598	15	to	to	PART
taxlaw-12357	598	16	define	define	VERB
taxlaw-12357	598	17	the	the	DET
taxlaw-12357	598	18	scope	scope	NOUN
taxlaw-12357	598	19	of	of	ADP
taxlaw-12357	598	20	the	the	DET
taxlaw-12357	598	21	relevant	relevant	ADJ
taxlaw-12357	598	22	transactions	transaction	NOUN
taxlaw-12357	598	23	;	;	PUNCT
taxlaw-12357	598	24	how	how	SCONJ
taxlaw-12357	598	25	filters	filter	NOUN
taxlaw-12357	598	26	should	should	AUX
taxlaw-12357	598	27	evolve	evolve	VERB
taxlaw-12357	598	28	over	over	ADP
taxlaw-12357	598	29	time	time	NOUN
taxlaw-12357	598	30	;	;	PUNCT
taxlaw-12357	598	31	and	and	CCONJ
taxlaw-12357	598	32	how	how	SCONJ
taxlaw-12357	598	33	they	they	PRON
taxlaw-12357	598	34	should	should	AUX
taxlaw-12357	598	35	interact	interact	VERB
taxlaw-12357	598	36	with	with	ADP
taxlaw-12357	598	37	each	each	DET
taxlaw-12357	598	38	other	other	ADJ
taxlaw-12357	598	39	.	.	PUNCT
taxlaw-12357	599	1	columbia	columbia	PROPN
taxlaw-12357	599	2	journal	journal	PROPN
taxlaw-12357	599	3	of	of	ADP
taxlaw-12357	599	4	tax	tax	NOUN
taxlaw-12357	599	5	law	law	NOUN
taxlaw-12357	600	1	[	[	X
taxlaw-12357	600	2	vol	vol	NOUN
taxlaw-12357	600	3	15:1	15:1	NUM
taxlaw-12357	600	4	22	22	NUM
taxlaw-12357	600	5	a.	a.	NOUN
taxlaw-12357	600	6	taxpayer	taxpayer	NOUN
taxlaw-12357	600	7	-	-	PUNCT
taxlaw-12357	600	8	based	base	VERB
taxlaw-12357	600	9	filters	filter	NOUN
taxlaw-12357	600	10	let	let	VERB
taxlaw-12357	600	11	’s	’s	PRON
taxlaw-12357	600	12	begin	begin	VERB
taxlaw-12357	600	13	with	with	ADP
taxlaw-12357	600	14	qualities	quality	NOUN
taxlaw-12357	600	15	of	of	ADP
taxlaw-12357	600	16	the	the	DET
taxlaw-12357	600	17	taxpayer	taxpayer	NOUN
taxlaw-12357	600	18	.	.	PUNCT
taxlaw-12357	601	1	in	in	ADP
taxlaw-12357	601	2	focusing	focus	VERB
taxlaw-12357	601	3	on	on	ADP
taxlaw-12357	601	4	who	who	PRON
taxlaw-12357	601	5	participates	participate	VERB
taxlaw-12357	601	6	in	in	ADP
taxlaw-12357	601	7	the	the	DET
taxlaw-12357	601	8	relevant	relevant	ADJ
taxlaw-12357	601	9	transaction	transaction	NOUN
taxlaw-12357	601	10	,	,	PUNCT
taxlaw-12357	601	11	filters	filter	NOUN
taxlaw-12357	601	12	can	can	AUX
taxlaw-12357	601	13	consider	consider	VERB
taxlaw-12357	601	14	three	three	NUM
taxlaw-12357	601	15	qualities	quality	NOUN
taxlaw-12357	601	16	:	:	PUNCT
taxlaw-12357	601	17	income	income	NOUN
taxlaw-12357	601	18	;	;	PUNCT
taxlaw-12357	601	19	assets	asset	NOUN
taxlaw-12357	601	20	;	;	PUNCT
taxlaw-12357	601	21	and	and	CCONJ
taxlaw-12357	601	22	the	the	DET
taxlaw-12357	601	23	counterparty	counterparty	NOUN
taxlaw-12357	601	24	.	.	PUNCT
taxlaw-12357	602	1	1	1	X
taxlaw-12357	602	2	.	.	X
taxlaw-12357	602	3	taxpayer	taxpayer	NOUN
taxlaw-12357	602	4	income	income	NOUN
taxlaw-12357	602	5	arguably	arguably	ADV
taxlaw-12357	602	6	,	,	PUNCT
taxlaw-12357	602	7	the	the	DET
taxlaw-12357	602	8	best	good	ADJ
taxlaw-12357	602	9	way	way	NOUN
taxlaw-12357	602	10	to	to	PART
taxlaw-12357	602	11	hone	hone	NOUN
taxlaw-12357	602	12	in	in	ADP
taxlaw-12357	602	13	on	on	ADP
taxlaw-12357	602	14	sophisticated	sophisticated	ADJ
taxlaw-12357	602	15	planning	planning	NOUN
taxlaw-12357	602	16	is	be	AUX
taxlaw-12357	602	17	with	with	ADP
taxlaw-12357	602	18	an	an	DET
taxlaw-12357	602	19	income	income	NOUN
taxlaw-12357	602	20	test	test	NOUN
taxlaw-12357	602	21	.	.	PUNCT
taxlaw-12357	603	1	for	for	ADP
taxlaw-12357	603	2	example	example	NOUN
taxlaw-12357	603	3	,	,	PUNCT
taxlaw-12357	603	4	policymakers	policymaker	NOUN
taxlaw-12357	603	5	could	could	AUX
taxlaw-12357	603	6	provide	provide	VERB
taxlaw-12357	603	7	that	that	SCONJ
taxlaw-12357	603	8	a	a	DET
taxlaw-12357	603	9	provision	provision	NOUN
taxlaw-12357	603	10	like	like	ADP
taxlaw-12357	603	11	section	section	NOUN
taxlaw-12357	603	12	1260	1260	NUM
taxlaw-12357	603	13	applies	apply	VERB
taxlaw-12357	603	14	only	only	ADV
taxlaw-12357	603	15	to	to	ADP
taxlaw-12357	603	16	taxpayers	taxpayer	NOUN
taxlaw-12357	603	17	with	with	ADP
taxlaw-12357	603	18	incomes	income	NOUN
taxlaw-12357	603	19	above	above	ADP
taxlaw-12357	603	20	a	a	DET
taxlaw-12357	603	21	specified	specified	ADJ
taxlaw-12357	603	22	level	level	NOUN
taxlaw-12357	603	23	(	(	PUNCT
taxlaw-12357	603	24	e.g.	e.g.	ADV
taxlaw-12357	603	25	,	,	PUNCT
taxlaw-12357	603	26	the	the	DET
taxlaw-12357	603	27	top	top	ADJ
taxlaw-12357	603	28	1	1	NUM
taxlaw-12357	603	29	%	%	NOUN
taxlaw-12357	603	30	,	,	PUNCT
taxlaw-12357	603	31	whose	whose	DET
taxlaw-12357	603	32	adjusted	adjusted	ADJ
taxlaw-12357	603	33	gross	gross	ADJ
taxlaw-12357	603	34	incomes	income	NOUN
taxlaw-12357	603	35	are	be	AUX
taxlaw-12357	603	36	above	above	ADP
taxlaw-12357	603	37	$	$	SYM
taxlaw-12357	603	38	550,000	550,000	NUM
taxlaw-12357	603	39	)	)	PUNCT
taxlaw-12357	603	40	.	.	PUNCT
taxlaw-12357	604	1	the	the	DET
taxlaw-12357	604	2	good	good	PROPN
taxlaw-12357	604	3	news	news	PROPN
taxlaw-12357	604	4	is	be	AUX
taxlaw-12357	604	5	that	that	SCONJ
taxlaw-12357	604	6	an	an	DET
taxlaw-12357	604	7	income	income	NOUN
taxlaw-12357	604	8	test	test	NOUN
taxlaw-12357	604	9	is	be	AUX
taxlaw-12357	604	10	both	both	PRON
taxlaw-12357	604	11	easy	easy	ADJ
taxlaw-12357	604	12	to	to	PART
taxlaw-12357	604	13	administer	administer	VERB
taxlaw-12357	604	14	and	and	CCONJ
taxlaw-12357	604	15	well	well	ADV
taxlaw-12357	604	16	-	-	PUNCT
taxlaw-12357	604	17	targeted	target	VERB
taxlaw-12357	604	18	.	.	PUNCT
taxlaw-12357	605	1	a.	a.	NOUN
taxlaw-12357	605	2	administrability	administrability	NOUN
taxlaw-12357	605	3	advantages	advantage	NOUN
taxlaw-12357	605	4	after	after	ADV
taxlaw-12357	605	5	all	all	ADV
taxlaw-12357	605	6	,	,	PUNCT
taxlaw-12357	605	7	taxpayers	taxpayer	NOUN
taxlaw-12357	605	8	already	already	ADV
taxlaw-12357	605	9	compute	compute	VERB
taxlaw-12357	605	10	their	their	PRON
taxlaw-12357	605	11	income	income	NOUN
taxlaw-12357	605	12	and	and	CCONJ
taxlaw-12357	605	13	the	the	DET
taxlaw-12357	605	14	government	government	NOUN
taxlaw-12357	605	15	already	already	ADV
taxlaw-12357	605	16	monitors	monitor	VERB
taxlaw-12357	605	17	it	it	PRON
taxlaw-12357	605	18	.	.	PUNCT
taxlaw-12357	606	1	as	as	ADP
taxlaw-12357	606	2	a	a	DET
taxlaw-12357	606	3	result	result	NOUN
taxlaw-12357	606	4	,	,	PUNCT
taxlaw-12357	606	5	an	an	DET
taxlaw-12357	606	6	income	income	NOUN
taxlaw-12357	606	7	test	test	NOUN
taxlaw-12357	606	8	adds	add	VERB
taxlaw-12357	606	9	only	only	ADV
taxlaw-12357	606	10	modestly	modestly	ADV
taxlaw-12357	606	11	to	to	ADP
taxlaw-12357	606	12	compliance	compliance	NOUN
taxlaw-12357	606	13	and	and	CCONJ
taxlaw-12357	606	14	enforcement	enforcement	NOUN
taxlaw-12357	606	15	costs	cost	NOUN
taxlaw-12357	606	16	.	.	PUNCT
taxlaw-12357	607	1	b.	b.	NOUN
taxlaw-12357	607	2	relevance	relevance	NOUN
taxlaw-12357	607	3	of	of	ADP
taxlaw-12357	607	4	income	income	NOUN
taxlaw-12357	607	5	:	:	PUNCT
taxlaw-12357	607	6	higher	high	ADJ
taxlaw-12357	607	7	stakes	stake	NOUN
taxlaw-12357	607	8	income	income	NOUN
taxlaw-12357	607	9	is	be	AUX
taxlaw-12357	607	10	not	not	PART
taxlaw-12357	607	11	just	just	ADV
taxlaw-12357	607	12	easy	easy	ADJ
taxlaw-12357	607	13	to	to	PART
taxlaw-12357	607	14	track	track	VERB
taxlaw-12357	607	15	.	.	PUNCT
taxlaw-12357	608	1	it	it	PRON
taxlaw-12357	608	2	also	also	ADV
taxlaw-12357	608	3	is	be	AUX
taxlaw-12357	608	4	quite	quite	ADV
taxlaw-12357	608	5	relevant	relevant	ADJ
taxlaw-12357	608	6	for	for	ADP
taxlaw-12357	608	7	three	three	NUM
taxlaw-12357	608	8	reasons	reason	NOUN
taxlaw-12357	608	9	.	.	PUNCT
taxlaw-12357	609	1	first	first	ADV
taxlaw-12357	609	2	,	,	PUNCT
taxlaw-12357	609	3	in	in	ADP
taxlaw-12357	609	4	a	a	DET
taxlaw-12357	609	5	progressive	progressive	ADJ
taxlaw-12357	609	6	tax	tax	NOUN
taxlaw-12357	609	7	system	system	NOUN
taxlaw-12357	609	8	,	,	PUNCT
taxlaw-12357	609	9	high	high	ADJ
taxlaw-12357	609	10	-	-	PUNCT
taxlaw-12357	609	11	income	income	NOUN
taxlaw-12357	609	12	taxpayers	taxpayer	NOUN
taxlaw-12357	609	13	are	be	AUX
taxlaw-12357	609	14	supposed	suppose	VERB
taxlaw-12357	609	15	to	to	PART
taxlaw-12357	609	16	pay	pay	VERB
taxlaw-12357	609	17	more	more	ADJ
taxlaw-12357	609	18	tax	tax	NOUN
taxlaw-12357	609	19	.	.	PUNCT
taxlaw-12357	610	1	ensuring	ensure	VERB
taxlaw-12357	610	2	that	that	SCONJ
taxlaw-12357	610	3	they	they	PRON
taxlaw-12357	610	4	do	do	VERB
taxlaw-12357	610	5	advances	advance	NOUN
taxlaw-12357	610	6	distributional	distributional	ADJ
taxlaw-12357	610	7	goals	goal	NOUN
taxlaw-12357	610	8	.	.	PUNCT
taxlaw-12357	611	1	second	second	ADJ
taxlaw-12357	611	2	,	,	PUNCT
taxlaw-12357	611	3	these	these	DET
taxlaw-12357	611	4	taxpayers	taxpayer	NOUN
taxlaw-12357	611	5	also	also	ADV
taxlaw-12357	611	6	are	be	AUX
taxlaw-12357	611	7	an	an	DET
taxlaw-12357	611	8	especially	especially	ADV
taxlaw-12357	611	9	promising	promising	ADJ
taxlaw-12357	611	10	source	source	NOUN
taxlaw-12357	611	11	of	of	ADP
taxlaw-12357	611	12	tax	tax	NOUN
taxlaw-12357	611	13	revenue	revenue	NOUN
taxlaw-12357	611	14	.	.	PUNCT
taxlaw-12357	612	1	for	for	ADP
taxlaw-12357	612	2	the	the	DET
taxlaw-12357	612	3	same	same	ADJ
taxlaw-12357	612	4	reason	reason	NOUN
taxlaw-12357	612	5	that	that	PRON
taxlaw-12357	612	6	bank	bank	NOUN
taxlaw-12357	612	7	robbers	robber	NOUN
taxlaw-12357	612	8	target	target	VERB
taxlaw-12357	612	9	banks–“that	banks–“that	PRON
taxlaw-12357	612	10	’s	’	VERB
taxlaw-12357	612	11	where	where	SCONJ
taxlaw-12357	612	12	the	the	DET
taxlaw-12357	612	13	money	money	NOUN
taxlaw-12357	612	14	is”–tax	is”–tax	NUM
taxlaw-12357	612	15	collection	collection	NOUN
taxlaw-12357	612	16	focuses	focus	VERB
taxlaw-12357	612	17	especially	especially	ADV
taxlaw-12357	612	18	on	on	ADP
taxlaw-12357	612	19	high	high	ADJ
taxlaw-12357	612	20	-	-	PUNCT
taxlaw-12357	612	21	income	income	NOUN
taxlaw-12357	612	22	taxpayers.57	taxpayers.57	NOUN
taxlaw-12357	612	23	since	since	SCONJ
taxlaw-12357	612	24	their	their	PRON
taxlaw-12357	612	25	income	income	NOUN
taxlaw-12357	612	26	is	be	AUX
taxlaw-12357	612	27	taxed	tax	VERB
taxlaw-12357	612	28	at	at	ADP
taxlaw-12357	612	29	a	a	DET
taxlaw-12357	612	30	higher	high	ADJ
taxlaw-12357	612	31	rate	rate	NOUN
taxlaw-12357	612	32	,	,	PUNCT
taxlaw-12357	612	33	their	their	PRON
taxlaw-12357	612	34	efforts	effort	NOUN
taxlaw-12357	612	35	to	to	PART
taxlaw-12357	612	36	defer	defer	VERB
taxlaw-12357	612	37	it	it	PRON
taxlaw-12357	612	38	or	or	CCONJ
taxlaw-12357	612	39	to	to	PART
taxlaw-12357	612	40	convert	convert	VERB
taxlaw-12357	612	41	it	it	PRON
taxlaw-12357	612	42	to	to	ADP
taxlaw-12357	612	43	capital	capital	NOUN
taxlaw-12357	612	44	gain	gain	NOUN
taxlaw-12357	612	45	cost	cost	VERB
taxlaw-12357	612	46	the	the	DET
taxlaw-12357	612	47	government	government	NOUN
taxlaw-12357	612	48	more	more	ADV
taxlaw-12357	612	49	revenue.58	revenue.58	PROPN
taxlaw-12357	612	50	third	third	ADV
taxlaw-12357	612	51	,	,	PUNCT
taxlaw-12357	612	52	for	for	ADP
taxlaw-12357	612	53	the	the	DET
taxlaw-12357	612	54	same	same	ADJ
taxlaw-12357	612	55	reason	reason	NOUN
taxlaw-12357	612	56	,	,	PUNCT
taxlaw-12357	612	57	these	these	DET
taxlaw-12357	612	58	taxpayers	taxpayer	NOUN
taxlaw-12357	612	59	are	be	AUX
taxlaw-12357	612	60	more	more	ADV
taxlaw-12357	612	61	motivated	motivated	ADJ
taxlaw-12357	612	62	–	–	PUNCT
taxlaw-12357	612	63	and	and	CCONJ
taxlaw-12357	612	64	,	,	PUNCT
taxlaw-12357	612	65	therefore	therefore	ADV
taxlaw-12357	612	66	,	,	PUNCT
taxlaw-12357	612	67	more	more	ADV
taxlaw-12357	612	68	skilled	skilled	ADJ
taxlaw-12357	612	69	–	–	PUNCT
taxlaw-12357	612	70	at	at	ADP
taxlaw-12357	612	71	tax	tax	NOUN
taxlaw-12357	612	72	planning	planning	NOUN
taxlaw-12357	612	73	.	.	PUNCT
taxlaw-12357	613	1	they	they	PRON
taxlaw-12357	613	2	can	can	AUX
taxlaw-12357	613	3	reap	reap	VERB
taxlaw-12357	613	4	greater	great	ADJ
taxlaw-12357	613	5	savings	saving	NOUN
taxlaw-12357	613	6	from	from	ADP
taxlaw-12357	613	7	a	a	DET
taxlaw-12357	613	8	successful	successful	ADJ
taxlaw-12357	613	9	strategy	strategy	NOUN
taxlaw-12357	613	10	,	,	PUNCT
taxlaw-12357	613	11	so	so	SCONJ
taxlaw-12357	613	12	they	they	PRON
taxlaw-12357	613	13	are	be	AUX
taxlaw-12357	613	14	willing	willing	ADJ
taxlaw-12357	613	15	to	to	PART
taxlaw-12357	613	16	spend	spend	VERB
taxlaw-12357	613	17	more	more	ADJ
taxlaw-12357	613	18	on	on	ADP
taxlaw-12357	613	19	sophisticated	sophisticated	ADJ
taxlaw-12357	613	20	tax	tax	NOUN
taxlaw-12357	613	21	advice	advice	NOUN
taxlaw-12357	613	22	and	and	CCONJ
taxlaw-12357	613	23	tailored	tailor	VERB
taxlaw-12357	613	24	transactions	transaction	NOUN
taxlaw-12357	613	25	.	.	PUNCT
taxlaw-12357	614	1	these	these	DET
taxlaw-12357	614	2	taxpayers	taxpayer	NOUN
taxlaw-12357	614	3	also	also	ADV
taxlaw-12357	614	4	have	have	VERB
taxlaw-12357	614	5	access	access	NOUN
taxlaw-12357	614	6	to	to	ADP
taxlaw-12357	614	7	planning	planning	NOUN
taxlaw-12357	614	8	tools	tool	NOUN
taxlaw-12357	614	9	that	that	PRON
taxlaw-12357	614	10	are	be	AUX
taxlaw-12357	614	11	not	not	PART
taxlaw-12357	614	12	available	available	ADJ
taxlaw-12357	614	13	to	to	ADP
taxlaw-12357	614	14	other	other	ADJ
taxlaw-12357	614	15	taxpayers	taxpayer	NOUN
taxlaw-12357	614	16	,	,	PUNCT
taxlaw-12357	614	17	such	such	ADJ
taxlaw-12357	614	18	as	as	ADP
taxlaw-12357	614	19	the	the	DET
taxlaw-12357	614	20	over	over	ADP
taxlaw-12357	614	21	-	-	PUNCT
taxlaw-12357	614	22	the	the	DET
taxlaw-12357	614	23	-	-	PUNCT
taxlaw-12357	614	24	counter	counter	NOUN
taxlaw-12357	614	25	derivatives	derivative	NOUN
taxlaw-12357	614	26	market	market	NOUN
taxlaw-12357	614	27	.	.	PUNCT
taxlaw-12357	615	1	since	since	SCONJ
taxlaw-12357	615	2	their	their	PRON
taxlaw-12357	615	3	planning	planning	NOUN
taxlaw-12357	615	4	is	be	AUX
taxlaw-12357	615	5	more	more	ADV
taxlaw-12357	615	6	sophisticated	sophisticated	ADJ
taxlaw-12357	615	7	,	,	PUNCT
taxlaw-12357	615	8	blocking	block	VERB
taxlaw-12357	615	9	it	it	PRON
taxlaw-12357	615	10	is	be	AUX
taxlaw-12357	615	11	more	more	ADV
taxlaw-12357	615	12	likely	likely	ADJ
taxlaw-12357	615	13	to	to	PART
taxlaw-12357	615	14	require	require	VERB
taxlaw-12357	615	15	rigorous	rigorous	ADJ
taxlaw-12357	615	16	tests	test	NOUN
taxlaw-12357	615	17	,	,	PUNCT
taxlaw-12357	615	18	which	which	PRON
taxlaw-12357	615	19	are	be	AUX
taxlaw-12357	615	20	costly	costly	ADJ
taxlaw-12357	615	21	to	to	PART
taxlaw-12357	615	22	apply	apply	VERB
taxlaw-12357	615	23	and	and	CCONJ
taxlaw-12357	615	24	enforce	enforce	VERB
taxlaw-12357	615	25	.	.	PUNCT
taxlaw-12357	616	1	these	these	PRON
taxlaw-12357	616	2	are	be	AUX
taxlaw-12357	616	3	precisely	precisely	ADV
taxlaw-12357	616	4	the	the	DET
taxlaw-12357	616	5	types	type	NOUN
taxlaw-12357	616	6	of	of	ADP
taxlaw-12357	616	7	rules	rule	NOUN
taxlaw-12357	616	8	that	that	PRON
taxlaw-12357	616	9	benefit	benefit	VERB
taxlaw-12357	616	10	from	from	ADP
taxlaw-12357	616	11	a	a	DET
taxlaw-12357	616	12	preliminary	preliminary	ADJ
taxlaw-12357	616	13	filter.59	filter.59	NOUN
taxlaw-12357	616	14	57	57	NUM
taxlaw-12357	616	15	when	when	SCONJ
taxlaw-12357	616	16	asked	ask	VERB
taxlaw-12357	616	17	why	why	SCONJ
taxlaw-12357	616	18	he	he	PRON
taxlaw-12357	616	19	robbed	rob	VERB
taxlaw-12357	616	20	banks	bank	NOUN
taxlaw-12357	616	21	,	,	PUNCT
taxlaw-12357	616	22	depression	depression	NOUN
taxlaw-12357	616	23	-	-	PUNCT
taxlaw-12357	616	24	era	era	NOUN
taxlaw-12357	616	25	bank	bank	NOUN
taxlaw-12357	616	26	robber	robber	NOUN
taxlaw-12357	616	27	willie	willie	PROPN
taxlaw-12357	616	28	sutton	sutton	PROPN
taxlaw-12357	616	29	supposedly	supposedly	ADV
taxlaw-12357	616	30	replied	reply	VERB
taxlaw-12357	616	31	,	,	PUNCT
taxlaw-12357	616	32	“	"	PUNCT
taxlaw-12357	616	33	that	that	PRON
taxlaw-12357	616	34	’s	’	VERB
taxlaw-12357	616	35	where	where	SCONJ
taxlaw-12357	616	36	the	the	DET
taxlaw-12357	616	37	money	money	NOUN
taxlaw-12357	616	38	is	be	AUX
taxlaw-12357	616	39	.	.	PUNCT
taxlaw-12357	616	40	”	"	PUNCT
taxlaw-12357	617	1	thomas	thomas	PROPN
taxlaw-12357	617	2	j.	j.	PROPN
taxlaw-12357	617	3	bernard	bernard	PROPN
taxlaw-12357	617	4	,	,	PUNCT
taxlaw-12357	617	5	willie	willie	PROPN
taxlaw-12357	617	6	sutton	sutton	PROPN
taxlaw-12357	617	7	,	,	PUNCT
taxlaw-12357	617	8	encyclopedia	encyclopedia	PROPN
taxlaw-12357	617	9	britannica	britannica	PROPN
taxlaw-12357	617	10	(	(	PUNCT
taxlaw-12357	617	11	june	june	PROPN
taxlaw-12357	617	12	26	26	NUM
taxlaw-12357	617	13	,	,	PUNCT
taxlaw-12357	617	14	2023	2023	NUM
taxlaw-12357	617	15	)	)	PUNCT
taxlaw-12357	617	16	,	,	PUNCT
taxlaw-12357	617	17	https://www.britannica.com/biography/willie-sutton	https://www.britannica.com/biography/willie-sutton	PROPN
taxlaw-12357	618	1	[	[	X
taxlaw-12357	618	2	https://perma.cc/7ty2-xkx7	https://perma.cc/7ty2-xkx7	PROPN
taxlaw-12357	618	3	]	]	PUNCT
taxlaw-12357	618	4	.	.	PUNCT
taxlaw-12357	619	1	58	58	NUM
taxlaw-12357	620	1	although	although	SCONJ
taxlaw-12357	620	2	the	the	DET
taxlaw-12357	620	3	rates	rate	NOUN
taxlaw-12357	620	4	for	for	ADP
taxlaw-12357	620	5	both	both	DET
taxlaw-12357	620	6	ordinary	ordinary	ADJ
taxlaw-12357	620	7	income	income	NOUN
taxlaw-12357	620	8	and	and	CCONJ
taxlaw-12357	620	9	capital	capital	NOUN
taxlaw-12357	620	10	gains	gain	NOUN
taxlaw-12357	620	11	are	be	AUX
taxlaw-12357	620	12	progressive	progressive	ADJ
taxlaw-12357	620	13	,	,	PUNCT
taxlaw-12357	620	14	ordinary	ordinary	ADJ
taxlaw-12357	620	15	rates	rate	NOUN
taxlaw-12357	620	16	are	be	AUX
taxlaw-12357	620	17	higher	high	ADJ
taxlaw-12357	620	18	for	for	ADP
taxlaw-12357	620	19	very	very	ADV
taxlaw-12357	620	20	-	-	PUNCT
taxlaw-12357	620	21	high	high	ADJ
taxlaw-12357	620	22	-	-	PUNCT
taxlaw-12357	620	23	income	income	NOUN
taxlaw-12357	620	24	taxpayers	taxpayer	NOUN
taxlaw-12357	620	25	,	,	PUNCT
taxlaw-12357	620	26	so	so	SCONJ
taxlaw-12357	620	27	the	the	DET
taxlaw-12357	620	28	differential	differential	NOUN
taxlaw-12357	620	29	is	be	AUX
taxlaw-12357	620	30	wider	wide	ADJ
taxlaw-12357	620	31	.	.	PUNCT
taxlaw-12357	621	1	for	for	ADP
taxlaw-12357	621	2	taxpayers	taxpayer	NOUN
taxlaw-12357	621	3	in	in	ADP
taxlaw-12357	621	4	the	the	DET
taxlaw-12357	621	5	top	top	ADJ
taxlaw-12357	621	6	bracket	bracket	NOUN
taxlaw-12357	621	7	in	in	ADP
taxlaw-12357	621	8	2023	2023	NUM
taxlaw-12357	621	9	,	,	PUNCT
taxlaw-12357	621	10	converting	convert	VERB
taxlaw-12357	621	11	ordinary	ordinary	ADJ
taxlaw-12357	621	12	income	income	NOUN
taxlaw-12357	621	13	to	to	ADP
taxlaw-12357	621	14	capital	capital	NOUN
taxlaw-12357	621	15	gains	gain	NOUN
taxlaw-12357	621	16	changes	change	VERB
taxlaw-12357	621	17	a	a	DET
taxlaw-12357	621	18	37	37	NUM
taxlaw-12357	621	19	%	%	NOUN
taxlaw-12357	621	20	tax	tax	NOUN
taxlaw-12357	621	21	into	into	ADP
taxlaw-12357	621	22	a	a	DET
taxlaw-12357	621	23	20	20	NUM
taxlaw-12357	621	24	%	%	NOUN
taxlaw-12357	621	25	tax	tax	NOUN
taxlaw-12357	621	26	.	.	PUNCT
taxlaw-12357	622	1	in	in	ADP
taxlaw-12357	622	2	contrast	contrast	NOUN
taxlaw-12357	622	3	,	,	PUNCT
taxlaw-12357	622	4	taxpayers	taxpayer	NOUN
taxlaw-12357	622	5	in	in	ADP
taxlaw-12357	622	6	lower	low	ADJ
taxlaw-12357	622	7	brackets	bracket	NOUN
taxlaw-12357	622	8	might	might	AUX
taxlaw-12357	622	9	change	change	VERB
taxlaw-12357	622	10	a	a	DET
taxlaw-12357	622	11	24	24	NUM
taxlaw-12357	622	12	%	%	NOUN
taxlaw-12357	622	13	tax	tax	NOUN
taxlaw-12357	622	14	into	into	ADP
taxlaw-12357	622	15	a	a	DET
taxlaw-12357	622	16	15	15	NUM
taxlaw-12357	622	17	%	%	NOUN
taxlaw-12357	622	18	tax	tax	NOUN
taxlaw-12357	622	19	,	,	PUNCT
taxlaw-12357	622	20	so	so	SCONJ
taxlaw-12357	622	21	the	the	DET
taxlaw-12357	622	22	differential	differential	NOUN
taxlaw-12357	622	23	is	be	AUX
taxlaw-12357	622	24	only	only	ADV
taxlaw-12357	622	25	9	9	NUM
taxlaw-12357	622	26	%	%	NOUN
taxlaw-12357	622	27	,	,	PUNCT
taxlaw-12357	622	28	instead	instead	ADV
taxlaw-12357	622	29	of	of	ADP
taxlaw-12357	622	30	17	17	NUM
taxlaw-12357	622	31	%	%	NOUN
taxlaw-12357	622	32	.	.	PUNCT
taxlaw-12357	623	1	59	59	NUM
taxlaw-12357	624	1	this	this	PRON
taxlaw-12357	624	2	is	be	AUX
taxlaw-12357	624	3	not	not	PART
taxlaw-12357	624	4	to	to	PART
taxlaw-12357	624	5	say	say	VERB
taxlaw-12357	624	6	that	that	SCONJ
taxlaw-12357	624	7	tax	tax	NOUN
taxlaw-12357	624	8	planning	planning	NOUN
taxlaw-12357	624	9	by	by	ADP
taxlaw-12357	624	10	other	other	ADJ
taxlaw-12357	624	11	taxpayers	taxpayer	NOUN
taxlaw-12357	624	12	is	be	AUX
taxlaw-12357	624	13	not	not	PART
taxlaw-12357	624	14	worth	worth	ADJ
taxlaw-12357	624	15	policing	police	VERB
taxlaw-12357	624	16	.	.	PUNCT
taxlaw-12357	625	1	since	since	SCONJ
taxlaw-12357	625	2	they	they	PRON
taxlaw-12357	625	3	are	be	AUX
taxlaw-12357	625	4	a	a	DET
taxlaw-12357	625	5	larger	large	ADJ
taxlaw-12357	625	6	group	group	NOUN
taxlaw-12357	625	7	,	,	PUNCT
taxlaw-12357	625	8	they	they	PRON
taxlaw-12357	625	9	still	still	ADV
taxlaw-12357	625	10	owe	owe	VERB
taxlaw-12357	625	11	a	a	DET
taxlaw-12357	625	12	lot	lot	NOUN
taxlaw-12357	625	13	of	of	ADP
taxlaw-12357	625	14	tax	tax	NOUN
taxlaw-12357	625	15	in	in	ADP
taxlaw-12357	625	16	the	the	DET
taxlaw-12357	625	17	aggregate	aggregate	NOUN
taxlaw-12357	625	18	.	.	PUNCT
taxlaw-12357	626	1	while	while	SCONJ
taxlaw-12357	626	2	this	this	PRON
taxlaw-12357	626	3	is	be	AUX
taxlaw-12357	626	4	true	true	ADJ
taxlaw-12357	626	5	of	of	ADP
taxlaw-12357	626	6	taxpayers	taxpayer	NOUN
taxlaw-12357	626	7	earning	earn	VERB
taxlaw-12357	626	8	$	$	SYM
taxlaw-12357	626	9	150,000	150,000	NUM
taxlaw-12357	626	10	per	per	ADP
taxlaw-12357	626	11	year	year	NOUN
taxlaw-12357	626	12	,	,	PUNCT
taxlaw-12357	626	13	taxpayers	taxpayer	NOUN
taxlaw-12357	626	14	earning	earn	VERB
taxlaw-12357	626	15	$	$	SYM
taxlaw-12357	626	16	60,000	60,000	NUM
taxlaw-12357	626	17	are	be	AUX
taxlaw-12357	626	18	unlikely	unlikely	ADJ
taxlaw-12357	626	19	to	to	PART
taxlaw-12357	626	20	owe	owe	VERB
taxlaw-12357	626	21	much	much	ADJ
taxlaw-12357	626	22	(	(	PUNCT
taxlaw-12357	626	23	if	if	SCONJ
taxlaw-12357	626	24	any	any	PRON
taxlaw-12357	626	25	)	)	PUNCT
taxlaw-12357	626	26	income	income	NOUN
taxlaw-12357	626	27	tax	tax	NOUN
taxlaw-12357	626	28	.	.	PUNCT
taxlaw-12357	627	1	2024	2024	NUM
taxlaw-12357	627	2	]	]	PUNCT
taxlaw-12357	627	3	transaction	transaction	NOUN
taxlaw-12357	627	4	-	-	PUNCT
taxlaw-12357	627	5	specific	specific	ADJ
taxlaw-12357	627	6	tax	tax	NOUN
taxlaw-12357	627	7	reform	reform	NOUN
taxlaw-12357	627	8	in	in	ADP
taxlaw-12357	627	9	three	three	NUM
taxlaw-12357	627	10	steps	step	NOUN
taxlaw-12357	627	11	23	23	NUM
taxlaw-12357	627	12	c.	c.	NOUN
taxlaw-12357	627	13	which	which	DET
taxlaw-12357	627	14	income	income	NOUN
taxlaw-12357	627	15	?	?	PUNCT
taxlaw-12357	628	1	while	while	SCONJ
taxlaw-12357	628	2	the	the	DET
taxlaw-12357	628	3	tax	tax	NOUN
taxlaw-12357	628	4	system	system	NOUN
taxlaw-12357	628	5	already	already	ADV
taxlaw-12357	628	6	tracks	track	VERB
taxlaw-12357	628	7	income	income	NOUN
taxlaw-12357	628	8	,	,	PUNCT
taxlaw-12357	628	9	a	a	DET
taxlaw-12357	628	10	few	few	ADJ
taxlaw-12357	628	11	tweaks	tweak	NOUN
taxlaw-12357	628	12	would	would	AUX
taxlaw-12357	628	13	still	still	ADV
taxlaw-12357	628	14	be	be	AUX
taxlaw-12357	628	15	needed	need	VERB
taxlaw-12357	628	16	for	for	ADP
taxlaw-12357	628	17	an	an	DET
taxlaw-12357	628	18	income	income	NOUN
taxlaw-12357	628	19	-	-	PUNCT
taxlaw-12357	628	20	based	base	VERB
taxlaw-12357	628	21	filter	filter	NOUN
taxlaw-12357	628	22	.	.	PUNCT
taxlaw-12357	629	1	for	for	ADP
taxlaw-12357	629	2	example	example	NOUN
taxlaw-12357	629	3	,	,	PUNCT
taxlaw-12357	629	4	the	the	DET
taxlaw-12357	629	5	test	test	NOUN
taxlaw-12357	629	6	arguably	arguably	ADV
taxlaw-12357	629	7	should	should	AUX
taxlaw-12357	629	8	not	not	PART
taxlaw-12357	629	9	turn	turn	VERB
taxlaw-12357	629	10	on	on	ADP
taxlaw-12357	629	11	a	a	DET
taxlaw-12357	629	12	single	single	ADJ
taxlaw-12357	629	13	year	year	NOUN
taxlaw-12357	629	14	,	,	PUNCT
taxlaw-12357	629	15	but	but	CCONJ
taxlaw-12357	629	16	on	on	ADP
taxlaw-12357	629	17	a	a	DET
taxlaw-12357	629	18	rolling	rolling	ADJ
taxlaw-12357	629	19	average	average	NOUN
taxlaw-12357	629	20	.	.	PUNCT
taxlaw-12357	630	1	this	this	DET
taxlaw-12357	630	2	way	way	NOUN
taxlaw-12357	630	3	,	,	PUNCT
taxlaw-12357	630	4	taxpayers	taxpayer	NOUN
taxlaw-12357	630	5	would	would	AUX
taxlaw-12357	630	6	not	not	PART
taxlaw-12357	630	7	be	be	AUX
taxlaw-12357	630	8	“	"	PUNCT
taxlaw-12357	630	9	caught	catch	VERB
taxlaw-12357	630	10	”	"	PUNCT
taxlaw-12357	630	11	just	just	ADV
taxlaw-12357	630	12	because	because	SCONJ
taxlaw-12357	630	13	their	their	PRON
taxlaw-12357	630	14	income	income	NOUN
taxlaw-12357	630	15	spikes	spike	VERB
taxlaw-12357	630	16	in	in	ADP
taxlaw-12357	630	17	a	a	DET
taxlaw-12357	630	18	particular	particular	ADJ
taxlaw-12357	630	19	year	year	NOUN
taxlaw-12357	630	20	(	(	PUNCT
taxlaw-12357	630	21	e.g.	e.g.	ADV
taxlaw-12357	630	22	,	,	PUNCT
taxlaw-12357	630	23	from	from	ADP
taxlaw-12357	630	24	the	the	DET
taxlaw-12357	630	25	sale	sale	NOUN
taxlaw-12357	630	26	of	of	ADP
taxlaw-12357	630	27	their	their	PRON
taxlaw-12357	630	28	home	home	NOUN
taxlaw-12357	630	29	or	or	CCONJ
taxlaw-12357	630	30	business	business	NOUN
taxlaw-12357	630	31	)	)	PUNCT
taxlaw-12357	630	32	.	.	PUNCT
taxlaw-12357	631	1	likewise	likewise	ADV
taxlaw-12357	631	2	,	,	PUNCT
taxlaw-12357	631	3	taxpayers	taxpayer	NOUN
taxlaw-12357	631	4	should	should	AUX
taxlaw-12357	631	5	not	not	PART
taxlaw-12357	631	6	be	be	AUX
taxlaw-12357	631	7	able	able	ADJ
taxlaw-12357	631	8	to	to	PART
taxlaw-12357	631	9	avoid	avoid	VERB
taxlaw-12357	631	10	a	a	DET
taxlaw-12357	631	11	filter	filter	NOUN
taxlaw-12357	631	12	by	by	ADP
taxlaw-12357	631	13	artificially	artificially	ADV
taxlaw-12357	631	14	reducing	reduce	VERB
taxlaw-12357	631	15	their	their	PRON
taxlaw-12357	631	16	income	income	NOUN
taxlaw-12357	631	17	in	in	ADP
taxlaw-12357	631	18	one	one	NUM
taxlaw-12357	631	19	year	year	NOUN
taxlaw-12357	631	20	(	(	PUNCT
taxlaw-12357	631	21	e.g.	e.g.	ADV
taxlaw-12357	631	22	,	,	PUNCT
taxlaw-12357	631	23	by	by	ADP
taxlaw-12357	631	24	accelerating	accelerate	VERB
taxlaw-12357	631	25	or	or	CCONJ
taxlaw-12357	631	26	deferring	defer	VERB
taxlaw-12357	631	27	it	it	PRON
taxlaw-12357	631	28	)	)	PUNCT
taxlaw-12357	631	29	.	.	PUNCT
taxlaw-12357	632	1	taxpayers	taxpayer	NOUN
taxlaw-12357	632	2	also	also	ADV
taxlaw-12357	632	3	should	should	AUX
taxlaw-12357	632	4	not	not	PART
taxlaw-12357	632	5	be	be	AUX
taxlaw-12357	632	6	able	able	ADJ
taxlaw-12357	632	7	to	to	PART
taxlaw-12357	632	8	ignore	ignore	VERB
taxlaw-12357	632	9	the	the	DET
taxlaw-12357	632	10	effect	effect	NOUN
taxlaw-12357	632	11	of	of	ADP
taxlaw-12357	632	12	the	the	DET
taxlaw-12357	632	13	relevant	relevant	ADJ
taxlaw-12357	632	14	transaction	transaction	NOUN
taxlaw-12357	632	15	.	.	PUNCT
taxlaw-12357	633	1	for	for	ADP
taxlaw-12357	633	2	example	example	NOUN
taxlaw-12357	633	3	,	,	PUNCT
taxlaw-12357	633	4	assume	assume	VERB
taxlaw-12357	633	5	that	that	SCONJ
taxlaw-12357	633	6	congress	congress	PROPN
taxlaw-12357	633	7	decides	decide	VERB
taxlaw-12357	633	8	to	to	PART
taxlaw-12357	633	9	target	target	VERB
taxlaw-12357	633	10	hedge	hedge	NOUN
taxlaw-12357	633	11	fund	fund	NOUN
taxlaw-12357	633	12	derivatives	derivative	NOUN
taxlaw-12357	633	13	,	,	PUNCT
taxlaw-12357	633	14	but	but	CCONJ
taxlaw-12357	633	15	to	to	PART
taxlaw-12357	633	16	limit	limit	VERB
taxlaw-12357	633	17	the	the	DET
taxlaw-12357	633	18	statute	statute	NOUN
taxlaw-12357	633	19	to	to	ADP
taxlaw-12357	633	20	high	high	ADJ
taxlaw-12357	633	21	-	-	PUNCT
taxlaw-12357	633	22	income	income	NOUN
taxlaw-12357	633	23	taxpayers	taxpayer	NOUN
taxlaw-12357	633	24	.	.	PUNCT
taxlaw-12357	634	1	how	how	SCONJ
taxlaw-12357	634	2	should	should	AUX
taxlaw-12357	634	3	this	this	DET
taxlaw-12357	634	4	filter	filter	NOUN
taxlaw-12357	634	5	measure	measure	NOUN
taxlaw-12357	634	6	income	income	NOUN
taxlaw-12357	634	7	?	?	PUNCT
taxlaw-12357	635	1	specifically	specifically	ADV
taxlaw-12357	635	2	,	,	PUNCT
taxlaw-12357	635	3	should	should	AUX
taxlaw-12357	635	4	it	it	PRON
taxlaw-12357	635	5	count	count	VERB
taxlaw-12357	635	6	income	income	NOUN
taxlaw-12357	635	7	taxpayers	taxpayer	NOUN
taxlaw-12357	635	8	would	would	AUX
taxlaw-12357	635	9	have	have	AUX
taxlaw-12357	635	10	had	have	VERB
taxlaw-12357	635	11	if	if	SCONJ
taxlaw-12357	635	12	not	not	PART
taxlaw-12357	635	13	for	for	ADP
taxlaw-12357	635	14	the	the	DET
taxlaw-12357	635	15	derivative	derivative	NOUN
taxlaw-12357	635	16	?	?	PUNCT
taxlaw-12357	636	1	if	if	SCONJ
taxlaw-12357	636	2	they	they	PRON
taxlaw-12357	636	3	had	have	AUX
taxlaw-12357	636	4	invested	invest	VERB
taxlaw-12357	636	5	in	in	ADP
taxlaw-12357	636	6	the	the	DET
taxlaw-12357	636	7	underlying	underlie	VERB
taxlaw-12357	636	8	fund	fund	NOUN
taxlaw-12357	636	9	instead	instead	ADV
taxlaw-12357	636	10	,	,	PUNCT
taxlaw-12357	636	11	they	they	PRON
taxlaw-12357	636	12	would	would	AUX
taxlaw-12357	636	13	have	have	AUX
taxlaw-12357	636	14	had	have	VERB
taxlaw-12357	636	15	more	more	ADJ
taxlaw-12357	636	16	(	(	PUNCT
taxlaw-12357	636	17	current	current	ADJ
taxlaw-12357	636	18	)	)	PUNCT
taxlaw-12357	636	19	income	income	NOUN
taxlaw-12357	636	20	.	.	PUNCT
taxlaw-12357	637	1	should	should	AUX
taxlaw-12357	637	2	the	the	DET
taxlaw-12357	637	3	filter	filter	NOUN
taxlaw-12357	637	4	count	count	VERB
taxlaw-12357	637	5	this	this	DET
taxlaw-12357	637	6	deferred	deferred	ADJ
taxlaw-12357	637	7	income	income	NOUN
taxlaw-12357	637	8	?	?	PUNCT
taxlaw-12357	638	1	in	in	ADP
taxlaw-12357	638	2	our	our	PRON
taxlaw-12357	638	3	view	view	NOUN
taxlaw-12357	638	4	,	,	PUNCT
taxlaw-12357	638	5	the	the	DET
taxlaw-12357	638	6	answer	answer	NOUN
taxlaw-12357	638	7	is	be	AUX
taxlaw-12357	638	8	“	"	PUNCT
taxlaw-12357	638	9	yes	yes	INTJ
taxlaw-12357	638	10	.	.	PUNCT
taxlaw-12357	638	11	”	"	PUNCT
taxlaw-12357	639	1	in	in	ADP
taxlaw-12357	639	2	determining	determine	VERB
taxlaw-12357	639	3	whether	whether	SCONJ
taxlaw-12357	639	4	a	a	DET
taxlaw-12357	639	5	reform	reform	NOUN
taxlaw-12357	639	6	might	might	AUX
taxlaw-12357	639	7	apply	apply	VERB
taxlaw-12357	639	8	,	,	PUNCT
taxlaw-12357	639	9	a	a	DET
taxlaw-12357	639	10	filter	filter	NOUN
taxlaw-12357	639	11	should	should	AUX
taxlaw-12357	639	12	tentatively	tentatively	ADV
taxlaw-12357	639	13	assume	assume	VERB
taxlaw-12357	639	14	that	that	SCONJ
taxlaw-12357	639	15	it	it	PRON
taxlaw-12357	639	16	does	do	AUX
taxlaw-12357	639	17	apply	apply	VERB
taxlaw-12357	639	18	.	.	PUNCT
taxlaw-12357	640	1	this	this	DET
taxlaw-12357	640	2	approach	approach	NOUN
taxlaw-12357	640	3	helps	help	VERB
taxlaw-12357	640	4	the	the	DET
taxlaw-12357	640	5	filter	filter	NOUN
taxlaw-12357	640	6	do	do	VERB
taxlaw-12357	640	7	its	its	PRON
taxlaw-12357	640	8	job	job	NOUN
taxlaw-12357	640	9	,	,	PUNCT
taxlaw-12357	640	10	which	which	PRON
taxlaw-12357	640	11	is	be	AUX
taxlaw-12357	640	12	to	to	PART
taxlaw-12357	640	13	identify	identify	VERB
taxlaw-12357	640	14	taxpayers	taxpayer	NOUN
taxlaw-12357	640	15	who	who	PRON
taxlaw-12357	640	16	require	require	VERB
taxlaw-12357	640	17	more	more	ADJ
taxlaw-12357	640	18	vetting	vetting	NOUN
taxlaw-12357	640	19	.	.	PUNCT
taxlaw-12357	641	1	someone	someone	PRON
taxlaw-12357	641	2	who	who	PRON
taxlaw-12357	641	3	would	would	AUX
taxlaw-12357	641	4	have	have	VERB
taxlaw-12357	641	5	significant	significant	ADJ
taxlaw-12357	641	6	income	income	NOUN
taxlaw-12357	641	7	,	,	PUNCT
taxlaw-12357	641	8	as	as	ADV
taxlaw-12357	641	9	long	long	ADV
taxlaw-12357	641	10	as	as	SCONJ
taxlaw-12357	641	11	the	the	DET
taxlaw-12357	641	12	rule	rule	NOUN
taxlaw-12357	641	13	applies	apply	VERB
taxlaw-12357	641	14	,	,	PUNCT
taxlaw-12357	641	15	warrants	warrant	NOUN
taxlaw-12357	641	16	a	a	DET
taxlaw-12357	641	17	closer	close	ADJ
taxlaw-12357	641	18	look	look	NOUN
taxlaw-12357	641	19	.	.	PUNCT
taxlaw-12357	642	1	2	2	X
taxlaw-12357	642	2	.	.	X
taxlaw-12357	642	3	taxpayer	taxpayer	NOUN
taxlaw-12357	642	4	assets	asset	NOUN
taxlaw-12357	642	5	in	in	ADP
taxlaw-12357	642	6	some	some	DET
taxlaw-12357	642	7	circumstances	circumstance	NOUN
taxlaw-12357	642	8	,	,	PUNCT
taxlaw-12357	642	9	policymakers	policymaker	NOUN
taxlaw-12357	642	10	may	may	AUX
taxlaw-12357	642	11	wish	wish	VERB
taxlaw-12357	642	12	to	to	PART
taxlaw-12357	642	13	look	look	VERB
taxlaw-12357	642	14	not	not	PART
taxlaw-12357	642	15	just	just	ADV
taxlaw-12357	642	16	at	at	ADP
taxlaw-12357	642	17	income	income	NOUN
taxlaw-12357	642	18	,	,	PUNCT
taxlaw-12357	642	19	but	but	CCONJ
taxlaw-12357	642	20	also	also	ADV
taxlaw-12357	642	21	at	at	ADP
taxlaw-12357	642	22	assets	asset	NOUN
taxlaw-12357	642	23	.	.	PUNCT
taxlaw-12357	643	1	by	by	ADP
taxlaw-12357	643	2	analogy	analogy	NOUN
taxlaw-12357	643	3	,	,	PUNCT
taxlaw-12357	643	4	the	the	DET
taxlaw-12357	643	5	securities	security	NOUN
taxlaw-12357	643	6	law	law	NOUN
taxlaw-12357	643	7	looks	look	VERB
taxlaw-12357	643	8	at	at	ADP
taxlaw-12357	643	9	both	both	CCONJ
taxlaw-12357	643	10	in	in	ADP
taxlaw-12357	643	11	defining	define	VERB
taxlaw-12357	643	12	an	an	DET
taxlaw-12357	643	13	“	"	PUNCT
taxlaw-12357	643	14	accredited	accredited	ADJ
taxlaw-12357	643	15	investor	investor	NOUN
taxlaw-12357	643	16	”	"	PUNCT
taxlaw-12357	643	17	who	who	PRON
taxlaw-12357	643	18	is	be	AUX
taxlaw-12357	643	19	allowed	allow	VERB
taxlaw-12357	643	20	to	to	PART
taxlaw-12357	643	21	invest	invest	VERB
taxlaw-12357	643	22	in	in	ADP
taxlaw-12357	643	23	securities	security	NOUN
taxlaw-12357	643	24	that	that	PRON
taxlaw-12357	643	25	are	be	AUX
taxlaw-12357	643	26	not	not	PART
taxlaw-12357	643	27	available	available	ADJ
taxlaw-12357	643	28	to	to	ADP
taxlaw-12357	643	29	the	the	DET
taxlaw-12357	643	30	general	general	ADJ
taxlaw-12357	643	31	public.60	public.60	PROPN
taxlaw-12357	643	32	indeed	indeed	ADV
taxlaw-12357	643	33	,	,	PUNCT
taxlaw-12357	643	34	a	a	DET
taxlaw-12357	643	35	preliminary	preliminary	ADJ
taxlaw-12357	643	36	filter	filter	NOUN
taxlaw-12357	643	37	can	can	AUX
taxlaw-12357	643	38	simply	simply	ADV
taxlaw-12357	643	39	use	use	VERB
taxlaw-12357	643	40	the	the	DET
taxlaw-12357	643	41	securities	security	NOUN
taxlaw-12357	643	42	law	law	NOUN
taxlaw-12357	643	43	test.61	test.61	NOUN
taxlaw-12357	643	44	admittedly	admittedly	ADV
taxlaw-12357	643	45	,	,	PUNCT
taxlaw-12357	643	46	a	a	DET
taxlaw-12357	643	47	test	test	NOUN
taxlaw-12357	643	48	based	base	VERB
taxlaw-12357	643	49	solely	solely	ADV
taxlaw-12357	643	50	on	on	ADP
taxlaw-12357	643	51	income	income	NOUN
taxlaw-12357	643	52	often	often	ADV
taxlaw-12357	643	53	is	be	AUX
taxlaw-12357	643	54	adequate	adequate	ADJ
taxlaw-12357	643	55	–	–	PUNCT
taxlaw-12357	643	56	and	and	CCONJ
taxlaw-12357	643	57	,	,	PUNCT
taxlaw-12357	643	58	indeed	indeed	ADV
taxlaw-12357	643	59	,	,	PUNCT
taxlaw-12357	643	60	preferable	preferable	ADJ
taxlaw-12357	643	61	.	.	PUNCT
taxlaw-12357	644	1	adding	add	VERB
taxlaw-12357	644	2	assets	asset	NOUN
taxlaw-12357	644	3	usually	usually	ADV
taxlaw-12357	644	4	is	be	AUX
taxlaw-12357	644	5	redundant	redundant	ADJ
taxlaw-12357	644	6	(	(	PUNCT
taxlaw-12357	644	7	since	since	SCONJ
taxlaw-12357	644	8	asset	asset	NOUN
taxlaw-12357	644	9	-	-	PUNCT
taxlaw-12357	644	10	rich	rich	ADJ
taxlaw-12357	644	11	taxpayers	taxpayer	NOUN
taxlaw-12357	644	12	usually	usually	ADV
taxlaw-12357	644	13	have	have	VERB
taxlaw-12357	644	14	high	high	ADJ
taxlaw-12357	644	15	incomes	income	NOUN
taxlaw-12357	644	16	)	)	PUNCT
taxlaw-12357	644	17	,	,	PUNCT
taxlaw-12357	644	18	but	but	CCONJ
taxlaw-12357	644	19	costly	costly	ADJ
taxlaw-12357	644	20	(	(	PUNCT
taxlaw-12357	644	21	since	since	SCONJ
taxlaw-12357	644	22	the	the	DET
taxlaw-12357	644	23	tax	tax	NOUN
taxlaw-12357	644	24	system	system	NOUN
taxlaw-12357	644	25	does	do	AUX
taxlaw-12357	644	26	n’t	not	PART
taxlaw-12357	644	27	already	already	ADV
taxlaw-12357	644	28	track	track	VERB
taxlaw-12357	644	29	assets	asset	NOUN
taxlaw-12357	644	30	)	)	PUNCT
taxlaw-12357	644	31	.	.	PUNCT
taxlaw-12357	645	1	yet	yet	ADV
taxlaw-12357	645	2	testing	test	VERB
taxlaw-12357	645	3	income	income	NOUN
taxlaw-12357	645	4	is	be	AUX
taxlaw-12357	645	5	n’t	not	PART
taxlaw-12357	645	6	always	always	ADV
taxlaw-12357	645	7	enough	enough	ADV
taxlaw-12357	645	8	.	.	PUNCT
taxlaw-12357	646	1	some	some	DET
taxlaw-12357	646	2	taxpayers	taxpayer	NOUN
taxlaw-12357	646	3	actually	actually	ADV
taxlaw-12357	646	4	do	do	AUX
taxlaw-12357	646	5	have	have	VERB
taxlaw-12357	646	6	significant	significant	ADJ
taxlaw-12357	646	7	assets	asset	NOUN
taxlaw-12357	646	8	but	but	CCONJ
taxlaw-12357	646	9	low	low	ADJ
taxlaw-12357	646	10	incomes	income	NOUN
taxlaw-12357	646	11	(	(	PUNCT
taxlaw-12357	646	12	e.g.	e.g.	ADV
taxlaw-12357	646	13	,	,	PUNCT
taxlaw-12357	646	14	when	when	SCONJ
taxlaw-12357	646	15	they	they	PRON
taxlaw-12357	646	16	have	have	VERB
taxlaw-12357	646	17	significant	significant	ADJ
taxlaw-12357	646	18	business	business	NOUN
taxlaw-12357	646	19	losses	loss	NOUN
taxlaw-12357	646	20	or	or	CCONJ
taxlaw-12357	646	21	highly	highly	ADV
taxlaw-12357	646	22	appreciated	appreciated	ADJ
taxlaw-12357	646	23	assets	asset	NOUN
taxlaw-12357	646	24	)	)	PUNCT
taxlaw-12357	646	25	.	.	PUNCT
taxlaw-12357	647	1	like	like	ADP
taxlaw-12357	647	2	high	high	ADJ
taxlaw-12357	647	3	-	-	PUNCT
taxlaw-12357	647	4	income	income	NOUN
taxlaw-12357	647	5	taxpayers	taxpayer	NOUN
taxlaw-12357	647	6	,	,	PUNCT
taxlaw-12357	647	7	these	these	DET
taxlaw-12357	647	8	asset	asset	NOUN
taxlaw-12357	647	9	-	-	PUNCT
taxlaw-12357	647	10	rich	rich	ADJ
taxlaw-12357	647	11	taxpayers	taxpayer	NOUN
taxlaw-12357	647	12	have	have	VERB
taxlaw-12357	647	13	ample	ample	ADJ
taxlaw-12357	647	14	incentive	incentive	NOUN
taxlaw-12357	647	15	and	and	CCONJ
taxlaw-12357	647	16	capacity	capacity	NOUN
taxlaw-12357	647	17	to	to	PART
taxlaw-12357	647	18	engage	engage	VERB
taxlaw-12357	647	19	in	in	ADP
taxlaw-12357	647	20	sophisticated	sophisticated	ADJ
taxlaw-12357	647	21	tax	tax	NOUN
taxlaw-12357	647	22	planning	planning	NOUN
taxlaw-12357	647	23	,	,	PUNCT
taxlaw-12357	647	24	and	and	CCONJ
taxlaw-12357	647	25	thus	thus	ADV
taxlaw-12357	647	26	warrant	warrant	VERB
taxlaw-12357	647	27	more	more	ADV
taxlaw-12357	647	28	careful	careful	ADJ
taxlaw-12357	647	29	vetting	vetting	NOUN
taxlaw-12357	647	30	.	.	PUNCT
taxlaw-12357	648	1	3	3	X
taxlaw-12357	648	2	.	.	X
taxlaw-12357	648	3	counterparty	counterparty	NOUN
taxlaw-12357	648	4	to	to	PART
taxlaw-12357	648	5	hone	hone	NOUN
taxlaw-12357	648	6	in	in	ADP
taxlaw-12357	648	7	on	on	ADP
taxlaw-12357	648	8	the	the	DET
taxlaw-12357	648	9	right	right	ADJ
taxlaw-12357	648	10	transactions	transaction	NOUN
taxlaw-12357	648	11	,	,	PUNCT
taxlaw-12357	648	12	a	a	DET
taxlaw-12357	648	13	filter	filter	NOUN
taxlaw-12357	648	14	can	can	AUX
taxlaw-12357	648	15	focus	focus	VERB
taxlaw-12357	648	16	not	not	PART
taxlaw-12357	648	17	just	just	ADV
taxlaw-12357	648	18	on	on	ADP
taxlaw-12357	648	19	taxpayers	taxpayer	NOUN
taxlaw-12357	648	20	,	,	PUNCT
taxlaw-12357	648	21	but	but	CCONJ
taxlaw-12357	648	22	also	also	ADV
taxlaw-12357	648	23	on	on	ADP
taxlaw-12357	648	24	their	their	PRON
taxlaw-12357	648	25	counterparties	counterpartie	NOUN
taxlaw-12357	648	26	.	.	PUNCT
taxlaw-12357	649	1	the	the	DET
taxlaw-12357	649	2	type	type	NOUN
taxlaw-12357	649	3	of	of	ADP
taxlaw-12357	649	4	counterparty	counterparty	NOUN
taxlaw-12357	649	5	matters	matter	NOUN
taxlaw-12357	649	6	for	for	ADP
taxlaw-12357	649	7	four	four	NUM
taxlaw-12357	649	8	reasons	reason	NOUN
taxlaw-12357	649	9	.	.	PUNCT
taxlaw-12357	650	1	first	first	ADV
taxlaw-12357	650	2	,	,	PUNCT
taxlaw-12357	650	3	when	when	SCONJ
taxlaw-12357	650	4	the	the	DET
taxlaw-12357	650	5	counterparty	counterparty	NOUN
taxlaw-12357	650	6	is	be	AUX
taxlaw-12357	650	7	a	a	DET
taxlaw-12357	650	8	financial	financial	ADJ
taxlaw-12357	650	9	intermediary	intermediary	NOUN
taxlaw-12357	650	10	,	,	PUNCT
taxlaw-12357	650	11	it	it	PRON
taxlaw-12357	650	12	has	have	VERB
taxlaw-12357	650	13	expertise	expertise	NOUN
taxlaw-12357	650	14	to	to	PART
taxlaw-12357	650	15	help	help	VERB
taxlaw-12357	650	16	taxpayers	taxpayer	NOUN
taxlaw-12357	650	17	comply	comply	VERB
taxlaw-12357	650	18	with	with	ADP
taxlaw-12357	650	19	a	a	DET
taxlaw-12357	650	20	sophisticated	sophisticated	ADJ
taxlaw-12357	650	21	rule	rule	NOUN
taxlaw-12357	650	22	.	.	PUNCT
taxlaw-12357	651	1	for	for	ADP
taxlaw-12357	651	2	example	example	NOUN
taxlaw-12357	651	3	,	,	PUNCT
taxlaw-12357	651	4	if	if	SCONJ
taxlaw-12357	651	5	the	the	DET
taxlaw-12357	651	6	counterparty	counterparty	NOUN
taxlaw-12357	651	7	on	on	ADP
taxlaw-12357	651	8	hedge	hedge	NOUN
taxlaw-12357	651	9	fund	fund	NOUN
taxlaw-12357	651	10	derivatives	derivative	NOUN
taxlaw-12357	651	11	is	be	AUX
taxlaw-12357	651	12	a	a	DET
taxlaw-12357	651	13	securities	security	NOUN
taxlaw-12357	651	14	dealer	dealer	NOUN
taxlaw-12357	651	15	,	,	PUNCT
taxlaw-12357	651	16	it	it	PRON
taxlaw-12357	651	17	can	can	AUX
taxlaw-12357	651	18	help	help	VERB
taxlaw-12357	651	19	taxpayers	taxpayer	NOUN
taxlaw-12357	651	20	do	do	VERB
taxlaw-12357	651	21	valuations	valuation	NOUN
taxlaw-12357	651	22	and	and	CCONJ
taxlaw-12357	651	23	other	other	ADJ
taxlaw-12357	651	24	calculations	calculation	NOUN
taxlaw-12357	651	25	needed	need	VERB
taxlaw-12357	651	26	for	for	ADP
taxlaw-12357	651	27	rigorous	rigorous	ADJ
taxlaw-12357	651	28	tests	test	NOUN
taxlaw-12357	651	29	(	(	PUNCT
taxlaw-12357	651	30	like	like	ADP
taxlaw-12357	651	31	those	those	PRON
taxlaw-12357	651	32	discussed	discuss	VERB
taxlaw-12357	651	33	below	below	ADV
taxlaw-12357	651	34	in	in	ADP
taxlaw-12357	651	35	part	part	NOUN
taxlaw-12357	651	36	60	60	NUM
taxlaw-12357	651	37	u.s	u.s	PROPN
taxlaw-12357	651	38	.	.	PROPN
taxlaw-12357	651	39	securities	securities	PROPN
taxlaw-12357	651	40	and	and	CCONJ
taxlaw-12357	651	41	exchange	exchange	PROPN
taxlaw-12357	651	42	commission	commission	PROPN
taxlaw-12357	651	43	,	,	PUNCT
taxlaw-12357	651	44	accredited	accredited	ADJ
taxlaw-12357	651	45	investor	investor	NOUN
taxlaw-12357	651	46	,	,	PUNCT
taxlaw-12357	651	47	www.sec.gov/education/cap	www.sec.gov/education/cap	NOUN
taxlaw-12357	651	48	italraising	italraising	NOUN
taxlaw-12357	651	49	/	/	SYM
taxlaw-12357	651	50	building	building	NOUN
taxlaw-12357	651	51	-	-	PUNCT
taxlaw-12357	651	52	blocks	block	NOUN
taxlaw-12357	651	53	/	/	SYM
taxlaw-12357	651	54	accredited	accredit	VERB
taxlaw-12357	651	55	-	-	PUNCT
taxlaw-12357	651	56	investor	investor	NOUN
taxlaw-12357	652	1	[	[	X
taxlaw-12357	652	2	https://perma.cc/gcy5-c75r	https://perma.cc/gcy5-c75r	PROPN
taxlaw-12357	652	3	]	]	X
taxlaw-12357	652	4	.	.	PUNCT
taxlaw-12357	653	1	61	61	NUM
taxlaw-12357	653	2	an	an	DET
taxlaw-12357	653	3	asset	asset	NOUN
taxlaw-12357	653	4	test	test	NOUN
taxlaw-12357	653	5	might	might	AUX
taxlaw-12357	653	6	be	be	AUX
taxlaw-12357	653	7	relevant	relevant	ADJ
taxlaw-12357	653	8	for	for	ADP
taxlaw-12357	653	9	taxpayers	taxpayer	NOUN
taxlaw-12357	653	10	who	who	PRON
taxlaw-12357	653	11	have	have	VERB
taxlaw-12357	653	12	significant	significant	ADJ
taxlaw-12357	653	13	assets	asset	NOUN
taxlaw-12357	653	14	but	but	CCONJ
taxlaw-12357	653	15	have	have	VERB
taxlaw-12357	653	16	low	low	ADJ
taxlaw-12357	653	17	taxable	taxable	ADJ
taxlaw-12357	653	18	income	income	NOUN
taxlaw-12357	653	19	(	(	PUNCT
taxlaw-12357	653	20	e.g.	e.g.	ADV
taxlaw-12357	653	21	,	,	PUNCT
taxlaw-12357	653	22	because	because	SCONJ
taxlaw-12357	653	23	they	they	PRON
taxlaw-12357	653	24	fund	fund	VERB
taxlaw-12357	653	25	consumption	consumption	NOUN
taxlaw-12357	653	26	by	by	ADP
taxlaw-12357	653	27	borrowing	borrow	VERB
taxlaw-12357	653	28	against	against	ADP
taxlaw-12357	653	29	appreciated	appreciated	ADJ
taxlaw-12357	653	30	assets	asset	NOUN
taxlaw-12357	653	31	instead	instead	ADV
taxlaw-12357	653	32	of	of	ADP
taxlaw-12357	653	33	selling	sell	VERB
taxlaw-12357	653	34	them	they	PRON
taxlaw-12357	653	35	,	,	PUNCT
taxlaw-12357	653	36	they	they	PRON
taxlaw-12357	653	37	have	have	VERB
taxlaw-12357	653	38	net	net	ADJ
taxlaw-12357	653	39	operating	operating	NOUN
taxlaw-12357	653	40	losses	loss	NOUN
taxlaw-12357	653	41	,	,	PUNCT
taxlaw-12357	653	42	they	they	PRON
taxlaw-12357	653	43	are	be	AUX
taxlaw-12357	653	44	retired	retire	VERB
taxlaw-12357	653	45	,	,	PUNCT
taxlaw-12357	653	46	etc	etc	X
taxlaw-12357	653	47	.	.	X
taxlaw-12357	653	48	)	)	PUNCT
taxlaw-12357	653	49	.	.	PUNCT
taxlaw-12357	654	1	columbia	columbia	PROPN
taxlaw-12357	654	2	journal	journal	PROPN
taxlaw-12357	654	3	of	of	ADP
taxlaw-12357	654	4	tax	tax	NOUN
taxlaw-12357	654	5	law	law	NOUN
taxlaw-12357	655	1	[	[	X
taxlaw-12357	655	2	vol	vol	NOUN
taxlaw-12357	655	3	15:1	15:1	NUM
taxlaw-12357	655	4	24	24	NUM
taxlaw-12357	655	5	vi	vi	NOUN
taxlaw-12357	655	6	)	)	PUNCT
taxlaw-12357	655	7	.	.	PUNCT
taxlaw-12357	656	1	but	but	CCONJ
taxlaw-12357	656	2	this	this	PRON
taxlaw-12357	656	3	usually	usually	ADV
taxlaw-12357	656	4	wo	will	AUX
taxlaw-12357	656	5	n’t	not	PART
taxlaw-12357	656	6	be	be	AUX
taxlaw-12357	656	7	the	the	DET
taxlaw-12357	656	8	case	case	NOUN
taxlaw-12357	656	9	if	if	SCONJ
taxlaw-12357	656	10	the	the	DET
taxlaw-12357	656	11	counterparty	counterparty	NOUN
taxlaw-12357	656	12	is	be	AUX
taxlaw-12357	656	13	the	the	DET
taxlaw-12357	656	14	taxpayer	taxpayer	NOUN
taxlaw-12357	656	15	’s	’s	PART
taxlaw-12357	656	16	neighbor	neighbor	NOUN
taxlaw-12357	656	17	.	.	PUNCT
taxlaw-12357	657	1	second	second	ADJ
taxlaw-12357	657	2	,	,	PUNCT
taxlaw-12357	657	3	the	the	DET
taxlaw-12357	657	4	type	type	NOUN
taxlaw-12357	657	5	of	of	ADP
taxlaw-12357	657	6	counterparty	counterparty	NOUN
taxlaw-12357	657	7	also	also	ADV
taxlaw-12357	657	8	can	can	AUX
taxlaw-12357	657	9	shed	shed	VERB
taxlaw-12357	657	10	light	light	NOUN
taxlaw-12357	657	11	on	on	ADP
taxlaw-12357	657	12	whether	whether	SCONJ
taxlaw-12357	657	13	a	a	DET
taxlaw-12357	657	14	deal	deal	NOUN
taxlaw-12357	657	15	is	be	AUX
taxlaw-12357	657	16	tax	tax	NOUN
taxlaw-12357	657	17	motivated	motivated	ADJ
taxlaw-12357	657	18	.	.	PUNCT
taxlaw-12357	658	1	for	for	ADP
taxlaw-12357	658	2	example	example	NOUN
taxlaw-12357	658	3	,	,	PUNCT
taxlaw-12357	658	4	compare	compare	VERB
taxlaw-12357	658	5	the	the	DET
taxlaw-12357	658	6	following	follow	VERB
taxlaw-12357	658	7	two	two	NUM
taxlaw-12357	658	8	forward	forward	ADJ
taxlaw-12357	658	9	contracts	contract	NOUN
taxlaw-12357	658	10	.	.	PUNCT
taxlaw-12357	659	1	in	in	ADP
taxlaw-12357	659	2	the	the	DET
taxlaw-12357	659	3	first	first	ADJ
taxlaw-12357	659	4	,	,	PUNCT
taxlaw-12357	659	5	a	a	DET
taxlaw-12357	659	6	taxpayer	taxpayer	NOUN
taxlaw-12357	659	7	commits	commit	VERB
taxlaw-12357	659	8	to	to	PART
taxlaw-12357	659	9	buy	buy	VERB
taxlaw-12357	659	10	a	a	DET
taxlaw-12357	659	11	hedge	hedge	NOUN
taxlaw-12357	659	12	fund	fund	NOUN
taxlaw-12357	659	13	interest	interest	NOUN
taxlaw-12357	659	14	from	from	ADP
taxlaw-12357	659	15	a	a	DET
taxlaw-12357	659	16	securities	security	NOUN
taxlaw-12357	659	17	dealer	dealer	NOUN
taxlaw-12357	659	18	.	.	PUNCT
taxlaw-12357	660	1	in	in	ADP
taxlaw-12357	660	2	the	the	DET
taxlaw-12357	660	3	second	second	ADJ
taxlaw-12357	660	4	,	,	PUNCT
taxlaw-12357	660	5	one	one	NUM
taxlaw-12357	660	6	business	business	NOUN
taxlaw-12357	660	7	partner	partner	NOUN
taxlaw-12357	660	8	commits	commit	VERB
taxlaw-12357	660	9	to	to	PART
taxlaw-12357	660	10	buy	buy	VERB
taxlaw-12357	660	11	out	out	ADP
taxlaw-12357	660	12	the	the	DET
taxlaw-12357	660	13	other	other	ADJ
taxlaw-12357	660	14	and	and	CCONJ
taxlaw-12357	660	15	needs	need	VERB
taxlaw-12357	660	16	time	time	NOUN
taxlaw-12357	660	17	to	to	PART
taxlaw-12357	660	18	raise	raise	VERB
taxlaw-12357	660	19	the	the	DET
taxlaw-12357	660	20	cash	cash	NOUN
taxlaw-12357	660	21	.	.	PUNCT
taxlaw-12357	661	1	in	in	ADP
taxlaw-12357	661	2	principle	principle	NOUN
taxlaw-12357	661	3	,	,	PUNCT
taxlaw-12357	661	4	section	section	NOUN
taxlaw-12357	661	5	1260	1260	NUM
taxlaw-12357	661	6	could	could	AUX
taxlaw-12357	661	7	apply	apply	VERB
taxlaw-12357	661	8	to	to	ADP
taxlaw-12357	661	9	both,62	both,62	NOUN
taxlaw-12357	661	10	but	but	CCONJ
taxlaw-12357	661	11	the	the	DET
taxlaw-12357	661	12	identity	identity	NOUN
taxlaw-12357	661	13	of	of	ADP
taxlaw-12357	661	14	the	the	DET
taxlaw-12357	661	15	counterparty	counterparty	NOUN
taxlaw-12357	661	16	shows	show	VERB
taxlaw-12357	661	17	that	that	SCONJ
taxlaw-12357	661	18	the	the	DET
taxlaw-12357	661	19	second	second	NOUN
taxlaw-12357	661	20	is	be	AUX
taxlaw-12357	661	21	probably	probably	ADV
taxlaw-12357	661	22	motivated	motivate	VERB
taxlaw-12357	661	23	by	by	ADP
taxlaw-12357	661	24	conventional	conventional	ADJ
taxlaw-12357	661	25	business	business	NOUN
taxlaw-12357	661	26	reasons	reason	NOUN
taxlaw-12357	661	27	.	.	PUNCT
taxlaw-12357	662	1	third	third	ADJ
taxlaw-12357	662	2	,	,	PUNCT
taxlaw-12357	662	3	and	and	CCONJ
taxlaw-12357	662	4	relatedly	relatedly	ADV
taxlaw-12357	662	5	,	,	PUNCT
taxlaw-12357	662	6	a	a	DET
taxlaw-12357	662	7	transaction	transaction	NOUN
taxlaw-12357	662	8	is	be	AUX
taxlaw-12357	662	9	more	more	ADV
taxlaw-12357	662	10	likely	likely	ADJ
taxlaw-12357	662	11	to	to	PART
taxlaw-12357	662	12	be	be	AUX
taxlaw-12357	662	13	tax	tax	NOUN
taxlaw-12357	662	14	motivated	motivated	ADJ
taxlaw-12357	662	15	when	when	SCONJ
taxlaw-12357	662	16	the	the	DET
taxlaw-12357	662	17	counterparty	counterparty	NOUN
taxlaw-12357	662	18	is	be	AUX
taxlaw-12357	662	19	subject	subject	ADJ
taxlaw-12357	662	20	to	to	ADP
taxlaw-12357	662	21	different	different	ADJ
taxlaw-12357	662	22	tax	tax	NOUN
taxlaw-12357	662	23	rules	rule	NOUN
taxlaw-12357	662	24	.	.	PUNCT
taxlaw-12357	663	1	as	as	SCONJ
taxlaw-12357	663	2	noted	note	VERB
taxlaw-12357	663	3	above	above	ADV
taxlaw-12357	663	4	,	,	PUNCT
taxlaw-12357	663	5	this	this	PRON
taxlaw-12357	663	6	is	be	AUX
taxlaw-12357	663	7	how	how	SCONJ
taxlaw-12357	663	8	hedge	hedge	NOUN
taxlaw-12357	663	9	fund	fund	NOUN
taxlaw-12357	663	10	derivatives	derivative	NOUN
taxlaw-12357	663	11	became	become	VERB
taxlaw-12357	663	12	a	a	DET
taxlaw-12357	663	13	viable	viable	ADJ
taxlaw-12357	663	14	tax	tax	NOUN
taxlaw-12357	663	15	planning	planning	NOUN
taxlaw-12357	663	16	strategy	strategy	NOUN
taxlaw-12357	663	17	:	:	PUNCT
taxlaw-12357	663	18	although	although	SCONJ
taxlaw-12357	663	19	wealthy	wealthy	ADJ
taxlaw-12357	663	20	individuals	individual	NOUN
taxlaw-12357	663	21	did	do	AUX
taxlaw-12357	663	22	not	not	PART
taxlaw-12357	663	23	like	like	VERB
taxlaw-12357	663	24	the	the	DET
taxlaw-12357	663	25	tax	tax	NOUN
taxlaw-12357	663	26	costs	cost	NOUN
taxlaw-12357	663	27	of	of	ADP
taxlaw-12357	663	28	investing	invest	VERB
taxlaw-12357	663	29	hedge	hedge	NOUN
taxlaw-12357	663	30	funds	fund	NOUN
taxlaw-12357	663	31	,	,	PUNCT
taxlaw-12357	663	32	securities	security	NOUN
taxlaw-12357	663	33	dealers	dealer	NOUN
taxlaw-12357	663	34	were	be	AUX
taxlaw-12357	663	35	immune	immune	ADJ
taxlaw-12357	663	36	to	to	ADP
taxlaw-12357	663	37	these	these	DET
taxlaw-12357	663	38	costs	cost	NOUN
taxlaw-12357	663	39	(	(	PUNCT
taxlaw-12357	663	40	because	because	SCONJ
taxlaw-12357	663	41	they	they	PRON
taxlaw-12357	663	42	mark	mark	VERB
taxlaw-12357	663	43	their	their	PRON
taxlaw-12357	663	44	inventory	inventory	NOUN
taxlaw-12357	663	45	to	to	ADP
taxlaw-12357	663	46	market).63	market).63	PROPN
taxlaw-12357	663	47	as	as	SCONJ
taxlaw-12357	663	48	this	this	DET
taxlaw-12357	663	49	example	example	NOUN
taxlaw-12357	663	50	shows	show	VERB
taxlaw-12357	663	51	,	,	PUNCT
taxlaw-12357	663	52	some	some	DET
taxlaw-12357	663	53	tax	tax	NOUN
taxlaw-12357	663	54	planning	planning	NOUN
taxlaw-12357	663	55	works	work	VERB
taxlaw-12357	663	56	only	only	ADV
taxlaw-12357	663	57	when	when	SCONJ
taxlaw-12357	663	58	the	the	DET
taxlaw-12357	663	59	counterparty	counterparty	NOUN
taxlaw-12357	663	60	is	be	AUX
taxlaw-12357	663	61	subject	subject	ADJ
taxlaw-12357	663	62	to	to	ADP
taxlaw-12357	663	63	different	different	ADJ
taxlaw-12357	663	64	rules	rule	NOUN
taxlaw-12357	663	65	.	.	PUNCT
taxlaw-12357	664	1	like	like	ADP
taxlaw-12357	664	2	securities	security	NOUN
taxlaw-12357	664	3	dealers	dealer	NOUN
taxlaw-12357	664	4	,	,	PUNCT
taxlaw-12357	664	5	insurance	insurance	NOUN
taxlaw-12357	664	6	companies	company	NOUN
taxlaw-12357	664	7	,	,	PUNCT
taxlaw-12357	664	8	foreigners	foreigner	NOUN
taxlaw-12357	664	9	,	,	PUNCT
taxlaw-12357	664	10	and	and	CCONJ
taxlaw-12357	664	11	taxexempt	taxexempt	ADJ
taxlaw-12357	664	12	organizations	organization	NOUN
taxlaw-12357	664	13	also	also	ADV
taxlaw-12357	664	14	can	can	AUX
taxlaw-12357	664	15	play	play	VERB
taxlaw-12357	664	16	this	this	DET
taxlaw-12357	664	17	role	role	NOUN
taxlaw-12357	664	18	.	.	PUNCT
taxlaw-12357	665	1	as	as	ADP
taxlaw-12357	665	2	a	a	DET
taxlaw-12357	665	3	result	result	NOUN
taxlaw-12357	665	4	,	,	PUNCT
taxlaw-12357	665	5	deals	deal	NOUN
taxlaw-12357	665	6	involving	involve	VERB
taxlaw-12357	665	7	these	these	DET
taxlaw-12357	665	8	“	"	PUNCT
taxlaw-12357	665	9	tax	tax	NOUN
taxlaw-12357	665	10	indifferent	indifferent	ADJ
taxlaw-12357	665	11	counterparties	counterpartie	NOUN
taxlaw-12357	665	12	”	"	PUNCT
taxlaw-12357	665	13	arguably	arguably	ADV
taxlaw-12357	665	14	should	should	AUX
taxlaw-12357	665	15	receive	receive	VERB
taxlaw-12357	665	16	extra	extra	ADJ
taxlaw-12357	665	17	scrutiny	scrutiny	NOUN
taxlaw-12357	665	18	.	.	PUNCT
taxlaw-12357	666	1	fourth	fourth	ADJ
taxlaw-12357	666	2	,	,	PUNCT
taxlaw-12357	666	3	the	the	DET
taxlaw-12357	666	4	same	same	ADJ
taxlaw-12357	666	5	is	be	AUX
taxlaw-12357	666	6	true	true	ADJ
taxlaw-12357	666	7	of	of	ADP
taxlaw-12357	666	8	related	related	ADJ
taxlaw-12357	666	9	parties	party	NOUN
taxlaw-12357	666	10	.	.	PUNCT
taxlaw-12357	667	1	it	it	PRON
taxlaw-12357	667	2	is	be	AUX
taxlaw-12357	667	3	well	well	ADV
taxlaw-12357	667	4	understood	understand	VERB
taxlaw-12357	667	5	that	that	SCONJ
taxlaw-12357	667	6	in	in	ADP
taxlaw-12357	667	7	transactions	transaction	NOUN
taxlaw-12357	667	8	between	between	ADP
taxlaw-12357	667	9	a	a	DET
taxlaw-12357	667	10	subsidiary	subsidiary	NOUN
taxlaw-12357	667	11	and	and	CCONJ
taxlaw-12357	667	12	parent	parent	NOUN
taxlaw-12357	667	13	or	or	CCONJ
taxlaw-12357	667	14	between	between	ADP
taxlaw-12357	667	15	a	a	DET
taxlaw-12357	667	16	mother	mother	NOUN
taxlaw-12357	667	17	and	and	CCONJ
taxlaw-12357	667	18	daughter	daughter	NOUN
taxlaw-12357	667	19	,	,	PUNCT
taxlaw-12357	667	20	the	the	DET
taxlaw-12357	667	21	parties	party	NOUN
taxlaw-12357	667	22	’	'	PUNCT
taxlaw-12357	667	23	economic	economic	ADJ
taxlaw-12357	667	24	interests	interest	NOUN
taxlaw-12357	667	25	usually	usually	ADV
taxlaw-12357	667	26	are	be	AUX
taxlaw-12357	667	27	aligned	align	VERB
taxlaw-12357	667	28	enough	enough	ADV
taxlaw-12357	667	29	that	that	SCONJ
taxlaw-12357	667	30	they	they	PRON
taxlaw-12357	667	31	can	can	AUX
taxlaw-12357	667	32	join	join	VERB
taxlaw-12357	667	33	forces	force	NOUN
taxlaw-12357	667	34	to	to	PART
taxlaw-12357	667	35	reduce	reduce	VERB
taxlaw-12357	667	36	their	their	PRON
taxlaw-12357	667	37	combined	combine	VERB
taxlaw-12357	667	38	tax	tax	NOUN
taxlaw-12357	667	39	bill	bill	NOUN
taxlaw-12357	667	40	–	–	PUNCT
taxlaw-12357	667	41	for	for	ADP
taxlaw-12357	667	42	instance	instance	NOUN
taxlaw-12357	667	43	,	,	PUNCT
taxlaw-12357	667	44	by	by	ADP
taxlaw-12357	667	45	shifting	shift	VERB
taxlaw-12357	667	46	income	income	NOUN
taxlaw-12357	667	47	to	to	ADP
taxlaw-12357	667	48	the	the	DET
taxlaw-12357	667	49	one	one	NOUN
taxlaw-12357	667	50	with	with	ADP
taxlaw-12357	667	51	the	the	DET
taxlaw-12357	667	52	lower	low	ADJ
taxlaw-12357	667	53	tax	tax	NOUN
taxlaw-12357	667	54	rate	rate	NOUN
taxlaw-12357	667	55	.	.	PUNCT
taxlaw-12357	668	1	instead	instead	ADV
taxlaw-12357	668	2	of	of	ADP
taxlaw-12357	668	3	fretting	fret	VERB
taxlaw-12357	668	4	about	about	ADP
taxlaw-12357	668	5	whether	whether	SCONJ
taxlaw-12357	668	6	the	the	DET
taxlaw-12357	668	7	pre	pre	ADJ
taxlaw-12357	668	8	-	-	ADJ
taxlaw-12357	668	9	tax	tax	ADJ
taxlaw-12357	668	10	terms	term	NOUN
taxlaw-12357	668	11	of	of	ADP
taxlaw-12357	668	12	their	their	PRON
taxlaw-12357	668	13	deal	deal	NOUN
taxlaw-12357	668	14	are	be	AUX
taxlaw-12357	668	15	fair	fair	ADJ
taxlaw-12357	668	16	,	,	PUNCT
taxlaw-12357	668	17	they	they	PRON
taxlaw-12357	668	18	are	be	AUX
taxlaw-12357	668	19	free	free	ADJ
taxlaw-12357	668	20	to	to	PART
taxlaw-12357	668	21	structure	structure	VERB
taxlaw-12357	668	22	the	the	DET
taxlaw-12357	668	23	deal	deal	NOUN
taxlaw-12357	668	24	to	to	PART
taxlaw-12357	668	25	minimize	minimize	VERB
taxlaw-12357	668	26	their	their	PRON
taxlaw-12357	668	27	combined	combined	ADJ
taxlaw-12357	668	28	tax	tax	NOUN
taxlaw-12357	668	29	liability	liability	NOUN
taxlaw-12357	668	30	.	.	PUNCT
taxlaw-12357	669	1	given	give	VERB
taxlaw-12357	669	2	this	this	DET
taxlaw-12357	669	3	risk	risk	NOUN
taxlaw-12357	669	4	,	,	PUNCT
taxlaw-12357	669	5	the	the	DET
taxlaw-12357	669	6	presence	presence	NOUN
taxlaw-12357	669	7	of	of	ADP
taxlaw-12357	669	8	related	related	ADJ
taxlaw-12357	669	9	parties	party	NOUN
taxlaw-12357	669	10	is	be	AUX
taxlaw-12357	669	11	another	another	DET
taxlaw-12357	669	12	factor	factor	NOUN
taxlaw-12357	669	13	that	that	PRON
taxlaw-12357	669	14	can	can	AUX
taxlaw-12357	669	15	justify	justify	VERB
taxlaw-12357	669	16	a	a	DET
taxlaw-12357	669	17	closer	close	ADJ
taxlaw-12357	669	18	look	look	NOUN
taxlaw-12357	669	19	.	.	PUNCT
taxlaw-12357	670	1	b.	b.	PROPN
taxlaw-12357	670	2	transaction	transaction	NOUN
taxlaw-12357	670	3	-	-	PUNCT
taxlaw-12357	670	4	based	base	VERB
taxlaw-12357	670	5	filters	filter	NOUN
taxlaw-12357	670	6	in	in	ADP
taxlaw-12357	670	7	determining	determine	VERB
taxlaw-12357	670	8	when	when	SCONJ
taxlaw-12357	670	9	to	to	PART
taxlaw-12357	670	10	apply	apply	VERB
taxlaw-12357	670	11	a	a	DET
taxlaw-12357	670	12	more	more	ADV
taxlaw-12357	670	13	sophisticated	sophisticated	ADJ
taxlaw-12357	670	14	(	(	PUNCT
taxlaw-12357	670	15	and	and	CCONJ
taxlaw-12357	670	16	costly	costly	ADJ
taxlaw-12357	670	17	)	)	PUNCT
taxlaw-12357	670	18	test	test	NOUN
taxlaw-12357	671	1	,	,	PUNCT
taxlaw-12357	671	2	the	the	DET
taxlaw-12357	671	3	tax	tax	NOUN
taxlaw-12357	671	4	system	system	NOUN
taxlaw-12357	671	5	should	should	AUX
taxlaw-12357	671	6	consider	consider	VERB
taxlaw-12357	671	7	not	not	PART
taxlaw-12357	671	8	only	only	ADV
taxlaw-12357	671	9	who	who	PRON
taxlaw-12357	671	10	the	the	DET
taxlaw-12357	671	11	taxpayer	taxpayer	NOUN
taxlaw-12357	671	12	and	and	CCONJ
taxlaw-12357	671	13	counterparty	counterparty	NOUN
taxlaw-12357	671	14	are	be	AUX
taxlaw-12357	671	15	,	,	PUNCT
taxlaw-12357	671	16	but	but	CCONJ
taxlaw-12357	671	17	also	also	ADV
taxlaw-12357	671	18	what	what	PRON
taxlaw-12357	671	19	they	they	PRON
taxlaw-12357	671	20	are	be	AUX
taxlaw-12357	671	21	doing	do	VERB
taxlaw-12357	671	22	.	.	PUNCT
taxlaw-12357	672	1	in	in	ADP
taxlaw-12357	672	2	other	other	ADJ
taxlaw-12357	672	3	words	word	NOUN
taxlaw-12357	672	4	,	,	PUNCT
taxlaw-12357	672	5	there	there	PRON
taxlaw-12357	672	6	also	also	ADV
taxlaw-12357	672	7	should	should	AUX
taxlaw-12357	672	8	be	be	AUX
taxlaw-12357	672	9	filters	filter	NOUN
taxlaw-12357	672	10	based	base	VERB
taxlaw-12357	672	11	on	on	ADP
taxlaw-12357	672	12	characteristics	characteristic	NOUN
taxlaw-12357	672	13	of	of	ADP
taxlaw-12357	672	14	the	the	DET
taxlaw-12357	672	15	transaction	transaction	NOUN
taxlaw-12357	672	16	.	.	PUNCT
taxlaw-12357	673	1	these	these	DET
taxlaw-12357	673	2	filters	filter	NOUN
taxlaw-12357	673	3	should	should	AUX
taxlaw-12357	673	4	define	define	VERB
taxlaw-12357	673	5	categories	category	NOUN
taxlaw-12357	673	6	of	of	ADP
taxlaw-12357	673	7	transactions	transaction	NOUN
taxlaw-12357	673	8	that	that	PRON
taxlaw-12357	673	9	lie	lie	VERB
taxlaw-12357	673	10	well	well	ADV
taxlaw-12357	673	11	beyond	beyond	ADP
taxlaw-12357	673	12	a	a	DET
taxlaw-12357	673	13	transaction	transaction	NOUN
taxlaw-12357	673	14	-	-	PUNCT
taxlaw-12357	673	15	specific	specific	ADJ
taxlaw-12357	673	16	reform	reform	NOUN
taxlaw-12357	673	17	’s	’s	PART
taxlaw-12357	673	18	scope	scope	NOUN
taxlaw-12357	673	19	.	.	PUNCT
taxlaw-12357	674	1	the	the	DET
taxlaw-12357	674	2	goal	goal	NOUN
taxlaw-12357	674	3	is	be	AUX
taxlaw-12357	674	4	to	to	PART
taxlaw-12357	674	5	exempt	exempt	VERB
taxlaw-12357	674	6	these	these	DET
taxlaw-12357	674	7	transactions	transaction	NOUN
taxlaw-12357	674	8	not	not	PART
taxlaw-12357	674	9	just	just	ADV
taxlaw-12357	674	10	from	from	ADP
taxlaw-12357	674	11	the	the	DET
taxlaw-12357	674	12	reform	reform	NOUN
taxlaw-12357	674	13	itself	itself	PRON
taxlaw-12357	674	14	,	,	PUNCT
taxlaw-12357	674	15	but	but	CCONJ
taxlaw-12357	674	16	also	also	ADV
taxlaw-12357	674	17	from	from	ADP
taxlaw-12357	674	18	careful	careful	ADJ
taxlaw-12357	674	19	vetting	vetting	NOUN
taxlaw-12357	674	20	.	.	PUNCT
taxlaw-12357	675	1	which	which	DET
taxlaw-12357	675	2	transactions	transaction	NOUN
taxlaw-12357	675	3	should	should	AUX
taxlaw-12357	675	4	be	be	AUX
taxlaw-12357	675	5	excluded	exclude	VERB
taxlaw-12357	675	6	?	?	PUNCT
taxlaw-12357	676	1	as	as	SCONJ
taxlaw-12357	676	2	noted	note	VERB
taxlaw-12357	676	3	above	above	ADV
taxlaw-12357	676	4	,	,	PUNCT
taxlaw-12357	676	5	there	there	PRON
taxlaw-12357	676	6	is	be	VERB
taxlaw-12357	676	7	no	no	DET
taxlaw-12357	676	8	need	need	NOUN
taxlaw-12357	676	9	to	to	PART
taxlaw-12357	676	10	target	target	VERB
taxlaw-12357	676	11	a	a	DET
taxlaw-12357	676	12	planning	planning	NOUN
taxlaw-12357	676	13	strategy	strategy	NOUN
taxlaw-12357	676	14	that	that	PRON
taxlaw-12357	676	15	brings	bring	VERB
taxlaw-12357	676	16	the	the	DET
taxlaw-12357	676	17	tax	tax	NOUN
taxlaw-12357	676	18	burden	burden	NOUN
taxlaw-12357	676	19	closer	close	ADV
taxlaw-12357	676	20	to	to	ADP
taxlaw-12357	676	21	where	where	SCONJ
taxlaw-12357	676	22	it	it	PRON
taxlaw-12357	676	23	actually	actually	ADV
taxlaw-12357	676	24	should	should	AUX
taxlaw-12357	676	25	be.64	be.64	PROPN
taxlaw-12357	676	26	alternatively	alternatively	ADV
taxlaw-12357	676	27	,	,	PUNCT
taxlaw-12357	676	28	even	even	ADV
taxlaw-12357	676	29	if	if	SCONJ
taxlaw-12357	676	30	a	a	DET
taxlaw-12357	676	31	planning	planning	NOUN
taxlaw-12357	676	32	strategy	strategy	NOUN
taxlaw-12357	676	33	is	be	AUX
taxlaw-12357	676	34	problematic	problematic	ADJ
taxlaw-12357	676	35	,	,	PUNCT
taxlaw-12357	676	36	stopping	stop	VERB
taxlaw-12357	676	37	it	it	PRON
taxlaw-12357	676	38	62	62	NUM
taxlaw-12357	676	39	if	if	SCONJ
taxlaw-12357	676	40	the	the	DET
taxlaw-12357	676	41	business	business	NOUN
taxlaw-12357	676	42	is	be	AUX
taxlaw-12357	676	43	organized	organize	VERB
taxlaw-12357	676	44	as	as	ADP
taxlaw-12357	676	45	an	an	DET
taxlaw-12357	676	46	s	s	NOUN
taxlaw-12357	676	47	-	-	NOUN
taxlaw-12357	676	48	corporation	corporation	NOUN
taxlaw-12357	676	49	,	,	PUNCT
taxlaw-12357	676	50	the	the	DET
taxlaw-12357	676	51	second	second	ADJ
taxlaw-12357	676	52	contract	contract	NOUN
taxlaw-12357	676	53	arguably	arguably	ADV
taxlaw-12357	676	54	triggers	trigger	VERB
taxlaw-12357	676	55	section	section	NOUN
taxlaw-12357	676	56	1260	1260	NUM
taxlaw-12357	676	57	.	.	PUNCT
taxlaw-12357	677	1	see	see	VERB
taxlaw-12357	677	2	i.r.c	i.r.c	NOUN
taxlaw-12357	677	3	.	.	PUNCT
taxlaw-12357	678	1	§	§	PROPN
taxlaw-12357	678	2	1260(d)(1	1260(d)(1	NUM
taxlaw-12357	678	3	)	)	PUNCT
taxlaw-12357	678	4	(	(	PUNCT
taxlaw-12357	678	5	defining	define	VERB
taxlaw-12357	678	6	forward	forward	ADJ
taxlaw-12357	678	7	contract	contract	NOUN
taxlaw-12357	678	8	as	as	ADP
taxlaw-12357	678	9	“	"	PUNCT
taxlaw-12357	678	10	contract	contract	NOUN
taxlaw-12357	678	11	to	to	PART
taxlaw-12357	678	12	acquire	acquire	VERB
taxlaw-12357	678	13	in	in	ADP
taxlaw-12357	678	14	the	the	DET
taxlaw-12357	678	15	future	future	NOUN
taxlaw-12357	678	16	(	(	PUNCT
taxlaw-12357	678	17	or	or	CCONJ
taxlaw-12357	678	18	provide	provide	VERB
taxlaw-12357	678	19	or	or	CCONJ
taxlaw-12357	678	20	receive	receive	VERB
taxlaw-12357	678	21	credit	credit	NOUN
taxlaw-12357	678	22	for	for	ADP
taxlaw-12357	678	23	the	the	DET
taxlaw-12357	678	24	future	future	ADJ
taxlaw-12357	678	25	value	value	NOUN
taxlaw-12357	678	26	of	of	ADP
taxlaw-12357	678	27	)	)	PUNCT
taxlaw-12357	678	28	any	any	DET
taxlaw-12357	678	29	financial	financial	ADJ
taxlaw-12357	678	30	asset	asset	NOUN
taxlaw-12357	678	31	”	"	PUNCT
taxlaw-12357	678	32	)	)	PUNCT
taxlaw-12357	678	33	;	;	PUNCT
taxlaw-12357	678	34	i.r.c	i.r.c	NOUN
taxlaw-12357	678	35	.	.	PUNCT
taxlaw-12357	679	1	§	§	PROPN
taxlaw-12357	679	2	1260(c)(1)(a	1260(c)(1)(a	NUM
taxlaw-12357	679	3	)	)	PUNCT
taxlaw-12357	679	4	&	&	CCONJ
taxlaw-12357	679	5	(	(	PUNCT
taxlaw-12357	679	6	c)(2	c)(2	X
taxlaw-12357	679	7	)	)	PUNCT
taxlaw-12357	679	8	(	(	PUNCT
taxlaw-12357	679	9	defining	define	VERB
taxlaw-12357	679	10	“	"	PUNCT
taxlaw-12357	679	11	financial	financial	ADJ
taxlaw-12357	679	12	asset	asset	NOUN
taxlaw-12357	679	13	”	"	PUNCT
taxlaw-12357	679	14	to	to	PART
taxlaw-12357	679	15	include	include	VERB
taxlaw-12357	679	16	not	not	PART
taxlaw-12357	679	17	only	only	ADV
taxlaw-12357	679	18	hedge	hedge	NOUN
taxlaw-12357	679	19	funds	fund	NOUN
taxlaw-12357	679	20	,	,	PUNCT
taxlaw-12357	679	21	but	but	CCONJ
taxlaw-12357	679	22	also	also	ADV
taxlaw-12357	679	23	equity	equity	NOUN
taxlaw-12357	679	24	interests	interest	NOUN
taxlaw-12357	679	25	in	in	ADP
taxlaw-12357	679	26	other	other	ADJ
taxlaw-12357	679	27	pass	pass	VERB
taxlaw-12357	679	28	-	-	PUNCT
taxlaw-12357	679	29	through	through	ADP
taxlaw-12357	679	30	entities	entity	NOUN
taxlaw-12357	679	31	,	,	PUNCT
taxlaw-12357	679	32	including	include	VERB
taxlaw-12357	679	33	s	s	NOUN
taxlaw-12357	679	34	-	-	NOUN
taxlaw-12357	679	35	corporations	corporation	NOUN
taxlaw-12357	679	36	,	,	PUNCT
taxlaw-12357	679	37	partnerships	partnership	NOUN
taxlaw-12357	679	38	,	,	PUNCT
taxlaw-12357	679	39	reits	reit	NOUN
taxlaw-12357	679	40	,	,	PUNCT
taxlaw-12357	679	41	and	and	CCONJ
taxlaw-12357	679	42	trusts	trust	NOUN
taxlaw-12357	679	43	)	)	PUNCT
taxlaw-12357	679	44	.	.	PUNCT
taxlaw-12357	680	1	the	the	DET
taxlaw-12357	680	2	treasury	treasury	PROPN
taxlaw-12357	680	3	also	also	ADV
taxlaw-12357	680	4	has	have	VERB
taxlaw-12357	680	5	regulatory	regulatory	ADJ
taxlaw-12357	680	6	authority	authority	NOUN
taxlaw-12357	680	7	to	to	PART
taxlaw-12357	680	8	treat	treat	VERB
taxlaw-12357	680	9	stock	stock	NOUN
taxlaw-12357	680	10	in	in	ADP
taxlaw-12357	680	11	a	a	DET
taxlaw-12357	680	12	c	c	NOUN
taxlaw-12357	680	13	-	-	PUNCT
taxlaw-12357	680	14	corporation	corporation	NOUN
taxlaw-12357	680	15	and	and	CCONJ
taxlaw-12357	680	16	debt	debt	NOUN
taxlaw-12357	680	17	as	as	ADP
taxlaw-12357	680	18	financial	financial	ADJ
taxlaw-12357	680	19	assets	asset	NOUN
taxlaw-12357	680	20	,	,	PUNCT
taxlaw-12357	680	21	but	but	CCONJ
taxlaw-12357	680	22	so	so	ADV
taxlaw-12357	680	23	far	far	ADV
taxlaw-12357	680	24	has	have	AUX
taxlaw-12357	680	25	not	not	PART
taxlaw-12357	680	26	used	use	VERB
taxlaw-12357	680	27	this	this	DET
taxlaw-12357	680	28	authority	authority	NOUN
taxlaw-12357	680	29	.	.	PUNCT
taxlaw-12357	681	1	63	63	NUM
taxlaw-12357	681	2	see	see	VERB
taxlaw-12357	681	3	supra	supra	PROPN
taxlaw-12357	681	4	part	part	NOUN
taxlaw-12357	681	5	ii.a	ii.a	PROPN
taxlaw-12357	681	6	.	.	PROPN
taxlaw-12357	682	1	64	64	NUM
taxlaw-12357	682	2	see	see	VERB
taxlaw-12357	682	3	supra	supra	PROPN
taxlaw-12357	682	4	part	part	PROPN
taxlaw-12357	682	5	iv.a	iv.a	PROPN
taxlaw-12357	682	6	&	&	CCONJ
taxlaw-12357	682	7	iv.b	iv.b	PROPN
taxlaw-12357	682	8	.	.	PROPN
taxlaw-12357	683	1	about	about	ADP
taxlaw-12357	683	2	:	:	PUNCT
taxlaw-12357	683	3	blank	blank	NOUN
taxlaw-12357	683	4	2024	2024	NUM
taxlaw-12357	683	5	]	]	PUNCT
taxlaw-12357	683	6	transaction	transaction	NOUN
taxlaw-12357	683	7	-	-	PUNCT
taxlaw-12357	683	8	specific	specific	ADJ
taxlaw-12357	683	9	tax	tax	NOUN
taxlaw-12357	683	10	reform	reform	NOUN
taxlaw-12357	683	11	in	in	ADP
taxlaw-12357	683	12	three	three	NUM
taxlaw-12357	683	13	steps	step	NOUN
taxlaw-12357	683	14	25	25	NUM
taxlaw-12357	683	15	might	might	AUX
taxlaw-12357	683	16	pose	pose	VERB
taxlaw-12357	683	17	too	too	ADV
taxlaw-12357	683	18	great	great	ADJ
taxlaw-12357	683	19	a	a	DET
taxlaw-12357	683	20	risk	risk	NOUN
taxlaw-12357	683	21	to	to	ADP
taxlaw-12357	683	22	“	"	PUNCT
taxlaw-12357	683	23	good	good	ADJ
taxlaw-12357	683	24	”	"	PUNCT
taxlaw-12357	683	25	transactions	transaction	NOUN
taxlaw-12357	683	26	or	or	CCONJ
taxlaw-12357	683	27	prove	prove	VERB
taxlaw-12357	683	28	too	too	ADV
taxlaw-12357	683	29	costly	costly	ADJ
taxlaw-12357	683	30	to	to	ADP
taxlaw-12357	683	31	administer.65	administer.65	PROPN
taxlaw-12357	683	32	to	to	PART
taxlaw-12357	683	33	operationalize	operationalize	VERB
taxlaw-12357	683	34	these	these	DET
taxlaw-12357	683	35	insights	insight	NOUN
taxlaw-12357	683	36	,	,	PUNCT
taxlaw-12357	683	37	this	this	DET
taxlaw-12357	683	38	section	section	NOUN
taxlaw-12357	683	39	suggests	suggest	VERB
taxlaw-12357	683	40	seven	seven	NUM
taxlaw-12357	683	41	transactionbased	transactionbase	VERB
taxlaw-12357	683	42	filters	filter	NOUN
taxlaw-12357	683	43	.	.	PUNCT
taxlaw-12357	684	1	for	for	ADP
taxlaw-12357	684	2	any	any	DET
taxlaw-12357	684	3	given	give	VERB
taxlaw-12357	684	4	reform	reform	NOUN
taxlaw-12357	684	5	,	,	PUNCT
taxlaw-12357	684	6	some	some	PRON
taxlaw-12357	684	7	will	will	AUX
taxlaw-12357	684	8	be	be	AUX
taxlaw-12357	684	9	a	a	DET
taxlaw-12357	684	10	better	well	ADJ
taxlaw-12357	684	11	fit	fit	ADJ
taxlaw-12357	684	12	than	than	ADP
taxlaw-12357	684	13	others	other	NOUN
taxlaw-12357	684	14	.	.	PUNCT
taxlaw-12357	685	1	policymakers	policymaker	NOUN
taxlaw-12357	685	2	should	should	AUX
taxlaw-12357	685	3	make	make	VERB
taxlaw-12357	685	4	context	context	NOUN
taxlaw-12357	685	5	-	-	PUNCT
taxlaw-12357	685	6	specific	specific	ADJ
taxlaw-12357	685	7	judgments	judgment	NOUN
taxlaw-12357	685	8	about	about	ADP
taxlaw-12357	685	9	which	which	PRON
taxlaw-12357	685	10	filters	filter	VERB
taxlaw-12357	685	11	to	to	PART
taxlaw-12357	685	12	use	use	VERB
taxlaw-12357	685	13	.	.	PUNCT
taxlaw-12357	686	1	1	1	X
taxlaw-12357	686	2	.	.	X
taxlaw-12357	686	3	tax	tax	NOUN
taxlaw-12357	686	4	treatment	treatment	NOUN
taxlaw-12357	686	5	is	be	AUX
taxlaw-12357	686	6	not	not	PART
taxlaw-12357	686	7	objectionable	objectionable	ADJ
taxlaw-12357	686	8	first	first	ADV
taxlaw-12357	686	9	,	,	PUNCT
taxlaw-12357	686	10	when	when	SCONJ
taxlaw-12357	686	11	the	the	DET
taxlaw-12357	686	12	tax	tax	NOUN
taxlaw-12357	686	13	burden	burden	NOUN
taxlaw-12357	686	14	on	on	ADP
taxlaw-12357	686	15	a	a	DET
taxlaw-12357	686	16	transaction	transaction	NOUN
taxlaw-12357	686	17	is	be	AUX
taxlaw-12357	686	18	inappropriately	inappropriately	ADV
taxlaw-12357	686	19	high	high	ADJ
taxlaw-12357	686	20	,	,	PUNCT
taxlaw-12357	686	21	there	there	PRON
taxlaw-12357	686	22	is	be	VERB
taxlaw-12357	686	23	no	no	DET
taxlaw-12357	686	24	need	need	NOUN
taxlaw-12357	686	25	to	to	PART
taxlaw-12357	686	26	block	block	VERB
taxlaw-12357	686	27	–	–	PUNCT
taxlaw-12357	686	28	or	or	CCONJ
taxlaw-12357	686	29	,	,	PUNCT
taxlaw-12357	686	30	in	in	ADP
taxlaw-12357	686	31	some	some	DET
taxlaw-12357	686	32	cases	case	NOUN
taxlaw-12357	686	33	,	,	PUNCT
taxlaw-12357	686	34	even	even	ADV
taxlaw-12357	686	35	to	to	AUX
taxlaw-12357	686	36	vet	vet	VERB
taxlaw-12357	686	37	–	–	PUNCT
taxlaw-12357	686	38	planning	planning	NOUN
taxlaw-12357	686	39	strategies	strategy	NOUN
taxlaw-12357	686	40	to	to	PART
taxlaw-12357	686	41	reduce	reduce	VERB
taxlaw-12357	686	42	it	it	PRON
taxlaw-12357	686	43	.	.	PUNCT
taxlaw-12357	687	1	arguably	arguably	ADV
taxlaw-12357	687	2	this	this	PRON
taxlaw-12357	687	3	is	be	AUX
taxlaw-12357	687	4	the	the	DET
taxlaw-12357	687	5	case	case	NOUN
taxlaw-12357	687	6	with	with	ADP
taxlaw-12357	687	7	short	short	ADJ
taxlaw-12357	687	8	sales	sale	NOUN
taxlaw-12357	687	9	,	,	PUNCT
taxlaw-12357	687	10	which	which	PRON
taxlaw-12357	687	11	are	be	AUX
taxlaw-12357	687	12	bets	bet	NOUN
taxlaw-12357	687	13	that	that	PRON
taxlaw-12357	687	14	the	the	DET
taxlaw-12357	687	15	value	value	NOUN
taxlaw-12357	687	16	of	of	ADP
taxlaw-12357	687	17	an	an	DET
taxlaw-12357	687	18	asset	asset	NOUN
taxlaw-12357	687	19	will	will	AUX
taxlaw-12357	687	20	decline.66	decline.66	NOUN
taxlaw-12357	687	21	unlike	unlike	ADP
taxlaw-12357	687	22	other	other	ADJ
taxlaw-12357	687	23	investments	investment	NOUN
taxlaw-12357	687	24	,	,	PUNCT
taxlaw-12357	687	25	short	short	ADJ
taxlaw-12357	687	26	sales	sale	NOUN
taxlaw-12357	687	27	are	be	AUX
taxlaw-12357	687	28	never	never	ADV
taxlaw-12357	687	29	eligible	eligible	ADJ
taxlaw-12357	687	30	for	for	ADP
taxlaw-12357	687	31	long	long	ADJ
taxlaw-12357	687	32	-	-	PUNCT
taxlaw-12357	687	33	term	term	NOUN
taxlaw-12357	687	34	capital	capital	NOUN
taxlaw-12357	687	35	gains	gain	NOUN
taxlaw-12357	687	36	rates	rate	NOUN
taxlaw-12357	687	37	,	,	PUNCT
taxlaw-12357	687	38	even	even	ADV
taxlaw-12357	687	39	when	when	SCONJ
taxlaw-12357	687	40	they	they	PRON
taxlaw-12357	687	41	last	last	VERB
taxlaw-12357	687	42	for	for	ADP
taxlaw-12357	687	43	more	more	ADJ
taxlaw-12357	687	44	than	than	ADP
taxlaw-12357	687	45	a	a	PRON
taxlaw-12357	687	46	year	year	NOUN
taxlaw-12357	687	47	.	.	PUNCT
taxlaw-12357	688	1	yet	yet	ADV
taxlaw-12357	688	2	discouraging	discourage	VERB
taxlaw-12357	688	3	short	short	ADJ
taxlaw-12357	688	4	sales	sale	NOUN
taxlaw-12357	688	5	is	be	AUX
taxlaw-12357	688	6	a	a	DET
taxlaw-12357	688	7	bad	bad	ADJ
taxlaw-12357	688	8	idea	idea	NOUN
taxlaw-12357	688	9	.	.	PUNCT
taxlaw-12357	689	1	without	without	ADP
taxlaw-12357	689	2	them	they	PRON
taxlaw-12357	689	3	,	,	PUNCT
taxlaw-12357	689	4	market	market	NOUN
taxlaw-12357	689	5	prices	price	NOUN
taxlaw-12357	689	6	may	may	AUX
taxlaw-12357	689	7	not	not	PART
taxlaw-12357	689	8	fully	fully	ADV
taxlaw-12357	689	9	reflect	reflect	VERB
taxlaw-12357	689	10	negative	negative	ADJ
taxlaw-12357	689	11	information	information	NOUN
taxlaw-12357	689	12	and	and	CCONJ
taxlaw-12357	689	13	pessimistic	pessimistic	ADJ
taxlaw-12357	689	14	views	view	NOUN
taxlaw-12357	689	15	.	.	PUNCT
taxlaw-12357	690	1	in	in	ADP
taxlaw-12357	690	2	other	other	ADJ
taxlaw-12357	690	3	words	word	NOUN
taxlaw-12357	690	4	,	,	PUNCT
taxlaw-12357	690	5	taxing	tax	VERB
taxlaw-12357	690	6	pessimistic	pessimistic	ADJ
taxlaw-12357	690	7	bets	bet	NOUN
taxlaw-12357	690	8	more	more	ADJ
taxlaw-12357	690	9	than	than	ADP
taxlaw-12357	690	10	optimistic	optimistic	ADJ
taxlaw-12357	690	11	ones	one	NOUN
taxlaw-12357	690	12	can	can	AUX
taxlaw-12357	690	13	have	have	VERB
taxlaw-12357	690	14	negative	negative	ADJ
taxlaw-12357	690	15	externalities.67	externalities.67	NOUN
taxlaw-12357	690	16	yet	yet	CCONJ
taxlaw-12357	690	17	short	short	ADJ
taxlaw-12357	690	18	sales	sale	NOUN
taxlaw-12357	690	19	are	be	AUX
taxlaw-12357	690	20	not	not	PART
taxlaw-12357	690	21	the	the	DET
taxlaw-12357	690	22	only	only	ADJ
taxlaw-12357	690	23	way	way	NOUN
taxlaw-12357	690	24	to	to	PART
taxlaw-12357	690	25	bet	bet	VERB
taxlaw-12357	690	26	against	against	ADP
taxlaw-12357	690	27	the	the	DET
taxlaw-12357	690	28	market	market	NOUN
taxlaw-12357	690	29	;	;	PUNCT
taxlaw-12357	690	30	instead	instead	ADV
taxlaw-12357	690	31	,	,	PUNCT
taxlaw-12357	690	32	taxpayers	taxpayer	NOUN
taxlaw-12357	690	33	can	can	AUX
taxlaw-12357	690	34	use	use	VERB
taxlaw-12357	690	35	derivatives	derivative	NOUN
taxlaw-12357	690	36	,	,	PUNCT
taxlaw-12357	690	37	which	which	PRON
taxlaw-12357	690	38	are	be	AUX
taxlaw-12357	690	39	eligible	eligible	ADJ
taxlaw-12357	690	40	for	for	ADP
taxlaw-12357	690	41	long	long	ADJ
taxlaw-12357	690	42	-	-	PUNCT
taxlaw-12357	690	43	term	term	NOUN
taxlaw-12357	690	44	rates.68	rates.68	NOUN
taxlaw-12357	690	45	should	should	AUX
taxlaw-12357	690	46	congress	congress	PROPN
taxlaw-12357	690	47	target	target	VERB
taxlaw-12357	690	48	this	this	DET
taxlaw-12357	690	49	use	use	NOUN
taxlaw-12357	690	50	of	of	ADP
taxlaw-12357	690	51	derivatives	derivative	NOUN
taxlaw-12357	690	52	,	,	PUNCT
taxlaw-12357	690	53	using	use	VERB
taxlaw-12357	690	54	a	a	DET
taxlaw-12357	690	55	transaction	transaction	NOUN
taxlaw-12357	690	56	-	-	PUNCT
taxlaw-12357	690	57	specific	specific	ADJ
taxlaw-12357	690	58	reform	reform	NOUN
taxlaw-12357	690	59	to	to	PART
taxlaw-12357	690	60	tax	tax	VERB
taxlaw-12357	690	61	them	they	PRON
taxlaw-12357	690	62	like	like	ADP
taxlaw-12357	690	63	short	short	ADJ
taxlaw-12357	690	64	sales	sale	NOUN
taxlaw-12357	690	65	?	?	PUNCT
taxlaw-12357	691	1	the	the	DET
taxlaw-12357	691	2	answer	answer	NOUN
taxlaw-12357	691	3	should	should	AUX
taxlaw-12357	691	4	be	be	AUX
taxlaw-12357	691	5	“	"	PUNCT
taxlaw-12357	691	6	no	no	INTJ
taxlaw-12357	691	7	”	"	PUNCT
taxlaw-12357	691	8	if	if	SCONJ
taxlaw-12357	691	9	the	the	DET
taxlaw-12357	691	10	treatment	treatment	NOUN
taxlaw-12357	691	11	of	of	ADP
taxlaw-12357	691	12	derivatives	derivative	NOUN
taxlaw-12357	691	13	is	be	AUX
taxlaw-12357	691	14	more	more	ADV
taxlaw-12357	691	15	appropriate	appropriate	ADJ
taxlaw-12357	691	16	.	.	PUNCT
taxlaw-12357	692	1	if	if	SCONJ
taxlaw-12357	692	2	this	this	PRON
taxlaw-12357	692	3	is	be	AUX
taxlaw-12357	692	4	the	the	DET
taxlaw-12357	692	5	case	case	NOUN
taxlaw-12357	692	6	,	,	PUNCT
taxlaw-12357	692	7	the	the	DET
taxlaw-12357	692	8	better	well	ADJ
taxlaw-12357	692	9	course	course	NOUN
taxlaw-12357	692	10	is	be	AUX
taxlaw-12357	692	11	to	to	PART
taxlaw-12357	692	12	fix	fix	VERB
taxlaw-12357	692	13	the	the	DET
taxlaw-12357	692	14	treatment	treatment	NOUN
taxlaw-12357	692	15	of	of	ADP
taxlaw-12357	692	16	short	short	ADJ
taxlaw-12357	692	17	sales	sale	NOUN
taxlaw-12357	692	18	.	.	PUNCT
taxlaw-12357	693	1	2	2	X
taxlaw-12357	693	2	.	.	X
taxlaw-12357	693	3	tax	tax	NOUN
taxlaw-12357	693	4	treatment	treatment	NOUN
taxlaw-12357	693	5	is	be	AUX
taxlaw-12357	693	6	well	well	ADV
taxlaw-12357	693	7	settled	settle	VERB
taxlaw-12357	693	8	second	second	ADV
taxlaw-12357	693	9	,	,	PUNCT
taxlaw-12357	693	10	vetting	vet	VERB
taxlaw-12357	693	11	a	a	DET
taxlaw-12357	693	12	tax	tax	NOUN
taxlaw-12357	693	13	planning	planning	NOUN
taxlaw-12357	693	14	strategy	strategy	NOUN
taxlaw-12357	693	15	is	be	AUX
taxlaw-12357	693	16	unnecessary	unnecessary	ADJ
taxlaw-12357	693	17	not	not	PART
taxlaw-12357	693	18	just	just	ADV
taxlaw-12357	693	19	when	when	SCONJ
taxlaw-12357	693	20	it	it	PRON
taxlaw-12357	693	21	is	be	AUX
taxlaw-12357	693	22	socially	socially	ADV
taxlaw-12357	693	23	useful	useful	ADJ
taxlaw-12357	693	24	,	,	PUNCT
taxlaw-12357	693	25	but	but	CCONJ
taxlaw-12357	693	26	also	also	ADV
taxlaw-12357	693	27	when	when	SCONJ
taxlaw-12357	693	28	it	it	PRON
taxlaw-12357	693	29	is	be	AUX
taxlaw-12357	693	30	well	well	ADV
taxlaw-12357	693	31	accepted	accept	VERB
taxlaw-12357	693	32	.	.	PUNCT
taxlaw-12357	694	1	for	for	ADP
taxlaw-12357	694	2	example	example	NOUN
taxlaw-12357	694	3	,	,	PUNCT
taxlaw-12357	694	4	if	if	SCONJ
taxlaw-12357	694	5	a	a	DET
taxlaw-12357	694	6	business	business	NOUN
taxlaw-12357	694	7	is	be	AUX
taxlaw-12357	694	8	taxed	tax	VERB
taxlaw-12357	694	9	as	as	ADP
taxlaw-12357	694	10	a	a	DET
taxlaw-12357	694	11	partnership	partnership	NOUN
taxlaw-12357	694	12	,	,	PUNCT
taxlaw-12357	694	13	the	the	DET
taxlaw-12357	694	14	partners	partner	NOUN
taxlaw-12357	694	15	are	be	AUX
taxlaw-12357	694	16	taxed	tax	VERB
taxlaw-12357	694	17	on	on	ADP
taxlaw-12357	694	18	their	their	PRON
taxlaw-12357	694	19	share	share	NOUN
taxlaw-12357	694	20	of	of	ADP
taxlaw-12357	694	21	its	its	PRON
taxlaw-12357	694	22	income	income	NOUN
taxlaw-12357	694	23	.	.	PUNCT
taxlaw-12357	695	1	but	but	CCONJ
taxlaw-12357	695	2	if	if	SCONJ
taxlaw-12357	695	3	the	the	DET
taxlaw-12357	695	4	business	business	NOUN
taxlaw-12357	695	5	is	be	AUX
taxlaw-12357	695	6	taxed	tax	VERB
taxlaw-12357	695	7	as	as	ADP
taxlaw-12357	695	8	a	a	DET
taxlaw-12357	695	9	corporation	corporation	NOUN
taxlaw-12357	695	10	,	,	PUNCT
taxlaw-12357	695	11	investors	investor	NOUN
taxlaw-12357	695	12	usually	usually	ADV
taxlaw-12357	695	13	are	be	AUX
taxlaw-12357	695	14	n’t	not	PART
taxlaw-12357	695	15	taxed	tax	VERB
taxlaw-12357	695	16	until	until	SCONJ
taxlaw-12357	695	17	they	they	PRON
taxlaw-12357	695	18	receive	receive	VERB
taxlaw-12357	695	19	a	a	DET
taxlaw-12357	695	20	dividend	dividend	NOUN
taxlaw-12357	695	21	or	or	CCONJ
taxlaw-12357	695	22	sell	sell	VERB
taxlaw-12357	695	23	the	the	DET
taxlaw-12357	695	24	stock	stock	NOUN
taxlaw-12357	695	25	(	(	PUNCT
taxlaw-12357	695	26	though	though	SCONJ
taxlaw-12357	695	27	the	the	DET
taxlaw-12357	695	28	corporation	corporation	NOUN
taxlaw-12357	695	29	itself	itself	PRON
taxlaw-12357	695	30	pays	pay	VERB
taxlaw-12357	695	31	tax	tax	NOUN
taxlaw-12357	695	32	)	)	PUNCT
taxlaw-12357	695	33	.	.	PUNCT
taxlaw-12357	696	1	this	this	DET
taxlaw-12357	696	2	inconsistency	inconsistency	NOUN
taxlaw-12357	696	3	is	be	AUX
taxlaw-12357	696	4	a	a	DET
taxlaw-12357	696	5	feature	feature	NOUN
taxlaw-12357	696	6	,	,	PUNCT
taxlaw-12357	696	7	not	not	PART
taxlaw-12357	696	8	a	a	DET
taxlaw-12357	696	9	bug.69	bug.69	ADJ
taxlaw-12357	696	10	taxpayers	taxpayer	NOUN
taxlaw-12357	696	11	are	be	AUX
taxlaw-12357	696	12	largely	largely	ADV
taxlaw-12357	696	13	free	free	ADJ
taxlaw-12357	696	14	to	to	PART
taxlaw-12357	696	15	make	make	VERB
taxlaw-12357	696	16	this	this	DET
taxlaw-12357	696	17	65	65	NUM
taxlaw-12357	696	18	see	see	VERB
taxlaw-12357	696	19	supra	supra	ADJ
taxlaw-12357	696	20	part	part	NOUN
taxlaw-12357	696	21	iv.c	iv.c	PROPN
taxlaw-12357	696	22	.	.	PUNCT
taxlaw-12357	697	1	66	66	NUM
taxlaw-12357	697	2	in	in	ADP
taxlaw-12357	697	3	short	short	ADJ
taxlaw-12357	697	4	sales	sale	NOUN
taxlaw-12357	697	5	,	,	PUNCT
taxlaw-12357	697	6	investors	investor	NOUN
taxlaw-12357	697	7	borrow	borrow	VERB
taxlaw-12357	697	8	an	an	DET
taxlaw-12357	697	9	asset	asset	NOUN
taxlaw-12357	697	10	,	,	PUNCT
taxlaw-12357	697	11	such	such	ADJ
taxlaw-12357	697	12	as	as	ADP
taxlaw-12357	697	13	a	a	DET
taxlaw-12357	697	14	share	share	NOUN
taxlaw-12357	697	15	of	of	ADP
taxlaw-12357	697	16	stock	stock	NOUN
taxlaw-12357	697	17	,	,	PUNCT
taxlaw-12357	697	18	and	and	CCONJ
taxlaw-12357	697	19	sell	sell	VERB
taxlaw-12357	697	20	it	it	PRON
taxlaw-12357	697	21	.	.	PUNCT
taxlaw-12357	698	1	at	at	ADP
taxlaw-12357	698	2	some	some	DET
taxlaw-12357	698	3	point	point	NOUN
taxlaw-12357	698	4	in	in	ADP
taxlaw-12357	698	5	the	the	DET
taxlaw-12357	698	6	future	future	NOUN
taxlaw-12357	698	7	,	,	PUNCT
taxlaw-12357	698	8	they	they	PRON
taxlaw-12357	698	9	have	have	VERB
taxlaw-12357	698	10	to	to	PART
taxlaw-12357	698	11	buy	buy	VERB
taxlaw-12357	698	12	the	the	DET
taxlaw-12357	698	13	asset	asset	NOUN
taxlaw-12357	698	14	so	so	SCONJ
taxlaw-12357	698	15	they	they	PRON
taxlaw-12357	698	16	can	can	AUX
taxlaw-12357	698	17	return	return	VERB
taxlaw-12357	698	18	it	it	PRON
taxlaw-12357	698	19	to	to	ADP
taxlaw-12357	698	20	the	the	DET
taxlaw-12357	698	21	person	person	NOUN
taxlaw-12357	698	22	who	who	PRON
taxlaw-12357	698	23	lent	lend	VERB
taxlaw-12357	698	24	it	it	PRON
taxlaw-12357	698	25	to	to	ADP
taxlaw-12357	698	26	them	they	PRON
taxlaw-12357	698	27	.	.	PUNCT
taxlaw-12357	699	1	so	so	ADV
taxlaw-12357	699	2	in	in	ADP
taxlaw-12357	699	3	effect	effect	NOUN
taxlaw-12357	699	4	,	,	PUNCT
taxlaw-12357	699	5	short	short	ADJ
taxlaw-12357	699	6	sales	sale	NOUN
taxlaw-12357	699	7	reverse	reverse	VERB
taxlaw-12357	699	8	the	the	DET
taxlaw-12357	699	9	usual	usual	ADJ
taxlaw-12357	699	10	order	order	NOUN
taxlaw-12357	699	11	of	of	ADP
taxlaw-12357	699	12	investing	invest	VERB
taxlaw-12357	699	13	by	by	ADP
taxlaw-12357	699	14	selling	sell	VERB
taxlaw-12357	699	15	first	first	ADV
taxlaw-12357	699	16	and	and	CCONJ
taxlaw-12357	699	17	buying	buy	VERB
taxlaw-12357	699	18	later	later	ADV
taxlaw-12357	699	19	.	.	PUNCT
taxlaw-12357	700	1	short	short	ADJ
taxlaw-12357	700	2	sellers	seller	NOUN
taxlaw-12357	700	3	make	make	VERB
taxlaw-12357	700	4	a	a	DET
taxlaw-12357	700	5	profit	profit	NOUN
taxlaw-12357	700	6	by	by	ADP
taxlaw-12357	700	7	selling	sell	VERB
taxlaw-12357	700	8	high	high	ADJ
taxlaw-12357	700	9	(	(	PUNCT
taxlaw-12357	700	10	initially	initially	ADV
taxlaw-12357	700	11	)	)	PUNCT
taxlaw-12357	700	12	and	and	CCONJ
taxlaw-12357	700	13	buying	buy	VERB
taxlaw-12357	700	14	low	low	ADJ
taxlaw-12357	700	15	(	(	PUNCT
taxlaw-12357	700	16	later	later	ADV
taxlaw-12357	700	17	)	)	PUNCT
taxlaw-12357	700	18	.	.	PUNCT
taxlaw-12357	701	1	see	see	VERB
taxlaw-12357	701	2	michael	michael	PROPN
taxlaw-12357	701	3	r.	r.	PROPN
taxlaw-12357	701	4	powers	powers	PROPN
taxlaw-12357	701	5	,	,	PUNCT
taxlaw-12357	701	6	david	david	PROPN
taxlaw-12357	701	7	m.	m.	PROPN
taxlaw-12357	701	8	schizer	schizer	PROPN
taxlaw-12357	701	9	&	&	CCONJ
taxlaw-12357	701	10	martin	martin	PROPN
taxlaw-12357	701	11	shubik	shubik	PROPN
taxlaw-12357	701	12	,	,	PUNCT
taxlaw-12357	701	13	market	market	NOUN
taxlaw-12357	701	14	bubbles	bubble	NOUN
taxlaw-12357	701	15	and	and	CCONJ
taxlaw-12357	701	16	wasteful	wasteful	ADJ
taxlaw-12357	701	17	avoidance	avoidance	NOUN
taxlaw-12357	701	18	:	:	PUNCT
taxlaw-12357	701	19	tax	tax	NOUN
taxlaw-12357	701	20	and	and	CCONJ
taxlaw-12357	701	21	regulatory	regulatory	ADJ
taxlaw-12357	701	22	constraints	constraint	NOUN
taxlaw-12357	701	23	on	on	ADP
taxlaw-12357	701	24	short	short	ADJ
taxlaw-12357	701	25	sales	sale	NOUN
taxlaw-12357	701	26	,	,	PUNCT
taxlaw-12357	701	27	57	57	NUM
taxlaw-12357	701	28	tax	tax	NOUN
taxlaw-12357	701	29	l.	l.	PROPN
taxlaw-12357	701	30	rev	rev	PROPN
taxlaw-12357	701	31	.	.	PROPN
taxlaw-12357	701	32	233	233	NUM
taxlaw-12357	701	33	(	(	PUNCT
taxlaw-12357	701	34	2004	2004	NUM
taxlaw-12357	701	35	)	)	PUNCT
taxlaw-12357	701	36	.	.	PUNCT
taxlaw-12357	702	1	67	67	NUM
taxlaw-12357	703	1	i	i	PRON
taxlaw-12357	703	2	d.	d.	PROPN
taxlaw-12357	703	3	(	(	PUNCT
taxlaw-12357	703	4	the	the	DET
taxlaw-12357	703	5	fact	fact	NOUN
taxlaw-12357	703	6	that	that	SCONJ
taxlaw-12357	703	7	“	"	PUNCT
taxlaw-12357	703	8	long	long	ADJ
taxlaw-12357	703	9	”	"	PUNCT
taxlaw-12357	703	10	bets	bet	NOUN
taxlaw-12357	703	11	are	be	AUX
taxlaw-12357	703	12	taxed	tax	VERB
taxlaw-12357	703	13	more	more	ADV
taxlaw-12357	703	14	favorably	favorably	ADV
taxlaw-12357	703	15	than	than	ADP
taxlaw-12357	703	16	“	"	PUNCT
taxlaw-12357	703	17	short	short	ADJ
taxlaw-12357	703	18	”	"	PUNCT
taxlaw-12357	703	19	bets	bet	NOUN
taxlaw-12357	703	20	has	have	VERB
taxlaw-12357	703	21	the	the	DET
taxlaw-12357	703	22	potential	potential	NOUN
taxlaw-12357	703	23	to	to	PART
taxlaw-12357	703	24	distort	distort	VERB
taxlaw-12357	703	25	prices	price	NOUN
taxlaw-12357	703	26	)	)	PUNCT
taxlaw-12357	703	27	.	.	PUNCT
taxlaw-12357	704	1	this	this	PRON
taxlaw-12357	704	2	is	be	AUX
taxlaw-12357	704	3	not	not	PART
taxlaw-12357	704	4	to	to	PART
taxlaw-12357	704	5	say	say	VERB
taxlaw-12357	704	6	that	that	SCONJ
taxlaw-12357	704	7	short	short	ADJ
taxlaw-12357	704	8	sales	sale	NOUN
taxlaw-12357	704	9	are	be	AUX
taxlaw-12357	704	10	always	always	ADV
taxlaw-12357	704	11	socially	socially	ADV
taxlaw-12357	704	12	valuable	valuable	ADJ
taxlaw-12357	704	13	.	.	PUNCT
taxlaw-12357	705	1	see	see	VERB
taxlaw-12357	705	2	joshua	joshua	PROPN
taxlaw-12357	705	3	mitts	mitts	PROPN
taxlaw-12357	705	4	,	,	PUNCT
taxlaw-12357	705	5	short	short	ADJ
taxlaw-12357	705	6	and	and	CCONJ
taxlaw-12357	705	7	distort	distort	NOUN
taxlaw-12357	705	8	,	,	PUNCT
taxlaw-12357	705	9	49	49	NUM
taxlaw-12357	705	10	j.	j.	PROPN
taxlaw-12357	705	11	legal	legal	ADJ
taxlaw-12357	705	12	stud	stud	NOUN
taxlaw-12357	705	13	.	.	PUNCT
taxlaw-12357	706	1	287	287	NUM
taxlaw-12357	706	2	(	(	PUNCT
taxlaw-12357	706	3	2020	2020	NUM
taxlaw-12357	706	4	)	)	PUNCT
taxlaw-12357	706	5	(	(	PUNCT
taxlaw-12357	706	6	short	short	ADJ
taxlaw-12357	706	7	sellers	seller	NOUN
taxlaw-12357	706	8	can	can	AUX
taxlaw-12357	706	9	profit	profit	VERB
taxlaw-12357	706	10	by	by	ADP
taxlaw-12357	706	11	spreading	spread	VERB
taxlaw-12357	706	12	rumors	rumor	NOUN
taxlaw-12357	706	13	,	,	PUNCT
taxlaw-12357	706	14	using	use	VERB
taxlaw-12357	706	15	assumed	assume	VERB
taxlaw-12357	706	16	names	name	NOUN
taxlaw-12357	706	17	)	)	PUNCT
taxlaw-12357	706	18	.	.	PUNCT
taxlaw-12357	707	1	68	68	NUM
taxlaw-12357	707	2	for	for	ADP
taxlaw-12357	707	3	example	example	NOUN
taxlaw-12357	707	4	,	,	PUNCT
taxlaw-12357	707	5	if	if	SCONJ
taxlaw-12357	707	6	a	a	DET
taxlaw-12357	707	7	taxpayer	taxpayer	NOUN
taxlaw-12357	707	8	buys	buy	VERB
taxlaw-12357	707	9	a	a	DET
taxlaw-12357	707	10	put	put	NOUN
taxlaw-12357	707	11	option	option	NOUN
taxlaw-12357	707	12	(	(	PUNCT
taxlaw-12357	707	13	i.e.	i.e.	X
taxlaw-12357	707	14	,	,	PUNCT
taxlaw-12357	707	15	an	an	DET
taxlaw-12357	707	16	option	option	NOUN
taxlaw-12357	707	17	to	to	PART
taxlaw-12357	707	18	sell	sell	VERB
taxlaw-12357	707	19	)	)	PUNCT
taxlaw-12357	707	20	,	,	PUNCT
taxlaw-12357	707	21	and	and	CCONJ
taxlaw-12357	707	22	cash	cash	NOUN
taxlaw-12357	707	23	settles	settle	VERB
taxlaw-12357	707	24	it	it	PRON
taxlaw-12357	707	25	at	at	ADP
taxlaw-12357	707	26	a	a	DET
taxlaw-12357	707	27	profit	profit	NOUN
taxlaw-12357	707	28	over	over	ADP
taxlaw-12357	707	29	a	a	DET
taxlaw-12357	707	30	year	year	NOUN
taxlaw-12357	707	31	later	later	ADV
taxlaw-12357	707	32	,	,	PUNCT
taxlaw-12357	707	33	this	this	DET
taxlaw-12357	707	34	gain	gain	NOUN
taxlaw-12357	707	35	is	be	AUX
taxlaw-12357	707	36	long	long	ADJ
taxlaw-12357	707	37	-	-	PUNCT
taxlaw-12357	707	38	term	term	NOUN
taxlaw-12357	707	39	.	.	PUNCT
taxlaw-12357	708	1	69	69	NUM
taxlaw-12357	709	1	the	the	DET
taxlaw-12357	709	2	treasury	treasury	NOUN
taxlaw-12357	709	3	made	make	VERB
taxlaw-12357	709	4	this	this	DET
taxlaw-12357	709	5	choice	choice	NOUN
taxlaw-12357	709	6	explicit	explicit	ADJ
taxlaw-12357	709	7	in	in	ADP
taxlaw-12357	709	8	“	"	PUNCT
taxlaw-12357	709	9	check	check	VERB
taxlaw-12357	709	10	the	the	DET
taxlaw-12357	709	11	box	box	NOUN
taxlaw-12357	709	12	”	"	PUNCT
taxlaw-12357	709	13	regulations	regulation	NOUN
taxlaw-12357	709	14	finalized	finalize	VERB
taxlaw-12357	709	15	on	on	ADP
taxlaw-12357	709	16	january	january	PROPN
taxlaw-12357	709	17	1	1	NUM
taxlaw-12357	709	18	,	,	PUNCT
taxlaw-12357	709	19	1997	1997	NUM
taxlaw-12357	709	20	.	.	PUNCT
taxlaw-12357	710	1	see	see	VERB
taxlaw-12357	710	2	t.d	t.d	PROPN
taxlaw-12357	710	3	.	.	PROPN
taxlaw-12357	710	4	8697	8697	NUM
taxlaw-12357	710	5	,	,	PUNCT
taxlaw-12357	710	6	1997	1997	NUM
taxlaw-12357	710	7	-	-	SYM
taxlaw-12357	710	8	1	1	NUM
taxlaw-12357	710	9	c.b	c.b	PROPN
taxlaw-12357	710	10	.	.	PROPN
taxlaw-12357	710	11	215	215	NUM
taxlaw-12357	710	12	.	.	PUNCT
taxlaw-12357	711	1	some	some	DET
taxlaw-12357	711	2	organizations	organization	NOUN
taxlaw-12357	711	3	are	be	AUX
taxlaw-12357	711	4	corporations	corporation	NOUN
taxlaw-12357	711	5	.	.	PUNCT
taxlaw-12357	712	1	treas	treas	PROPN
taxlaw-12357	712	2	.	.	PUNCT
taxlaw-12357	713	1	reg	reg	PROPN
taxlaw-12357	713	2	.	.	PUNCT
taxlaw-12357	714	1	§	§	PROPN
taxlaw-12357	714	2	301.7701	301.7701	NUM
taxlaw-12357	714	3	-	-	SYM
taxlaw-12357	714	4	2	2	NUM
taxlaw-12357	714	5	.	.	PUNCT
taxlaw-12357	714	6	with	with	ADP
taxlaw-12357	714	7	others	other	NOUN
taxlaw-12357	714	8	,	,	PUNCT
taxlaw-12357	714	9	taxpayers	taxpayer	NOUN
taxlaw-12357	714	10	can	can	AUX
taxlaw-12357	714	11	option	option	VERB
taxlaw-12357	714	12	for	for	ADP
taxlaw-12357	714	13	pass	pass	VERB
taxlaw-12357	714	14	-	-	PUNCT
taxlaw-12357	714	15	through	through	ADP
taxlaw-12357	714	16	treatment	treatment	NOUN
taxlaw-12357	714	17	.	.	PUNCT
taxlaw-12357	715	1	treas	treas	PROPN
taxlaw-12357	715	2	.	.	PUNCT
taxlaw-12357	716	1	reg	reg	PROPN
taxlaw-12357	716	2	.	.	PUNCT
taxlaw-12357	717	1	§	§	PROPN
taxlaw-12357	717	2	301.77013	301.77013	NUM
taxlaw-12357	717	3	.	.	PUNCT
taxlaw-12357	717	4	columbia	columbia	PROPN
taxlaw-12357	717	5	journal	journal	PROPN
taxlaw-12357	717	6	of	of	ADP
taxlaw-12357	717	7	tax	tax	NOUN
taxlaw-12357	717	8	law	law	NOUN
taxlaw-12357	717	9	[	[	X
taxlaw-12357	717	10	vol	vol	NOUN
taxlaw-12357	717	11	15:1	15:1	NUM
taxlaw-12357	717	12	26	26	NUM
taxlaw-12357	717	13	choice	choice	NOUN
taxlaw-12357	717	14	,	,	PUNCT
taxlaw-12357	717	15	so	so	SCONJ
taxlaw-12357	717	16	there	there	PRON
taxlaw-12357	717	17	usually	usually	ADV
taxlaw-12357	717	18	is	be	AUX
taxlaw-12357	717	19	no	no	DET
taxlaw-12357	717	20	need	need	NOUN
taxlaw-12357	717	21	for	for	SCONJ
taxlaw-12357	717	22	rules	rule	NOUN
taxlaw-12357	717	23	to	to	PART
taxlaw-12357	717	24	recharacterize	recharacterize	VERB
taxlaw-12357	717	25	partnerships	partnership	NOUN
taxlaw-12357	717	26	as	as	ADP
taxlaw-12357	717	27	corporations	corporation	NOUN
taxlaw-12357	717	28	and	and	CCONJ
taxlaw-12357	717	29	vice	vice	NOUN
taxlaw-12357	717	30	versa.70	versa.70	ADJ
taxlaw-12357	717	31	3	3	NUM
taxlaw-12357	717	32	.	.	PUNCT
taxlaw-12357	718	1	tax	tax	NOUN
taxlaw-12357	718	2	treatment	treatment	NOUN
taxlaw-12357	718	3	is	be	AUX
taxlaw-12357	718	4	widely	widely	ADV
taxlaw-12357	718	5	available	available	ADJ
taxlaw-12357	718	6	third	third	ADJ
taxlaw-12357	718	7	,	,	PUNCT
taxlaw-12357	718	8	there	there	PRON
taxlaw-12357	718	9	is	be	VERB
taxlaw-12357	718	10	less	less	ADJ
taxlaw-12357	718	11	need	need	NOUN
taxlaw-12357	718	12	to	to	PART
taxlaw-12357	718	13	target	target	VERB
taxlaw-12357	718	14	a	a	DET
taxlaw-12357	718	15	planning	planning	NOUN
taxlaw-12357	718	16	strategy	strategy	NOUN
taxlaw-12357	718	17	not	not	PART
taxlaw-12357	718	18	only	only	ADV
taxlaw-12357	718	19	when	when	SCONJ
taxlaw-12357	718	20	the	the	DET
taxlaw-12357	718	21	favorable	favorable	ADJ
taxlaw-12357	718	22	treatment	treatment	NOUN
taxlaw-12357	718	23	is	be	AUX
taxlaw-12357	718	24	appropriate	appropriate	ADJ
taxlaw-12357	718	25	or	or	CCONJ
taxlaw-12357	718	26	well	well	ADV
taxlaw-12357	718	27	settled	settle	VERB
taxlaw-12357	718	28	,	,	PUNCT
taxlaw-12357	718	29	but	but	CCONJ
taxlaw-12357	718	30	also	also	ADV
taxlaw-12357	718	31	when	when	SCONJ
taxlaw-12357	718	32	it	it	PRON
taxlaw-12357	718	33	is	be	AUX
taxlaw-12357	718	34	widely	widely	ADV
taxlaw-12357	718	35	available	available	ADJ
taxlaw-12357	718	36	.	.	PUNCT
taxlaw-12357	719	1	for	for	ADP
taxlaw-12357	719	2	example	example	NOUN
taxlaw-12357	719	3	,	,	PUNCT
taxlaw-12357	719	4	unlike	unlike	ADP
taxlaw-12357	719	5	a	a	DET
taxlaw-12357	719	6	hedge	hedge	NOUN
taxlaw-12357	719	7	fund	fund	NOUN
taxlaw-12357	719	8	derivative	derivative	NOUN
taxlaw-12357	719	9	,	,	PUNCT
taxlaw-12357	719	10	a	a	DET
taxlaw-12357	719	11	derivative	derivative	NOUN
taxlaw-12357	719	12	on	on	ADP
taxlaw-12357	719	13	a	a	DET
taxlaw-12357	719	14	growth	growth	NOUN
taxlaw-12357	719	15	stock	stock	NOUN
taxlaw-12357	719	16	just	just	ADV
taxlaw-12357	719	17	replicates	replicate	VERB
taxlaw-12357	719	18	–	–	PUNCT
taxlaw-12357	719	19	but	but	CCONJ
taxlaw-12357	719	20	generally	generally	ADV
taxlaw-12357	719	21	does	do	AUX
taxlaw-12357	719	22	not	not	PART
taxlaw-12357	719	23	improve	improve	VERB
taxlaw-12357	719	24	upon	upon	SCONJ
taxlaw-12357	719	25	–	–	PUNCT
taxlaw-12357	719	26	the	the	DET
taxlaw-12357	719	27	tax	tax	NOUN
taxlaw-12357	719	28	treatment	treatment	NOUN
taxlaw-12357	719	29	of	of	ADP
taxlaw-12357	719	30	the	the	DET
taxlaw-12357	719	31	underlying	underlie	VERB
taxlaw-12357	719	32	asset	asset	NOUN
taxlaw-12357	719	33	:	:	PUNCT
taxlaw-12357	719	34	each	each	PRON
taxlaw-12357	719	35	offers	offer	VERB
taxlaw-12357	719	36	tax	tax	NOUN
taxlaw-12357	719	37	deferral	deferral	NOUN
taxlaw-12357	719	38	,	,	PUNCT
taxlaw-12357	719	39	as	as	ADV
taxlaw-12357	719	40	well	well	ADV
taxlaw-12357	719	41	as	as	ADP
taxlaw-12357	719	42	reduced	reduce	VERB
taxlaw-12357	719	43	rates	rate	NOUN
taxlaw-12357	719	44	for	for	ADP
taxlaw-12357	719	45	long	long	ADJ
taxlaw-12357	719	46	-	-	PUNCT
taxlaw-12357	719	47	term	term	NOUN
taxlaw-12357	719	48	investments.71	investments.71	NOUN
taxlaw-12357	719	49	so	so	SCONJ
taxlaw-12357	719	50	the	the	DET
taxlaw-12357	719	51	rationale	rationale	NOUN
taxlaw-12357	719	52	for	for	ADP
taxlaw-12357	719	53	a	a	DET
taxlaw-12357	719	54	rule	rule	NOUN
taxlaw-12357	719	55	like	like	ADP
taxlaw-12357	719	56	section	section	NOUN
taxlaw-12357	719	57	1260	1260	NUM
taxlaw-12357	719	58	–	–	PUNCT
taxlaw-12357	719	59	preventing	prevent	VERB
taxlaw-12357	719	60	derivatives	derivative	NOUN
taxlaw-12357	719	61	from	from	ADP
taxlaw-12357	719	62	offering	offer	VERB
taxlaw-12357	719	63	better	well	ADJ
taxlaw-12357	719	64	tax	tax	NOUN
taxlaw-12357	719	65	treatment	treatment	NOUN
taxlaw-12357	719	66	–	–	PUNCT
taxlaw-12357	719	67	does	do	AUX
taxlaw-12357	719	68	not	not	PART
taxlaw-12357	719	69	apply	apply	VERB
taxlaw-12357	719	70	to	to	ADP
taxlaw-12357	719	71	derivatives	derivative	NOUN
taxlaw-12357	719	72	based	base	VERB
taxlaw-12357	719	73	on	on	ADP
taxlaw-12357	719	74	growth	growth	NOUN
taxlaw-12357	719	75	stocks.72	stocks.72	ADJ
taxlaw-12357	719	76	4	4	NUM
taxlaw-12357	719	77	.	.	PUNCT
taxlaw-12357	720	1	transaction	transaction	NOUN
taxlaw-12357	720	2	is	be	AUX
taxlaw-12357	720	3	an	an	DET
taxlaw-12357	720	4	established	establish	VERB
taxlaw-12357	720	5	commercial	commercial	ADJ
taxlaw-12357	720	6	practice	practice	NOUN
taxlaw-12357	720	7	fourth	fourth	ADJ
taxlaw-12357	720	8	,	,	PUNCT
taxlaw-12357	720	9	transactions	transaction	NOUN
taxlaw-12357	720	10	also	also	ADV
taxlaw-12357	720	11	should	should	AUX
taxlaw-12357	720	12	be	be	AUX
taxlaw-12357	720	13	exempted	exempt	VERB
taxlaw-12357	720	14	if	if	SCONJ
taxlaw-12357	720	15	they	they	PRON
taxlaw-12357	720	16	are	be	AUX
taxlaw-12357	720	17	common	common	ADJ
taxlaw-12357	720	18	and	and	CCONJ
taxlaw-12357	720	19	not	not	PART
taxlaw-12357	720	20	tax	tax	NOUN
taxlaw-12357	720	21	-	-	PUNCT
taxlaw-12357	720	22	motivated	motivated	ADJ
taxlaw-12357	720	23	.	.	PUNCT
taxlaw-12357	721	1	otherwise	otherwise	ADV
taxlaw-12357	721	2	,	,	PUNCT
taxlaw-12357	721	3	a	a	DET
taxlaw-12357	721	4	tax	tax	NOUN
taxlaw-12357	721	5	increase	increase	NOUN
taxlaw-12357	721	6	on	on	ADP
taxlaw-12357	721	7	these	these	DET
taxlaw-12357	721	8	“	"	PUNCT
taxlaw-12357	721	9	good	good	ADJ
taxlaw-12357	721	10	”	"	PUNCT
taxlaw-12357	721	11	transactions	transaction	NOUN
taxlaw-12357	721	12	could	could	AUX
taxlaw-12357	721	13	discourage	discourage	VERB
taxlaw-12357	721	14	economically	economically	ADV
taxlaw-12357	721	15	valuable	valuable	ADJ
taxlaw-12357	721	16	activity	activity	NOUN
taxlaw-12357	721	17	,	,	PUNCT
taxlaw-12357	721	18	as	as	SCONJ
taxlaw-12357	721	19	noted	note	VERB
taxlaw-12357	721	20	above.73	above.73	NOUN
taxlaw-12357	721	21	for	for	ADP
taxlaw-12357	721	22	example	example	NOUN
taxlaw-12357	721	23	,	,	PUNCT
taxlaw-12357	721	24	a	a	DET
taxlaw-12357	721	25	standard	standard	ADJ
taxlaw-12357	721	26	way	way	NOUN
taxlaw-12357	721	27	to	to	PART
taxlaw-12357	721	28	bet	bet	VERB
taxlaw-12357	721	29	that	that	SCONJ
taxlaw-12357	721	30	an	an	DET
taxlaw-12357	721	31	asset	asset	NOUN
taxlaw-12357	721	32	will	will	AUX
taxlaw-12357	721	33	appreciate	appreciate	VERB
taxlaw-12357	721	34	is	be	AUX
taxlaw-12357	721	35	a	a	DET
taxlaw-12357	721	36	call	call	NOUN
taxlaw-12357	721	37	option	option	NOUN
taxlaw-12357	721	38	,	,	PUNCT
taxlaw-12357	721	39	which	which	PRON
taxlaw-12357	721	40	entitles	entitle	VERB
taxlaw-12357	721	41	an	an	DET
taxlaw-12357	721	42	investor	investor	NOUN
taxlaw-12357	721	43	to	to	PART
taxlaw-12357	721	44	buy	buy	VERB
taxlaw-12357	721	45	the	the	DET
taxlaw-12357	721	46	asset	asset	NOUN
taxlaw-12357	721	47	(	(	PUNCT
taxlaw-12357	721	48	e.g.	e.g.	ADV
taxlaw-12357	721	49	,	,	PUNCT
taxlaw-12357	721	50	100	100	NUM
taxlaw-12357	721	51	shares	share	NOUN
taxlaw-12357	721	52	of	of	ADP
taxlaw-12357	721	53	xyz	xyz	PROPN
taxlaw-12357	721	54	stock	stock	NOUN
taxlaw-12357	721	55	)	)	PUNCT
taxlaw-12357	721	56	for	for	ADP
taxlaw-12357	721	57	a	a	DET
taxlaw-12357	721	58	set	set	ADJ
taxlaw-12357	721	59	price	price	NOUN
taxlaw-12357	721	60	(	(	PUNCT
taxlaw-12357	721	61	e.g.	e.g.	ADV
taxlaw-12357	721	62	,	,	PUNCT
taxlaw-12357	721	63	the	the	DET
taxlaw-12357	721	64	current	current	ADJ
taxlaw-12357	721	65	price	price	NOUN
taxlaw-12357	721	66	of	of	ADP
taxlaw-12357	721	67	$	$	SYM
taxlaw-12357	721	68	10	10	NUM
taxlaw-12357	721	69	per	per	ADP
taxlaw-12357	721	70	share	share	NOUN
taxlaw-12357	721	71	)	)	PUNCT
taxlaw-12357	721	72	.	.	PUNCT
taxlaw-12357	722	1	yet	yet	ADV
taxlaw-12357	722	2	as	as	SCONJ
taxlaw-12357	722	3	any	any	DET
taxlaw-12357	722	4	derivatives	derivative	NOUN
taxlaw-12357	722	5	trader	trader	NOUN
taxlaw-12357	722	6	will	will	AUX
taxlaw-12357	722	7	tell	tell	VERB
taxlaw-12357	722	8	you	you	PRON
taxlaw-12357	722	9	,	,	PUNCT
taxlaw-12357	722	10	a	a	DET
taxlaw-12357	722	11	call	call	NOUN
taxlaw-12357	722	12	option	option	NOUN
taxlaw-12357	722	13	can	can	AUX
taxlaw-12357	722	14	be	be	AUX
taxlaw-12357	722	15	replicated	replicate	VERB
taxlaw-12357	722	16	by	by	ADP
taxlaw-12357	722	17	buying	buy	VERB
taxlaw-12357	722	18	a	a	DET
taxlaw-12357	722	19	smaller	small	ADJ
taxlaw-12357	722	20	position	position	NOUN
taxlaw-12357	722	21	in	in	ADP
taxlaw-12357	722	22	the	the	DET
taxlaw-12357	722	23	underlying	underlie	VERB
taxlaw-12357	722	24	(	(	PUNCT
taxlaw-12357	722	25	e.g.	e.g.	ADV
taxlaw-12357	722	26	,	,	PUNCT
taxlaw-12357	722	27	fewer	few	ADJ
taxlaw-12357	722	28	than	than	ADP
taxlaw-12357	722	29	100	100	NUM
taxlaw-12357	722	30	shares	share	NOUN
taxlaw-12357	722	31	)	)	PUNCT
taxlaw-12357	722	32	,	,	PUNCT
taxlaw-12357	722	33	and	and	CCONJ
taxlaw-12357	722	34	constantly	constantly	ADV
taxlaw-12357	722	35	adjusting	adjust	VERB
taxlaw-12357	722	36	this	this	DET
taxlaw-12357	722	37	position	position	NOUN
taxlaw-12357	722	38	’s	’s	PART
taxlaw-12357	722	39	size	size	NOUN
taxlaw-12357	722	40	as	as	SCONJ
taxlaw-12357	722	41	market	market	NOUN
taxlaw-12357	722	42	conditions	condition	NOUN
taxlaw-12357	722	43	change.74	change.74	VERB
taxlaw-12357	722	44	indeed	indeed	ADV
taxlaw-12357	722	45	,	,	PUNCT
taxlaw-12357	722	46	when	when	SCONJ
taxlaw-12357	722	47	derivatives	derivative	NOUN
taxlaw-12357	722	48	dealers	dealer	NOUN
taxlaw-12357	722	49	sell	sell	VERB
taxlaw-12357	722	50	a	a	DET
taxlaw-12357	722	51	call	call	NOUN
taxlaw-12357	722	52	to	to	ADP
taxlaw-12357	722	53	an	an	DET
taxlaw-12357	722	54	investor	investor	NOUN
taxlaw-12357	722	55	,	,	PUNCT
taxlaw-12357	722	56	they	they	PRON
taxlaw-12357	722	57	usually	usually	ADV
taxlaw-12357	722	58	hedge	hedge	VERB
taxlaw-12357	722	59	it	it	PRON
taxlaw-12357	722	60	with	with	ADP
taxlaw-12357	722	61	this	this	DET
taxlaw-12357	722	62	sort	sort	NOUN
taxlaw-12357	722	63	of	of	ADP
taxlaw-12357	722	64	“	"	PUNCT
taxlaw-12357	722	65	dynamic	dynamic	ADJ
taxlaw-12357	722	66	hedging	hedging	NOUN
taxlaw-12357	722	67	.	.	PUNCT
taxlaw-12357	722	68	”	"	PUNCT
taxlaw-12357	723	1	notably	notably	ADV
taxlaw-12357	723	2	,	,	PUNCT
taxlaw-12357	723	3	these	these	DET
taxlaw-12357	723	4	two	two	NUM
taxlaw-12357	723	5	alternatives	alternative	NOUN
taxlaw-12357	723	6	–	–	PUNCT
taxlaw-12357	723	7	a	a	DET
taxlaw-12357	723	8	call	call	NOUN
taxlaw-12357	723	9	option	option	NOUN
taxlaw-12357	723	10	or	or	CCONJ
taxlaw-12357	723	11	a	a	DET
taxlaw-12357	723	12	dynamic	dynamic	ADJ
taxlaw-12357	723	13	position	position	NOUN
taxlaw-12357	723	14	in	in	ADP
taxlaw-12357	723	15	the	the	DET
taxlaw-12357	723	16	underlying	underlie	VERB
taxlaw-12357	723	17	–	–	PUNCT
taxlaw-12357	723	18	offer	offer	VERB
taxlaw-12357	723	19	different	different	ADJ
taxlaw-12357	723	20	tax	tax	NOUN
taxlaw-12357	723	21	treatment	treatment	NOUN
taxlaw-12357	723	22	.	.	PUNCT
taxlaw-12357	724	1	since	since	SCONJ
taxlaw-12357	724	2	the	the	DET
taxlaw-12357	724	3	dynamic	dynamic	ADJ
taxlaw-12357	724	4	position	position	NOUN
taxlaw-12357	724	5	requires	require	VERB
taxlaw-12357	724	6	frequent	frequent	ADJ
taxlaw-12357	724	7	trading	trading	NOUN
taxlaw-12357	724	8	,	,	PUNCT
taxlaw-12357	724	9	its	its	PRON
taxlaw-12357	724	10	tax	tax	NOUN
taxlaw-12357	724	11	bill	bill	NOUN
taxlaw-12357	724	12	is	be	AUX
taxlaw-12357	724	13	usually	usually	ADV
taxlaw-12357	724	14	higher	high	ADJ
taxlaw-12357	724	15	.	.	PUNCT
taxlaw-12357	725	1	so	so	ADV
taxlaw-12357	725	2	should	should	AUX
taxlaw-12357	725	3	the	the	DET
taxlaw-12357	725	4	tax	tax	NOUN
taxlaw-12357	725	5	law	law	NOUN
taxlaw-12357	725	6	recharacterize	recharacterize	VERB
taxlaw-12357	725	7	the	the	DET
taxlaw-12357	725	8	call	call	NOUN
taxlaw-12357	725	9	option	option	NOUN
taxlaw-12357	725	10	,	,	PUNCT
taxlaw-12357	725	11	treating	treat	VERB
taxlaw-12357	725	12	it	it	PRON
taxlaw-12357	725	13	as	as	ADP
taxlaw-12357	725	14	a	a	DET
taxlaw-12357	725	15	dynamic	dynamic	ADJ
taxlaw-12357	725	16	position	position	NOUN
taxlaw-12357	725	17	in	in	ADP
taxlaw-12357	725	18	disguise	disguise	NOUN
taxlaw-12357	725	19	?	?	PUNCT
taxlaw-12357	726	1	after	after	ADV
taxlaw-12357	726	2	all	all	ADV
taxlaw-12357	726	3	,	,	PUNCT
taxlaw-12357	726	4	when	when	SCONJ
taxlaw-12357	726	5	an	an	DET
taxlaw-12357	726	6	investor	investor	NOUN
taxlaw-12357	726	7	buys	buy	VERB
taxlaw-12357	726	8	a	a	DET
taxlaw-12357	726	9	call	call	NOUN
taxlaw-12357	726	10	from	from	ADP
taxlaw-12357	726	11	a	a	DET
taxlaw-12357	726	12	securities	security	NOUN
taxlaw-12357	726	13	dealer	dealer	NOUN
taxlaw-12357	726	14	,	,	PUNCT
taxlaw-12357	726	15	the	the	DET
taxlaw-12357	726	16	dealer	dealer	NOUN
taxlaw-12357	726	17	hedges	hedge	VERB
taxlaw-12357	726	18	it	it	PRON
taxlaw-12357	726	19	dynamically	dynamically	ADV
taxlaw-12357	726	20	.	.	PUNCT
taxlaw-12357	727	1	should	should	AUX
taxlaw-12357	727	2	these	these	DET
taxlaw-12357	727	3	trades	trade	NOUN
taxlaw-12357	727	4	be	be	AUX
taxlaw-12357	727	5	attributed	attribute	VERB
taxlaw-12357	727	6	to	to	ADP
taxlaw-12357	727	7	the	the	DET
taxlaw-12357	727	8	investor	investor	NOUN
taxlaw-12357	727	9	?	?	PUNCT
taxlaw-12357	728	1	this	this	PRON
taxlaw-12357	728	2	is	be	AUX
taxlaw-12357	728	3	what	what	DET
taxlaw-12357	728	4	section	section	NOUN
taxlaw-12357	728	5	1260	1260	NUM
taxlaw-12357	728	6	does	do	VERB
taxlaw-12357	728	7	with	with	ADP
taxlaw-12357	728	8	hedge	hedge	NOUN
taxlaw-12357	728	9	fund	fund	NOUN
taxlaw-12357	728	10	derivatives	derivative	NOUN
taxlaw-12357	728	11	.	.	PUNCT
taxlaw-12357	729	1	should	should	AUX
taxlaw-12357	729	2	it	it	PRON
taxlaw-12357	729	3	do	do	VERB
taxlaw-12357	729	4	the	the	DET
taxlaw-12357	729	5	same	same	ADJ
taxlaw-12357	729	6	with	with	ADP
taxlaw-12357	729	7	a	a	DET
taxlaw-12357	729	8	call	call	NOUN
taxlaw-12357	729	9	option	option	NOUN
taxlaw-12357	729	10	on	on	ADP
taxlaw-12357	729	11	common	common	ADJ
taxlaw-12357	729	12	stock?75	stock?75	PROPN
taxlaw-12357	729	13	our	our	PRON
taxlaw-12357	729	14	answer	answer	NOUN
taxlaw-12357	729	15	is	be	AUX
taxlaw-12357	729	16	“	"	PUNCT
taxlaw-12357	729	17	no	no	INTJ
taxlaw-12357	729	18	.	.	PUNCT
taxlaw-12357	729	19	”	"	PUNCT
taxlaw-12357	730	1	the	the	DET
taxlaw-12357	730	2	difference	difference	NOUN
taxlaw-12357	730	3	,	,	PUNCT
taxlaw-12357	730	4	again	again	ADV
taxlaw-12357	730	5	,	,	PUNCT
taxlaw-12357	730	6	is	be	AUX
taxlaw-12357	730	7	that	that	PRON
taxlaw-12357	730	8	call	call	NOUN
taxlaw-12357	730	9	options	option	NOUN
taxlaw-12357	730	10	are	be	AUX
taxlaw-12357	730	11	a	a	DET
taxlaw-12357	730	12	wellestablished	wellestablished	ADJ
taxlaw-12357	730	13	commercial	commercial	ADJ
taxlaw-12357	730	14	practice	practice	NOUN
taxlaw-12357	730	15	.	.	PUNCT
taxlaw-12357	731	1	investors	investor	NOUN
taxlaw-12357	731	2	buy	buy	VERB
taxlaw-12357	731	3	and	and	CCONJ
taxlaw-12357	731	4	sell	sell	VERB
taxlaw-12357	731	5	them	they	PRON
taxlaw-12357	731	6	all	all	DET
taxlaw-12357	731	7	the	the	DET
taxlaw-12357	731	8	time	time	NOUN
taxlaw-12357	731	9	for	for	ADP
taxlaw-12357	731	10	familiar	familiar	ADJ
taxlaw-12357	731	11	economic	economic	ADJ
taxlaw-12357	731	12	reasons	reason	NOUN
taxlaw-12357	731	13	.	.	PUNCT
taxlaw-12357	732	1	the	the	DET
taxlaw-12357	732	2	investors	investor	NOUN
taxlaw-12357	732	3	’	’	PART
taxlaw-12357	732	4	goal	goal	NOUN
taxlaw-12357	732	5	is	be	AUX
taxlaw-12357	732	6	not	not	PART
taxlaw-12357	732	7	to	to	PART
taxlaw-12357	732	8	avoid	avoid	VERB
taxlaw-12357	732	9	unfavorable	unfavorable	ADJ
taxlaw-12357	732	10	tax	tax	NOUN
taxlaw-12357	732	11	70	70	NUM
taxlaw-12357	732	12	even	even	ADV
taxlaw-12357	732	13	in	in	ADP
taxlaw-12357	732	14	this	this	DET
taxlaw-12357	732	15	context	context	NOUN
taxlaw-12357	732	16	,	,	PUNCT
taxlaw-12357	732	17	though	though	ADV
taxlaw-12357	732	18	,	,	PUNCT
taxlaw-12357	732	19	the	the	DET
taxlaw-12357	732	20	government	government	NOUN
taxlaw-12357	732	21	has	have	AUX
taxlaw-12357	732	22	at	at	ADP
taxlaw-12357	732	23	times	time	NOUN
taxlaw-12357	732	24	limited	limit	VERB
taxlaw-12357	732	25	the	the	DET
taxlaw-12357	732	26	use	use	NOUN
taxlaw-12357	732	27	of	of	ADP
taxlaw-12357	732	28	the	the	DET
taxlaw-12357	732	29	“	"	PUNCT
taxlaw-12357	732	30	check	check	VERB
taxlaw-12357	732	31	the	the	DET
taxlaw-12357	732	32	box	box	NOUN
taxlaw-12357	732	33	”	"	PUNCT
taxlaw-12357	732	34	regulations	regulation	NOUN
taxlaw-12357	732	35	.	.	PUNCT
taxlaw-12357	733	1	for	for	ADP
taxlaw-12357	733	2	example	example	NOUN
taxlaw-12357	733	3	,	,	PUNCT
taxlaw-12357	733	4	the	the	DET
taxlaw-12357	733	5	government	government	NOUN
taxlaw-12357	733	6	has	have	AUX
taxlaw-12357	733	7	focused	focus	VERB
taxlaw-12357	733	8	on	on	ADP
taxlaw-12357	733	9	their	their	PRON
taxlaw-12357	733	10	use	use	NOUN
taxlaw-12357	733	11	in	in	ADP
taxlaw-12357	733	12	cross	cross	ADJ
taxlaw-12357	733	13	-	-	ADJ
taxlaw-12357	733	14	border	border	ADJ
taxlaw-12357	733	15	tax	tax	NOUN
taxlaw-12357	733	16	planning	planning	NOUN
taxlaw-12357	733	17	.	.	PUNCT
taxlaw-12357	734	1	see	see	VERB
taxlaw-12357	734	2	generally	generally	ADV
taxlaw-12357	734	3	monica	monica	PROPN
taxlaw-12357	734	4	gianni	gianni	PROPN
taxlaw-12357	734	5	,	,	PUNCT
taxlaw-12357	734	6	international	international	ADJ
taxlaw-12357	734	7	tax	tax	NOUN
taxlaw-12357	734	8	planning	planning	NOUN
taxlaw-12357	734	9	after	after	ADP
taxlaw-12357	734	10	check	check	NOUN
taxlaw-12357	734	11	-	-	PUNCT
taxlaw-12357	734	12	the	the	DET
taxlaw-12357	734	13	-	-	PUNCT
taxlaw-12357	734	14	box	box	NOUN
taxlaw-12357	734	15	,	,	PUNCT
taxlaw-12357	734	16	2	2	NUM
taxlaw-12357	734	17	j.	j.	PROPN
taxlaw-12357	734	18	passthrough	passthrough	PROPN
taxlaw-12357	734	19	entities	entity	NOUN
taxlaw-12357	734	20	39	39	NUM
taxlaw-12357	734	21	(	(	PUNCT
taxlaw-12357	734	22	1999	1999	NUM
taxlaw-12357	734	23	)	)	PUNCT
taxlaw-12357	734	24	.	.	PUNCT
taxlaw-12357	735	1	71	71	NUM
taxlaw-12357	735	2	notably	notably	ADV
taxlaw-12357	735	3	,	,	PUNCT
taxlaw-12357	735	4	the	the	DET
taxlaw-12357	735	5	analysis	analysis	NOUN
taxlaw-12357	735	6	of	of	ADP
taxlaw-12357	735	7	dividend	dividend	NOUN
taxlaw-12357	735	8	-	-	PUNCT
taxlaw-12357	735	9	paying	pay	VERB
taxlaw-12357	735	10	stocks	stock	NOUN
taxlaw-12357	735	11	could	could	AUX
taxlaw-12357	735	12	be	be	AUX
taxlaw-12357	735	13	different	different	ADJ
taxlaw-12357	735	14	,	,	PUNCT
taxlaw-12357	735	15	since	since	SCONJ
taxlaw-12357	735	16	dividends	dividend	NOUN
taxlaw-12357	735	17	trigger	trigger	VERB
taxlaw-12357	735	18	a	a	DET
taxlaw-12357	735	19	current	current	ADJ
taxlaw-12357	735	20	tax	tax	NOUN
taxlaw-12357	735	21	on	on	ADP
taxlaw-12357	735	22	the	the	DET
taxlaw-12357	735	23	stock	stock	NOUN
taxlaw-12357	735	24	,	,	PUNCT
taxlaw-12357	735	25	but	but	CCONJ
taxlaw-12357	735	26	not	not	PART
taxlaw-12357	735	27	necessarily	necessarily	ADV
taxlaw-12357	735	28	on	on	ADP
taxlaw-12357	735	29	a	a	DET
taxlaw-12357	735	30	derivative	derivative	NOUN
taxlaw-12357	735	31	based	base	VERB
taxlaw-12357	735	32	on	on	ADP
taxlaw-12357	735	33	this	this	DET
taxlaw-12357	735	34	stock	stock	NOUN
taxlaw-12357	735	35	.	.	PUNCT
taxlaw-12357	736	1	72	72	NUM
taxlaw-12357	736	2	section	section	NOUN
taxlaw-12357	736	3	1260	1260	NUM
taxlaw-12357	736	4	provides	provide	VERB
taxlaw-12357	736	5	regulatory	regulatory	ADJ
taxlaw-12357	736	6	authority	authority	NOUN
taxlaw-12357	736	7	to	to	PART
taxlaw-12357	736	8	cover	cover	VERB
taxlaw-12357	736	9	derivatives	derivative	NOUN
taxlaw-12357	736	10	based	base	VERB
taxlaw-12357	736	11	on	on	ADP
taxlaw-12357	736	12	common	common	ADJ
taxlaw-12357	736	13	stock	stock	NOUN
taxlaw-12357	736	14	,	,	PUNCT
taxlaw-12357	736	15	but	but	CCONJ
taxlaw-12357	736	16	the	the	DET
taxlaw-12357	736	17	treasury	treasury	NOUN
taxlaw-12357	736	18	has	have	AUX
taxlaw-12357	736	19	not	not	PART
taxlaw-12357	736	20	used	use	VERB
taxlaw-12357	736	21	it	it	PRON
taxlaw-12357	736	22	.	.	PUNCT
taxlaw-12357	737	1	see	see	VERB
taxlaw-12357	737	2	i.r.c	i.r.c	NOUN
taxlaw-12357	737	3	.	.	PUNCT
taxlaw-12357	738	1	§	§	PROPN
taxlaw-12357	738	2	1260(c)(1)(b)(2	1260(c)(1)(b)(2	NUM
taxlaw-12357	738	3	)	)	PUNCT
taxlaw-12357	738	4	.	.	PUNCT
taxlaw-12357	739	1	73	73	NUM
taxlaw-12357	739	2	see	see	VERB
taxlaw-12357	739	3	supra	supra	PROPN
taxlaw-12357	739	4	part	part	NOUN
taxlaw-12357	739	5	iv.c	iv.c	PROPN
taxlaw-12357	739	6	.	.	PUNCT
taxlaw-12357	740	1	74	74	NUM
taxlaw-12357	741	1	the	the	DET
taxlaw-12357	741	2	precise	precise	ADJ
taxlaw-12357	741	3	number	number	NOUN
taxlaw-12357	741	4	depends	depend	VERB
taxlaw-12357	741	5	on	on	ADP
taxlaw-12357	741	6	how	how	SCONJ
taxlaw-12357	741	7	closely	closely	ADV
taxlaw-12357	741	8	changes	change	NOUN
taxlaw-12357	741	9	in	in	ADP
taxlaw-12357	741	10	the	the	DET
taxlaw-12357	741	11	option	option	NOUN
taxlaw-12357	741	12	’s	’s	PART
taxlaw-12357	741	13	value	value	NOUN
taxlaw-12357	741	14	track	track	NOUN
taxlaw-12357	741	15	changes	change	NOUN
taxlaw-12357	741	16	in	in	ADP
taxlaw-12357	741	17	the	the	DET
taxlaw-12357	741	18	stock	stock	NOUN
taxlaw-12357	741	19	price	price	NOUN
taxlaw-12357	741	20	,	,	PUNCT
taxlaw-12357	741	21	and	and	CCONJ
taxlaw-12357	741	22	this	this	DET
taxlaw-12357	741	23	correlation	correlation	NOUN
taxlaw-12357	741	24	varies	vary	VERB
taxlaw-12357	741	25	with	with	ADP
taxlaw-12357	741	26	the	the	DET
taxlaw-12357	741	27	stock	stock	NOUN
taxlaw-12357	741	28	price	price	NOUN
taxlaw-12357	741	29	.	.	PUNCT
taxlaw-12357	742	1	75	75	NUM
taxlaw-12357	742	2	congress	congress	PROPN
taxlaw-12357	742	3	did	do	AUX
taxlaw-12357	742	4	grant	grant	VERB
taxlaw-12357	742	5	regulatory	regulatory	ADJ
taxlaw-12357	742	6	authority	authority	NOUN
taxlaw-12357	742	7	to	to	PART
taxlaw-12357	742	8	target	target	VERB
taxlaw-12357	742	9	derivatives	derivative	NOUN
taxlaw-12357	742	10	based	base	VERB
taxlaw-12357	742	11	on	on	ADP
taxlaw-12357	742	12	common	common	ADJ
taxlaw-12357	742	13	stock	stock	NOUN
taxlaw-12357	742	14	.	.	PUNCT
taxlaw-12357	743	1	but	but	CCONJ
taxlaw-12357	743	2	even	even	ADV
taxlaw-12357	743	3	if	if	SCONJ
taxlaw-12357	743	4	this	this	DET
taxlaw-12357	743	5	authority	authority	NOUN
taxlaw-12357	743	6	is	be	AUX
taxlaw-12357	743	7	used	use	VERB
taxlaw-12357	743	8	,	,	PUNCT
taxlaw-12357	743	9	an	an	DET
taxlaw-12357	743	10	at	at	ADP
taxlaw-12357	743	11	-	-	PUNCT
taxlaw-12357	743	12	the	the	DET
taxlaw-12357	743	13	-	-	PUNCT
taxlaw-12357	743	14	money	money	NOUN
taxlaw-12357	743	15	call	call	NOUN
taxlaw-12357	743	16	option	option	NOUN
taxlaw-12357	743	17	generally	generally	ADV
taxlaw-12357	743	18	is	be	AUX
taxlaw-12357	743	19	n’t	not	PART
taxlaw-12357	743	20	covered	cover	VERB
taxlaw-12357	743	21	by	by	ADP
taxlaw-12357	743	22	the	the	DET
taxlaw-12357	743	23	provision	provision	NOUN
taxlaw-12357	743	24	.	.	PUNCT
taxlaw-12357	744	1	2024	2024	NUM
taxlaw-12357	744	2	]	]	PUNCT
taxlaw-12357	744	3	transaction	transaction	NOUN
taxlaw-12357	744	4	-	-	PUNCT
taxlaw-12357	744	5	specific	specific	ADJ
taxlaw-12357	744	6	tax	tax	NOUN
taxlaw-12357	744	7	reform	reform	NOUN
taxlaw-12357	744	8	in	in	ADP
taxlaw-12357	744	9	three	three	NUM
taxlaw-12357	744	10	steps	step	NOUN
taxlaw-12357	744	11	27	27	NUM
taxlaw-12357	744	12	treatment	treatment	NOUN
taxlaw-12357	744	13	from	from	ADP
taxlaw-12357	744	14	dynamic	dynamic	ADJ
taxlaw-12357	744	15	hedging	hedging	NOUN
taxlaw-12357	744	16	–	–	PUNCT
taxlaw-12357	744	17	a	a	DET
taxlaw-12357	744	18	trading	trading	NOUN
taxlaw-12357	744	19	strategy	strategy	NOUN
taxlaw-12357	744	20	that	that	PRON
taxlaw-12357	744	21	,	,	PUNCT
taxlaw-12357	744	22	frankly	frankly	ADV
taxlaw-12357	744	23	,	,	PUNCT
taxlaw-12357	744	24	most	most	ADJ
taxlaw-12357	744	25	investors	investor	NOUN
taxlaw-12357	744	26	do	do	AUX
taxlaw-12357	744	27	n’t	not	PART
taxlaw-12357	744	28	understand	understand	VERB
taxlaw-12357	744	29	–	–	PUNCT
taxlaw-12357	744	30	but	but	CCONJ
taxlaw-12357	744	31	to	to	PART
taxlaw-12357	744	32	pursue	pursue	VERB
taxlaw-12357	744	33	a	a	DET
taxlaw-12357	744	34	longstanding	longstanding	ADJ
taxlaw-12357	744	35	commercial	commercial	ADJ
taxlaw-12357	744	36	goal	goal	NOUN
taxlaw-12357	744	37	.	.	PUNCT
taxlaw-12357	745	1	yet	yet	ADV
taxlaw-12357	745	2	even	even	ADV
taxlaw-12357	745	3	as	as	SCONJ
taxlaw-12357	745	4	we	we	PRON
taxlaw-12357	745	5	recommend	recommend	VERB
taxlaw-12357	745	6	sparing	sparing	NOUN
taxlaw-12357	745	7	practices	practice	NOUN
taxlaw-12357	745	8	that	that	PRON
taxlaw-12357	745	9	are	be	AUX
taxlaw-12357	745	10	commercially	commercially	ADV
taxlaw-12357	745	11	common	common	ADJ
taxlaw-12357	745	12	,	,	PUNCT
taxlaw-12357	745	13	we	we	PRON
taxlaw-12357	745	14	acknowledge	acknowledge	VERB
taxlaw-12357	745	15	a	a	DET
taxlaw-12357	745	16	problem	problem	NOUN
taxlaw-12357	745	17	with	with	ADP
taxlaw-12357	745	18	this	this	DET
taxlaw-12357	745	19	approach	approach	NOUN
taxlaw-12357	745	20	.	.	PUNCT
taxlaw-12357	746	1	implicitly	implicitly	ADV
taxlaw-12357	746	2	,	,	PUNCT
taxlaw-12357	746	3	it	it	PRON
taxlaw-12357	746	4	protects	protect	VERB
taxlaw-12357	746	5	favorable	favorable	ADJ
taxlaw-12357	746	6	tax	tax	NOUN
taxlaw-12357	746	7	treatment	treatment	NOUN
taxlaw-12357	746	8	for	for	ADP
taxlaw-12357	746	9	old	old	ADJ
taxlaw-12357	746	10	practices	practice	NOUN
taxlaw-12357	746	11	,	,	PUNCT
taxlaw-12357	746	12	but	but	CCONJ
taxlaw-12357	746	13	not	not	PART
taxlaw-12357	746	14	necessarily	necessarily	ADV
taxlaw-12357	746	15	for	for	ADP
taxlaw-12357	746	16	new	new	ADJ
taxlaw-12357	746	17	ones	one	NOUN
taxlaw-12357	746	18	that	that	PRON
taxlaw-12357	746	19	have	have	AUX
taxlaw-12357	746	20	not	not	PART
taxlaw-12357	746	21	had	have	VERB
taxlaw-12357	746	22	time	time	NOUN
taxlaw-12357	746	23	to	to	PART
taxlaw-12357	746	24	become	become	VERB
taxlaw-12357	746	25	common	common	ADJ
taxlaw-12357	746	26	.	.	PUNCT
taxlaw-12357	747	1	unfortunately	unfortunately	ADV
taxlaw-12357	747	2	,	,	PUNCT
taxlaw-12357	747	3	this	this	DET
taxlaw-12357	747	4	bias	bias	NOUN
taxlaw-12357	747	5	against	against	ADP
taxlaw-12357	747	6	new	new	ADJ
taxlaw-12357	747	7	practices	practice	NOUN
taxlaw-12357	747	8	can	can	AUX
taxlaw-12357	747	9	stifle	stifle	VERB
taxlaw-12357	747	10	innovation	innovation	NOUN
taxlaw-12357	747	11	.	.	PUNCT
taxlaw-12357	748	1	after	after	ADV
taxlaw-12357	748	2	all	all	ADV
taxlaw-12357	748	3	,	,	PUNCT
taxlaw-12357	748	4	what	what	PRON
taxlaw-12357	748	5	is	be	AUX
taxlaw-12357	748	6	commercially	commercially	ADV
taxlaw-12357	748	7	common	common	ADJ
taxlaw-12357	748	8	now	now	ADV
taxlaw-12357	748	9	was	be	AUX
taxlaw-12357	748	10	once	once	ADV
taxlaw-12357	748	11	new	new	ADJ
taxlaw-12357	748	12	.	.	PUNCT
taxlaw-12357	749	1	years	year	NOUN
taxlaw-12357	749	2	ago	ago	ADV
taxlaw-12357	749	3	,	,	PUNCT
taxlaw-12357	749	4	this	this	DET
taxlaw-12357	749	5	practice	practice	NOUN
taxlaw-12357	749	6	was	be	AUX
taxlaw-12357	749	7	able	able	ADJ
taxlaw-12357	749	8	to	to	PART
taxlaw-12357	749	9	develop	develop	VERB
taxlaw-12357	749	10	–	–	PUNCT
taxlaw-12357	749	11	and	and	CCONJ
taxlaw-12357	749	12	become	become	VERB
taxlaw-12357	749	13	commercially	commercially	ADV
taxlaw-12357	749	14	common	common	ADJ
taxlaw-12357	749	15	today	today	NOUN
taxlaw-12357	749	16	–	–	PUNCT
taxlaw-12357	749	17	because	because	SCONJ
taxlaw-12357	749	18	its	its	PRON
taxlaw-12357	749	19	tax	tax	NOUN
taxlaw-12357	749	20	treatment	treatment	NOUN
taxlaw-12357	749	21	was	be	AUX
taxlaw-12357	749	22	not	not	PART
taxlaw-12357	749	23	too	too	ADV
taxlaw-12357	749	24	unfavorable	unfavorable	ADJ
taxlaw-12357	749	25	.	.	PUNCT
taxlaw-12357	750	1	otherwise	otherwise	ADV
taxlaw-12357	750	2	,	,	PUNCT
taxlaw-12357	750	3	important	important	ADJ
taxlaw-12357	750	4	innovations	innovation	NOUN
taxlaw-12357	750	5	like	like	ADP
taxlaw-12357	750	6	index	index	NOUN
taxlaw-12357	750	7	funds	fund	NOUN
taxlaw-12357	750	8	and	and	CCONJ
taxlaw-12357	750	9	etfs	etfs	PROPN
taxlaw-12357	750	10	would	would	AUX
taxlaw-12357	750	11	not	not	PART
taxlaw-12357	750	12	have	have	AUX
taxlaw-12357	750	13	succeeded	succeed	VERB
taxlaw-12357	750	14	.	.	PUNCT
taxlaw-12357	751	1	so	so	ADV
taxlaw-12357	751	2	even	even	ADV
taxlaw-12357	751	3	for	for	ADP
taxlaw-12357	751	4	novel	novel	ADJ
taxlaw-12357	751	5	practices	practice	NOUN
taxlaw-12357	751	6	,	,	PUNCT
taxlaw-12357	751	7	some	some	DET
taxlaw-12357	751	8	restraint	restraint	NOUN
taxlaw-12357	751	9	is	be	AUX
taxlaw-12357	751	10	warranted	warrant	VERB
taxlaw-12357	751	11	in	in	ADP
taxlaw-12357	751	12	considering	consider	VERB
taxlaw-12357	751	13	whether	whether	SCONJ
taxlaw-12357	751	14	to	to	PART
taxlaw-12357	751	15	tax	tax	VERB
taxlaw-12357	751	16	them	they	PRON
taxlaw-12357	751	17	more	more	ADV
taxlaw-12357	751	18	heavily	heavily	ADV
taxlaw-12357	751	19	.	.	PUNCT
taxlaw-12357	752	1	again	again	ADV
taxlaw-12357	752	2	,	,	PUNCT
taxlaw-12357	752	3	the	the	DET
taxlaw-12357	752	4	normative	normative	ADJ
taxlaw-12357	752	5	presumption	presumption	NOUN
taxlaw-12357	752	6	is	be	AUX
taxlaw-12357	752	7	relevant	relevant	ADJ
taxlaw-12357	752	8	here	here	ADV
taxlaw-12357	752	9	.	.	PUNCT
taxlaw-12357	753	1	if	if	SCONJ
taxlaw-12357	753	2	policymakers	policymaker	NOUN
taxlaw-12357	753	3	think	think	VERB
taxlaw-12357	753	4	financial	financial	ADJ
taxlaw-12357	753	5	innovation	innovation	NOUN
taxlaw-12357	753	6	(	(	PUNCT
taxlaw-12357	753	7	and	and	CCONJ
taxlaw-12357	753	8	,	,	PUNCT
taxlaw-12357	753	9	more	more	ADV
taxlaw-12357	753	10	generally	generally	ADV
taxlaw-12357	753	11	,	,	PUNCT
taxlaw-12357	753	12	established	establish	VERB
taxlaw-12357	753	13	commercial	commercial	ADJ
taxlaw-12357	753	14	practices	practice	NOUN
taxlaw-12357	753	15	)	)	PUNCT
taxlaw-12357	753	16	are	be	AUX
taxlaw-12357	753	17	valuable	valuable	ADJ
taxlaw-12357	753	18	,	,	PUNCT
taxlaw-12357	753	19	they	they	PRON
taxlaw-12357	753	20	should	should	AUX
taxlaw-12357	753	21	be	be	AUX
taxlaw-12357	753	22	careful	careful	ADJ
taxlaw-12357	753	23	not	not	PART
taxlaw-12357	753	24	to	to	PART
taxlaw-12357	753	25	overtax	overtax	VERB
taxlaw-12357	753	26	them	they	PRON
taxlaw-12357	753	27	.	.	PUNCT
taxlaw-12357	754	1	but	but	CCONJ
taxlaw-12357	754	2	if	if	SCONJ
taxlaw-12357	754	3	they	they	PRON
taxlaw-12357	754	4	doubt	doubt	VERB
taxlaw-12357	754	5	the	the	DET
taxlaw-12357	754	6	value	value	NOUN
taxlaw-12357	754	7	of	of	ADP
taxlaw-12357	754	8	these	these	DET
taxlaw-12357	754	9	practices	practice	NOUN
taxlaw-12357	754	10	–	–	PUNCT
taxlaw-12357	754	11	and	and	CCONJ
taxlaw-12357	754	12	conclude	conclude	VERB
taxlaw-12357	754	13	that	that	SCONJ
taxlaw-12357	754	14	their	their	PRON
taxlaw-12357	754	15	main	main	ADJ
taxlaw-12357	754	16	appeal	appeal	NOUN
taxlaw-12357	754	17	is	be	AUX
taxlaw-12357	754	18	their	their	PRON
taxlaw-12357	754	19	tax	tax	NOUN
taxlaw-12357	754	20	advantage	advantage	NOUN
taxlaw-12357	754	21	–	–	PUNCT
taxlaw-12357	754	22	a	a	DET
taxlaw-12357	754	23	higher	high	ADJ
taxlaw-12357	754	24	tax	tax	NOUN
taxlaw-12357	754	25	is	be	AUX
taxlaw-12357	754	26	warranted	warrant	VERB
taxlaw-12357	754	27	.	.	PUNCT
taxlaw-12357	755	1	5	5	X
taxlaw-12357	755	2	.	.	X
taxlaw-12357	755	3	transaction	transaction	NOUN
taxlaw-12357	755	4	is	be	AUX
taxlaw-12357	755	5	commercially	commercially	ADV
taxlaw-12357	755	6	impractical	impractical	ADJ
taxlaw-12357	755	7	fifth	fifth	ADJ
taxlaw-12357	755	8	,	,	PUNCT
taxlaw-12357	755	9	just	just	ADV
taxlaw-12357	755	10	as	as	ADP
taxlaw-12357	755	11	less	less	ADJ
taxlaw-12357	755	12	scrutiny	scrutiny	NOUN
taxlaw-12357	755	13	is	be	AUX
taxlaw-12357	755	14	needed	need	VERB
taxlaw-12357	755	15	for	for	ADP
taxlaw-12357	755	16	transactions	transaction	NOUN
taxlaw-12357	755	17	that	that	PRON
taxlaw-12357	755	18	are	be	AUX
taxlaw-12357	755	19	commercially	commercially	ADV
taxlaw-12357	755	20	well	well	ADV
taxlaw-12357	755	21	established	establish	VERB
taxlaw-12357	755	22	,	,	PUNCT
taxlaw-12357	755	23	the	the	DET
taxlaw-12357	755	24	same	same	ADJ
taxlaw-12357	755	25	is	be	AUX
taxlaw-12357	755	26	true	true	ADJ
taxlaw-12357	755	27	of	of	ADP
taxlaw-12357	755	28	transactions	transaction	NOUN
taxlaw-12357	755	29	that	that	PRON
taxlaw-12357	755	30	are	be	AUX
taxlaw-12357	755	31	commercially	commercially	ADV
taxlaw-12357	755	32	impractical	impractical	ADJ
taxlaw-12357	755	33	,	,	PUNCT
taxlaw-12357	755	34	but	but	CCONJ
taxlaw-12357	755	35	for	for	ADP
taxlaw-12357	755	36	a	a	DET
taxlaw-12357	755	37	different	different	ADJ
taxlaw-12357	755	38	reason	reason	NOUN
taxlaw-12357	755	39	:	:	PUNCT
taxlaw-12357	755	40	even	even	ADV
taxlaw-12357	755	41	if	if	SCONJ
taxlaw-12357	755	42	taxpayers	taxpayer	NOUN
taxlaw-12357	755	43	want	want	VERB
taxlaw-12357	755	44	to	to	PART
taxlaw-12357	755	45	do	do	VERB
taxlaw-12357	755	46	something	something	PRON
taxlaw-12357	755	47	tax	tax	NOUN
taxlaw-12357	755	48	-	-	PUNCT
taxlaw-12357	755	49	motivated	motivated	ADJ
taxlaw-12357	755	50	,	,	PUNCT
taxlaw-12357	755	51	they	they	PRON
taxlaw-12357	755	52	ca	can	AUX
taxlaw-12357	755	53	n’t	not	PART
taxlaw-12357	755	54	do	do	VERB
taxlaw-12357	755	55	it	it	PRON
taxlaw-12357	755	56	anyway	anyway	ADV
taxlaw-12357	755	57	.	.	PUNCT
taxlaw-12357	756	1	after	after	ADV
taxlaw-12357	756	2	all	all	ADV
taxlaw-12357	756	3	,	,	PUNCT
taxlaw-12357	756	4	a	a	DET
taxlaw-12357	756	5	tax	tax	NOUN
taxlaw-12357	756	6	strategy	strategy	NOUN
taxlaw-12357	756	7	is	be	AUX
taxlaw-12357	756	8	not	not	PART
taxlaw-12357	756	9	appealing	appeal	VERB
taxlaw-12357	756	10	if	if	SCONJ
taxlaw-12357	756	11	its	its	PRON
taxlaw-12357	756	12	non	non	ADJ
taxlaw-12357	756	13	-	-	ADJ
taxlaw-12357	756	14	tax	tax	ADJ
taxlaw-12357	756	15	costs	cost	NOUN
taxlaw-12357	756	16	(	(	PUNCT
taxlaw-12357	756	17	or	or	CCONJ
taxlaw-12357	756	18	“	"	PUNCT
taxlaw-12357	756	19	frictions	friction	NOUN
taxlaw-12357	756	20	”	"	PUNCT
taxlaw-12357	756	21	)	)	PUNCT
taxlaw-12357	756	22	exceed	exceed	VERB
taxlaw-12357	756	23	its	its	PRON
taxlaw-12357	756	24	tax	tax	NOUN
taxlaw-12357	756	25	benefit	benefit	NOUN
taxlaw-12357	756	26	,	,	PUNCT
taxlaw-12357	756	27	so	so	SCONJ
taxlaw-12357	756	28	a	a	DET
taxlaw-12357	756	29	reform	reform	NOUN
taxlaw-12357	756	30	is	be	AUX
taxlaw-12357	756	31	n’t	not	PART
taxlaw-12357	756	32	needed	need	VERB
taxlaw-12357	756	33	to	to	PART
taxlaw-12357	756	34	block	block	VERB
taxlaw-12357	756	35	it.76	it.76	NOUN
taxlaw-12357	756	36	for	for	ADP
taxlaw-12357	756	37	example	example	NOUN
taxlaw-12357	756	38	,	,	PUNCT
taxlaw-12357	756	39	given	give	VERB
taxlaw-12357	756	40	the	the	DET
taxlaw-12357	756	41	way	way	NOUN
taxlaw-12357	756	42	section	section	NOUN
taxlaw-12357	756	43	1260	1260	NUM
taxlaw-12357	756	44	is	be	AUX
taxlaw-12357	756	45	drafted	draft	VERB
taxlaw-12357	756	46	,	,	PUNCT
taxlaw-12357	756	47	it	it	PRON
taxlaw-12357	756	48	can	can	AUX
taxlaw-12357	756	49	be	be	AUX
taxlaw-12357	756	50	avoided	avoid	VERB
taxlaw-12357	756	51	with	with	ADP
taxlaw-12357	756	52	a	a	DET
taxlaw-12357	756	53	derivative	derivative	NOUN
taxlaw-12357	756	54	that	that	PRON
taxlaw-12357	756	55	offers	offer	VERB
taxlaw-12357	756	56	most	most	ADV
taxlaw-12357	756	57	,	,	PUNCT
taxlaw-12357	756	58	but	but	CCONJ
taxlaw-12357	756	59	not	not	PART
taxlaw-12357	756	60	all	all	PRON
taxlaw-12357	756	61	,	,	PUNCT
taxlaw-12357	756	62	of	of	ADP
taxlaw-12357	756	63	the	the	DET
taxlaw-12357	756	64	economic	economic	ADJ
taxlaw-12357	756	65	return	return	NOUN
taxlaw-12357	756	66	from	from	ADP
taxlaw-12357	756	67	a	a	DET
taxlaw-12357	756	68	hedge	hedge	NOUN
taxlaw-12357	756	69	fund	fund	NOUN
taxlaw-12357	756	70	.	.	PUNCT
taxlaw-12357	757	1	but	but	CCONJ
taxlaw-12357	757	2	,	,	PUNCT
taxlaw-12357	757	3	although	although	SCONJ
taxlaw-12357	757	4	this	this	DET
taxlaw-12357	757	5	sort	sort	NOUN
taxlaw-12357	757	6	of	of	ADP
taxlaw-12357	757	7	imperfect	imperfect	ADJ
taxlaw-12357	757	8	tracking	tracking	NOUN
taxlaw-12357	757	9	is	be	AUX
taxlaw-12357	757	10	easy	easy	ADJ
taxlaw-12357	757	11	for	for	ADP
taxlaw-12357	757	12	derivatives	derivative	NOUN
taxlaw-12357	757	13	based	base	VERB
taxlaw-12357	757	14	on	on	ADP
taxlaw-12357	757	15	publicly	publicly	ADV
taxlaw-12357	757	16	-	-	PUNCT
taxlaw-12357	757	17	traded	trade	VERB
taxlaw-12357	757	18	assets	asset	NOUN
taxlaw-12357	757	19	,	,	PUNCT
taxlaw-12357	757	20	it	it	PRON
taxlaw-12357	757	21	is	be	AUX
taxlaw-12357	757	22	much	much	ADV
taxlaw-12357	757	23	harder	hard	ADJ
taxlaw-12357	757	24	for	for	ADP
taxlaw-12357	757	25	derivatives	derivative	NOUN
taxlaw-12357	757	26	based	base	VERB
taxlaw-12357	757	27	on	on	ADP
taxlaw-12357	757	28	assets	asset	NOUN
taxlaw-12357	757	29	(	(	PUNCT
taxlaw-12357	757	30	like	like	ADP
taxlaw-12357	757	31	hedge	hedge	NOUN
taxlaw-12357	757	32	funds	fund	NOUN
taxlaw-12357	757	33	)	)	PUNCT
taxlaw-12357	757	34	that	that	PRON
taxlaw-12357	757	35	are	be	AUX
taxlaw-12357	757	36	n’t	not	PART
taxlaw-12357	757	37	publicly	publicly	ADV
taxlaw-12357	757	38	-	-	PUNCT
taxlaw-12357	757	39	traded	traded	ADJ
taxlaw-12357	757	40	:	:	PUNCT
taxlaw-12357	757	41	dealers	dealer	NOUN
taxlaw-12357	757	42	ca	can	AUX
taxlaw-12357	757	43	n’t	not	PART
taxlaw-12357	757	44	hedge	hedge	VERB
taxlaw-12357	757	45	it	it	PRON
taxlaw-12357	757	46	,	,	PUNCT
taxlaw-12357	757	47	so	so	ADV
taxlaw-12357	757	48	they	they	PRON
taxlaw-12357	757	49	wo	will	AUX
taxlaw-12357	757	50	n’t	not	PART
taxlaw-12357	757	51	be	be	AUX
taxlaw-12357	757	52	willing	willing	ADJ
taxlaw-12357	757	53	to	to	PART
taxlaw-12357	757	54	offer	offer	VERB
taxlaw-12357	757	55	it.77	it.77	NOUN
taxlaw-12357	757	56	in	in	ADP
taxlaw-12357	757	57	this	this	DET
taxlaw-12357	757	58	situation	situation	NOUN
taxlaw-12357	757	59	,	,	PUNCT
taxlaw-12357	757	60	a	a	DET
taxlaw-12357	757	61	legal	legal	ADJ
taxlaw-12357	757	62	response	response	NOUN
taxlaw-12357	757	63	arguably	arguably	ADV
taxlaw-12357	757	64	is	be	AUX
taxlaw-12357	757	65	n’t	not	PART
taxlaw-12357	757	66	necessary	necessary	ADJ
taxlaw-12357	757	67	.	.	PUNCT
taxlaw-12357	758	1	6	6	X
taxlaw-12357	758	2	.	.	X
taxlaw-12357	758	3	transaction	transaction	NOUN
taxlaw-12357	758	4	is	be	AUX
taxlaw-12357	758	5	administratively	administratively	ADV
taxlaw-12357	758	6	cumbersome	cumbersome	ADJ
taxlaw-12357	758	7	to	to	ADP
taxlaw-12357	758	8	police	police	NOUN
taxlaw-12357	758	9	sixth	sixth	ADJ
taxlaw-12357	758	10	,	,	PUNCT
taxlaw-12357	758	11	even	even	ADV
taxlaw-12357	758	12	if	if	SCONJ
taxlaw-12357	758	13	a	a	DET
taxlaw-12357	758	14	legal	legal	ADJ
taxlaw-12357	758	15	response	response	NOUN
taxlaw-12357	758	16	is	be	AUX
taxlaw-12357	758	17	the	the	DET
taxlaw-12357	758	18	only	only	ADJ
taxlaw-12357	758	19	way	way	NOUN
taxlaw-12357	758	20	to	to	PART
taxlaw-12357	758	21	stop	stop	VERB
taxlaw-12357	758	22	a	a	DET
taxlaw-12357	758	23	tax	tax	NOUN
taxlaw-12357	758	24	planning	planning	NOUN
taxlaw-12357	758	25	strategy	strategy	NOUN
taxlaw-12357	758	26	,	,	PUNCT
taxlaw-12357	758	27	a	a	DET
taxlaw-12357	758	28	response	response	NOUN
taxlaw-12357	758	29	is	be	AUX
taxlaw-12357	758	30	n’t	not	PART
taxlaw-12357	758	31	always	always	ADV
taxlaw-12357	758	32	worth	worth	ADJ
taxlaw-12357	758	33	the	the	DET
taxlaw-12357	758	34	effort	effort	NOUN
taxlaw-12357	758	35	:	:	PUNCT
taxlaw-12357	758	36	in	in	ADP
taxlaw-12357	758	37	some	some	DET
taxlaw-12357	758	38	cases	case	NOUN
taxlaw-12357	758	39	,	,	PUNCT
taxlaw-12357	758	40	the	the	DET
taxlaw-12357	758	41	administrative	administrative	ADJ
taxlaw-12357	758	42	costs	cost	NOUN
taxlaw-12357	758	43	of	of	ADP
taxlaw-12357	758	44	identifying	identify	VERB
taxlaw-12357	758	45	these	these	DET
taxlaw-12357	758	46	transactions	transaction	NOUN
taxlaw-12357	758	47	are	be	AUX
taxlaw-12357	758	48	too	too	ADV
taxlaw-12357	758	49	high.78	high.78	NOUN
taxlaw-12357	758	50	as	as	SCONJ
taxlaw-12357	758	51	emphasized	emphasize	VERB
taxlaw-12357	758	52	above	above	ADV
taxlaw-12357	758	53	,	,	PUNCT
taxlaw-12357	758	54	policymakers	policymaker	NOUN
taxlaw-12357	758	55	should	should	AUX
taxlaw-12357	758	56	balance	balance	VERB
taxlaw-12357	758	57	these	these	DET
taxlaw-12357	758	58	costs	cost	NOUN
taxlaw-12357	758	59	against	against	ADP
taxlaw-12357	758	60	the	the	DET
taxlaw-12357	758	61	distortions	distortion	NOUN
taxlaw-12357	758	62	and	and	CCONJ
taxlaw-12357	758	63	distributional	distributional	ADJ
taxlaw-12357	758	64	effects	effect	NOUN
taxlaw-12357	758	65	caused	cause	VERB
taxlaw-12357	758	66	by	by	ADP
taxlaw-12357	758	67	the	the	DET
taxlaw-12357	758	68	transaction.79	transaction.79	NOUN
taxlaw-12357	758	69	if	if	SCONJ
taxlaw-12357	758	70	the	the	DET
taxlaw-12357	758	71	costs	cost	NOUN
taxlaw-12357	758	72	of	of	ADP
taxlaw-12357	758	73	stopping	stop	VERB
taxlaw-12357	758	74	a	a	DET
taxlaw-12357	758	75	planning	planning	NOUN
taxlaw-12357	758	76	strategy	strategy	NOUN
taxlaw-12357	758	77	are	be	AUX
taxlaw-12357	758	78	n’t	not	PART
taxlaw-12357	758	79	justified	justified	ADJ
taxlaw-12357	758	80	,	,	PUNCT
taxlaw-12357	758	81	policymakers	policymaker	NOUN
taxlaw-12357	758	82	should	should	AUX
taxlaw-12357	758	83	n’t	not	PART
taxlaw-12357	758	84	target	target	VERB
taxlaw-12357	758	85	it	it	PRON
taxlaw-12357	758	86	,	,	PUNCT
taxlaw-12357	758	87	and	and	CCONJ
taxlaw-12357	758	88	can	can	AUX
taxlaw-12357	758	89	even	even	ADV
taxlaw-12357	758	90	use	use	VERB
taxlaw-12357	758	91	a	a	DET
taxlaw-12357	758	92	preliminary	preliminary	ADJ
taxlaw-12357	758	93	filter	filter	NOUN
taxlaw-12357	758	94	to	to	PART
taxlaw-12357	758	95	exempt	exempt	VERB
taxlaw-12357	758	96	it	it	PRON
taxlaw-12357	758	97	.	.	PUNCT
taxlaw-12357	759	1	again	again	ADV
taxlaw-12357	759	2	,	,	PUNCT
taxlaw-12357	759	3	in	in	ADP
taxlaw-12357	759	4	making	make	VERB
taxlaw-12357	759	5	these	these	DET
taxlaw-12357	759	6	judgments	judgment	NOUN
taxlaw-12357	759	7	,	,	PUNCT
taxlaw-12357	759	8	policymakers	policymaker	NOUN
taxlaw-12357	759	9	should	should	AUX
taxlaw-12357	759	10	be	be	AUX
taxlaw-12357	759	11	guided	guide	VERB
taxlaw-12357	759	12	by	by	ADP
taxlaw-12357	759	13	the	the	DET
taxlaw-12357	759	14	normative	normative	ADJ
taxlaw-12357	759	15	presumption	presumption	NOUN
taxlaw-12357	759	16	.	.	PUNCT
taxlaw-12357	760	1	76	76	NUM
taxlaw-12357	760	2	see	see	VERB
taxlaw-12357	760	3	schizer	schizer	NOUN
taxlaw-12357	760	4	,	,	PUNCT
taxlaw-12357	760	5	frictions	friction	NOUN
taxlaw-12357	760	6	,	,	PUNCT
taxlaw-12357	760	7	supra	supra	PROPN
taxlaw-12357	760	8	note	note	NOUN
taxlaw-12357	760	9	4	4	NUM
taxlaw-12357	760	10	,	,	PUNCT
taxlaw-12357	760	11	at	at	ADP
taxlaw-12357	760	12	1319	1319	NUM
taxlaw-12357	760	13	-	-	SYM
taxlaw-12357	760	14	33	33	NUM
taxlaw-12357	760	15	.	.	PUNCT
taxlaw-12357	761	1	77	77	NUM
taxlaw-12357	761	2	“	"	PUNCT
taxlaw-12357	761	3	dynamic	dynamic	ADJ
taxlaw-12357	761	4	”	"	PUNCT
taxlaw-12357	761	5	hedging	hedging	NOUN
taxlaw-12357	761	6	,	,	PUNCT
taxlaw-12357	761	7	the	the	DET
taxlaw-12357	761	8	strategy	strategy	NOUN
taxlaw-12357	761	9	described	describe	VERB
taxlaw-12357	761	10	above	above	ADP
taxlaw-12357	761	11	in	in	ADP
taxlaw-12357	761	12	which	which	PRON
taxlaw-12357	761	13	dealers	dealer	NOUN
taxlaw-12357	761	14	constantly	constantly	ADV
taxlaw-12357	761	15	adjust	adjust	VERB
taxlaw-12357	761	16	the	the	DET
taxlaw-12357	761	17	size	size	NOUN
taxlaw-12357	761	18	of	of	ADP
taxlaw-12357	761	19	their	their	PRON
taxlaw-12357	761	20	position	position	NOUN
taxlaw-12357	761	21	,	,	PUNCT
taxlaw-12357	761	22	is	be	AUX
taxlaw-12357	761	23	feasible	feasible	ADJ
taxlaw-12357	761	24	only	only	ADV
taxlaw-12357	761	25	for	for	ADP
taxlaw-12357	761	26	publicly	publicly	ADV
taxlaw-12357	761	27	-	-	PUNCT
taxlaw-12357	761	28	traded	trade	VERB
taxlaw-12357	761	29	assets	asset	NOUN
taxlaw-12357	761	30	.	.	PUNCT
taxlaw-12357	762	1	i	i	PRON
taxlaw-12357	762	2	d.	d.	PROPN
taxlaw-12357	762	3	at	at	ADP
taxlaw-12357	762	4	1372	1372	NUM
taxlaw-12357	762	5	-	-	SYM
taxlaw-12357	762	6	90	90	NUM
taxlaw-12357	762	7	.	.	PUNCT
taxlaw-12357	762	8	78	78	NUM
taxlaw-12357	762	9	see	see	VERB
taxlaw-12357	762	10	supra	supra	PROPN
taxlaw-12357	762	11	part	part	PROPN
taxlaw-12357	762	12	iii.b.1	iii.b.1	PROPN
taxlaw-12357	762	13	.	.	PUNCT
taxlaw-12357	763	1	79	79	NUM
taxlaw-12357	763	2	see	see	VERB
taxlaw-12357	763	3	supra	supra	PROPN
taxlaw-12357	763	4	part	part	PROPN
taxlaw-12357	763	5	iv.c.3	iv.c.3	PROPN
taxlaw-12357	763	6	.	.	PUNCT
taxlaw-12357	764	1	columbia	columbia	PROPN
taxlaw-12357	764	2	journal	journal	PROPN
taxlaw-12357	764	3	of	of	ADP
taxlaw-12357	764	4	tax	tax	NOUN
taxlaw-12357	764	5	law	law	NOUN
taxlaw-12357	765	1	[	[	X
taxlaw-12357	765	2	vol	vol	NOUN
taxlaw-12357	765	3	15:1	15:1	NUM
taxlaw-12357	765	4	28	28	NUM
taxlaw-12357	765	5	7	7	NUM
taxlaw-12357	765	6	.	.	PUNCT
taxlaw-12357	766	1	transaction	transaction	NOUN
taxlaw-12357	766	2	is	be	AUX
taxlaw-12357	766	3	already	already	ADV
taxlaw-12357	766	4	policed	police	VERB
taxlaw-12357	766	5	by	by	ADP
taxlaw-12357	766	6	other	other	ADJ
taxlaw-12357	766	7	rules	rule	NOUN
taxlaw-12357	766	8	finally	finally	ADV
taxlaw-12357	766	9	,	,	PUNCT
taxlaw-12357	766	10	even	even	ADV
taxlaw-12357	766	11	if	if	SCONJ
taxlaw-12357	766	12	an	an	DET
taxlaw-12357	766	13	abuse	abuse	NOUN
taxlaw-12357	766	14	is	be	AUX
taxlaw-12357	766	15	clearly	clearly	ADV
taxlaw-12357	766	16	worth	worth	ADJ
taxlaw-12357	766	17	preventing	prevent	VERB
taxlaw-12357	766	18	,	,	PUNCT
taxlaw-12357	766	19	a	a	DET
taxlaw-12357	766	20	new	new	ADJ
taxlaw-12357	766	21	rule	rule	NOUN
taxlaw-12357	766	22	is	be	AUX
taxlaw-12357	766	23	n’t	not	PART
taxlaw-12357	766	24	needed	need	VERB
taxlaw-12357	766	25	if	if	SCONJ
taxlaw-12357	766	26	an	an	DET
taxlaw-12357	766	27	existing	exist	VERB
taxlaw-12357	766	28	rule	rule	NOUN
taxlaw-12357	766	29	is	be	AUX
taxlaw-12357	766	30	already	already	ADV
taxlaw-12357	766	31	doing	do	VERB
taxlaw-12357	766	32	the	the	DET
taxlaw-12357	766	33	job	job	NOUN
taxlaw-12357	766	34	.	.	PUNCT
taxlaw-12357	767	1	for	for	ADP
taxlaw-12357	767	2	example	example	NOUN
taxlaw-12357	767	3	,	,	PUNCT
taxlaw-12357	767	4	derivatives	derivative	NOUN
taxlaw-12357	767	5	are	be	AUX
taxlaw-12357	767	6	not	not	PART
taxlaw-12357	767	7	the	the	DET
taxlaw-12357	767	8	only	only	ADJ
taxlaw-12357	767	9	way	way	NOUN
taxlaw-12357	767	10	to	to	PART
taxlaw-12357	767	11	attain	attain	VERB
taxlaw-12357	767	12	deferral	deferral	ADJ
taxlaw-12357	767	13	and	and	CCONJ
taxlaw-12357	767	14	long	long	ADJ
taxlaw-12357	767	15	-	-	PUNCT
taxlaw-12357	767	16	term	term	NOUN
taxlaw-12357	767	17	capital	capital	NOUN
taxlaw-12357	767	18	gain	gain	NOUN
taxlaw-12357	767	19	for	for	ADP
taxlaw-12357	767	20	an	an	DET
taxlaw-12357	767	21	actively	actively	ADV
taxlaw-12357	767	22	traded	trade	VERB
taxlaw-12357	767	23	portfolio	portfolio	NOUN
taxlaw-12357	767	24	:	:	PUNCT
taxlaw-12357	767	25	taxpayers	taxpayer	NOUN
taxlaw-12357	767	26	also	also	ADV
taxlaw-12357	767	27	can	can	AUX
taxlaw-12357	767	28	trade	trade	VERB
taxlaw-12357	767	29	through	through	ADP
taxlaw-12357	767	30	an	an	DET
taxlaw-12357	767	31	offshore	offshore	ADJ
taxlaw-12357	767	32	corporation	corporation	NOUN
taxlaw-12357	767	33	.	.	PUNCT
taxlaw-12357	768	1	yet	yet	ADV
taxlaw-12357	768	2	section	section	NOUN
taxlaw-12357	768	3	1260	1260	NUM
taxlaw-12357	768	4	does	do	AUX
taxlaw-12357	768	5	not	not	PART
taxlaw-12357	768	6	have	have	VERB
taxlaw-12357	768	7	to	to	PART
taxlaw-12357	768	8	address	address	VERB
taxlaw-12357	768	9	this	this	DET
taxlaw-12357	768	10	strategy	strategy	NOUN
taxlaw-12357	768	11	because	because	SCONJ
taxlaw-12357	768	12	other	other	ADJ
taxlaw-12357	768	13	rules	rule	NOUN
taxlaw-12357	768	14	,	,	PUNCT
taxlaw-12357	768	15	including	include	VERB
taxlaw-12357	768	16	the	the	DET
taxlaw-12357	768	17	pfic	pfic	NOUN
taxlaw-12357	768	18	regime	regime	NOUN
taxlaw-12357	768	19	,	,	PUNCT
taxlaw-12357	768	20	already	already	ADV
taxlaw-12357	768	21	target	target	VERB
taxlaw-12357	768	22	it	it	PRON
taxlaw-12357	768	23	.	.	PUNCT
taxlaw-12357	769	1	80	80	NUM
taxlaw-12357	769	2	to	to	PART
taxlaw-12357	769	3	sum	sum	VERB
taxlaw-12357	769	4	up	up	ADP
taxlaw-12357	769	5	,	,	PUNCT
taxlaw-12357	769	6	preliminary	preliminary	ADJ
taxlaw-12357	769	7	filters	filter	NOUN
taxlaw-12357	769	8	can	can	AUX
taxlaw-12357	769	9	be	be	AUX
taxlaw-12357	769	10	used	use	VERB
taxlaw-12357	769	11	to	to	PART
taxlaw-12357	769	12	winnow	winnow	VERB
taxlaw-12357	769	13	out	out	ADP
taxlaw-12357	769	14	transactions	transaction	NOUN
taxlaw-12357	769	15	that	that	PRON
taxlaw-12357	769	16	do	do	AUX
taxlaw-12357	769	17	not	not	PART
taxlaw-12357	769	18	warrant	warrant	VERB
taxlaw-12357	769	19	the	the	DET
taxlaw-12357	769	20	expense	expense	NOUN
taxlaw-12357	769	21	of	of	ADP
taxlaw-12357	769	22	a	a	DET
taxlaw-12357	769	23	rigorous	rigorous	ADJ
taxlaw-12357	769	24	test	test	NOUN
taxlaw-12357	769	25	.	.	PUNCT
taxlaw-12357	770	1	in	in	ADP
taxlaw-12357	770	2	some	some	DET
taxlaw-12357	770	3	cases	case	NOUN
taxlaw-12357	770	4	,	,	PUNCT
taxlaw-12357	770	5	the	the	DET
taxlaw-12357	770	6	tax	tax	NOUN
taxlaw-12357	770	7	treatment	treatment	NOUN
taxlaw-12357	770	8	is	be	AUX
taxlaw-12357	770	9	appropriate	appropriate	ADJ
taxlaw-12357	770	10	,	,	PUNCT
taxlaw-12357	770	11	well	well	ADV
taxlaw-12357	770	12	settled	settle	VERB
taxlaw-12357	770	13	,	,	PUNCT
taxlaw-12357	770	14	widely	widely	ADV
taxlaw-12357	770	15	available	available	ADJ
taxlaw-12357	770	16	,	,	PUNCT
taxlaw-12357	770	17	or	or	CCONJ
taxlaw-12357	770	18	already	already	ADV
taxlaw-12357	770	19	blocked	block	VERB
taxlaw-12357	770	20	by	by	ADP
taxlaw-12357	770	21	frictions	friction	NOUN
taxlaw-12357	770	22	.	.	PUNCT
taxlaw-12357	771	1	in	in	ADP
taxlaw-12357	771	2	other	other	ADJ
taxlaw-12357	771	3	cases	case	NOUN
taxlaw-12357	771	4	,	,	PUNCT
taxlaw-12357	771	5	the	the	DET
taxlaw-12357	771	6	abuse	abuse	NOUN
taxlaw-12357	771	7	is	be	AUX
taxlaw-12357	771	8	too	too	ADV
taxlaw-12357	771	9	costly	costly	ADJ
taxlaw-12357	771	10	to	to	PART
taxlaw-12357	771	11	stop	stop	VERB
taxlaw-12357	771	12	or	or	CCONJ
taxlaw-12357	771	13	already	already	ADV
taxlaw-12357	771	14	is	be	AUX
taxlaw-12357	771	15	policed	police	VERB
taxlaw-12357	771	16	with	with	ADP
taxlaw-12357	771	17	other	other	ADJ
taxlaw-12357	771	18	rules	rule	NOUN
taxlaw-12357	771	19	.	.	PUNCT
taxlaw-12357	772	1	c.	c.	NOUN
taxlaw-12357	772	2	defining	define	VERB
taxlaw-12357	772	3	the	the	DET
taxlaw-12357	772	4	scope	scope	NOUN
taxlaw-12357	772	5	of	of	ADP
taxlaw-12357	772	6	the	the	DET
taxlaw-12357	772	7	relevant	relevant	ADJ
taxlaw-12357	772	8	transaction	transaction	NOUN
taxlaw-12357	772	9	while	while	SCONJ
taxlaw-12357	772	10	we	we	PRON
taxlaw-12357	772	11	believe	believe	VERB
taxlaw-12357	772	12	that	that	SCONJ
taxlaw-12357	772	13	preliminary	preliminary	ADJ
taxlaw-12357	772	14	filters	filter	NOUN
taxlaw-12357	772	15	can	can	AUX
taxlaw-12357	772	16	reduce	reduce	VERB
taxlaw-12357	772	17	administrative	administrative	ADJ
taxlaw-12357	772	18	costs	cost	NOUN
taxlaw-12357	772	19	,	,	PUNCT
taxlaw-12357	772	20	they	they	PRON
taxlaw-12357	772	21	can	can	AUX
taxlaw-12357	772	22	not	not	PART
taxlaw-12357	772	23	fix	fix	VERB
taxlaw-12357	772	24	every	every	DET
taxlaw-12357	772	25	problem	problem	NOUN
taxlaw-12357	772	26	.	.	PUNCT
taxlaw-12357	773	1	an	an	DET
taxlaw-12357	773	2	important	important	ADJ
taxlaw-12357	773	3	one	one	NOUN
taxlaw-12357	773	4	that	that	PRON
taxlaw-12357	773	5	they	they	PRON
taxlaw-12357	773	6	do	do	AUX
taxlaw-12357	773	7	n’t	not	PART
taxlaw-12357	773	8	solve	solve	VERB
taxlaw-12357	773	9	is	be	AUX
taxlaw-12357	773	10	the	the	DET
taxlaw-12357	773	11	need	need	NOUN
taxlaw-12357	773	12	to	to	PART
taxlaw-12357	773	13	define	define	VERB
taxlaw-12357	773	14	the	the	DET
taxlaw-12357	773	15	relevant	relevant	ADJ
taxlaw-12357	773	16	transaction	transaction	NOUN
taxlaw-12357	773	17	.	.	PUNCT
taxlaw-12357	774	1	this	this	DET
taxlaw-12357	774	2	challenge	challenge	NOUN
taxlaw-12357	774	3	arises	arise	VERB
taxlaw-12357	774	4	whenever	whenever	SCONJ
taxlaw-12357	774	5	a	a	DET
taxlaw-12357	774	6	transaction	transaction	NOUN
taxlaw-12357	774	7	must	must	AUX
taxlaw-12357	774	8	be	be	AUX
taxlaw-12357	774	9	tested	test	VERB
taxlaw-12357	774	10	,	,	PUNCT
taxlaw-12357	774	11	whether	whether	SCONJ
taxlaw-12357	774	12	in	in	ADP
taxlaw-12357	774	13	the	the	DET
taxlaw-12357	774	14	preliminary	preliminary	ADJ
taxlaw-12357	774	15	filters	filter	NOUN
taxlaw-12357	774	16	discussed	discuss	VERB
taxlaw-12357	774	17	in	in	ADP
taxlaw-12357	774	18	this	this	DET
taxlaw-12357	774	19	part	part	NOUN
taxlaw-12357	774	20	or	or	CCONJ
taxlaw-12357	774	21	in	in	ADP
taxlaw-12357	774	22	the	the	DET
taxlaw-12357	774	23	sophisticated	sophisticated	ADJ
taxlaw-12357	774	24	tests	test	NOUN
taxlaw-12357	774	25	discussed	discuss	VERB
taxlaw-12357	774	26	below	below	ADV
taxlaw-12357	774	27	in	in	ADP
taxlaw-12357	774	28	part	part	NOUN
taxlaw-12357	774	29	vi.81	vi.81	PROPN
taxlaw-12357	774	30	what	what	PRON
taxlaw-12357	774	31	counts	count	VERB
taxlaw-12357	774	32	as	as	ADP
taxlaw-12357	774	33	part	part	NOUN
taxlaw-12357	774	34	of	of	ADP
taxlaw-12357	774	35	the	the	DET
taxlaw-12357	774	36	transaction	transaction	NOUN
taxlaw-12357	774	37	?	?	PUNCT
taxlaw-12357	775	1	what	what	PRON
taxlaw-12357	775	2	lies	lie	VERB
taxlaw-12357	775	3	outside	outside	ADP
taxlaw-12357	775	4	its	its	PRON
taxlaw-12357	775	5	scope	scope	NOUN
taxlaw-12357	775	6	?	?	PUNCT
taxlaw-12357	776	1	this	this	PRON
taxlaw-12357	776	2	is	be	AUX
taxlaw-12357	776	3	a	a	DET
taxlaw-12357	776	4	key	key	ADJ
taxlaw-12357	776	5	issue	issue	NOUN
taxlaw-12357	776	6	in	in	ADP
taxlaw-12357	776	7	transaction	transaction	NOUN
taxlaw-12357	776	8	-	-	PUNCT
taxlaw-12357	776	9	specific	specific	ADJ
taxlaw-12357	776	10	reforms	reform	NOUN
taxlaw-12357	776	11	,	,	PUNCT
taxlaw-12357	776	12	since	since	SCONJ
taxlaw-12357	776	13	they	they	PRON
taxlaw-12357	776	14	test	test	VERB
taxlaw-12357	776	15	–	–	PUNCT
taxlaw-12357	776	16	and	and	CCONJ
taxlaw-12357	776	17	then	then	ADV
taxlaw-12357	776	18	change	change	VERB
taxlaw-12357	776	19	the	the	DET
taxlaw-12357	776	20	treatment	treatment	NOUN
taxlaw-12357	776	21	of	of	ADP
taxlaw-12357	776	22	–	–	PUNCT
taxlaw-12357	776	23	particular	particular	ADJ
taxlaw-12357	776	24	transactions	transaction	NOUN
taxlaw-12357	776	25	.	.	PUNCT
taxlaw-12357	777	1	often	often	ADV
taxlaw-12357	777	2	,	,	PUNCT
taxlaw-12357	777	3	the	the	DET
taxlaw-12357	777	4	issue	issue	NOUN
taxlaw-12357	777	5	is	be	AUX
taxlaw-12357	777	6	whether	whether	SCONJ
taxlaw-12357	777	7	one	one	NUM
taxlaw-12357	777	8	transaction	transaction	NOUN
taxlaw-12357	777	9	is	be	AUX
taxlaw-12357	777	10	enough	enough	ADJ
taxlaw-12357	777	11	like	like	ADP
taxlaw-12357	777	12	another	another	PRON
taxlaw-12357	777	13	.	.	PUNCT
taxlaw-12357	778	1	in	in	ADP
taxlaw-12357	778	2	section	section	NOUN
taxlaw-12357	778	3	1260	1260	NUM
taxlaw-12357	778	4	,	,	PUNCT
taxlaw-12357	778	5	for	for	ADP
taxlaw-12357	778	6	example	example	NOUN
taxlaw-12357	778	7	,	,	PUNCT
taxlaw-12357	778	8	the	the	DET
taxlaw-12357	778	9	treatment	treatment	NOUN
taxlaw-12357	778	10	of	of	ADP
taxlaw-12357	778	11	a	a	DET
taxlaw-12357	778	12	hedge	hedge	NOUN
taxlaw-12357	778	13	fund	fund	NOUN
taxlaw-12357	778	14	derivative	derivative	NOUN
taxlaw-12357	778	15	is	be	AUX
taxlaw-12357	778	16	recharacterized	recharacterize	VERB
taxlaw-12357	778	17	if	if	SCONJ
taxlaw-12357	778	18	–	–	PUNCT
taxlaw-12357	778	19	and	and	CCONJ
taxlaw-12357	778	20	only	only	ADV
taxlaw-12357	778	21	if	if	SCONJ
taxlaw-12357	778	22	–	–	PUNCT
taxlaw-12357	778	23	it	it	PRON
taxlaw-12357	778	24	is	be	AUX
taxlaw-12357	778	25	similar	similar	ADJ
taxlaw-12357	778	26	enough	enough	ADV
taxlaw-12357	778	27	to	to	ADP
taxlaw-12357	778	28	the	the	DET
taxlaw-12357	778	29	underlying	underlying	ADJ
taxlaw-12357	778	30	fund	fund	NOUN
taxlaw-12357	778	31	.	.	PUNCT
taxlaw-12357	779	1	like	like	ADP
taxlaw-12357	779	2	section	section	NOUN
taxlaw-12357	779	3	1260	1260	NUM
taxlaw-12357	779	4	,	,	PUNCT
taxlaw-12357	779	5	many	many	ADJ
taxlaw-12357	779	6	rules	rule	NOUN
taxlaw-12357	779	7	require	require	VERB
taxlaw-12357	779	8	a	a	DET
taxlaw-12357	779	9	comparison	comparison	NOUN
taxlaw-12357	779	10	of	of	ADP
taxlaw-12357	779	11	two	two	NUM
taxlaw-12357	779	12	transactions	transaction	NOUN
taxlaw-12357	779	13	:	:	PUNCT
taxlaw-12357	779	14	the	the	DET
taxlaw-12357	779	15	one	one	NUM
taxlaw-12357	779	16	taxpayers	taxpayer	NOUN
taxlaw-12357	779	17	actually	actually	ADV
taxlaw-12357	779	18	do	do	AUX
taxlaw-12357	779	19	(	(	PUNCT
taxlaw-12357	779	20	e.g.	e.g.	ADV
taxlaw-12357	779	21	,	,	PUNCT
taxlaw-12357	779	22	the	the	DET
taxlaw-12357	779	23	derivative	derivative	NOUN
taxlaw-12357	779	24	)	)	PUNCT
taxlaw-12357	779	25	and	and	CCONJ
taxlaw-12357	779	26	the	the	DET
taxlaw-12357	779	27	hypothetical	hypothetical	ADJ
taxlaw-12357	779	28	one	one	NOUN
taxlaw-12357	779	29	they	they	PRON
taxlaw-12357	779	30	could	could	AUX
taxlaw-12357	779	31	have	have	AUX
taxlaw-12357	779	32	done	do	VERB
taxlaw-12357	779	33	(	(	PUNCT
taxlaw-12357	779	34	e.g.	e.g.	ADV
taxlaw-12357	779	35	,	,	PUNCT
taxlaw-12357	779	36	the	the	DET
taxlaw-12357	779	37	direct	direct	ADJ
taxlaw-12357	779	38	investment	investment	NOUN
taxlaw-12357	779	39	in	in	ADP
taxlaw-12357	779	40	the	the	DET
taxlaw-12357	779	41	fund).82	fund).82	PROPN
taxlaw-12357	779	42	for	for	ADP
taxlaw-12357	779	43	clarity	clarity	NOUN
taxlaw-12357	779	44	of	of	ADP
taxlaw-12357	779	45	exposition	exposition	NOUN
taxlaw-12357	779	46	,	,	PUNCT
taxlaw-12357	779	47	let	let	VERB
taxlaw-12357	779	48	’s	’s	PRON
taxlaw-12357	779	49	call	call	VERB
taxlaw-12357	779	50	the	the	DET
taxlaw-12357	779	51	transaction	transaction	NOUN
taxlaw-12357	779	52	that	that	PRON
taxlaw-12357	779	53	taxpayers	taxpayer	NOUN
taxlaw-12357	779	54	actually	actually	ADV
taxlaw-12357	779	55	do	do	VERB
taxlaw-12357	779	56	the	the	DET
taxlaw-12357	779	57	“	"	PUNCT
taxlaw-12357	779	58	actual	actual	ADJ
taxlaw-12357	779	59	transaction	transaction	NOUN
taxlaw-12357	779	60	,	,	PUNCT
taxlaw-12357	779	61	”	"	PUNCT
taxlaw-12357	779	62	and	and	CCONJ
taxlaw-12357	779	63	the	the	DET
taxlaw-12357	779	64	one	one	NOUN
taxlaw-12357	779	65	they	they	PRON
taxlaw-12357	779	66	could	could	AUX
taxlaw-12357	779	67	have	have	AUX
taxlaw-12357	779	68	done	do	VERB
taxlaw-12357	779	69	the	the	DET
taxlaw-12357	779	70	“	"	PUNCT
taxlaw-12357	779	71	alternative	alternative	ADJ
taxlaw-12357	779	72	transaction	transaction	NOUN
taxlaw-12357	779	73	.	.	PUNCT
taxlaw-12357	779	74	”	"	PUNCT
taxlaw-12357	780	1	yet	yet	CCONJ
taxlaw-12357	780	2	the	the	DET
taxlaw-12357	780	3	scope	scope	NOUN
taxlaw-12357	780	4	of	of	ADP
taxlaw-12357	780	5	these	these	DET
taxlaw-12357	780	6	transactions	transaction	NOUN
taxlaw-12357	780	7	is	be	AUX
taxlaw-12357	780	8	n’t	not	PART
taxlaw-12357	780	9	always	always	ADV
taxlaw-12357	780	10	self	self	NOUN
taxlaw-12357	780	11	-	-	PUNCT
taxlaw-12357	780	12	evident	evident	ADJ
taxlaw-12357	780	13	.	.	PUNCT
taxlaw-12357	781	1	what	what	PRON
taxlaw-12357	781	2	specifically	specifically	ADV
taxlaw-12357	781	3	should	should	AUX
taxlaw-12357	781	4	be	be	AUX
taxlaw-12357	781	5	compared	compare	VERB
taxlaw-12357	781	6	to	to	ADP
taxlaw-12357	781	7	what	what	PRON
taxlaw-12357	781	8	?	?	PUNCT
taxlaw-12357	782	1	which	which	DET
taxlaw-12357	782	2	cash	cash	NOUN
taxlaw-12357	782	3	flows	flow	NOUN
taxlaw-12357	782	4	are	be	AUX
taxlaw-12357	782	5	included	include	VERB
taxlaw-12357	782	6	?	?	PUNCT
taxlaw-12357	783	1	which	which	PRON
taxlaw-12357	783	2	are	be	AUX
taxlaw-12357	783	3	not	not	PART
taxlaw-12357	783	4	?	?	PUNCT
taxlaw-12357	784	1	this	this	PRON
taxlaw-12357	784	2	can	can	AUX
taxlaw-12357	784	3	be	be	AUX
taxlaw-12357	784	4	a	a	DET
taxlaw-12357	784	5	very	very	ADV
taxlaw-12357	784	6	difficult	difficult	ADJ
taxlaw-12357	784	7	question	question	NOUN
taxlaw-12357	784	8	because	because	SCONJ
taxlaw-12357	784	9	cash	cash	NOUN
taxlaw-12357	784	10	flows	flow	NOUN
taxlaw-12357	784	11	can	can	AUX
taxlaw-12357	784	12	be	be	AUX
taxlaw-12357	784	13	packaged	package	VERB
taxlaw-12357	784	14	in	in	ADP
taxlaw-12357	784	15	different	different	ADJ
taxlaw-12357	784	16	ways	way	NOUN
taxlaw-12357	784	17	.	.	PUNCT
taxlaw-12357	785	1	this	this	DET
taxlaw-12357	785	2	reality	reality	NOUN
taxlaw-12357	785	3	can	can	AUX
taxlaw-12357	785	4	help	help	VERB
taxlaw-12357	785	5	tax	tax	NOUN
taxlaw-12357	785	6	planners	planner	NOUN
taxlaw-12357	785	7	avoid	avoid	VERB
taxlaw-12357	785	8	a	a	DET
taxlaw-12357	785	9	transaction	transaction	NOUN
taxlaw-12357	785	10	-	-	PUNCT
taxlaw-12357	785	11	specific	specific	ADJ
taxlaw-12357	785	12	reform	reform	NOUN
taxlaw-12357	785	13	.	.	PUNCT
taxlaw-12357	786	1	in	in	ADP
taxlaw-12357	786	2	some	some	DET
taxlaw-12357	786	3	cases	case	NOUN
taxlaw-12357	786	4	,	,	PUNCT
taxlaw-12357	786	5	they	they	PRON
taxlaw-12357	786	6	graft	graft	VERB
taxlaw-12357	786	7	the	the	DET
taxlaw-12357	786	8	planning	planning	NOUN
taxlaw-12357	786	9	strategy	strategy	NOUN
taxlaw-12357	786	10	onto	onto	ADP
taxlaw-12357	786	11	another	another	DET
taxlaw-12357	786	12	transaction	transaction	NOUN
taxlaw-12357	786	13	.	.	PUNCT
taxlaw-12357	787	1	in	in	ADP
taxlaw-12357	787	2	making	make	VERB
taxlaw-12357	787	3	the	the	DET
taxlaw-12357	787	4	necessary	necessary	ADJ
taxlaw-12357	787	5	comparison	comparison	NOUN
taxlaw-12357	787	6	,	,	PUNCT
taxlaw-12357	787	7	can	can	AUX
taxlaw-12357	787	8	taxpayers	taxpayer	NOUN
taxlaw-12357	787	9	use	use	VERB
taxlaw-12357	787	10	the	the	DET
taxlaw-12357	787	11	whole	whole	ADJ
taxlaw-12357	787	12	thing	thing	NOUN
taxlaw-12357	787	13	?	?	PUNCT
taxlaw-12357	788	1	or	or	CCONJ
taxlaw-12357	788	2	just	just	ADV
taxlaw-12357	788	3	a	a	DET
taxlaw-12357	788	4	piece	piece	NOUN
taxlaw-12357	788	5	of	of	ADP
taxlaw-12357	788	6	it	it	PRON
taxlaw-12357	788	7	?	?	PUNCT
taxlaw-12357	789	1	in	in	ADP
taxlaw-12357	789	2	other	other	ADJ
taxlaw-12357	789	3	cases	case	NOUN
taxlaw-12357	789	4	,	,	PUNCT
taxlaw-12357	789	5	tax	tax	NOUN
taxlaw-12357	789	6	planners	planner	NOUN
taxlaw-12357	789	7	divide	divide	VERB
taxlaw-12357	789	8	a	a	DET
taxlaw-12357	789	9	transaction	transaction	NOUN
taxlaw-12357	789	10	into	into	ADP
taxlaw-12357	789	11	components	component	NOUN
taxlaw-12357	789	12	,	,	PUNCT
taxlaw-12357	789	13	which	which	PRON
taxlaw-12357	789	14	are	be	AUX
taxlaw-12357	789	15	formally	formally	ADV
taxlaw-12357	789	16	separate	separate	ADJ
taxlaw-12357	789	17	.	.	PUNCT
taxlaw-12357	790	1	when	when	SCONJ
taxlaw-12357	790	2	should	should	AUX
taxlaw-12357	790	3	these	these	DET
taxlaw-12357	790	4	components	component	NOUN
taxlaw-12357	790	5	be	be	AUX
taxlaw-12357	790	6	analyzed	analyze	VERB
taxlaw-12357	790	7	separately	separately	ADV
taxlaw-12357	790	8	?	?	PUNCT
taxlaw-12357	791	1	when	when	SCONJ
taxlaw-12357	791	2	should	should	AUX
taxlaw-12357	791	3	they	they	PRON
taxlaw-12357	791	4	be	be	AUX
taxlaw-12357	791	5	grouped	group	VERB
taxlaw-12357	791	6	together	together	ADV
taxlaw-12357	791	7	?	?	PUNCT
taxlaw-12357	792	1	80	80	NUM
taxlaw-12357	792	2	see	see	ADJ
taxlaw-12357	792	3	i.r.c	i.r.c	NOUN
taxlaw-12357	792	4	.	.	PUNCT
taxlaw-12357	793	1	§	§	PROPN
taxlaw-12357	793	2	1297	1297	NUM
taxlaw-12357	793	3	.	.	PUNCT
taxlaw-12357	794	1	81	81	NUM
taxlaw-12357	794	2	see	see	NOUN
taxlaw-12357	794	3	infra	infra	NOUN
taxlaw-12357	794	4	part	part	NOUN
taxlaw-12357	794	5	vi.c.1	vi.c.1	ADV
taxlaw-12357	794	6	.	.	PUNCT
taxlaw-12357	795	1	82	82	NUM
taxlaw-12357	796	1	there	there	PRON
taxlaw-12357	796	2	are	be	VERB
taxlaw-12357	796	3	many	many	ADJ
taxlaw-12357	796	4	other	other	ADJ
taxlaw-12357	796	5	examples	example	NOUN
taxlaw-12357	796	6	as	as	ADV
taxlaw-12357	796	7	well	well	ADV
taxlaw-12357	796	8	.	.	PUNCT
taxlaw-12357	797	1	for	for	ADP
taxlaw-12357	797	2	instance	instance	NOUN
taxlaw-12357	797	3	,	,	PUNCT
taxlaw-12357	797	4	a	a	DET
taxlaw-12357	797	5	derivative	derivative	ADJ
taxlaw-12357	797	6	triggers	trigger	NOUN
taxlaw-12357	797	7	tax	tax	NOUN
taxlaw-12357	797	8	withholding	withholding	NOUN
taxlaw-12357	797	9	if	if	SCONJ
taxlaw-12357	797	10	it	it	PRON
taxlaw-12357	797	11	is	be	AUX
taxlaw-12357	797	12	enough	enough	ADJ
taxlaw-12357	797	13	like	like	ADP
taxlaw-12357	797	14	common	common	ADJ
taxlaw-12357	797	15	stock	stock	NOUN
taxlaw-12357	797	16	.	.	PUNCT
taxlaw-12357	798	1	see	see	VERB
taxlaw-12357	798	2	treas	treas	PROPN
taxlaw-12357	798	3	.	.	PUNCT
taxlaw-12357	799	1	reg	reg	PROPN
taxlaw-12357	799	2	.	.	PUNCT
taxlaw-12357	800	1	§	§	PROPN
taxlaw-12357	800	2	1.871	1.871	NUM
taxlaw-12357	800	3	-	-	SYM
taxlaw-12357	800	4	15	15	NUM
taxlaw-12357	800	5	.	.	PUNCT
taxlaw-12357	801	1	a	a	DET
taxlaw-12357	801	2	hedge	hedge	NOUN
taxlaw-12357	801	3	causes	cause	VERB
taxlaw-12357	801	4	a	a	DET
taxlaw-12357	801	5	taxpayer	taxpayer	NOUN
taxlaw-12357	801	6	to	to	PART
taxlaw-12357	801	7	lose	lose	VERB
taxlaw-12357	801	8	the	the	DET
taxlaw-12357	801	9	dividend	dividend	NOUN
taxlaw-12357	801	10	-	-	PUNCT
taxlaw-12357	801	11	received	receive	VERB
taxlaw-12357	801	12	deduction	deduction	NOUN
taxlaw-12357	801	13	if	if	SCONJ
taxlaw-12357	801	14	it	it	PRON
taxlaw-12357	801	15	reduces	reduce	VERB
taxlaw-12357	801	16	too	too	ADV
taxlaw-12357	801	17	much	much	ADJ
taxlaw-12357	801	18	risk	risk	NOUN
taxlaw-12357	801	19	in	in	ADP
taxlaw-12357	801	20	the	the	DET
taxlaw-12357	801	21	underlying	underlie	VERB
taxlaw-12357	801	22	stock	stock	NOUN
taxlaw-12357	801	23	.	.	PUNCT
taxlaw-12357	802	1	see	see	VERB
taxlaw-12357	802	2	treas	treas	PROPN
taxlaw-12357	802	3	.	.	PUNCT
taxlaw-12357	803	1	reg	reg	PROPN
taxlaw-12357	803	2	.	.	PUNCT
taxlaw-12357	804	1	§	§	PROPN
taxlaw-12357	804	2	1.246–5(c	1.246–5(c	NUM
taxlaw-12357	804	3	)	)	PUNCT
taxlaw-12357	804	4	.	.	PUNCT
taxlaw-12357	805	1	the	the	DET
taxlaw-12357	805	2	treatment	treatment	NOUN
taxlaw-12357	805	3	of	of	ADP
taxlaw-12357	805	4	a	a	DET
taxlaw-12357	805	5	hedge	hedge	NOUN
taxlaw-12357	805	6	is	be	AUX
taxlaw-12357	805	7	recharacterized	recharacterize	VERB
taxlaw-12357	805	8	if	if	SCONJ
taxlaw-12357	805	9	it	it	PRON
taxlaw-12357	805	10	is	be	AUX
taxlaw-12357	805	11	enough	enough	ADJ
taxlaw-12357	805	12	like	like	ADP
taxlaw-12357	805	13	a	a	DET
taxlaw-12357	805	14	sale	sale	NOUN
taxlaw-12357	805	15	.	.	PUNCT
taxlaw-12357	806	1	see	see	VERB
taxlaw-12357	806	2	i.r.c	i.r.c	NOUN
taxlaw-12357	806	3	.	.	PUNCT
taxlaw-12357	807	1	§	§	PROPN
taxlaw-12357	807	2	1259	1259	NUM
taxlaw-12357	807	3	.	.	PUNCT
taxlaw-12357	808	1	the	the	DET
taxlaw-12357	808	2	treatment	treatment	NOUN
taxlaw-12357	808	3	of	of	ADP
taxlaw-12357	808	4	offsetting	offset	VERB
taxlaw-12357	808	5	positions	position	NOUN
taxlaw-12357	808	6	is	be	AUX
taxlaw-12357	808	7	recharacterized	recharacterize	VERB
taxlaw-12357	808	8	if	if	SCONJ
taxlaw-12357	808	9	they	they	PRON
taxlaw-12357	808	10	are	be	AUX
taxlaw-12357	808	11	sufficiently	sufficiently	ADV
taxlaw-12357	808	12	offsetting	offsetting	ADJ
taxlaw-12357	808	13	,	,	PUNCT
taxlaw-12357	808	14	see	see	VERB
taxlaw-12357	808	15	i.r.c	i.r.c	NOUN
taxlaw-12357	808	16	.	.	PUNCT
taxlaw-12357	809	1	§	§	PROPN
taxlaw-12357	809	2	1092	1092	NUM
taxlaw-12357	809	3	,	,	PUNCT
taxlaw-12357	809	4	or	or	CCONJ
taxlaw-12357	809	5	if	if	SCONJ
taxlaw-12357	809	6	in	in	ADP
taxlaw-12357	809	7	combination	combination	NOUN
taxlaw-12357	809	8	they	they	PRON
taxlaw-12357	809	9	are	be	AUX
taxlaw-12357	809	10	too	too	ADV
taxlaw-12357	809	11	much	much	ADJ
taxlaw-12357	809	12	like	like	ADP
taxlaw-12357	809	13	a	a	DET
taxlaw-12357	809	14	debt	debt	NOUN
taxlaw-12357	809	15	instrument	instrument	NOUN
taxlaw-12357	809	16	,	,	PUNCT
taxlaw-12357	809	17	see	see	VERB
taxlaw-12357	809	18	i.r.c	i.r.c	NOUN
taxlaw-12357	809	19	.	.	PUNCT
taxlaw-12357	810	1	§	§	PROPN
taxlaw-12357	810	2	1258	1258	NUM
taxlaw-12357	810	3	.	.	PUNCT
taxlaw-12357	810	4	2024	2024	NUM
taxlaw-12357	810	5	]	]	PUNCT
taxlaw-12357	810	6	transaction	transaction	NOUN
taxlaw-12357	810	7	-	-	PUNCT
taxlaw-12357	810	8	specific	specific	ADJ
taxlaw-12357	810	9	tax	tax	NOUN
taxlaw-12357	810	10	reform	reform	NOUN
taxlaw-12357	810	11	in	in	ADP
taxlaw-12357	810	12	three	three	NUM
taxlaw-12357	810	13	steps	step	NOUN
taxlaw-12357	810	14	29	29	NUM
taxlaw-12357	810	15	to	to	PART
taxlaw-12357	810	16	keep	keep	VERB
taxlaw-12357	810	17	taxpayers	taxpayer	NOUN
taxlaw-12357	810	18	from	from	ADP
taxlaw-12357	810	19	manipulating	manipulate	VERB
taxlaw-12357	810	20	the	the	DET
taxlaw-12357	810	21	rule	rule	NOUN
taxlaw-12357	810	22	,	,	PUNCT
taxlaw-12357	810	23	policymakers	policymaker	NOUN
taxlaw-12357	810	24	need	need	VERB
taxlaw-12357	810	25	to	to	PART
taxlaw-12357	810	26	give	give	VERB
taxlaw-12357	810	27	guidance	guidance	NOUN
taxlaw-12357	810	28	on	on	ADP
taxlaw-12357	810	29	these	these	DET
taxlaw-12357	810	30	questions	question	NOUN
taxlaw-12357	810	31	.	.	PUNCT
taxlaw-12357	811	1	we	we	PRON
taxlaw-12357	811	2	raise	raise	VERB
taxlaw-12357	811	3	this	this	DET
taxlaw-12357	811	4	issue	issue	NOUN
taxlaw-12357	811	5	not	not	PART
taxlaw-12357	811	6	to	to	PART
taxlaw-12357	811	7	offer	offer	VERB
taxlaw-12357	811	8	a	a	DET
taxlaw-12357	811	9	definitive	definitive	ADJ
taxlaw-12357	811	10	resolution	resolution	NOUN
taxlaw-12357	811	11	,	,	PUNCT
taxlaw-12357	811	12	but	but	CCONJ
taxlaw-12357	811	13	to	to	PART
taxlaw-12357	811	14	highlight	highlight	VERB
taxlaw-12357	811	15	that	that	SCONJ
taxlaw-12357	811	16	it	it	PRON
taxlaw-12357	811	17	is	be	AUX
taxlaw-12357	811	18	present	present	ADJ
taxlaw-12357	811	19	here	here	ADV
taxlaw-12357	811	20	,	,	PUNCT
taxlaw-12357	811	21	just	just	ADV
taxlaw-12357	811	22	as	as	SCONJ
taxlaw-12357	811	23	it	it	PRON
taxlaw-12357	811	24	is	be	AUX
taxlaw-12357	811	25	present	present	ADJ
taxlaw-12357	811	26	in	in	ADP
taxlaw-12357	811	27	countless	countless	ADJ
taxlaw-12357	811	28	other	other	ADJ
taxlaw-12357	811	29	contexts	contexts	NOUN
taxlaw-12357	811	30	.	.	PUNCT
taxlaw-12357	812	1	1	1	X
taxlaw-12357	812	2	.	.	X
taxlaw-12357	812	3	scope	scope	NOUN
taxlaw-12357	812	4	of	of	ADP
taxlaw-12357	812	5	the	the	DET
taxlaw-12357	812	6	actual	actual	ADJ
taxlaw-12357	812	7	transaction	transaction	NOUN
taxlaw-12357	812	8	for	for	ADP
taxlaw-12357	812	9	example	example	NOUN
taxlaw-12357	812	10	,	,	PUNCT
taxlaw-12357	812	11	under	under	ADP
taxlaw-12357	812	12	section	section	NOUN
taxlaw-12357	812	13	1260	1260	NUM
taxlaw-12357	812	14	a	a	DET
taxlaw-12357	812	15	forward	forward	ADJ
taxlaw-12357	812	16	contract	contract	NOUN
taxlaw-12357	812	17	to	to	PART
taxlaw-12357	812	18	buy	buy	VERB
taxlaw-12357	812	19	a	a	DET
taxlaw-12357	812	20	hedge	hedge	NOUN
taxlaw-12357	812	21	fund	fund	NOUN
taxlaw-12357	812	22	interest	interest	NOUN
taxlaw-12357	812	23	is	be	AUX
taxlaw-12357	812	24	covered	cover	VERB
taxlaw-12357	812	25	,	,	PUNCT
taxlaw-12357	812	26	since	since	SCONJ
taxlaw-12357	812	27	it	it	PRON
taxlaw-12357	812	28	provides	provide	VERB
taxlaw-12357	812	29	both	both	CCONJ
taxlaw-12357	812	30	the	the	DET
taxlaw-12357	812	31	opportunity	opportunity	NOUN
taxlaw-12357	812	32	for	for	ADP
taxlaw-12357	812	33	gain	gain	NOUN
taxlaw-12357	812	34	and	and	CCONJ
taxlaw-12357	812	35	the	the	DET
taxlaw-12357	812	36	risk	risk	NOUN
taxlaw-12357	812	37	of	of	ADP
taxlaw-12357	812	38	loss	loss	NOUN
taxlaw-12357	812	39	in	in	ADP
taxlaw-12357	812	40	the	the	DET
taxlaw-12357	812	41	fund	fund	NOUN
taxlaw-12357	812	42	.	.	PUNCT
taxlaw-12357	813	1	in	in	ADP
taxlaw-12357	813	2	contrast	contrast	NOUN
taxlaw-12357	813	3	,	,	PUNCT
taxlaw-12357	813	4	if	if	SCONJ
taxlaw-12357	813	5	the	the	DET
taxlaw-12357	813	6	taxpayer	taxpayer	NOUN
taxlaw-12357	813	7	acquires	acquire	VERB
taxlaw-12357	813	8	only	only	ADV
taxlaw-12357	813	9	the	the	DET
taxlaw-12357	813	10	opportunity	opportunity	NOUN
taxlaw-12357	813	11	for	for	ADP
taxlaw-12357	813	12	gain	gain	NOUN
taxlaw-12357	813	13	,	,	PUNCT
taxlaw-12357	813	14	without	without	ADP
taxlaw-12357	813	15	the	the	DET
taxlaw-12357	813	16	risk	risk	NOUN
taxlaw-12357	813	17	of	of	ADP
taxlaw-12357	813	18	loss	loss	NOUN
taxlaw-12357	813	19	,	,	PUNCT
taxlaw-12357	813	20	section	section	NOUN
taxlaw-12357	813	21	1260	1260	NUM
taxlaw-12357	813	22	does	do	AUX
taxlaw-12357	813	23	n’t	not	PART
taxlaw-12357	813	24	apply	apply	VERB
taxlaw-12357	813	25	.	.	PUNCT
taxlaw-12357	814	1	as	as	ADP
taxlaw-12357	814	2	a	a	DET
taxlaw-12357	814	3	result	result	NOUN
taxlaw-12357	814	4	,	,	PUNCT
taxlaw-12357	814	5	an	an	DET
taxlaw-12357	814	6	option	option	NOUN
taxlaw-12357	814	7	to	to	PART
taxlaw-12357	814	8	buy	buy	VERB
taxlaw-12357	814	9	a	a	DET
taxlaw-12357	814	10	hedge	hedge	NOUN
taxlaw-12357	814	11	fund	fund	NOUN
taxlaw-12357	814	12	interest	interest	NOUN
taxlaw-12357	814	13	generally	generally	ADV
taxlaw-12357	814	14	is	be	AUX
taxlaw-12357	814	15	not	not	PART
taxlaw-12357	814	16	covered	cover	VERB
taxlaw-12357	814	17	,	,	PUNCT
taxlaw-12357	814	18	as	as	ADV
taxlaw-12357	814	19	long	long	ADV
taxlaw-12357	814	20	as	as	SCONJ
taxlaw-12357	814	21	there	there	PRON
taxlaw-12357	814	22	is	be	VERB
taxlaw-12357	814	23	a	a	DET
taxlaw-12357	814	24	meaningful	meaningful	ADJ
taxlaw-12357	814	25	possibility	possibility	NOUN
taxlaw-12357	814	26	that	that	SCONJ
taxlaw-12357	814	27	the	the	DET
taxlaw-12357	814	28	option	option	NOUN
taxlaw-12357	814	29	will	will	AUX
taxlaw-12357	814	30	not	not	PART
taxlaw-12357	814	31	be	be	AUX
taxlaw-12357	814	32	exercised	exercise	VERB
taxlaw-12357	814	33	.	.	PUNCT
taxlaw-12357	815	1	so	so	ADV
taxlaw-12357	815	2	if	if	SCONJ
taxlaw-12357	815	3	the	the	DET
taxlaw-12357	815	4	fund	fund	NOUN
taxlaw-12357	815	5	interest	interest	NOUN
taxlaw-12357	815	6	is	be	AUX
taxlaw-12357	815	7	worth	worth	ADJ
taxlaw-12357	815	8	$	$	SYM
taxlaw-12357	815	9	100	100	NUM
taxlaw-12357	815	10	,	,	PUNCT
taxlaw-12357	815	11	and	and	CCONJ
taxlaw-12357	815	12	a	a	DET
taxlaw-12357	815	13	taxpayer	taxpayer	NOUN
taxlaw-12357	815	14	acquires	acquire	VERB
taxlaw-12357	815	15	an	an	DET
taxlaw-12357	815	16	option	option	NOUN
taxlaw-12357	815	17	to	to	PART
taxlaw-12357	815	18	buy	buy	VERB
taxlaw-12357	815	19	it	it	PRON
taxlaw-12357	815	20	for	for	ADP
taxlaw-12357	815	21	$	$	SYM
taxlaw-12357	815	22	100	100	NUM
taxlaw-12357	815	23	,	,	PUNCT
taxlaw-12357	815	24	this	this	DET
taxlaw-12357	815	25	option	option	NOUN
taxlaw-12357	815	26	wo	will	AUX
taxlaw-12357	815	27	n’t	not	PART
taxlaw-12357	815	28	be	be	AUX
taxlaw-12357	815	29	used	use	VERB
taxlaw-12357	815	30	if	if	SCONJ
taxlaw-12357	815	31	the	the	DET
taxlaw-12357	815	32	fund	fund	NOUN
taxlaw-12357	815	33	’s	’s	PART
taxlaw-12357	815	34	value	value	NOUN
taxlaw-12357	815	35	declines	decline	VERB
taxlaw-12357	815	36	below	below	ADP
taxlaw-12357	815	37	$	$	SYM
taxlaw-12357	815	38	100	100	NUM
taxlaw-12357	815	39	.	.	PUNCT
taxlaw-12357	816	1	this	this	PRON
taxlaw-12357	816	2	means	mean	VERB
taxlaw-12357	816	3	the	the	DET
taxlaw-12357	816	4	taxpayer	taxpayer	NOUN
taxlaw-12357	816	5	is	be	AUX
taxlaw-12357	816	6	not	not	PART
taxlaw-12357	816	7	exposed	expose	VERB
taxlaw-12357	816	8	to	to	ADP
taxlaw-12357	816	9	the	the	DET
taxlaw-12357	816	10	full	full	ADJ
taxlaw-12357	816	11	risk	risk	NOUN
taxlaw-12357	816	12	of	of	ADP
taxlaw-12357	816	13	loss	loss	NOUN
taxlaw-12357	816	14	in	in	ADP
taxlaw-12357	816	15	the	the	DET
taxlaw-12357	816	16	hedge	hedge	NOUN
taxlaw-12357	816	17	fund	fund	NOUN
taxlaw-12357	816	18	.	.	PUNCT
taxlaw-12357	817	1	but	but	CCONJ
taxlaw-12357	817	2	what	what	PRON
taxlaw-12357	817	3	if	if	SCONJ
taxlaw-12357	817	4	the	the	DET
taxlaw-12357	817	5	taxpayer	taxpayer	NOUN
taxlaw-12357	817	6	uses	use	VERB
taxlaw-12357	817	7	a	a	DET
taxlaw-12357	817	8	second	second	ADJ
taxlaw-12357	817	9	transaction	transaction	NOUN
taxlaw-12357	817	10	to	to	PART
taxlaw-12357	817	11	take	take	VERB
taxlaw-12357	817	12	on	on	ADP
taxlaw-12357	817	13	this	this	DET
taxlaw-12357	817	14	risk	risk	NOUN
taxlaw-12357	817	15	of	of	ADP
taxlaw-12357	817	16	loss	loss	NOUN
taxlaw-12357	817	17	?	?	PUNCT
taxlaw-12357	818	1	for	for	ADP
taxlaw-12357	818	2	example	example	NOUN
taxlaw-12357	818	3	,	,	PUNCT
taxlaw-12357	818	4	what	what	PRON
taxlaw-12357	818	5	if	if	SCONJ
taxlaw-12357	818	6	a	a	DET
taxlaw-12357	818	7	day	day	NOUN
taxlaw-12357	818	8	later	later	ADV
taxlaw-12357	818	9	she	she	PRON
taxlaw-12357	818	10	sells	sell	VERB
taxlaw-12357	818	11	a	a	DET
taxlaw-12357	818	12	put	put	NOUN
taxlaw-12357	818	13	option	option	NOUN
taxlaw-12357	818	14	on	on	ADP
taxlaw-12357	818	15	the	the	DET
taxlaw-12357	818	16	hedge	hedge	NOUN
taxlaw-12357	818	17	fund	fund	NOUN
taxlaw-12357	818	18	,	,	PUNCT
taxlaw-12357	818	19	obligating	obligate	VERB
taxlaw-12357	818	20	her	she	PRON
taxlaw-12357	818	21	to	to	PART
taxlaw-12357	818	22	buy	buy	VERB
taxlaw-12357	818	23	it	it	PRON
taxlaw-12357	818	24	for	for	ADP
taxlaw-12357	818	25	$	$	SYM
taxlaw-12357	818	26	100	100	NUM
taxlaw-12357	818	27	if	if	SCONJ
taxlaw-12357	818	28	the	the	DET
taxlaw-12357	818	29	hedge	hedge	NOUN
taxlaw-12357	818	30	fund	fund	PROPN
taxlaw-12357	818	31	’s	’s	PART
taxlaw-12357	818	32	value	value	NOUN
taxlaw-12357	818	33	declines	decline	VERB
taxlaw-12357	818	34	below	below	ADP
taxlaw-12357	818	35	$	$	SYM
taxlaw-12357	818	36	100	100	NUM
taxlaw-12357	818	37	?	?	PUNCT
taxlaw-12357	819	1	if	if	SCONJ
taxlaw-12357	819	2	the	the	DET
taxlaw-12357	819	3	two	two	NUM
taxlaw-12357	819	4	options	option	NOUN
taxlaw-12357	819	5	are	be	AUX
taxlaw-12357	819	6	evaluated	evaluate	VERB
taxlaw-12357	819	7	separately	separately	ADV
taxlaw-12357	819	8	,	,	PUNCT
taxlaw-12357	819	9	neither	neither	CCONJ
taxlaw-12357	819	10	is	be	AUX
taxlaw-12357	819	11	similar	similar	ADJ
taxlaw-12357	819	12	enough	enough	ADV
taxlaw-12357	819	13	to	to	ADP
taxlaw-12357	819	14	the	the	DET
taxlaw-12357	819	15	underlying	underlie	VERB
taxlaw-12357	819	16	fund	fund	NOUN
taxlaw-12357	819	17	to	to	PART
taxlaw-12357	819	18	trigger	trigger	VERB
taxlaw-12357	819	19	the	the	DET
taxlaw-12357	819	20	statute	statute	NOUN
taxlaw-12357	819	21	.	.	PUNCT
taxlaw-12357	820	1	but	but	CCONJ
taxlaw-12357	820	2	if	if	SCONJ
taxlaw-12357	820	3	they	they	PRON
taxlaw-12357	820	4	are	be	AUX
taxlaw-12357	820	5	evaluated	evaluate	VERB
taxlaw-12357	820	6	as	as	ADP
taxlaw-12357	820	7	a	a	DET
taxlaw-12357	820	8	unit	unit	NOUN
taxlaw-12357	820	9	,	,	PUNCT
taxlaw-12357	820	10	section	section	NOUN
taxlaw-12357	820	11	1260	1260	NUM
taxlaw-12357	820	12	would	would	AUX
taxlaw-12357	820	13	apply	apply	VERB
taxlaw-12357	820	14	.	.	PUNCT
taxlaw-12357	821	1	so	so	ADV
taxlaw-12357	821	2	,	,	PUNCT
taxlaw-12357	821	3	should	should	AUX
taxlaw-12357	821	4	they	they	PRON
taxlaw-12357	821	5	be	be	AUX
taxlaw-12357	821	6	evaluated	evaluate	VERB
taxlaw-12357	821	7	separately	separately	ADV
taxlaw-12357	821	8	or	or	CCONJ
taxlaw-12357	821	9	together?83	together?83	PROPN
taxlaw-12357	821	10	does	do	AUX
taxlaw-12357	821	11	it	it	PRON
taxlaw-12357	821	12	matter	matter	VERB
taxlaw-12357	821	13	whether	whether	SCONJ
taxlaw-12357	821	14	the	the	DET
taxlaw-12357	821	15	taxpayer	taxpayer	NOUN
taxlaw-12357	821	16	waits	wait	VERB
taxlaw-12357	821	17	a	a	DET
taxlaw-12357	821	18	few	few	ADJ
taxlaw-12357	821	19	days	day	NOUN
taxlaw-12357	821	20	(	(	PUNCT
taxlaw-12357	821	21	or	or	CCONJ
taxlaw-12357	821	22	a	a	DET
taxlaw-12357	821	23	few	few	ADJ
taxlaw-12357	821	24	months	month	NOUN
taxlaw-12357	821	25	)	)	PUNCT
taxlaw-12357	821	26	before	before	ADP
taxlaw-12357	821	27	entering	enter	VERB
taxlaw-12357	821	28	into	into	ADP
taxlaw-12357	821	29	the	the	DET
taxlaw-12357	821	30	second	second	ADJ
taxlaw-12357	821	31	transaction	transaction	NOUN
taxlaw-12357	821	32	?	?	PUNCT
taxlaw-12357	822	1	what	what	PRON
taxlaw-12357	822	2	if	if	SCONJ
taxlaw-12357	822	3	the	the	DET
taxlaw-12357	822	4	options	option	NOUN
taxlaw-12357	822	5	are	be	AUX
taxlaw-12357	822	6	with	with	ADP
taxlaw-12357	822	7	different	different	ADJ
taxlaw-12357	822	8	counterparties	counterpartie	NOUN
taxlaw-12357	822	9	?	?	PUNCT
taxlaw-12357	823	1	what	what	PRON
taxlaw-12357	823	2	if	if	SCONJ
taxlaw-12357	823	3	it	it	PRON
taxlaw-12357	823	4	was	be	AUX
taxlaw-12357	823	5	not	not	PART
taxlaw-12357	823	6	the	the	DET
taxlaw-12357	823	7	taxpayer	taxpayer	NOUN
taxlaw-12357	823	8	herself	herself	PRON
taxlaw-12357	823	9	–	–	PUNCT
taxlaw-12357	823	10	but	but	CCONJ
taxlaw-12357	823	11	a	a	DET
taxlaw-12357	823	12	fund	fund	NOUN
taxlaw-12357	823	13	in	in	ADP
taxlaw-12357	823	14	which	which	PRON
taxlaw-12357	823	15	she	she	PRON
taxlaw-12357	823	16	is	be	AUX
taxlaw-12357	823	17	a	a	DET
taxlaw-12357	823	18	passive	passive	ADJ
taxlaw-12357	823	19	investor	investor	NOUN
taxlaw-12357	823	20	–	–	PUNCT
taxlaw-12357	823	21	that	that	PRON
taxlaw-12357	823	22	entered	enter	VERB
taxlaw-12357	823	23	into	into	ADP
taxlaw-12357	823	24	one	one	NUM
taxlaw-12357	823	25	of	of	ADP
taxlaw-12357	823	26	these	these	DET
taxlaw-12357	823	27	option	option	NOUN
taxlaw-12357	823	28	transactions	transaction	NOUN
taxlaw-12357	823	29	?	?	PUNCT
taxlaw-12357	824	1	in	in	ADP
taxlaw-12357	824	2	that	that	DET
taxlaw-12357	824	3	case	case	NOUN
taxlaw-12357	824	4	,	,	PUNCT
taxlaw-12357	824	5	would	would	AUX
taxlaw-12357	824	6	the	the	DET
taxlaw-12357	824	7	taxpayer	taxpayer	NOUN
taxlaw-12357	824	8	even	even	ADV
taxlaw-12357	824	9	know	know	VERB
taxlaw-12357	824	10	what	what	PRON
taxlaw-12357	824	11	the	the	DET
taxlaw-12357	824	12	fund	fund	NOUN
taxlaw-12357	824	13	is	be	AUX
taxlaw-12357	824	14	doing	do	VERB
taxlaw-12357	824	15	?	?	PUNCT
taxlaw-12357	825	1	rules	rule	NOUN
taxlaw-12357	825	2	are	be	AUX
taxlaw-12357	825	3	needed	need	VERB
taxlaw-12357	825	4	to	to	PART
taxlaw-12357	825	5	define	define	VERB
taxlaw-12357	825	6	the	the	DET
taxlaw-12357	825	7	scope	scope	NOUN
taxlaw-12357	825	8	of	of	ADP
taxlaw-12357	825	9	the	the	DET
taxlaw-12357	825	10	actual	actual	ADJ
taxlaw-12357	825	11	transaction	transaction	NOUN
taxlaw-12357	825	12	.	.	PUNCT
taxlaw-12357	826	1	the	the	DET
taxlaw-12357	826	2	issue	issue	NOUN
taxlaw-12357	826	3	arises	arise	VERB
taxlaw-12357	826	4	in	in	ADP
taxlaw-12357	826	5	deciding	decide	VERB
taxlaw-12357	826	6	not	not	PART
taxlaw-12357	826	7	just	just	ADV
taxlaw-12357	826	8	whether	whether	SCONJ
taxlaw-12357	826	9	to	to	PART
taxlaw-12357	826	10	combine	combine	VERB
taxlaw-12357	826	11	two	two	NUM
taxlaw-12357	826	12	formally	formally	ADV
taxlaw-12357	826	13	separate	separate	ADJ
taxlaw-12357	826	14	transactions	transaction	NOUN
taxlaw-12357	826	15	,	,	PUNCT
taxlaw-12357	826	16	but	but	CCONJ
taxlaw-12357	826	17	also	also	ADV
taxlaw-12357	826	18	whether	whether	SCONJ
taxlaw-12357	826	19	to	to	PART
taxlaw-12357	826	20	split	split	VERB
taxlaw-12357	826	21	a	a	DET
taxlaw-12357	826	22	transaction	transaction	NOUN
taxlaw-12357	826	23	into	into	ADP
taxlaw-12357	826	24	components	component	NOUN
taxlaw-12357	826	25	.	.	PUNCT
taxlaw-12357	827	1	for	for	ADP
taxlaw-12357	827	2	example	example	NOUN
taxlaw-12357	827	3	,	,	PUNCT
taxlaw-12357	827	4	what	what	PRON
taxlaw-12357	827	5	if	if	SCONJ
taxlaw-12357	827	6	a	a	DET
taxlaw-12357	827	7	taxpayer	taxpayer	NOUN
taxlaw-12357	827	8	enters	enter	VERB
taxlaw-12357	827	9	into	into	ADP
taxlaw-12357	827	10	a	a	DET
taxlaw-12357	827	11	derivative	derivative	NOUN
taxlaw-12357	827	12	to	to	PART
taxlaw-12357	827	13	buy	buy	VERB
taxlaw-12357	827	14	an	an	DET
taxlaw-12357	827	15	interest	interest	NOUN
taxlaw-12357	827	16	in	in	ADP
taxlaw-12357	827	17	two	two	NUM
taxlaw-12357	827	18	different	different	ADJ
taxlaw-12357	827	19	hedge	hedge	NOUN
taxlaw-12357	827	20	funds	fund	NOUN
taxlaw-12357	827	21	?	?	PUNCT
taxlaw-12357	828	1	as	as	ADP
taxlaw-12357	828	2	a	a	DET
taxlaw-12357	828	3	whole	whole	NOUN
taxlaw-12357	828	4	,	,	PUNCT
taxlaw-12357	828	5	the	the	DET
taxlaw-12357	828	6	derivative	derivative	NOUN
taxlaw-12357	828	7	does	do	AUX
taxlaw-12357	828	8	not	not	PART
taxlaw-12357	828	9	track	track	VERB
taxlaw-12357	828	10	either	either	DET
taxlaw-12357	828	11	one	one	NUM
taxlaw-12357	828	12	.	.	PUNCT
taxlaw-12357	829	1	but	but	CCONJ
taxlaw-12357	829	2	if	if	SCONJ
taxlaw-12357	829	3	we	we	PRON
taxlaw-12357	829	4	treat	treat	VERB
taxlaw-12357	829	5	it	it	PRON
taxlaw-12357	829	6	as	as	ADP
taxlaw-12357	829	7	two	two	NUM
taxlaw-12357	829	8	derivatives	derivative	NOUN
taxlaw-12357	829	9	,	,	PUNCT
taxlaw-12357	829	10	each	each	PRON
taxlaw-12357	829	11	would	would	AUX
taxlaw-12357	829	12	trigger	trigger	VERB
taxlaw-12357	829	13	the	the	DET
taxlaw-12357	829	14	statute	statute	NOUN
taxlaw-12357	829	15	.	.	PUNCT
taxlaw-12357	830	1	should	should	AUX
taxlaw-12357	830	2	we	we	PRON
taxlaw-12357	830	3	bifurcate	bifurcate	VERB
taxlaw-12357	830	4	the	the	DET
taxlaw-12357	830	5	derivative	derivative	NOUN
taxlaw-12357	830	6	in	in	ADP
taxlaw-12357	830	7	this	this	DET
taxlaw-12357	830	8	way	way	NOUN
taxlaw-12357	830	9	?	?	PUNCT
taxlaw-12357	831	1	what	what	PRON
taxlaw-12357	831	2	if	if	SCONJ
taxlaw-12357	831	3	the	the	DET
taxlaw-12357	831	4	derivative	derivative	NOUN
taxlaw-12357	831	5	is	be	AUX
taxlaw-12357	831	6	based	base	VERB
taxlaw-12357	831	7	on	on	ADP
taxlaw-12357	831	8	the	the	DET
taxlaw-12357	831	9	value	value	NOUN
taxlaw-12357	831	10	of	of	ADP
taxlaw-12357	831	11	thirty	thirty	NUM
taxlaw-12357	831	12	-	-	PUNCT
taxlaw-12357	831	13	five	five	NUM
taxlaw-12357	831	14	different	different	ADJ
taxlaw-12357	831	15	funds	fund	NOUN
taxlaw-12357	831	16	?	?	PUNCT
taxlaw-12357	832	1	in	in	ADP
taxlaw-12357	832	2	answering	answer	VERB
taxlaw-12357	832	3	these	these	DET
taxlaw-12357	832	4	questions	question	NOUN
taxlaw-12357	832	5	,	,	PUNCT
taxlaw-12357	832	6	policymakers	policymaker	NOUN
taxlaw-12357	832	7	face	face	VERB
taxlaw-12357	832	8	a	a	DET
taxlaw-12357	832	9	tradeoff	tradeoff	NOUN
taxlaw-12357	832	10	between	between	ADP
taxlaw-12357	832	11	blocking	block	VERB
taxlaw-12357	832	12	avoidance	avoidance	NOUN
taxlaw-12357	832	13	strategies	strategy	NOUN
taxlaw-12357	832	14	,	,	PUNCT
taxlaw-12357	832	15	on	on	ADP
taxlaw-12357	832	16	the	the	DET
taxlaw-12357	832	17	one	one	NUM
taxlaw-12357	832	18	hand	hand	NOUN
taxlaw-12357	832	19	,	,	PUNCT
taxlaw-12357	832	20	and	and	CCONJ
taxlaw-12357	832	21	minimizing	minimize	VERB
taxlaw-12357	832	22	administrative	administrative	ADJ
taxlaw-12357	832	23	costs	cost	NOUN
taxlaw-12357	832	24	,	,	PUNCT
taxlaw-12357	832	25	on	on	ADP
taxlaw-12357	832	26	the	the	DET
taxlaw-12357	832	27	other	other	ADJ
taxlaw-12357	832	28	.	.	PUNCT
taxlaw-12357	833	1	to	to	PART
taxlaw-12357	833	2	ensure	ensure	VERB
taxlaw-12357	833	3	that	that	SCONJ
taxlaw-12357	833	4	a	a	DET
taxlaw-12357	833	5	rule	rule	NOUN
taxlaw-12357	833	6	reaches	reach	VERB
taxlaw-12357	833	7	the	the	DET
taxlaw-12357	833	8	targeted	target	VERB
taxlaw-12357	833	9	transaction	transaction	NOUN
taxlaw-12357	833	10	and	and	CCONJ
taxlaw-12357	833	11	other	other	ADJ
taxlaw-12357	833	12	similar	similar	ADJ
taxlaw-12357	833	13	transactions	transaction	NOUN
taxlaw-12357	833	14	,	,	PUNCT
taxlaw-12357	833	15	at	at	ADP
taxlaw-12357	833	16	least	least	ADJ
taxlaw-12357	833	17	some	some	PRON
taxlaw-12357	833	18	aggregation	aggregation	NOUN
taxlaw-12357	833	19	and	and	CCONJ
taxlaw-12357	833	20	bifurcation	bifurcation	NOUN
taxlaw-12357	833	21	is	be	AUX
taxlaw-12357	833	22	needed	need	VERB
taxlaw-12357	833	23	.	.	PUNCT
taxlaw-12357	834	1	but	but	CCONJ
taxlaw-12357	834	2	requiring	require	VERB
taxlaw-12357	834	3	taxpayers	taxpayer	NOUN
taxlaw-12357	834	4	to	to	PART
taxlaw-12357	834	5	take	take	VERB
taxlaw-12357	834	6	these	these	DET
taxlaw-12357	834	7	additional	additional	ADJ
taxlaw-12357	834	8	steps	step	NOUN
taxlaw-12357	834	9	–	–	PUNCT
taxlaw-12357	834	10	and	and	CCONJ
taxlaw-12357	834	11	,	,	PUNCT
taxlaw-12357	834	12	for	for	ADP
taxlaw-12357	834	13	that	that	DET
taxlaw-12357	834	14	matter	matter	NOUN
taxlaw-12357	834	15	,	,	PUNCT
taxlaw-12357	834	16	requiring	require	VERB
taxlaw-12357	834	17	the	the	DET
taxlaw-12357	834	18	government	government	NOUN
taxlaw-12357	834	19	to	to	PART
taxlaw-12357	834	20	audit	audit	VERB
taxlaw-12357	834	21	them	they	PRON
taxlaw-12357	834	22	–	–	PUNCT
taxlaw-12357	834	23	adds	add	VERB
taxlaw-12357	834	24	to	to	ADP
taxlaw-12357	834	25	the	the	DET
taxlaw-12357	834	26	administrative	administrative	ADJ
taxlaw-12357	834	27	burdens	burden	NOUN
taxlaw-12357	834	28	of	of	ADP
taxlaw-12357	834	29	the	the	DET
taxlaw-12357	834	30	rule	rule	NOUN
taxlaw-12357	834	31	.	.	PUNCT
taxlaw-12357	835	1	these	these	DET
taxlaw-12357	835	2	burdens	burden	NOUN
taxlaw-12357	835	3	are	be	AUX
taxlaw-12357	835	4	especially	especially	ADV
taxlaw-12357	835	5	unappealing	unappealing	ADJ
taxlaw-12357	835	6	in	in	ADP
taxlaw-12357	835	7	a	a	DET
taxlaw-12357	835	8	preliminary	preliminary	ADJ
taxlaw-12357	835	9	filter	filter	NOUN
taxlaw-12357	835	10	,	,	PUNCT
taxlaw-12357	835	11	which	which	PRON
taxlaw-12357	835	12	is	be	AUX
taxlaw-12357	835	13	supposed	suppose	VERB
taxlaw-12357	835	14	to	to	PART
taxlaw-12357	835	15	be	be	AUX
taxlaw-12357	835	16	easy	easy	ADJ
taxlaw-12357	835	17	to	to	PART
taxlaw-12357	835	18	apply	apply	VERB
taxlaw-12357	835	19	.	.	PUNCT
taxlaw-12357	836	1	after	after	ADV
taxlaw-12357	836	2	all	all	ADV
taxlaw-12357	836	3	,	,	PUNCT
taxlaw-12357	836	4	the	the	DET
taxlaw-12357	836	5	whole	whole	ADJ
taxlaw-12357	836	6	idea	idea	NOUN
taxlaw-12357	836	7	of	of	ADP
taxlaw-12357	836	8	a	a	DET
taxlaw-12357	836	9	filter	filter	NOUN
taxlaw-12357	836	10	is	be	AUX
taxlaw-12357	836	11	to	to	PART
taxlaw-12357	836	12	keep	keep	VERB
taxlaw-12357	836	13	things	thing	NOUN
taxlaw-12357	836	14	simple	simple	ADJ
taxlaw-12357	836	15	for	for	ADP
taxlaw-12357	836	16	most	most	ADJ
taxlaw-12357	836	17	transactions	transaction	NOUN
taxlaw-12357	836	18	,	,	PUNCT
taxlaw-12357	836	19	and	and	CCONJ
taxlaw-12357	836	20	to	to	PART
taxlaw-12357	836	21	require	require	VERB
taxlaw-12357	836	22	more	more	ADV
taxlaw-12357	836	23	rigorous	rigorous	ADJ
taxlaw-12357	836	24	(	(	PUNCT
taxlaw-12357	836	25	and	and	CCONJ
taxlaw-12357	836	26	costly	costly	ADJ
taxlaw-12357	836	27	)	)	PUNCT
taxlaw-12357	836	28	scrutiny	scrutiny	NOUN
taxlaw-12357	836	29	only	only	ADV
taxlaw-12357	836	30	of	of	ADP
taxlaw-12357	836	31	a	a	DET
taxlaw-12357	836	32	subset	subset	NOUN
taxlaw-12357	836	33	of	of	ADP
taxlaw-12357	836	34	transactions	transaction	NOUN
taxlaw-12357	836	35	.	.	PUNCT
taxlaw-12357	837	1	but	but	CCONJ
taxlaw-12357	837	2	if	if	SCONJ
taxlaw-12357	837	3	taxpayers	taxpayer	NOUN
taxlaw-12357	837	4	can	can	AUX
taxlaw-12357	837	5	avoid	avoid	VERB
taxlaw-12357	837	6	the	the	DET
taxlaw-12357	837	7	filter	filter	NOUN
taxlaw-12357	837	8	by	by	ADP
taxlaw-12357	837	9	either	either	CCONJ
taxlaw-12357	837	10	adding	add	VERB
taxlaw-12357	837	11	83	83	NUM
taxlaw-12357	837	12	section	section	NOUN
taxlaw-12357	837	13	1260	1260	NUM
taxlaw-12357	837	14	specifically	specifically	ADV
taxlaw-12357	837	15	requires	require	VERB
taxlaw-12357	837	16	options	option	NOUN
taxlaw-12357	837	17	to	to	PART
taxlaw-12357	837	18	be	be	AUX
taxlaw-12357	837	19	aggregated	aggregate	VERB
taxlaw-12357	837	20	when	when	SCONJ
taxlaw-12357	837	21	they	they	PRON
taxlaw-12357	837	22	have	have	VERB
taxlaw-12357	837	23	“	"	PUNCT
taxlaw-12357	837	24	substantially	substantially	ADV
taxlaw-12357	837	25	contemporaneous	contemporaneous	ADJ
taxlaw-12357	837	26	maturity	maturity	NOUN
taxlaw-12357	837	27	dates	date	NOUN
taxlaw-12357	837	28	.	.	PUNCT
taxlaw-12357	837	29	”	"	PUNCT
taxlaw-12357	837	30	i.r.c	i.r.c	NOUN
taxlaw-12357	837	31	.	.	PUNCT
taxlaw-12357	838	1	§	§	PROPN
taxlaw-12357	838	2	1260(d)(1)(c	1260(d)(1)(c	NUM
taxlaw-12357	838	3	)	)	PUNCT
taxlaw-12357	838	4	.	.	PUNCT
taxlaw-12357	839	1	columbia	columbia	PROPN
taxlaw-12357	839	2	journal	journal	PROPN
taxlaw-12357	839	3	of	of	ADP
taxlaw-12357	839	4	tax	tax	NOUN
taxlaw-12357	839	5	law	law	NOUN
taxlaw-12357	840	1	[	[	X
taxlaw-12357	840	2	vol	vol	NOUN
taxlaw-12357	840	3	15:1	15:1	NUM
taxlaw-12357	840	4	30	30	NUM
taxlaw-12357	840	5	to	to	ADP
taxlaw-12357	840	6	or	or	CCONJ
taxlaw-12357	840	7	splitting	split	VERB
taxlaw-12357	840	8	up	up	ADP
taxlaw-12357	840	9	the	the	DET
taxlaw-12357	840	10	relevant	relevant	ADJ
taxlaw-12357	840	11	transaction	transaction	NOUN
taxlaw-12357	840	12	,	,	PUNCT
taxlaw-12357	840	13	the	the	DET
taxlaw-12357	840	14	filter	filter	NOUN
taxlaw-12357	840	15	will	will	AUX
taxlaw-12357	840	16	allow	allow	VERB
taxlaw-12357	840	17	too	too	ADV
taxlaw-12357	840	18	many	many	ADJ
taxlaw-12357	840	19	false	false	ADJ
taxlaw-12357	840	20	negatives	negative	NOUN
taxlaw-12357	840	21	.	.	PUNCT
taxlaw-12357	841	1	as	as	ADP
taxlaw-12357	841	2	a	a	DET
taxlaw-12357	841	3	result	result	NOUN
taxlaw-12357	841	4	,	,	PUNCT
taxlaw-12357	841	5	some	some	DET
taxlaw-12357	841	6	degree	degree	NOUN
taxlaw-12357	841	7	of	of	ADP
taxlaw-12357	841	8	aggregation	aggregation	NOUN
taxlaw-12357	841	9	and	and	CCONJ
taxlaw-12357	841	10	bifurcation	bifurcation	NOUN
taxlaw-12357	841	11	is	be	AUX
taxlaw-12357	841	12	needed	need	VERB
taxlaw-12357	841	13	at	at	ADP
taxlaw-12357	841	14	this	this	DET
taxlaw-12357	841	15	stage	stage	NOUN
taxlaw-12357	841	16	,	,	PUNCT
taxlaw-12357	841	17	and	and	CCONJ
taxlaw-12357	841	18	policymakers	policymaker	NOUN
taxlaw-12357	841	19	should	should	AUX
taxlaw-12357	841	20	err	err	VERB
taxlaw-12357	841	21	on	on	ADP
taxlaw-12357	841	22	the	the	DET
taxlaw-12357	841	23	side	side	NOUN
taxlaw-12357	841	24	of	of	ADP
taxlaw-12357	841	25	including	include	VERB
taxlaw-12357	841	26	more	more	ADJ
taxlaw-12357	841	27	transactions	transaction	NOUN
taxlaw-12357	841	28	,	,	PUNCT
taxlaw-12357	841	29	so	so	SCONJ
taxlaw-12357	841	30	the	the	DET
taxlaw-12357	841	31	more	more	ADV
taxlaw-12357	841	32	rigorous	rigorous	ADJ
taxlaw-12357	841	33	test	test	NOUN
taxlaw-12357	841	34	can	can	AUX
taxlaw-12357	841	35	be	be	AUX
taxlaw-12357	841	36	applied	apply	VERB
taxlaw-12357	841	37	to	to	ADP
taxlaw-12357	841	38	them	they	PRON
taxlaw-12357	841	39	.	.	PUNCT
taxlaw-12357	842	1	one	one	NUM
taxlaw-12357	842	2	way	way	NOUN
taxlaw-12357	842	3	to	to	PART
taxlaw-12357	842	4	reduce	reduce	VERB
taxlaw-12357	842	5	the	the	DET
taxlaw-12357	842	6	cost	cost	NOUN
taxlaw-12357	842	7	of	of	ADP
taxlaw-12357	842	8	requiring	require	VERB
taxlaw-12357	842	9	bifurcation	bifurcation	NOUN
taxlaw-12357	842	10	and	and	CCONJ
taxlaw-12357	842	11	aggregation	aggregation	NOUN
taxlaw-12357	842	12	at	at	ADP
taxlaw-12357	842	13	the	the	DET
taxlaw-12357	842	14	preliminary	preliminary	ADJ
taxlaw-12357	842	15	filter	filter	NOUN
taxlaw-12357	842	16	stage	stage	NOUN
taxlaw-12357	842	17	is	be	AUX
taxlaw-12357	842	18	to	to	PART
taxlaw-12357	842	19	use	use	VERB
taxlaw-12357	842	20	more	more	ADJ
taxlaw-12357	842	21	than	than	ADP
taxlaw-12357	842	22	one	one	NUM
taxlaw-12357	842	23	filter	filter	NOUN
taxlaw-12357	842	24	,	,	PUNCT
taxlaw-12357	842	25	and	and	CCONJ
taxlaw-12357	842	26	to	to	PART
taxlaw-12357	842	27	ensure	ensure	VERB
taxlaw-12357	842	28	that	that	SCONJ
taxlaw-12357	842	29	at	at	ADV
taxlaw-12357	842	30	least	least	ADJ
taxlaw-12357	842	31	one	one	NUM
taxlaw-12357	842	32	of	of	ADP
taxlaw-12357	842	33	the	the	DET
taxlaw-12357	842	34	filters	filter	NOUN
taxlaw-12357	842	35	does	do	AUX
taxlaw-12357	842	36	not	not	PART
taxlaw-12357	842	37	require	require	VERB
taxlaw-12357	842	38	this	this	DET
taxlaw-12357	842	39	more	more	ADV
taxlaw-12357	842	40	burdensome	burdensome	ADJ
taxlaw-12357	842	41	analysis	analysis	NOUN
taxlaw-12357	842	42	.	.	PUNCT
taxlaw-12357	843	1	for	for	ADP
taxlaw-12357	843	2	example	example	NOUN
taxlaw-12357	843	3	,	,	PUNCT
taxlaw-12357	843	4	assume	assume	VERB
taxlaw-12357	843	5	that	that	SCONJ
taxlaw-12357	843	6	congress	congress	PROPN
taxlaw-12357	843	7	decides	decide	VERB
taxlaw-12357	843	8	to	to	PART
taxlaw-12357	843	9	use	use	VERB
taxlaw-12357	843	10	both	both	DET
taxlaw-12357	843	11	a	a	DET
taxlaw-12357	843	12	taxpayer	taxpayer	NOUN
taxlaw-12357	843	13	-	-	PUNCT
taxlaw-12357	843	14	based	base	VERB
taxlaw-12357	843	15	filter	filter	NOUN
taxlaw-12357	843	16	(	(	PUNCT
taxlaw-12357	843	17	which	which	PRON
taxlaw-12357	843	18	exempts	exempt	VERB
taxlaw-12357	843	19	taxpayers	taxpayer	NOUN
taxlaw-12357	843	20	with	with	ADP
taxlaw-12357	843	21	income	income	NOUN
taxlaw-12357	843	22	below	below	ADP
taxlaw-12357	843	23	a	a	DET
taxlaw-12357	843	24	minimum	minimum	ADJ
taxlaw-12357	843	25	threshold	threshold	NOUN
taxlaw-12357	843	26	)	)	PUNCT
taxlaw-12357	843	27	and	and	CCONJ
taxlaw-12357	843	28	a	a	DET
taxlaw-12357	843	29	transaction	transaction	NOUN
taxlaw-12357	843	30	-	-	PUNCT
taxlaw-12357	843	31	based	base	VERB
taxlaw-12357	843	32	filter	filter	NOUN
taxlaw-12357	843	33	(	(	PUNCT
taxlaw-12357	843	34	which	which	PRON
taxlaw-12357	843	35	uses	use	VERB
taxlaw-12357	843	36	aggregation	aggregation	NOUN
taxlaw-12357	843	37	and	and	CCONJ
taxlaw-12357	843	38	bifurcation	bifurcation	NOUN
taxlaw-12357	843	39	in	in	ADP
taxlaw-12357	843	40	some	some	DET
taxlaw-12357	843	41	circumstances	circumstance	NOUN
taxlaw-12357	843	42	when	when	SCONJ
taxlaw-12357	843	43	defining	define	VERB
taxlaw-12357	843	44	the	the	DET
taxlaw-12357	843	45	scope	scope	NOUN
taxlaw-12357	843	46	of	of	ADP
taxlaw-12357	843	47	the	the	DET
taxlaw-12357	843	48	transaction	transaction	NOUN
taxlaw-12357	843	49	)	)	PUNCT
taxlaw-12357	843	50	.	.	PUNCT
taxlaw-12357	844	1	although	although	SCONJ
taxlaw-12357	844	2	the	the	DET
taxlaw-12357	844	3	transaction	transaction	NOUN
taxlaw-12357	844	4	-	-	PUNCT
taxlaw-12357	844	5	based	base	VERB
taxlaw-12357	844	6	filter	filter	NOUN
taxlaw-12357	844	7	is	be	AUX
taxlaw-12357	844	8	more	more	ADV
taxlaw-12357	844	9	costly	costly	ADJ
taxlaw-12357	844	10	to	to	PART
taxlaw-12357	844	11	apply	apply	VERB
taxlaw-12357	844	12	because	because	SCONJ
taxlaw-12357	844	13	it	it	PRON
taxlaw-12357	844	14	uses	use	VERB
taxlaw-12357	844	15	aggregation	aggregation	NOUN
taxlaw-12357	844	16	and	and	CCONJ
taxlaw-12357	844	17	bifurcation	bifurcation	NOUN
taxlaw-12357	844	18	,	,	PUNCT
taxlaw-12357	844	19	the	the	DET
taxlaw-12357	844	20	income	income	NOUN
taxlaw-12357	844	21	-	-	PUNCT
taxlaw-12357	844	22	based	base	VERB
taxlaw-12357	844	23	threshold	threshold	NOUN
taxlaw-12357	844	24	spares	spare	VERB
taxlaw-12357	844	25	most	most	ADJ
taxlaw-12357	844	26	taxpayers	taxpayer	NOUN
taxlaw-12357	844	27	from	from	ADP
taxlaw-12357	844	28	having	have	VERB
taxlaw-12357	844	29	to	to	PART
taxlaw-12357	844	30	apply	apply	VERB
taxlaw-12357	844	31	it	it	PRON
taxlaw-12357	844	32	.	.	PUNCT
taxlaw-12357	845	1	in	in	ADP
taxlaw-12357	845	2	any	any	DET
taxlaw-12357	845	3	event	event	NOUN
taxlaw-12357	845	4	,	,	PUNCT
taxlaw-12357	845	5	when	when	SCONJ
taxlaw-12357	845	6	policymakers	policymaker	NOUN
taxlaw-12357	845	7	decide	decide	VERB
taxlaw-12357	845	8	how	how	SCONJ
taxlaw-12357	845	9	much	much	ADJ
taxlaw-12357	845	10	aggregation	aggregation	NOUN
taxlaw-12357	845	11	and	and	CCONJ
taxlaw-12357	845	12	bifurcation	bifurcation	NOUN
taxlaw-12357	845	13	to	to	PART
taxlaw-12357	845	14	require	require	VERB
taxlaw-12357	845	15	,	,	PUNCT
taxlaw-12357	845	16	the	the	DET
taxlaw-12357	845	17	normative	normative	ADJ
taxlaw-12357	845	18	presumption	presumption	NOUN
taxlaw-12357	845	19	is	be	AUX
taxlaw-12357	845	20	relevant	relevant	ADJ
taxlaw-12357	845	21	.	.	PUNCT
taxlaw-12357	846	1	again	again	ADV
taxlaw-12357	846	2	,	,	PUNCT
taxlaw-12357	846	3	the	the	DET
taxlaw-12357	846	4	more	more	ADV
taxlaw-12357	846	5	problematic	problematic	ADJ
taxlaw-12357	846	6	the	the	DET
taxlaw-12357	846	7	relevant	relevant	ADJ
taxlaw-12357	846	8	planning	planning	NOUN
taxlaw-12357	846	9	is	be	AUX
taxlaw-12357	846	10	,	,	PUNCT
taxlaw-12357	846	11	the	the	DET
taxlaw-12357	846	12	more	more	ADV
taxlaw-12357	846	13	motivated	motivated	ADJ
taxlaw-12357	846	14	policymakers	policymaker	NOUN
taxlaw-12357	846	15	should	should	AUX
taxlaw-12357	846	16	be	be	AUX
taxlaw-12357	846	17	to	to	PART
taxlaw-12357	846	18	block	block	VERB
taxlaw-12357	846	19	it	it	PRON
taxlaw-12357	846	20	.	.	PUNCT
taxlaw-12357	847	1	2	2	X
taxlaw-12357	847	2	.	.	X
taxlaw-12357	847	3	scope	scope	NOUN
taxlaw-12357	847	4	of	of	ADP
taxlaw-12357	847	5	the	the	DET
taxlaw-12357	847	6	alternative	alternative	ADJ
taxlaw-12357	847	7	transaction	transaction	NOUN
taxlaw-12357	847	8	this	this	DET
taxlaw-12357	847	9	question	question	NOUN
taxlaw-12357	847	10	of	of	ADP
taxlaw-12357	847	11	scope	scope	NOUN
taxlaw-12357	847	12	is	be	AUX
taxlaw-12357	847	13	relevant	relevant	ADJ
taxlaw-12357	847	14	not	not	PART
taxlaw-12357	847	15	just	just	ADV
taxlaw-12357	847	16	in	in	ADP
taxlaw-12357	847	17	the	the	DET
taxlaw-12357	847	18	actual	actual	ADJ
taxlaw-12357	847	19	transaction	transaction	NOUN
taxlaw-12357	847	20	,	,	PUNCT
taxlaw-12357	847	21	but	but	CCONJ
taxlaw-12357	847	22	also	also	ADV
taxlaw-12357	847	23	in	in	ADP
taxlaw-12357	847	24	the	the	DET
taxlaw-12357	847	25	alternative	alternative	ADJ
taxlaw-12357	847	26	one	one	NOUN
taxlaw-12357	847	27	the	the	DET
taxlaw-12357	847	28	taxpayer	taxpayer	NOUN
taxlaw-12357	847	29	could	could	AUX
taxlaw-12357	847	30	have	have	AUX
taxlaw-12357	847	31	done	do	VERB
taxlaw-12357	847	32	.	.	PUNCT
taxlaw-12357	848	1	for	for	ADP
taxlaw-12357	848	2	example	example	NOUN
taxlaw-12357	848	3	,	,	PUNCT
taxlaw-12357	848	4	assume	assume	VERB
taxlaw-12357	848	5	a	a	DET
taxlaw-12357	848	6	taxpayer	taxpayer	NOUN
taxlaw-12357	848	7	enters	enter	VERB
taxlaw-12357	848	8	into	into	ADP
taxlaw-12357	848	9	a	a	DET
taxlaw-12357	848	10	derivative	derivative	NOUN
taxlaw-12357	848	11	based	base	VERB
taxlaw-12357	848	12	on	on	ADP
taxlaw-12357	848	13	the	the	DET
taxlaw-12357	848	14	s&p	s&p	PROPN
taxlaw-12357	848	15	500	500	NUM
taxlaw-12357	848	16	.	.	PUNCT
taxlaw-12357	849	1	in	in	ADP
taxlaw-12357	849	2	this	this	DET
taxlaw-12357	849	3	case	case	NOUN
taxlaw-12357	849	4	,	,	PUNCT
taxlaw-12357	849	5	there	there	PRON
taxlaw-12357	849	6	are	be	VERB
taxlaw-12357	849	7	at	at	ADV
taxlaw-12357	849	8	least	least	ADJ
taxlaw-12357	849	9	three	three	NUM
taxlaw-12357	849	10	alternative	alternative	ADJ
taxlaw-12357	849	11	transactions	transaction	NOUN
taxlaw-12357	849	12	:	:	PUNCT
taxlaw-12357	849	13	first	first	ADV
taxlaw-12357	849	14	,	,	PUNCT
taxlaw-12357	849	15	an	an	DET
taxlaw-12357	849	16	investment	investment	NOUN
taxlaw-12357	849	17	in	in	ADP
taxlaw-12357	849	18	500	500	NUM
taxlaw-12357	849	19	individual	individual	ADJ
taxlaw-12357	849	20	stocks	stock	NOUN
taxlaw-12357	849	21	;	;	PUNCT
taxlaw-12357	849	22	second	second	X
taxlaw-12357	849	23	,	,	PUNCT
taxlaw-12357	849	24	an	an	DET
taxlaw-12357	849	25	investment	investment	NOUN
taxlaw-12357	849	26	in	in	ADP
taxlaw-12357	849	27	a	a	DET
taxlaw-12357	849	28	mutual	mutual	ADJ
taxlaw-12357	849	29	fund	fund	NOUN
taxlaw-12357	849	30	or	or	CCONJ
taxlaw-12357	849	31	etf	etf	NOUN
taxlaw-12357	849	32	that	that	PRON
taxlaw-12357	849	33	tracks	track	VERB
taxlaw-12357	849	34	the	the	DET
taxlaw-12357	849	35	s&p	s&p	PROPN
taxlaw-12357	849	36	500	500	NUM
taxlaw-12357	849	37	;	;	PUNCT
taxlaw-12357	849	38	and	and	CCONJ
taxlaw-12357	849	39	,	,	PUNCT
taxlaw-12357	849	40	third	third	ADJ
taxlaw-12357	849	41	,	,	PUNCT
taxlaw-12357	849	42	an	an	DET
taxlaw-12357	849	43	investment	investment	NOUN
taxlaw-12357	849	44	in	in	ADP
taxlaw-12357	849	45	an	an	DET
taxlaw-12357	849	46	“	"	PUNCT
taxlaw-12357	849	47	index	index	NOUN
taxlaw-12357	849	48	future	future	NOUN
taxlaw-12357	849	49	,	,	PUNCT
taxlaw-12357	849	50	”	"	PUNCT
taxlaw-12357	849	51	which	which	PRON
taxlaw-12357	849	52	is	be	AUX
taxlaw-12357	849	53	a	a	DET
taxlaw-12357	849	54	derivative	derivative	NOUN
taxlaw-12357	849	55	based	base	VERB
taxlaw-12357	849	56	on	on	ADP
taxlaw-12357	849	57	the	the	DET
taxlaw-12357	849	58	index	index	NOUN
taxlaw-12357	849	59	.	.	PUNCT
taxlaw-12357	850	1	so	so	ADV
taxlaw-12357	850	2	which	which	PRON
taxlaw-12357	850	3	is	be	AUX
taxlaw-12357	850	4	it	it	PRON
taxlaw-12357	850	5	?	?	PUNCT
taxlaw-12357	851	1	although	although	SCONJ
taxlaw-12357	851	2	the	the	DET
taxlaw-12357	851	3	answer	answer	NOUN
taxlaw-12357	851	4	is	be	AUX
taxlaw-12357	851	5	not	not	PART
taxlaw-12357	851	6	self	self	NOUN
taxlaw-12357	851	7	-	-	PUNCT
taxlaw-12357	851	8	evident	evident	ADJ
taxlaw-12357	851	9	–	–	PUNCT
taxlaw-12357	851	10	since	since	SCONJ
taxlaw-12357	851	11	these	these	DET
taxlaw-12357	851	12	alternatives	alternative	NOUN
taxlaw-12357	851	13	are	be	AUX
taxlaw-12357	851	14	economically	economically	ADV
taxlaw-12357	851	15	comparable	comparable	ADJ
taxlaw-12357	851	16	–	–	PUNCT
taxlaw-12357	851	17	it	it	PRON
taxlaw-12357	851	18	actually	actually	ADV
taxlaw-12357	851	19	determines	determine	VERB
taxlaw-12357	851	20	whether	whether	SCONJ
taxlaw-12357	851	21	section	section	NOUN
taxlaw-12357	851	22	1260	1260	NUM
taxlaw-12357	851	23	applies	apply	VERB
taxlaw-12357	851	24	.	.	PUNCT
taxlaw-12357	852	1	on	on	ADP
taxlaw-12357	852	2	the	the	DET
taxlaw-12357	852	3	one	one	NUM
taxlaw-12357	852	4	hand	hand	NOUN
taxlaw-12357	852	5	,	,	PUNCT
taxlaw-12357	852	6	if	if	SCONJ
taxlaw-12357	852	7	policymakers	policymaker	NOUN
taxlaw-12357	852	8	choose	choose	VERB
taxlaw-12357	852	9	the	the	DET
taxlaw-12357	852	10	first	first	ADJ
taxlaw-12357	852	11	answer	answer	NOUN
taxlaw-12357	852	12	(	(	PUNCT
taxlaw-12357	852	13	individual	individual	ADJ
taxlaw-12357	852	14	stocks	stock	NOUN
taxlaw-12357	852	15	)	)	PUNCT
taxlaw-12357	852	16	,	,	PUNCT
taxlaw-12357	852	17	section	section	NOUN
taxlaw-12357	852	18	1260	1260	NUM
taxlaw-12357	852	19	does	do	AUX
taxlaw-12357	852	20	n’t	not	PART
taxlaw-12357	852	21	apply	apply	VERB
taxlaw-12357	852	22	(	(	PUNCT
taxlaw-12357	852	23	because	because	SCONJ
taxlaw-12357	852	24	it	it	PRON
taxlaw-12357	852	25	does	do	AUX
taxlaw-12357	852	26	n’t	not	PART
taxlaw-12357	852	27	cover	cover	VERB
taxlaw-12357	852	28	derivatives	derivative	NOUN
taxlaw-12357	852	29	based	base	VERB
taxlaw-12357	852	30	on	on	ADP
taxlaw-12357	852	31	common	common	ADJ
taxlaw-12357	852	32	stock).84	stock).84	PROPN
taxlaw-12357	852	33	on	on	ADP
taxlaw-12357	852	34	the	the	DET
taxlaw-12357	852	35	other	other	ADJ
taxlaw-12357	852	36	hand	hand	NOUN
taxlaw-12357	852	37	,	,	PUNCT
taxlaw-12357	852	38	if	if	SCONJ
taxlaw-12357	852	39	policymakers	policymaker	NOUN
taxlaw-12357	852	40	choose	choose	VERB
taxlaw-12357	852	41	the	the	DET
taxlaw-12357	852	42	second	second	ADJ
taxlaw-12357	852	43	answer	answer	NOUN
taxlaw-12357	852	44	(	(	PUNCT
taxlaw-12357	852	45	a	a	DET
taxlaw-12357	852	46	mutual	mutual	ADJ
taxlaw-12357	852	47	fund	fund	NOUN
taxlaw-12357	852	48	or	or	CCONJ
taxlaw-12357	852	49	etf	etf	NOUN
taxlaw-12357	852	50	)	)	PUNCT
taxlaw-12357	852	51	,	,	PUNCT
taxlaw-12357	852	52	the	the	DET
taxlaw-12357	852	53	statute	statute	NOUN
taxlaw-12357	852	54	does	do	AUX
taxlaw-12357	852	55	apply	apply	VERB
taxlaw-12357	852	56	(	(	PUNCT
taxlaw-12357	852	57	because	because	SCONJ
taxlaw-12357	852	58	derivatives	derivative	NOUN
taxlaw-12357	852	59	based	base	VERB
taxlaw-12357	852	60	on	on	ADP
taxlaw-12357	852	61	passthroughs	passthrough	NOUN
taxlaw-12357	852	62	are	be	AUX
taxlaw-12357	852	63	covered).85	covered).85	PROPN
taxlaw-12357	852	64	if	if	SCONJ
taxlaw-12357	852	65	policymakers	policymaker	NOUN
taxlaw-12357	852	66	choose	choose	VERB
taxlaw-12357	852	67	the	the	DET
taxlaw-12357	852	68	third	third	ADJ
taxlaw-12357	852	69	answer	answer	NOUN
taxlaw-12357	852	70	(	(	PUNCT
taxlaw-12357	852	71	an	an	DET
taxlaw-12357	852	72	index	index	NOUN
taxlaw-12357	852	73	future	future	NOUN
taxlaw-12357	852	74	)	)	PUNCT
taxlaw-12357	852	75	,	,	PUNCT
taxlaw-12357	852	76	the	the	DET
taxlaw-12357	852	77	answer	answer	NOUN
taxlaw-12357	852	78	is	be	AUX
taxlaw-12357	852	79	unclear	unclear	ADJ
taxlaw-12357	852	80	,	,	PUNCT
taxlaw-12357	852	81	arguably	arguably	ADV
taxlaw-12357	852	82	turning	turn	VERB
taxlaw-12357	852	83	on	on	ADP
taxlaw-12357	852	84	whether	whether	SCONJ
taxlaw-12357	852	85	the	the	DET
taxlaw-12357	852	86	future	future	NOUN
taxlaw-12357	852	87	is	be	AUX
taxlaw-12357	852	88	more	more	ADV
taxlaw-12357	852	89	like	like	ADP
taxlaw-12357	852	90	the	the	DET
taxlaw-12357	852	91	stocks	stock	NOUN
taxlaw-12357	852	92	themselves	themselves	PRON
taxlaw-12357	852	93	or	or	CCONJ
taxlaw-12357	852	94	a	a	DET
taxlaw-12357	852	95	mutual	mutual	ADJ
taxlaw-12357	852	96	fund	fund	NOUN
taxlaw-12357	852	97	.	.	PUNCT
taxlaw-12357	853	1	notably	notably	ADV
taxlaw-12357	853	2	,	,	PUNCT
taxlaw-12357	853	3	a	a	DET
taxlaw-12357	853	4	lot	lot	NOUN
taxlaw-12357	853	5	is	be	AUX
taxlaw-12357	853	6	at	at	ADP
taxlaw-12357	853	7	stake	stake	NOUN
taxlaw-12357	853	8	in	in	ADP
taxlaw-12357	853	9	deciding	decide	VERB
taxlaw-12357	853	10	whether	whether	SCONJ
taxlaw-12357	853	11	index	index	NOUN
taxlaw-12357	853	12	futures	future	NOUN
taxlaw-12357	853	13	are	be	AUX
taxlaw-12357	853	14	covered	cover	VERB
taxlaw-12357	853	15	.	.	PUNCT
taxlaw-12357	854	1	if	if	SCONJ
taxlaw-12357	854	2	they	they	PRON
taxlaw-12357	854	3	are	be	AUX
taxlaw-12357	854	4	n’t	n’t	ADJ
taxlaw-12357	854	5	,	,	PUNCT
taxlaw-12357	854	6	this	this	PRON
taxlaw-12357	854	7	can	can	AUX
taxlaw-12357	854	8	become	become	VERB
taxlaw-12357	854	9	a	a	DET
taxlaw-12357	854	10	significant	significant	ADJ
taxlaw-12357	854	11	loophole	loophole	NOUN
taxlaw-12357	854	12	.	.	PUNCT
taxlaw-12357	855	1	for	for	ADP
taxlaw-12357	855	2	example	example	NOUN
taxlaw-12357	855	3	,	,	PUNCT
taxlaw-12357	855	4	instead	instead	ADV
taxlaw-12357	855	5	of	of	ADP
taxlaw-12357	855	6	a	a	DET
taxlaw-12357	855	7	derivative	derivative	NOUN
taxlaw-12357	855	8	based	base	VERB
taxlaw-12357	855	9	on	on	ADP
taxlaw-12357	855	10	the	the	DET
taxlaw-12357	855	11	value	value	NOUN
taxlaw-12357	855	12	of	of	ADP
taxlaw-12357	855	13	a	a	DET
taxlaw-12357	855	14	hedge	hedge	NOUN
taxlaw-12357	855	15	fund	fund	NOUN
taxlaw-12357	855	16	,	,	PUNCT
taxlaw-12357	855	17	taxpayers	taxpayer	NOUN
taxlaw-12357	855	18	could	could	AUX
taxlaw-12357	855	19	enter	enter	VERB
taxlaw-12357	855	20	into	into	ADP
taxlaw-12357	855	21	derivatives	derivative	NOUN
taxlaw-12357	855	22	based	base	VERB
taxlaw-12357	855	23	on	on	ADP
taxlaw-12357	855	24	an	an	DET
taxlaw-12357	855	25	index	index	NOUN
taxlaw-12357	855	26	that	that	PRON
taxlaw-12357	855	27	tracks	track	VERB
taxlaw-12357	855	28	the	the	DET
taxlaw-12357	855	29	hedge	hedge	NOUN
taxlaw-12357	855	30	fund	fund	PROPN
taxlaw-12357	855	31	’s	’s	PART
taxlaw-12357	855	32	performance	performance	NOUN
taxlaw-12357	855	33	.	.	PUNCT
taxlaw-12357	856	1	likewise	likewise	ADV
taxlaw-12357	856	2	,	,	PUNCT
taxlaw-12357	856	3	many	many	ADJ
taxlaw-12357	856	4	hedge	hedge	NOUN
taxlaw-12357	856	5	funds	fund	NOUN
taxlaw-12357	856	6	use	use	VERB
taxlaw-12357	856	7	specific	specific	ADJ
taxlaw-12357	856	8	trading	trading	NOUN
taxlaw-12357	856	9	strategies	strategy	NOUN
taxlaw-12357	856	10	that	that	PRON
taxlaw-12357	856	11	can	can	AUX
taxlaw-12357	856	12	be	be	AUX
taxlaw-12357	856	13	reduced	reduce	VERB
taxlaw-12357	856	14	to	to	ADP
taxlaw-12357	856	15	an	an	DET
taxlaw-12357	856	16	algorithm	algorithm	NOUN
taxlaw-12357	856	17	.	.	PUNCT
taxlaw-12357	857	1	what	what	PRON
taxlaw-12357	857	2	if	if	SCONJ
taxlaw-12357	857	3	the	the	DET
taxlaw-12357	857	4	derivative	derivative	NOUN
taxlaw-12357	857	5	is	be	AUX
taxlaw-12357	857	6	based	base	VERB
taxlaw-12357	857	7	on	on	ADP
taxlaw-12357	857	8	the	the	DET
taxlaw-12357	857	9	algorithm	algorithm	NOUN
taxlaw-12357	857	10	,	,	PUNCT
taxlaw-12357	857	11	rather	rather	ADV
taxlaw-12357	857	12	than	than	ADP
taxlaw-12357	857	13	on	on	ADP
taxlaw-12357	857	14	the	the	DET
taxlaw-12357	857	15	hedge	hedge	NOUN
taxlaw-12357	857	16	fund	fund	NOUN
taxlaw-12357	857	17	itself	itself	PRON
taxlaw-12357	857	18	?	?	PUNCT
taxlaw-12357	858	1	is	be	AUX
taxlaw-12357	858	2	it	it	PRON
taxlaw-12357	858	3	possible	possible	ADJ
taxlaw-12357	858	4	to	to	PART
taxlaw-12357	858	5	cover	cover	VERB
taxlaw-12357	858	6	these	these	DET
taxlaw-12357	858	7	derivatives	derivative	NOUN
taxlaw-12357	858	8	,	,	PUNCT
taxlaw-12357	858	9	but	but	CCONJ
taxlaw-12357	858	10	not	not	PART
taxlaw-12357	858	11	more	more	ADJ
taxlaw-12357	858	12	“	"	PUNCT
taxlaw-12357	858	13	plain	plain	ADJ
taxlaw-12357	858	14	vanilla	vanilla	NOUN
taxlaw-12357	858	15	”	"	PUNCT
taxlaw-12357	858	16	derivatives	derivative	NOUN
taxlaw-12357	858	17	that	that	PRON
taxlaw-12357	858	18	are	be	AUX
taxlaw-12357	858	19	based	base	VERB
taxlaw-12357	858	20	on	on	ADP
taxlaw-12357	858	21	,	,	PUNCT
taxlaw-12357	858	22	say	say	INTJ
taxlaw-12357	858	23	,	,	PUNCT
taxlaw-12357	858	24	the	the	DET
taxlaw-12357	858	25	s&p	s&p	PROPN
taxlaw-12357	858	26	500	500	NUM
taxlaw-12357	858	27	?	?	PUNCT
taxlaw-12357	859	1	arguably	arguably	ADV
taxlaw-12357	859	2	,	,	PUNCT
taxlaw-12357	859	3	this	this	PRON
taxlaw-12357	859	4	seems	seem	VERB
taxlaw-12357	859	5	like	like	ADP
taxlaw-12357	859	6	the	the	DET
taxlaw-12357	859	7	right	right	ADJ
taxlaw-12357	859	8	84	84	NUM
taxlaw-12357	859	9	specifically	specifically	ADV
taxlaw-12357	859	10	,	,	PUNCT
taxlaw-12357	859	11	the	the	DET
taxlaw-12357	859	12	statute	statute	NOUN
taxlaw-12357	859	13	covers	cover	VERB
taxlaw-12357	859	14	common	common	ADJ
taxlaw-12357	859	15	stock	stock	NOUN
taxlaw-12357	859	16	only	only	ADV
taxlaw-12357	859	17	under	under	ADP
taxlaw-12357	859	18	regulations	regulation	NOUN
taxlaw-12357	859	19	,	,	PUNCT
taxlaw-12357	859	20	which	which	DET
taxlaw-12357	859	21	treasury	treasury	NOUN
taxlaw-12357	859	22	has	have	AUX
taxlaw-12357	859	23	not	not	PART
taxlaw-12357	859	24	promulgated	promulgate	VERB
taxlaw-12357	859	25	as	as	ADP
taxlaw-12357	859	26	of	of	ADP
taxlaw-12357	859	27	this	this	DET
taxlaw-12357	859	28	writing	writing	NOUN
taxlaw-12357	859	29	.	.	PUNCT
taxlaw-12357	860	1	see	see	VERB
taxlaw-12357	860	2	i.r.c	i.r.c	NOUN
taxlaw-12357	860	3	.	.	PUNCT
taxlaw-12357	861	1	§	§	PROPN
taxlaw-12357	861	2	1260(c)(1)(b)(ii	1260(c)(1)(b)(ii	NUM
taxlaw-12357	861	3	)	)	PUNCT
taxlaw-12357	861	4	.	.	PUNCT
taxlaw-12357	862	1	85	85	NUM
taxlaw-12357	862	2	see	see	VERB
taxlaw-12357	862	3	i.r.c	i.r.c	NOUN
taxlaw-12357	862	4	.	.	PUNCT
taxlaw-12357	863	1	§	§	PROPN
taxlaw-12357	863	2	1260(c)(2)(a	1260(c)(2)(a	NUM
taxlaw-12357	863	3	)	)	PUNCT
taxlaw-12357	863	4	.	.	PUNCT
taxlaw-12357	864	1	2024	2024	NUM
taxlaw-12357	864	2	]	]	PUNCT
taxlaw-12357	864	3	transaction	transaction	NOUN
taxlaw-12357	864	4	-	-	PUNCT
taxlaw-12357	864	5	specific	specific	ADJ
taxlaw-12357	864	6	tax	tax	NOUN
taxlaw-12357	864	7	reform	reform	NOUN
taxlaw-12357	864	8	in	in	ADP
taxlaw-12357	864	9	three	three	NUM
taxlaw-12357	864	10	steps	step	NOUN
taxlaw-12357	864	11	31	31	NUM
taxlaw-12357	864	12	result	result	NOUN
taxlaw-12357	864	13	,	,	PUNCT
taxlaw-12357	864	14	since	since	SCONJ
taxlaw-12357	864	15	the	the	DET
taxlaw-12357	864	16	latter	latter	ADJ
taxlaw-12357	864	17	are	be	AUX
taxlaw-12357	864	18	conventional	conventional	ADJ
taxlaw-12357	864	19	commercial	commercial	ADJ
taxlaw-12357	864	20	transactions	transaction	NOUN
taxlaw-12357	864	21	that	that	PRON
taxlaw-12357	864	22	usually	usually	ADV
taxlaw-12357	864	23	are	be	AUX
taxlaw-12357	864	24	not	not	PART
taxlaw-12357	864	25	tax	tax	NOUN
taxlaw-12357	864	26	motivated	motivated	ADJ
taxlaw-12357	864	27	.	.	PUNCT
taxlaw-12357	865	1	but	but	CCONJ
taxlaw-12357	865	2	to	to	PART
taxlaw-12357	865	3	accomplish	accomplish	VERB
taxlaw-12357	865	4	that	that	PRON
taxlaw-12357	865	5	,	,	PUNCT
taxlaw-12357	865	6	the	the	DET
taxlaw-12357	865	7	rule	rule	NOUN
taxlaw-12357	865	8	can	can	AUX
taxlaw-12357	865	9	not	not	PART
taxlaw-12357	865	10	require	require	VERB
taxlaw-12357	865	11	all	all	DET
taxlaw-12357	865	12	indices	index	NOUN
taxlaw-12357	865	13	(	(	PUNCT
taxlaw-12357	865	14	or	or	CCONJ
taxlaw-12357	865	15	,	,	PUNCT
taxlaw-12357	865	16	for	for	ADP
taxlaw-12357	865	17	that	that	DET
taxlaw-12357	865	18	matter	matter	NOUN
taxlaw-12357	865	19	,	,	PUNCT
taxlaw-12357	865	20	none	none	NOUN
taxlaw-12357	865	21	of	of	ADP
taxlaw-12357	865	22	them	they	PRON
taxlaw-12357	865	23	)	)	PUNCT
taxlaw-12357	865	24	to	to	PART
taxlaw-12357	865	25	be	be	AUX
taxlaw-12357	865	26	covered	cover	VERB
taxlaw-12357	865	27	.	.	PUNCT
taxlaw-12357	866	1	presumably	presumably	ADV
taxlaw-12357	866	2	,	,	PUNCT
taxlaw-12357	866	3	the	the	DET
taxlaw-12357	866	4	line	line	NOUN
taxlaw-12357	866	5	should	should	AUX
taxlaw-12357	866	6	be	be	AUX
taxlaw-12357	866	7	drawn	draw	VERB
taxlaw-12357	866	8	based	base	VERB
taxlaw-12357	866	9	on	on	ADP
taxlaw-12357	866	10	how	how	SCONJ
taxlaw-12357	866	11	common	common	ADJ
taxlaw-12357	866	12	and	and	CCONJ
taxlaw-12357	866	13	widely	widely	ADV
taxlaw-12357	866	14	followed	follow	VERB
taxlaw-12357	866	15	an	an	DET
taxlaw-12357	866	16	index	index	NOUN
taxlaw-12357	866	17	is	be	AUX
taxlaw-12357	866	18	.	.	PUNCT
taxlaw-12357	867	1	something	something	PRON
taxlaw-12357	867	2	that	that	PRON
taxlaw-12357	867	3	is	be	AUX
taxlaw-12357	867	4	customized	customize	VERB
taxlaw-12357	867	5	–	–	PUNCT
taxlaw-12357	867	6	in	in	ADP
taxlaw-12357	867	7	effect	effect	NOUN
taxlaw-12357	867	8	,	,	PUNCT
taxlaw-12357	867	9	the	the	DET
taxlaw-12357	867	10	trading	trading	NOUN
taxlaw-12357	867	11	strategy	strategy	NOUN
taxlaw-12357	867	12	of	of	ADP
taxlaw-12357	867	13	a	a	DET
taxlaw-12357	867	14	particular	particular	ADJ
taxlaw-12357	867	15	taxpayer	taxpayer	NOUN
taxlaw-12357	867	16	–	–	PUNCT
taxlaw-12357	867	17	should	should	AUX
taxlaw-12357	867	18	be	be	AUX
taxlaw-12357	867	19	covered	cover	VERB
taxlaw-12357	867	20	,	,	PUNCT
taxlaw-12357	867	21	even	even	ADV
taxlaw-12357	867	22	if	if	SCONJ
taxlaw-12357	867	23	more	more	ADJ
taxlaw-12357	867	24	conventional	conventional	ADJ
taxlaw-12357	867	25	indices	index	NOUN
taxlaw-12357	867	26	are	be	AUX
taxlaw-12357	867	27	not	not	PART
taxlaw-12357	867	28	.	.	PUNCT
taxlaw-12357	868	1	but	but	CCONJ
taxlaw-12357	868	2	regardless	regardless	ADV
taxlaw-12357	868	3	of	of	ADP
taxlaw-12357	868	4	the	the	DET
taxlaw-12357	868	5	answer	answer	NOUN
taxlaw-12357	868	6	to	to	ADP
taxlaw-12357	868	7	this	this	DET
taxlaw-12357	868	8	specific	specific	ADJ
taxlaw-12357	868	9	issue	issue	NOUN
taxlaw-12357	868	10	,	,	PUNCT
taxlaw-12357	868	11	the	the	DET
taxlaw-12357	868	12	more	more	ADV
taxlaw-12357	868	13	general	general	ADJ
taxlaw-12357	868	14	point	point	NOUN
taxlaw-12357	868	15	should	should	AUX
taxlaw-12357	868	16	be	be	AUX
taxlaw-12357	868	17	clear	clear	ADJ
taxlaw-12357	868	18	:	:	PUNCT
taxlaw-12357	868	19	rules	rule	NOUN
taxlaw-12357	868	20	are	be	AUX
taxlaw-12357	868	21	needed	need	VERB
taxlaw-12357	868	22	to	to	PART
taxlaw-12357	868	23	define	define	VERB
taxlaw-12357	868	24	and	and	CCONJ
taxlaw-12357	868	25	characterize	characterize	VERB
taxlaw-12357	868	26	the	the	DET
taxlaw-12357	868	27	alternative	alternative	ADJ
taxlaw-12357	868	28	transaction	transaction	NOUN
taxlaw-12357	868	29	.	.	PUNCT
taxlaw-12357	869	1	this	this	PRON
taxlaw-12357	869	2	is	be	AUX
taxlaw-12357	869	3	a	a	DET
taxlaw-12357	869	4	daunting	daunting	ADJ
taxlaw-12357	869	5	problem	problem	NOUN
taxlaw-12357	869	6	because	because	SCONJ
taxlaw-12357	869	7	there	there	PRON
taxlaw-12357	869	8	is	be	VERB
taxlaw-12357	869	9	no	no	DET
taxlaw-12357	869	10	such	such	ADJ
taxlaw-12357	869	11	thing	thing	NOUN
taxlaw-12357	869	12	as	as	ADP
taxlaw-12357	869	13	“	"	PUNCT
taxlaw-12357	869	14	the	the	DET
taxlaw-12357	869	15	true	true	ADJ
taxlaw-12357	869	16	underlying	underlying	NOUN
taxlaw-12357	869	17	.	.	PUNCT
taxlaw-12357	869	18	”	"	PUNCT
taxlaw-12357	870	1	the	the	DET
taxlaw-12357	870	2	relevant	relevant	ADJ
taxlaw-12357	870	3	cash	cash	NOUN
taxlaw-12357	870	4	flows	flow	NOUN
taxlaw-12357	870	5	can	can	AUX
taxlaw-12357	870	6	be	be	AUX
taxlaw-12357	870	7	packaged	package	VERB
taxlaw-12357	870	8	in	in	ADP
taxlaw-12357	870	9	different	different	ADJ
taxlaw-12357	870	10	ways	way	NOUN
taxlaw-12357	870	11	and	and	CCONJ
taxlaw-12357	870	12	,	,	PUNCT
taxlaw-12357	870	13	at	at	ADP
taxlaw-12357	870	14	least	least	ADJ
taxlaw-12357	870	15	at	at	ADP
taxlaw-12357	870	16	a	a	DET
taxlaw-12357	870	17	conceptual	conceptual	ADJ
taxlaw-12357	870	18	level	level	NOUN
taxlaw-12357	870	19	,	,	PUNCT
taxlaw-12357	870	20	it	it	PRON
taxlaw-12357	870	21	’s	’	VERB
taxlaw-12357	870	22	hard	hard	ADJ
taxlaw-12357	870	23	to	to	PART
taxlaw-12357	870	24	view	view	VERB
taxlaw-12357	870	25	one	one	NUM
taxlaw-12357	870	26	as	as	ADP
taxlaw-12357	870	27	more	more	ADV
taxlaw-12357	870	28	authentic	authentic	ADJ
taxlaw-12357	870	29	than	than	ADP
taxlaw-12357	870	30	the	the	DET
taxlaw-12357	870	31	others	other	NOUN
taxlaw-12357	870	32	.	.	PUNCT
taxlaw-12357	871	1	3	3	X
taxlaw-12357	871	2	.	.	X
taxlaw-12357	871	3	what	what	PRON
taxlaw-12357	871	4	is	be	AUX
taxlaw-12357	871	5	the	the	DET
taxlaw-12357	871	6	solution	solution	NOUN
taxlaw-12357	871	7	?	?	PUNCT
taxlaw-12357	872	1	but	but	CCONJ
taxlaw-12357	872	2	although	although	SCONJ
taxlaw-12357	872	3	this	this	DET
taxlaw-12357	872	4	inquiry	inquiry	NOUN
taxlaw-12357	872	5	is	be	AUX
taxlaw-12357	872	6	difficult	difficult	ADJ
taxlaw-12357	872	7	,	,	PUNCT
taxlaw-12357	872	8	it	it	PRON
taxlaw-12357	872	9	ca	can	AUX
taxlaw-12357	872	10	n’t	not	PART
taxlaw-12357	872	11	be	be	AUX
taxlaw-12357	872	12	avoided	avoid	VERB
taxlaw-12357	872	13	.	.	PUNCT
taxlaw-12357	873	1	so	so	ADV
taxlaw-12357	873	2	what	what	PRON
taxlaw-12357	873	3	should	should	AUX
taxlaw-12357	873	4	policymakers	policymaker	NOUN
taxlaw-12357	873	5	do	do	VERB
taxlaw-12357	873	6	?	?	PUNCT
taxlaw-12357	874	1	how	how	SCONJ
taxlaw-12357	874	2	should	should	AUX
taxlaw-12357	874	3	they	they	PRON
taxlaw-12357	874	4	define	define	VERB
taxlaw-12357	874	5	the	the	DET
taxlaw-12357	874	6	scope	scope	NOUN
taxlaw-12357	874	7	of	of	ADP
taxlaw-12357	874	8	the	the	DET
taxlaw-12357	874	9	relevant	relevant	ADJ
taxlaw-12357	874	10	transactions	transaction	NOUN
taxlaw-12357	874	11	?	?	PUNCT
taxlaw-12357	875	1	as	as	ADP
taxlaw-12357	875	2	a	a	DET
taxlaw-12357	875	3	start	start	NOUN
taxlaw-12357	875	4	,	,	PUNCT
taxlaw-12357	875	5	policymakers	policymaker	NOUN
taxlaw-12357	875	6	can	can	AUX
taxlaw-12357	875	7	draw	draw	VERB
taxlaw-12357	875	8	on	on	ADP
taxlaw-12357	875	9	general	general	ADJ
taxlaw-12357	875	10	tax	tax	NOUN
taxlaw-12357	875	11	principles	principle	NOUN
taxlaw-12357	875	12	that	that	PRON
taxlaw-12357	875	13	deal	deal	VERB
taxlaw-12357	875	14	with	with	ADP
taxlaw-12357	875	15	this	this	DET
taxlaw-12357	875	16	issue	issue	NOUN
taxlaw-12357	875	17	.	.	PUNCT
taxlaw-12357	876	1	admittedly	admittedly	ADV
taxlaw-12357	876	2	,	,	PUNCT
taxlaw-12357	876	3	these	these	DET
taxlaw-12357	876	4	principles	principle	NOUN
taxlaw-12357	876	5	are	be	AUX
taxlaw-12357	876	6	not	not	PART
taxlaw-12357	876	7	always	always	ADV
taxlaw-12357	876	8	effective	effective	ADJ
taxlaw-12357	876	9	,	,	PUNCT
taxlaw-12357	876	10	but	but	CCONJ
taxlaw-12357	876	11	we	we	PRON
taxlaw-12357	876	12	are	be	AUX
taxlaw-12357	876	13	not	not	PART
taxlaw-12357	876	14	seeking	seek	VERB
taxlaw-12357	876	15	to	to	PART
taxlaw-12357	876	16	add	add	VERB
taxlaw-12357	876	17	to	to	ADP
taxlaw-12357	876	18	or	or	CCONJ
taxlaw-12357	876	19	critique	critique	VERB
taxlaw-12357	876	20	these	these	DET
taxlaw-12357	876	21	rules	rule	NOUN
taxlaw-12357	876	22	here	here	ADV
taxlaw-12357	876	23	.	.	PUNCT
taxlaw-12357	877	1	rather	rather	ADV
taxlaw-12357	877	2	,	,	PUNCT
taxlaw-12357	877	3	we	we	PRON
taxlaw-12357	877	4	mean	mean	VERB
taxlaw-12357	877	5	to	to	PART
taxlaw-12357	877	6	piggyback	piggyback	VERB
taxlaw-12357	877	7	on	on	ADP
taxlaw-12357	877	8	existing	exist	VERB
taxlaw-12357	877	9	rules	rule	NOUN
taxlaw-12357	877	10	.	.	PUNCT
taxlaw-12357	878	1	yet	yet	CCONJ
taxlaw-12357	878	2	these	these	DET
taxlaw-12357	878	3	rules	rule	NOUN
taxlaw-12357	878	4	can	can	AUX
taxlaw-12357	878	5	be	be	AUX
taxlaw-12357	878	6	applied	apply	VERB
taxlaw-12357	878	7	in	in	ADP
taxlaw-12357	878	8	either	either	CCONJ
taxlaw-12357	878	9	a	a	DET
taxlaw-12357	878	10	tough	tough	ADJ
taxlaw-12357	878	11	or	or	CCONJ
taxlaw-12357	878	12	a	a	DET
taxlaw-12357	878	13	lenient	lenient	ADJ
taxlaw-12357	878	14	way	way	NOUN
taxlaw-12357	878	15	.	.	PUNCT
taxlaw-12357	879	1	in	in	ADP
taxlaw-12357	879	2	deciding	decide	VERB
taxlaw-12357	879	3	which	which	DET
taxlaw-12357	879	4	approach	approach	NOUN
taxlaw-12357	879	5	to	to	PART
taxlaw-12357	879	6	take	take	VERB
taxlaw-12357	879	7	,	,	PUNCT
taxlaw-12357	879	8	policymakers	policymaker	NOUN
taxlaw-12357	879	9	should	should	AUX
taxlaw-12357	879	10	be	be	AUX
taxlaw-12357	879	11	guided	guide	VERB
taxlaw-12357	879	12	,	,	PUNCT
taxlaw-12357	879	13	once	once	ADV
taxlaw-12357	879	14	again	again	ADV
taxlaw-12357	879	15	,	,	PUNCT
taxlaw-12357	879	16	by	by	ADP
taxlaw-12357	879	17	the	the	DET
taxlaw-12357	879	18	normative	normative	ADJ
taxlaw-12357	879	19	presumption	presumption	NOUN
taxlaw-12357	879	20	in	in	ADP
taxlaw-12357	879	21	part	part	NOUN
taxlaw-12357	879	22	iv	iv	NUM
taxlaw-12357	879	23	.	.	PUNCT
taxlaw-12357	880	1	when	when	SCONJ
taxlaw-12357	880	2	false	false	ADJ
taxlaw-12357	880	3	negatives	negative	NOUN
taxlaw-12357	880	4	are	be	AUX
taxlaw-12357	880	5	a	a	DET
taxlaw-12357	880	6	particular	particular	ADJ
taxlaw-12357	880	7	concern	concern	NOUN
taxlaw-12357	880	8	,	,	PUNCT
taxlaw-12357	880	9	aggregation	aggregation	NOUN
taxlaw-12357	880	10	,	,	PUNCT
taxlaw-12357	880	11	bifurcation	bifurcation	NOUN
taxlaw-12357	880	12	,	,	PUNCT
taxlaw-12357	880	13	and	and	CCONJ
taxlaw-12357	880	14	other	other	ADJ
taxlaw-12357	880	15	strict	strict	ADJ
taxlaw-12357	880	16	rules	rule	NOUN
taxlaw-12357	880	17	should	should	AUX
taxlaw-12357	880	18	be	be	AUX
taxlaw-12357	880	19	deployed	deploy	VERB
taxlaw-12357	880	20	more	more	ADV
taxlaw-12357	880	21	aggressively	aggressively	ADV
taxlaw-12357	880	22	.	.	PUNCT
taxlaw-12357	881	1	but	but	CCONJ
taxlaw-12357	881	2	when	when	SCONJ
taxlaw-12357	881	3	false	false	ADJ
taxlaw-12357	881	4	positives	positive	NOUN
taxlaw-12357	881	5	are	be	AUX
taxlaw-12357	881	6	a	a	DET
taxlaw-12357	881	7	particular	particular	ADJ
taxlaw-12357	881	8	concern	concern	NOUN
taxlaw-12357	881	9	–	–	PUNCT
taxlaw-12357	881	10	so	so	SCONJ
taxlaw-12357	881	11	that	that	SCONJ
taxlaw-12357	881	12	an	an	DET
taxlaw-12357	881	13	inclusive	inclusive	ADJ
taxlaw-12357	881	14	definition	definition	NOUN
taxlaw-12357	881	15	of	of	ADP
taxlaw-12357	881	16	scope	scope	NOUN
taxlaw-12357	881	17	would	would	AUX
taxlaw-12357	881	18	require	require	VERB
taxlaw-12357	881	19	vetting	vet	VERB
taxlaw-12357	881	20	for	for	ADP
taxlaw-12357	881	21	a	a	DET
taxlaw-12357	881	22	substantial	substantial	ADJ
taxlaw-12357	881	23	number	number	NOUN
taxlaw-12357	881	24	of	of	ADP
taxlaw-12357	881	25	“	"	PUNCT
taxlaw-12357	881	26	good	good	ADJ
taxlaw-12357	881	27	”	"	PUNCT
taxlaw-12357	881	28	transactions	transaction	NOUN
taxlaw-12357	881	29	–	–	PUNCT
taxlaw-12357	881	30	a	a	DET
taxlaw-12357	881	31	more	more	ADV
taxlaw-12357	881	32	permissive	permissive	ADJ
taxlaw-12357	881	33	approach	approach	NOUN
taxlaw-12357	881	34	is	be	AUX
taxlaw-12357	881	35	warranted	warrant	VERB
taxlaw-12357	881	36	.	.	PUNCT
taxlaw-12357	882	1	d.	d.	NOUN
taxlaw-12357	882	2	interactions	interaction	NOUN
taxlaw-12357	882	3	among	among	ADP
taxlaw-12357	882	4	filters	filter	NOUN
taxlaw-12357	882	5	and	and	CCONJ
taxlaw-12357	882	6	adjustments	adjustment	NOUN
taxlaw-12357	882	7	over	over	ADP
taxlaw-12357	882	8	time	time	NOUN
taxlaw-12357	882	9	the	the	DET
taxlaw-12357	882	10	good	good	ADJ
taxlaw-12357	882	11	news	news	NOUN
taxlaw-12357	882	12	is	be	AUX
taxlaw-12357	882	13	that	that	SCONJ
taxlaw-12357	882	14	no	no	DET
taxlaw-12357	882	15	single	single	ADJ
taxlaw-12357	882	16	filter	filter	NOUN
taxlaw-12357	882	17	has	have	VERB
taxlaw-12357	882	18	to	to	PART
taxlaw-12357	882	19	be	be	AUX
taxlaw-12357	882	20	perfect	perfect	ADJ
taxlaw-12357	882	21	,	,	PUNCT
taxlaw-12357	882	22	since	since	SCONJ
taxlaw-12357	882	23	policymakers	policymaker	NOUN
taxlaw-12357	882	24	can	can	AUX
taxlaw-12357	882	25	use	use	VERB
taxlaw-12357	882	26	more	more	ADJ
taxlaw-12357	882	27	than	than	ADP
taxlaw-12357	882	28	one	one	NUM
taxlaw-12357	882	29	.	.	PUNCT
taxlaw-12357	883	1	in	in	ADP
taxlaw-12357	883	2	addition	addition	NOUN
taxlaw-12357	883	3	,	,	PUNCT
taxlaw-12357	883	4	policymakers	policymaker	NOUN
taxlaw-12357	883	5	can	can	AUX
taxlaw-12357	883	6	refine	refine	VERB
taxlaw-12357	883	7	them	they	PRON
taxlaw-12357	883	8	over	over	ADP
taxlaw-12357	883	9	time	time	NOUN
taxlaw-12357	883	10	.	.	PUNCT
taxlaw-12357	884	1	1	1	X
taxlaw-12357	884	2	.	.	X
taxlaw-12357	884	3	interaction	interaction	NOUN
taxlaw-12357	884	4	of	of	ADP
taxlaw-12357	884	5	filters	filter	NOUN
taxlaw-12357	884	6	as	as	SCONJ
taxlaw-12357	884	7	this	this	DET
taxlaw-12357	884	8	part	part	NOUN
taxlaw-12357	884	9	has	have	AUX
taxlaw-12357	884	10	shown	show	VERB
taxlaw-12357	884	11	,	,	PUNCT
taxlaw-12357	884	12	filters	filter	NOUN
taxlaw-12357	884	13	based	base	VERB
taxlaw-12357	884	14	on	on	ADP
taxlaw-12357	884	15	taxpayers	taxpayer	NOUN
taxlaw-12357	884	16	and	and	CCONJ
taxlaw-12357	884	17	transactions	transaction	NOUN
taxlaw-12357	884	18	each	each	PRON
taxlaw-12357	884	19	have	have	VERB
taxlaw-12357	884	20	advantages	advantage	NOUN
taxlaw-12357	884	21	and	and	CCONJ
taxlaw-12357	884	22	disadvantages	disadvantage	NOUN
taxlaw-12357	884	23	.	.	PUNCT
taxlaw-12357	885	1	so	so	ADV
taxlaw-12357	885	2	which	which	PRON
taxlaw-12357	885	3	should	should	AUX
taxlaw-12357	885	4	be	be	AUX
taxlaw-12357	885	5	used	use	VERB
taxlaw-12357	885	6	?	?	PUNCT
taxlaw-12357	886	1	the	the	DET
taxlaw-12357	886	2	answer	answer	NOUN
taxlaw-12357	886	3	is	be	AUX
taxlaw-12357	886	4	“	"	PUNCT
taxlaw-12357	886	5	both	both	PRON
taxlaw-12357	886	6	.	.	PUNCT
taxlaw-12357	886	7	”	"	PUNCT
taxlaw-12357	887	1	when	when	SCONJ
taxlaw-12357	887	2	filters	filter	NOUN
taxlaw-12357	887	3	are	be	AUX
taxlaw-12357	887	4	cumulative	cumulative	ADJ
taxlaw-12357	887	5	,	,	PUNCT
taxlaw-12357	887	6	each	each	DET
taxlaw-12357	887	7	one	one	NOUN
taxlaw-12357	887	8	takes	take	VERB
taxlaw-12357	887	9	pressure	pressure	NOUN
taxlaw-12357	887	10	off	off	ADP
taxlaw-12357	887	11	the	the	DET
taxlaw-12357	887	12	others	other	NOUN
taxlaw-12357	887	13	.	.	PUNCT
taxlaw-12357	888	1	for	for	ADP
taxlaw-12357	888	2	example	example	NOUN
taxlaw-12357	888	3	,	,	PUNCT
taxlaw-12357	888	4	if	if	SCONJ
taxlaw-12357	888	5	a	a	DET
taxlaw-12357	888	6	taxpayer	taxpayer	NOUN
taxlaw-12357	888	7	-	-	PUNCT
taxlaw-12357	888	8	based	base	VERB
taxlaw-12357	888	9	filter	filter	NOUN
taxlaw-12357	888	10	already	already	ADV
taxlaw-12357	888	11	screens	screen	VERB
taxlaw-12357	888	12	out	out	ADP
taxlaw-12357	888	13	many	many	ADJ
taxlaw-12357	888	14	transactions	transaction	NOUN
taxlaw-12357	888	15	,	,	PUNCT
taxlaw-12357	888	16	there	there	PRON
taxlaw-12357	888	17	is	be	VERB
taxlaw-12357	888	18	less	less	ADJ
taxlaw-12357	888	19	pressure	pressure	NOUN
taxlaw-12357	888	20	on	on	ADP
taxlaw-12357	888	21	transaction	transaction	NOUN
taxlaw-12357	888	22	-	-	PUNCT
taxlaw-12357	888	23	based	base	VERB
taxlaw-12357	888	24	filters	filter	NOUN
taxlaw-12357	888	25	to	to	PART
taxlaw-12357	888	26	exempt	exempt	VERB
taxlaw-12357	888	27	transactions	transaction	NOUN
taxlaw-12357	888	28	.	.	PUNCT
taxlaw-12357	889	1	maybe	maybe	ADV
taxlaw-12357	889	2	these	these	DET
taxlaw-12357	889	3	filters	filter	NOUN
taxlaw-12357	889	4	are	be	AUX
taxlaw-12357	889	5	n’t	not	PART
taxlaw-12357	889	6	needed	need	VERB
taxlaw-12357	889	7	at	at	ADV
taxlaw-12357	889	8	all	all	ADV
taxlaw-12357	889	9	?	?	PUNCT
taxlaw-12357	890	1	or	or	CCONJ
taxlaw-12357	890	2	maybe	maybe	ADV
taxlaw-12357	890	3	they	they	PRON
taxlaw-12357	890	4	can	can	AUX
taxlaw-12357	890	5	be	be	AUX
taxlaw-12357	890	6	tougher	tough	ADJ
taxlaw-12357	890	7	,	,	PUNCT
taxlaw-12357	890	8	exempting	exempt	VERB
taxlaw-12357	890	9	only	only	ADV
taxlaw-12357	890	10	clear	clear	ADJ
taxlaw-12357	890	11	cases	case	NOUN
taxlaw-12357	890	12	?	?	PUNCT
taxlaw-12357	891	1	once	once	SCONJ
taxlaw-12357	891	2	one	one	NUM
taxlaw-12357	891	3	filter	filter	NOUN
taxlaw-12357	891	4	has	have	AUX
taxlaw-12357	891	5	already	already	ADV
taxlaw-12357	891	6	narrowed	narrow	VERB
taxlaw-12357	891	7	the	the	DET
taxlaw-12357	891	8	field	field	NOUN
taxlaw-12357	891	9	,	,	PUNCT
taxlaw-12357	891	10	others	other	NOUN
taxlaw-12357	891	11	can	can	AUX
taxlaw-12357	891	12	fine	fine	ADJ
taxlaw-12357	891	13	tune	tune	NOUN
taxlaw-12357	891	14	at	at	ADP
taxlaw-12357	891	15	the	the	DET
taxlaw-12357	891	16	edges	edge	NOUN
taxlaw-12357	891	17	,	,	PUNCT
taxlaw-12357	891	18	without	without	ADP
taxlaw-12357	891	19	having	have	VERB
taxlaw-12357	891	20	to	to	PART
taxlaw-12357	891	21	exclude	exclude	VERB
taxlaw-12357	891	22	vast	vast	ADJ
taxlaw-12357	891	23	categories	category	NOUN
taxlaw-12357	891	24	.	.	PUNCT
taxlaw-12357	892	1	2	2	X
taxlaw-12357	892	2	.	.	X
taxlaw-12357	892	3	should	should	AUX
taxlaw-12357	892	4	preliminary	preliminary	ADJ
taxlaw-12357	892	5	filters	filter	NOUN
taxlaw-12357	892	6	become	become	VERB
taxlaw-12357	892	7	more	more	ADV
taxlaw-12357	892	8	lenient	lenient	ADJ
taxlaw-12357	892	9	or	or	CCONJ
taxlaw-12357	892	10	tougher	tough	ADJ
taxlaw-12357	892	11	over	over	ADP
taxlaw-12357	892	12	time	time	NOUN
taxlaw-12357	892	13	?	?	PUNCT
taxlaw-12357	893	1	these	these	DET
taxlaw-12357	893	2	judgments	judgment	NOUN
taxlaw-12357	893	3	also	also	ADV
taxlaw-12357	893	4	can	can	AUX
taxlaw-12357	893	5	change	change	VERB
taxlaw-12357	893	6	over	over	ADP
taxlaw-12357	893	7	the	the	DET
taxlaw-12357	893	8	years	year	NOUN
taxlaw-12357	893	9	.	.	PUNCT
taxlaw-12357	894	1	a	a	DET
taxlaw-12357	894	2	key	key	ADJ
taxlaw-12357	894	3	question	question	NOUN
taxlaw-12357	894	4	,	,	PUNCT
taxlaw-12357	894	5	though	though	ADV
taxlaw-12357	894	6	,	,	PUNCT
taxlaw-12357	894	7	is	be	AUX
taxlaw-12357	894	8	how	how	SCONJ
taxlaw-12357	894	9	to	to	PART
taxlaw-12357	894	10	refine	refine	VERB
taxlaw-12357	894	11	filters	filter	NOUN
taxlaw-12357	894	12	over	over	ADP
taxlaw-12357	894	13	time	time	NOUN
taxlaw-12357	894	14	.	.	PUNCT
taxlaw-12357	895	1	should	should	AUX
taxlaw-12357	895	2	they	they	PRON
taxlaw-12357	895	3	become	become	VERB
taxlaw-12357	895	4	more	more	ADV
taxlaw-12357	895	5	lenient	lenient	ADJ
taxlaw-12357	895	6	or	or	CCONJ
taxlaw-12357	895	7	more	more	ADV
taxlaw-12357	895	8	tough	tough	ADJ
taxlaw-12357	895	9	?	?	PUNCT
taxlaw-12357	896	1	on	on	ADP
taxlaw-12357	896	2	the	the	DET
taxlaw-12357	896	3	one	one	NUM
taxlaw-12357	896	4	hand	hand	NOUN
taxlaw-12357	896	5	,	,	PUNCT
taxlaw-12357	896	6	filters	filter	NOUN
taxlaw-12357	896	7	can	can	AUX
taxlaw-12357	896	8	start	start	VERB
taxlaw-12357	896	9	as	as	ADV
taxlaw-12357	896	10	narrow	narrow	ADJ
taxlaw-12357	896	11	safe	safe	ADJ
taxlaw-12357	896	12	harbors	harbor	NOUN
taxlaw-12357	896	13	–	–	PUNCT
taxlaw-12357	896	14	offering	offer	VERB
taxlaw-12357	896	15	only	only	ADV
taxlaw-12357	896	16	limited	limited	ADJ
taxlaw-12357	896	17	exemptions	exemption	NOUN
taxlaw-12357	896	18	from	from	ADP
taxlaw-12357	896	19	more	more	ADV
taxlaw-12357	896	20	rigorous	rigorous	ADJ
taxlaw-12357	896	21	vetting	vetting	NOUN
taxlaw-12357	896	22	–	–	PUNCT
taxlaw-12357	896	23	and	and	CCONJ
taxlaw-12357	896	24	then	then	ADV
taxlaw-12357	896	25	broaden	broaden	VERB
taxlaw-12357	896	26	over	over	ADP
taxlaw-12357	896	27	time	time	NOUN
taxlaw-12357	896	28	.	.	PUNCT
taxlaw-12357	897	1	on	on	ADP
taxlaw-12357	897	2	the	the	DET
taxlaw-12357	897	3	other	other	PROPN
taxlaw-12357	897	4	columbia	columbia	PROPN
taxlaw-12357	897	5	journal	journal	PROPN
taxlaw-12357	897	6	of	of	ADP
taxlaw-12357	897	7	tax	tax	NOUN
taxlaw-12357	897	8	law	law	NOUN
taxlaw-12357	897	9	[	[	X
taxlaw-12357	897	10	vol	vol	NOUN
taxlaw-12357	897	11	15:1	15:1	NUM
taxlaw-12357	897	12	32	32	NUM
taxlaw-12357	897	13	hand	hand	NOUN
taxlaw-12357	897	14	,	,	PUNCT
taxlaw-12357	897	15	filters	filter	NOUN
taxlaw-12357	897	16	can	can	AUX
taxlaw-12357	897	17	move	move	VERB
taxlaw-12357	897	18	in	in	ADP
taxlaw-12357	897	19	the	the	DET
taxlaw-12357	897	20	opposite	opposite	ADJ
taxlaw-12357	897	21	direction	direction	NOUN
taxlaw-12357	897	22	,	,	PUNCT
taxlaw-12357	897	23	listing	list	VERB
taxlaw-12357	897	24	specific	specific	ADJ
taxlaw-12357	897	25	situations	situation	NOUN
taxlaw-12357	897	26	that	that	PRON
taxlaw-12357	897	27	require	require	VERB
taxlaw-12357	897	28	careful	careful	ADJ
taxlaw-12357	897	29	vetting	vetting	NOUN
taxlaw-12357	897	30	,	,	PUNCT
taxlaw-12357	897	31	and	and	CCONJ
taxlaw-12357	897	32	then	then	ADV
taxlaw-12357	897	33	adding	add	VERB
taxlaw-12357	897	34	to	to	ADP
taxlaw-12357	897	35	this	this	DET
taxlaw-12357	897	36	“	"	PUNCT
taxlaw-12357	897	37	naughty	naughty	ADJ
taxlaw-12357	897	38	list	list	NOUN
taxlaw-12357	897	39	”	"	PUNCT
taxlaw-12357	897	40	over	over	ADP
taxlaw-12357	897	41	time	time	NOUN
taxlaw-12357	897	42	.	.	PUNCT
taxlaw-12357	898	1	each	each	DET
taxlaw-12357	898	2	approach	approach	NOUN
taxlaw-12357	898	3	has	have	VERB
taxlaw-12357	898	4	advantages	advantage	NOUN
taxlaw-12357	898	5	and	and	CCONJ
taxlaw-12357	898	6	disadvantages	disadvantage	NOUN
taxlaw-12357	898	7	.	.	PUNCT
taxlaw-12357	899	1	a.	a.	NOUN
taxlaw-12357	899	2	safe	safe	ADJ
taxlaw-12357	899	3	harbors	harbor	NOUN
taxlaw-12357	899	4	:	:	PUNCT
taxlaw-12357	899	5	more	more	ADV
taxlaw-12357	899	6	lenient	lenient	ADJ
taxlaw-12357	899	7	over	over	ADP
taxlaw-12357	899	8	time	time	NOUN
taxlaw-12357	899	9	a	a	DET
taxlaw-12357	899	10	virtue	virtue	NOUN
taxlaw-12357	899	11	in	in	ADP
taxlaw-12357	899	12	starting	start	VERB
taxlaw-12357	899	13	tough	tough	ADJ
taxlaw-12357	899	14	–	–	PUNCT
taxlaw-12357	899	15	that	that	ADV
taxlaw-12357	899	16	is	is	ADV
taxlaw-12357	899	17	,	,	PUNCT
taxlaw-12357	899	18	beginning	begin	VERB
taxlaw-12357	899	19	with	with	ADP
taxlaw-12357	899	20	narrow	narrow	ADJ
taxlaw-12357	899	21	preliminary	preliminary	ADJ
taxlaw-12357	899	22	filters	filter	NOUN
taxlaw-12357	899	23	and	and	CCONJ
taxlaw-12357	899	24	expanding	expand	VERB
taxlaw-12357	899	25	them	they	PRON
taxlaw-12357	899	26	over	over	ADP
taxlaw-12357	899	27	time	time	NOUN
taxlaw-12357	899	28	–	–	PUNCT
taxlaw-12357	899	29	is	be	AUX
taxlaw-12357	899	30	its	its	PRON
taxlaw-12357	899	31	information	information	NOUN
taxlaw-12357	899	32	-	-	PUNCT
taxlaw-12357	899	33	forcing	force	VERB
taxlaw-12357	899	34	effect	effect	NOUN
taxlaw-12357	899	35	.	.	PUNCT
taxlaw-12357	900	1	taxpayers	taxpayer	NOUN
taxlaw-12357	900	2	are	be	AUX
taxlaw-12357	900	3	more	more	ADV
taxlaw-12357	900	4	willing	willing	ADJ
taxlaw-12357	900	5	to	to	PART
taxlaw-12357	900	6	tell	tell	VERB
taxlaw-12357	900	7	the	the	DET
taxlaw-12357	900	8	government	government	NOUN
taxlaw-12357	900	9	about	about	ADP
taxlaw-12357	900	10	false	false	ADJ
taxlaw-12357	900	11	positives	positive	NOUN
taxlaw-12357	900	12	than	than	ADP
taxlaw-12357	900	13	false	false	ADJ
taxlaw-12357	900	14	negatives	negative	NOUN
taxlaw-12357	900	15	,	,	PUNCT
taxlaw-12357	900	16	as	as	SCONJ
taxlaw-12357	900	17	noted	note	VERB
taxlaw-12357	900	18	above	above	ADV
taxlaw-12357	900	19	.	.	PUNCT
taxlaw-12357	901	1	harnessing	harness	VERB
taxlaw-12357	901	2	this	this	DET
taxlaw-12357	901	3	impulse	impulse	ADJ
taxlaw-12357	901	4	,	,	PUNCT
taxlaw-12357	901	5	this	this	DET
taxlaw-12357	901	6	approach	approach	NOUN
taxlaw-12357	901	7	invites	invite	VERB
taxlaw-12357	901	8	them	they	PRON
taxlaw-12357	901	9	to	to	PART
taxlaw-12357	901	10	come	come	VERB
taxlaw-12357	901	11	forward	forward	ADV
taxlaw-12357	901	12	about	about	ADP
taxlaw-12357	901	13	“	"	PUNCT
taxlaw-12357	901	14	good	good	ADJ
taxlaw-12357	901	15	”	"	PUNCT
taxlaw-12357	901	16	transactions	transaction	NOUN
taxlaw-12357	901	17	that	that	PRON
taxlaw-12357	901	18	are	be	AUX
taxlaw-12357	901	19	n’t	not	PART
taxlaw-12357	901	20	(	(	PUNCT
taxlaw-12357	901	21	yet	yet	ADV
taxlaw-12357	901	22	)	)	PUNCT
taxlaw-12357	901	23	exempted	exempt	VERB
taxlaw-12357	901	24	.	.	PUNCT
taxlaw-12357	902	1	but	but	CCONJ
taxlaw-12357	902	2	this	this	DET
taxlaw-12357	902	3	approach	approach	NOUN
taxlaw-12357	902	4	has	have	VERB
taxlaw-12357	902	5	familiar	familiar	ADJ
taxlaw-12357	902	6	downsides	downside	NOUN
taxlaw-12357	902	7	as	as	ADV
taxlaw-12357	902	8	well	well	ADV
taxlaw-12357	902	9	.	.	PUNCT
taxlaw-12357	903	1	if	if	SCONJ
taxlaw-12357	903	2	preliminary	preliminary	ADJ
taxlaw-12357	903	3	filters	filter	NOUN
taxlaw-12357	903	4	do	do	AUX
taxlaw-12357	903	5	n’t	not	PART
taxlaw-12357	903	6	screen	screen	VERB
taxlaw-12357	903	7	out	out	ADP
taxlaw-12357	903	8	many	many	ADJ
taxlaw-12357	903	9	transactions	transaction	NOUN
taxlaw-12357	903	10	,	,	PUNCT
taxlaw-12357	903	11	the	the	DET
taxlaw-12357	903	12	more	more	ADV
taxlaw-12357	903	13	rigorous	rigorous	ADJ
taxlaw-12357	903	14	test	test	NOUN
taxlaw-12357	903	15	(	(	PUNCT
taxlaw-12357	903	16	the	the	DET
taxlaw-12357	903	17	third	third	ADJ
taxlaw-12357	903	18	step	step	NOUN
taxlaw-12357	903	19	in	in	ADP
taxlaw-12357	903	20	our	our	PRON
taxlaw-12357	903	21	three	three	NUM
taxlaw-12357	903	22	-	-	PUNCT
taxlaw-12357	903	23	step	step	NOUN
taxlaw-12357	903	24	analysis	analysis	NOUN
taxlaw-12357	903	25	)	)	PUNCT
taxlaw-12357	903	26	applies	apply	VERB
taxlaw-12357	903	27	more	more	ADV
taxlaw-12357	903	28	broadly	broadly	ADV
taxlaw-12357	903	29	,	,	PUNCT
taxlaw-12357	903	30	increasing	increase	VERB
taxlaw-12357	903	31	compliance	compliance	NOUN
taxlaw-12357	903	32	and	and	CCONJ
taxlaw-12357	903	33	enforcement	enforcement	NOUN
taxlaw-12357	903	34	costs	cost	NOUN
taxlaw-12357	903	35	.	.	PUNCT
taxlaw-12357	904	1	taxpayers	taxpayer	NOUN
taxlaw-12357	904	2	have	have	VERB
taxlaw-12357	904	3	to	to	PART
taxlaw-12357	904	4	invest	invest	VERB
taxlaw-12357	904	5	more	more	ADJ
taxlaw-12357	904	6	in	in	ADP
taxlaw-12357	904	7	this	this	DET
taxlaw-12357	904	8	rigorous	rigorous	ADJ
taxlaw-12357	904	9	screening	screening	NOUN
taxlaw-12357	904	10	,	,	PUNCT
taxlaw-12357	904	11	and	and	CCONJ
taxlaw-12357	904	12	the	the	DET
taxlaw-12357	904	13	government	government	NOUN
taxlaw-12357	904	14	has	have	VERB
taxlaw-12357	904	15	to	to	PART
taxlaw-12357	904	16	sift	sift	VERB
taxlaw-12357	904	17	through	through	ADP
taxlaw-12357	904	18	more	more	ADJ
taxlaw-12357	904	19	“	"	PUNCT
taxlaw-12357	904	20	good	good	ADJ
taxlaw-12357	904	21	”	"	PUNCT
taxlaw-12357	904	22	transactions	transaction	NOUN
taxlaw-12357	904	23	to	to	PART
taxlaw-12357	904	24	find	find	VERB
taxlaw-12357	904	25	“	"	PUNCT
taxlaw-12357	904	26	bad	bad	ADJ
taxlaw-12357	904	27	”	"	PUNCT
taxlaw-12357	904	28	ones	one	NOUN
taxlaw-12357	904	29	,	,	PUNCT
taxlaw-12357	904	30	which	which	PRON
taxlaw-12357	904	31	can	can	AUX
taxlaw-12357	904	32	be	be	AUX
taxlaw-12357	904	33	like	like	ADP
taxlaw-12357	904	34	searching	search	VERB
taxlaw-12357	904	35	for	for	ADP
taxlaw-12357	904	36	needles	needle	NOUN
taxlaw-12357	904	37	in	in	ADP
taxlaw-12357	904	38	a	a	DET
taxlaw-12357	904	39	haystack.86	haystack.86	NOUN
taxlaw-12357	904	40	over	over	ADP
taxlaw-12357	904	41	time	time	NOUN
taxlaw-12357	904	42	,	,	PUNCT
taxlaw-12357	904	43	the	the	DET
taxlaw-12357	904	44	government	government	NOUN
taxlaw-12357	904	45	can	can	AUX
taxlaw-12357	904	46	reduce	reduce	VERB
taxlaw-12357	904	47	these	these	DET
taxlaw-12357	904	48	costs	cost	NOUN
taxlaw-12357	904	49	by	by	ADP
taxlaw-12357	904	50	gradually	gradually	ADV
taxlaw-12357	904	51	broadening	broaden	VERB
taxlaw-12357	904	52	the	the	DET
taxlaw-12357	904	53	safe	safe	ADJ
taxlaw-12357	904	54	harbors	harbor	NOUN
taxlaw-12357	904	55	,	,	PUNCT
taxlaw-12357	904	56	but	but	CCONJ
taxlaw-12357	904	57	this	this	DET
taxlaw-12357	904	58	process	process	NOUN
taxlaw-12357	904	59	can	can	AUX
taxlaw-12357	904	60	take	take	VERB
taxlaw-12357	904	61	a	a	DET
taxlaw-12357	904	62	long	long	ADJ
taxlaw-12357	904	63	time	time	NOUN
taxlaw-12357	904	64	.	.	PUNCT
taxlaw-12357	905	1	b.	b.	PROPN
taxlaw-12357	905	2	listed	list	VERB
taxlaw-12357	905	3	transactions	transaction	NOUN
taxlaw-12357	905	4	:	:	PUNCT
taxlaw-12357	905	5	tougher	tough	ADJ
taxlaw-12357	905	6	over	over	ADP
taxlaw-12357	905	7	time	time	NOUN
taxlaw-12357	905	8	alternatively	alternatively	ADV
taxlaw-12357	905	9	,	,	PUNCT
taxlaw-12357	905	10	starting	start	VERB
taxlaw-12357	905	11	off	off	ADP
taxlaw-12357	905	12	easy	easy	ADV
taxlaw-12357	905	13	and	and	CCONJ
taxlaw-12357	905	14	getting	get	VERB
taxlaw-12357	905	15	tougher	tough	ADJ
taxlaw-12357	905	16	offers	offer	VERB
taxlaw-12357	905	17	the	the	DET
taxlaw-12357	905	18	mirror	mirror	NOUN
taxlaw-12357	905	19	image	image	NOUN
taxlaw-12357	905	20	of	of	ADP
taxlaw-12357	905	21	these	these	DET
taxlaw-12357	905	22	costs	cost	NOUN
taxlaw-12357	905	23	and	and	CCONJ
taxlaw-12357	905	24	benefits	benefit	NOUN
taxlaw-12357	905	25	.	.	PUNCT
taxlaw-12357	906	1	the	the	DET
taxlaw-12357	906	2	government	government	NOUN
taxlaw-12357	906	3	has	have	VERB
taxlaw-12357	906	4	to	to	PART
taxlaw-12357	906	5	work	work	VERB
taxlaw-12357	906	6	harder	hard	ADV
taxlaw-12357	906	7	to	to	PART
taxlaw-12357	906	8	find	find	VERB
taxlaw-12357	906	9	the	the	DET
taxlaw-12357	906	10	false	false	ADJ
taxlaw-12357	906	11	negatives	negative	NOUN
taxlaw-12357	906	12	–	–	PUNCT
taxlaw-12357	906	13	that	that	ADV
taxlaw-12357	906	14	is	is	ADV
taxlaw-12357	906	15	,	,	PUNCT
taxlaw-12357	906	16	to	to	PART
taxlaw-12357	906	17	identify	identify	VERB
taxlaw-12357	906	18	“	"	PUNCT
taxlaw-12357	906	19	bad	bad	ADJ
taxlaw-12357	906	20	”	"	PUNCT
taxlaw-12357	906	21	transactions	transaction	NOUN
taxlaw-12357	906	22	that	that	PRON
taxlaw-12357	906	23	are	be	AUX
taxlaw-12357	906	24	wrongly	wrongly	ADV
taxlaw-12357	906	25	filtered	filter	VERB
taxlaw-12357	906	26	out	out	ADP
taxlaw-12357	906	27	at	at	ADP
taxlaw-12357	906	28	the	the	DET
taxlaw-12357	906	29	preliminary	preliminary	ADJ
taxlaw-12357	906	30	stage	stage	NOUN
taxlaw-12357	906	31	.	.	PUNCT
taxlaw-12357	907	1	policymakers	policymaker	NOUN
taxlaw-12357	907	2	can	can	AUX
taxlaw-12357	907	3	try	try	VERB
taxlaw-12357	907	4	to	to	PART
taxlaw-12357	907	5	add	add	VERB
taxlaw-12357	907	6	these	these	DET
taxlaw-12357	907	7	transactions	transaction	NOUN
taxlaw-12357	907	8	over	over	ADP
taxlaw-12357	907	9	time	time	NOUN
taxlaw-12357	907	10	,	,	PUNCT
taxlaw-12357	907	11	but	but	CCONJ
taxlaw-12357	907	12	they	they	PRON
taxlaw-12357	907	13	are	be	AUX
taxlaw-12357	907	14	likely	likely	ADJ
taxlaw-12357	907	15	to	to	PART
taxlaw-12357	907	16	be	be	AUX
taxlaw-12357	907	17	a	a	DET
taxlaw-12357	907	18	step	step	NOUN
taxlaw-12357	907	19	behind.87	behind.87	VERB
taxlaw-12357	907	20	this	this	PRON
taxlaw-12357	907	21	means	mean	VERB
taxlaw-12357	907	22	policymakers	policymaker	NOUN
taxlaw-12357	907	23	have	have	VERB
taxlaw-12357	907	24	to	to	PART
taxlaw-12357	907	25	pick	pick	VERB
taxlaw-12357	907	26	their	their	PRON
taxlaw-12357	907	27	poison	poison	NOUN
taxlaw-12357	907	28	.	.	PUNCT
taxlaw-12357	908	1	at	at	ADP
taxlaw-12357	908	2	the	the	DET
taxlaw-12357	908	3	preliminary	preliminary	ADJ
taxlaw-12357	908	4	filter	filter	NOUN
taxlaw-12357	908	5	stage	stage	NOUN
taxlaw-12357	908	6	,	,	PUNCT
taxlaw-12357	908	7	do	do	AUX
taxlaw-12357	908	8	they	they	PRON
taxlaw-12357	908	9	prefer	prefer	VERB
taxlaw-12357	908	10	too	too	ADV
taxlaw-12357	908	11	many	many	ADJ
taxlaw-12357	908	12	false	false	ADJ
taxlaw-12357	908	13	positives	positive	NOUN
taxlaw-12357	908	14	or	or	CCONJ
taxlaw-12357	908	15	too	too	ADV
taxlaw-12357	908	16	many	many	ADJ
taxlaw-12357	908	17	false	false	ADJ
taxlaw-12357	908	18	negatives	negative	NOUN
taxlaw-12357	908	19	?	?	PUNCT
taxlaw-12357	909	1	like	like	ADP
taxlaw-12357	909	2	other	other	ADJ
taxlaw-12357	909	3	aspects	aspect	NOUN
taxlaw-12357	909	4	of	of	ADP
taxlaw-12357	909	5	this	this	DET
taxlaw-12357	909	6	analysis	analysis	NOUN
taxlaw-12357	909	7	,	,	PUNCT
taxlaw-12357	909	8	the	the	DET
taxlaw-12357	909	9	answer	answer	NOUN
taxlaw-12357	909	10	turns	turn	VERB
taxlaw-12357	909	11	in	in	ADP
taxlaw-12357	909	12	part	part	NOUN
taxlaw-12357	909	13	on	on	ADP
taxlaw-12357	909	14	the	the	DET
taxlaw-12357	909	15	normative	normative	ADJ
taxlaw-12357	909	16	presumption	presumption	NOUN
taxlaw-12357	909	17	.	.	PUNCT
taxlaw-12357	910	1	vi	vi	X
taxlaw-12357	910	2	.	.	NOUN
taxlaw-12357	910	3	step	step	NOUN
taxlaw-12357	910	4	3	3	NUM
taxlaw-12357	910	5	:	:	PUNCT
taxlaw-12357	910	6	the	the	DET
taxlaw-12357	910	7	analytical	analytical	ADJ
taxlaw-12357	910	8	stage	stage	NOUN
taxlaw-12357	910	9	the	the	DET
taxlaw-12357	910	10	last	last	ADJ
taxlaw-12357	910	11	two	two	NUM
taxlaw-12357	910	12	parts	part	NOUN
taxlaw-12357	910	13	have	have	AUX
taxlaw-12357	910	14	proposed	propose	VERB
taxlaw-12357	910	15	two	two	NUM
taxlaw-12357	910	16	steps	step	NOUN
taxlaw-12357	910	17	to	to	PART
taxlaw-12357	910	18	craft	craft	VERB
taxlaw-12357	910	19	transaction	transaction	NOUN
taxlaw-12357	910	20	-	-	PUNCT
taxlaw-12357	910	21	specific	specific	ADJ
taxlaw-12357	910	22	reforms	reform	NOUN
taxlaw-12357	910	23	like	like	ADP
taxlaw-12357	910	24	section	section	NOUN
taxlaw-12357	910	25	1260	1260	NUM
taxlaw-12357	910	26	.	.	PUNCT
taxlaw-12357	911	1	first	first	ADV
taxlaw-12357	911	2	,	,	PUNCT
taxlaw-12357	911	3	when	when	SCONJ
taxlaw-12357	911	4	policymakers	policymaker	NOUN
taxlaw-12357	911	5	learn	learn	VERB
taxlaw-12357	911	6	of	of	ADP
taxlaw-12357	911	7	a	a	DET
taxlaw-12357	911	8	new	new	ADJ
taxlaw-12357	911	9	tax	tax	NOUN
taxlaw-12357	911	10	planning	planning	NOUN
taxlaw-12357	911	11	strategy	strategy	NOUN
taxlaw-12357	911	12	,	,	PUNCT
taxlaw-12357	911	13	they	they	PRON
taxlaw-12357	911	14	should	should	AUX
taxlaw-12357	911	15	consider	consider	VERB
taxlaw-12357	911	16	how	how	SCONJ
taxlaw-12357	911	17	problematic	problematic	ADJ
taxlaw-12357	911	18	it	it	PRON
taxlaw-12357	911	19	is	be	AUX
taxlaw-12357	911	20	,	,	PUNCT
taxlaw-12357	911	21	as	as	ADV
taxlaw-12357	911	22	well	well	ADV
taxlaw-12357	911	23	as	as	ADP
taxlaw-12357	911	24	the	the	DET
taxlaw-12357	911	25	collateral	collateral	ADJ
taxlaw-12357	911	26	effects	effect	NOUN
taxlaw-12357	911	27	from	from	ADP
taxlaw-12357	911	28	targeting	target	VERB
taxlaw-12357	911	29	it	it	PRON
taxlaw-12357	911	30	.	.	PUNCT
taxlaw-12357	912	1	second	second	ADJ
taxlaw-12357	912	2	,	,	PUNCT
taxlaw-12357	912	3	to	to	PART
taxlaw-12357	912	4	distinguish	distinguish	VERB
taxlaw-12357	912	5	this	this	DET
taxlaw-12357	912	6	planning	planning	NOUN
taxlaw-12357	912	7	strategy	strategy	NOUN
taxlaw-12357	912	8	from	from	ADP
taxlaw-12357	912	9	“	"	PUNCT
taxlaw-12357	912	10	good	good	ADJ
taxlaw-12357	912	11	”	"	PUNCT
taxlaw-12357	912	12	transactions	transaction	NOUN
taxlaw-12357	912	13	that	that	PRON
taxlaw-12357	912	14	should	should	AUX
taxlaw-12357	912	15	not	not	PART
taxlaw-12357	912	16	be	be	AUX
taxlaw-12357	912	17	targeted	target	VERB
taxlaw-12357	912	18	,	,	PUNCT
taxlaw-12357	912	19	policymakers	policymaker	NOUN
taxlaw-12357	912	20	should	should	AUX
taxlaw-12357	912	21	start	start	VERB
taxlaw-12357	912	22	with	with	ADP
taxlaw-12357	912	23	preliminary	preliminary	ADJ
taxlaw-12357	912	24	filters	filter	NOUN
taxlaw-12357	912	25	.	.	PUNCT
taxlaw-12357	913	1	these	these	DET
taxlaw-12357	913	2	“	"	PUNCT
taxlaw-12357	913	3	quick	quick	ADJ
taxlaw-12357	913	4	and	and	CCONJ
taxlaw-12357	913	5	dirty	dirty	ADJ
taxlaw-12357	913	6	”	"	PUNCT
taxlaw-12357	913	7	tests	test	NOUN
taxlaw-12357	913	8	should	should	AUX
taxlaw-12357	913	9	exempt	exempt	VERB
taxlaw-12357	913	10	a	a	DET
taxlaw-12357	913	11	large	large	ADJ
taxlaw-12357	913	12	volume	volume	NOUN
taxlaw-12357	913	13	of	of	ADP
taxlaw-12357	913	14	transactions	transaction	NOUN
taxlaw-12357	913	15	,	,	PUNCT
taxlaw-12357	913	16	narrowing	narrow	VERB
taxlaw-12357	913	17	the	the	DET
taxlaw-12357	913	18	pool	pool	NOUN
taxlaw-12357	913	19	that	that	PRON
taxlaw-12357	913	20	requires	require	VERB
taxlaw-12357	913	21	more	more	ADV
taxlaw-12357	913	22	rigorous	rigorous	ADJ
taxlaw-12357	913	23	(	(	PUNCT
taxlaw-12357	913	24	and	and	CCONJ
taxlaw-12357	913	25	costly	costly	ADJ
taxlaw-12357	913	26	)	)	PUNCT
taxlaw-12357	913	27	vetting	vetting	NOUN
taxlaw-12357	913	28	.	.	PUNCT
taxlaw-12357	914	1	this	this	PRON
taxlaw-12357	914	2	brings	bring	VERB
taxlaw-12357	914	3	us	we	PRON
taxlaw-12357	914	4	to	to	ADP
taxlaw-12357	914	5	the	the	DET
taxlaw-12357	914	6	third	third	ADJ
taxlaw-12357	914	7	step	step	NOUN
taxlaw-12357	914	8	in	in	ADP
taxlaw-12357	914	9	our	our	PRON
taxlaw-12357	914	10	methodology	methodology	NOUN
taxlaw-12357	914	11	.	.	PUNCT
taxlaw-12357	915	1	this	this	DET
taxlaw-12357	915	2	“	"	PUNCT
taxlaw-12357	915	3	analytical	analytical	ADJ
taxlaw-12357	915	4	stage	stage	NOUN
taxlaw-12357	915	5	”	"	PUNCT
taxlaw-12357	915	6	should	should	AUX
taxlaw-12357	915	7	use	use	VERB
taxlaw-12357	915	8	sophisticated	sophisticated	ADJ
taxlaw-12357	915	9	tools	tool	NOUN
taxlaw-12357	915	10	to	to	PART
taxlaw-12357	915	11	determine	determine	VERB
taxlaw-12357	915	12	whether	whether	SCONJ
taxlaw-12357	915	13	a	a	DET
taxlaw-12357	915	14	transaction	transaction	NOUN
taxlaw-12357	915	15	is	be	AUX
taxlaw-12357	915	16	covered	cover	VERB
taxlaw-12357	915	17	.	.	PUNCT
taxlaw-12357	916	1	as	as	ADP
taxlaw-12357	916	2	a	a	DET
taxlaw-12357	916	3	86	86	NUM
taxlaw-12357	916	4	this	this	DET
taxlaw-12357	916	5	problem	problem	NOUN
taxlaw-12357	916	6	has	have	AUX
taxlaw-12357	916	7	arisen	arise	VERB
taxlaw-12357	916	8	,	,	PUNCT
taxlaw-12357	916	9	for	for	ADP
taxlaw-12357	916	10	instance	instance	NOUN
taxlaw-12357	916	11	,	,	PUNCT
taxlaw-12357	916	12	with	with	ADP
taxlaw-12357	916	13	the	the	DET
taxlaw-12357	916	14	rules	rule	NOUN
taxlaw-12357	916	15	for	for	ADP
taxlaw-12357	916	16	so	so	ADV
taxlaw-12357	916	17	-	-	PUNCT
taxlaw-12357	916	18	called	call	VERB
taxlaw-12357	916	19	“	"	PUNCT
taxlaw-12357	916	20	listed	list	VERB
taxlaw-12357	916	21	”	"	PUNCT
taxlaw-12357	916	22	transactions	transaction	NOUN
taxlaw-12357	916	23	–	–	PUNCT
taxlaw-12357	916	24	an	an	DET
taxlaw-12357	916	25	effort	effort	NOUN
taxlaw-12357	916	26	to	to	PART
taxlaw-12357	916	27	identify	identify	VERB
taxlaw-12357	916	28	potential	potential	ADJ
taxlaw-12357	916	29	tax	tax	NOUN
taxlaw-12357	916	30	shelters	shelter	NOUN
taxlaw-12357	916	31	.	.	PUNCT
taxlaw-12357	917	1	87	87	NUM
taxlaw-12357	917	2	for	for	ADP
taxlaw-12357	917	3	example	example	NOUN
taxlaw-12357	917	4	,	,	PUNCT
taxlaw-12357	917	5	the	the	DET
taxlaw-12357	917	6	government	government	NOUN
taxlaw-12357	917	7	has	have	AUX
taxlaw-12357	917	8	taken	take	VERB
taxlaw-12357	917	9	a	a	DET
taxlaw-12357	917	10	long	long	ADJ
taxlaw-12357	917	11	time	time	NOUN
taxlaw-12357	917	12	to	to	PART
taxlaw-12357	917	13	focus	focus	VERB
taxlaw-12357	917	14	on	on	ADP
taxlaw-12357	917	15	potential	potential	ADJ
taxlaw-12357	917	16	abuses	abuse	NOUN
taxlaw-12357	917	17	of	of	ADP
taxlaw-12357	917	18	section	section	NOUN
taxlaw-12357	917	19	1260	1260	NUM
taxlaw-12357	917	20	.	.	PUNCT
taxlaw-12357	918	1	although	although	SCONJ
taxlaw-12357	918	2	the	the	DET
taxlaw-12357	918	3	statute	statute	NOUN
taxlaw-12357	918	4	was	be	AUX
taxlaw-12357	918	5	enacted	enact	VERB
taxlaw-12357	918	6	in	in	ADP
taxlaw-12357	918	7	1999	1999	NUM
taxlaw-12357	918	8	,	,	PUNCT
taxlaw-12357	918	9	some	some	DET
taxlaw-12357	918	10	versions	version	NOUN
taxlaw-12357	918	11	of	of	ADP
taxlaw-12357	918	12	these	these	DET
taxlaw-12357	918	13	transactions	transaction	NOUN
taxlaw-12357	918	14	were	be	AUX
taxlaw-12357	918	15	not	not	PART
taxlaw-12357	918	16	identified	identify	VERB
taxlaw-12357	918	17	as	as	ADP
taxlaw-12357	918	18	“	"	PUNCT
taxlaw-12357	918	19	of	of	ADP
taxlaw-12357	918	20	concern	concern	NOUN
taxlaw-12357	918	21	”	"	PUNCT
taxlaw-12357	918	22	for	for	ADP
taxlaw-12357	918	23	sixteen	sixteen	NUM
taxlaw-12357	918	24	years	year	NOUN
taxlaw-12357	918	25	.	.	PUNCT
taxlaw-12357	919	1	see	see	VERB
taxlaw-12357	919	2	,	,	PUNCT
taxlaw-12357	919	3	e.g.	e.g.	ADV
taxlaw-12357	919	4	,	,	PUNCT
taxlaw-12357	919	5	i.r.s	i.r.s	PROPN
taxlaw-12357	919	6	.	.	PUNCT
taxlaw-12357	920	1	notice	notice	VERB
taxlaw-12357	920	2	2015	2015	NUM
taxlaw-12357	920	3	-	-	SYM
taxlaw-12357	920	4	47	47	NUM
taxlaw-12357	920	5	,	,	PUNCT
taxlaw-12357	920	6	2015	2015	NUM
taxlaw-12357	920	7	-	-	SYM
taxlaw-12357	920	8	30	30	NUM
taxlaw-12357	920	9	i.r.b	i.r.b	NOUN
taxlaw-12357	920	10	.	.	PUNCT
taxlaw-12357	921	1	76	76	NUM
taxlaw-12357	921	2	;	;	PUNCT
taxlaw-12357	922	1	i.r.s	i.r.s	PROPN
taxlaw-12357	922	2	.	.	PUNCT
taxlaw-12357	923	1	notice	notice	VERB
taxlaw-12357	923	2	2015	2015	NUM
taxlaw-12357	923	3	-	-	SYM
taxlaw-12357	923	4	48	48	NUM
taxlaw-12357	923	5	,	,	PUNCT
taxlaw-12357	923	6	2015	2015	NUM
taxlaw-12357	923	7	-	-	SYM
taxlaw-12357	923	8	30	30	NUM
taxlaw-12357	923	9	i.r.b	i.r.b	NOUN
taxlaw-12357	923	10	.	.	PUNCT
taxlaw-12357	924	1	77	77	NUM
taxlaw-12357	924	2	;	;	PUNCT
taxlaw-12357	925	1	i.r.s	i.r.s	PROPN
taxlaw-12357	925	2	.	.	PUNCT
taxlaw-12357	926	1	notice	notice	VERB
taxlaw-12357	926	2	2015	2015	NUM
taxlaw-12357	926	3	-	-	SYM
taxlaw-12357	926	4	73	73	NUM
taxlaw-12357	926	5	,	,	PUNCT
taxlaw-12357	926	6	2015	2015	NUM
taxlaw-12357	926	7	-	-	SYM
taxlaw-12357	926	8	46	46	NUM
taxlaw-12357	926	9	i.r.b	i.r.b	NOUN
taxlaw-12357	926	10	.	.	PUNCT
taxlaw-12357	927	1	660	660	NUM
taxlaw-12357	927	2	;	;	PUNCT
taxlaw-12357	927	3	i.r.s	i.r.s	PROPN
taxlaw-12357	927	4	.	.	PUNCT
taxlaw-12357	928	1	notice	notice	VERB
taxlaw-12357	928	2	2015	2015	NUM
taxlaw-12357	928	3	-	-	SYM
taxlaw-12357	928	4	74	74	NUM
taxlaw-12357	928	5	,	,	PUNCT
taxlaw-12357	928	6	2015	2015	NUM
taxlaw-12357	928	7	-	-	SYM
taxlaw-12357	928	8	46	46	NUM
taxlaw-12357	928	9	i.r.b	i.r.b	NOUN
taxlaw-12357	928	10	.	.	PUNCT
taxlaw-12357	929	1	663	663	NUM
taxlaw-12357	929	2	.	.	PUNCT
taxlaw-12357	930	1	it	it	PRON
taxlaw-12357	930	2	probably	probably	ADV
taxlaw-12357	930	3	is	be	AUX
taxlaw-12357	930	4	no	no	DET
taxlaw-12357	930	5	accident	accident	NOUN
taxlaw-12357	930	6	that	that	SCONJ
taxlaw-12357	930	7	these	these	DET
taxlaw-12357	930	8	notices	notice	NOUN
taxlaw-12357	930	9	followed	follow	VERB
taxlaw-12357	930	10	a	a	DET
taxlaw-12357	930	11	congressional	congressional	ADJ
taxlaw-12357	930	12	study	study	NOUN
taxlaw-12357	930	13	of	of	ADP
taxlaw-12357	930	14	the	the	DET
taxlaw-12357	930	15	issue	issue	NOUN
taxlaw-12357	930	16	.	.	PUNCT
taxlaw-12357	931	1	2024	2024	NUM
taxlaw-12357	931	2	]	]	PUNCT
taxlaw-12357	931	3	transaction	transaction	NOUN
taxlaw-12357	931	4	-	-	PUNCT
taxlaw-12357	931	5	specific	specific	ADJ
taxlaw-12357	931	6	tax	tax	NOUN
taxlaw-12357	931	7	reform	reform	NOUN
taxlaw-12357	931	8	in	in	ADP
taxlaw-12357	931	9	three	three	NUM
taxlaw-12357	931	10	steps	step	NOUN
taxlaw-12357	931	11	33	33	NUM
taxlaw-12357	931	12	case	case	NOUN
taxlaw-12357	931	13	study	study	NOUN
taxlaw-12357	931	14	,	,	PUNCT
taxlaw-12357	931	15	we	we	PRON
taxlaw-12357	931	16	propose	propose	VERB
taxlaw-12357	931	17	a	a	DET
taxlaw-12357	931	18	new	new	ADJ
taxlaw-12357	931	19	test	test	NOUN
taxlaw-12357	931	20	for	for	ADP
taxlaw-12357	931	21	section	section	NOUN
taxlaw-12357	931	22	1260	1260	NUM
taxlaw-12357	931	23	.	.	PUNCT
taxlaw-12357	932	1	we	we	PRON
taxlaw-12357	932	2	show	show	VERB
taxlaw-12357	932	3	why	why	SCONJ
taxlaw-12357	932	4	our	our	PRON
taxlaw-12357	932	5	test	test	NOUN
taxlaw-12357	932	6	is	be	AUX
taxlaw-12357	932	7	better	well	ADJ
taxlaw-12357	932	8	than	than	ADP
taxlaw-12357	932	9	alternatives	alternative	NOUN
taxlaw-12357	932	10	others	other	NOUN
taxlaw-12357	932	11	have	have	AUX
taxlaw-12357	932	12	suggested	suggest	VERB
taxlaw-12357	932	13	,	,	PUNCT
taxlaw-12357	932	14	highlight	highlight	VERB
taxlaw-12357	932	15	challenges	challenge	NOUN
taxlaw-12357	932	16	in	in	ADP
taxlaw-12357	932	17	applying	apply	VERB
taxlaw-12357	932	18	it	it	PRON
taxlaw-12357	932	19	,	,	PUNCT
taxlaw-12357	932	20	and	and	CCONJ
taxlaw-12357	932	21	show	show	VERB
taxlaw-12357	932	22	how	how	SCONJ
taxlaw-12357	932	23	it	it	PRON
taxlaw-12357	932	24	would	would	AUX
taxlaw-12357	932	25	apply	apply	VERB
taxlaw-12357	932	26	in	in	ADP
taxlaw-12357	932	27	pending	pende	VERB
taxlaw-12357	932	28	litigation	litigation	NOUN
taxlaw-12357	932	29	.	.	PUNCT
taxlaw-12357	933	1	a.	a.	NOUN
taxlaw-12357	933	2	more	more	ADV
taxlaw-12357	933	3	analytically	analytically	ADV
taxlaw-12357	933	4	rigorous	rigorous	ADJ
taxlaw-12357	933	5	comparisons	comparison	NOUN
taxlaw-12357	933	6	:	:	PUNCT
taxlaw-12357	933	7	our	our	PRON
taxlaw-12357	933	8	difference	difference	NOUN
taxlaw-12357	933	9	-	-	PUNCT
taxlaw-12357	933	10	value	value	NOUN
taxlaw-12357	933	11	test	test	NOUN
taxlaw-12357	933	12	once	once	SCONJ
taxlaw-12357	933	13	our	our	PRON
taxlaw-12357	933	14	first	first	ADJ
taxlaw-12357	933	15	two	two	NUM
taxlaw-12357	933	16	steps	step	NOUN
taxlaw-12357	933	17	have	have	AUX
taxlaw-12357	933	18	identified	identify	VERB
taxlaw-12357	933	19	the	the	DET
taxlaw-12357	933	20	actual	actual	ADJ
taxlaw-12357	933	21	and	and	CCONJ
taxlaw-12357	933	22	alternative	alternative	ADJ
taxlaw-12357	933	23	transactions,88	transactions,88	NOUN
taxlaw-12357	933	24	the	the	DET
taxlaw-12357	933	25	fundamental	fundamental	ADJ
taxlaw-12357	933	26	question	question	NOUN
taxlaw-12357	933	27	in	in	ADP
taxlaw-12357	933	28	section	section	NOUN
taxlaw-12357	933	29	1260	1260	NUM
taxlaw-12357	933	30	(	(	PUNCT
taxlaw-12357	933	31	and	and	CCONJ
taxlaw-12357	933	32	,	,	PUNCT
taxlaw-12357	933	33	indeed	indeed	ADV
taxlaw-12357	933	34	,	,	PUNCT
taxlaw-12357	933	35	in	in	ADP
taxlaw-12357	933	36	many	many	ADJ
taxlaw-12357	933	37	other	other	ADJ
taxlaw-12357	933	38	transaction	transaction	NOUN
taxlaw-12357	933	39	-	-	PUNCT
taxlaw-12357	933	40	specific	specific	ADJ
taxlaw-12357	933	41	reforms	reform	NOUN
taxlaw-12357	933	42	)	)	PUNCT
taxlaw-12357	933	43	is	be	AUX
taxlaw-12357	933	44	whether	whether	SCONJ
taxlaw-12357	933	45	they	they	PRON
taxlaw-12357	933	46	are	be	AUX
taxlaw-12357	933	47	similar	similar	ADJ
taxlaw-12357	933	48	enough	enough	ADV
taxlaw-12357	933	49	.	.	PUNCT
taxlaw-12357	934	1	if	if	SCONJ
taxlaw-12357	934	2	they	they	PRON
taxlaw-12357	934	3	are	be	AUX
taxlaw-12357	934	4	,	,	PUNCT
taxlaw-12357	934	5	taxpayers	taxpayer	NOUN
taxlaw-12357	934	6	essentially	essentially	ADV
taxlaw-12357	934	7	are	be	AUX
taxlaw-12357	934	8	treated	treat	VERB
taxlaw-12357	934	9	as	as	SCONJ
taxlaw-12357	934	10	if	if	SCONJ
taxlaw-12357	934	11	they	they	PRON
taxlaw-12357	934	12	engaged	engage	VERB
taxlaw-12357	934	13	in	in	ADP
taxlaw-12357	934	14	the	the	DET
taxlaw-12357	934	15	alternative	alternative	ADJ
taxlaw-12357	934	16	transaction	transaction	NOUN
taxlaw-12357	934	17	instead	instead	ADV
taxlaw-12357	934	18	(	(	PUNCT
taxlaw-12357	934	19	i.e.	i.e.	X
taxlaw-12357	934	20	,	,	PUNCT
taxlaw-12357	934	21	investing	invest	VERB
taxlaw-12357	934	22	in	in	ADP
taxlaw-12357	934	23	the	the	DET
taxlaw-12357	934	24	underlying	underlying	ADJ
taxlaw-12357	934	25	fund	fund	NOUN
taxlaw-12357	934	26	)	)	PUNCT
taxlaw-12357	934	27	.	.	PUNCT
taxlaw-12357	935	1	this	this	DET
taxlaw-12357	935	2	section	section	NOUN
taxlaw-12357	935	3	proposes	propose	VERB
taxlaw-12357	935	4	a	a	DET
taxlaw-12357	935	5	novel	novel	ADJ
taxlaw-12357	935	6	way	way	NOUN
taxlaw-12357	935	7	to	to	PART
taxlaw-12357	935	8	compare	compare	VERB
taxlaw-12357	935	9	these	these	DET
taxlaw-12357	935	10	two	two	NUM
taxlaw-12357	935	11	transactions	transaction	NOUN
taxlaw-12357	935	12	,	,	PUNCT
taxlaw-12357	935	13	which	which	PRON
taxlaw-12357	935	14	has	have	VERB
taxlaw-12357	935	15	key	key	ADJ
taxlaw-12357	935	16	advantages	advantage	NOUN
taxlaw-12357	935	17	over	over	ADP
taxlaw-12357	935	18	other	other	ADJ
taxlaw-12357	935	19	methodologies	methodology	NOUN
taxlaw-12357	935	20	.	.	PUNCT
taxlaw-12357	936	1	we	we	PRON
taxlaw-12357	936	2	frequently	frequently	ADV
taxlaw-12357	936	3	refer	refer	VERB
taxlaw-12357	936	4	to	to	ADP
taxlaw-12357	936	5	the	the	DET
taxlaw-12357	936	6	actual	actual	ADJ
taxlaw-12357	936	7	transaction	transaction	NOUN
taxlaw-12357	936	8	as	as	ADP
taxlaw-12357	936	9	the	the	DET
taxlaw-12357	936	10	“	"	PUNCT
taxlaw-12357	936	11	derivative	derivative	NOUN
taxlaw-12357	936	12	”	"	PUNCT
taxlaw-12357	936	13	and	and	CCONJ
taxlaw-12357	936	14	the	the	DET
taxlaw-12357	936	15	alternative	alternative	ADJ
taxlaw-12357	936	16	transaction	transaction	NOUN
taxlaw-12357	936	17	as	as	ADP
taxlaw-12357	936	18	the	the	DET
taxlaw-12357	936	19	“	"	PUNCT
taxlaw-12357	936	20	underlying	underlying	NOUN
taxlaw-12357	936	21	.	.	PUNCT
taxlaw-12357	936	22	”	"	PUNCT
taxlaw-12357	937	1	this	this	PRON
taxlaw-12357	937	2	reflects	reflect	VERB
taxlaw-12357	937	3	the	the	DET
taxlaw-12357	937	4	paradigmatic	paradigmatic	ADJ
taxlaw-12357	937	5	situation	situation	NOUN
taxlaw-12357	937	6	(	(	PUNCT
taxlaw-12357	937	7	like	like	INTJ
taxlaw-12357	937	8	in	in	ADP
taxlaw-12357	937	9	section	section	NOUN
taxlaw-12357	937	10	1260	1260	NUM
taxlaw-12357	937	11	)	)	PUNCT
taxlaw-12357	937	12	where	where	SCONJ
taxlaw-12357	937	13	the	the	DET
taxlaw-12357	937	14	actual	actual	ADJ
taxlaw-12357	937	15	transaction	transaction	NOUN
taxlaw-12357	937	16	is	be	AUX
taxlaw-12357	937	17	a	a	DET
taxlaw-12357	937	18	derivative	derivative	ADJ
taxlaw-12357	937	19	contract	contract	NOUN
taxlaw-12357	937	20	because	because	SCONJ
taxlaw-12357	937	21	taxpayers	taxpayer	NOUN
taxlaw-12357	937	22	are	be	AUX
taxlaw-12357	937	23	trying	try	VERB
taxlaw-12357	937	24	to	to	PART
taxlaw-12357	937	25	use	use	VERB
taxlaw-12357	937	26	derivatives	derivative	NOUN
taxlaw-12357	937	27	to	to	PART
taxlaw-12357	937	28	get	get	VERB
taxlaw-12357	937	29	better	well	ADJ
taxlaw-12357	937	30	tax	tax	NOUN
taxlaw-12357	937	31	treatment	treatment	NOUN
taxlaw-12357	937	32	.	.	PUNCT
taxlaw-12357	938	1	1	1	X
taxlaw-12357	938	2	.	.	X
taxlaw-12357	938	3	valuing	value	VERB
taxlaw-12357	938	4	differences	difference	NOUN
taxlaw-12357	938	5	in	in	ADP
taxlaw-12357	938	6	essence	essence	NOUN
taxlaw-12357	938	7	,	,	PUNCT
taxlaw-12357	938	8	our	our	PRON
taxlaw-12357	938	9	approach	approach	NOUN
taxlaw-12357	938	10	is	be	AUX
taxlaw-12357	938	11	to	to	PART
taxlaw-12357	938	12	identify	identify	VERB
taxlaw-12357	938	13	differences	difference	NOUN
taxlaw-12357	938	14	between	between	ADP
taxlaw-12357	938	15	the	the	DET
taxlaw-12357	938	16	derivative	derivative	NOUN
taxlaw-12357	938	17	and	and	CCONJ
taxlaw-12357	938	18	the	the	DET
taxlaw-12357	938	19	underlying	underlie	VERB
taxlaw-12357	938	20	,	,	PUNCT
taxlaw-12357	938	21	quantify	quantify	VERB
taxlaw-12357	938	22	the	the	DET
taxlaw-12357	938	23	economic	economic	ADJ
taxlaw-12357	938	24	value	value	NOUN
taxlaw-12357	938	25	of	of	ADP
taxlaw-12357	938	26	these	these	DET
taxlaw-12357	938	27	differences	difference	NOUN
taxlaw-12357	938	28	,	,	PUNCT
taxlaw-12357	938	29	and	and	CCONJ
taxlaw-12357	938	30	then	then	ADV
taxlaw-12357	938	31	compare	compare	VERB
taxlaw-12357	938	32	this	this	DET
taxlaw-12357	938	33	value	value	NOUN
taxlaw-12357	938	34	with	with	ADP
taxlaw-12357	938	35	the	the	DET
taxlaw-12357	938	36	overall	overall	ADJ
taxlaw-12357	938	37	value	value	NOUN
taxlaw-12357	938	38	of	of	ADP
taxlaw-12357	938	39	the	the	DET
taxlaw-12357	938	40	underlying	underlying	NOUN
taxlaw-12357	938	41	.	.	PUNCT
taxlaw-12357	939	1	if	if	SCONJ
taxlaw-12357	939	2	the	the	DET
taxlaw-12357	939	3	discrepancy	discrepancy	NOUN
taxlaw-12357	939	4	is	be	AUX
taxlaw-12357	939	5	modest	modest	ADJ
taxlaw-12357	939	6	,	,	PUNCT
taxlaw-12357	939	7	representing	represent	VERB
taxlaw-12357	939	8	only	only	ADV
taxlaw-12357	939	9	a	a	DET
taxlaw-12357	939	10	small	small	ADJ
taxlaw-12357	939	11	percentage	percentage	NOUN
taxlaw-12357	939	12	of	of	ADP
taxlaw-12357	939	13	the	the	DET
taxlaw-12357	939	14	total	total	ADJ
taxlaw-12357	939	15	value	value	NOUN
taxlaw-12357	939	16	of	of	ADP
taxlaw-12357	939	17	the	the	DET
taxlaw-12357	939	18	underlying	underlying	NOUN
taxlaw-12357	939	19	,	,	PUNCT
taxlaw-12357	939	20	we	we	PRON
taxlaw-12357	939	21	would	would	AUX
taxlaw-12357	939	22	tax	tax	VERB
taxlaw-12357	939	23	holders	holder	NOUN
taxlaw-12357	939	24	of	of	ADP
taxlaw-12357	939	25	the	the	DET
taxlaw-12357	939	26	derivative	derivative	NOUN
taxlaw-12357	939	27	as	as	SCONJ
taxlaw-12357	939	28	if	if	SCONJ
taxlaw-12357	939	29	they	they	PRON
taxlaw-12357	939	30	owned	own	VERB
taxlaw-12357	939	31	the	the	DET
taxlaw-12357	939	32	underlying	underlying	NOUN
taxlaw-12357	939	33	.	.	PUNCT
taxlaw-12357	940	1	in	in	ADP
taxlaw-12357	940	2	ways	way	NOUN
taxlaw-12357	940	3	,	,	PUNCT
taxlaw-12357	940	4	our	our	PRON
taxlaw-12357	940	5	difference	difference	NOUN
taxlaw-12357	940	6	methodology	methodology	NOUN
taxlaw-12357	940	7	resembles	resemble	VERB
taxlaw-12357	940	8	a	a	DET
taxlaw-12357	940	9	test	test	NOUN
taxlaw-12357	940	10	,	,	PUNCT
taxlaw-12357	940	11	“	"	PUNCT
taxlaw-12357	940	12	the	the	DET
taxlaw-12357	940	13	option	option	NOUN
taxlaw-12357	940	14	-	-	PUNCT
taxlaw-12357	940	15	pricing	pricing	NOUN
taxlaw-12357	940	16	methodology	methodology	NOUN
taxlaw-12357	940	17	,	,	PUNCT
taxlaw-12357	940	18	”	"	PUNCT
taxlaw-12357	940	19	which	which	PRON
taxlaw-12357	940	20	the	the	DET
taxlaw-12357	940	21	nysba	nysba	NOUN
taxlaw-12357	940	22	tax	tax	NOUN
taxlaw-12357	940	23	section	section	NOUN
taxlaw-12357	940	24	proposed	propose	VERB
taxlaw-12357	940	25	for	for	ADP
taxlaw-12357	940	26	a	a	DET
taxlaw-12357	940	27	different	different	ADJ
taxlaw-12357	940	28	rule	rule	NOUN
taxlaw-12357	940	29	:	:	PUNCT
taxlaw-12357	940	30	constructive	constructive	ADJ
taxlaw-12357	940	31	sales	sale	NOUN
taxlaw-12357	940	32	under	under	ADP
taxlaw-12357	940	33	section	section	NOUN
taxlaw-12357	940	34	1259.89	1259.89	NUM
taxlaw-12357	940	35	this	this	DET
taxlaw-12357	940	36	provision	provision	NOUN
taxlaw-12357	940	37	targets	target	NOUN
taxlaw-12357	940	38	planning	planning	NOUN
taxlaw-12357	940	39	strategies	strategy	NOUN
taxlaw-12357	940	40	that	that	PRON
taxlaw-12357	940	41	simulate	simulate	VERB
taxlaw-12357	940	42	a	a	DET
taxlaw-12357	940	43	sale	sale	NOUN
taxlaw-12357	940	44	of	of	ADP
taxlaw-12357	940	45	an	an	DET
taxlaw-12357	940	46	appreciated	appreciated	ADJ
taxlaw-12357	940	47	asset	asset	NOUN
taxlaw-12357	940	48	without	without	ADP
taxlaw-12357	940	49	triggering	trigger	VERB
taxlaw-12357	940	50	tax	tax	NOUN
taxlaw-12357	940	51	.	.	PUNCT
taxlaw-12357	941	1	the	the	DET
taxlaw-12357	941	2	key	key	ADJ
taxlaw-12357	941	3	question	question	NOUN
taxlaw-12357	941	4	is	be	AUX
taxlaw-12357	941	5	whether	whether	SCONJ
taxlaw-12357	941	6	taxpayers	taxpayer	NOUN
taxlaw-12357	941	7	have	have	AUX
taxlaw-12357	941	8	gotten	get	VERB
taxlaw-12357	941	9	rid	rid	VERB
taxlaw-12357	941	10	of	of	ADP
taxlaw-12357	941	11	too	too	ADV
taxlaw-12357	941	12	much	much	ADJ
taxlaw-12357	941	13	economic	economic	ADJ
taxlaw-12357	941	14	exposure	exposure	NOUN
taxlaw-12357	941	15	(	(	PUNCT
taxlaw-12357	941	16	e.g.	e.g.	ADV
taxlaw-12357	941	17	,	,	PUNCT
taxlaw-12357	941	18	to	to	ADP
taxlaw-12357	941	19	appreciated	appreciate	VERB
taxlaw-12357	941	20	stock	stock	NOUN
taxlaw-12357	941	21	)	)	PUNCT
taxlaw-12357	941	22	.	.	PUNCT
taxlaw-12357	942	1	in	in	ADP
taxlaw-12357	942	2	contrast	contrast	NOUN
taxlaw-12357	942	3	,	,	PUNCT
taxlaw-12357	942	4	section	section	NOUN
taxlaw-12357	942	5	1260	1260	NUM
taxlaw-12357	942	6	–	–	PUNCT
taxlaw-12357	942	7	which	which	PRON
taxlaw-12357	942	8	uses	use	VERB
taxlaw-12357	942	9	language	language	NOUN
taxlaw-12357	942	10	similar	similar	ADJ
taxlaw-12357	942	11	to	to	ADP
taxlaw-12357	942	12	section	section	NOUN
taxlaw-12357	942	13	1259	1259	NUM
taxlaw-12357	942	14	–	–	PUNCT
taxlaw-12357	942	15	asks	ask	VERB
taxlaw-12357	942	16	whether	whether	SCONJ
taxlaw-12357	942	17	taxpayers	taxpayer	NOUN
taxlaw-12357	942	18	have	have	AUX
taxlaw-12357	942	19	taken	take	VERB
taxlaw-12357	942	20	on	on	ADP
taxlaw-12357	942	21	too	too	ADV
taxlaw-12357	942	22	much	much	ADJ
taxlaw-12357	942	23	exposure	exposure	NOUN
taxlaw-12357	942	24	(	(	PUNCT
taxlaw-12357	942	25	e.g.	e.g.	ADV
taxlaw-12357	942	26	,	,	PUNCT
taxlaw-12357	942	27	to	to	ADP
taxlaw-12357	942	28	a	a	DET
taxlaw-12357	942	29	hedge	hedge	NOUN
taxlaw-12357	942	30	fund	fund	NOUN
taxlaw-12357	942	31	)	)	PUNCT
taxlaw-12357	942	32	.	.	PUNCT
taxlaw-12357	943	1	the	the	DET
taxlaw-12357	943	2	nysba	nysba	NOUN
taxlaw-12357	943	3	’s	’s	PART
taxlaw-12357	943	4	option	option	NOUN
taxlaw-12357	943	5	-	-	PUNCT
taxlaw-12357	943	6	pricing	pricing	NOUN
taxlaw-12357	943	7	test	test	NOUN
taxlaw-12357	943	8	focused	focus	VERB
taxlaw-12357	943	9	on	on	ADP
taxlaw-12357	943	10	fairly	fairly	ADV
taxlaw-12357	943	11	simple	simple	ADJ
taxlaw-12357	943	12	instruments	instrument	NOUN
taxlaw-12357	943	13	,	,	PUNCT
taxlaw-12357	943	14	which	which	PRON
taxlaw-12357	943	15	are	be	AUX
taxlaw-12357	943	16	based	base	VERB
taxlaw-12357	943	17	on	on	ADP
taxlaw-12357	943	18	publicly	publicly	ADV
taxlaw-12357	943	19	-	-	PUNCT
taxlaw-12357	943	20	traded	trade	VERB
taxlaw-12357	943	21	assets	asset	NOUN
taxlaw-12357	943	22	.	.	PUNCT
taxlaw-12357	944	1	in	in	ADP
taxlaw-12357	944	2	contrast	contrast	NOUN
taxlaw-12357	944	3	,	,	PUNCT
taxlaw-12357	944	4	our	our	PRON
taxlaw-12357	944	5	methodology	methodology	NOUN
taxlaw-12357	944	6	is	be	AUX
taxlaw-12357	944	7	more	more	ADV
taxlaw-12357	944	8	ambitious	ambitious	ADJ
taxlaw-12357	944	9	.	.	PUNCT
taxlaw-12357	945	1	it	it	PRON
taxlaw-12357	945	2	accommodates	accommodate	VERB
taxlaw-12357	945	3	more	more	ADJ
taxlaw-12357	945	4	complex	complex	ADJ
taxlaw-12357	945	5	instruments	instrument	NOUN
taxlaw-12357	945	6	,	,	PUNCT
taxlaw-12357	945	7	including	include	VERB
taxlaw-12357	945	8	ones	one	NOUN
taxlaw-12357	945	9	with	with	ADP
taxlaw-12357	945	10	pricebased	pricebased	ADJ
taxlaw-12357	945	11	contingencies	contingency	NOUN
taxlaw-12357	945	12	,	,	PUNCT
taxlaw-12357	945	13	and	and	CCONJ
taxlaw-12357	945	14	applies	apply	VERB
taxlaw-12357	945	15	more	more	ADV
taxlaw-12357	945	16	broadly	broadly	ADV
taxlaw-12357	945	17	(	(	PUNCT
taxlaw-12357	945	18	e.g.	e.g.	ADV
taxlaw-12357	945	19	,	,	PUNCT
taxlaw-12357	945	20	to	to	ADP
taxlaw-12357	945	21	derivatives	derivative	NOUN
taxlaw-12357	945	22	based	base	VERB
taxlaw-12357	945	23	on	on	ADP
taxlaw-12357	945	24	hedge	hedge	PROPN
taxlaw-12357	945	25	funds).90	funds).90	PROPN
taxlaw-12357	945	26	2	2	NUM
taxlaw-12357	945	27	.	.	NOUN
taxlaw-12357	945	28	illustrative	illustrative	ADJ
taxlaw-12357	945	29	example	example	NOUN
taxlaw-12357	945	30	to	to	PART
taxlaw-12357	945	31	illustrate	illustrate	VERB
taxlaw-12357	945	32	our	our	PRON
taxlaw-12357	945	33	difference	difference	NOUN
taxlaw-12357	945	34	methodology	methodology	NOUN
taxlaw-12357	945	35	,	,	PUNCT
taxlaw-12357	945	36	assume	assume	VERB
taxlaw-12357	945	37	that	that	SCONJ
taxlaw-12357	945	38	taxpayer	taxpayer	NOUN
taxlaw-12357	945	39	wishes	wish	VERB
taxlaw-12357	945	40	to	to	PART
taxlaw-12357	945	41	invest	invest	VERB
taxlaw-12357	945	42	in	in	ADP
taxlaw-12357	945	43	an	an	DET
taxlaw-12357	945	44	underlying	underlie	VERB
taxlaw-12357	945	45	asset	asset	NOUN
taxlaw-12357	945	46	such	such	ADJ
taxlaw-12357	945	47	as	as	ADP
taxlaw-12357	945	48	a	a	DET
taxlaw-12357	945	49	hedge	hedge	NOUN
taxlaw-12357	945	50	fund	fund	NOUN
taxlaw-12357	945	51	interest	interest	NOUN
taxlaw-12357	945	52	or	or	CCONJ
taxlaw-12357	945	53	common	common	ADJ
taxlaw-12357	945	54	stock	stock	NOUN
taxlaw-12357	945	55	(	(	PUNCT
taxlaw-12357	945	56	“	"	PUNCT
taxlaw-12357	945	57	underlying	underlie	VERB
taxlaw-12357	945	58	”	"	PUNCT
taxlaw-12357	945	59	)	)	PUNCT
taxlaw-12357	945	60	.	.	PUNCT
taxlaw-12357	946	1	but	but	CCONJ
taxlaw-12357	946	2	instead	instead	ADV
taxlaw-12357	946	3	,	,	PUNCT
taxlaw-12357	946	4	taxpayer	taxpayer	NOUN
taxlaw-12357	946	5	buys	buy	VERB
taxlaw-12357	946	6	an	an	DET
taxlaw-12357	946	7	option	option	NOUN
taxlaw-12357	946	8	to	to	PART
taxlaw-12357	946	9	purchase	purchase	VERB
taxlaw-12357	946	10	underlying	underlie	VERB
taxlaw-12357	946	11	at	at	ADP
taxlaw-12357	946	12	88	88	NUM
taxlaw-12357	946	13	this	this	DET
taxlaw-12357	946	14	terminology	terminology	NOUN
taxlaw-12357	946	15	is	be	AUX
taxlaw-12357	946	16	introduced	introduce	VERB
taxlaw-12357	946	17	in	in	ADP
taxlaw-12357	946	18	part	part	NOUN
taxlaw-12357	946	19	v.c	v.c	PROPN
taxlaw-12357	946	20	.	.	PROPN
taxlaw-12357	946	21	,	,	PUNCT
taxlaw-12357	946	22	supra	supra	PROPN
taxlaw-12357	946	23	.	.	PUNCT
taxlaw-12357	947	1	89	89	NUM
taxlaw-12357	947	2	see	see	VERB
taxlaw-12357	947	3	n.y	n.y	PROPN
taxlaw-12357	947	4	.	.	PROPN
taxlaw-12357	947	5	state	state	PROPN
taxlaw-12357	947	6	bar	bar	PROPN
taxlaw-12357	947	7	ass’n	ass’n	NOUN
taxlaw-12357	947	8	tax	tax	NOUN
taxlaw-12357	947	9	section	section	NOUN
taxlaw-12357	947	10	comm	comm	NOUN
taxlaw-12357	947	11	.	.	PUNCT
taxlaw-12357	948	1	on	on	ADP
taxlaw-12357	948	2	fin	fin	NOUN
taxlaw-12357	948	3	.	.	PUNCT
taxlaw-12357	949	1	instruments	instrument	NOUN
taxlaw-12357	949	2	,	,	PUNCT
taxlaw-12357	949	3	comments	comment	NOUN
taxlaw-12357	949	4	on	on	ADP
taxlaw-12357	949	5	h.r	h.r	PROPN
taxlaw-12357	949	6	.	.	PROPN
taxlaw-12357	949	7	846	846	NUM
taxlaw-12357	949	8	,	,	PUNCT
taxlaw-12357	949	9	nysba	nysba	NOUN
taxlaw-12357	949	10	tax	tax	PROPN
taxlaw-12357	949	11	section	section	PROPN
taxlaw-12357	949	12	rep	rep	PROPN
taxlaw-12357	949	13	.	.	PROPN
taxlaw-12357	950	1	#	#	SYM
taxlaw-12357	950	2	901	901	NUM
taxlaw-12357	950	3	28	28	NUM
taxlaw-12357	950	4	-	-	SYM
taxlaw-12357	950	5	30	30	NUM
taxlaw-12357	950	6	(	(	PUNCT
taxlaw-12357	950	7	may	may	PROPN
taxlaw-12357	950	8	21	21	NUM
taxlaw-12357	950	9	,	,	PUNCT
taxlaw-12357	950	10	1997	1997	NUM
taxlaw-12357	950	11	)	)	PUNCT
taxlaw-12357	951	1	[	[	X
taxlaw-12357	951	2	hereinafter	hereinafter	NOUN
taxlaw-12357	951	3	“	"	PUNCT
taxlaw-12357	951	4	nysba	nysba	PROPN
taxlaw-12357	951	5	,	,	PUNCT
taxlaw-12357	951	6	rep	rep	PROPN
taxlaw-12357	951	7	.	.	PROPN
taxlaw-12357	951	8	#	#	SYM
taxlaw-12357	951	9	901	901	NUM
taxlaw-12357	951	10	”	"	PUNCT
taxlaw-12357	951	11	]	]	PUNCT
taxlaw-12357	951	12	.	.	PUNCT
taxlaw-12357	952	1	one	one	NUM
taxlaw-12357	952	2	of	of	ADP
taxlaw-12357	952	3	us	we	PRON
taxlaw-12357	952	4	(	(	PUNCT
taxlaw-12357	952	5	david	david	PROPN
taxlaw-12357	952	6	schizer	schizer	PROPN
taxlaw-12357	952	7	)	)	PUNCT
taxlaw-12357	952	8	was	be	AUX
taxlaw-12357	952	9	a	a	DET
taxlaw-12357	952	10	principal	principal	ADJ
taxlaw-12357	952	11	author	author	NOUN
taxlaw-12357	952	12	of	of	ADP
taxlaw-12357	952	13	this	this	DET
taxlaw-12357	952	14	report	report	NOUN
taxlaw-12357	952	15	.	.	PUNCT
taxlaw-12357	953	1	90	90	NUM
taxlaw-12357	953	2	for	for	ADP
taxlaw-12357	953	3	a	a	DET
taxlaw-12357	953	4	discussion	discussion	NOUN
taxlaw-12357	953	5	of	of	ADP
taxlaw-12357	953	6	the	the	DET
taxlaw-12357	953	7	differences	difference	NOUN
taxlaw-12357	953	8	between	between	ADP
taxlaw-12357	953	9	our	our	PRON
taxlaw-12357	953	10	difference	difference	NOUN
taxlaw-12357	953	11	value	value	NOUN
taxlaw-12357	953	12	approach	approach	NOUN
taxlaw-12357	953	13	and	and	CCONJ
taxlaw-12357	953	14	the	the	DET
taxlaw-12357	953	15	nysba	nysba	NOUN
taxlaw-12357	953	16	’s	’s	PART
taxlaw-12357	953	17	option	option	NOUN
taxlaw-12357	953	18	-	-	PUNCT
taxlaw-12357	953	19	pricing	pricing	NOUN
taxlaw-12357	953	20	approach	approach	NOUN
taxlaw-12357	953	21	,	,	PUNCT
taxlaw-12357	953	22	see	see	VERB
taxlaw-12357	953	23	infra	infra	NOUN
taxlaw-12357	953	24	note	note	VERB
taxlaw-12357	953	25	98	98	NUM
taxlaw-12357	953	26	.	.	PUNCT
taxlaw-12357	954	1	columbia	columbia	PROPN
taxlaw-12357	954	2	journal	journal	PROPN
taxlaw-12357	954	3	of	of	ADP
taxlaw-12357	954	4	tax	tax	NOUN
taxlaw-12357	954	5	law	law	NOUN
taxlaw-12357	955	1	[	[	X
taxlaw-12357	955	2	vol	vol	NOUN
taxlaw-12357	955	3	15:1	15:1	NUM
taxlaw-12357	955	4	34	34	NUM
taxlaw-12357	955	5	any	any	DET
taxlaw-12357	955	6	time	time	NOUN
taxlaw-12357	955	7	in	in	ADP
taxlaw-12357	955	8	the	the	DET
taxlaw-12357	955	9	next	next	ADJ
taxlaw-12357	955	10	five	five	NUM
taxlaw-12357	955	11	years	year	NOUN
taxlaw-12357	955	12	.	.	PUNCT
taxlaw-12357	956	1	this	this	DET
taxlaw-12357	956	2	“	"	PUNCT
taxlaw-12357	956	3	call	call	NOUN
taxlaw-12357	956	4	option	option	NOUN
taxlaw-12357	956	5	”	"	PUNCT
taxlaw-12357	956	6	entitles	entitle	VERB
taxlaw-12357	956	7	taxpayer	taxpayer	NOUN
taxlaw-12357	956	8	to	to	PART
taxlaw-12357	956	9	pay	pay	VERB
taxlaw-12357	956	10	a	a	DET
taxlaw-12357	956	11	discounted	discount	VERB
taxlaw-12357	956	12	price	price	NOUN
taxlaw-12357	956	13	:	:	PUNCT
taxlaw-12357	956	14	taxpayer	taxpayer	NOUN
taxlaw-12357	956	15	can	can	AUX
taxlaw-12357	956	16	buy	buy	VERB
taxlaw-12357	956	17	underlying	underlie	VERB
taxlaw-12357	956	18	for	for	ADP
taxlaw-12357	956	19	$	$	SYM
taxlaw-12357	956	20	70	70	NUM
taxlaw-12357	956	21	(	(	PUNCT
taxlaw-12357	956	22	the	the	DET
taxlaw-12357	956	23	so	so	ADV
taxlaw-12357	956	24	-	-	PUNCT
taxlaw-12357	956	25	called	call	VERB
taxlaw-12357	956	26	“	"	PUNCT
taxlaw-12357	956	27	strike	strike	NOUN
taxlaw-12357	956	28	”	"	PUNCT
taxlaw-12357	956	29	or	or	CCONJ
taxlaw-12357	956	30	“	"	PUNCT
taxlaw-12357	956	31	exercise	exercise	NOUN
taxlaw-12357	956	32	”	"	PUNCT
taxlaw-12357	956	33	price	price	NOUN
taxlaw-12357	956	34	)	)	PUNCT
taxlaw-12357	956	35	,	,	PUNCT
taxlaw-12357	956	36	which	which	PRON
taxlaw-12357	956	37	is	be	AUX
taxlaw-12357	956	38	less	less	ADJ
taxlaw-12357	956	39	than	than	ADP
taxlaw-12357	956	40	underlying	underlie	VERB
taxlaw-12357	956	41	’s	’s	PART
taxlaw-12357	956	42	current	current	ADJ
taxlaw-12357	956	43	value	value	NOUN
taxlaw-12357	956	44	of	of	ADP
taxlaw-12357	956	45	$	$	SYM
taxlaw-12357	956	46	100	100	NUM
taxlaw-12357	956	47	.	.	PUNCT
taxlaw-12357	957	1	this	this	PRON
taxlaw-12357	957	2	means	mean	VERB
taxlaw-12357	957	3	that	that	SCONJ
taxlaw-12357	957	4	taxpayers	taxpayer	NOUN
taxlaw-12357	957	5	could	could	AUX
taxlaw-12357	957	6	make	make	VERB
taxlaw-12357	957	7	$	$	SYM
taxlaw-12357	957	8	30	30	NUM
taxlaw-12357	957	9	if	if	SCONJ
taxlaw-12357	957	10	they	they	PRON
taxlaw-12357	957	11	were	be	AUX
taxlaw-12357	957	12	able	able	ADJ
taxlaw-12357	957	13	to	to	PART
taxlaw-12357	957	14	exercise	exercise	VERB
taxlaw-12357	957	15	the	the	DET
taxlaw-12357	957	16	option	option	NOUN
taxlaw-12357	957	17	immediately	immediately	ADV
taxlaw-12357	957	18	(	(	PUNCT
taxlaw-12357	957	19	paying	pay	VERB
taxlaw-12357	957	20	only	only	ADV
taxlaw-12357	957	21	$	$	SYM
taxlaw-12357	957	22	70	70	NUM
taxlaw-12357	957	23	for	for	ADP
taxlaw-12357	957	24	something	something	PRON
taxlaw-12357	957	25	worth	worth	ADJ
taxlaw-12357	957	26	$	$	SYM
taxlaw-12357	957	27	100).91	100).91	NUM
taxlaw-12357	957	28	an	an	DET
taxlaw-12357	957	29	option	option	NOUN
taxlaw-12357	957	30	that	that	PRON
taxlaw-12357	957	31	offers	offer	VERB
taxlaw-12357	957	32	this	this	DET
taxlaw-12357	957	33	sort	sort	NOUN
taxlaw-12357	957	34	of	of	ADP
taxlaw-12357	957	35	favorable	favorable	ADJ
taxlaw-12357	957	36	pricing	pricing	NOUN
taxlaw-12357	957	37	is	be	AUX
taxlaw-12357	957	38	known	know	VERB
taxlaw-12357	957	39	as	as	ADP
taxlaw-12357	957	40	“	"	PUNCT
taxlaw-12357	957	41	in	in	ADP
taxlaw-12357	957	42	the	the	DET
taxlaw-12357	957	43	money	money	NOUN
taxlaw-12357	957	44	.	.	PUNCT
taxlaw-12357	957	45	”	"	PUNCT
taxlaw-12357	958	1	what	what	PRON
taxlaw-12357	958	2	if	if	SCONJ
taxlaw-12357	958	3	underlying	underlie	VERB
taxlaw-12357	958	4	’s	’s	PART
taxlaw-12357	958	5	price	price	NOUN
taxlaw-12357	958	6	falls	fall	VERB
taxlaw-12357	958	7	below	below	ADP
taxlaw-12357	958	8	$	$	SYM
taxlaw-12357	958	9	70	70	NUM
taxlaw-12357	958	10	?	?	PUNCT
taxlaw-12357	959	1	taxpayer	taxpayer	NOUN
taxlaw-12357	959	2	does	do	AUX
taxlaw-12357	959	3	not	not	PART
taxlaw-12357	959	4	have	have	VERB
taxlaw-12357	959	5	to	to	PART
taxlaw-12357	959	6	buy	buy	VERB
taxlaw-12357	959	7	it	it	PRON
taxlaw-12357	959	8	for	for	ADP
taxlaw-12357	959	9	$	$	SYM
taxlaw-12357	959	10	70	70	NUM
taxlaw-12357	959	11	.	.	PUNCT
taxlaw-12357	960	1	unlike	unlike	ADP
taxlaw-12357	960	2	a	a	DET
taxlaw-12357	960	3	forward	forward	ADJ
taxlaw-12357	960	4	contract	contract	NOUN
taxlaw-12357	960	5	,	,	PUNCT
taxlaw-12357	960	6	an	an	DET
taxlaw-12357	960	7	option	option	NOUN
taxlaw-12357	960	8	offers	offer	VERB
taxlaw-12357	960	9	a	a	DET
taxlaw-12357	960	10	choice	choice	NOUN
taxlaw-12357	960	11	or	or	CCONJ
taxlaw-12357	960	12	option	option	NOUN
taxlaw-12357	960	13	–	–	PUNCT
taxlaw-12357	960	14	hence	hence	ADV
taxlaw-12357	960	15	the	the	DET
taxlaw-12357	960	16	name	name	NOUN
taxlaw-12357	960	17	–	–	PUNCT
taxlaw-12357	960	18	either	either	CCONJ
taxlaw-12357	960	19	to	to	PART
taxlaw-12357	960	20	use	use	VERB
taxlaw-12357	960	21	it	it	PRON
taxlaw-12357	960	22	or	or	CCONJ
taxlaw-12357	960	23	to	to	PART
taxlaw-12357	960	24	let	let	VERB
taxlaw-12357	960	25	it	it	PRON
taxlaw-12357	960	26	expire	expire	VERB
taxlaw-12357	960	27	.	.	PUNCT
taxlaw-12357	961	1	notably	notably	ADV
taxlaw-12357	961	2	,	,	PUNCT
taxlaw-12357	961	3	there	there	PRON
taxlaw-12357	961	4	is	be	VERB
taxlaw-12357	961	5	another	another	DET
taxlaw-12357	961	6	difference	difference	NOUN
taxlaw-12357	961	7	between	between	ADP
taxlaw-12357	961	8	underlying	underlie	VERB
taxlaw-12357	961	9	and	and	CCONJ
taxlaw-12357	961	10	the	the	DET
taxlaw-12357	961	11	call	call	NOUN
taxlaw-12357	961	12	option	option	NOUN
taxlaw-12357	961	13	:	:	PUNCT
taxlaw-12357	961	14	the	the	DET
taxlaw-12357	961	15	timing	timing	NOUN
taxlaw-12357	961	16	of	of	ADP
taxlaw-12357	961	17	payment	payment	NOUN
taxlaw-12357	961	18	.	.	PUNCT
taxlaw-12357	962	1	to	to	PART
taxlaw-12357	962	2	buy	buy	VERB
taxlaw-12357	962	3	underlying	underlie	VERB
taxlaw-12357	962	4	,	,	PUNCT
taxlaw-12357	962	5	investors	investor	NOUN
taxlaw-12357	962	6	have	have	VERB
taxlaw-12357	962	7	to	to	PART
taxlaw-12357	962	8	make	make	VERB
taxlaw-12357	962	9	an	an	DET
taxlaw-12357	962	10	up	up	ADJ
taxlaw-12357	962	11	-	-	PUNCT
taxlaw-12357	962	12	front	front	NOUN
taxlaw-12357	962	13	payment	payment	NOUN
taxlaw-12357	962	14	of	of	ADP
taxlaw-12357	962	15	$	$	SYM
taxlaw-12357	962	16	100	100	NUM
taxlaw-12357	962	17	(	(	PUNCT
taxlaw-12357	962	18	the	the	DET
taxlaw-12357	962	19	initial	initial	ADJ
taxlaw-12357	962	20	value	value	NOUN
taxlaw-12357	962	21	of	of	ADP
taxlaw-12357	962	22	underlying	underlying	NOUN
taxlaw-12357	962	23	)	)	PUNCT
taxlaw-12357	962	24	.	.	PUNCT
taxlaw-12357	963	1	in	in	ADP
taxlaw-12357	963	2	contrast	contrast	NOUN
taxlaw-12357	963	3	,	,	PUNCT
taxlaw-12357	963	4	the	the	DET
taxlaw-12357	963	5	option	option	NOUN
taxlaw-12357	963	6	spares	spare	VERB
taxlaw-12357	963	7	them	they	PRON
taxlaw-12357	963	8	from	from	ADP
taxlaw-12357	963	9	paying	pay	VERB
taxlaw-12357	963	10	in	in	ADP
taxlaw-12357	963	11	full	full	ADJ
taxlaw-12357	963	12	right	right	ADV
taxlaw-12357	963	13	away	away	ADV
taxlaw-12357	963	14	.	.	PUNCT
taxlaw-12357	964	1	although	although	SCONJ
taxlaw-12357	964	2	they	they	PRON
taxlaw-12357	964	3	have	have	VERB
taxlaw-12357	964	4	to	to	PART
taxlaw-12357	964	5	buy	buy	VERB
taxlaw-12357	964	6	the	the	DET
taxlaw-12357	964	7	option	option	NOUN
taxlaw-12357	964	8	itself	itself	PRON
taxlaw-12357	964	9	,	,	PUNCT
taxlaw-12357	964	10	they	they	PRON
taxlaw-12357	964	11	do	do	AUX
taxlaw-12357	964	12	n’t	not	PART
taxlaw-12357	964	13	(	(	PUNCT
taxlaw-12357	964	14	yet	yet	ADV
taxlaw-12357	964	15	)	)	PUNCT
taxlaw-12357	964	16	have	have	VERB
taxlaw-12357	964	17	to	to	PART
taxlaw-12357	964	18	buy	buy	VERB
taxlaw-12357	964	19	underlying	underlie	VERB
taxlaw-12357	964	20	.	.	PUNCT
taxlaw-12357	965	1	the	the	DET
taxlaw-12357	965	2	option	option	NOUN
taxlaw-12357	965	3	lets	let	VERB
taxlaw-12357	965	4	them	they	PRON
taxlaw-12357	965	5	wait	wait	VERB
taxlaw-12357	965	6	,	,	PUNCT
taxlaw-12357	965	7	so	so	ADV
taxlaw-12357	965	8	they	they	PRON
taxlaw-12357	965	9	pay	pay	VERB
taxlaw-12357	965	10	$	$	SYM
taxlaw-12357	965	11	70	70	NUM
taxlaw-12357	965	12	(	(	PUNCT
taxlaw-12357	965	13	the	the	DET
taxlaw-12357	965	14	price	price	NOUN
taxlaw-12357	965	15	specified	specify	VERB
taxlaw-12357	965	16	in	in	ADP
taxlaw-12357	965	17	the	the	DET
taxlaw-12357	965	18	option	option	NOUN
taxlaw-12357	965	19	)	)	PUNCT
taxlaw-12357	965	20	only	only	ADV
taxlaw-12357	965	21	if	if	SCONJ
taxlaw-12357	965	22	and	and	CCONJ
taxlaw-12357	965	23	when	when	SCONJ
taxlaw-12357	965	24	they	they	PRON
taxlaw-12357	965	25	actually	actually	ADV
taxlaw-12357	965	26	use	use	VERB
taxlaw-12357	965	27	the	the	DET
taxlaw-12357	965	28	option	option	NOUN
taxlaw-12357	965	29	.	.	PUNCT
taxlaw-12357	966	1	to	to	PART
taxlaw-12357	966	2	make	make	VERB
taxlaw-12357	966	3	the	the	DET
taxlaw-12357	966	4	cash	cash	NOUN
taxlaw-12357	966	5	flows	flow	VERB
taxlaw-12357	966	6	equivalent	equivalent	ADJ
taxlaw-12357	966	7	,	,	PUNCT
taxlaw-12357	966	8	then	then	ADV
taxlaw-12357	966	9	,	,	PUNCT
taxlaw-12357	966	10	we	we	PRON
taxlaw-12357	966	11	assume	assume	VERB
taxlaw-12357	966	12	that	that	SCONJ
taxlaw-12357	966	13	the	the	DET
taxlaw-12357	966	14	taxpayer	taxpayer	NOUN
taxlaw-12357	966	15	not	not	PART
taxlaw-12357	966	16	only	only	ADV
taxlaw-12357	966	17	buys	buy	VERB
taxlaw-12357	966	18	the	the	DET
taxlaw-12357	966	19	option	option	NOUN
taxlaw-12357	966	20	,	,	PUNCT
taxlaw-12357	966	21	but	but	CCONJ
taxlaw-12357	966	22	also	also	ADV
taxlaw-12357	966	23	buys	buy	VERB
taxlaw-12357	966	24	a	a	DET
taxlaw-12357	966	25	bond	bond	NOUN
taxlaw-12357	966	26	to	to	PART
taxlaw-12357	966	27	fund	fund	VERB
taxlaw-12357	966	28	the	the	DET
taxlaw-12357	966	29	$	$	SYM
taxlaw-12357	966	30	70	70	NUM
taxlaw-12357	966	31	purchase	purchase	NOUN
taxlaw-12357	966	32	price.92	price.92	NOUN
taxlaw-12357	966	33	through	through	ADP
taxlaw-12357	966	34	this	this	DET
taxlaw-12357	966	35	bond	bond	NOUN
taxlaw-12357	966	36	,	,	PUNCT
taxlaw-12357	966	37	the	the	DET
taxlaw-12357	966	38	taxpayer	taxpayer	NOUN
taxlaw-12357	966	39	will	will	AUX
taxlaw-12357	966	40	still	still	ADV
taxlaw-12357	966	41	receive	receive	VERB
taxlaw-12357	966	42	$	$	SYM
taxlaw-12357	966	43	70	70	NUM
taxlaw-12357	966	44	,	,	PUNCT
taxlaw-12357	966	45	even	even	ADV
taxlaw-12357	966	46	if	if	SCONJ
taxlaw-12357	966	47	the	the	DET
taxlaw-12357	966	48	call	call	NOUN
taxlaw-12357	966	49	option	option	NOUN
taxlaw-12357	966	50	expires	expire	VERB
taxlaw-12357	966	51	worthless.93	worthless.93	ADJ
taxlaw-12357	966	52	3	3	X
taxlaw-12357	966	53	.	.	PUNCT
taxlaw-12357	966	54	step	step	NOUN
taxlaw-12357	966	55	#	#	SYM
taxlaw-12357	966	56	1	1	NUM
taxlaw-12357	966	57	:	:	PUNCT
taxlaw-12357	966	58	identify	identify	VERB
taxlaw-12357	966	59	the	the	DET
taxlaw-12357	966	60	“	"	PUNCT
taxlaw-12357	966	61	difference	difference	NOUN
taxlaw-12357	966	62	contract	contract	NOUN
taxlaw-12357	966	63	”	"	PUNCT
taxlaw-12357	966	64	the	the	DET
taxlaw-12357	966	65	first	first	ADJ
taxlaw-12357	966	66	step	step	NOUN
taxlaw-12357	966	67	in	in	ADP
taxlaw-12357	966	68	our	our	PRON
taxlaw-12357	966	69	difference	difference	NOUN
taxlaw-12357	966	70	-	-	PUNCT
taxlaw-12357	966	71	value	value	NOUN
taxlaw-12357	966	72	methodology	methodology	NOUN
taxlaw-12357	966	73	is	be	AUX
taxlaw-12357	966	74	to	to	PART
taxlaw-12357	966	75	compare	compare	VERB
taxlaw-12357	966	76	the	the	DET
taxlaw-12357	966	77	economic	economic	ADJ
taxlaw-12357	966	78	return	return	NOUN
taxlaw-12357	966	79	on	on	ADP
taxlaw-12357	966	80	underlying	underlie	VERB
taxlaw-12357	966	81	with	with	ADP
taxlaw-12357	966	82	the	the	DET
taxlaw-12357	966	83	return	return	NOUN
taxlaw-12357	966	84	on	on	ADP
taxlaw-12357	966	85	the	the	DET
taxlaw-12357	966	86	derivative	derivative	NOUN
taxlaw-12357	966	87	(	(	PUNCT
taxlaw-12357	966	88	which	which	PRON
taxlaw-12357	966	89	,	,	PUNCT
taxlaw-12357	966	90	in	in	ADP
taxlaw-12357	966	91	this	this	DET
taxlaw-12357	966	92	case	case	NOUN
taxlaw-12357	966	93	,	,	PUNCT
taxlaw-12357	966	94	is	be	AUX
taxlaw-12357	966	95	a	a	DET
taxlaw-12357	966	96	call	call	NOUN
taxlaw-12357	966	97	option	option	NOUN
taxlaw-12357	966	98	)	)	PUNCT
taxlaw-12357	966	99	.	.	PUNCT
taxlaw-12357	967	1	how	how	SCONJ
taxlaw-12357	967	2	are	be	AUX
taxlaw-12357	967	3	they	they	PRON
taxlaw-12357	967	4	different	different	ADJ
taxlaw-12357	967	5	?	?	PUNCT
taxlaw-12357	968	1	how	how	SCONJ
taxlaw-12357	968	2	much	much	ADJ
taxlaw-12357	968	3	of	of	ADP
taxlaw-12357	968	4	the	the	DET
taxlaw-12357	968	5	opportunity	opportunity	NOUN
taxlaw-12357	968	6	for	for	ADP
taxlaw-12357	968	7	gain	gain	NOUN
taxlaw-12357	968	8	does	do	AUX
taxlaw-12357	968	9	the	the	DET
taxlaw-12357	968	10	derivative	derivative	NOUN
taxlaw-12357	968	11	provide	provide	VERB
taxlaw-12357	968	12	?	?	PUNCT
taxlaw-12357	969	1	what	what	PRON
taxlaw-12357	969	2	about	about	ADP
taxlaw-12357	969	3	risk	risk	NOUN
taxlaw-12357	969	4	of	of	ADP
taxlaw-12357	969	5	loss	loss	NOUN
taxlaw-12357	969	6	?	?	PUNCT
taxlaw-12357	970	1	assuming	assume	VERB
taxlaw-12357	970	2	these	these	DET
taxlaw-12357	970	3	investments	investment	NOUN
taxlaw-12357	970	4	are	be	AUX
taxlaw-12357	970	5	different	different	ADJ
taxlaw-12357	970	6	,	,	PUNCT
taxlaw-12357	970	7	how	how	SCONJ
taxlaw-12357	970	8	can	can	AUX
taxlaw-12357	970	9	investors	investor	NOUN
taxlaw-12357	970	10	fill	fill	VERB
taxlaw-12357	970	11	the	the	DET
taxlaw-12357	970	12	gap	gap	NOUN
taxlaw-12357	970	13	?	?	PUNCT
taxlaw-12357	971	1	what	what	PRON
taxlaw-12357	971	2	additional	additional	ADJ
taxlaw-12357	971	3	investment	investment	NOUN
taxlaw-12357	971	4	would	would	AUX
taxlaw-12357	971	5	they	they	PRON
taxlaw-12357	971	6	need	need	VERB
taxlaw-12357	971	7	?	?	PUNCT
taxlaw-12357	972	1	we	we	PRON
taxlaw-12357	972	2	call	call	VERB
taxlaw-12357	972	3	this	this	DET
taxlaw-12357	972	4	investment	investment	NOUN
taxlaw-12357	972	5	the	the	DET
taxlaw-12357	972	6	“	"	PUNCT
taxlaw-12357	972	7	difference	difference	NOUN
taxlaw-12357	972	8	contract	contract	NOUN
taxlaw-12357	972	9	.	.	PUNCT
taxlaw-12357	972	10	”	"	PUNCT
taxlaw-12357	973	1	by	by	ADP
taxlaw-12357	973	2	definition	definition	NOUN
taxlaw-12357	973	3	,	,	PUNCT
taxlaw-12357	973	4	the	the	DET
taxlaw-12357	973	5	return	return	NOUN
taxlaw-12357	973	6	on	on	ADP
taxlaw-12357	973	7	underlying	underlie	VERB
taxlaw-12357	973	8	can	can	AUX
taxlaw-12357	973	9	be	be	AUX
taxlaw-12357	973	10	perfectly	perfectly	ADV
taxlaw-12357	973	11	replicated	replicate	VERB
taxlaw-12357	973	12	with	with	ADP
taxlaw-12357	973	13	a	a	DET
taxlaw-12357	973	14	combination	combination	NOUN
taxlaw-12357	973	15	of	of	ADP
taxlaw-12357	973	16	the	the	DET
taxlaw-12357	973	17	derivative	derivative	NOUN
taxlaw-12357	973	18	and	and	CCONJ
taxlaw-12357	973	19	the	the	DET
taxlaw-12357	973	20	difference	difference	NOUN
taxlaw-12357	973	21	contract	contract	NOUN
taxlaw-12357	973	22	(	(	PUNCT
taxlaw-12357	973	23	or	or	CCONJ
taxlaw-12357	973	24	contracts).94	contracts).94	PROPN
taxlaw-12357	973	25	in	in	ADP
taxlaw-12357	973	26	our	our	PRON
taxlaw-12357	973	27	illustrative	illustrative	ADJ
taxlaw-12357	973	28	example	example	NOUN
taxlaw-12357	973	29	,	,	PUNCT
taxlaw-12357	973	30	the	the	DET
taxlaw-12357	973	31	call	call	NOUN
taxlaw-12357	973	32	option	option	NOUN
taxlaw-12357	973	33	provides	provide	VERB
taxlaw-12357	973	34	the	the	DET
taxlaw-12357	973	35	same	same	ADJ
taxlaw-12357	973	36	opportunity	opportunity	NOUN
taxlaw-12357	973	37	for	for	ADP
taxlaw-12357	973	38	gain	gain	NOUN
taxlaw-12357	973	39	as	as	ADP
taxlaw-12357	973	40	underlying	underlie	VERB
taxlaw-12357	973	41	:	:	PUNCT
taxlaw-12357	973	42	any	any	DET
taxlaw-12357	973	43	increase	increase	NOUN
taxlaw-12357	973	44	above	above	ADP
taxlaw-12357	973	45	the	the	DET
taxlaw-12357	973	46	current	current	ADJ
taxlaw-12357	973	47	value	value	NOUN
taxlaw-12357	973	48	of	of	ADP
taxlaw-12357	973	49	$	$	SYM
taxlaw-12357	973	50	100	100	NUM
taxlaw-12357	973	51	benefits	benefit	NOUN
taxlaw-12357	973	52	a	a	DET
taxlaw-12357	973	53	holder	holder	NOUN
taxlaw-12357	973	54	of	of	ADP
taxlaw-12357	973	55	this	this	DET
taxlaw-12357	973	56	option	option	NOUN
taxlaw-12357	973	57	,	,	PUNCT
taxlaw-12357	973	58	just	just	ADV
taxlaw-12357	973	59	as	as	SCONJ
taxlaw-12357	973	60	it	it	PRON
taxlaw-12357	973	61	benefits	benefit	VERB
taxlaw-12357	973	62	an	an	DET
taxlaw-12357	973	63	investor	investor	NOUN
taxlaw-12357	973	64	in	in	ADP
taxlaw-12357	973	65	underlying	underlie	VERB
taxlaw-12357	973	66	.	.	PUNCT
taxlaw-12357	974	1	in	in	ADP
taxlaw-12357	974	2	contrast	contrast	NOUN
taxlaw-12357	974	3	,	,	PUNCT
taxlaw-12357	974	4	the	the	DET
taxlaw-12357	974	5	call	call	NOUN
taxlaw-12357	974	6	option	option	NOUN
taxlaw-12357	974	7	only	only	ADV
taxlaw-12357	974	8	imposes	impose	VERB
taxlaw-12357	974	9	a	a	DET
taxlaw-12357	974	10	portion	portion	NOUN
taxlaw-12357	974	11	of	of	ADP
taxlaw-12357	974	12	the	the	DET
taxlaw-12357	974	13	risk	risk	NOUN
taxlaw-12357	974	14	of	of	ADP
taxlaw-12357	974	15	loss	loss	NOUN
taxlaw-12357	974	16	–	–	PUNCT
taxlaw-12357	974	17	from	from	ADP
taxlaw-12357	974	18	$	$	SYM
taxlaw-12357	974	19	100	100	NUM
taxlaw-12357	974	20	down	down	ADP
taxlaw-12357	974	21	to	to	ADP
taxlaw-12357	974	22	$	$	SYM
taxlaw-12357	974	23	70	70	NUM
taxlaw-12357	974	24	–	–	PUNCT
taxlaw-12357	974	25	but	but	CCONJ
taxlaw-12357	974	26	not	not	PART
taxlaw-12357	974	27	the	the	DET
taxlaw-12357	974	28	risk	risk	NOUN
taxlaw-12357	974	29	of	of	ADP
taxlaw-12357	974	30	loss	loss	NOUN
taxlaw-12357	974	31	below	below	ADP
taxlaw-12357	974	32	$	$	SYM
taxlaw-12357	974	33	70	70	NUM
taxlaw-12357	974	34	.	.	PUNCT
taxlaw-12357	975	1	(	(	PUNCT
taxlaw-12357	975	2	if	if	SCONJ
taxlaw-12357	975	3	the	the	DET
taxlaw-12357	975	4	option	option	NOUN
taxlaw-12357	975	5	expires	expire	VERB
taxlaw-12357	975	6	worthless	worthless	ADJ
taxlaw-12357	975	7	,	,	PUNCT
taxlaw-12357	975	8	they	they	PRON
taxlaw-12357	975	9	will	will	AUX
taxlaw-12357	975	10	still	still	ADV
taxlaw-12357	975	11	receive	receive	VERB
taxlaw-12357	975	12	$	$	SYM
taxlaw-12357	975	13	70	70	NUM
taxlaw-12357	975	14	from	from	ADP
taxlaw-12357	975	15	the	the	DET
taxlaw-12357	975	16	bond	bond	NOUN
taxlaw-12357	975	17	.	.	PUNCT
taxlaw-12357	975	18	)	)	PUNCT
taxlaw-12357	976	1	91	91	NUM
taxlaw-12357	976	2	taxpayer	taxpayer	NOUN
taxlaw-12357	976	3	would	would	AUX
taxlaw-12357	976	4	not	not	PART
taxlaw-12357	976	5	be	be	AUX
taxlaw-12357	976	6	getting	get	VERB
taxlaw-12357	976	7	something	something	PRON
taxlaw-12357	976	8	for	for	ADP
taxlaw-12357	976	9	nothing	nothing	PRON
taxlaw-12357	976	10	in	in	ADP
taxlaw-12357	976	11	this	this	DET
taxlaw-12357	976	12	situation	situation	NOUN
taxlaw-12357	976	13	.	.	PUNCT
taxlaw-12357	977	1	the	the	DET
taxlaw-12357	977	2	price	price	NOUN
taxlaw-12357	977	3	taxpayer	taxpayer	NOUN
taxlaw-12357	977	4	pays	pay	VERB
taxlaw-12357	977	5	for	for	ADP
taxlaw-12357	977	6	the	the	DET
taxlaw-12357	977	7	option	option	NOUN
taxlaw-12357	977	8	is	be	AUX
taxlaw-12357	977	9	necessarily	necessarily	ADV
taxlaw-12357	977	10	at	at	ADV
taxlaw-12357	977	11	least	least	ADV
taxlaw-12357	977	12	$	$	SYM
taxlaw-12357	977	13	30	30	NUM
taxlaw-12357	977	14	when	when	SCONJ
taxlaw-12357	977	15	immediate	immediate	ADJ
taxlaw-12357	977	16	exercise	exercise	NOUN
taxlaw-12357	977	17	of	of	ADP
taxlaw-12357	977	18	the	the	DET
taxlaw-12357	977	19	option	option	NOUN
taxlaw-12357	977	20	would	would	AUX
taxlaw-12357	977	21	yield	yield	VERB
taxlaw-12357	977	22	$	$	SYM
taxlaw-12357	977	23	30	30	NUM
taxlaw-12357	977	24	.	.	PUNCT
taxlaw-12357	978	1	for	for	ADP
taxlaw-12357	978	2	the	the	DET
taxlaw-12357	978	3	sake	sake	NOUN
taxlaw-12357	978	4	of	of	ADP
taxlaw-12357	978	5	simplicity	simplicity	NOUN
taxlaw-12357	978	6	,	,	PUNCT
taxlaw-12357	978	7	we	we	PRON
taxlaw-12357	978	8	assume	assume	VERB
taxlaw-12357	978	9	that	that	SCONJ
taxlaw-12357	978	10	the	the	DET
taxlaw-12357	978	11	option	option	NOUN
taxlaw-12357	978	12	is	be	AUX
taxlaw-12357	978	13	european	european	ADJ
taxlaw-12357	978	14	,	,	PUNCT
taxlaw-12357	978	15	meaning	mean	VERB
taxlaw-12357	978	16	that	that	SCONJ
taxlaw-12357	978	17	it	it	PRON
taxlaw-12357	978	18	can	can	AUX
taxlaw-12357	978	19	only	only	ADV
taxlaw-12357	978	20	be	be	AUX
taxlaw-12357	978	21	exercised	exercise	VERB
taxlaw-12357	978	22	upon	upon	SCONJ
taxlaw-12357	978	23	expiration	expiration	NOUN
taxlaw-12357	978	24	in	in	ADP
taxlaw-12357	978	25	five	five	NUM
taxlaw-12357	978	26	years	year	NOUN
taxlaw-12357	978	27	.	.	PUNCT
taxlaw-12357	979	1	this	this	DET
taxlaw-12357	979	2	assumption	assumption	NOUN
taxlaw-12357	979	3	precludes	preclude	VERB
taxlaw-12357	979	4	the	the	DET
taxlaw-12357	979	5	possibility	possibility	NOUN
taxlaw-12357	979	6	of	of	ADP
taxlaw-12357	979	7	immediate	immediate	ADJ
taxlaw-12357	979	8	exercise	exercise	NOUN
taxlaw-12357	979	9	.	.	PUNCT
taxlaw-12357	980	1	92	92	NUM
taxlaw-12357	980	2	another	another	DET
taxlaw-12357	980	3	way	way	NOUN
taxlaw-12357	980	4	to	to	PART
taxlaw-12357	980	5	align	align	VERB
taxlaw-12357	980	6	cash	cash	NOUN
taxlaw-12357	980	7	flows	flow	NOUN
taxlaw-12357	980	8	is	be	AUX
taxlaw-12357	980	9	to	to	PART
taxlaw-12357	980	10	assume	assume	VERB
taxlaw-12357	980	11	that	that	SCONJ
taxlaw-12357	980	12	a	a	DET
taxlaw-12357	980	13	taxpayer	taxpayer	NOUN
taxlaw-12357	980	14	who	who	PRON
taxlaw-12357	980	15	buys	buy	VERB
taxlaw-12357	980	16	underlying	underlie	VERB
taxlaw-12357	980	17	would	would	AUX
taxlaw-12357	980	18	borrow	borrow	VERB
taxlaw-12357	980	19	$	$	SYM
taxlaw-12357	980	20	70	70	NUM
taxlaw-12357	980	21	of	of	ADP
taxlaw-12357	980	22	the	the	DET
taxlaw-12357	980	23	purchase	purchase	NOUN
taxlaw-12357	980	24	price	price	NOUN
taxlaw-12357	980	25	.	.	PUNCT
taxlaw-12357	981	1	93	93	NUM
taxlaw-12357	981	2	for	for	ADP
taxlaw-12357	981	3	the	the	DET
taxlaw-12357	981	4	sake	sake	NOUN
taxlaw-12357	981	5	of	of	ADP
taxlaw-12357	981	6	simplicity	simplicity	NOUN
taxlaw-12357	981	7	,	,	PUNCT
taxlaw-12357	981	8	we	we	PRON
taxlaw-12357	981	9	assume	assume	VERB
taxlaw-12357	981	10	that	that	SCONJ
taxlaw-12357	981	11	the	the	DET
taxlaw-12357	981	12	asset	asset	NOUN
taxlaw-12357	981	13	does	do	AUX
taxlaw-12357	981	14	not	not	PART
taxlaw-12357	981	15	pay	pay	VERB
taxlaw-12357	981	16	dividends	dividend	NOUN
taxlaw-12357	981	17	or	or	CCONJ
taxlaw-12357	981	18	make	make	VERB
taxlaw-12357	981	19	other	other	ADJ
taxlaw-12357	981	20	distributions	distribution	NOUN
taxlaw-12357	981	21	.	.	PUNCT
taxlaw-12357	982	1	we	we	PRON
taxlaw-12357	982	2	also	also	ADV
taxlaw-12357	982	3	assume	assume	VERB
taxlaw-12357	982	4	that	that	SCONJ
taxlaw-12357	982	5	the	the	DET
taxlaw-12357	982	6	risk	risk	NOUN
taxlaw-12357	982	7	-	-	PUNCT
taxlaw-12357	982	8	free	free	ADJ
taxlaw-12357	982	9	interest	interest	NOUN
taxlaw-12357	982	10	rate	rate	NOUN
taxlaw-12357	982	11	is	be	AUX
taxlaw-12357	982	12	5	5	NUM
taxlaw-12357	982	13	%	%	NOUN
taxlaw-12357	982	14	.	.	PUNCT
taxlaw-12357	983	1	94	94	NUM
taxlaw-12357	983	2	as	as	SCONJ
taxlaw-12357	983	3	discussed	discuss	VERB
taxlaw-12357	983	4	below	below	ADV
taxlaw-12357	983	5	,	,	PUNCT
taxlaw-12357	983	6	the	the	DET
taxlaw-12357	983	7	difference	difference	NOUN
taxlaw-12357	983	8	contract	contract	NOUN
taxlaw-12357	983	9	may	may	AUX
taxlaw-12357	983	10	consist	consist	VERB
taxlaw-12357	983	11	of	of	ADP
taxlaw-12357	983	12	more	more	ADJ
taxlaw-12357	983	13	than	than	ADP
taxlaw-12357	983	14	a	a	DET
taxlaw-12357	983	15	single	single	ADJ
taxlaw-12357	983	16	simple	simple	ADJ
taxlaw-12357	983	17	option	option	NOUN
taxlaw-12357	983	18	.	.	PUNCT
taxlaw-12357	984	1	this	this	PRON
taxlaw-12357	984	2	is	be	AUX
taxlaw-12357	984	3	the	the	DET
taxlaw-12357	984	4	case	case	NOUN
taxlaw-12357	984	5	,	,	PUNCT
taxlaw-12357	984	6	for	for	ADP
taxlaw-12357	984	7	instance	instance	NOUN
taxlaw-12357	984	8	,	,	PUNCT
taxlaw-12357	984	9	if	if	SCONJ
taxlaw-12357	984	10	the	the	DET
taxlaw-12357	984	11	derivative	derivative	NOUN
taxlaw-12357	984	12	omits	omit	VERB
taxlaw-12357	984	13	both	both	DET
taxlaw-12357	984	14	opportunity	opportunity	NOUN
taxlaw-12357	984	15	for	for	ADP
taxlaw-12357	984	16	gain	gain	NOUN
taxlaw-12357	984	17	and	and	CCONJ
taxlaw-12357	984	18	risk	risk	NOUN
taxlaw-12357	984	19	of	of	ADP
taxlaw-12357	984	20	loss	loss	NOUN
taxlaw-12357	984	21	.	.	PUNCT
taxlaw-12357	985	1	in	in	ADP
taxlaw-12357	985	2	that	that	DET
taxlaw-12357	985	3	circumstance	circumstance	NOUN
taxlaw-12357	985	4	,	,	PUNCT
taxlaw-12357	985	5	the	the	DET
taxlaw-12357	985	6	values	value	NOUN
taxlaw-12357	985	7	of	of	ADP
taxlaw-12357	985	8	these	these	DET
taxlaw-12357	985	9	contracts	contract	NOUN
taxlaw-12357	985	10	are	be	AUX
taxlaw-12357	985	11	not	not	PART
taxlaw-12357	985	12	netted	net	VERB
taxlaw-12357	985	13	.	.	PUNCT
taxlaw-12357	986	1	rather	rather	ADV
taxlaw-12357	986	2	,	,	PUNCT
taxlaw-12357	986	3	to	to	PART
taxlaw-12357	986	4	account	account	VERB
taxlaw-12357	986	5	for	for	ADP
taxlaw-12357	986	6	both	both	DET
taxlaw-12357	986	7	risk	risk	NOUN
taxlaw-12357	986	8	of	of	ADP
taxlaw-12357	986	9	loss	loss	NOUN
taxlaw-12357	986	10	and	and	CCONJ
taxlaw-12357	986	11	opportunity	opportunity	NOUN
taxlaw-12357	986	12	for	for	ADP
taxlaw-12357	986	13	gain	gain	NOUN
taxlaw-12357	986	14	,	,	PUNCT
taxlaw-12357	986	15	the	the	DET
taxlaw-12357	986	16	absolute	absolute	ADJ
taxlaw-12357	986	17	value	value	NOUN
taxlaw-12357	986	18	should	should	AUX
taxlaw-12357	986	19	be	be	AUX
taxlaw-12357	986	20	used	use	VERB
taxlaw-12357	986	21	.	.	PUNCT
taxlaw-12357	987	1	see	see	VERB
taxlaw-12357	987	2	infra	infra	NOUN
taxlaw-12357	987	3	part	part	NOUN
taxlaw-12357	987	4	vi.a.6	vi.a.6	PROPN
taxlaw-12357	987	5	.	.	PROPN
taxlaw-12357	987	6	2024	2024	NUM
taxlaw-12357	987	7	]	]	PUNCT
taxlaw-12357	987	8	transaction	transaction	NOUN
taxlaw-12357	987	9	-	-	PUNCT
taxlaw-12357	987	10	specific	specific	ADJ
taxlaw-12357	987	11	tax	tax	NOUN
taxlaw-12357	987	12	reform	reform	NOUN
taxlaw-12357	987	13	in	in	ADP
taxlaw-12357	987	14	three	three	NUM
taxlaw-12357	987	15	steps	step	NOUN
taxlaw-12357	987	16	35	35	NUM
taxlaw-12357	987	17	the	the	DET
taxlaw-12357	987	18	key	key	ADJ
taxlaw-12357	987	19	difference	difference	NOUN
taxlaw-12357	987	20	,	,	PUNCT
taxlaw-12357	987	21	then	then	ADV
taxlaw-12357	987	22	,	,	PUNCT
taxlaw-12357	987	23	is	be	AUX
taxlaw-12357	987	24	that	that	SCONJ
taxlaw-12357	987	25	an	an	DET
taxlaw-12357	987	26	investor	investor	NOUN
taxlaw-12357	987	27	in	in	ADP
taxlaw-12357	987	28	the	the	DET
taxlaw-12357	987	29	option	option	NOUN
taxlaw-12357	987	30	is	be	AUX
taxlaw-12357	987	31	protected	protect	VERB
taxlaw-12357	987	32	from	from	ADP
taxlaw-12357	987	33	risk	risk	NOUN
taxlaw-12357	987	34	of	of	ADP
taxlaw-12357	987	35	loss	loss	NOUN
taxlaw-12357	987	36	below	below	ADP
taxlaw-12357	987	37	$	$	SYM
taxlaw-12357	987	38	70	70	NUM
taxlaw-12357	987	39	.	.	PUNCT
taxlaw-12357	988	1	what	what	PRON
taxlaw-12357	988	2	separate	separate	ADJ
taxlaw-12357	988	3	contract	contract	NOUN
taxlaw-12357	988	4	can	can	AUX
taxlaw-12357	988	5	offer	offer	VERB
taxlaw-12357	988	6	this	this	DET
taxlaw-12357	988	7	protection	protection	NOUN
taxlaw-12357	988	8	?	?	PUNCT
taxlaw-12357	989	1	the	the	DET
taxlaw-12357	989	2	answer	answer	NOUN
taxlaw-12357	989	3	is	be	AUX
taxlaw-12357	989	4	an	an	DET
taxlaw-12357	989	5	option	option	NOUN
taxlaw-12357	989	6	to	to	PART
taxlaw-12357	989	7	sell	sell	VERB
taxlaw-12357	989	8	(	(	PUNCT
taxlaw-12357	989	9	a	a	DET
taxlaw-12357	989	10	so	so	ADV
taxlaw-12357	989	11	-	-	PUNCT
taxlaw-12357	989	12	called	call	VERB
taxlaw-12357	989	13	“	"	PUNCT
taxlaw-12357	989	14	put	put	NOUN
taxlaw-12357	989	15	option	option	NOUN
taxlaw-12357	989	16	”	"	PUNCT
taxlaw-12357	989	17	)	)	PUNCT
taxlaw-12357	989	18	entitling	entitle	VERB
taxlaw-12357	989	19	the	the	DET
taxlaw-12357	989	20	holder	holder	NOUN
taxlaw-12357	989	21	to	to	PART
taxlaw-12357	989	22	sell	sell	VERB
taxlaw-12357	989	23	the	the	DET
taxlaw-12357	989	24	underlying	underlie	VERB
taxlaw-12357	989	25	asset	asset	NOUN
taxlaw-12357	989	26	for	for	ADP
taxlaw-12357	989	27	$	$	SYM
taxlaw-12357	989	28	70	70	NUM
taxlaw-12357	989	29	(	(	PUNCT
taxlaw-12357	989	30	so	so	ADV
taxlaw-12357	989	31	the	the	DET
taxlaw-12357	989	32	“	"	PUNCT
taxlaw-12357	989	33	exercise	exercise	NOUN
taxlaw-12357	989	34	price	price	NOUN
taxlaw-12357	989	35	”	"	PUNCT
taxlaw-12357	989	36	is	be	AUX
taxlaw-12357	989	37	$	$	SYM
taxlaw-12357	989	38	70	70	NUM
taxlaw-12357	989	39	)	)	PUNCT
taxlaw-12357	989	40	.	.	PUNCT
taxlaw-12357	990	1	what	what	PRON
taxlaw-12357	990	2	is	be	AUX
taxlaw-12357	990	3	this	this	DET
taxlaw-12357	990	4	avoided	avoided	ADJ
taxlaw-12357	990	5	exposure	exposure	NOUN
taxlaw-12357	990	6	worth	worth	ADJ
taxlaw-12357	990	7	?	?	PUNCT
taxlaw-12357	991	1	the	the	DET
taxlaw-12357	991	2	answer	answer	NOUN
taxlaw-12357	991	3	,	,	PUNCT
taxlaw-12357	991	4	of	of	ADP
taxlaw-12357	991	5	course	course	NOUN
taxlaw-12357	991	6	,	,	PUNCT
taxlaw-12357	991	7	is	be	AUX
taxlaw-12357	991	8	the	the	DET
taxlaw-12357	991	9	value	value	NOUN
taxlaw-12357	991	10	of	of	ADP
taxlaw-12357	991	11	this	this	DET
taxlaw-12357	991	12	put	put	NOUN
taxlaw-12357	991	13	option	option	NOUN
taxlaw-12357	991	14	–	–	PUNCT
taxlaw-12357	991	15	something	something	PRON
taxlaw-12357	991	16	that	that	PRON
taxlaw-12357	991	17	is	be	AUX
taxlaw-12357	991	18	feasible	feasible	ADJ
taxlaw-12357	991	19	to	to	PART
taxlaw-12357	991	20	compute	compute	VERB
taxlaw-12357	991	21	.	.	PUNCT
taxlaw-12357	992	1	4	4	X
taxlaw-12357	992	2	.	.	X
taxlaw-12357	992	3	step	step	NOUN
taxlaw-12357	992	4	#	#	SYM
taxlaw-12357	992	5	2	2	NUM
taxlaw-12357	992	6	:	:	PUNCT
taxlaw-12357	992	7	compute	compute	VERB
taxlaw-12357	992	8	the	the	DET
taxlaw-12357	992	9	“	"	PUNCT
taxlaw-12357	992	10	difference	difference	NOUN
taxlaw-12357	992	11	value	value	NOUN
taxlaw-12357	992	12	”	"	PUNCT
taxlaw-12357	992	13	this	this	PRON
taxlaw-12357	992	14	brings	bring	VERB
taxlaw-12357	992	15	us	we	PRON
taxlaw-12357	992	16	to	to	ADP
taxlaw-12357	992	17	the	the	DET
taxlaw-12357	992	18	second	second	ADJ
taxlaw-12357	992	19	step	step	NOUN
taxlaw-12357	992	20	in	in	ADP
taxlaw-12357	992	21	our	our	PRON
taxlaw-12357	992	22	difference	difference	NOUN
taxlaw-12357	992	23	methodology	methodology	NOUN
taxlaw-12357	992	24	.	.	PUNCT
taxlaw-12357	993	1	once	once	SCONJ
taxlaw-12357	993	2	the	the	DET
taxlaw-12357	993	3	“	"	PUNCT
taxlaw-12357	993	4	difference	difference	NOUN
taxlaw-12357	993	5	contract	contract	NOUN
taxlaw-12357	993	6	”	"	PUNCT
taxlaw-12357	993	7	has	have	AUX
taxlaw-12357	993	8	been	be	AUX
taxlaw-12357	993	9	identified	identify	VERB
taxlaw-12357	993	10	–	–	PUNCT
taxlaw-12357	993	11	a	a	DET
taxlaw-12357	993	12	put	put	NOUN
taxlaw-12357	993	13	option	option	NOUN
taxlaw-12357	993	14	with	with	ADP
taxlaw-12357	993	15	an	an	DET
taxlaw-12357	993	16	exercise	exercise	NOUN
taxlaw-12357	993	17	price	price	NOUN
taxlaw-12357	993	18	of	of	ADP
taxlaw-12357	993	19	$	$	SYM
taxlaw-12357	993	20	70	70	NUM
taxlaw-12357	993	21	in	in	ADP
taxlaw-12357	993	22	this	this	DET
taxlaw-12357	993	23	example	example	NOUN
taxlaw-12357	993	24	–	–	PUNCT
taxlaw-12357	993	25	the	the	DET
taxlaw-12357	993	26	next	next	ADJ
taxlaw-12357	993	27	step	step	NOUN
taxlaw-12357	993	28	is	be	AUX
taxlaw-12357	993	29	to	to	PART
taxlaw-12357	993	30	value	value	VERB
taxlaw-12357	993	31	it	it	PRON
taxlaw-12357	993	32	.	.	PUNCT
taxlaw-12357	994	1	how	how	SCONJ
taxlaw-12357	994	2	much	much	ADV
taxlaw-12357	994	3	would	would	AUX
taxlaw-12357	994	4	someone	someone	PRON
taxlaw-12357	994	5	pay	pay	VERB
taxlaw-12357	994	6	for	for	ADP
taxlaw-12357	994	7	it	it	PRON
taxlaw-12357	994	8	?	?	PUNCT
taxlaw-12357	995	1	notably	notably	ADV
taxlaw-12357	995	2	,	,	PUNCT
taxlaw-12357	995	3	all	all	DET
taxlaw-12357	995	4	put	put	VERB
taxlaw-12357	995	5	options	option	NOUN
taxlaw-12357	995	6	are	be	AUX
taxlaw-12357	995	7	not	not	PART
taxlaw-12357	995	8	created	create	VERB
taxlaw-12357	995	9	equal	equal	ADJ
taxlaw-12357	995	10	.	.	PUNCT
taxlaw-12357	996	1	they	they	PRON
taxlaw-12357	996	2	are	be	AUX
taxlaw-12357	996	3	worth	worth	ADJ
taxlaw-12357	996	4	more	more	ADV
taxlaw-12357	996	5	when	when	SCONJ
taxlaw-12357	996	6	they	they	PRON
taxlaw-12357	996	7	are	be	AUX
taxlaw-12357	996	8	more	more	ADV
taxlaw-12357	996	9	likely	likely	ADJ
taxlaw-12357	996	10	to	to	PART
taxlaw-12357	996	11	be	be	AUX
taxlaw-12357	996	12	used	use	VERB
taxlaw-12357	996	13	.	.	PUNCT
taxlaw-12357	997	1	all	all	PRON
taxlaw-12357	997	2	else	else	ADV
taxlaw-12357	997	3	being	be	AUX
taxlaw-12357	997	4	equal	equal	ADJ
taxlaw-12357	997	5	,	,	PUNCT
taxlaw-12357	997	6	the	the	PRON
taxlaw-12357	997	7	higher	high	ADJ
taxlaw-12357	997	8	the	the	DET
taxlaw-12357	997	9	exercise	exercise	NOUN
taxlaw-12357	997	10	price	price	NOUN
taxlaw-12357	997	11	,	,	PUNCT
taxlaw-12357	997	12	the	the	PRON
taxlaw-12357	997	13	more	more	ADV
taxlaw-12357	997	14	likely	likely	ADJ
taxlaw-12357	997	15	it	it	PRON
taxlaw-12357	997	16	is	be	AUX
taxlaw-12357	997	17	to	to	PART
taxlaw-12357	997	18	be	be	AUX
taxlaw-12357	997	19	used	use	VERB
taxlaw-12357	997	20	(	(	PUNCT
taxlaw-12357	997	21	since	since	SCONJ
taxlaw-12357	997	22	it	it	PRON
taxlaw-12357	997	23	offers	offer	VERB
taxlaw-12357	997	24	a	a	DET
taxlaw-12357	997	25	better	well	ADJ
taxlaw-12357	997	26	sale	sale	NOUN
taxlaw-12357	997	27	price	price	NOUN
taxlaw-12357	997	28	)	)	PUNCT
taxlaw-12357	997	29	.	.	PUNCT
taxlaw-12357	998	1	when	when	SCONJ
taxlaw-12357	998	2	underlying	underlying	ADJ
taxlaw-12357	998	3	is	be	AUX
taxlaw-12357	998	4	worth	worth	ADJ
taxlaw-12357	998	5	$	$	SYM
taxlaw-12357	998	6	100	100	NUM
taxlaw-12357	998	7	,	,	PUNCT
taxlaw-12357	998	8	a	a	DET
taxlaw-12357	998	9	put	put	NOUN
taxlaw-12357	998	10	option	option	NOUN
taxlaw-12357	998	11	with	with	ADP
taxlaw-12357	998	12	an	an	DET
taxlaw-12357	998	13	exercise	exercise	NOUN
taxlaw-12357	998	14	price	price	NOUN
taxlaw-12357	998	15	of	of	ADP
taxlaw-12357	998	16	$	$	SYM
taxlaw-12357	998	17	90	90	NUM
taxlaw-12357	998	18	is	be	AUX
taxlaw-12357	998	19	worth	worth	ADJ
taxlaw-12357	998	20	more	more	ADJ
taxlaw-12357	998	21	than	than	ADP
taxlaw-12357	998	22	one	one	NUM
taxlaw-12357	998	23	with	with	ADP
taxlaw-12357	998	24	an	an	DET
taxlaw-12357	998	25	exercise	exercise	NOUN
taxlaw-12357	998	26	price	price	NOUN
taxlaw-12357	998	27	of	of	ADP
taxlaw-12357	998	28	$	$	SYM
taxlaw-12357	998	29	70	70	NUM
taxlaw-12357	998	30	,	,	PUNCT
taxlaw-12357	998	31	since	since	SCONJ
taxlaw-12357	998	32	underlying	underlie	VERB
taxlaw-12357	998	33	’s	’s	PART
taxlaw-12357	998	34	price	price	NOUN
taxlaw-12357	998	35	does	do	AUX
taxlaw-12357	998	36	not	not	PART
taxlaw-12357	998	37	have	have	VERB
taxlaw-12357	998	38	to	to	PART
taxlaw-12357	998	39	decline	decline	VERB
taxlaw-12357	998	40	as	as	ADV
taxlaw-12357	998	41	much	much	ADJ
taxlaw-12357	998	42	for	for	ADP
taxlaw-12357	998	43	the	the	DET
taxlaw-12357	998	44	option	option	NOUN
taxlaw-12357	998	45	to	to	PART
taxlaw-12357	998	46	become	become	VERB
taxlaw-12357	998	47	“	"	PUNCT
taxlaw-12357	998	48	in	in	ADP
taxlaw-12357	998	49	the	the	DET
taxlaw-12357	998	50	money	money	NOUN
taxlaw-12357	998	51	”	"	PUNCT
taxlaw-12357	998	52	(	(	PUNCT
taxlaw-12357	998	53	i.e.	i.e.	X
taxlaw-12357	998	54	,	,	PUNCT
taxlaw-12357	998	55	to	to	PART
taxlaw-12357	998	56	offer	offer	VERB
taxlaw-12357	998	57	a	a	DET
taxlaw-12357	998	58	positive	positive	ADJ
taxlaw-12357	998	59	payoff	payoff	NOUN
taxlaw-12357	998	60	when	when	SCONJ
taxlaw-12357	998	61	exercised	exercise	VERB
taxlaw-12357	998	62	)	)	PUNCT
taxlaw-12357	998	63	.	.	PUNCT
taxlaw-12357	999	1	for	for	ADP
taxlaw-12357	999	2	the	the	DET
taxlaw-12357	999	3	same	same	ADJ
taxlaw-12357	999	4	reason	reason	NOUN
taxlaw-12357	999	5	,	,	PUNCT
taxlaw-12357	999	6	a	a	DET
taxlaw-12357	999	7	longer	long	ADJ
taxlaw-12357	999	8	term	term	NOUN
taxlaw-12357	999	9	generally	generally	ADV
taxlaw-12357	999	10	also	also	ADV
taxlaw-12357	999	11	makes	make	VERB
taxlaw-12357	999	12	the	the	DET
taxlaw-12357	999	13	put	put	NOUN
taxlaw-12357	999	14	option	option	NOUN
taxlaw-12357	999	15	more	more	ADV
taxlaw-12357	999	16	valuable	valuable	ADJ
taxlaw-12357	999	17	.	.	PUNCT
taxlaw-12357	1000	1	compared	compare	VERB
taxlaw-12357	1000	2	with	with	ADP
taxlaw-12357	1000	3	an	an	DET
taxlaw-12357	1000	4	option	option	NOUN
taxlaw-12357	1000	5	that	that	PRON
taxlaw-12357	1000	6	lasts	last	VERB
taxlaw-12357	1000	7	one	one	NUM
taxlaw-12357	1000	8	day	day	NOUN
taxlaw-12357	1000	9	,	,	PUNCT
taxlaw-12357	1000	10	an	an	DET
taxlaw-12357	1000	11	option	option	NOUN
taxlaw-12357	1000	12	that	that	PRON
taxlaw-12357	1000	13	lasts	last	VERB
taxlaw-12357	1000	14	ten	ten	NUM
taxlaw-12357	1000	15	years	year	NOUN
taxlaw-12357	1000	16	gives	give	VERB
taxlaw-12357	1000	17	the	the	DET
taxlaw-12357	1000	18	price	price	NOUN
taxlaw-12357	1000	19	of	of	ADP
taxlaw-12357	1000	20	underlying	underlie	VERB
taxlaw-12357	1000	21	more	more	ADJ
taxlaw-12357	1000	22	time	time	NOUN
taxlaw-12357	1000	23	to	to	PART
taxlaw-12357	1000	24	decline	decline	VERB
taxlaw-12357	1000	25	from	from	ADP
taxlaw-12357	1000	26	$	$	SYM
taxlaw-12357	1000	27	100	100	NUM
taxlaw-12357	1000	28	to	to	ADP
taxlaw-12357	1000	29	below	below	ADP
taxlaw-12357	1000	30	$	$	SYM
taxlaw-12357	1000	31	70.95	70.95	NUM
taxlaw-12357	1000	32	likewise	likewise	ADV
taxlaw-12357	1000	33	,	,	PUNCT
taxlaw-12357	1000	34	the	the	DET
taxlaw-12357	1000	35	volatility	volatility	NOUN
taxlaw-12357	1000	36	of	of	ADP
taxlaw-12357	1000	37	underlying	underlie	VERB
taxlaw-12357	1000	38	is	be	AUX
taxlaw-12357	1000	39	also	also	ADV
taxlaw-12357	1000	40	important	important	ADJ
taxlaw-12357	1000	41	.	.	PUNCT
taxlaw-12357	1001	1	the	the	DET
taxlaw-12357	1001	2	more	more	ADV
taxlaw-12357	1001	3	volatile	volatile	ADJ
taxlaw-12357	1001	4	it	it	PRON
taxlaw-12357	1001	5	is	be	AUX
taxlaw-12357	1001	6	,	,	PUNCT
taxlaw-12357	1001	7	the	the	PRON
taxlaw-12357	1001	8	more	more	ADV
taxlaw-12357	1001	9	likely	likely	ADJ
taxlaw-12357	1001	10	it	it	PRON
taxlaw-12357	1001	11	is	be	AUX
taxlaw-12357	1001	12	to	to	PART
taxlaw-12357	1001	13	trade	trade	VERB
taxlaw-12357	1001	14	below	below	ADP
taxlaw-12357	1001	15	$	$	SYM
taxlaw-12357	1001	16	70	70	NUM
taxlaw-12357	1001	17	(	(	PUNCT
taxlaw-12357	1001	18	and	and	CCONJ
taxlaw-12357	1001	19	,	,	PUNCT
taxlaw-12357	1001	20	again	again	ADV
taxlaw-12357	1001	21	,	,	PUNCT
taxlaw-12357	1001	22	to	to	PART
taxlaw-12357	1001	23	generate	generate	VERB
taxlaw-12357	1001	24	a	a	DET
taxlaw-12357	1001	25	positive	positive	ADJ
taxlaw-12357	1001	26	payoff	payoff	NOUN
taxlaw-12357	1001	27	)	)	PUNCT
taxlaw-12357	1001	28	.	.	PUNCT
taxlaw-12357	1002	1	so	so	ADV
taxlaw-12357	1002	2	what	what	PRON
taxlaw-12357	1002	3	is	be	AUX
taxlaw-12357	1002	4	the	the	DET
taxlaw-12357	1002	5	value	value	NOUN
taxlaw-12357	1002	6	of	of	ADP
taxlaw-12357	1002	7	a	a	DET
taxlaw-12357	1002	8	put	put	NOUN
taxlaw-12357	1002	9	option	option	NOUN
taxlaw-12357	1002	10	with	with	ADP
taxlaw-12357	1002	11	a	a	DET
taxlaw-12357	1002	12	five	five	NUM
taxlaw-12357	1002	13	-	-	PUNCT
taxlaw-12357	1002	14	year	year	NOUN
taxlaw-12357	1002	15	term	term	NOUN
taxlaw-12357	1002	16	and	and	CCONJ
taxlaw-12357	1002	17	an	an	DET
taxlaw-12357	1002	18	exercise	exercise	NOUN
taxlaw-12357	1002	19	price	price	NOUN
taxlaw-12357	1002	20	of	of	ADP
taxlaw-12357	1002	21	$	$	SYM
taxlaw-12357	1002	22	70	70	NUM
taxlaw-12357	1002	23	(	(	PUNCT
taxlaw-12357	1002	24	when	when	SCONJ
taxlaw-12357	1002	25	underlying	underlying	ADJ
taxlaw-12357	1002	26	is	be	AUX
taxlaw-12357	1002	27	worth	worth	ADJ
taxlaw-12357	1002	28	$	$	SYM
taxlaw-12357	1002	29	100	100	NUM
taxlaw-12357	1002	30	)	)	PUNCT
taxlaw-12357	1002	31	?	?	PUNCT
taxlaw-12357	1003	1	the	the	DET
taxlaw-12357	1003	2	answer	answer	NOUN
taxlaw-12357	1003	3	varies	vary	VERB
taxlaw-12357	1003	4	with	with	ADP
taxlaw-12357	1003	5	the	the	DET
taxlaw-12357	1003	6	volatility	volatility	NOUN
taxlaw-12357	1003	7	of	of	ADP
taxlaw-12357	1003	8	the	the	DET
taxlaw-12357	1003	9	underlying	underlie	VERB
taxlaw-12357	1003	10	asset.96	asset.96	PROPN
taxlaw-12357	1003	11	table	table	NOUN
taxlaw-12357	1003	12	1	1	NUM
taxlaw-12357	1003	13	compares	compare	VERB
taxlaw-12357	1003	14	the	the	DET
taxlaw-12357	1003	15	value	value	NOUN
taxlaw-12357	1003	16	when	when	SCONJ
taxlaw-12357	1003	17	volatility	volatility	NOUN
taxlaw-12357	1003	18	is	be	AUX
taxlaw-12357	1003	19	low	low	ADJ
taxlaw-12357	1003	20	(	(	PUNCT
taxlaw-12357	1003	21	20	20	NUM
taxlaw-12357	1003	22	%	%	NOUN
taxlaw-12357	1003	23	)	)	PUNCT
taxlaw-12357	1003	24	and	and	CCONJ
taxlaw-12357	1003	25	high	high	ADJ
taxlaw-12357	1003	26	(	(	PUNCT
taxlaw-12357	1003	27	60	60	NUM
taxlaw-12357	1003	28	%	%	NOUN
taxlaw-12357	1003	29	)	)	PUNCT
taxlaw-12357	1003	30	,	,	PUNCT
taxlaw-12357	1003	31	showing	show	VERB
taxlaw-12357	1003	32	that	that	SCONJ
taxlaw-12357	1003	33	the	the	DET
taxlaw-12357	1003	34	answer	answer	NOUN
taxlaw-12357	1003	35	is	be	AUX
taxlaw-12357	1003	36	quite	quite	ADV
taxlaw-12357	1003	37	different	different	ADJ
taxlaw-12357	1003	38	:	:	PUNCT
taxlaw-12357	1003	39	volatility	volatility	NOUN
taxlaw-12357	1003	40	20	20	NUM
taxlaw-12357	1003	41	%	%	NOUN
taxlaw-12357	1003	42	60	60	NUM
taxlaw-12357	1003	43	%	%	NOUN
taxlaw-12357	1003	44	value	value	NOUN
taxlaw-12357	1003	45	of	of	ADP
taxlaw-12357	1003	46	difference	difference	NOUN
taxlaw-12357	1003	47	contract	contract	NOUN
taxlaw-12357	1003	48	(	(	PUNCT
taxlaw-12357	1003	49	the	the	DET
taxlaw-12357	1003	50	put	put	NOUN
taxlaw-12357	1003	51	option	option	NOUN
taxlaw-12357	1003	52	)	)	PUNCT
taxlaw-12357	1003	53	$	$	SYM
taxlaw-12357	1003	54	1.31	1.31	NUM
taxlaw-12357	1003	55	$	$	SYM
taxlaw-12357	1003	56	18.90	18.90	NUM
taxlaw-12357	1003	57	table	table	NOUN
taxlaw-12357	1003	58	1	1	NUM
taxlaw-12357	1003	59	:	:	PUNCT
taxlaw-12357	1003	60	difference	difference	NOUN
taxlaw-12357	1003	61	contract	contract	NOUN
taxlaw-12357	1003	62	’s	’s	PART
taxlaw-12357	1003	63	value	value	NOUN
taxlaw-12357	1003	64	with	with	ADP
taxlaw-12357	1003	65	varying	vary	VERB
taxlaw-12357	1003	66	volatility	volatility	NOUN
taxlaw-12357	1003	67	95	95	NUM
taxlaw-12357	1003	68	notably	notably	ADV
taxlaw-12357	1003	69	,	,	PUNCT
taxlaw-12357	1003	70	a	a	DET
taxlaw-12357	1003	71	longer	long	ADJ
taxlaw-12357	1003	72	term	term	NOUN
taxlaw-12357	1003	73	is	be	AUX
taxlaw-12357	1003	74	even	even	ADV
taxlaw-12357	1003	75	more	more	ADV
taxlaw-12357	1003	76	valuable	valuable	ADJ
taxlaw-12357	1003	77	when	when	SCONJ
taxlaw-12357	1003	78	the	the	DET
taxlaw-12357	1003	79	option	option	NOUN
taxlaw-12357	1003	80	is	be	AUX
taxlaw-12357	1003	81	“	"	PUNCT
taxlaw-12357	1003	82	american	american	ADJ
taxlaw-12357	1003	83	style	style	NOUN
taxlaw-12357	1003	84	,	,	PUNCT
taxlaw-12357	1003	85	”	"	PUNCT
taxlaw-12357	1003	86	which	which	PRON
taxlaw-12357	1003	87	means	mean	VERB
taxlaw-12357	1003	88	it	it	PRON
taxlaw-12357	1003	89	can	can	AUX
taxlaw-12357	1003	90	be	be	AUX
taxlaw-12357	1003	91	exercised	exercise	VERB
taxlaw-12357	1003	92	at	at	ADP
taxlaw-12357	1003	93	any	any	DET
taxlaw-12357	1003	94	time	time	NOUN
taxlaw-12357	1003	95	.	.	PUNCT
taxlaw-12357	1004	1	in	in	ADP
taxlaw-12357	1004	2	contrast	contrast	NOUN
taxlaw-12357	1004	3	,	,	PUNCT
taxlaw-12357	1004	4	a	a	DET
taxlaw-12357	1004	5	european	european	ADJ
taxlaw-12357	1004	6	style	style	NOUN
taxlaw-12357	1004	7	option	option	NOUN
taxlaw-12357	1004	8	–	–	PUNCT
taxlaw-12357	1004	9	the	the	DET
taxlaw-12357	1004	10	kind	kind	NOUN
taxlaw-12357	1004	11	we	we	PRON
taxlaw-12357	1004	12	assume	assume	VERB
taxlaw-12357	1004	13	here	here	ADV
taxlaw-12357	1004	14	–	–	PUNCT
taxlaw-12357	1004	15	can	can	AUX
taxlaw-12357	1004	16	only	only	ADV
taxlaw-12357	1004	17	be	be	AUX
taxlaw-12357	1004	18	exercised	exercise	VERB
taxlaw-12357	1004	19	at	at	ADP
taxlaw-12357	1004	20	maturity	maturity	NOUN
taxlaw-12357	1004	21	.	.	PUNCT
taxlaw-12357	1005	1	as	as	ADP
taxlaw-12357	1005	2	a	a	DET
taxlaw-12357	1005	3	caveat	caveat	NOUN
taxlaw-12357	1005	4	,	,	PUNCT
taxlaw-12357	1005	5	though	though	ADV
taxlaw-12357	1005	6	,	,	PUNCT
taxlaw-12357	1005	7	the	the	DET
taxlaw-12357	1005	8	effects	effect	NOUN
taxlaw-12357	1005	9	of	of	ADP
taxlaw-12357	1005	10	an	an	DET
taxlaw-12357	1005	11	option	option	NOUN
taxlaw-12357	1005	12	’s	’s	PART
taxlaw-12357	1005	13	term	term	NOUN
taxlaw-12357	1005	14	can	can	AUX
taxlaw-12357	1005	15	be	be	AUX
taxlaw-12357	1005	16	complicated	complicate	VERB
taxlaw-12357	1005	17	and	and	CCONJ
taxlaw-12357	1005	18	,	,	PUNCT
taxlaw-12357	1005	19	at	at	ADP
taxlaw-12357	1005	20	times	time	NOUN
taxlaw-12357	1005	21	,	,	PUNCT
taxlaw-12357	1005	22	a	a	DET
taxlaw-12357	1005	23	bit	bit	NOUN
taxlaw-12357	1005	24	counter	counter	NOUN
taxlaw-12357	1005	25	intuitive	intuitive	ADJ
taxlaw-12357	1005	26	.	.	PUNCT
taxlaw-12357	1006	1	for	for	ADP
taxlaw-12357	1006	2	example	example	NOUN
taxlaw-12357	1006	3	,	,	PUNCT
taxlaw-12357	1006	4	when	when	SCONJ
taxlaw-12357	1006	5	the	the	DET
taxlaw-12357	1006	6	strike	strike	NOUN
taxlaw-12357	1006	7	price	price	NOUN
taxlaw-12357	1006	8	of	of	ADP
taxlaw-12357	1006	9	a	a	DET
taxlaw-12357	1006	10	european	european	ADJ
taxlaw-12357	1006	11	put	put	NOUN
taxlaw-12357	1006	12	is	be	AUX
taxlaw-12357	1006	13	well	well	ADV
taxlaw-12357	1006	14	above	above	ADP
taxlaw-12357	1006	15	the	the	DET
taxlaw-12357	1006	16	price	price	NOUN
taxlaw-12357	1006	17	of	of	ADP
taxlaw-12357	1006	18	the	the	DET
taxlaw-12357	1006	19	underlying	underlie	VERB
taxlaw-12357	1006	20	(	(	PUNCT
taxlaw-12357	1006	21	a	a	DET
taxlaw-12357	1006	22	so	so	ADV
taxlaw-12357	1006	23	-	-	PUNCT
taxlaw-12357	1006	24	called	call	VERB
taxlaw-12357	1006	25	“	"	PUNCT
taxlaw-12357	1006	26	deep	deep	ADJ
taxlaw-12357	1006	27	in	in	ADP
taxlaw-12357	1006	28	-	-	PUNCT
taxlaw-12357	1006	29	the	the	DET
taxlaw-12357	1006	30	-	-	PUNCT
taxlaw-12357	1006	31	money	money	NOUN
taxlaw-12357	1006	32	”	"	PUNCT
taxlaw-12357	1006	33	situation	situation	NOUN
taxlaw-12357	1006	34	)	)	PUNCT
taxlaw-12357	1006	35	,	,	PUNCT
taxlaw-12357	1006	36	the	the	DET
taxlaw-12357	1006	37	value	value	NOUN
taxlaw-12357	1006	38	of	of	ADP
taxlaw-12357	1006	39	the	the	DET
taxlaw-12357	1006	40	option	option	NOUN
taxlaw-12357	1006	41	can	can	AUX
taxlaw-12357	1006	42	become	become	VERB
taxlaw-12357	1006	43	less	less	ADJ
taxlaw-12357	1006	44	than	than	ADP
taxlaw-12357	1006	45	its	its	PRON
taxlaw-12357	1006	46	intrinsic	intrinsic	ADJ
taxlaw-12357	1006	47	value	value	NOUN
taxlaw-12357	1006	48	(	(	PUNCT
taxlaw-12357	1006	49	the	the	DET
taxlaw-12357	1006	50	value	value	NOUN
taxlaw-12357	1006	51	that	that	PRON
taxlaw-12357	1006	52	would	would	AUX
taxlaw-12357	1006	53	be	be	AUX
taxlaw-12357	1006	54	obtained	obtain	VERB
taxlaw-12357	1006	55	if	if	SCONJ
taxlaw-12357	1006	56	immediate	immediate	ADJ
taxlaw-12357	1006	57	exercise	exercise	NOUN
taxlaw-12357	1006	58	were	be	AUX
taxlaw-12357	1006	59	possible	possible	ADJ
taxlaw-12357	1006	60	)	)	PUNCT
taxlaw-12357	1006	61	.	.	PUNCT
taxlaw-12357	1007	1	in	in	ADP
taxlaw-12357	1007	2	this	this	DET
taxlaw-12357	1007	3	case	case	NOUN
taxlaw-12357	1007	4	,	,	PUNCT
taxlaw-12357	1007	5	a	a	DET
taxlaw-12357	1007	6	longer	long	ADJ
taxlaw-12357	1007	7	time	time	NOUN
taxlaw-12357	1007	8	to	to	ADP
taxlaw-12357	1007	9	expiration	expiration	NOUN
taxlaw-12357	1007	10	is	be	AUX
taxlaw-12357	1007	11	a	a	DET
taxlaw-12357	1007	12	disadvantage	disadvantage	NOUN
taxlaw-12357	1007	13	to	to	ADP
taxlaw-12357	1007	14	the	the	DET
taxlaw-12357	1007	15	holder	holder	NOUN
taxlaw-12357	1007	16	and	and	CCONJ
taxlaw-12357	1007	17	corresponds	correspond	VERB
taxlaw-12357	1007	18	to	to	ADP
taxlaw-12357	1007	19	a	a	DET
taxlaw-12357	1007	20	lower	low	ADJ
taxlaw-12357	1007	21	option	option	NOUN
taxlaw-12357	1007	22	value	value	NOUN
taxlaw-12357	1007	23	.	.	PUNCT
taxlaw-12357	1008	1	96	96	NUM
taxlaw-12357	1009	1	under	under	ADP
taxlaw-12357	1009	2	the	the	DET
taxlaw-12357	1009	3	black	black	ADJ
taxlaw-12357	1009	4	scholes	schole	NOUN
taxlaw-12357	1009	5	model	model	NOUN
taxlaw-12357	1009	6	,	,	PUNCT
taxlaw-12357	1009	7	interest	interest	NOUN
taxlaw-12357	1009	8	rates	rate	NOUN
taxlaw-12357	1009	9	also	also	ADV
taxlaw-12357	1009	10	affect	affect	VERB
taxlaw-12357	1009	11	an	an	DET
taxlaw-12357	1009	12	option	option	NOUN
taxlaw-12357	1009	13	’s	’s	PART
taxlaw-12357	1009	14	value	value	NOUN
taxlaw-12357	1009	15	.	.	PUNCT
taxlaw-12357	1010	1	in	in	ADP
taxlaw-12357	1010	2	this	this	DET
taxlaw-12357	1010	3	example	example	NOUN
taxlaw-12357	1010	4	,	,	PUNCT
taxlaw-12357	1010	5	the	the	DET
taxlaw-12357	1010	6	risk	risk	NOUN
taxlaw-12357	1010	7	-	-	PUNCT
taxlaw-12357	1010	8	free	free	ADJ
taxlaw-12357	1010	9	rate	rate	NOUN
taxlaw-12357	1010	10	is	be	AUX
taxlaw-12357	1010	11	assumed	assume	VERB
taxlaw-12357	1010	12	to	to	PART
taxlaw-12357	1010	13	be	be	AUX
taxlaw-12357	1010	14	5	5	NUM
taxlaw-12357	1010	15	%	%	NOUN
taxlaw-12357	1010	16	.	.	PUNCT
taxlaw-12357	1011	1	columbia	columbia	PROPN
taxlaw-12357	1011	2	journal	journal	PROPN
taxlaw-12357	1011	3	of	of	ADP
taxlaw-12357	1011	4	tax	tax	NOUN
taxlaw-12357	1011	5	law	law	NOUN
taxlaw-12357	1012	1	[	[	X
taxlaw-12357	1012	2	vol	vol	NOUN
taxlaw-12357	1012	3	15:1	15:1	NUM
taxlaw-12357	1012	4	36	36	NUM
taxlaw-12357	1012	5	5	5	NUM
taxlaw-12357	1012	6	.	.	PUNCT
taxlaw-12357	1013	1	step	step	NOUN
taxlaw-12357	1013	2	#	#	SYM
taxlaw-12357	1013	3	3	3	NUM
taxlaw-12357	1013	4	:	:	PUNCT
taxlaw-12357	1013	5	compute	compute	VERB
taxlaw-12357	1013	6	the	the	DET
taxlaw-12357	1013	7	“	"	PUNCT
taxlaw-12357	1013	8	difference	difference	NOUN
taxlaw-12357	1013	9	percentage	percentage	NOUN
taxlaw-12357	1013	10	”	"	PUNCT
taxlaw-12357	1013	11	once	once	SCONJ
taxlaw-12357	1013	12	the	the	DET
taxlaw-12357	1013	13	difference	difference	NOUN
taxlaw-12357	1013	14	value	value	NOUN
taxlaw-12357	1013	15	has	have	AUX
taxlaw-12357	1013	16	been	be	AUX
taxlaw-12357	1013	17	computed	compute	VERB
taxlaw-12357	1013	18	,	,	PUNCT
taxlaw-12357	1013	19	it	it	PRON
taxlaw-12357	1013	20	should	should	AUX
taxlaw-12357	1013	21	be	be	AUX
taxlaw-12357	1013	22	compared	compare	VERB
taxlaw-12357	1013	23	to	to	ADP
taxlaw-12357	1013	24	the	the	DET
taxlaw-12357	1013	25	value	value	NOUN
taxlaw-12357	1013	26	of	of	ADP
taxlaw-12357	1013	27	underlying.97	underlying.97	NOUN
taxlaw-12357	1013	28	what	what	DET
taxlaw-12357	1013	29	percentage	percentage	NOUN
taxlaw-12357	1013	30	of	of	ADP
taxlaw-12357	1013	31	the	the	DET
taxlaw-12357	1013	32	total	total	NOUN
taxlaw-12357	1013	33	does	do	AUX
taxlaw-12357	1013	34	the	the	DET
taxlaw-12357	1013	35	difference	difference	NOUN
taxlaw-12357	1013	36	contract	contract	NOUN
taxlaw-12357	1013	37	represent	represent	VERB
taxlaw-12357	1013	38	?	?	PUNCT
taxlaw-12357	1014	1	this	this	DET
taxlaw-12357	1014	2	ratio	ratio	NOUN
taxlaw-12357	1014	3	provides	provide	VERB
taxlaw-12357	1014	4	a	a	DET
taxlaw-12357	1014	5	precise	precise	ADJ
taxlaw-12357	1014	6	way	way	NOUN
taxlaw-12357	1014	7	to	to	PART
taxlaw-12357	1014	8	measure	measure	VERB
taxlaw-12357	1014	9	the	the	DET
taxlaw-12357	1014	10	significance	significance	NOUN
taxlaw-12357	1014	11	of	of	ADP
taxlaw-12357	1014	12	the	the	DET
taxlaw-12357	1014	13	omitted	omit	VERB
taxlaw-12357	1014	14	exposure	exposure	NOUN
taxlaw-12357	1014	15	.	.	PUNCT
taxlaw-12357	1015	1	a	a	DET
taxlaw-12357	1015	2	smaller	small	ADJ
taxlaw-12357	1015	3	percentage	percentage	NOUN
taxlaw-12357	1015	4	makes	make	VERB
taxlaw-12357	1015	5	the	the	DET
taxlaw-12357	1015	6	derivative	derivative	NOUN
taxlaw-12357	1015	7	a	a	DET
taxlaw-12357	1015	8	closer	close	ADJ
taxlaw-12357	1015	9	substitute	substitute	NOUN
taxlaw-12357	1015	10	for	for	ADP
taxlaw-12357	1015	11	the	the	DET
taxlaw-12357	1015	12	underlying	underlying	ADJ
taxlaw-12357	1015	13	,	,	PUNCT
taxlaw-12357	1015	14	so	so	SCONJ
taxlaw-12357	1015	15	section	section	NOUN
taxlaw-12357	1015	16	1260	1260	NUM
taxlaw-12357	1015	17	is	be	AUX
taxlaw-12357	1015	18	more	more	ADV
taxlaw-12357	1015	19	likely	likely	ADJ
taxlaw-12357	1015	20	to	to	PART
taxlaw-12357	1015	21	apply.98	apply.98	VERB
taxlaw-12357	1015	22	in	in	ADP
taxlaw-12357	1015	23	the	the	DET
taxlaw-12357	1015	24	example	example	NOUN
taxlaw-12357	1015	25	above	above	ADV
taxlaw-12357	1015	26	,	,	PUNCT
taxlaw-12357	1015	27	the	the	DET
taxlaw-12357	1015	28	underlying	underlie	VERB
taxlaw-12357	1015	29	is	be	AUX
taxlaw-12357	1015	30	$	$	SYM
taxlaw-12357	1015	31	100	100	NUM
taxlaw-12357	1015	32	when	when	SCONJ
taxlaw-12357	1015	33	taxpayer	taxpayer	NOUN
taxlaw-12357	1015	34	enters	enter	VERB
taxlaw-12357	1015	35	into	into	ADP
taxlaw-12357	1015	36	the	the	DET
taxlaw-12357	1015	37	derivative	derivative	ADJ
taxlaw-12357	1015	38	contract	contract	NOUN
taxlaw-12357	1015	39	.	.	PUNCT
taxlaw-12357	1016	1	if	if	SCONJ
taxlaw-12357	1016	2	the	the	DET
taxlaw-12357	1016	3	volatility	volatility	NOUN
taxlaw-12357	1016	4	is	be	AUX
taxlaw-12357	1016	5	60	60	NUM
taxlaw-12357	1016	6	%	%	NOUN
taxlaw-12357	1016	7	,	,	PUNCT
taxlaw-12357	1016	8	the	the	DET
taxlaw-12357	1016	9	difference	difference	NOUN
taxlaw-12357	1016	10	value	value	NOUN
taxlaw-12357	1016	11	is	be	AUX
taxlaw-12357	1016	12	$	$	SYM
taxlaw-12357	1016	13	18.90	18.90	NUM
taxlaw-12357	1016	14	.	.	PUNCT
taxlaw-12357	1017	1	as	as	ADP
taxlaw-12357	1017	2	a	a	DET
taxlaw-12357	1017	3	result	result	NOUN
taxlaw-12357	1017	4	,	,	PUNCT
taxlaw-12357	1017	5	the	the	DET
taxlaw-12357	1017	6	“	"	PUNCT
taxlaw-12357	1017	7	difference	difference	NOUN
taxlaw-12357	1017	8	percentage	percentage	NOUN
taxlaw-12357	1017	9	”	"	PUNCT
taxlaw-12357	1017	10	is	be	AUX
taxlaw-12357	1017	11	18.90/100	18.90/100	NUM
taxlaw-12357	1017	12	or	or	CCONJ
taxlaw-12357	1017	13	18.9	18.9	NUM
taxlaw-12357	1017	14	%	%	NOUN
taxlaw-12357	1017	15	.	.	PUNCT
taxlaw-12357	1018	1	alternatively	alternatively	ADV
taxlaw-12357	1018	2	,	,	PUNCT
taxlaw-12357	1018	3	if	if	SCONJ
taxlaw-12357	1018	4	the	the	DET
taxlaw-12357	1018	5	volatility	volatility	NOUN
taxlaw-12357	1018	6	is	be	AUX
taxlaw-12357	1018	7	20	20	NUM
taxlaw-12357	1018	8	%	%	NOUN
taxlaw-12357	1018	9	,	,	PUNCT
taxlaw-12357	1018	10	the	the	DET
taxlaw-12357	1018	11	difference	difference	NOUN
taxlaw-12357	1018	12	percentage	percentage	NOUN
taxlaw-12357	1018	13	is	be	AUX
taxlaw-12357	1018	14	only	only	ADV
taxlaw-12357	1018	15	1.31/100	1.31/100	NUM
taxlaw-12357	1018	16	or	or	CCONJ
taxlaw-12357	1018	17	1.31	1.31	NUM
taxlaw-12357	1018	18	%	%	NOUN
taxlaw-12357	1018	19	.	.	PUNCT
taxlaw-12357	1019	1	is	be	AUX
taxlaw-12357	1019	2	a	a	DET
taxlaw-12357	1019	3	difference	difference	NOUN
taxlaw-12357	1019	4	of	of	ADP
taxlaw-12357	1019	5	1.31	1.31	NUM
taxlaw-12357	1019	6	%	%	NOUN
taxlaw-12357	1019	7	small	small	ADJ
taxlaw-12357	1019	8	enough	enough	ADV
taxlaw-12357	1019	9	to	to	PART
taxlaw-12357	1019	10	trigger	trigger	VERB
taxlaw-12357	1019	11	constructive	constructive	ADJ
taxlaw-12357	1019	12	ownership	ownership	NOUN
taxlaw-12357	1019	13	?	?	PUNCT
taxlaw-12357	1020	1	what	what	PRON
taxlaw-12357	1020	2	about	about	ADV
taxlaw-12357	1020	3	18.9	18.9	NUM
taxlaw-12357	1020	4	%	%	NOUN
taxlaw-12357	1020	5	?	?	PUNCT
taxlaw-12357	1021	1	how	how	SCONJ
taxlaw-12357	1021	2	small	small	ADJ
taxlaw-12357	1021	3	must	must	AUX
taxlaw-12357	1021	4	this	this	DET
taxlaw-12357	1021	5	percentage	percentage	NOUN
taxlaw-12357	1021	6	be	be	AUX
taxlaw-12357	1021	7	?	?	PUNCT
taxlaw-12357	1022	1	in	in	ADP
taxlaw-12357	1022	2	other	other	ADJ
taxlaw-12357	1022	3	words	word	NOUN
taxlaw-12357	1022	4	,	,	PUNCT
taxlaw-12357	1022	5	how	how	SCONJ
taxlaw-12357	1022	6	similar	similar	ADJ
taxlaw-12357	1022	7	must	must	AUX
taxlaw-12357	1022	8	the	the	DET
taxlaw-12357	1022	9	contract	contract	NOUN
taxlaw-12357	1022	10	be	be	AUX
taxlaw-12357	1022	11	to	to	ADP
taxlaw-12357	1022	12	the	the	DET
taxlaw-12357	1022	13	underlying	underlying	NOUN
taxlaw-12357	1022	14	?	?	PUNCT
taxlaw-12357	1023	1	in	in	ADP
taxlaw-12357	1023	2	setting	set	VERB
taxlaw-12357	1023	3	this	this	DET
taxlaw-12357	1023	4	threshold	threshold	NOUN
taxlaw-12357	1023	5	,	,	PUNCT
taxlaw-12357	1023	6	congress	congress	PROPN
taxlaw-12357	1023	7	should	should	AUX
taxlaw-12357	1023	8	be	be	AUX
taxlaw-12357	1023	9	guided	guide	VERB
taxlaw-12357	1023	10	by	by	ADP
taxlaw-12357	1023	11	the	the	DET
taxlaw-12357	1023	12	normative	normative	ADJ
taxlaw-12357	1023	13	presumption	presumption	NOUN
taxlaw-12357	1023	14	,	,	PUNCT
taxlaw-12357	1023	15	discussed	discuss	VERB
taxlaw-12357	1023	16	above.99	above.99	NOUN
taxlaw-12357	1023	17	depending	depend	VERB
taxlaw-12357	1023	18	on	on	ADP
taxlaw-12357	1023	19	97	97	NUM
taxlaw-12357	1023	20	notably	notably	ADV
taxlaw-12357	1023	21	,	,	PUNCT
taxlaw-12357	1023	22	in	in	ADP
taxlaw-12357	1023	23	our	our	PRON
taxlaw-12357	1023	24	example	example	NOUN
taxlaw-12357	1023	25	(	(	PUNCT
taxlaw-12357	1023	26	and	and	CCONJ
taxlaw-12357	1023	27	in	in	ADP
taxlaw-12357	1023	28	many	many	ADJ
taxlaw-12357	1023	29	other	other	ADJ
taxlaw-12357	1023	30	cases	case	NOUN
taxlaw-12357	1023	31	)	)	PUNCT
taxlaw-12357	1023	32	,	,	PUNCT
taxlaw-12357	1023	33	we	we	PRON
taxlaw-12357	1023	34	may	may	AUX
taxlaw-12357	1023	35	take	take	VERB
taxlaw-12357	1023	36	the	the	DET
taxlaw-12357	1023	37	size	size	NOUN
taxlaw-12357	1023	38	of	of	ADP
taxlaw-12357	1023	39	the	the	DET
taxlaw-12357	1023	40	transaction	transaction	NOUN
taxlaw-12357	1023	41	to	to	PART
taxlaw-12357	1023	42	be	be	AUX
taxlaw-12357	1023	43	the	the	DET
taxlaw-12357	1023	44	initial	initial	ADJ
taxlaw-12357	1023	45	price	price	NOUN
taxlaw-12357	1023	46	of	of	ADP
taxlaw-12357	1023	47	underlying	underlie	VERB
taxlaw-12357	1023	48	(	(	PUNCT
taxlaw-12357	1023	49	$	$	SYM
taxlaw-12357	1023	50	100	100	NUM
taxlaw-12357	1023	51	)	)	PUNCT
taxlaw-12357	1023	52	.	.	PUNCT
taxlaw-12357	1024	1	yet	yet	ADV
taxlaw-12357	1024	2	in	in	ADP
taxlaw-12357	1024	3	more	more	ADV
taxlaw-12357	1024	4	complex	complex	ADJ
taxlaw-12357	1024	5	situations	situation	NOUN
taxlaw-12357	1024	6	in	in	ADP
taxlaw-12357	1024	7	which	which	PRON
taxlaw-12357	1024	8	payment	payment	NOUN
taxlaw-12357	1024	9	for	for	ADP
taxlaw-12357	1024	10	underlying	underlie	VERB
taxlaw-12357	1024	11	would	would	AUX
taxlaw-12357	1024	12	not	not	PART
taxlaw-12357	1024	13	necessarily	necessarily	ADV
taxlaw-12357	1024	14	be	be	AUX
taxlaw-12357	1024	15	paid	pay	VERB
taxlaw-12357	1024	16	all	all	DET
taxlaw-12357	1024	17	up	up	ADP
taxlaw-12357	1024	18	-	-	PUNCT
taxlaw-12357	1024	19	front	front	NOUN
taxlaw-12357	1024	20	and	and	CCONJ
taxlaw-12357	1024	21	may	may	AUX
taxlaw-12357	1024	22	be	be	AUX
taxlaw-12357	1024	23	contingent	contingent	ADJ
taxlaw-12357	1024	24	,	,	PUNCT
taxlaw-12357	1024	25	it	it	PRON
taxlaw-12357	1024	26	would	would	AUX
taxlaw-12357	1024	27	generally	generally	ADV
taxlaw-12357	1024	28	be	be	AUX
taxlaw-12357	1024	29	appropriate	appropriate	ADJ
taxlaw-12357	1024	30	to	to	PART
taxlaw-12357	1024	31	take	take	VERB
taxlaw-12357	1024	32	the	the	DET
taxlaw-12357	1024	33	full	full	ADJ
taxlaw-12357	1024	34	value	value	NOUN
taxlaw-12357	1024	35	of	of	ADP
taxlaw-12357	1024	36	payments	payment	NOUN
taxlaw-12357	1024	37	made	make	VERB
taxlaw-12357	1024	38	into	into	ADP
taxlaw-12357	1024	39	account	account	NOUN
taxlaw-12357	1024	40	.	.	PUNCT
taxlaw-12357	1025	1	for	for	ADP
taxlaw-12357	1025	2	example	example	NOUN
taxlaw-12357	1025	3	,	,	PUNCT
taxlaw-12357	1025	4	the	the	DET
taxlaw-12357	1025	5	current	current	ADJ
taxlaw-12357	1025	6	price	price	NOUN
taxlaw-12357	1025	7	of	of	ADP
taxlaw-12357	1025	8	all	all	DET
taxlaw-12357	1025	9	future	future	ADJ
taxlaw-12357	1025	10	payments	payment	NOUN
taxlaw-12357	1025	11	needed	need	VERB
taxlaw-12357	1025	12	to	to	PART
taxlaw-12357	1025	13	purchase	purchase	VERB
taxlaw-12357	1025	14	underlying	underlying	NOUN
taxlaw-12357	1025	15	could	could	AUX
taxlaw-12357	1025	16	be	be	AUX
taxlaw-12357	1025	17	determined	determine	VERB
taxlaw-12357	1025	18	,	,	PUNCT
taxlaw-12357	1025	19	and	and	CCONJ
taxlaw-12357	1025	20	this	this	DET
taxlaw-12357	1025	21	aggregate	aggregate	ADJ
taxlaw-12357	1025	22	price	price	NOUN
taxlaw-12357	1025	23	could	could	AUX
taxlaw-12357	1025	24	be	be	AUX
taxlaw-12357	1025	25	used	use	VERB
taxlaw-12357	1025	26	.	.	PUNCT
taxlaw-12357	1026	1	98	98	NUM
taxlaw-12357	1026	2	instead	instead	ADV
taxlaw-12357	1026	3	of	of	ADP
taxlaw-12357	1026	4	using	use	VERB
taxlaw-12357	1026	5	the	the	DET
taxlaw-12357	1026	6	value	value	NOUN
taxlaw-12357	1026	7	of	of	ADP
taxlaw-12357	1026	8	the	the	DET
taxlaw-12357	1026	9	underlying	underlying	NOUN
taxlaw-12357	1026	10	as	as	ADP
taxlaw-12357	1026	11	the	the	DET
taxlaw-12357	1026	12	denominator	denominator	NOUN
taxlaw-12357	1026	13	,	,	PUNCT
taxlaw-12357	1026	14	there	there	PRON
taxlaw-12357	1026	15	is	be	VERB
taxlaw-12357	1026	16	another	another	DET
taxlaw-12357	1026	17	possibility	possibility	NOUN
taxlaw-12357	1026	18	,	,	PUNCT
taxlaw-12357	1026	19	which	which	PRON
taxlaw-12357	1026	20	the	the	DET
taxlaw-12357	1026	21	nysba	nysba	NOUN
taxlaw-12357	1026	22	proposed	propose	VERB
taxlaw-12357	1026	23	for	for	ADP
taxlaw-12357	1026	24	section	section	NOUN
taxlaw-12357	1026	25	1259	1259	NUM
taxlaw-12357	1026	26	.	.	PUNCT
taxlaw-12357	1027	1	see	see	VERB
taxlaw-12357	1027	2	nysba	nysba	PROPN
taxlaw-12357	1027	3	,	,	PUNCT
taxlaw-12357	1027	4	rep	rep	PROPN
taxlaw-12357	1027	5	.	.	PROPN
taxlaw-12357	1027	6	#	#	SYM
taxlaw-12357	1027	7	901	901	NUM
taxlaw-12357	1027	8	,	,	PUNCT
taxlaw-12357	1027	9	supra	supra	ADJ
taxlaw-12357	1027	10	note	note	NOUN
taxlaw-12357	1027	11	89	89	NUM
taxlaw-12357	1027	12	,	,	PUNCT
taxlaw-12357	1027	13	at	at	ADP
taxlaw-12357	1027	14	28	28	NUM
taxlaw-12357	1027	15	-	-	SYM
taxlaw-12357	1027	16	30	30	NUM
taxlaw-12357	1027	17	.	.	PUNCT
taxlaw-12357	1028	1	section	section	NOUN
taxlaw-12357	1028	2	1259	1259	NUM
taxlaw-12357	1028	3	tests	test	VERB
taxlaw-12357	1028	4	whether	whether	SCONJ
taxlaw-12357	1028	5	a	a	DET
taxlaw-12357	1028	6	hedge	hedge	NOUN
taxlaw-12357	1028	7	should	should	AUX
taxlaw-12357	1028	8	be	be	AUX
taxlaw-12357	1028	9	treated	treat	VERB
taxlaw-12357	1028	10	as	as	ADP
taxlaw-12357	1028	11	a	a	DET
taxlaw-12357	1028	12	sale	sale	NOUN
taxlaw-12357	1028	13	,	,	PUNCT
taxlaw-12357	1028	14	evaluating	evaluate	VERB
taxlaw-12357	1028	15	how	how	SCONJ
taxlaw-12357	1028	16	much	much	ADJ
taxlaw-12357	1028	17	risk	risk	NOUN
taxlaw-12357	1028	18	of	of	ADP
taxlaw-12357	1028	19	loss	loss	NOUN
taxlaw-12357	1028	20	and	and	CCONJ
taxlaw-12357	1028	21	opportunity	opportunity	NOUN
taxlaw-12357	1028	22	for	for	ADP
taxlaw-12357	1028	23	gain	gain	NOUN
taxlaw-12357	1028	24	a	a	DET
taxlaw-12357	1028	25	taxpayer	taxpayer	NOUN
taxlaw-12357	1028	26	has	have	AUX
taxlaw-12357	1028	27	retained	retain	VERB
taxlaw-12357	1028	28	.	.	PUNCT
taxlaw-12357	1029	1	section	section	NOUN
taxlaw-12357	1029	2	1260	1260	NUM
taxlaw-12357	1029	3	is	be	AUX
taxlaw-12357	1029	4	the	the	DET
taxlaw-12357	1029	5	mirror	mirror	NOUN
taxlaw-12357	1029	6	image	image	NOUN
taxlaw-12357	1029	7	,	,	PUNCT
taxlaw-12357	1029	8	asking	ask	VERB
taxlaw-12357	1029	9	how	how	SCONJ
taxlaw-12357	1029	10	much	much	ADJ
taxlaw-12357	1029	11	the	the	DET
taxlaw-12357	1029	12	taxpayer	taxpayer	NOUN
taxlaw-12357	1029	13	has	have	AUX
taxlaw-12357	1029	14	transferred	transfer	VERB
taxlaw-12357	1029	15	.	.	PUNCT
taxlaw-12357	1030	1	either	either	DET
taxlaw-12357	1030	2	way	way	NOUN
taxlaw-12357	1030	3	,	,	PUNCT
taxlaw-12357	1030	4	the	the	DET
taxlaw-12357	1030	5	effort	effort	NOUN
taxlaw-12357	1030	6	is	be	AUX
taxlaw-12357	1030	7	to	to	PART
taxlaw-12357	1030	8	assess	assess	VERB
taxlaw-12357	1030	9	how	how	SCONJ
taxlaw-12357	1030	10	significant	significant	ADJ
taxlaw-12357	1030	11	the	the	DET
taxlaw-12357	1030	12	relevant	relevant	ADJ
taxlaw-12357	1030	13	exposure	exposure	NOUN
taxlaw-12357	1030	14	is	be	AUX
taxlaw-12357	1030	15	.	.	PUNCT
taxlaw-12357	1031	1	but	but	CCONJ
taxlaw-12357	1031	2	the	the	DET
taxlaw-12357	1031	3	nysba	nysba	NOUN
taxlaw-12357	1031	4	makes	make	VERB
taxlaw-12357	1031	5	a	a	DET
taxlaw-12357	1031	6	different	different	ADJ
taxlaw-12357	1031	7	comparison	comparison	NOUN
taxlaw-12357	1031	8	than	than	SCONJ
taxlaw-12357	1031	9	we	we	PRON
taxlaw-12357	1031	10	do	do	VERB
taxlaw-12357	1031	11	–	–	PUNCT
taxlaw-12357	1031	12	in	in	ADP
taxlaw-12357	1031	13	part	part	NOUN
taxlaw-12357	1031	14	because	because	SCONJ
taxlaw-12357	1031	15	they	they	PRON
taxlaw-12357	1031	16	are	be	AUX
taxlaw-12357	1031	17	developing	develop	VERB
taxlaw-12357	1031	18	a	a	DET
taxlaw-12357	1031	19	narrow	narrow	ADJ
taxlaw-12357	1031	20	test	test	NOUN
taxlaw-12357	1031	21	for	for	ADP
taxlaw-12357	1031	22	the	the	DET
taxlaw-12357	1031	23	(	(	PUNCT
taxlaw-12357	1031	24	simpler	simple	ADJ
taxlaw-12357	1031	25	)	)	PUNCT
taxlaw-12357	1031	26	context	context	NOUN
taxlaw-12357	1031	27	of	of	ADP
taxlaw-12357	1031	28	publicly	publicly	ADV
taxlaw-12357	1031	29	-	-	PUNCT
taxlaw-12357	1031	30	traded	trade	VERB
taxlaw-12357	1031	31	securities	security	NOUN
taxlaw-12357	1031	32	,	,	PUNCT
taxlaw-12357	1031	33	while	while	SCONJ
taxlaw-12357	1031	34	our	our	PRON
taxlaw-12357	1031	35	test	test	NOUN
taxlaw-12357	1031	36	is	be	AUX
taxlaw-12357	1031	37	more	more	ADV
taxlaw-12357	1031	38	general	general	ADJ
taxlaw-12357	1031	39	and	and	CCONJ
taxlaw-12357	1031	40	,	,	PUNCT
taxlaw-12357	1031	41	therefore	therefore	ADV
taxlaw-12357	1031	42	,	,	PUNCT
taxlaw-12357	1031	43	more	more	ADV
taxlaw-12357	1031	44	ambitious	ambitious	ADJ
taxlaw-12357	1031	45	.	.	PUNCT
taxlaw-12357	1032	1	like	like	ADP
taxlaw-12357	1032	2	our	our	PRON
taxlaw-12357	1032	3	test	test	NOUN
taxlaw-12357	1032	4	,	,	PUNCT
taxlaw-12357	1032	5	the	the	DET
taxlaw-12357	1032	6	nysba	nysba	NOUN
taxlaw-12357	1032	7	options	option	NOUN
taxlaw-12357	1032	8	pricing	pricing	NOUN
taxlaw-12357	1032	9	approach	approach	NOUN
taxlaw-12357	1032	10	computes	compute	VERB
taxlaw-12357	1032	11	the	the	DET
taxlaw-12357	1032	12	value	value	NOUN
taxlaw-12357	1032	13	of	of	ADP
taxlaw-12357	1032	14	the	the	DET
taxlaw-12357	1032	15	difference	difference	NOUN
taxlaw-12357	1032	16	between	between	ADP
taxlaw-12357	1032	17	the	the	DET
taxlaw-12357	1032	18	contract	contract	NOUN
taxlaw-12357	1032	19	and	and	CCONJ
taxlaw-12357	1032	20	underlying	underlying	ADJ
taxlaw-12357	1032	21	and	and	CCONJ
taxlaw-12357	1032	22	puts	put	VERB
taxlaw-12357	1032	23	it	it	PRON
taxlaw-12357	1032	24	in	in	ADP
taxlaw-12357	1032	25	the	the	DET
taxlaw-12357	1032	26	numerator	numerator	NOUN
taxlaw-12357	1032	27	.	.	PUNCT
taxlaw-12357	1033	1	but	but	CCONJ
taxlaw-12357	1033	2	their	their	PRON
taxlaw-12357	1033	3	denominator	denominator	NOUN
taxlaw-12357	1033	4	is	be	AUX
taxlaw-12357	1033	5	different	different	ADJ
taxlaw-12357	1033	6	.	.	PUNCT
taxlaw-12357	1034	1	instead	instead	ADV
taxlaw-12357	1034	2	of	of	ADP
taxlaw-12357	1034	3	using	use	VERB
taxlaw-12357	1034	4	the	the	DET
taxlaw-12357	1034	5	value	value	NOUN
taxlaw-12357	1034	6	of	of	ADP
taxlaw-12357	1034	7	underlying	underlie	VERB
taxlaw-12357	1034	8	,	,	PUNCT
taxlaw-12357	1034	9	as	as	SCONJ
taxlaw-12357	1034	10	we	we	PRON
taxlaw-12357	1034	11	recommend	recommend	VERB
taxlaw-12357	1034	12	,	,	PUNCT
taxlaw-12357	1034	13	the	the	DET
taxlaw-12357	1034	14	nysba	nysba	NOUN
taxlaw-12357	1034	15	does	do	VERB
taxlaw-12357	1034	16	an	an	DET
taxlaw-12357	1034	17	additional	additional	ADJ
taxlaw-12357	1034	18	calculation	calculation	NOUN
taxlaw-12357	1034	19	.	.	PUNCT
taxlaw-12357	1035	1	in	in	ADP
taxlaw-12357	1035	2	essence	essence	NOUN
taxlaw-12357	1035	3	,	,	PUNCT
taxlaw-12357	1035	4	they	they	PRON
taxlaw-12357	1035	5	value	value	VERB
taxlaw-12357	1035	6	the	the	DET
taxlaw-12357	1035	7	total	total	ADJ
taxlaw-12357	1035	8	risk	risk	NOUN
taxlaw-12357	1035	9	-	-	PUNCT
taxlaw-12357	1035	10	based	base	VERB
taxlaw-12357	1035	11	exposure	exposure	NOUN
taxlaw-12357	1035	12	in	in	ADP
taxlaw-12357	1035	13	underlying	underlie	VERB
taxlaw-12357	1035	14	:	:	PUNCT
taxlaw-12357	1035	15	their	their	PRON
taxlaw-12357	1035	16	denominator	denominator	NOUN
taxlaw-12357	1035	17	is	be	AUX
taxlaw-12357	1035	18	the	the	DET
taxlaw-12357	1035	19	sum	sum	NOUN
taxlaw-12357	1035	20	of	of	ADP
taxlaw-12357	1035	21	the	the	DET
taxlaw-12357	1035	22	(	(	PUNCT
taxlaw-12357	1035	23	absolute	absolute	ADJ
taxlaw-12357	1035	24	)	)	PUNCT
taxlaw-12357	1035	25	value	value	NOUN
taxlaw-12357	1035	26	of	of	ADP
taxlaw-12357	1035	27	the	the	DET
taxlaw-12357	1035	28	opportunity	opportunity	NOUN
taxlaw-12357	1035	29	for	for	ADP
taxlaw-12357	1035	30	gain	gain	NOUN
taxlaw-12357	1035	31	in	in	ADP
taxlaw-12357	1035	32	underlying	underlie	VERB
taxlaw-12357	1035	33	(	(	PUNCT
taxlaw-12357	1035	34	measured	measure	VERB
taxlaw-12357	1035	35	with	with	ADP
taxlaw-12357	1035	36	an	an	DET
taxlaw-12357	1035	37	at	at	ADP
taxlaw-12357	1035	38	-	-	PUNCT
taxlaw-12357	1035	39	the	the	DET
taxlaw-12357	1035	40	-	-	PUNCT
taxlaw-12357	1035	41	money	money	NOUN
taxlaw-12357	1035	42	call	call	NOUN
taxlaw-12357	1035	43	option	option	NOUN
taxlaw-12357	1035	44	)	)	PUNCT
taxlaw-12357	1035	45	and	and	CCONJ
taxlaw-12357	1035	46	the	the	DET
taxlaw-12357	1035	47	risk	risk	NOUN
taxlaw-12357	1035	48	of	of	ADP
taxlaw-12357	1035	49	loss	loss	NOUN
taxlaw-12357	1035	50	in	in	ADP
taxlaw-12357	1035	51	underlying	underlie	VERB
taxlaw-12357	1035	52	(	(	PUNCT
taxlaw-12357	1035	53	measured	measure	VERB
taxlaw-12357	1035	54	with	with	ADP
taxlaw-12357	1035	55	an	an	DET
taxlaw-12357	1035	56	at	at	ADP
taxlaw-12357	1035	57	-	-	PUNCT
taxlaw-12357	1035	58	the	the	DET
taxlaw-12357	1035	59	-	-	PUNCT
taxlaw-12357	1035	60	money	money	NOUN
taxlaw-12357	1035	61	put	put	NOUN
taxlaw-12357	1035	62	option	option	NOUN
taxlaw-12357	1035	63	)	)	PUNCT
taxlaw-12357	1035	64	.	.	PUNCT
taxlaw-12357	1036	1	this	this	DET
taxlaw-12357	1036	2	approach	approach	NOUN
taxlaw-12357	1036	3	has	have	VERB
taxlaw-12357	1036	4	one	one	NUM
taxlaw-12357	1036	5	potential	potential	ADJ
taxlaw-12357	1036	6	advantage	advantage	NOUN
taxlaw-12357	1036	7	over	over	ADP
taxlaw-12357	1036	8	our	our	PRON
taxlaw-12357	1036	9	“	"	PUNCT
taxlaw-12357	1036	10	difference	difference	NOUN
taxlaw-12357	1036	11	value	value	NOUN
taxlaw-12357	1036	12	”	"	PUNCT
taxlaw-12357	1036	13	proposal	proposal	NOUN
taxlaw-12357	1036	14	.	.	PUNCT
taxlaw-12357	1037	1	it	it	PRON
taxlaw-12357	1037	2	strips	strip	VERB
taxlaw-12357	1037	3	out	out	ADP
taxlaw-12357	1037	4	the	the	DET
taxlaw-12357	1037	5	capital	capital	NOUN
taxlaw-12357	1037	6	invested	invest	VERB
taxlaw-12357	1037	7	,	,	PUNCT
taxlaw-12357	1037	8	so	so	SCONJ
taxlaw-12357	1037	9	that	that	SCONJ
taxlaw-12357	1037	10	the	the	DET
taxlaw-12357	1037	11	test	test	NOUN
taxlaw-12357	1037	12	focuses	focus	VERB
taxlaw-12357	1037	13	on	on	ADP
taxlaw-12357	1037	14	risk	risk	NOUN
taxlaw-12357	1037	15	alone	alone	ADV
taxlaw-12357	1037	16	.	.	PUNCT
taxlaw-12357	1038	1	as	as	ADP
taxlaw-12357	1038	2	a	a	DET
taxlaw-12357	1038	3	result	result	NOUN
taxlaw-12357	1038	4	,	,	PUNCT
taxlaw-12357	1038	5	the	the	DET
taxlaw-12357	1038	6	calculation	calculation	NOUN
taxlaw-12357	1038	7	no	no	ADV
taxlaw-12357	1038	8	longer	long	ADV
taxlaw-12357	1038	9	can	can	AUX
taxlaw-12357	1038	10	be	be	AUX
taxlaw-12357	1038	11	manipulated	manipulate	VERB
taxlaw-12357	1038	12	by	by	ADP
taxlaw-12357	1038	13	either	either	CCONJ
taxlaw-12357	1038	14	stuffing	stuff	VERB
taxlaw-12357	1038	15	in	in	ADP
taxlaw-12357	1038	16	or	or	CCONJ
taxlaw-12357	1038	17	stripping	strip	VERB
taxlaw-12357	1038	18	out	out	ADP
taxlaw-12357	1038	19	capital	capital	NOUN
taxlaw-12357	1038	20	with	with	ADP
taxlaw-12357	1038	21	a	a	DET
taxlaw-12357	1038	22	fixed	fix	VERB
taxlaw-12357	1038	23	return	return	NOUN
taxlaw-12357	1038	24	,	,	PUNCT
taxlaw-12357	1038	25	a	a	DET
taxlaw-12357	1038	26	danger	danger	NOUN
taxlaw-12357	1038	27	that	that	PRON
taxlaw-12357	1038	28	must	must	AUX
taxlaw-12357	1038	29	be	be	AUX
taxlaw-12357	1038	30	managed	manage	VERB
taxlaw-12357	1038	31	in	in	ADP
taxlaw-12357	1038	32	our	our	PRON
taxlaw-12357	1038	33	approach	approach	NOUN
taxlaw-12357	1038	34	.	.	PUNCT
taxlaw-12357	1039	1	however	however	ADV
taxlaw-12357	1039	2	,	,	PUNCT
taxlaw-12357	1039	3	this	this	DET
taxlaw-12357	1039	4	advantage	advantage	NOUN
taxlaw-12357	1039	5	comes	come	VERB
taxlaw-12357	1039	6	at	at	ADP
taxlaw-12357	1039	7	a	a	DET
taxlaw-12357	1039	8	significant	significant	ADJ
taxlaw-12357	1039	9	cost	cost	NOUN
taxlaw-12357	1039	10	:	:	PUNCT
taxlaw-12357	1039	11	unlike	unlike	ADP
taxlaw-12357	1039	12	our	our	PRON
taxlaw-12357	1039	13	approach	approach	NOUN
taxlaw-12357	1039	14	,	,	PUNCT
taxlaw-12357	1039	15	the	the	DET
taxlaw-12357	1039	16	nysba	nysba	NOUN
taxlaw-12357	1039	17	’s	’s	PART
taxlaw-12357	1039	18	method	method	NOUN
taxlaw-12357	1039	19	requires	require	VERB
taxlaw-12357	1039	20	an	an	DET
taxlaw-12357	1039	21	additional	additional	ADJ
taxlaw-12357	1039	22	set	set	NOUN
taxlaw-12357	1039	23	of	of	ADP
taxlaw-12357	1039	24	calculations	calculation	NOUN
taxlaw-12357	1039	25	(	(	PUNCT
taxlaw-12357	1039	26	i.e.	i.e.	X
taxlaw-12357	1039	27	,	,	PUNCT
taxlaw-12357	1039	28	valuing	value	VERB
taxlaw-12357	1039	29	total	total	ADJ
taxlaw-12357	1039	30	risk	risk	NOUN
taxlaw-12357	1039	31	of	of	ADP
taxlaw-12357	1039	32	loss	loss	NOUN
taxlaw-12357	1039	33	and	and	CCONJ
taxlaw-12357	1039	34	opportunity	opportunity	NOUN
taxlaw-12357	1039	35	for	for	ADP
taxlaw-12357	1039	36	gain	gain	NOUN
taxlaw-12357	1039	37	in	in	ADP
taxlaw-12357	1039	38	underlying	underlie	VERB
taxlaw-12357	1039	39	)	)	PUNCT
taxlaw-12357	1039	40	.	.	PUNCT
taxlaw-12357	1040	1	this	this	PRON
taxlaw-12357	1040	2	presumably	presumably	ADV
taxlaw-12357	1040	3	seemed	seem	VERB
taxlaw-12357	1040	4	easy	easy	ADJ
taxlaw-12357	1040	5	in	in	ADP
taxlaw-12357	1040	6	the	the	DET
taxlaw-12357	1040	7	narrow	narrow	ADJ
taxlaw-12357	1040	8	setting	setting	NOUN
taxlaw-12357	1040	9	in	in	ADP
taxlaw-12357	1040	10	which	which	PRON
taxlaw-12357	1040	11	they	they	PRON
taxlaw-12357	1040	12	proposed	propose	VERB
taxlaw-12357	1040	13	this	this	DET
taxlaw-12357	1040	14	approach	approach	NOUN
taxlaw-12357	1040	15	:	:	PUNCT
taxlaw-12357	1040	16	hedging	hedge	VERB
taxlaw-12357	1040	17	publicly	publicly	ADV
taxlaw-12357	1040	18	traded	trade	VERB
taxlaw-12357	1040	19	stock	stock	NOUN
taxlaw-12357	1040	20	.	.	PUNCT
taxlaw-12357	1041	1	but	but	CCONJ
taxlaw-12357	1041	2	this	this	DET
taxlaw-12357	1041	3	effort	effort	NOUN
taxlaw-12357	1041	4	would	would	AUX
taxlaw-12357	1041	5	be	be	AUX
taxlaw-12357	1041	6	much	much	ADV
taxlaw-12357	1041	7	more	more	ADV
taxlaw-12357	1041	8	daunting	daunting	ADJ
taxlaw-12357	1041	9	in	in	ADP
taxlaw-12357	1041	10	valuing	value	VERB
taxlaw-12357	1041	11	hedge	hedge	NOUN
taxlaw-12357	1041	12	funds	fund	NOUN
taxlaw-12357	1041	13	and	and	CCONJ
taxlaw-12357	1041	14	their	their	PRON
taxlaw-12357	1041	15	trading	trading	NOUN
taxlaw-12357	1041	16	strategies	strategy	NOUN
taxlaw-12357	1041	17	.	.	PUNCT
taxlaw-12357	1042	1	what	what	PRON
taxlaw-12357	1042	2	is	be	AUX
taxlaw-12357	1042	3	the	the	DET
taxlaw-12357	1042	4	value	value	NOUN
taxlaw-12357	1042	5	of	of	ADP
taxlaw-12357	1042	6	the	the	DET
taxlaw-12357	1042	7	upside	upside	NOUN
taxlaw-12357	1042	8	and	and	CCONJ
taxlaw-12357	1042	9	downside	downside	NOUN
taxlaw-12357	1042	10	in	in	ADP
taxlaw-12357	1042	11	using	use	VERB
taxlaw-12357	1042	12	a	a	DET
taxlaw-12357	1042	13	particular	particular	ADJ
taxlaw-12357	1042	14	long	long	ADJ
taxlaw-12357	1042	15	-	-	PUNCT
taxlaw-12357	1042	16	short	short	ADJ
taxlaw-12357	1042	17	strategy	strategy	NOUN
taxlaw-12357	1042	18	?	?	PUNCT
taxlaw-12357	1043	1	this	this	PRON
taxlaw-12357	1043	2	strikes	strike	VERB
taxlaw-12357	1043	3	us	we	PRON
taxlaw-12357	1043	4	as	as	ADP
taxlaw-12357	1043	5	a	a	DET
taxlaw-12357	1043	6	potentially	potentially	ADV
taxlaw-12357	1043	7	intractable	intractable	ADJ
taxlaw-12357	1043	8	problem	problem	NOUN
taxlaw-12357	1043	9	.	.	PUNCT
taxlaw-12357	1044	1	in	in	ADP
taxlaw-12357	1044	2	contrast	contrast	NOUN
taxlaw-12357	1044	3	,	,	PUNCT
taxlaw-12357	1044	4	our	our	PRON
taxlaw-12357	1044	5	denominator	denominator	NOUN
taxlaw-12357	1044	6	is	be	AUX
taxlaw-12357	1044	7	much	much	ADV
taxlaw-12357	1044	8	easier	easy	ADJ
taxlaw-12357	1044	9	to	to	PART
taxlaw-12357	1044	10	compute	compute	VERB
taxlaw-12357	1044	11	:	:	PUNCT
taxlaw-12357	1044	12	it	it	PRON
taxlaw-12357	1044	13	is	be	AUX
taxlaw-12357	1044	14	simply	simply	ADV
taxlaw-12357	1044	15	the	the	DET
taxlaw-12357	1044	16	investment	investment	NOUN
taxlaw-12357	1044	17	the	the	DET
taxlaw-12357	1044	18	taxpayer	taxpayer	NOUN
taxlaw-12357	1044	19	could	could	AUX
taxlaw-12357	1044	20	have	have	AUX
taxlaw-12357	1044	21	made	make	VERB
taxlaw-12357	1044	22	.	.	PUNCT
taxlaw-12357	1045	1	as	as	ADP
taxlaw-12357	1045	2	a	a	DET
taxlaw-12357	1045	3	practical	practical	ADJ
taxlaw-12357	1045	4	matter	matter	NOUN
taxlaw-12357	1045	5	,	,	PUNCT
taxlaw-12357	1045	6	this	this	PRON
taxlaw-12357	1045	7	is	be	AUX
taxlaw-12357	1045	8	likely	likely	ADJ
taxlaw-12357	1045	9	to	to	PART
taxlaw-12357	1045	10	be	be	AUX
taxlaw-12357	1045	11	the	the	DET
taxlaw-12357	1045	12	investment	investment	NOUN
taxlaw-12357	1045	13	that	that	PRON
taxlaw-12357	1045	14	the	the	DET
taxlaw-12357	1045	15	taxpayer	taxpayer	NOUN
taxlaw-12357	1045	16	’s	’s	PART
taxlaw-12357	1045	17	counterparty	counterparty	NOUN
taxlaw-12357	1045	18	actually	actually	ADV
taxlaw-12357	1045	19	is	be	AUX
taxlaw-12357	1045	20	making	make	VERB
taxlaw-12357	1045	21	.	.	PUNCT
taxlaw-12357	1046	1	again	again	ADV
taxlaw-12357	1046	2	,	,	PUNCT
taxlaw-12357	1046	3	our	our	PRON
taxlaw-12357	1046	4	approach	approach	NOUN
taxlaw-12357	1046	5	requires	require	VERB
taxlaw-12357	1046	6	the	the	DET
taxlaw-12357	1046	7	government	government	NOUN
taxlaw-12357	1046	8	to	to	PART
taxlaw-12357	1046	9	police	police	NOUN
taxlaw-12357	1046	10	efforts	effort	NOUN
taxlaw-12357	1046	11	to	to	PART
taxlaw-12357	1046	12	manipulate	manipulate	VERB
taxlaw-12357	1046	13	the	the	DET
taxlaw-12357	1046	14	denominator	denominator	NOUN
taxlaw-12357	1046	15	with	with	ADP
taxlaw-12357	1046	16	capital	capital	NOUN
taxlaw-12357	1046	17	stuffing	stuff	VERB
taxlaw-12357	1046	18	or	or	CCONJ
taxlaw-12357	1046	19	stripping	stripping	NOUN
taxlaw-12357	1046	20	,	,	PUNCT
taxlaw-12357	1046	21	but	but	CCONJ
taxlaw-12357	1046	22	we	we	PRON
taxlaw-12357	1046	23	think	think	VERB
taxlaw-12357	1046	24	that	that	SCONJ
taxlaw-12357	1046	25	on	on	ADP
taxlaw-12357	1046	26	balance	balance	NOUN
taxlaw-12357	1046	27	this	this	PRON
taxlaw-12357	1046	28	is	be	AUX
taxlaw-12357	1046	29	a	a	DET
taxlaw-12357	1046	30	more	more	ADV
taxlaw-12357	1046	31	administrable	administrable	ADJ
taxlaw-12357	1046	32	approach	approach	NOUN
taxlaw-12357	1046	33	than	than	ADP
taxlaw-12357	1046	34	the	the	DET
taxlaw-12357	1046	35	nysba	nysba	NOUN
taxlaw-12357	1046	36	’s	’s	PART
taxlaw-12357	1046	37	methodology	methodology	NOUN
taxlaw-12357	1046	38	,	,	PUNCT
taxlaw-12357	1046	39	at	at	ADP
taxlaw-12357	1046	40	least	least	ADJ
taxlaw-12357	1046	41	in	in	ADP
taxlaw-12357	1046	42	this	this	DET
taxlaw-12357	1046	43	context	context	NOUN
taxlaw-12357	1046	44	.	.	PUNCT
taxlaw-12357	1047	1	99	99	NUM
taxlaw-12357	1047	2	see	see	VERB
taxlaw-12357	1047	3	supra	supra	PROPN
taxlaw-12357	1047	4	part	part	PROPN
taxlaw-12357	1047	5	iii	iii	PROPN
taxlaw-12357	1047	6	.	.	PROPN
taxlaw-12357	1047	7	2024	2024	NUM
taxlaw-12357	1047	8	]	]	PUNCT
taxlaw-12357	1047	9	transaction	transaction	NOUN
taxlaw-12357	1047	10	-	-	PUNCT
taxlaw-12357	1047	11	specific	specific	ADJ
taxlaw-12357	1047	12	tax	tax	NOUN
taxlaw-12357	1047	13	reform	reform	NOUN
taxlaw-12357	1047	14	in	in	ADP
taxlaw-12357	1047	15	three	three	NUM
taxlaw-12357	1047	16	steps	step	NOUN
taxlaw-12357	1047	17	37	37	NUM
taxlaw-12357	1047	18	policymakers	policymaker	NOUN
taxlaw-12357	1047	19	’	'	PUNCT
taxlaw-12357	1047	20	assessment	assessment	NOUN
taxlaw-12357	1047	21	of	of	ADP
taxlaw-12357	1047	22	the	the	DET
taxlaw-12357	1047	23	relative	relative	ADJ
taxlaw-12357	1047	24	harm	harm	NOUN
taxlaw-12357	1047	25	from	from	ADP
taxlaw-12357	1047	26	false	false	ADJ
taxlaw-12357	1047	27	negatives	negative	NOUN
taxlaw-12357	1047	28	and	and	CCONJ
taxlaw-12357	1047	29	false	false	ADJ
taxlaw-12357	1047	30	positives	positive	NOUN
taxlaw-12357	1047	31	,	,	PUNCT
taxlaw-12357	1047	32	they	they	PRON
taxlaw-12357	1047	33	can	can	AUX
taxlaw-12357	1047	34	set	set	VERB
taxlaw-12357	1047	35	the	the	DET
taxlaw-12357	1047	36	cut	cut	NOUN
taxlaw-12357	1047	37	-	-	PUNCT
taxlaw-12357	1047	38	off	off	NOUN
taxlaw-12357	1047	39	at	at	ADP
taxlaw-12357	1047	40	,	,	PUNCT
taxlaw-12357	1047	41	for	for	ADP
taxlaw-12357	1047	42	example	example	NOUN
taxlaw-12357	1047	43	,	,	PUNCT
taxlaw-12357	1047	44	5	5	NUM
taxlaw-12357	1047	45	%	%	NOUN
taxlaw-12357	1047	46	or	or	CCONJ
taxlaw-12357	1047	47	10	10	NUM
taxlaw-12357	1047	48	%	%	NOUN
taxlaw-12357	1047	49	.	.	PUNCT
taxlaw-12357	1048	1	with	with	ADP
taxlaw-12357	1048	2	either	either	PRON
taxlaw-12357	1048	3	of	of	ADP
taxlaw-12357	1048	4	these	these	DET
taxlaw-12357	1048	5	cutoffs	cutoff	NOUN
taxlaw-12357	1048	6	,	,	PUNCT
taxlaw-12357	1048	7	volatility	volatility	NOUN
taxlaw-12357	1048	8	is	be	AUX
taxlaw-12357	1048	9	a	a	DET
taxlaw-12357	1048	10	decisive	decisive	ADJ
taxlaw-12357	1048	11	factor	factor	NOUN
taxlaw-12357	1048	12	in	in	ADP
taxlaw-12357	1048	13	our	our	PRON
taxlaw-12357	1048	14	example	example	NOUN
taxlaw-12357	1048	15	.	.	PUNCT
taxlaw-12357	1049	1	section	section	NOUN
taxlaw-12357	1049	2	1260	1260	NUM
taxlaw-12357	1049	3	is	be	AUX
taxlaw-12357	1049	4	triggered	trigger	VERB
taxlaw-12357	1049	5	if	if	SCONJ
taxlaw-12357	1049	6	the	the	DET
taxlaw-12357	1049	7	underlying	underlie	VERB
taxlaw-12357	1049	8	’s	’s	PART
taxlaw-12357	1049	9	volatility	volatility	NOUN
taxlaw-12357	1049	10	is	be	AUX
taxlaw-12357	1049	11	20	20	NUM
taxlaw-12357	1049	12	%	%	NOUN
taxlaw-12357	1049	13	,	,	PUNCT
taxlaw-12357	1049	14	but	but	CCONJ
taxlaw-12357	1049	15	not	not	PART
taxlaw-12357	1049	16	60	60	NUM
taxlaw-12357	1049	17	%	%	NOUN
taxlaw-12357	1049	18	(	(	PUNCT
taxlaw-12357	1049	19	even	even	ADV
taxlaw-12357	1049	20	though	though	SCONJ
taxlaw-12357	1049	21	the	the	DET
taxlaw-12357	1049	22	contract	contract	NOUN
taxlaw-12357	1049	23	has	have	VERB
taxlaw-12357	1049	24	the	the	DET
taxlaw-12357	1049	25	same	same	ADJ
taxlaw-12357	1049	26	exercise	exercise	NOUN
taxlaw-12357	1049	27	price	price	NOUN
taxlaw-12357	1049	28	,	,	PUNCT
taxlaw-12357	1049	29	duration	duration	NOUN
taxlaw-12357	1049	30	,	,	PUNCT
taxlaw-12357	1049	31	and	and	CCONJ
taxlaw-12357	1049	32	other	other	ADJ
taxlaw-12357	1049	33	economic	economic	ADJ
taxlaw-12357	1049	34	terms	term	NOUN
taxlaw-12357	1049	35	)	)	PUNCT
taxlaw-12357	1049	36	.	.	PUNCT
taxlaw-12357	1050	1	this	this	DET
taxlaw-12357	1050	2	result	result	NOUN
taxlaw-12357	1050	3	makes	make	VERB
taxlaw-12357	1050	4	sense	sense	NOUN
taxlaw-12357	1050	5	.	.	PUNCT
taxlaw-12357	1051	1	again	again	ADV
taxlaw-12357	1051	2	,	,	PUNCT
taxlaw-12357	1051	3	for	for	ADP
taxlaw-12357	1051	4	an	an	DET
taxlaw-12357	1051	5	in	in	ADP
taxlaw-12357	1051	6	-	-	PUNCT
taxlaw-12357	1051	7	the	the	DET
taxlaw-12357	1051	8	-	-	PUNCT
taxlaw-12357	1051	9	money	money	NOUN
taxlaw-12357	1051	10	call	call	NOUN
taxlaw-12357	1051	11	option	option	NOUN
taxlaw-12357	1051	12	to	to	PART
taxlaw-12357	1051	13	diverge	diverge	VERB
taxlaw-12357	1051	14	from	from	ADP
taxlaw-12357	1051	15	underlying	underlie	VERB
taxlaw-12357	1051	16	,	,	PUNCT
taxlaw-12357	1051	17	the	the	DET
taxlaw-12357	1051	18	latter	latter	ADJ
taxlaw-12357	1051	19	’s	’s	PART
taxlaw-12357	1051	20	value	value	NOUN
taxlaw-12357	1051	21	has	have	VERB
taxlaw-12357	1051	22	to	to	PART
taxlaw-12357	1051	23	fall	fall	VERB
taxlaw-12357	1051	24	below	below	ADP
taxlaw-12357	1051	25	the	the	DET
taxlaw-12357	1051	26	$	$	SYM
taxlaw-12357	1051	27	70	70	NUM
taxlaw-12357	1051	28	exercise	exercise	NOUN
taxlaw-12357	1051	29	price	price	NOUN
taxlaw-12357	1051	30	.	.	PUNCT
taxlaw-12357	1052	1	a	a	DET
taxlaw-12357	1052	2	more	more	ADV
taxlaw-12357	1052	3	volatile	volatile	ADJ
taxlaw-12357	1052	4	underlying	underlying	NOUN
taxlaw-12357	1052	5	is	be	AUX
taxlaw-12357	1052	6	more	more	ADV
taxlaw-12357	1052	7	likely	likely	ADJ
taxlaw-12357	1052	8	to	to	PART
taxlaw-12357	1052	9	trade	trade	VERB
taxlaw-12357	1052	10	below	below	ADP
taxlaw-12357	1052	11	$	$	SYM
taxlaw-12357	1052	12	70.100	70.100	NUM
taxlaw-12357	1052	13	6	6	NUM
taxlaw-12357	1052	14	.	.	PUNCT
taxlaw-12357	1052	15	other	other	ADJ
taxlaw-12357	1052	16	difference	difference	NOUN
taxlaw-12357	1052	17	contracts	contract	NOUN
taxlaw-12357	1052	18	:	:	PUNCT
taxlaw-12357	1052	19	using	use	VERB
taxlaw-12357	1052	20	absolute	absolute	ADJ
taxlaw-12357	1052	21	value	value	NOUN
taxlaw-12357	1052	22	as	as	ADP
taxlaw-12357	1052	23	the	the	DET
taxlaw-12357	1052	24	above	above	ADJ
taxlaw-12357	1052	25	example	example	NOUN
taxlaw-12357	1052	26	shows	show	NOUN
taxlaw-12357	1052	27	,	,	PUNCT
taxlaw-12357	1052	28	our	our	PRON
taxlaw-12357	1052	29	methodology	methodology	NOUN
taxlaw-12357	1052	30	quantifies	quantify	VERB
taxlaw-12357	1052	31	the	the	DET
taxlaw-12357	1052	32	omitted	omit	VERB
taxlaw-12357	1052	33	exposure	exposure	NOUN
taxlaw-12357	1052	34	on	on	ADP
taxlaw-12357	1052	35	a	a	DET
taxlaw-12357	1052	36	derivative	derivative	NOUN
taxlaw-12357	1052	37	.	.	PUNCT
taxlaw-12357	1053	1	yet	yet	CCONJ
taxlaw-12357	1053	2	this	this	DET
taxlaw-12357	1053	3	omitted	omit	VERB
taxlaw-12357	1053	4	exposure	exposure	NOUN
taxlaw-12357	1053	5	can	can	AUX
taxlaw-12357	1053	6	take	take	VERB
taxlaw-12357	1053	7	different	different	ADJ
taxlaw-12357	1053	8	forms	form	NOUN
taxlaw-12357	1053	9	.	.	PUNCT
taxlaw-12357	1054	1	in	in	ADP
taxlaw-12357	1054	2	the	the	DET
taxlaw-12357	1054	3	example	example	NOUN
taxlaw-12357	1054	4	above	above	ADV
taxlaw-12357	1054	5	,	,	PUNCT
taxlaw-12357	1054	6	the	the	DET
taxlaw-12357	1054	7	derivative	derivative	NOUN
taxlaw-12357	1054	8	omits	omit	VERB
taxlaw-12357	1054	9	only	only	ADV
taxlaw-12357	1054	10	risk	risk	NOUN
taxlaw-12357	1054	11	of	of	ADP
taxlaw-12357	1054	12	loss	loss	NOUN
taxlaw-12357	1054	13	.	.	PUNCT
taxlaw-12357	1055	1	this	this	DET
taxlaw-12357	1055	2	subsection	subsection	NOUN
taxlaw-12357	1055	3	uses	use	VERB
taxlaw-12357	1055	4	two	two	NUM
taxlaw-12357	1055	5	other	other	ADJ
taxlaw-12357	1055	6	simple	simple	ADJ
taxlaw-12357	1055	7	examples	example	NOUN
taxlaw-12357	1055	8	to	to	PART
taxlaw-12357	1055	9	illustrate	illustrate	VERB
taxlaw-12357	1055	10	how	how	SCONJ
taxlaw-12357	1055	11	our	our	PRON
taxlaw-12357	1055	12	methodology	methodology	NOUN
taxlaw-12357	1055	13	applies	apply	VERB
taxlaw-12357	1055	14	if	if	SCONJ
taxlaw-12357	1055	15	instead	instead	ADV
taxlaw-12357	1055	16	the	the	DET
taxlaw-12357	1055	17	derivative	derivative	NOUN
taxlaw-12357	1055	18	omits	omit	VERB
taxlaw-12357	1055	19	only	only	ADV
taxlaw-12357	1055	20	opportunity	opportunity	NOUN
taxlaw-12357	1055	21	for	for	ADP
taxlaw-12357	1055	22	gain	gain	NOUN
taxlaw-12357	1055	23	or	or	CCONJ
taxlaw-12357	1055	24	,	,	PUNCT
taxlaw-12357	1055	25	alternatively	alternatively	ADV
taxlaw-12357	1055	26	,	,	PUNCT
taxlaw-12357	1055	27	a	a	DET
taxlaw-12357	1055	28	combination	combination	NOUN
taxlaw-12357	1055	29	of	of	ADP
taxlaw-12357	1055	30	opportunity	opportunity	NOUN
taxlaw-12357	1055	31	for	for	ADP
taxlaw-12357	1055	32	gain	gain	NOUN
taxlaw-12357	1055	33	and	and	CCONJ
taxlaw-12357	1055	34	risk	risk	NOUN
taxlaw-12357	1055	35	of	of	ADP
taxlaw-12357	1055	36	loss	loss	NOUN
taxlaw-12357	1055	37	.	.	PUNCT
taxlaw-12357	1056	1	a.	a.	NOUN
taxlaw-12357	1056	2	omitting	omit	VERB
taxlaw-12357	1056	3	only	only	ADV
taxlaw-12357	1056	4	opportunity	opportunity	NOUN
taxlaw-12357	1056	5	for	for	ADP
taxlaw-12357	1056	6	gain	gain	NOUN
taxlaw-12357	1056	7	for	for	ADP
taxlaw-12357	1056	8	example	example	NOUN
taxlaw-12357	1056	9	,	,	PUNCT
taxlaw-12357	1056	10	assume	assume	VERB
taxlaw-12357	1056	11	that	that	SCONJ
taxlaw-12357	1056	12	underlying	underlie	VERB
taxlaw-12357	1056	13	is	be	AUX
taxlaw-12357	1056	14	still	still	ADV
taxlaw-12357	1056	15	worth	worth	ADJ
taxlaw-12357	1056	16	$	$	SYM
taxlaw-12357	1056	17	100	100	NUM
taxlaw-12357	1056	18	,	,	PUNCT
taxlaw-12357	1056	19	and	and	CCONJ
taxlaw-12357	1056	20	a	a	DET
taxlaw-12357	1056	21	taxpayer	taxpayer	NOUN
taxlaw-12357	1056	22	enters	enter	VERB
taxlaw-12357	1056	23	into	into	ADP
taxlaw-12357	1056	24	a	a	DET
taxlaw-12357	1056	25	derivative	derivative	NOUN
taxlaw-12357	1056	26	that	that	PRON
taxlaw-12357	1056	27	omits	omit	VERB
taxlaw-12357	1056	28	opportunity	opportunity	NOUN
taxlaw-12357	1056	29	for	for	ADP
taxlaw-12357	1056	30	gain	gain	NOUN
taxlaw-12357	1056	31	above	above	ADP
taxlaw-12357	1056	32	$	$	SYM
taxlaw-12357	1056	33	150	150	NUM
taxlaw-12357	1056	34	.	.	PUNCT
taxlaw-12357	1057	1	specifically	specifically	ADV
taxlaw-12357	1057	2	,	,	PUNCT
taxlaw-12357	1057	3	the	the	DET
taxlaw-12357	1057	4	derivative	derivative	NOUN
taxlaw-12357	1057	5	offers	offer	VERB
taxlaw-12357	1057	6	opportunity	opportunity	NOUN
taxlaw-12357	1057	7	for	for	ADP
taxlaw-12357	1057	8	gain	gain	NOUN
taxlaw-12357	1057	9	up	up	ADP
taxlaw-12357	1057	10	to	to	PART
taxlaw-12357	1057	11	$	$	SYM
taxlaw-12357	1057	12	150	150	NUM
taxlaw-12357	1057	13	,	,	PUNCT
taxlaw-12357	1057	14	as	as	ADV
taxlaw-12357	1057	15	well	well	ADV
taxlaw-12357	1057	16	as	as	ADP
taxlaw-12357	1057	17	all	all	DET
taxlaw-12357	1057	18	the	the	DET
taxlaw-12357	1057	19	risk	risk	NOUN
taxlaw-12357	1057	20	of	of	ADP
taxlaw-12357	1057	21	loss	loss	NOUN
taxlaw-12357	1057	22	below	below	ADP
taxlaw-12357	1057	23	$	$	SYM
taxlaw-12357	1057	24	100	100	NUM
taxlaw-12357	1057	25	.	.	PUNCT
taxlaw-12357	1058	1	as	as	ADP
taxlaw-12357	1058	2	in	in	ADP
taxlaw-12357	1058	3	our	our	PRON
taxlaw-12357	1058	4	last	last	ADJ
taxlaw-12357	1058	5	example	example	NOUN
taxlaw-12357	1058	6	,	,	PUNCT
taxlaw-12357	1058	7	the	the	DET
taxlaw-12357	1058	8	derivative	derivative	NOUN
taxlaw-12357	1058	9	is	be	AUX
taxlaw-12357	1058	10	paired	pair	VERB
taxlaw-12357	1058	11	with	with	ADP
taxlaw-12357	1058	12	a	a	DET
taxlaw-12357	1058	13	bond	bond	NOUN
taxlaw-12357	1058	14	,	,	PUNCT
taxlaw-12357	1058	15	which	which	PRON
taxlaw-12357	1058	16	in	in	ADP
taxlaw-12357	1058	17	this	this	DET
taxlaw-12357	1058	18	instance	instance	NOUN
taxlaw-12357	1058	19	pays	pay	VERB
taxlaw-12357	1058	20	$	$	SYM
taxlaw-12357	1058	21	100	100	NUM
taxlaw-12357	1058	22	.	.	PUNCT
taxlaw-12357	1059	1	to	to	PART
taxlaw-12357	1059	2	fill	fill	VERB
taxlaw-12357	1059	3	in	in	ADP
taxlaw-12357	1059	4	the	the	DET
taxlaw-12357	1059	5	omitted	omit	VERB
taxlaw-12357	1059	6	exposure	exposure	NOUN
taxlaw-12357	1059	7	,	,	PUNCT
taxlaw-12357	1059	8	the	the	DET
taxlaw-12357	1059	9	difference	difference	NOUN
taxlaw-12357	1059	10	contract	contract	NOUN
taxlaw-12357	1059	11	has	have	VERB
taxlaw-12357	1059	12	to	to	PART
taxlaw-12357	1059	13	provide	provide	VERB
taxlaw-12357	1059	14	opportunity	opportunity	NOUN
taxlaw-12357	1059	15	for	for	ADP
taxlaw-12357	1059	16	gain	gain	NOUN
taxlaw-12357	1059	17	above	above	ADP
taxlaw-12357	1059	18	$	$	SYM
taxlaw-12357	1059	19	150	150	NUM
taxlaw-12357	1059	20	.	.	PUNCT
taxlaw-12357	1060	1	this	this	PRON
taxlaw-12357	1060	2	would	would	AUX
taxlaw-12357	1060	3	be	be	AUX
taxlaw-12357	1060	4	a	a	DET
taxlaw-12357	1060	5	call	call	NOUN
taxlaw-12357	1060	6	option	option	NOUN
taxlaw-12357	1060	7	to	to	PART
taxlaw-12357	1060	8	buy	buy	VERB
taxlaw-12357	1060	9	underlying	underlie	VERB
taxlaw-12357	1060	10	at	at	ADP
taxlaw-12357	1060	11	$	$	SYM
taxlaw-12357	1060	12	150	150	NUM
taxlaw-12357	1060	13	.	.	PUNCT
taxlaw-12357	1061	1	our	our	PRON
taxlaw-12357	1061	2	test	test	NOUN
taxlaw-12357	1061	3	would	would	AUX
taxlaw-12357	1061	4	value	value	VERB
taxlaw-12357	1061	5	this	this	DET
taxlaw-12357	1061	6	call	call	NOUN
taxlaw-12357	1061	7	option	option	NOUN
taxlaw-12357	1061	8	and	and	CCONJ
taxlaw-12357	1061	9	compare	compare	VERB
taxlaw-12357	1061	10	it	it	PRON
taxlaw-12357	1061	11	to	to	ADP
taxlaw-12357	1061	12	underlying	underlie	VERB
taxlaw-12357	1061	13	’s	’s	PART
taxlaw-12357	1061	14	$	$	SYM
taxlaw-12357	1061	15	100	100	NUM
taxlaw-12357	1061	16	value	value	NOUN
taxlaw-12357	1061	17	,	,	PUNCT
taxlaw-12357	1061	18	yielding	yield	VERB
taxlaw-12357	1061	19	a	a	DET
taxlaw-12357	1061	20	result	result	NOUN
taxlaw-12357	1061	21	of	of	ADP
taxlaw-12357	1061	22	11.90	11.90	NUM
taxlaw-12357	1061	23	or	or	CCONJ
taxlaw-12357	1061	24	45.85	45.85	NUM
taxlaw-12357	1061	25	if	if	SCONJ
taxlaw-12357	1061	26	the	the	DET
taxlaw-12357	1061	27	volatility	volatility	NOUN
taxlaw-12357	1061	28	of	of	ADP
taxlaw-12357	1061	29	underlying	underlie	VERB
taxlaw-12357	1061	30	is	be	AUX
taxlaw-12357	1061	31	20	20	NUM
taxlaw-12357	1061	32	%	%	NOUN
taxlaw-12357	1061	33	or	or	CCONJ
taxlaw-12357	1061	34	60	60	NUM
taxlaw-12357	1061	35	%	%	NOUN
taxlaw-12357	1061	36	,	,	PUNCT
taxlaw-12357	1061	37	respectively.101	respectively.101	PROPN
taxlaw-12357	1061	38	b.	b.	PROPN
taxlaw-12357	1062	1	omitting	omit	VERB
taxlaw-12357	1062	2	both	both	DET
taxlaw-12357	1062	3	opportunity	opportunity	NOUN
taxlaw-12357	1062	4	for	for	ADP
taxlaw-12357	1062	5	gain	gain	NOUN
taxlaw-12357	1062	6	and	and	CCONJ
taxlaw-12357	1062	7	risk	risk	NOUN
taxlaw-12357	1062	8	of	of	ADP
taxlaw-12357	1062	9	loss	loss	NOUN
taxlaw-12357	1062	10	instead	instead	ADV
taxlaw-12357	1062	11	of	of	ADP
taxlaw-12357	1062	12	omitting	omit	VERB
taxlaw-12357	1062	13	only	only	ADJ
taxlaw-12357	1062	14	risk	risk	NOUN
taxlaw-12357	1062	15	of	of	ADP
taxlaw-12357	1062	16	loss	loss	NOUN
taxlaw-12357	1062	17	or	or	CCONJ
taxlaw-12357	1062	18	only	only	ADJ
taxlaw-12357	1062	19	opportunity	opportunity	NOUN
taxlaw-12357	1062	20	for	for	ADP
taxlaw-12357	1062	21	gain	gain	NOUN
taxlaw-12357	1062	22	,	,	PUNCT
taxlaw-12357	1062	23	a	a	DET
taxlaw-12357	1062	24	derivative	derivative	NOUN
taxlaw-12357	1062	25	can	can	AUX
taxlaw-12357	1062	26	omit	omit	VERB
taxlaw-12357	1062	27	a	a	DET
taxlaw-12357	1062	28	portion	portion	NOUN
taxlaw-12357	1062	29	of	of	ADP
taxlaw-12357	1062	30	both	both	PRON
taxlaw-12357	1062	31	.	.	PUNCT
taxlaw-12357	1063	1	for	for	ADP
taxlaw-12357	1063	2	example	example	NOUN
taxlaw-12357	1063	3	,	,	PUNCT
taxlaw-12357	1063	4	assume	assume	VERB
taxlaw-12357	1063	5	it	it	PRON
taxlaw-12357	1063	6	provides	provide	VERB
taxlaw-12357	1063	7	risk	risk	NOUN
taxlaw-12357	1063	8	of	of	ADP
taxlaw-12357	1063	9	loss	loss	NOUN
taxlaw-12357	1063	10	below	below	ADP
taxlaw-12357	1063	11	$	$	SYM
taxlaw-12357	1063	12	95	95	NUM
taxlaw-12357	1063	13	and	and	CCONJ
taxlaw-12357	1063	14	opportunity	opportunity	NOUN
taxlaw-12357	1063	15	for	for	ADP
taxlaw-12357	1063	16	gain	gain	NOUN
taxlaw-12357	1063	17	above	above	ADP
taxlaw-12357	1063	18	$	$	SYM
taxlaw-12357	1063	19	115.102	115.102	NUM
taxlaw-12357	1063	20	this	this	DET
taxlaw-12357	1063	21	derivative	derivative	ADJ
taxlaw-12357	1063	22	omits	omit	VERB
taxlaw-12357	1063	23	exposure	exposure	NOUN
taxlaw-12357	1063	24	to	to	ADP
taxlaw-12357	1063	25	price	price	NOUN
taxlaw-12357	1063	26	changes	change	NOUN
taxlaw-12357	1063	27	between	between	ADP
taxlaw-12357	1063	28	$	$	SYM
taxlaw-12357	1063	29	95	95	NUM
taxlaw-12357	1063	30	and	and	CCONJ
taxlaw-12357	1063	31	$	$	SYM
taxlaw-12357	1063	32	115	115	NUM
taxlaw-12357	1063	33	,	,	PUNCT
taxlaw-12357	1063	34	which	which	PRON
taxlaw-12357	1063	35	a	a	DET
taxlaw-12357	1063	36	direct	direct	ADJ
taxlaw-12357	1063	37	investment	investment	NOUN
taxlaw-12357	1063	38	in	in	ADP
taxlaw-12357	1063	39	underlying	underlie	VERB
taxlaw-12357	1063	40	obviously	obviously	ADV
taxlaw-12357	1063	41	would	would	AUX
taxlaw-12357	1063	42	provide	provide	VERB
taxlaw-12357	1063	43	.	.	PUNCT
taxlaw-12357	1064	1	100	100	NUM
taxlaw-12357	1064	2	if	if	SCONJ
taxlaw-12357	1064	3	underlying	underlie	VERB
taxlaw-12357	1064	4	’s	’s	PART
taxlaw-12357	1064	5	price	price	NOUN
taxlaw-12357	1064	6	falls	fall	VERB
taxlaw-12357	1064	7	below	below	ADP
taxlaw-12357	1064	8	$	$	SYM
taxlaw-12357	1064	9	70	70	NUM
taxlaw-12357	1064	10	upon	upon	SCONJ
taxlaw-12357	1064	11	expiration	expiration	NOUN
taxlaw-12357	1064	12	,	,	PUNCT
taxlaw-12357	1064	13	the	the	DET
taxlaw-12357	1064	14	taxpayer	taxpayer	NOUN
taxlaw-12357	1064	15	has	have	VERB
taxlaw-12357	1064	16	$	$	SYM
taxlaw-12357	1064	17	70	70	NUM
taxlaw-12357	1064	18	.	.	PUNCT
taxlaw-12357	1065	1	although	although	SCONJ
taxlaw-12357	1065	2	the	the	DET
taxlaw-12357	1065	3	call	call	NOUN
taxlaw-12357	1065	4	option	option	NOUN
taxlaw-12357	1065	5	is	be	AUX
taxlaw-12357	1065	6	worthless	worthless	ADJ
taxlaw-12357	1065	7	,	,	PUNCT
taxlaw-12357	1065	8	recall	recall	VERB
taxlaw-12357	1065	9	our	our	PRON
taxlaw-12357	1065	10	assumption	assumption	NOUN
taxlaw-12357	1065	11	that	that	SCONJ
taxlaw-12357	1065	12	the	the	DET
taxlaw-12357	1065	13	taxpayer	taxpayer	NOUN
taxlaw-12357	1065	14	also	also	ADV
taxlaw-12357	1065	15	buys	buy	VERB
taxlaw-12357	1065	16	a	a	DET
taxlaw-12357	1065	17	bond	bond	NOUN
taxlaw-12357	1065	18	,	,	PUNCT
taxlaw-12357	1065	19	which	which	PRON
taxlaw-12357	1065	20	pays	pay	VERB
taxlaw-12357	1065	21	$	$	SYM
taxlaw-12357	1065	22	70	70	NUM
taxlaw-12357	1065	23	at	at	ADP
taxlaw-12357	1065	24	maturity	maturity	NOUN
taxlaw-12357	1065	25	.	.	PUNCT
taxlaw-12357	1066	1	so	so	ADV
taxlaw-12357	1066	2	,	,	PUNCT
taxlaw-12357	1066	3	if	if	SCONJ
taxlaw-12357	1066	4	underlying	underlying	ADJ
taxlaw-12357	1066	5	is	be	AUX
taxlaw-12357	1066	6	worth	worth	ADJ
taxlaw-12357	1066	7	$	$	SYM
taxlaw-12357	1066	8	50	50	NUM
taxlaw-12357	1066	9	,	,	PUNCT
taxlaw-12357	1066	10	the	the	DET
taxlaw-12357	1066	11	investor	investor	NOUN
taxlaw-12357	1066	12	still	still	ADV
taxlaw-12357	1066	13	has	have	VERB
taxlaw-12357	1066	14	$	$	SYM
taxlaw-12357	1066	15	70	70	NUM
taxlaw-12357	1066	16	(	(	PUNCT
taxlaw-12357	1066	17	from	from	ADP
taxlaw-12357	1066	18	the	the	DET
taxlaw-12357	1066	19	bond	bond	NOUN
taxlaw-12357	1066	20	)	)	PUNCT
taxlaw-12357	1066	21	.	.	PUNCT
taxlaw-12357	1067	1	thus	thus	ADV
taxlaw-12357	1067	2	,	,	PUNCT
taxlaw-12357	1067	3	there	there	PRON
taxlaw-12357	1067	4	is	be	VERB
taxlaw-12357	1067	5	a	a	DET
taxlaw-12357	1067	6	divergence	divergence	NOUN
taxlaw-12357	1067	7	between	between	ADP
taxlaw-12357	1067	8	the	the	DET
taxlaw-12357	1067	9	price	price	NOUN
taxlaw-12357	1067	10	of	of	ADP
taxlaw-12357	1067	11	underlying	underlie	VERB
taxlaw-12357	1067	12	and	and	CCONJ
taxlaw-12357	1067	13	the	the	DET
taxlaw-12357	1067	14	call	call	NOUN
taxlaw-12357	1067	15	(	(	PUNCT
taxlaw-12357	1067	16	with	with	ADP
taxlaw-12357	1067	17	bond	bond	NOUN
taxlaw-12357	1067	18	)	)	PUNCT
taxlaw-12357	1067	19	position	position	NOUN
taxlaw-12357	1067	20	,	,	PUNCT
taxlaw-12357	1067	21	which	which	PRON
taxlaw-12357	1067	22	is	be	AUX
taxlaw-12357	1067	23	the	the	DET
taxlaw-12357	1067	24	excess	excess	NOUN
taxlaw-12357	1067	25	of	of	ADP
taxlaw-12357	1067	26	$	$	SYM
taxlaw-12357	1067	27	70	70	NUM
taxlaw-12357	1067	28	over	over	ADP
taxlaw-12357	1067	29	the	the	DET
taxlaw-12357	1067	30	price	price	NOUN
taxlaw-12357	1067	31	of	of	ADP
taxlaw-12357	1067	32	underlying	underlie	VERB
taxlaw-12357	1067	33	(	(	PUNCT
taxlaw-12357	1067	34	e.g.	e.g.	ADJ
taxlaw-12357	1067	35	,	,	PUNCT
taxlaw-12357	1067	36	$	$	SYM
taxlaw-12357	1067	37	20	20	NUM
taxlaw-12357	1067	38	when	when	SCONJ
taxlaw-12357	1067	39	the	the	DET
taxlaw-12357	1067	40	price	price	NOUN
taxlaw-12357	1067	41	of	of	ADP
taxlaw-12357	1067	42	underlying	underlie	VERB
taxlaw-12357	1067	43	is	be	AUX
taxlaw-12357	1067	44	$	$	SYM
taxlaw-12357	1067	45	50	50	NUM
taxlaw-12357	1067	46	)	)	PUNCT
taxlaw-12357	1067	47	.	.	PUNCT
taxlaw-12357	1068	1	in	in	ADP
taxlaw-12357	1068	2	contrast	contrast	NOUN
taxlaw-12357	1068	3	,	,	PUNCT
taxlaw-12357	1068	4	when	when	SCONJ
taxlaw-12357	1068	5	the	the	DET
taxlaw-12357	1068	6	price	price	NOUN
taxlaw-12357	1068	7	of	of	ADP
taxlaw-12357	1068	8	underlying	underlie	VERB
taxlaw-12357	1068	9	is	be	AUX
taxlaw-12357	1068	10	at	at	ADP
taxlaw-12357	1068	11	or	or	CCONJ
taxlaw-12357	1068	12	above	above	ADP
taxlaw-12357	1068	13	$	$	SYM
taxlaw-12357	1068	14	70	70	NUM
taxlaw-12357	1068	15	upon	upon	SCONJ
taxlaw-12357	1068	16	expiration	expiration	NOUN
taxlaw-12357	1068	17	,	,	PUNCT
taxlaw-12357	1068	18	the	the	DET
taxlaw-12357	1068	19	payout	payout	NOUN
taxlaw-12357	1068	20	on	on	ADP
taxlaw-12357	1068	21	the	the	DET
taxlaw-12357	1068	22	call	call	NOUN
taxlaw-12357	1068	23	option	option	NOUN
taxlaw-12357	1068	24	plus	plus	CCONJ
taxlaw-12357	1068	25	$	$	SYM
taxlaw-12357	1068	26	70	70	NUM
taxlaw-12357	1068	27	has	have	VERB
taxlaw-12357	1068	28	the	the	DET
taxlaw-12357	1068	29	same	same	ADJ
taxlaw-12357	1068	30	value	value	NOUN
taxlaw-12357	1068	31	as	as	ADP
taxlaw-12357	1068	32	underlying	underlie	VERB
taxlaw-12357	1068	33	.	.	PUNCT
taxlaw-12357	1069	1	for	for	ADP
taxlaw-12357	1069	2	example	example	NOUN
taxlaw-12357	1069	3	,	,	PUNCT
taxlaw-12357	1069	4	if	if	SCONJ
taxlaw-12357	1069	5	underlying	underlying	ADJ
taxlaw-12357	1069	6	’s	’s	PART
taxlaw-12357	1069	7	price	price	NOUN
taxlaw-12357	1069	8	is	be	AUX
taxlaw-12357	1069	9	$	$	SYM
taxlaw-12357	1069	10	110	110	NUM
taxlaw-12357	1069	11	,	,	PUNCT
taxlaw-12357	1069	12	the	the	DET
taxlaw-12357	1069	13	call	call	NOUN
taxlaw-12357	1069	14	generates	generate	VERB
taxlaw-12357	1069	15	$	$	SYM
taxlaw-12357	1069	16	40	40	NUM
taxlaw-12357	1069	17	and	and	CCONJ
taxlaw-12357	1069	18	the	the	DET
taxlaw-12357	1069	19	bond	bond	NOUN
taxlaw-12357	1069	20	generates	generate	VERB
taxlaw-12357	1069	21	$	$	SYM
taxlaw-12357	1069	22	70	70	NUM
taxlaw-12357	1069	23	for	for	ADP
taxlaw-12357	1069	24	a	a	DET
taxlaw-12357	1069	25	total	total	NOUN
taxlaw-12357	1069	26	of	of	ADP
taxlaw-12357	1069	27	$	$	SYM
taxlaw-12357	1069	28	110	110	NUM
taxlaw-12357	1069	29	.	.	PUNCT
taxlaw-12357	1070	1	101	101	NUM
taxlaw-12357	1070	2	as	as	ADP
taxlaw-12357	1070	3	in	in	ADP
taxlaw-12357	1070	4	our	our	PRON
taxlaw-12357	1070	5	prior	prior	ADJ
taxlaw-12357	1070	6	example	example	NOUN
taxlaw-12357	1071	1	,	,	PUNCT
taxlaw-12357	1071	2	we	we	PRON
taxlaw-12357	1071	3	assume	assume	VERB
taxlaw-12357	1071	4	a	a	DET
taxlaw-12357	1071	5	risk	risk	NOUN
taxlaw-12357	1071	6	-	-	PUNCT
taxlaw-12357	1071	7	free	free	ADJ
taxlaw-12357	1071	8	rate	rate	NOUN
taxlaw-12357	1071	9	of	of	ADP
taxlaw-12357	1071	10	5	5	NUM
taxlaw-12357	1071	11	%	%	NOUN
taxlaw-12357	1071	12	and	and	CCONJ
taxlaw-12357	1071	13	a	a	DET
taxlaw-12357	1071	14	term	term	NOUN
taxlaw-12357	1071	15	of	of	ADP
taxlaw-12357	1071	16	5	5	NUM
taxlaw-12357	1071	17	years	year	NOUN
taxlaw-12357	1071	18	.	.	PUNCT
taxlaw-12357	1072	1	102	102	NUM
taxlaw-12357	1072	2	a	a	DET
taxlaw-12357	1072	3	taxpayer	taxpayer	NOUN
taxlaw-12357	1072	4	can	can	AUX
taxlaw-12357	1072	5	get	get	VERB
taxlaw-12357	1072	6	this	this	DET
taxlaw-12357	1072	7	exposure	exposure	NOUN
taxlaw-12357	1072	8	,	,	PUNCT
taxlaw-12357	1072	9	for	for	ADP
taxlaw-12357	1072	10	instance	instance	NOUN
taxlaw-12357	1072	11	,	,	PUNCT
taxlaw-12357	1072	12	by	by	ADP
taxlaw-12357	1072	13	purchasing	purchase	VERB
taxlaw-12357	1072	14	an	an	DET
taxlaw-12357	1072	15	option	option	NOUN
taxlaw-12357	1072	16	to	to	PART
taxlaw-12357	1072	17	buy	buy	VERB
taxlaw-12357	1072	18	the	the	DET
taxlaw-12357	1072	19	underlying	underlying	NOUN
taxlaw-12357	1072	20	for	for	ADP
taxlaw-12357	1072	21	$	$	SYM
taxlaw-12357	1072	22	115	115	NUM
taxlaw-12357	1072	23	(	(	PUNCT
taxlaw-12357	1072	24	i.e.	i.e.	X
taxlaw-12357	1072	25	,	,	PUNCT
taxlaw-12357	1072	26	a	a	DET
taxlaw-12357	1072	27	long	long	ADJ
taxlaw-12357	1072	28	call	call	NOUN
taxlaw-12357	1072	29	option	option	NOUN
taxlaw-12357	1072	30	with	with	ADP
taxlaw-12357	1072	31	an	an	DET
taxlaw-12357	1072	32	exercise	exercise	NOUN
taxlaw-12357	1072	33	price	price	NOUN
taxlaw-12357	1072	34	of	of	ADP
taxlaw-12357	1072	35	$	$	SYM
taxlaw-12357	1072	36	115	115	NUM
taxlaw-12357	1072	37	)	)	PUNCT
taxlaw-12357	1072	38	,	,	PUNCT
taxlaw-12357	1072	39	and	and	CCONJ
taxlaw-12357	1072	40	by	by	ADP
taxlaw-12357	1072	41	selling	sell	VERB
taxlaw-12357	1072	42	an	an	DET
taxlaw-12357	1072	43	option	option	NOUN
taxlaw-12357	1072	44	to	to	PART
taxlaw-12357	1072	45	sell	sell	VERB
taxlaw-12357	1072	46	the	the	DET
taxlaw-12357	1072	47	underlying	underlying	NOUN
taxlaw-12357	1072	48	for	for	ADP
taxlaw-12357	1072	49	$	$	SYM
taxlaw-12357	1072	50	95	95	NUM
taxlaw-12357	1072	51	(	(	PUNCT
taxlaw-12357	1072	52	i.e.	i.e.	X
taxlaw-12357	1072	53	,	,	PUNCT
taxlaw-12357	1072	54	a	a	DET
taxlaw-12357	1072	55	short	short	ADJ
taxlaw-12357	1072	56	put	put	NOUN
taxlaw-12357	1072	57	option	option	NOUN
taxlaw-12357	1072	58	with	with	ADP
taxlaw-12357	1072	59	an	an	DET
taxlaw-12357	1072	60	exercise	exercise	NOUN
taxlaw-12357	1072	61	price	price	NOUN
taxlaw-12357	1072	62	of	of	ADP
taxlaw-12357	1072	63	$	$	SYM
taxlaw-12357	1072	64	95	95	NUM
taxlaw-12357	1072	65	)	)	PUNCT
taxlaw-12357	1072	66	.	.	PUNCT
taxlaw-12357	1073	1	columbia	columbia	PROPN
taxlaw-12357	1073	2	journal	journal	PROPN
taxlaw-12357	1073	3	of	of	ADP
taxlaw-12357	1073	4	tax	tax	NOUN
taxlaw-12357	1073	5	law	law	NOUN
taxlaw-12357	1074	1	[	[	X
taxlaw-12357	1074	2	vol	vol	NOUN
taxlaw-12357	1074	3	15:1	15:1	NUM
taxlaw-12357	1074	4	38	38	NUM
taxlaw-12357	1074	5	to	to	PART
taxlaw-12357	1074	6	fill	fill	VERB
taxlaw-12357	1074	7	in	in	ADP
taxlaw-12357	1074	8	these	these	DET
taxlaw-12357	1074	9	gaps	gap	NOUN
taxlaw-12357	1074	10	,	,	PUNCT
taxlaw-12357	1074	11	taxpayers	taxpayer	NOUN
taxlaw-12357	1074	12	actually	actually	ADV
taxlaw-12357	1074	13	need	need	VERB
taxlaw-12357	1074	14	two	two	NUM
taxlaw-12357	1074	15	difference	difference	NOUN
taxlaw-12357	1074	16	contracts	contract	NOUN
taxlaw-12357	1074	17	,	,	PUNCT
taxlaw-12357	1074	18	instead	instead	ADV
taxlaw-12357	1074	19	of	of	ADP
taxlaw-12357	1074	20	just	just	ADV
taxlaw-12357	1074	21	one	one	NUM
taxlaw-12357	1074	22	.	.	PUNCT
taxlaw-12357	1075	1	the	the	DET
taxlaw-12357	1075	2	first	first	ADJ
taxlaw-12357	1075	3	would	would	AUX
taxlaw-12357	1075	4	give	give	VERB
taxlaw-12357	1075	5	them	they	PRON
taxlaw-12357	1075	6	the	the	DET
taxlaw-12357	1075	7	opportunity	opportunity	NOUN
taxlaw-12357	1075	8	for	for	ADP
taxlaw-12357	1075	9	gain	gain	NOUN
taxlaw-12357	1075	10	they	they	PRON
taxlaw-12357	1075	11	do	do	AUX
taxlaw-12357	1075	12	not	not	PART
taxlaw-12357	1075	13	already	already	ADV
taxlaw-12357	1075	14	have	have	VERB
taxlaw-12357	1075	15	(	(	PUNCT
taxlaw-12357	1075	16	from	from	ADP
taxlaw-12357	1075	17	$	$	SYM
taxlaw-12357	1075	18	100	100	NUM
taxlaw-12357	1075	19	to	to	PART
taxlaw-12357	1075	20	$	$	SYM
taxlaw-12357	1075	21	115	115	NUM
taxlaw-12357	1075	22	)	)	PUNCT
taxlaw-12357	1075	23	.	.	PUNCT
taxlaw-12357	1076	1	since	since	SCONJ
taxlaw-12357	1076	2	this	this	PRON
taxlaw-12357	1076	3	is	be	AUX
taxlaw-12357	1076	4	a	a	DET
taxlaw-12357	1076	5	way	way	NOUN
taxlaw-12357	1076	6	to	to	PART
taxlaw-12357	1076	7	make	make	VERB
taxlaw-12357	1076	8	more	more	ADJ
taxlaw-12357	1076	9	money	money	NOUN
taxlaw-12357	1076	10	–	–	PUNCT
taxlaw-12357	1076	11	an	an	DET
taxlaw-12357	1076	12	asset	asset	NOUN
taxlaw-12357	1076	13	,	,	PUNCT
taxlaw-12357	1076	14	not	not	PART
taxlaw-12357	1076	15	a	a	DET
taxlaw-12357	1076	16	liability	liability	NOUN
taxlaw-12357	1076	17	–	–	PUNCT
taxlaw-12357	1076	18	they	they	PRON
taxlaw-12357	1076	19	would	would	AUX
taxlaw-12357	1076	20	have	have	VERB
taxlaw-12357	1076	21	to	to	PART
taxlaw-12357	1076	22	buy	buy	VERB
taxlaw-12357	1076	23	it	it	PRON
taxlaw-12357	1076	24	.	.	PUNCT
taxlaw-12357	1077	1	specifically	specifically	ADV
taxlaw-12357	1077	2	,	,	PUNCT
taxlaw-12357	1077	3	they	they	PRON
taxlaw-12357	1077	4	would	would	AUX
taxlaw-12357	1077	5	buy	buy	VERB
taxlaw-12357	1077	6	a	a	DET
taxlaw-12357	1077	7	derivative	derivative	NOUN
taxlaw-12357	1077	8	known	know	VERB
taxlaw-12357	1077	9	as	as	ADP
taxlaw-12357	1077	10	a	a	DET
taxlaw-12357	1077	11	“	"	PUNCT
taxlaw-12357	1077	12	call	call	NOUN
taxlaw-12357	1077	13	spread	spread	NOUN
taxlaw-12357	1077	14	.	.	PUNCT
taxlaw-12357	1077	15	”103	”103	PUNCT
taxlaw-12357	1078	1	meanwhile	meanwhile	ADV
taxlaw-12357	1078	2	,	,	PUNCT
taxlaw-12357	1078	3	the	the	DET
taxlaw-12357	1078	4	second	second	ADJ
taxlaw-12357	1078	5	contract	contract	NOUN
taxlaw-12357	1078	6	would	would	AUX
taxlaw-12357	1078	7	force	force	VERB
taxlaw-12357	1078	8	them	they	PRON
taxlaw-12357	1078	9	to	to	PART
taxlaw-12357	1078	10	take	take	VERB
taxlaw-12357	1078	11	on	on	ADP
taxlaw-12357	1078	12	the	the	DET
taxlaw-12357	1078	13	risk	risk	NOUN
taxlaw-12357	1078	14	of	of	ADP
taxlaw-12357	1078	15	loss	loss	NOUN
taxlaw-12357	1078	16	they	they	PRON
taxlaw-12357	1078	17	are	be	AUX
taxlaw-12357	1078	18	not	not	PART
taxlaw-12357	1078	19	already	already	ADV
taxlaw-12357	1078	20	bearing	bear	VERB
taxlaw-12357	1078	21	(	(	PUNCT
taxlaw-12357	1078	22	from	from	ADP
taxlaw-12357	1078	23	$	$	SYM
taxlaw-12357	1078	24	100	100	NUM
taxlaw-12357	1078	25	to	to	PART
taxlaw-12357	1078	26	$	$	SYM
taxlaw-12357	1078	27	95).104	95).104	NUM
taxlaw-12357	1078	28	unlike	unlike	ADP
taxlaw-12357	1078	29	opportunity	opportunity	NOUN
taxlaw-12357	1078	30	for	for	ADP
taxlaw-12357	1078	31	gain	gain	NOUN
taxlaw-12357	1078	32	,	,	PUNCT
taxlaw-12357	1078	33	this	this	DET
taxlaw-12357	1078	34	extra	extra	ADJ
taxlaw-12357	1078	35	risk	risk	NOUN
taxlaw-12357	1078	36	of	of	ADP
taxlaw-12357	1078	37	loss	loss	NOUN
taxlaw-12357	1078	38	is	be	AUX
taxlaw-12357	1078	39	a	a	DET
taxlaw-12357	1078	40	way	way	NOUN
taxlaw-12357	1078	41	to	to	PART
taxlaw-12357	1078	42	lose	lose	VERB
taxlaw-12357	1078	43	more	more	ADJ
taxlaw-12357	1078	44	money	money	NOUN
taxlaw-12357	1078	45	.	.	PUNCT
taxlaw-12357	1079	1	since	since	SCONJ
taxlaw-12357	1079	2	it	it	PRON
taxlaw-12357	1079	3	is	be	AUX
taxlaw-12357	1079	4	a	a	DET
taxlaw-12357	1079	5	liability	liability	NOUN
taxlaw-12357	1079	6	–	–	PUNCT
taxlaw-12357	1079	7	not	not	PART
taxlaw-12357	1079	8	an	an	DET
taxlaw-12357	1079	9	asset	asset	NOUN
taxlaw-12357	1079	10	–	–	PUNCT
taxlaw-12357	1079	11	they	they	PRON
taxlaw-12357	1079	12	would	would	AUX
taxlaw-12357	1079	13	be	be	AUX
taxlaw-12357	1079	14	paid	pay	VERB
taxlaw-12357	1079	15	to	to	PART
taxlaw-12357	1079	16	take	take	VERB
taxlaw-12357	1079	17	it	it	PRON
taxlaw-12357	1079	18	on	on	ADP
taxlaw-12357	1079	19	.	.	PUNCT
taxlaw-12357	1080	1	they	they	PRON
taxlaw-12357	1080	2	would	would	AUX
taxlaw-12357	1080	3	sell	sell	VERB
taxlaw-12357	1080	4	a	a	DET
taxlaw-12357	1080	5	derivative	derivative	NOUN
taxlaw-12357	1080	6	known	know	VERB
taxlaw-12357	1080	7	as	as	ADP
taxlaw-12357	1080	8	a	a	DET
taxlaw-12357	1080	9	“	"	PUNCT
taxlaw-12357	1080	10	put	put	NOUN
taxlaw-12357	1080	11	spread	spread	NOUN
taxlaw-12357	1080	12	.	.	PUNCT
taxlaw-12357	1081	1	”105	”105	ADJ
taxlaw-12357	1081	2	(	(	PUNCT
taxlaw-12357	1081	3	again	again	ADV
taxlaw-12357	1081	4	,	,	PUNCT
taxlaw-12357	1081	5	the	the	DET
taxlaw-12357	1081	6	taxpayer	taxpayer	NOUN
taxlaw-12357	1081	7	also	also	ADV
taxlaw-12357	1081	8	would	would	AUX
taxlaw-12357	1081	9	need	need	VERB
taxlaw-12357	1081	10	to	to	PART
taxlaw-12357	1081	11	buy	buy	VERB
taxlaw-12357	1081	12	a	a	DET
taxlaw-12357	1081	13	bond	bond	NOUN
taxlaw-12357	1081	14	,	,	PUNCT
taxlaw-12357	1081	15	as	as	SCONJ
taxlaw-12357	1081	16	noted	note	VERB
taxlaw-12357	1081	17	above	above	ADV
taxlaw-12357	1081	18	.	.	PUNCT
taxlaw-12357	1081	19	)	)	PUNCT
taxlaw-12357	1082	1	again	again	ADV
taxlaw-12357	1082	2	,	,	PUNCT
taxlaw-12357	1082	3	the	the	DET
taxlaw-12357	1082	4	two	two	NUM
taxlaw-12357	1082	5	difference	difference	NOUN
taxlaw-12357	1082	6	contracts	contract	NOUN
taxlaw-12357	1082	7	would	would	AUX
taxlaw-12357	1082	8	have	have	VERB
taxlaw-12357	1082	9	to	to	PART
taxlaw-12357	1082	10	be	be	AUX
taxlaw-12357	1082	11	valued	value	VERB
taxlaw-12357	1082	12	(	(	PUNCT
taxlaw-12357	1082	13	step	step	NOUN
taxlaw-12357	1082	14	two	two	NUM
taxlaw-12357	1082	15	of	of	ADP
taxlaw-12357	1082	16	the	the	DET
taxlaw-12357	1082	17	difference	difference	NOUN
taxlaw-12357	1082	18	value	value	NOUN
taxlaw-12357	1082	19	methodology	methodology	NOUN
taxlaw-12357	1082	20	)	)	PUNCT
taxlaw-12357	1082	21	.	.	PUNCT
taxlaw-12357	1083	1	then	then	ADV
taxlaw-12357	1083	2	,	,	PUNCT
taxlaw-12357	1083	3	their	their	PRON
taxlaw-12357	1083	4	values	value	NOUN
taxlaw-12357	1083	5	would	would	AUX
taxlaw-12357	1083	6	be	be	AUX
taxlaw-12357	1083	7	compared	compare	VERB
taxlaw-12357	1083	8	with	with	ADP
taxlaw-12357	1083	9	the	the	DET
taxlaw-12357	1083	10	value	value	NOUN
taxlaw-12357	1083	11	of	of	ADP
taxlaw-12357	1083	12	underlying	underlie	VERB
taxlaw-12357	1083	13	to	to	PART
taxlaw-12357	1083	14	compute	compute	VERB
taxlaw-12357	1083	15	the	the	DET
taxlaw-12357	1083	16	difference	difference	NOUN
taxlaw-12357	1083	17	percentage	percentage	NOUN
taxlaw-12357	1083	18	(	(	PUNCT
taxlaw-12357	1083	19	step	step	NOUN
taxlaw-12357	1083	20	three	three	NUM
taxlaw-12357	1083	21	)	)	PUNCT
taxlaw-12357	1083	22	.	.	PUNCT
taxlaw-12357	1084	1	this	this	PRON
taxlaw-12357	1084	2	brings	bring	VERB
taxlaw-12357	1084	3	us	we	PRON
taxlaw-12357	1084	4	to	to	ADP
taxlaw-12357	1084	5	an	an	DET
taxlaw-12357	1084	6	important	important	ADJ
taxlaw-12357	1084	7	point	point	NOUN
taxlaw-12357	1084	8	.	.	PUNCT
taxlaw-12357	1085	1	from	from	ADP
taxlaw-12357	1085	2	the	the	DET
taxlaw-12357	1085	3	taxpayer	taxpayer	NOUN
taxlaw-12357	1085	4	’s	’s	PART
taxlaw-12357	1085	5	perspective	perspective	NOUN
taxlaw-12357	1085	6	,	,	PUNCT
taxlaw-12357	1085	7	the	the	DET
taxlaw-12357	1085	8	value	value	NOUN
taxlaw-12357	1085	9	of	of	ADP
taxlaw-12357	1085	10	one	one	NUM
taxlaw-12357	1085	11	of	of	ADP
taxlaw-12357	1085	12	these	these	DET
taxlaw-12357	1085	13	contracts	contract	NOUN
taxlaw-12357	1085	14	is	be	AUX
taxlaw-12357	1085	15	positive	positive	ADJ
taxlaw-12357	1085	16	(	(	PUNCT
taxlaw-12357	1085	17	the	the	DET
taxlaw-12357	1085	18	call	call	NOUN
taxlaw-12357	1085	19	spread	spread	NOUN
taxlaw-12357	1085	20	)	)	PUNCT
taxlaw-12357	1085	21	,	,	PUNCT
taxlaw-12357	1085	22	while	while	SCONJ
taxlaw-12357	1085	23	the	the	DET
taxlaw-12357	1085	24	value	value	NOUN
taxlaw-12357	1085	25	of	of	ADP
taxlaw-12357	1085	26	the	the	DET
taxlaw-12357	1085	27	other	other	ADJ
taxlaw-12357	1085	28	is	be	AUX
taxlaw-12357	1085	29	negative	negative	ADJ
taxlaw-12357	1085	30	(	(	PUNCT
taxlaw-12357	1085	31	the	the	DET
taxlaw-12357	1085	32	put	put	NOUN
taxlaw-12357	1085	33	spread	spread	NOUN
taxlaw-12357	1085	34	)	)	PUNCT
taxlaw-12357	1085	35	.	.	PUNCT
taxlaw-12357	1086	1	they	they	PRON
taxlaw-12357	1086	2	pay	pay	VERB
taxlaw-12357	1086	3	for	for	ADP
taxlaw-12357	1086	4	the	the	DET
taxlaw-12357	1086	5	first	first	ADJ
taxlaw-12357	1086	6	and	and	CCONJ
taxlaw-12357	1086	7	get	get	AUX
taxlaw-12357	1086	8	paid	pay	VERB
taxlaw-12357	1086	9	for	for	ADP
taxlaw-12357	1086	10	the	the	DET
taxlaw-12357	1086	11	second	second	ADJ
taxlaw-12357	1086	12	.	.	PUNCT
taxlaw-12357	1087	1	yet	yet	CCONJ
taxlaw-12357	1087	2	these	these	DET
taxlaw-12357	1087	3	values	value	NOUN
taxlaw-12357	1087	4	should	should	AUX
taxlaw-12357	1087	5	not	not	PART
taxlaw-12357	1087	6	be	be	AUX
taxlaw-12357	1087	7	netted	net	VERB
taxlaw-12357	1087	8	against	against	ADP
taxlaw-12357	1087	9	each	each	DET
taxlaw-12357	1087	10	other	other	ADJ
taxlaw-12357	1087	11	.	.	PUNCT
taxlaw-12357	1088	1	what	what	PRON
taxlaw-12357	1088	2	matters	matter	VERB
taxlaw-12357	1088	3	here	here	ADV
taxlaw-12357	1088	4	is	be	AUX
taxlaw-12357	1088	5	how	how	SCONJ
taxlaw-12357	1088	6	different	different	ADJ
taxlaw-12357	1088	7	the	the	DET
taxlaw-12357	1088	8	derivative	derivative	NOUN
taxlaw-12357	1088	9	is	be	AUX
taxlaw-12357	1088	10	from	from	ADP
taxlaw-12357	1088	11	underlying	underlie	VERB
taxlaw-12357	1088	12	.	.	PUNCT
taxlaw-12357	1089	1	as	as	SCONJ
taxlaw-12357	1089	2	this	this	DET
taxlaw-12357	1089	3	example	example	NOUN
taxlaw-12357	1089	4	illustrates	illustrate	VERB
taxlaw-12357	1089	5	,	,	PUNCT
taxlaw-12357	1089	6	some	some	DET
taxlaw-12357	1089	7	differences	difference	NOUN
taxlaw-12357	1089	8	have	have	VERB
taxlaw-12357	1089	9	positive	positive	ADJ
taxlaw-12357	1089	10	value	value	NOUN
taxlaw-12357	1089	11	,	,	PUNCT
taxlaw-12357	1089	12	while	while	SCONJ
taxlaw-12357	1089	13	others	other	NOUN
taxlaw-12357	1089	14	have	have	VERB
taxlaw-12357	1089	15	negative	negative	ADJ
taxlaw-12357	1089	16	value	value	NOUN
taxlaw-12357	1089	17	.	.	PUNCT
taxlaw-12357	1090	1	when	when	SCONJ
taxlaw-12357	1090	2	this	this	PRON
taxlaw-12357	1090	3	is	be	AUX
taxlaw-12357	1090	4	the	the	DET
taxlaw-12357	1090	5	case	case	NOUN
taxlaw-12357	1090	6	,	,	PUNCT
taxlaw-12357	1090	7	these	these	DET
taxlaw-12357	1090	8	differences	difference	NOUN
taxlaw-12357	1090	9	should	should	AUX
taxlaw-12357	1090	10	not	not	PART
taxlaw-12357	1090	11	cancel	cancel	VERB
taxlaw-12357	1090	12	each	each	DET
taxlaw-12357	1090	13	other	other	ADJ
taxlaw-12357	1090	14	out	out	ADP
taxlaw-12357	1090	15	.	.	PUNCT
taxlaw-12357	1091	1	otherwise	otherwise	ADV
taxlaw-12357	1091	2	,	,	PUNCT
taxlaw-12357	1091	3	our	our	PRON
taxlaw-12357	1091	4	methodology	methodology	NOUN
taxlaw-12357	1091	5	would	would	AUX
taxlaw-12357	1091	6	understate	understate	VERB
taxlaw-12357	1091	7	the	the	DET
taxlaw-12357	1091	8	differences	difference	NOUN
taxlaw-12357	1091	9	.	.	PUNCT
taxlaw-12357	1092	1	in	in	ADP
taxlaw-12357	1092	2	an	an	DET
taxlaw-12357	1092	3	extreme	extreme	ADJ
taxlaw-12357	1092	4	case	case	NOUN
taxlaw-12357	1092	5	–	–	PUNCT
taxlaw-12357	1092	6	if	if	SCONJ
taxlaw-12357	1092	7	the	the	DET
taxlaw-12357	1092	8	omitted	omit	VERB
taxlaw-12357	1092	9	opportunity	opportunity	NOUN
taxlaw-12357	1092	10	for	for	ADP
taxlaw-12357	1092	11	gain	gain	NOUN
taxlaw-12357	1092	12	has	have	VERB
taxlaw-12357	1092	13	exactly	exactly	ADV
taxlaw-12357	1092	14	the	the	DET
taxlaw-12357	1092	15	same	same	ADJ
taxlaw-12357	1092	16	value	value	NOUN
taxlaw-12357	1092	17	as	as	ADP
taxlaw-12357	1092	18	the	the	DET
taxlaw-12357	1092	19	omitted	omit	VERB
taxlaw-12357	1092	20	risk	risk	NOUN
taxlaw-12357	1092	21	of	of	ADP
taxlaw-12357	1092	22	loss	loss	NOUN
taxlaw-12357	1092	23	–	–	PUNCT
taxlaw-12357	1092	24	the	the	DET
taxlaw-12357	1092	25	(	(	PUNCT
taxlaw-12357	1092	26	net	net	NOUN
taxlaw-12357	1092	27	)	)	PUNCT
taxlaw-12357	1092	28	omitted	omit	VERB
taxlaw-12357	1092	29	exposure	exposure	NOUN
taxlaw-12357	1092	30	is	be	AUX
taxlaw-12357	1092	31	zero.106	zero.106	PROPN
taxlaw-12357	1092	32	this	this	PRON
taxlaw-12357	1092	33	implies	imply	VERB
taxlaw-12357	1092	34	that	that	SCONJ
taxlaw-12357	1092	35	the	the	DET
taxlaw-12357	1092	36	derivative	derivative	NOUN
taxlaw-12357	1092	37	is	be	AUX
taxlaw-12357	1092	38	identical	identical	ADJ
taxlaw-12357	1092	39	to	to	ADP
taxlaw-12357	1092	40	underlying	underlie	VERB
taxlaw-12357	1092	41	,	,	PUNCT
taxlaw-12357	1092	42	which	which	PRON
taxlaw-12357	1092	43	clearly	clearly	ADV
taxlaw-12357	1092	44	is	be	AUX
taxlaw-12357	1092	45	not	not	PART
taxlaw-12357	1092	46	the	the	DET
taxlaw-12357	1092	47	case	case	NOUN
taxlaw-12357	1092	48	.	.	PUNCT
taxlaw-12357	1093	1	the	the	DET
taxlaw-12357	1093	2	solution	solution	NOUN
taxlaw-12357	1093	3	to	to	ADP
taxlaw-12357	1093	4	this	this	DET
taxlaw-12357	1093	5	problem	problem	NOUN
taxlaw-12357	1093	6	is	be	AUX
taxlaw-12357	1093	7	simple	simple	ADJ
taxlaw-12357	1093	8	:	:	PUNCT
taxlaw-12357	1093	9	disregard	disregard	NOUN
taxlaw-12357	1093	10	whether	whether	SCONJ
taxlaw-12357	1093	11	retained	retain	VERB
taxlaw-12357	1093	12	exposure	exposure	NOUN
taxlaw-12357	1093	13	is	be	AUX
taxlaw-12357	1093	14	an	an	DET
taxlaw-12357	1093	15	asset	asset	NOUN
taxlaw-12357	1093	16	or	or	CCONJ
taxlaw-12357	1093	17	a	a	DET
taxlaw-12357	1093	18	liability	liability	NOUN
taxlaw-12357	1093	19	–	–	PUNCT
taxlaw-12357	1093	20	since	since	SCONJ
taxlaw-12357	1093	21	this	this	PRON
taxlaw-12357	1093	22	does	do	AUX
taxlaw-12357	1093	23	n’t	not	PART
taxlaw-12357	1093	24	matter	matter	VERB
taxlaw-12357	1093	25	–	–	PUNCT
taxlaw-12357	1093	26	and	and	CCONJ
taxlaw-12357	1093	27	just	just	ADV
taxlaw-12357	1093	28	add	add	VERB
taxlaw-12357	1093	29	their	their	PRON
taxlaw-12357	1093	30	values	value	NOUN
taxlaw-12357	1093	31	together	together	ADV
taxlaw-12357	1093	32	.	.	PUNCT
taxlaw-12357	1094	1	in	in	ADP
taxlaw-12357	1094	2	other	other	ADJ
taxlaw-12357	1094	3	words	word	NOUN
taxlaw-12357	1094	4	,	,	PUNCT
taxlaw-12357	1094	5	use	use	VERB
taxlaw-12357	1094	6	the	the	DET
taxlaw-12357	1094	7	absolute	absolute	ADJ
taxlaw-12357	1094	8	value	value	NOUN
taxlaw-12357	1094	9	of	of	ADP
taxlaw-12357	1094	10	each	each	DET
taxlaw-12357	1094	11	component	component	NOUN
taxlaw-12357	1094	12	when	when	SCONJ
taxlaw-12357	1094	13	computing	compute	VERB
taxlaw-12357	1094	14	the	the	DET
taxlaw-12357	1094	15	difference	difference	NOUN
taxlaw-12357	1094	16	value	value	NOUN
taxlaw-12357	1094	17	.	.	PUNCT
taxlaw-12357	1095	1	103	103	NUM
taxlaw-12357	1095	2	a	a	DET
taxlaw-12357	1095	3	call	call	NOUN
taxlaw-12357	1095	4	spread	spread	NOUN
taxlaw-12357	1095	5	actually	actually	ADV
taxlaw-12357	1095	6	is	be	AUX
taxlaw-12357	1095	7	the	the	DET
taxlaw-12357	1095	8	combination	combination	NOUN
taxlaw-12357	1095	9	of	of	ADP
taxlaw-12357	1095	10	two	two	NUM
taxlaw-12357	1095	11	options	option	NOUN
taxlaw-12357	1095	12	.	.	PUNCT
taxlaw-12357	1096	1	here	here	ADV
taxlaw-12357	1096	2	,	,	PUNCT
taxlaw-12357	1096	3	taxpayers	taxpayer	NOUN
taxlaw-12357	1096	4	would	would	AUX
taxlaw-12357	1096	5	buy	buy	VERB
taxlaw-12357	1096	6	a	a	DET
taxlaw-12357	1096	7	call	call	NOUN
taxlaw-12357	1096	8	option	option	NOUN
taxlaw-12357	1096	9	entitling	entitle	VERB
taxlaw-12357	1096	10	them	they	PRON
taxlaw-12357	1096	11	to	to	PART
taxlaw-12357	1096	12	buy	buy	VERB
taxlaw-12357	1096	13	underlying	underlie	VERB
taxlaw-12357	1096	14	at	at	ADP
taxlaw-12357	1096	15	$	$	SYM
taxlaw-12357	1096	16	100	100	NUM
taxlaw-12357	1096	17	(	(	PUNCT
taxlaw-12357	1096	18	to	to	PART
taxlaw-12357	1096	19	acquire	acquire	VERB
taxlaw-12357	1096	20	all	all	DET
taxlaw-12357	1096	21	appreciation	appreciation	NOUN
taxlaw-12357	1096	22	above	above	ADP
taxlaw-12357	1096	23	$	$	SYM
taxlaw-12357	1096	24	100	100	NUM
taxlaw-12357	1096	25	)	)	PUNCT
taxlaw-12357	1096	26	,	,	PUNCT
taxlaw-12357	1096	27	and	and	CCONJ
taxlaw-12357	1096	28	then	then	ADV
taxlaw-12357	1096	29	sell	sell	VERB
taxlaw-12357	1096	30	a	a	DET
taxlaw-12357	1096	31	call	call	NOUN
taxlaw-12357	1096	32	option	option	NOUN
taxlaw-12357	1096	33	,	,	PUNCT
taxlaw-12357	1096	34	entitling	entitle	VERB
taxlaw-12357	1096	35	their	their	PRON
taxlaw-12357	1096	36	counterparty	counterparty	NOUN
taxlaw-12357	1096	37	to	to	PART
taxlaw-12357	1096	38	buy	buy	VERB
taxlaw-12357	1096	39	underlying	underlie	VERB
taxlaw-12357	1096	40	at	at	ADP
taxlaw-12357	1096	41	$	$	SYM
taxlaw-12357	1096	42	115	115	NUM
taxlaw-12357	1096	43	(	(	PUNCT
taxlaw-12357	1096	44	so	so	ADV
taxlaw-12357	1096	45	the	the	DET
taxlaw-12357	1096	46	taxpayers	taxpayer	NOUN
taxlaw-12357	1096	47	give	give	VERB
taxlaw-12357	1096	48	up	up	ADP
taxlaw-12357	1096	49	all	all	DET
taxlaw-12357	1096	50	appreciation	appreciation	NOUN
taxlaw-12357	1096	51	above	above	ADP
taxlaw-12357	1096	52	$	$	SYM
taxlaw-12357	1096	53	115	115	NUM
taxlaw-12357	1096	54	)	)	PUNCT
taxlaw-12357	1096	55	.	.	PUNCT
taxlaw-12357	1097	1	in	in	ADP
taxlaw-12357	1097	2	combination	combination	NOUN
taxlaw-12357	1097	3	,	,	PUNCT
taxlaw-12357	1097	4	these	these	DET
taxlaw-12357	1097	5	two	two	NUM
taxlaw-12357	1097	6	call	call	NOUN
taxlaw-12357	1097	7	options	option	NOUN
taxlaw-12357	1097	8	provide	provide	VERB
taxlaw-12357	1097	9	taxpayers	taxpayer	NOUN
taxlaw-12357	1097	10	with	with	ADP
taxlaw-12357	1097	11	appreciation	appreciation	NOUN
taxlaw-12357	1097	12	between	between	ADP
taxlaw-12357	1097	13	$	$	SYM
taxlaw-12357	1097	14	100	100	NUM
taxlaw-12357	1097	15	and	and	CCONJ
taxlaw-12357	1097	16	$	$	SYM
taxlaw-12357	1097	17	115	115	NUM
taxlaw-12357	1097	18	.	.	PUNCT
taxlaw-12357	1098	1	104	104	NUM
taxlaw-12357	1098	2	in	in	ADP
taxlaw-12357	1098	3	general	general	ADJ
taxlaw-12357	1098	4	,	,	PUNCT
taxlaw-12357	1098	5	we	we	PRON
taxlaw-12357	1098	6	use	use	VERB
taxlaw-12357	1098	7	the	the	DET
taxlaw-12357	1098	8	term	term	NOUN
taxlaw-12357	1098	9	difference	difference	NOUN
taxlaw-12357	1098	10	contract	contract	NOUN
taxlaw-12357	1098	11	to	to	PART
taxlaw-12357	1098	12	refer	refer	VERB
taxlaw-12357	1098	13	to	to	ADP
taxlaw-12357	1098	14	the	the	DET
taxlaw-12357	1098	15	single	single	ADJ
taxlaw-12357	1098	16	contract	contract	NOUN
taxlaw-12357	1098	17	that	that	PRON
taxlaw-12357	1098	18	represents	represent	VERB
taxlaw-12357	1098	19	the	the	DET
taxlaw-12357	1098	20	overall	overall	ADJ
taxlaw-12357	1098	21	difference	difference	NOUN
taxlaw-12357	1098	22	between	between	ADP
taxlaw-12357	1098	23	a	a	DET
taxlaw-12357	1098	24	derivative	derivative	NOUN
taxlaw-12357	1098	25	and	and	CCONJ
taxlaw-12357	1098	26	the	the	DET
taxlaw-12357	1098	27	underlying	underlying	NOUN
taxlaw-12357	1098	28	.	.	PUNCT
taxlaw-12357	1099	1	in	in	ADP
taxlaw-12357	1099	2	this	this	DET
taxlaw-12357	1099	3	example	example	NOUN
taxlaw-12357	1099	4	,	,	PUNCT
taxlaw-12357	1099	5	however	however	ADV
taxlaw-12357	1099	6	,	,	PUNCT
taxlaw-12357	1099	7	when	when	SCONJ
taxlaw-12357	1099	8	we	we	PRON
taxlaw-12357	1099	9	refer	refer	VERB
taxlaw-12357	1099	10	to	to	ADP
taxlaw-12357	1099	11	two	two	NUM
taxlaw-12357	1099	12	difference	difference	NOUN
taxlaw-12357	1099	13	contracts	contract	NOUN
taxlaw-12357	1099	14	,	,	PUNCT
taxlaw-12357	1099	15	we	we	PRON
taxlaw-12357	1099	16	are	be	AUX
taxlaw-12357	1099	17	using	use	VERB
taxlaw-12357	1099	18	the	the	DET
taxlaw-12357	1099	19	term	term	NOUN
taxlaw-12357	1099	20	to	to	PART
taxlaw-12357	1099	21	speak	speak	VERB
taxlaw-12357	1099	22	of	of	ADP
taxlaw-12357	1099	23	two	two	NUM
taxlaw-12357	1099	24	distinct	distinct	ADJ
taxlaw-12357	1099	25	components	component	NOUN
taxlaw-12357	1099	26	of	of	ADP
taxlaw-12357	1099	27	the	the	DET
taxlaw-12357	1099	28	usual	usual	ADJ
taxlaw-12357	1099	29	overall	overall	ADJ
taxlaw-12357	1099	30	difference	difference	NOUN
taxlaw-12357	1099	31	contract	contract	NOUN
taxlaw-12357	1099	32	:	:	PUNCT
taxlaw-12357	1099	33	omitted	omit	VERB
taxlaw-12357	1099	34	opportunity	opportunity	NOUN
taxlaw-12357	1099	35	for	for	ADP
taxlaw-12357	1099	36	gain	gain	NOUN
taxlaw-12357	1099	37	and	and	CCONJ
taxlaw-12357	1099	38	omitted	omit	VERB
taxlaw-12357	1099	39	risk	risk	NOUN
taxlaw-12357	1099	40	of	of	ADP
taxlaw-12357	1099	41	loss	loss	NOUN
taxlaw-12357	1099	42	.	.	PUNCT
taxlaw-12357	1100	1	this	this	PRON
taxlaw-12357	1100	2	facilitates	facilitate	VERB
taxlaw-12357	1100	3	our	our	PRON
taxlaw-12357	1100	4	discussion	discussion	NOUN
taxlaw-12357	1100	5	and	and	CCONJ
taxlaw-12357	1100	6	enables	enable	VERB
taxlaw-12357	1100	7	us	we	PRON
taxlaw-12357	1100	8	to	to	PART
taxlaw-12357	1100	9	talk	talk	VERB
taxlaw-12357	1100	10	separately	separately	ADV
taxlaw-12357	1100	11	about	about	ADP
taxlaw-12357	1100	12	the	the	DET
taxlaw-12357	1100	13	aspects	aspect	NOUN
taxlaw-12357	1100	14	of	of	ADP
taxlaw-12357	1100	15	each	each	DET
taxlaw-12357	1100	16	component	component	NOUN
taxlaw-12357	1100	17	.	.	PUNCT
taxlaw-12357	1101	1	105	105	NUM
taxlaw-12357	1102	1	like	like	ADP
taxlaw-12357	1102	2	a	a	DET
taxlaw-12357	1102	3	call	call	NOUN
taxlaw-12357	1102	4	spread	spread	NOUN
taxlaw-12357	1102	5	,	,	PUNCT
taxlaw-12357	1102	6	a	a	DET
taxlaw-12357	1102	7	put	put	NOUN
taxlaw-12357	1102	8	spread	spread	NOUN
taxlaw-12357	1102	9	also	also	ADV
taxlaw-12357	1102	10	is	be	AUX
taxlaw-12357	1102	11	a	a	DET
taxlaw-12357	1102	12	combination	combination	NOUN
taxlaw-12357	1102	13	of	of	ADP
taxlaw-12357	1102	14	two	two	NUM
taxlaw-12357	1102	15	options	option	NOUN
taxlaw-12357	1102	16	.	.	PUNCT
taxlaw-12357	1103	1	here	here	ADV
taxlaw-12357	1103	2	,	,	PUNCT
taxlaw-12357	1103	3	taxpayers	taxpayer	NOUN
taxlaw-12357	1103	4	would	would	AUX
taxlaw-12357	1103	5	sell	sell	VERB
taxlaw-12357	1103	6	a	a	DET
taxlaw-12357	1103	7	put	put	NOUN
taxlaw-12357	1103	8	option	option	NOUN
taxlaw-12357	1103	9	entitling	entitle	VERB
taxlaw-12357	1103	10	their	their	PRON
taxlaw-12357	1103	11	counterparty	counterparty	NOUN
taxlaw-12357	1103	12	to	to	PART
taxlaw-12357	1103	13	sell	sell	VERB
taxlaw-12357	1103	14	underlying	underlie	VERB
taxlaw-12357	1103	15	to	to	ADP
taxlaw-12357	1103	16	them	they	PRON
taxlaw-12357	1103	17	for	for	ADP
taxlaw-12357	1103	18	$	$	SYM
taxlaw-12357	1103	19	100	100	NUM
taxlaw-12357	1103	20	(	(	PUNCT
taxlaw-12357	1103	21	so	so	ADV
taxlaw-12357	1103	22	the	the	DET
taxlaw-12357	1103	23	taxpayers	taxpayer	NOUN
taxlaw-12357	1103	24	are	be	AUX
taxlaw-12357	1103	25	exposed	expose	VERB
taxlaw-12357	1103	26	to	to	ADP
taxlaw-12357	1103	27	all	all	DET
taxlaw-12357	1103	28	risk	risk	NOUN
taxlaw-12357	1103	29	of	of	ADP
taxlaw-12357	1103	30	loss	loss	NOUN
taxlaw-12357	1103	31	below	below	ADP
taxlaw-12357	1103	32	$	$	SYM
taxlaw-12357	1103	33	100	100	NUM
taxlaw-12357	1103	34	)	)	PUNCT
taxlaw-12357	1103	35	,	,	PUNCT
taxlaw-12357	1103	36	and	and	CCONJ
taxlaw-12357	1103	37	then	then	ADV
taxlaw-12357	1103	38	buy	buy	VERB
taxlaw-12357	1103	39	a	a	DET
taxlaw-12357	1103	40	put	put	NOUN
taxlaw-12357	1103	41	option	option	NOUN
taxlaw-12357	1103	42	entitling	entitle	VERB
taxlaw-12357	1103	43	them	they	PRON
taxlaw-12357	1103	44	to	to	PART
taxlaw-12357	1103	45	sell	sell	VERB
taxlaw-12357	1103	46	underlying	underlie	VERB
taxlaw-12357	1103	47	at	at	ADP
taxlaw-12357	1103	48	$	$	SYM
taxlaw-12357	1103	49	95	95	NUM
taxlaw-12357	1103	50	(	(	PUNCT
taxlaw-12357	1103	51	so	so	ADV
taxlaw-12357	1103	52	the	the	DET
taxlaw-12357	1103	53	taxpayers	taxpayer	NOUN
taxlaw-12357	1103	54	avoid	avoid	VERB
taxlaw-12357	1103	55	risk	risk	NOUN
taxlaw-12357	1103	56	of	of	ADP
taxlaw-12357	1103	57	loss	loss	NOUN
taxlaw-12357	1103	58	below	below	ADP
taxlaw-12357	1103	59	$	$	SYM
taxlaw-12357	1103	60	95	95	NUM
taxlaw-12357	1103	61	)	)	PUNCT
taxlaw-12357	1103	62	.	.	PUNCT
taxlaw-12357	1104	1	in	in	ADP
taxlaw-12357	1104	2	combination	combination	NOUN
taxlaw-12357	1104	3	,	,	PUNCT
taxlaw-12357	1104	4	these	these	DET
taxlaw-12357	1104	5	two	two	NUM
taxlaw-12357	1104	6	put	put	ADJ
taxlaw-12357	1104	7	options	option	NOUN
taxlaw-12357	1104	8	expose	expose	VERB
taxlaw-12357	1104	9	taxpayers	taxpayer	NOUN
taxlaw-12357	1104	10	to	to	PART
taxlaw-12357	1104	11	risk	risk	VERB
taxlaw-12357	1104	12	of	of	ADP
taxlaw-12357	1104	13	loss	loss	NOUN
taxlaw-12357	1104	14	between	between	ADP
taxlaw-12357	1104	15	$	$	SYM
taxlaw-12357	1104	16	100	100	NUM
taxlaw-12357	1104	17	and	and	CCONJ
taxlaw-12357	1104	18	$	$	SYM
taxlaw-12357	1104	19	95	95	NUM
taxlaw-12357	1104	20	.	.	PUNCT
taxlaw-12357	1105	1	106	106	NUM
taxlaw-12357	1105	2	for	for	ADP
taxlaw-12357	1105	3	example	example	NOUN
taxlaw-12357	1105	4	,	,	PUNCT
taxlaw-12357	1105	5	imagine	imagine	VERB
taxlaw-12357	1105	6	a	a	DET
taxlaw-12357	1105	7	derivative	derivative	NOUN
taxlaw-12357	1105	8	that	that	PRON
taxlaw-12357	1105	9	provides	provide	VERB
taxlaw-12357	1105	10	opportunity	opportunity	NOUN
taxlaw-12357	1105	11	for	for	ADP
taxlaw-12357	1105	12	gain	gain	NOUN
taxlaw-12357	1105	13	above	above	ADP
taxlaw-12357	1105	14	only	only	ADV
taxlaw-12357	1105	15	$	$	SYM
taxlaw-12357	1105	16	115	115	NUM
taxlaw-12357	1105	17	,	,	PUNCT
taxlaw-12357	1105	18	while	while	SCONJ
taxlaw-12357	1105	19	imposing	impose	VERB
taxlaw-12357	1105	20	risk	risk	NOUN
taxlaw-12357	1105	21	of	of	ADP
taxlaw-12357	1105	22	loss	loss	NOUN
taxlaw-12357	1105	23	only	only	ADV
taxlaw-12357	1105	24	below	below	ADP
taxlaw-12357	1105	25	$	$	SYM
taxlaw-12357	1105	26	56	56	NUM
taxlaw-12357	1105	27	,	,	PUNCT
taxlaw-12357	1105	28	so	so	ADV
taxlaw-12357	1105	29	the	the	DET
taxlaw-12357	1105	30	derivative	derivative	NOUN
taxlaw-12357	1105	31	offers	offer	VERB
taxlaw-12357	1105	32	a	a	DET
taxlaw-12357	1105	33	final	final	ADJ
taxlaw-12357	1105	34	payoff	payoff	NOUN
taxlaw-12357	1105	35	of	of	ADP
taxlaw-12357	1105	36	$	$	SYM
taxlaw-12357	1105	37	100	100	NUM
taxlaw-12357	1105	38	in	in	ADP
taxlaw-12357	1105	39	between	between	ADP
taxlaw-12357	1105	40	$	$	SYM
taxlaw-12357	1105	41	56	56	NUM
taxlaw-12357	1105	42	and	and	CCONJ
taxlaw-12357	1105	43	$	$	SYM
taxlaw-12357	1105	44	115	115	NUM
taxlaw-12357	1105	45	.	.	PUNCT
taxlaw-12357	1106	1	this	this	PRON
taxlaw-12357	1106	2	is	be	AUX
taxlaw-12357	1106	3	arguably	arguably	ADV
taxlaw-12357	1106	4	very	very	ADV
taxlaw-12357	1106	5	different	different	ADJ
taxlaw-12357	1106	6	from	from	ADP
taxlaw-12357	1106	7	the	the	DET
taxlaw-12357	1106	8	economics	economic	NOUN
taxlaw-12357	1106	9	of	of	ADP
taxlaw-12357	1106	10	the	the	DET
taxlaw-12357	1106	11	underlying	underlying	NOUN
taxlaw-12357	1106	12	.	.	PUNCT
taxlaw-12357	1107	1	but	but	CCONJ
taxlaw-12357	1107	2	if	if	SCONJ
taxlaw-12357	1107	3	we	we	PRON
taxlaw-12357	1107	4	use	use	VERB
taxlaw-12357	1107	5	netting	net	VERB
taxlaw-12357	1107	6	,	,	PUNCT
taxlaw-12357	1107	7	the	the	DET
taxlaw-12357	1107	8	value	value	NOUN
taxlaw-12357	1107	9	of	of	ADP
taxlaw-12357	1107	10	the	the	DET
taxlaw-12357	1107	11	difference	difference	NOUN
taxlaw-12357	1107	12	contract	contract	NOUN
taxlaw-12357	1107	13	may	may	AUX
taxlaw-12357	1107	14	be	be	AUX
taxlaw-12357	1107	15	small	small	ADJ
taxlaw-12357	1107	16	or	or	CCONJ
taxlaw-12357	1107	17	even	even	ADV
taxlaw-12357	1107	18	zero	zero	NUM
taxlaw-12357	1107	19	.	.	PUNCT
taxlaw-12357	1108	1	for	for	ADP
taxlaw-12357	1108	2	example	example	NOUN
taxlaw-12357	1108	3	,	,	PUNCT
taxlaw-12357	1108	4	in	in	ADP
taxlaw-12357	1108	5	a	a	DET
taxlaw-12357	1108	6	blackscholes	blackschole	NOUN
taxlaw-12357	1108	7	model	model	NOUN
taxlaw-12357	1108	8	with	with	ADP
taxlaw-12357	1108	9	a	a	DET
taxlaw-12357	1108	10	volatility	volatility	NOUN
taxlaw-12357	1108	11	of	of	ADP
taxlaw-12357	1108	12	20	20	NUM
taxlaw-12357	1108	13	%	%	NOUN
taxlaw-12357	1108	14	,	,	PUNCT
taxlaw-12357	1108	15	a	a	DET
taxlaw-12357	1108	16	risk	risk	NOUN
taxlaw-12357	1108	17	-	-	PUNCT
taxlaw-12357	1108	18	free	free	ADJ
taxlaw-12357	1108	19	rate	rate	NOUN
taxlaw-12357	1108	20	of	of	ADP
taxlaw-12357	1108	21	5	5	NUM
taxlaw-12357	1108	22	%	%	NOUN
taxlaw-12357	1108	23	,	,	PUNCT
taxlaw-12357	1108	24	and	and	CCONJ
taxlaw-12357	1108	25	a	a	DET
taxlaw-12357	1108	26	term	term	NOUN
taxlaw-12357	1108	27	of	of	ADP
taxlaw-12357	1108	28	5	5	NUM
taxlaw-12357	1108	29	years	year	NOUN
taxlaw-12357	1108	30	,	,	PUNCT
taxlaw-12357	1108	31	the	the	DET
taxlaw-12357	1108	32	call	call	NOUN
taxlaw-12357	1108	33	spread	spread	VERB
taxlaw-12357	1108	34	and	and	CCONJ
taxlaw-12357	1108	35	the	the	DET
taxlaw-12357	1108	36	put	put	NOUN
taxlaw-12357	1108	37	spread	spread	VERB
taxlaw-12357	1108	38	both	both	PRON
taxlaw-12357	1108	39	have	have	VERB
taxlaw-12357	1108	40	a	a	DET
taxlaw-12357	1108	41	price	price	NOUN
taxlaw-12357	1108	42	of	of	ADP
taxlaw-12357	1108	43	approximately	approximately	ADV
taxlaw-12357	1108	44	$	$	SYM
taxlaw-12357	1108	45	6.65	6.65	NUM
taxlaw-12357	1108	46	.	.	PUNCT
taxlaw-12357	1109	1	2024	2024	NUM
taxlaw-12357	1109	2	]	]	PUNCT
taxlaw-12357	1109	3	transaction	transaction	NOUN
taxlaw-12357	1109	4	-	-	PUNCT
taxlaw-12357	1109	5	specific	specific	ADJ
taxlaw-12357	1109	6	tax	tax	NOUN
taxlaw-12357	1109	7	reform	reform	NOUN
taxlaw-12357	1109	8	in	in	ADP
taxlaw-12357	1109	9	three	three	NUM
taxlaw-12357	1109	10	steps	step	NOUN
taxlaw-12357	1109	11	39	39	NUM
taxlaw-12357	1109	12	table	table	NOUN
taxlaw-12357	1109	13	2	2	NUM
taxlaw-12357	1109	14	shows	show	VERB
taxlaw-12357	1109	15	the	the	DET
taxlaw-12357	1109	16	results	result	NOUN
taxlaw-12357	1109	17	for	for	ADP
taxlaw-12357	1109	18	this	this	DET
taxlaw-12357	1109	19	example	example	NOUN
taxlaw-12357	1109	20	.	.	PUNCT
taxlaw-12357	1110	1	the	the	DET
taxlaw-12357	1110	2	key	key	ADJ
taxlaw-12357	1110	3	point	point	NOUN
taxlaw-12357	1110	4	is	be	AUX
taxlaw-12357	1110	5	that	that	SCONJ
taxlaw-12357	1110	6	the	the	DET
taxlaw-12357	1110	7	value	value	NOUN
taxlaw-12357	1110	8	of	of	ADP
taxlaw-12357	1110	9	these	these	DET
taxlaw-12357	1110	10	two	two	NUM
taxlaw-12357	1110	11	contracts	contract	NOUN
taxlaw-12357	1110	12	should	should	AUX
taxlaw-12357	1110	13	not	not	PART
taxlaw-12357	1110	14	be	be	AUX
taxlaw-12357	1110	15	netted	net	VERB
taxlaw-12357	1110	16	.	.	PUNCT
taxlaw-12357	1111	1	the	the	DET
taxlaw-12357	1111	2	net	net	ADJ
taxlaw-12357	1111	3	value	value	NOUN
taxlaw-12357	1111	4	is	be	AUX
taxlaw-12357	1111	5	misleadingly	misleadingly	ADV
taxlaw-12357	1111	6	low	low	ADJ
taxlaw-12357	1111	7	(	(	PUNCT
taxlaw-12357	1111	8	5.30	5.30	NUM
taxlaw-12357	1111	9	in	in	ADP
taxlaw-12357	1111	10	the	the	DET
taxlaw-12357	1111	11	third	third	ADJ
taxlaw-12357	1111	12	line	line	NOUN
taxlaw-12357	1111	13	below	below	ADV
taxlaw-12357	1111	14	):	):	PUNCT
taxlaw-12357	1111	15	instead	instead	ADV
taxlaw-12357	1111	16	,	,	PUNCT
taxlaw-12357	1111	17	the	the	DET
taxlaw-12357	1111	18	absolute	absolute	ADJ
taxlaw-12357	1111	19	value	value	NOUN
taxlaw-12357	1111	20	should	should	AUX
taxlaw-12357	1111	21	be	be	AUX
taxlaw-12357	1111	22	used	use	VERB
taxlaw-12357	1111	23	(	(	PUNCT
taxlaw-12357	1111	24	8.00	8.00	NUM
taxlaw-12357	1111	25	in	in	ADP
taxlaw-12357	1111	26	the	the	DET
taxlaw-12357	1111	27	fourth	fourth	ADJ
taxlaw-12357	1111	28	line	line	NOUN
taxlaw-12357	1111	29	below).107	below).107	PROPN
taxlaw-12357	1111	30	value	value	NOUN
taxlaw-12357	1111	31	call	call	NOUN
taxlaw-12357	1111	32	spread	spread	VERB
taxlaw-12357	1111	33	6.65	6.65	NUM
taxlaw-12357	1111	34	put	put	VERB
taxlaw-12357	1111	35	spread108	spread108	NUM
taxlaw-12357	1111	36	–	–	PUNCT
taxlaw-12357	1111	37	1.35	1.35	NUM
taxlaw-12357	1111	38	sum	sum	NOUN
taxlaw-12357	1111	39	5.30	5.30	NUM
taxlaw-12357	1111	40	difference	difference	NOUN
taxlaw-12357	1111	41	contract	contract	NOUN
taxlaw-12357	1111	42	(	(	PUNCT
taxlaw-12357	1111	43	sum	sum	NOUN
taxlaw-12357	1111	44	of	of	ADP
taxlaw-12357	1111	45	absolute	absolute	ADJ
taxlaw-12357	1111	46	values	value	NOUN
taxlaw-12357	1111	47	)	)	PUNCT
taxlaw-12357	1111	48	8.00	8.00	NUM
taxlaw-12357	1111	49	table	table	NOUN
taxlaw-12357	1111	50	2	2	NUM
taxlaw-12357	1111	51	:	:	PUNCT
taxlaw-12357	1111	52	values	value	NOUN
taxlaw-12357	1111	53	of	of	ADP
taxlaw-12357	1111	54	components	component	NOUN
taxlaw-12357	1111	55	and	and	CCONJ
taxlaw-12357	1111	56	overall	overall	ADJ
taxlaw-12357	1111	57	difference	difference	NOUN
taxlaw-12357	1111	58	contract	contract	NOUN
taxlaw-12357	1111	59	for	for	ADP
taxlaw-12357	1111	60	derivative	derivative	ADJ
taxlaw-12357	1111	61	omitting	omitting	NOUN
taxlaw-12357	1111	62	both	both	CCONJ
taxlaw-12357	1111	63	risk	risk	NOUN
taxlaw-12357	1111	64	of	of	ADP
taxlaw-12357	1111	65	loss	loss	NOUN
taxlaw-12357	1111	66	and	and	CCONJ
taxlaw-12357	1111	67	opportunity	opportunity	NOUN
taxlaw-12357	1111	68	for	for	ADP
taxlaw-12357	1111	69	gain	gain	NOUN
taxlaw-12357	1111	70	notably	notably	ADV
taxlaw-12357	1111	71	,	,	PUNCT
taxlaw-12357	1111	72	although	although	SCONJ
taxlaw-12357	1111	73	our	our	PRON
taxlaw-12357	1111	74	methodology	methodology	NOUN
taxlaw-12357	1111	75	needs	need	VERB
taxlaw-12357	1111	76	to	to	PART
taxlaw-12357	1111	77	be	be	AUX
taxlaw-12357	1111	78	able	able	ADJ
taxlaw-12357	1111	79	to	to	PART
taxlaw-12357	1111	80	cover	cover	VERB
taxlaw-12357	1111	81	derivatives	derivative	NOUN
taxlaw-12357	1111	82	that	that	PRON
taxlaw-12357	1111	83	omit	omit	VERB
taxlaw-12357	1111	84	both	both	DET
taxlaw-12357	1111	85	risk	risk	NOUN
taxlaw-12357	1111	86	of	of	ADP
taxlaw-12357	1111	87	loss	loss	NOUN
taxlaw-12357	1111	88	and	and	CCONJ
taxlaw-12357	1111	89	opportunity	opportunity	NOUN
taxlaw-12357	1111	90	for	for	ADP
taxlaw-12357	1111	91	gain	gain	NOUN
taxlaw-12357	1111	92	,	,	PUNCT
taxlaw-12357	1111	93	they	they	PRON
taxlaw-12357	1111	94	are	be	AUX
taxlaw-12357	1111	95	less	less	ADV
taxlaw-12357	1111	96	common	common	ADJ
taxlaw-12357	1111	97	for	for	ADP
taxlaw-12357	1111	98	hedge	hedge	NOUN
taxlaw-12357	1111	99	funds	fund	NOUN
taxlaw-12357	1111	100	than	than	ADP
taxlaw-12357	1111	101	for	for	ADP
taxlaw-12357	1111	102	other	other	ADJ
taxlaw-12357	1111	103	types	type	NOUN
taxlaw-12357	1111	104	of	of	ADP
taxlaw-12357	1111	105	underlying	underlie	VERB
taxlaw-12357	1111	106	assets	asset	NOUN
taxlaw-12357	1111	107	.	.	PUNCT
taxlaw-12357	1112	1	indeed	indeed	ADV
taxlaw-12357	1112	2	,	,	PUNCT
taxlaw-12357	1112	3	they	they	PRON
taxlaw-12357	1112	4	are	be	AUX
taxlaw-12357	1112	5	a	a	DET
taxlaw-12357	1112	6	staple	staple	NOUN
taxlaw-12357	1112	7	of	of	ADP
taxlaw-12357	1112	8	another	another	DET
taxlaw-12357	1112	9	form	form	NOUN
taxlaw-12357	1112	10	of	of	ADP
taxlaw-12357	1112	11	tax	tax	NOUN
taxlaw-12357	1112	12	-	-	PUNCT
taxlaw-12357	1112	13	planning	planning	NOUN
taxlaw-12357	1112	14	:	:	PUNCT
taxlaw-12357	1112	15	hedging	hedge	VERB
taxlaw-12357	1112	16	appreciated	appreciated	ADJ
taxlaw-12357	1112	17	assets	asset	NOUN
taxlaw-12357	1112	18	,	,	PUNCT
taxlaw-12357	1112	19	without	without	ADP
taxlaw-12357	1112	20	triggering	trigger	VERB
taxlaw-12357	1112	21	a	a	DET
taxlaw-12357	1112	22	sale	sale	NOUN
taxlaw-12357	1112	23	for	for	ADP
taxlaw-12357	1112	24	tax	tax	NOUN
taxlaw-12357	1112	25	purposes	purpose	NOUN
taxlaw-12357	1112	26	.	.	PUNCT
taxlaw-12357	1113	1	but	but	CCONJ
taxlaw-12357	1113	2	they	they	PRON
taxlaw-12357	1113	3	are	be	AUX
taxlaw-12357	1113	4	largely	largely	ADV
taxlaw-12357	1113	5	unavailable	unavailable	ADJ
taxlaw-12357	1113	6	for	for	ADP
taxlaw-12357	1113	7	hedge	hedge	NOUN
taxlaw-12357	1113	8	funds	fund	NOUN
taxlaw-12357	1113	9	.	.	PUNCT
taxlaw-12357	1114	1	why	why	SCONJ
taxlaw-12357	1114	2	the	the	DET
taxlaw-12357	1114	3	difference	difference	NOUN
taxlaw-12357	1114	4	?	?	PUNCT
taxlaw-12357	1115	1	as	as	SCONJ
taxlaw-12357	1115	2	one	one	NUM
taxlaw-12357	1115	3	of	of	ADP
taxlaw-12357	1115	4	us	we	PRON
taxlaw-12357	1115	5	has	have	AUX
taxlaw-12357	1115	6	emphasized	emphasize	VERB
taxlaw-12357	1115	7	elsewhere	elsewhere	ADV
taxlaw-12357	1115	8	,	,	PUNCT
taxlaw-12357	1115	9	a	a	DET
taxlaw-12357	1115	10	bank	bank	NOUN
taxlaw-12357	1115	11	can	can	AUX
taxlaw-12357	1115	12	easily	easily	ADV
taxlaw-12357	1115	13	offer	offer	VERB
taxlaw-12357	1115	14	this	this	DET
taxlaw-12357	1115	15	sort	sort	NOUN
taxlaw-12357	1115	16	of	of	ADP
taxlaw-12357	1115	17	derivative	derivative	NOUN
taxlaw-12357	1115	18	when	when	SCONJ
taxlaw-12357	1115	19	the	the	DET
taxlaw-12357	1115	20	underlying	underlie	VERB
taxlaw-12357	1115	21	asset	asset	NOUN
taxlaw-12357	1115	22	is	be	AUX
taxlaw-12357	1115	23	publicly	publicly	ADV
taxlaw-12357	1115	24	traded	trade	VERB
taxlaw-12357	1115	25	(	(	PUNCT
taxlaw-12357	1115	26	since	since	SCONJ
taxlaw-12357	1115	27	the	the	DET
taxlaw-12357	1115	28	bank	bank	NOUN
taxlaw-12357	1115	29	can	can	AUX
taxlaw-12357	1115	30	hedge	hedge	VERB
taxlaw-12357	1115	31	dynamically	dynamically	ADV
taxlaw-12357	1115	32	)	)	PUNCT
taxlaw-12357	1115	33	,	,	PUNCT
taxlaw-12357	1115	34	but	but	CCONJ
taxlaw-12357	1115	35	not	not	PART
taxlaw-12357	1115	36	for	for	ADP
taxlaw-12357	1115	37	an	an	DET
taxlaw-12357	1115	38	underlying	underlying	ADJ
taxlaw-12357	1115	39	(	(	PUNCT
taxlaw-12357	1115	40	like	like	ADP
taxlaw-12357	1115	41	a	a	DET
taxlaw-12357	1115	42	hedge	hedge	NOUN
taxlaw-12357	1115	43	fund	fund	NOUN
taxlaw-12357	1115	44	)	)	PUNCT
taxlaw-12357	1115	45	that	that	PRON
taxlaw-12357	1115	46	is	be	AUX
taxlaw-12357	1115	47	n’t	not	PART
taxlaw-12357	1115	48	publicly	publicly	ADV
taxlaw-12357	1115	49	traded.109	traded.109	VERB
taxlaw-12357	1115	50	7	7	NUM
taxlaw-12357	1115	51	.	.	PUNCT
taxlaw-12357	1115	52	valuing	value	VERB
taxlaw-12357	1115	53	the	the	DET
taxlaw-12357	1115	54	difference	difference	NOUN
taxlaw-12357	1115	55	contract	contract	NOUN
taxlaw-12357	1115	56	:	:	PUNCT
taxlaw-12357	1115	57	alternative	alternative	ADJ
taxlaw-12357	1115	58	methods	method	NOUN
taxlaw-12357	1115	59	so	so	ADV
taxlaw-12357	1115	60	far	far	ADV
taxlaw-12357	1115	61	,	,	PUNCT
taxlaw-12357	1115	62	this	this	DET
taxlaw-12357	1115	63	section	section	NOUN
taxlaw-12357	1115	64	has	have	AUX
taxlaw-12357	1115	65	developed	develop	VERB
taxlaw-12357	1115	66	a	a	DET
taxlaw-12357	1115	67	methodology	methodology	NOUN
taxlaw-12357	1115	68	that	that	PRON
taxlaw-12357	1115	69	depends	depend	VERB
taxlaw-12357	1115	70	on	on	ADP
taxlaw-12357	1115	71	valuing	value	VERB
taxlaw-12357	1115	72	what	what	PRON
taxlaw-12357	1115	73	we	we	PRON
taxlaw-12357	1115	74	call	call	VERB
taxlaw-12357	1115	75	“	"	PUNCT
taxlaw-12357	1115	76	difference	difference	NOUN
taxlaw-12357	1115	77	contracts	contract	NOUN
taxlaw-12357	1115	78	.	.	PUNCT
taxlaw-12357	1115	79	”	"	PUNCT
taxlaw-12357	1116	1	but	but	CCONJ
taxlaw-12357	1116	2	how	how	SCONJ
taxlaw-12357	1116	3	should	should	AUX
taxlaw-12357	1116	4	these	these	DET
taxlaw-12357	1116	5	hypothetical	hypothetical	ADJ
taxlaw-12357	1116	6	contracts	contract	NOUN
taxlaw-12357	1116	7	be	be	AUX
taxlaw-12357	1116	8	valued	value	VERB
taxlaw-12357	1116	9	?	?	PUNCT
taxlaw-12357	1117	1	when	when	SCONJ
taxlaw-12357	1117	2	comparable	comparable	ADJ
taxlaw-12357	1117	3	contracts	contract	NOUN
taxlaw-12357	1117	4	are	be	AUX
taxlaw-12357	1117	5	available	available	ADJ
taxlaw-12357	1117	6	in	in	ADP
taxlaw-12357	1117	7	the	the	DET
taxlaw-12357	1117	8	market	market	NOUN
taxlaw-12357	1117	9	,	,	PUNCT
taxlaw-12357	1117	10	market	market	NOUN
taxlaw-12357	1117	11	value	value	NOUN
taxlaw-12357	1117	12	should	should	AUX
taxlaw-12357	1117	13	be	be	AUX
taxlaw-12357	1117	14	used	use	VERB
taxlaw-12357	1117	15	.	.	PUNCT
taxlaw-12357	1118	1	when	when	SCONJ
taxlaw-12357	1118	2	there	there	PRON
taxlaw-12357	1118	3	is	be	VERB
taxlaw-12357	1118	4	no	no	DET
taxlaw-12357	1118	5	readily	readily	ADV
taxlaw-12357	1118	6	ascertainable	ascertainable	ADJ
taxlaw-12357	1118	7	market	market	NOUN
taxlaw-12357	1118	8	price	price	NOUN
taxlaw-12357	1118	9	,	,	PUNCT
taxlaw-12357	1118	10	the	the	DET
taxlaw-12357	1118	11	value	value	NOUN
taxlaw-12357	1118	12	can	can	AUX
taxlaw-12357	1118	13	be	be	AUX
taxlaw-12357	1118	14	determined	determine	VERB
taxlaw-12357	1118	15	using	use	VERB
taxlaw-12357	1118	16	familiar	familiar	ADJ
taxlaw-12357	1118	17	techniques	technique	NOUN
taxlaw-12357	1118	18	for	for	ADP
taxlaw-12357	1118	19	valuing	value	VERB
taxlaw-12357	1118	20	illiquid	illiquid	ADJ
taxlaw-12357	1118	21	assets	asset	NOUN
taxlaw-12357	1118	22	.	.	PUNCT
taxlaw-12357	1119	1	since	since	SCONJ
taxlaw-12357	1119	2	the	the	DET
taxlaw-12357	1119	3	difference	difference	NOUN
taxlaw-12357	1119	4	contract	contract	NOUN
taxlaw-12357	1119	5	is	be	AUX
taxlaw-12357	1119	6	likely	likely	ADJ
taxlaw-12357	1119	7	to	to	PART
taxlaw-12357	1119	8	include	include	VERB
taxlaw-12357	1119	9	options	option	NOUN
taxlaw-12357	1119	10	(	(	PUNCT
taxlaw-12357	1119	11	and	and	CCONJ
taxlaw-12357	1119	12	option	option	NOUN
taxlaw-12357	1119	13	spreads	spread	NOUN
taxlaw-12357	1119	14	)	)	PUNCT
taxlaw-12357	1119	15	,	,	PUNCT
taxlaw-12357	1119	16	valuations	valuation	NOUN
taxlaw-12357	1119	17	based	base	VERB
taxlaw-12357	1119	18	on	on	ADP
taxlaw-12357	1119	19	theoretical	theoretical	ADJ
taxlaw-12357	1119	20	models	model	NOUN
taxlaw-12357	1119	21	like	like	ADP
taxlaw-12357	1119	22	black	black	NOUN
taxlaw-12357	1119	23	-	-	PUNCT
taxlaw-12357	1119	24	scholes	schole	NOUN
taxlaw-12357	1119	25	are	be	AUX
taxlaw-12357	1119	26	likely	likely	ADJ
taxlaw-12357	1119	27	to	to	PART
taxlaw-12357	1119	28	feature	feature	VERB
taxlaw-12357	1119	29	in	in	ADP
taxlaw-12357	1119	30	this	this	DET
taxlaw-12357	1119	31	effort	effort	NOUN
taxlaw-12357	1119	32	,	,	PUNCT
taxlaw-12357	1119	33	as	as	ADP
taxlaw-12357	1119	34	in	in	ADP
taxlaw-12357	1119	35	the	the	DET
taxlaw-12357	1119	36	example	example	NOUN
taxlaw-12357	1119	37	above	above	ADV
taxlaw-12357	1119	38	.	.	PUNCT
taxlaw-12357	1120	1	107	107	NUM
taxlaw-12357	1120	2	these	these	PRON
taxlaw-12357	1120	3	are	be	AUX
taxlaw-12357	1120	4	the	the	DET
taxlaw-12357	1120	5	approximate	approximate	ADJ
taxlaw-12357	1120	6	values	value	NOUN
taxlaw-12357	1120	7	for	for	ADP
taxlaw-12357	1120	8	the	the	DET
taxlaw-12357	1120	9	put	put	NOUN
taxlaw-12357	1120	10	and	and	CCONJ
taxlaw-12357	1120	11	call	call	VERB
taxlaw-12357	1120	12	spread	spread	NOUN
taxlaw-12357	1120	13	using	use	VERB
taxlaw-12357	1120	14	the	the	DET
taxlaw-12357	1120	15	black	black	ADJ
taxlaw-12357	1120	16	-	-	PUNCT
taxlaw-12357	1120	17	scholes	schole	NOUN
taxlaw-12357	1120	18	pricing	pricing	NOUN
taxlaw-12357	1120	19	framework	framework	NOUN
taxlaw-12357	1120	20	with	with	ADP
taxlaw-12357	1120	21	volatility	volatility	NOUN
taxlaw-12357	1120	22	20	20	NUM
taxlaw-12357	1120	23	%	%	NOUN
taxlaw-12357	1120	24	for	for	ADP
taxlaw-12357	1120	25	underlying	underlie	VERB
taxlaw-12357	1120	26	,	,	PUNCT
taxlaw-12357	1120	27	a	a	DET
taxlaw-12357	1120	28	risk	risk	NOUN
taxlaw-12357	1120	29	-	-	PUNCT
taxlaw-12357	1120	30	free	free	ADJ
taxlaw-12357	1120	31	return	return	NOUN
taxlaw-12357	1120	32	of	of	ADP
taxlaw-12357	1120	33	5	5	NUM
taxlaw-12357	1120	34	%	%	NOUN
taxlaw-12357	1120	35	,	,	PUNCT
taxlaw-12357	1120	36	and	and	CCONJ
taxlaw-12357	1120	37	a	a	DET
taxlaw-12357	1120	38	contract	contract	NOUN
taxlaw-12357	1120	39	term	term	NOUN
taxlaw-12357	1120	40	of	of	ADP
taxlaw-12357	1120	41	5	5	NUM
taxlaw-12357	1120	42	years	year	NOUN
taxlaw-12357	1120	43	.	.	PUNCT
taxlaw-12357	1121	1	108	108	NUM
taxlaw-12357	1121	2	we	we	PRON
taxlaw-12357	1121	3	write	write	VERB
taxlaw-12357	1121	4	the	the	DET
taxlaw-12357	1121	5	value	value	NOUN
taxlaw-12357	1121	6	of	of	ADP
taxlaw-12357	1121	7	the	the	DET
taxlaw-12357	1121	8	put	put	NOUN
taxlaw-12357	1121	9	spread	spread	VERB
taxlaw-12357	1121	10	as	as	ADP
taxlaw-12357	1121	11	negative	negative	ADJ
taxlaw-12357	1121	12	because	because	SCONJ
taxlaw-12357	1121	13	it	it	PRON
taxlaw-12357	1121	14	represents	represent	VERB
taxlaw-12357	1121	15	downside	downside	ADJ
taxlaw-12357	1121	16	exposure	exposure	NOUN
taxlaw-12357	1121	17	that	that	PRON
taxlaw-12357	1121	18	must	must	AUX
taxlaw-12357	1121	19	be	be	AUX
taxlaw-12357	1121	20	added	add	VERB
taxlaw-12357	1121	21	to	to	ADP
taxlaw-12357	1121	22	the	the	DET
taxlaw-12357	1121	23	difference	difference	NOUN
taxlaw-12357	1121	24	contract	contract	NOUN
taxlaw-12357	1121	25	to	to	PART
taxlaw-12357	1121	26	replicate	replicate	VERB
taxlaw-12357	1121	27	the	the	DET
taxlaw-12357	1121	28	underlying	underlying	NOUN
taxlaw-12357	1121	29	.	.	PUNCT
taxlaw-12357	1122	1	by	by	ADP
taxlaw-12357	1122	2	contrast	contrast	NOUN
taxlaw-12357	1122	3	,	,	PUNCT
taxlaw-12357	1122	4	the	the	DET
taxlaw-12357	1122	5	call	call	NOUN
taxlaw-12357	1122	6	spread	spread	NOUN
taxlaw-12357	1122	7	is	be	AUX
taxlaw-12357	1122	8	positive	positive	ADJ
taxlaw-12357	1122	9	because	because	SCONJ
taxlaw-12357	1122	10	it	it	PRON
taxlaw-12357	1122	11	represents	represent	VERB
taxlaw-12357	1122	12	upside	upside	ADJ
taxlaw-12357	1122	13	exposure	exposure	NOUN
taxlaw-12357	1122	14	.	.	PUNCT
taxlaw-12357	1123	1	109	109	NUM
taxlaw-12357	1123	2	see	see	NOUN
taxlaw-12357	1123	3	schizer	schizer	NOUN
taxlaw-12357	1123	4	,	,	PUNCT
taxlaw-12357	1123	5	frictions	friction	NOUN
taxlaw-12357	1123	6	,	,	PUNCT
taxlaw-12357	1123	7	supra	supra	PROPN
taxlaw-12357	1123	8	note	note	NOUN
taxlaw-12357	1123	9	4	4	NUM
taxlaw-12357	1123	10	.	.	PUNCT
taxlaw-12357	1123	11	columbia	columbia	PROPN
taxlaw-12357	1123	12	journal	journal	PROPN
taxlaw-12357	1123	13	of	of	ADP
taxlaw-12357	1123	14	tax	tax	NOUN
taxlaw-12357	1123	15	law	law	NOUN
taxlaw-12357	1124	1	[	[	X
taxlaw-12357	1124	2	vol	vol	NOUN
taxlaw-12357	1124	3	15:1	15:1	NUM
taxlaw-12357	1124	4	40	40	NUM
taxlaw-12357	1124	5	in	in	ADP
taxlaw-12357	1124	6	general	general	ADJ
taxlaw-12357	1124	7	,	,	PUNCT
taxlaw-12357	1124	8	the	the	DET
taxlaw-12357	1124	9	difference	difference	NOUN
taxlaw-12357	1124	10	contract	contract	NOUN
taxlaw-12357	1124	11	’s	’s	PART
taxlaw-12357	1124	12	value	value	NOUN
taxlaw-12357	1124	13	should	should	AUX
taxlaw-12357	1124	14	be	be	AUX
taxlaw-12357	1124	15	determined	determine	VERB
taxlaw-12357	1124	16	in	in	ADP
taxlaw-12357	1124	17	a	a	DET
taxlaw-12357	1124	18	commercially	commercially	ADV
taxlaw-12357	1124	19	reasonable	reasonable	ADJ
taxlaw-12357	1124	20	manner	manner	NOUN
taxlaw-12357	1124	21	in	in	ADP
taxlaw-12357	1124	22	light	light	NOUN
taxlaw-12357	1124	23	of	of	ADP
taxlaw-12357	1124	24	the	the	DET
taxlaw-12357	1124	25	facts	fact	NOUN
taxlaw-12357	1124	26	,	,	PUNCT
taxlaw-12357	1124	27	perhaps	perhaps	ADV
taxlaw-12357	1124	28	informed	inform	VERB
taxlaw-12357	1124	29	by	by	ADP
taxlaw-12357	1124	30	expert	expert	NOUN
taxlaw-12357	1124	31	opinions	opinion	NOUN
taxlaw-12357	1124	32	.	.	PUNCT
taxlaw-12357	1125	1	these	these	DET
taxlaw-12357	1125	2	opinions	opinion	NOUN
taxlaw-12357	1125	3	should	should	AUX
taxlaw-12357	1125	4	be	be	AUX
taxlaw-12357	1125	5	explicit	explicit	ADJ
taxlaw-12357	1125	6	about	about	ADP
taxlaw-12357	1125	7	their	their	PRON
taxlaw-12357	1125	8	assumptions	assumption	NOUN
taxlaw-12357	1125	9	,	,	PUNCT
taxlaw-12357	1125	10	so	so	SCONJ
taxlaw-12357	1125	11	the	the	DET
taxlaw-12357	1125	12	analysis	analysis	NOUN
taxlaw-12357	1125	13	can	can	AUX
taxlaw-12357	1125	14	be	be	AUX
taxlaw-12357	1125	15	tested	test	VERB
taxlaw-12357	1125	16	and	and	CCONJ
taxlaw-12357	1125	17	challenged	challenge	VERB
taxlaw-12357	1125	18	.	.	PUNCT
taxlaw-12357	1126	1	a	a	DET
taxlaw-12357	1126	2	court	court	NOUN
taxlaw-12357	1126	3	assessing	assess	VERB
taxlaw-12357	1126	4	the	the	DET
taxlaw-12357	1126	5	value	value	NOUN
taxlaw-12357	1126	6	would	would	AUX
taxlaw-12357	1126	7	make	make	VERB
taxlaw-12357	1126	8	credibility	credibility	NOUN
taxlaw-12357	1126	9	determinations	determination	NOUN
taxlaw-12357	1126	10	and	and	CCONJ
taxlaw-12357	1126	11	judgments	judgment	NOUN
taxlaw-12357	1126	12	as	as	SCONJ
taxlaw-12357	1126	13	it	it	PRON
taxlaw-12357	1126	14	would	would	AUX
taxlaw-12357	1126	15	for	for	ADP
taxlaw-12357	1126	16	any	any	DET
taxlaw-12357	1126	17	determination	determination	NOUN
taxlaw-12357	1126	18	of	of	ADP
taxlaw-12357	1126	19	fair	fair	ADJ
taxlaw-12357	1126	20	market	market	NOUN
taxlaw-12357	1126	21	value	value	NOUN
taxlaw-12357	1126	22	.	.	PUNCT
taxlaw-12357	1127	1	indeed	indeed	ADV
taxlaw-12357	1127	2	,	,	PUNCT
taxlaw-12357	1127	3	one	one	NUM
taxlaw-12357	1127	4	of	of	ADP
taxlaw-12357	1127	5	the	the	DET
taxlaw-12357	1127	6	advantages	advantage	NOUN
taxlaw-12357	1127	7	of	of	ADP
taxlaw-12357	1127	8	our	our	PRON
taxlaw-12357	1127	9	approach	approach	NOUN
taxlaw-12357	1127	10	is	be	AUX
taxlaw-12357	1127	11	that	that	SCONJ
taxlaw-12357	1127	12	it	it	PRON
taxlaw-12357	1127	13	puts	put	VERB
taxlaw-12357	1127	14	courts	court	NOUN
taxlaw-12357	1127	15	in	in	ADP
taxlaw-12357	1127	16	a	a	DET
taxlaw-12357	1127	17	familiar	familiar	ADJ
taxlaw-12357	1127	18	position	position	NOUN
taxlaw-12357	1127	19	.	.	PUNCT
taxlaw-12357	1128	1	valuation	valuation	NOUN
taxlaw-12357	1128	2	disputes	dispute	NOUN
taxlaw-12357	1128	3	arise	arise	VERB
taxlaw-12357	1128	4	quite	quite	ADV
taxlaw-12357	1128	5	frequently	frequently	ADV
taxlaw-12357	1128	6	in	in	ADP
taxlaw-12357	1128	7	litigation	litigation	NOUN
taxlaw-12357	1128	8	,	,	PUNCT
taxlaw-12357	1128	9	so	so	SCONJ
taxlaw-12357	1128	10	courts	court	NOUN
taxlaw-12357	1128	11	know	know	VERB
taxlaw-12357	1128	12	how	how	SCONJ
taxlaw-12357	1128	13	to	to	PART
taxlaw-12357	1128	14	adjudicate	adjudicate	VERB
taxlaw-12357	1128	15	them	they	PRON
taxlaw-12357	1128	16	.	.	PUNCT
taxlaw-12357	1129	1	admittedly	admittedly	ADV
taxlaw-12357	1129	2	,	,	PUNCT
taxlaw-12357	1129	3	valuations	valuation	NOUN
taxlaw-12357	1129	4	can	can	AUX
taxlaw-12357	1129	5	be	be	AUX
taxlaw-12357	1129	6	costly	costly	ADJ
taxlaw-12357	1129	7	and	and	CCONJ
taxlaw-12357	1129	8	disputes	dispute	NOUN
taxlaw-12357	1129	9	about	about	ADP
taxlaw-12357	1129	10	them	they	PRON
taxlaw-12357	1129	11	can	can	AUX
taxlaw-12357	1129	12	be	be	AUX
taxlaw-12357	1129	13	daunting	daunt	VERB
taxlaw-12357	1129	14	to	to	PART
taxlaw-12357	1129	15	litigate	litigate	VERB
taxlaw-12357	1129	16	.	.	PUNCT
taxlaw-12357	1130	1	but	but	CCONJ
taxlaw-12357	1130	2	again	again	ADV
taxlaw-12357	1130	3	,	,	PUNCT
taxlaw-12357	1130	4	this	this	PRON
taxlaw-12357	1130	5	is	be	AUX
taxlaw-12357	1130	6	why	why	SCONJ
taxlaw-12357	1130	7	we	we	PRON
taxlaw-12357	1130	8	recommend	recommend	VERB
taxlaw-12357	1130	9	preliminary	preliminary	ADJ
taxlaw-12357	1130	10	filters	filter	NOUN
taxlaw-12357	1130	11	to	to	PART
taxlaw-12357	1130	12	reduce	reduce	VERB
taxlaw-12357	1130	13	the	the	DET
taxlaw-12357	1130	14	number	number	NOUN
taxlaw-12357	1130	15	of	of	ADP
taxlaw-12357	1130	16	cases	case	NOUN
taxlaw-12357	1130	17	that	that	PRON
taxlaw-12357	1130	18	require	require	VERB
taxlaw-12357	1130	19	these	these	DET
taxlaw-12357	1130	20	valuations	valuation	NOUN
taxlaw-12357	1130	21	.	.	PUNCT
taxlaw-12357	1131	1	8	8	X
taxlaw-12357	1131	2	.	.	X
taxlaw-12357	1131	3	choosing	choose	VERB
taxlaw-12357	1131	4	the	the	DET
taxlaw-12357	1131	5	underlying	underlying	ADJ
taxlaw-12357	1131	6	and	and	CCONJ
taxlaw-12357	1131	7	risks	risk	NOUN
taxlaw-12357	1131	8	of	of	ADP
taxlaw-12357	1131	9	manipulation	manipulation	NOUN
taxlaw-12357	1131	10	the	the	DET
taxlaw-12357	1131	11	essence	essence	NOUN
taxlaw-12357	1131	12	of	of	ADP
taxlaw-12357	1131	13	the	the	DET
taxlaw-12357	1131	14	test	test	NOUN
taxlaw-12357	1131	15	we	we	PRON
taxlaw-12357	1131	16	recommend	recommend	VERB
taxlaw-12357	1131	17	is	be	AUX
taxlaw-12357	1131	18	,	,	PUNCT
taxlaw-12357	1131	19	of	of	ADP
taxlaw-12357	1131	20	course	course	NOUN
taxlaw-12357	1131	21	,	,	PUNCT
taxlaw-12357	1131	22	to	to	PART
taxlaw-12357	1131	23	compare	compare	VERB
taxlaw-12357	1131	24	the	the	DET
taxlaw-12357	1131	25	derivative	derivative	NOUN
taxlaw-12357	1131	26	with	with	ADP
taxlaw-12357	1131	27	the	the	DET
taxlaw-12357	1131	28	underlying	underlying	NOUN
taxlaw-12357	1131	29	.	.	PUNCT
taxlaw-12357	1132	1	yet	yet	ADV
taxlaw-12357	1132	2	as	as	SCONJ
taxlaw-12357	1132	3	emphasized	emphasize	VERB
taxlaw-12357	1132	4	above	above	ADV
taxlaw-12357	1132	5	,	,	PUNCT
taxlaw-12357	1132	6	to	to	PART
taxlaw-12357	1132	7	compare	compare	VERB
taxlaw-12357	1132	8	two	two	NUM
taxlaw-12357	1132	9	transactions	transaction	NOUN
taxlaw-12357	1132	10	,	,	PUNCT
taxlaw-12357	1132	11	we	we	PRON
taxlaw-12357	1132	12	need	need	VERB
taxlaw-12357	1132	13	to	to	PART
taxlaw-12357	1132	14	define	define	VERB
taxlaw-12357	1132	15	the	the	DET
taxlaw-12357	1132	16	scope	scope	NOUN
taxlaw-12357	1132	17	of	of	ADP
taxlaw-12357	1132	18	each	each	PRON
taxlaw-12357	1132	19	of	of	ADP
taxlaw-12357	1132	20	them	they	PRON
taxlaw-12357	1132	21	.	.	PUNCT
taxlaw-12357	1133	1	what	what	PRON
taxlaw-12357	1133	2	should	should	AUX
taxlaw-12357	1133	3	be	be	AUX
taxlaw-12357	1133	4	compared	compare	VERB
taxlaw-12357	1133	5	to	to	ADP
taxlaw-12357	1133	6	what	what	PRON
taxlaw-12357	1133	7	?	?	PUNCT
taxlaw-12357	1134	1	our	our	PRON
taxlaw-12357	1134	2	methodology	methodology	NOUN
taxlaw-12357	1134	3	does	do	AUX
taxlaw-12357	1134	4	not	not	PART
taxlaw-12357	1134	5	avoid	avoid	VERB
taxlaw-12357	1134	6	this	this	DET
taxlaw-12357	1134	7	question	question	NOUN
taxlaw-12357	1134	8	–	–	PUNCT
taxlaw-12357	1134	9	and	and	CCONJ
taxlaw-12357	1134	10	,	,	PUNCT
taxlaw-12357	1134	11	of	of	ADP
taxlaw-12357	1134	12	course	course	NOUN
taxlaw-12357	1134	13	,	,	PUNCT
taxlaw-12357	1134	14	alternative	alternative	ADJ
taxlaw-12357	1134	15	methodologies	methodology	NOUN
taxlaw-12357	1134	16	do	do	AUX
taxlaw-12357	1134	17	n’t	not	PART
taxlaw-12357	1134	18	either	either	ADV
taxlaw-12357	1134	19	.	.	PUNCT
taxlaw-12357	1135	1	any	any	DET
taxlaw-12357	1135	2	comparison	comparison	NOUN
taxlaw-12357	1135	3	,	,	PUNCT
taxlaw-12357	1135	4	however	however	ADV
taxlaw-12357	1135	5	sophisticated	sophisticated	ADJ
taxlaw-12357	1135	6	,	,	PUNCT
taxlaw-12357	1135	7	must	must	AUX
taxlaw-12357	1135	8	first	first	ADV
taxlaw-12357	1135	9	define	define	VERB
taxlaw-12357	1135	10	what	what	PRON
taxlaw-12357	1135	11	is	be	AUX
taxlaw-12357	1135	12	being	be	AUX
taxlaw-12357	1135	13	compared	compare	VERB
taxlaw-12357	1135	14	.	.	PUNCT
taxlaw-12357	1136	1	in	in	ADP
taxlaw-12357	1136	2	our	our	PRON
taxlaw-12357	1136	3	view	view	NOUN
taxlaw-12357	1136	4	,	,	PUNCT
taxlaw-12357	1136	5	the	the	DET
taxlaw-12357	1136	6	right	right	ADJ
taxlaw-12357	1136	7	moment	moment	NOUN
taxlaw-12357	1136	8	to	to	PART
taxlaw-12357	1136	9	address	address	VERB
taxlaw-12357	1136	10	this	this	DET
taxlaw-12357	1136	11	issue	issue	NOUN
taxlaw-12357	1136	12	is	be	AUX
taxlaw-12357	1136	13	the	the	DET
taxlaw-12357	1136	14	preliminary	preliminary	ADJ
taxlaw-12357	1136	15	filter	filter	NOUN
taxlaw-12357	1136	16	stage	stage	NOUN
taxlaw-12357	1136	17	,	,	PUNCT
taxlaw-12357	1136	18	as	as	SCONJ
taxlaw-12357	1136	19	noted	note	VERB
taxlaw-12357	1136	20	above	above	ADV
taxlaw-12357	1136	21	.	.	PUNCT
taxlaw-12357	1137	1	guidance	guidance	NOUN
taxlaw-12357	1137	2	is	be	AUX
taxlaw-12357	1137	3	needed	need	VERB
taxlaw-12357	1137	4	,	,	PUNCT
taxlaw-12357	1137	5	for	for	ADP
taxlaw-12357	1137	6	example	example	NOUN
taxlaw-12357	1137	7	,	,	PUNCT
taxlaw-12357	1137	8	about	about	ADP
taxlaw-12357	1137	9	when	when	SCONJ
taxlaw-12357	1137	10	to	to	PART
taxlaw-12357	1137	11	bifurcate	bifurcate	VERB
taxlaw-12357	1137	12	a	a	DET
taxlaw-12357	1137	13	position	position	NOUN
taxlaw-12357	1137	14	,	,	PUNCT
taxlaw-12357	1137	15	when	when	SCONJ
taxlaw-12357	1137	16	to	to	PART
taxlaw-12357	1137	17	lump	lump	VERB
taxlaw-12357	1137	18	together	together	ADP
taxlaw-12357	1137	19	positions	position	NOUN
taxlaw-12357	1137	20	that	that	PRON
taxlaw-12357	1137	21	are	be	AUX
taxlaw-12357	1137	22	formally	formally	ADV
taxlaw-12357	1137	23	separate	separate	ADJ
taxlaw-12357	1137	24	,	,	PUNCT
taxlaw-12357	1137	25	and	and	CCONJ
taxlaw-12357	1137	26	the	the	DET
taxlaw-12357	1137	27	like	like	ADJ
taxlaw-12357	1137	28	.	.	PUNCT
taxlaw-12357	1138	1	if	if	SCONJ
taxlaw-12357	1138	2	these	these	DET
taxlaw-12357	1138	3	rules	rule	NOUN
taxlaw-12357	1138	4	do	do	AUX
taxlaw-12357	1138	5	n’t	not	PART
taxlaw-12357	1138	6	completely	completely	ADV
taxlaw-12357	1138	7	resolve	resolve	VERB
taxlaw-12357	1138	8	the	the	DET
taxlaw-12357	1138	9	question	question	NOUN
taxlaw-12357	1138	10	,	,	PUNCT
taxlaw-12357	1138	11	judgment	judgment	NOUN
taxlaw-12357	1138	12	needs	need	VERB
taxlaw-12357	1138	13	to	to	PART
taxlaw-12357	1138	14	be	be	AUX
taxlaw-12357	1138	15	exercised.110	exercised.110	NOUN
taxlaw-12357	1138	16	since	since	SCONJ
taxlaw-12357	1138	17	these	these	DET
taxlaw-12357	1138	18	choices	choice	NOUN
taxlaw-12357	1138	19	can	can	AUX
taxlaw-12357	1138	20	affect	affect	VERB
taxlaw-12357	1138	21	the	the	DET
taxlaw-12357	1138	22	outcome	outcome	NOUN
taxlaw-12357	1138	23	,	,	PUNCT
taxlaw-12357	1138	24	the	the	DET
taxlaw-12357	1138	25	government	government	NOUN
taxlaw-12357	1138	26	has	have	VERB
taxlaw-12357	1138	27	to	to	PART
taxlaw-12357	1138	28	police	police	VERB
taxlaw-12357	1138	29	them	they	PRON
taxlaw-12357	1138	30	.	.	PUNCT
taxlaw-12357	1139	1	b.	b.	PROPN
taxlaw-12357	1139	2	comparison	comparison	NOUN
taxlaw-12357	1139	3	with	with	ADP
taxlaw-12357	1139	4	alternative	alternative	ADJ
taxlaw-12357	1139	5	tests	test	NOUN
taxlaw-12357	1139	6	our	our	PRON
taxlaw-12357	1139	7	difference	difference	NOUN
taxlaw-12357	1139	8	-	-	PUNCT
taxlaw-12357	1139	9	value	value	NOUN
taxlaw-12357	1139	10	methodology	methodology	NOUN
taxlaw-12357	1139	11	is	be	AUX
taxlaw-12357	1139	12	not	not	PART
taxlaw-12357	1139	13	the	the	DET
taxlaw-12357	1139	14	only	only	ADJ
taxlaw-12357	1139	15	test	test	NOUN
taxlaw-12357	1139	16	for	for	ADP
taxlaw-12357	1139	17	comparing	compare	VERB
taxlaw-12357	1139	18	investments	investment	NOUN
taxlaw-12357	1139	19	.	.	PUNCT
taxlaw-12357	1140	1	at	at	ADV
taxlaw-12357	1140	2	least	least	ADV
taxlaw-12357	1140	3	four	four	NUM
taxlaw-12357	1140	4	other	other	ADJ
taxlaw-12357	1140	5	methodologies	methodology	NOUN
taxlaw-12357	1140	6	,	,	PUNCT
taxlaw-12357	1140	7	which	which	PRON
taxlaw-12357	1140	8	were	be	AUX
taxlaw-12357	1140	9	proposed	propose	VERB
taxlaw-12357	1140	10	for	for	ADP
taxlaw-12357	1140	11	other	other	ADJ
taxlaw-12357	1140	12	statutory	statutory	ADJ
taxlaw-12357	1140	13	provisions	provision	NOUN
taxlaw-12357	1140	14	,	,	PUNCT
taxlaw-12357	1140	15	can	can	AUX
taxlaw-12357	1140	16	be	be	AUX
taxlaw-12357	1140	17	adapted	adapt	VERB
taxlaw-12357	1140	18	to	to	PART
taxlaw-12357	1140	19	section	section	NOUN
taxlaw-12357	1140	20	1260	1260	NUM
taxlaw-12357	1140	21	:	:	PUNCT
taxlaw-12357	1141	1	●	●	PUNCT
taxlaw-12357	1141	2	first	first	ADV
taxlaw-12357	1141	3	,	,	PUNCT
taxlaw-12357	1141	4	a	a	DET
taxlaw-12357	1141	5	simple	simple	ADJ
taxlaw-12357	1141	6	test	test	NOUN
taxlaw-12357	1141	7	is	be	AUX
taxlaw-12357	1141	8	based	base	VERB
taxlaw-12357	1141	9	on	on	ADP
taxlaw-12357	1141	10	the	the	DET
taxlaw-12357	1141	11	amount	amount	NOUN
taxlaw-12357	1141	12	of	of	ADP
taxlaw-12357	1141	13	exposure	exposure	NOUN
taxlaw-12357	1141	14	or	or	CCONJ
taxlaw-12357	1141	15	“	"	PUNCT
taxlaw-12357	1141	16	spread	spread	VERB
taxlaw-12357	1141	17	”	"	PUNCT
taxlaw-12357	1141	18	that	that	SCONJ
taxlaw-12357	1141	19	one	one	NUM
taxlaw-12357	1141	20	position	position	NOUN
taxlaw-12357	1141	21	offers	offer	VERB
taxlaw-12357	1141	22	but	but	CCONJ
taxlaw-12357	1141	23	the	the	DET
taxlaw-12357	1141	24	other	other	ADJ
taxlaw-12357	1141	25	does	do	AUX
taxlaw-12357	1141	26	not	not	PART
taxlaw-12357	1141	27	(	(	PUNCT
taxlaw-12357	1141	28	the	the	DET
taxlaw-12357	1141	29	“	"	PUNCT
taxlaw-12357	1141	30	spread	spread	NOUN
taxlaw-12357	1141	31	”	"	PUNCT
taxlaw-12357	1141	32	test).111	test).111	PROPN
taxlaw-12357	1141	33	●	●	PUNCT
taxlaw-12357	1141	34	second	second	NOUN
taxlaw-12357	1141	35	,	,	PUNCT
taxlaw-12357	1141	36	a	a	DET
taxlaw-12357	1141	37	more	more	ADV
taxlaw-12357	1141	38	complicated	complicated	ADJ
taxlaw-12357	1141	39	test	test	NOUN
taxlaw-12357	1141	40	compares	compare	VERB
taxlaw-12357	1141	41	how	how	SCONJ
taxlaw-12357	1141	42	much	much	ADJ
taxlaw-12357	1141	43	the	the	DET
taxlaw-12357	1141	44	value	value	NOUN
taxlaw-12357	1141	45	of	of	ADP
taxlaw-12357	1141	46	one	one	NUM
taxlaw-12357	1141	47	position	position	NOUN
taxlaw-12357	1141	48	changes	change	NOUN
taxlaw-12357	1141	49	when	when	SCONJ
taxlaw-12357	1141	50	the	the	DET
taxlaw-12357	1141	51	other	other	ADJ
taxlaw-12357	1141	52	position	position	NOUN
taxlaw-12357	1141	53	’s	’s	PART
taxlaw-12357	1141	54	value	value	NOUN
taxlaw-12357	1141	55	changes	change	NOUN
taxlaw-12357	1141	56	by	by	ADP
taxlaw-12357	1141	57	a	a	DET
taxlaw-12357	1141	58	110	110	NUM
taxlaw-12357	1141	59	for	for	ADP
taxlaw-12357	1141	60	example	example	NOUN
taxlaw-12357	1141	61	,	,	PUNCT
taxlaw-12357	1141	62	as	as	SCONJ
taxlaw-12357	1141	63	noted	note	VERB
taxlaw-12357	1141	64	above	above	ADV
taxlaw-12357	1141	65	,	,	PUNCT
taxlaw-12357	1141	66	we	we	PRON
taxlaw-12357	1141	67	have	have	AUX
taxlaw-12357	1141	68	matched	match	VERB
taxlaw-12357	1141	69	the	the	DET
taxlaw-12357	1141	70	cash	cash	NOUN
taxlaw-12357	1141	71	flows	flow	NOUN
taxlaw-12357	1141	72	on	on	ADP
taxlaw-12357	1141	73	the	the	DET
taxlaw-12357	1141	74	derivative	derivative	NOUN
taxlaw-12357	1141	75	and	and	CCONJ
taxlaw-12357	1141	76	underlying	underlying	ADJ
taxlaw-12357	1141	77	by	by	ADP
taxlaw-12357	1141	78	pairing	pair	VERB
taxlaw-12357	1141	79	the	the	DET
taxlaw-12357	1141	80	derivative	derivative	NOUN
taxlaw-12357	1141	81	with	with	ADP
taxlaw-12357	1141	82	a	a	DET
taxlaw-12357	1141	83	bond	bond	NOUN
taxlaw-12357	1141	84	.	.	PUNCT
taxlaw-12357	1142	1	yet	yet	CCONJ
taxlaw-12357	1142	2	a	a	DET
taxlaw-12357	1142	3	different	different	ADJ
taxlaw-12357	1142	4	approach	approach	NOUN
taxlaw-12357	1142	5	would	would	AUX
taxlaw-12357	1142	6	be	be	AUX
taxlaw-12357	1142	7	to	to	PART
taxlaw-12357	1142	8	assume	assume	VERB
taxlaw-12357	1142	9	that	that	SCONJ
taxlaw-12357	1142	10	underlying	underlie	VERB
taxlaw-12357	1142	11	is	be	AUX
taxlaw-12357	1142	12	purchased	purchase	VERB
taxlaw-12357	1142	13	with	with	ADP
taxlaw-12357	1142	14	borrowed	borrow	VERB
taxlaw-12357	1142	15	funds	fund	NOUN
taxlaw-12357	1142	16	.	.	PUNCT
taxlaw-12357	1143	1	111	111	NUM
taxlaw-12357	1143	2	this	this	DET
taxlaw-12357	1143	3	test	test	NOUN
taxlaw-12357	1143	4	was	be	AUX
taxlaw-12357	1143	5	proposed	propose	VERB
taxlaw-12357	1143	6	by	by	ADP
taxlaw-12357	1143	7	the	the	DET
taxlaw-12357	1143	8	new	new	PROPN
taxlaw-12357	1143	9	york	york	PROPN
taxlaw-12357	1143	10	state	state	PROPN
taxlaw-12357	1143	11	bar	bar	PROPN
taxlaw-12357	1143	12	association	association	NOUN
taxlaw-12357	1143	13	tax	tax	NOUN
taxlaw-12357	1143	14	section	section	NOUN
taxlaw-12357	1143	15	for	for	ADP
taxlaw-12357	1143	16	constructive	constructive	ADJ
taxlaw-12357	1143	17	sales	sale	NOUN
taxlaw-12357	1143	18	under	under	ADP
taxlaw-12357	1143	19	section	section	NOUN
taxlaw-12357	1143	20	1259	1259	NUM
taxlaw-12357	1143	21	,	,	PUNCT
taxlaw-12357	1143	22	a	a	DET
taxlaw-12357	1143	23	topic	topic	NOUN
taxlaw-12357	1143	24	closely	closely	ADV
taxlaw-12357	1143	25	related	relate	VERB
taxlaw-12357	1143	26	to	to	ADP
taxlaw-12357	1143	27	constructive	constructive	ADJ
taxlaw-12357	1143	28	ownership	ownership	NOUN
taxlaw-12357	1143	29	.	.	PUNCT
taxlaw-12357	1144	1	see	see	VERB
taxlaw-12357	1144	2	nysba	nysba	PROPN
taxlaw-12357	1144	3	,	,	PUNCT
taxlaw-12357	1144	4	rep	rep	PROPN
taxlaw-12357	1144	5	.	.	PROPN
taxlaw-12357	1144	6	#	#	SYM
taxlaw-12357	1144	7	901	901	NUM
taxlaw-12357	1144	8	,	,	PUNCT
taxlaw-12357	1144	9	supra	supra	ADJ
taxlaw-12357	1144	10	note	note	NOUN
taxlaw-12357	1144	11	89	89	NUM
taxlaw-12357	1144	12	,	,	PUNCT
taxlaw-12357	1144	13	at	at	ADP
taxlaw-12357	1144	14	28	28	NUM
taxlaw-12357	1144	15	.	.	PUNCT
taxlaw-12357	1145	1	the	the	DET
taxlaw-12357	1145	2	nysba	nysba	NOUN
taxlaw-12357	1145	3	’s	’s	PART
taxlaw-12357	1145	4	approach	approach	NOUN
taxlaw-12357	1145	5	with	with	ADP
taxlaw-12357	1145	6	both	both	DET
taxlaw-12357	1145	7	provisions	provision	NOUN
taxlaw-12357	1145	8	was	be	AUX
taxlaw-12357	1145	9	for	for	SCONJ
taxlaw-12357	1145	10	taxpayers	taxpayer	NOUN
taxlaw-12357	1145	11	to	to	PART
taxlaw-12357	1145	12	avoid	avoid	VERB
taxlaw-12357	1145	13	the	the	DET
taxlaw-12357	1145	14	rule	rule	NOUN
taxlaw-12357	1145	15	by	by	ADP
taxlaw-12357	1145	16	either	either	CCONJ
taxlaw-12357	1145	17	retaining	retain	VERB
taxlaw-12357	1145	18	(	(	PUNCT
taxlaw-12357	1145	19	in	in	ADP
taxlaw-12357	1145	20	the	the	DET
taxlaw-12357	1145	21	case	case	NOUN
taxlaw-12357	1145	22	of	of	ADP
taxlaw-12357	1145	23	section	section	NOUN
taxlaw-12357	1145	24	1259	1259	NUM
taxlaw-12357	1145	25	)	)	PUNCT
taxlaw-12357	1145	26	or	or	CCONJ
taxlaw-12357	1145	27	avoiding	avoid	VERB
taxlaw-12357	1145	28	(	(	PUNCT
taxlaw-12357	1145	29	in	in	ADP
taxlaw-12357	1145	30	the	the	DET
taxlaw-12357	1145	31	case	case	NOUN
taxlaw-12357	1145	32	of	of	ADP
taxlaw-12357	1145	33	section	section	NOUN
taxlaw-12357	1145	34	1260	1260	NUM
taxlaw-12357	1145	35	)	)	PUNCT
taxlaw-12357	1145	36	an	an	DET
taxlaw-12357	1145	37	adequate	adequate	ADJ
taxlaw-12357	1145	38	amount	amount	NOUN
taxlaw-12357	1145	39	of	of	ADP
taxlaw-12357	1145	40	exposure	exposure	NOUN
taxlaw-12357	1145	41	.	.	PUNCT
taxlaw-12357	1146	1	in	in	ADP
taxlaw-12357	1146	2	both	both	DET
taxlaw-12357	1146	3	cases	case	NOUN
taxlaw-12357	1146	4	,	,	PUNCT
taxlaw-12357	1146	5	they	they	PRON
taxlaw-12357	1146	6	relied	rely	VERB
taxlaw-12357	1146	7	on	on	ADP
taxlaw-12357	1146	8	the	the	DET
taxlaw-12357	1146	9	sort	sort	NOUN
taxlaw-12357	1146	10	of	of	ADP
taxlaw-12357	1146	11	“	"	PUNCT
taxlaw-12357	1146	12	band	band	NOUN
taxlaw-12357	1146	13	”	"	PUNCT
taxlaw-12357	1146	14	of	of	ADP
taxlaw-12357	1146	15	exposure	exposure	NOUN
taxlaw-12357	1146	16	described	describe	VERB
taxlaw-12357	1146	17	in	in	ADP
taxlaw-12357	1146	18	text	text	NOUN
taxlaw-12357	1146	19	,	,	PUNCT
taxlaw-12357	1146	20	while	while	SCONJ
taxlaw-12357	1146	21	caveating	caveate	VERB
taxlaw-12357	1146	22	that	that	SCONJ
taxlaw-12357	1146	23	the	the	DET
taxlaw-12357	1146	24	test	test	NOUN
taxlaw-12357	1146	25	assumed	assume	VERB
taxlaw-12357	1146	26	that	that	SCONJ
taxlaw-12357	1146	27	the	the	DET
taxlaw-12357	1146	28	band	band	NOUN
taxlaw-12357	1146	29	includes	include	VERB
taxlaw-12357	1146	30	the	the	DET
taxlaw-12357	1146	31	current	current	ADJ
taxlaw-12357	1146	32	price	price	NOUN
taxlaw-12357	1146	33	,	,	PUNCT
taxlaw-12357	1146	34	the	the	DET
taxlaw-12357	1146	35	underlying	underlie	VERB
taxlaw-12357	1146	36	is	be	AUX
taxlaw-12357	1146	37	not	not	PART
taxlaw-12357	1146	38	unusually	unusually	ADV
taxlaw-12357	1146	39	volatile	volatile	ADJ
taxlaw-12357	1146	40	,	,	PUNCT
taxlaw-12357	1146	41	and	and	CCONJ
taxlaw-12357	1146	42	the	the	DET
taxlaw-12357	1146	43	instrument	instrument	NOUN
taxlaw-12357	1146	44	will	will	AUX
taxlaw-12357	1146	45	not	not	PART
taxlaw-12357	1146	46	last	last	VERB
taxlaw-12357	1146	47	more	more	ADJ
taxlaw-12357	1146	48	than	than	ADP
taxlaw-12357	1146	49	a	a	DET
taxlaw-12357	1146	50	specified	specified	ADJ
taxlaw-12357	1146	51	term	term	NOUN
taxlaw-12357	1146	52	of	of	ADP
taxlaw-12357	1146	53	years	year	NOUN
taxlaw-12357	1146	54	.	.	PUNCT
taxlaw-12357	1147	1	the	the	DET
taxlaw-12357	1147	2	government	government	NOUN
taxlaw-12357	1147	3	picked	pick	VERB
taxlaw-12357	1147	4	up	up	ADP
taxlaw-12357	1147	5	on	on	ADP
taxlaw-12357	1147	6	aspects	aspect	NOUN
taxlaw-12357	1147	7	of	of	ADP
taxlaw-12357	1147	8	this	this	DET
taxlaw-12357	1147	9	approach	approach	NOUN
taxlaw-12357	1147	10	,	,	PUNCT
taxlaw-12357	1147	11	at	at	ADP
taxlaw-12357	1147	12	least	least	ADJ
taxlaw-12357	1147	13	for	for	ADP
taxlaw-12357	1147	14	section	section	NOUN
taxlaw-12357	1147	15	1259	1259	NUM
taxlaw-12357	1147	16	,	,	PUNCT
taxlaw-12357	1147	17	in	in	ADP
taxlaw-12357	1147	18	rev	rev	PROPN
taxlaw-12357	1147	19	.	.	PROPN
taxlaw-12357	1147	20	rul	rul	PROPN
taxlaw-12357	1147	21	.	.	PUNCT
taxlaw-12357	1147	22	2003	2003	NUM
taxlaw-12357	1147	23	-	-	SYM
taxlaw-12357	1147	24	7	7	NUM
taxlaw-12357	1147	25	.	.	NOUN
taxlaw-12357	1147	26	2003	2003	NUM
taxlaw-12357	1147	27	-	-	SYM
taxlaw-12357	1147	28	1	1	NUM
taxlaw-12357	1147	29	c.b	c.b	PROPN
taxlaw-12357	1147	30	.	.	PROPN
taxlaw-12357	1147	31	363	363	NUM
taxlaw-12357	1147	32	.	.	PUNCT
taxlaw-12357	1147	33	2024	2024	NUM
taxlaw-12357	1147	34	]	]	PUNCT
taxlaw-12357	1147	35	transaction	transaction	NOUN
taxlaw-12357	1147	36	-	-	PUNCT
taxlaw-12357	1147	37	specific	specific	ADJ
taxlaw-12357	1147	38	tax	tax	NOUN
taxlaw-12357	1147	39	reform	reform	NOUN
taxlaw-12357	1147	40	in	in	ADP
taxlaw-12357	1147	41	three	three	NUM
taxlaw-12357	1147	42	steps	step	NOUN
taxlaw-12357	1147	43	41	41	NUM
taxlaw-12357	1147	44	dollar	dollar	NOUN
taxlaw-12357	1147	45	.	.	PUNCT
taxlaw-12357	1148	1	since	since	SCONJ
taxlaw-12357	1148	2	this	this	DET
taxlaw-12357	1148	3	ratio	ratio	NOUN
taxlaw-12357	1148	4	is	be	AUX
taxlaw-12357	1148	5	known	know	VERB
taxlaw-12357	1148	6	as	as	ADP
taxlaw-12357	1148	7	“	"	PUNCT
taxlaw-12357	1148	8	delta	delta	NOUN
taxlaw-12357	1148	9	,	,	PUNCT
taxlaw-12357	1148	10	”	"	PUNCT
taxlaw-12357	1148	11	this	this	PRON
taxlaw-12357	1148	12	is	be	AUX
taxlaw-12357	1148	13	called	call	VERB
taxlaw-12357	1148	14	the	the	DET
taxlaw-12357	1148	15	“	"	PUNCT
taxlaw-12357	1148	16	delta	delta	NOUN
taxlaw-12357	1148	17	test	test	NOUN
taxlaw-12357	1148	18	.	.	PUNCT
taxlaw-12357	1149	1	”112	”112	PROPN
taxlaw-12357	1150	1	●	●	PUNCT
taxlaw-12357	1150	2	third	third	ADJ
taxlaw-12357	1150	3	,	,	PUNCT
taxlaw-12357	1150	4	there	there	PRON
taxlaw-12357	1150	5	is	be	VERB
taxlaw-12357	1150	6	a	a	DET
taxlaw-12357	1150	7	more	more	ADV
taxlaw-12357	1150	8	sophisticated	sophisticated	ADJ
taxlaw-12357	1150	9	variation	variation	NOUN
taxlaw-12357	1150	10	of	of	ADP
taxlaw-12357	1150	11	the	the	DET
taxlaw-12357	1150	12	delta	delta	NOUN
taxlaw-12357	1150	13	test	test	NOUN
taxlaw-12357	1150	14	,	,	PUNCT
taxlaw-12357	1150	15	which	which	PRON
taxlaw-12357	1150	16	the	the	DET
taxlaw-12357	1150	17	government	government	NOUN
taxlaw-12357	1150	18	implemented	implement	VERB
taxlaw-12357	1150	19	in	in	ADP
taxlaw-12357	1150	20	regulations113	regulations113	PROPN
taxlaw-12357	1150	21	after	after	SCONJ
taxlaw-12357	1150	22	critiques	critique	NOUN
taxlaw-12357	1150	23	were	be	AUX
taxlaw-12357	1150	24	offered	offer	VERB
taxlaw-12357	1150	25	of	of	ADP
taxlaw-12357	1150	26	prior	prior	ADJ
taxlaw-12357	1150	27	proposed	propose	VERB
taxlaw-12357	1150	28	regulations.114	regulations.114	NOUN
taxlaw-12357	1150	29	●	●	X
taxlaw-12357	1150	30	fourth	fourth	ADJ
taxlaw-12357	1150	31	,	,	PUNCT
taxlaw-12357	1150	32	another	another	DET
taxlaw-12357	1150	33	test	test	NOUN
taxlaw-12357	1150	34	,	,	PUNCT
taxlaw-12357	1150	35	applied	apply	VERB
taxlaw-12357	1150	36	by	by	ADP
taxlaw-12357	1150	37	the	the	DET
taxlaw-12357	1150	38	second	second	ADJ
taxlaw-12357	1150	39	circuit	circuit	NOUN
taxlaw-12357	1150	40	,	,	PUNCT
taxlaw-12357	1150	41	seeks	seek	VERB
taxlaw-12357	1150	42	to	to	PART
taxlaw-12357	1150	43	determine	determine	VERB
taxlaw-12357	1150	44	the	the	DET
taxlaw-12357	1150	45	probability	probability	NOUN
taxlaw-12357	1150	46	that	that	SCONJ
taxlaw-12357	1150	47	two	two	NUM
taxlaw-12357	1150	48	positions	position	NOUN
taxlaw-12357	1150	49	will	will	AUX
taxlaw-12357	1150	50	track	track	VERB
taxlaw-12357	1150	51	each	each	DET
taxlaw-12357	1150	52	other.115	other.115	PROPN
taxlaw-12357	1150	53	1	1	NUM
taxlaw-12357	1150	54	.	.	PUNCT
taxlaw-12357	1150	55	spread	spread	VERB
taxlaw-12357	1150	56	test	test	NOUN
taxlaw-12357	1150	57	in	in	ADP
taxlaw-12357	1150	58	comparing	compare	VERB
taxlaw-12357	1150	59	a	a	DET
taxlaw-12357	1150	60	derivative	derivative	NOUN
taxlaw-12357	1150	61	with	with	ADP
taxlaw-12357	1150	62	an	an	DET
taxlaw-12357	1150	63	underlying	underlying	ADJ
taxlaw-12357	1150	64	,	,	PUNCT
taxlaw-12357	1150	65	a	a	DET
taxlaw-12357	1150	66	“	"	PUNCT
taxlaw-12357	1150	67	spread	spread	ADJ
taxlaw-12357	1150	68	test	test	NOUN
taxlaw-12357	1150	69	”	"	PUNCT
taxlaw-12357	1150	70	measures	measure	VERB
taxlaw-12357	1150	71	the	the	DET
taxlaw-12357	1150	72	differences	difference	NOUN
taxlaw-12357	1150	73	in	in	ADP
taxlaw-12357	1150	74	a	a	DET
taxlaw-12357	1150	75	crude	crude	ADJ
taxlaw-12357	1150	76	way	way	NOUN
taxlaw-12357	1150	77	,	,	PUNCT
taxlaw-12357	1150	78	identifying	identify	VERB
taxlaw-12357	1150	79	the	the	DET
taxlaw-12357	1150	80	range	range	NOUN
taxlaw-12357	1150	81	of	of	ADP
taxlaw-12357	1150	82	prices	price	NOUN
taxlaw-12357	1150	83	in	in	ADP
taxlaw-12357	1150	84	which	which	PRON
taxlaw-12357	1150	85	they	they	PRON
taxlaw-12357	1150	86	offer	offer	VERB
taxlaw-12357	1150	87	different	different	ADJ
taxlaw-12357	1150	88	returns	return	NOUN
taxlaw-12357	1150	89	.	.	PUNCT
taxlaw-12357	1151	1	for	for	ADP
taxlaw-12357	1151	2	an	an	DET
taxlaw-12357	1151	3	underlying	underlie	VERB
taxlaw-12357	1151	4	worth	worth	ADJ
taxlaw-12357	1151	5	$	$	SYM
taxlaw-12357	1151	6	100	100	NUM
taxlaw-12357	1151	7	(	(	PUNCT
taxlaw-12357	1151	8	“	"	PUNCT
taxlaw-12357	1151	9	underlying	underlie	VERB
taxlaw-12357	1151	10	”	"	PUNCT
taxlaw-12357	1151	11	)	)	PUNCT
taxlaw-12357	1151	12	,	,	PUNCT
taxlaw-12357	1151	13	for	for	ADP
taxlaw-12357	1151	14	instance	instance	NOUN
taxlaw-12357	1151	15	,	,	PUNCT
taxlaw-12357	1151	16	how	how	SCONJ
taxlaw-12357	1151	17	much	much	ADJ
taxlaw-12357	1151	18	risk	risk	NOUN
taxlaw-12357	1151	19	of	of	ADP
taxlaw-12357	1151	20	loss	loss	NOUN
taxlaw-12357	1151	21	does	do	AUX
taxlaw-12357	1151	22	the	the	DET
taxlaw-12357	1151	23	derivative	derivative	ADJ
taxlaw-12357	1151	24	offer	offer	NOUN
taxlaw-12357	1151	25	below	below	ADP
taxlaw-12357	1151	26	$	$	SYM
taxlaw-12357	1151	27	100	100	NUM
taxlaw-12357	1151	28	?	?	PUNCT
taxlaw-12357	1152	1	how	how	SCONJ
taxlaw-12357	1152	2	much	much	ADJ
taxlaw-12357	1152	3	opportunity	opportunity	NOUN
taxlaw-12357	1152	4	for	for	ADP
taxlaw-12357	1152	5	gain	gain	NOUN
taxlaw-12357	1152	6	above	above	ADP
taxlaw-12357	1152	7	$	$	SYM
taxlaw-12357	1152	8	100	100	NUM
taxlaw-12357	1152	9	?	?	PUNCT
taxlaw-12357	1153	1	how	how	SCONJ
taxlaw-12357	1153	2	much	much	ADJ
taxlaw-12357	1153	3	,	,	PUNCT
taxlaw-12357	1153	4	if	if	SCONJ
taxlaw-12357	1153	5	any	any	PRON
taxlaw-12357	1153	6	,	,	PUNCT
taxlaw-12357	1153	7	of	of	ADP
taxlaw-12357	1153	8	this	this	DET
taxlaw-12357	1153	9	exposure	exposure	NOUN
taxlaw-12357	1153	10	is	be	AUX
taxlaw-12357	1153	11	omitted	omit	VERB
taxlaw-12357	1153	12	?	?	PUNCT
taxlaw-12357	1154	1	a.	a.	NOUN
taxlaw-12357	1154	2	size	size	NOUN
taxlaw-12357	1154	3	of	of	ADP
taxlaw-12357	1154	4	the	the	DET
taxlaw-12357	1154	5	spread	spread	NOUN
taxlaw-12357	1154	6	before	before	ADP
taxlaw-12357	1154	7	returning	return	VERB
taxlaw-12357	1154	8	to	to	ADP
taxlaw-12357	1154	9	our	our	PRON
taxlaw-12357	1154	10	main	main	ADJ
taxlaw-12357	1154	11	illustrative	illustrative	ADJ
taxlaw-12357	1154	12	example	example	NOUN
taxlaw-12357	1154	13	(	(	PUNCT
taxlaw-12357	1154	14	the	the	DET
taxlaw-12357	1154	15	in	in	ADP
taxlaw-12357	1154	16	-	-	PUNCT
taxlaw-12357	1154	17	the	the	DET
taxlaw-12357	1154	18	-	-	PUNCT
taxlaw-12357	1154	19	money	money	NOUN
taxlaw-12357	1154	20	call	call	NOUN
taxlaw-12357	1154	21	option	option	NOUN
taxlaw-12357	1154	22	)	)	PUNCT
taxlaw-12357	1154	23	,	,	PUNCT
taxlaw-12357	1154	24	let	let	VERB
taxlaw-12357	1154	25	’s	’s	PRON
taxlaw-12357	1154	26	begin	begin	VERB
taxlaw-12357	1154	27	with	with	ADP
taxlaw-12357	1154	28	one	one	NUM
taxlaw-12357	1154	29	that	that	PRON
taxlaw-12357	1154	30	is	be	AUX
taxlaw-12357	1154	31	better	well	ADV
taxlaw-12357	1154	32	suited	suited	ADJ
taxlaw-12357	1154	33	to	to	ADP
taxlaw-12357	1154	34	the	the	DET
taxlaw-12357	1154	35	spread	spread	ADJ
taxlaw-12357	1154	36	test	test	NOUN
taxlaw-12357	1154	37	:	:	PUNCT
taxlaw-12357	1154	38	the	the	DET
taxlaw-12357	1154	39	derivative	derivative	NOUN
taxlaw-12357	1154	40	,	,	PUNCT
taxlaw-12357	1154	41	mentioned	mention	VERB
taxlaw-12357	1154	42	above	above	ADV
taxlaw-12357	1154	43	,	,	PUNCT
taxlaw-12357	1154	44	that	that	PRON
taxlaw-12357	1154	45	provides	provide	VERB
taxlaw-12357	1154	46	risk	risk	NOUN
taxlaw-12357	1154	47	of	of	ADP
taxlaw-12357	1154	48	loss	loss	NOUN
taxlaw-12357	1154	49	below	below	ADP
taxlaw-12357	1154	50	$	$	SYM
taxlaw-12357	1154	51	95	95	NUM
taxlaw-12357	1154	52	and	and	CCONJ
taxlaw-12357	1154	53	opportunity	opportunity	NOUN
taxlaw-12357	1154	54	for	for	ADP
taxlaw-12357	1154	55	gain	gain	NOUN
taxlaw-12357	1154	56	above	above	ADP
taxlaw-12357	1154	57	$	$	SYM
taxlaw-12357	1154	58	115.116	115.116	NUM
taxlaw-12357	1154	59	this	this	DET
taxlaw-12357	1154	60	derivative	derivative	NOUN
taxlaw-12357	1154	61	omits	omit	VERB
taxlaw-12357	1154	62	exposure	exposure	NOUN
taxlaw-12357	1154	63	to	to	ADP
taxlaw-12357	1154	64	price	price	NOUN
taxlaw-12357	1154	65	changes	change	NOUN
taxlaw-12357	1154	66	between	between	ADP
taxlaw-12357	1154	67	$	$	SYM
taxlaw-12357	1154	68	95	95	NUM
taxlaw-12357	1154	69	and	and	CCONJ
taxlaw-12357	1154	70	$	$	SYM
taxlaw-12357	1154	71	115	115	NUM
taxlaw-12357	1154	72	,	,	PUNCT
taxlaw-12357	1154	73	which	which	PRON
taxlaw-12357	1154	74	a	a	DET
taxlaw-12357	1154	75	direct	direct	ADJ
taxlaw-12357	1154	76	investment	investment	NOUN
taxlaw-12357	1154	77	in	in	ADP
taxlaw-12357	1154	78	underlying	underlie	VERB
taxlaw-12357	1154	79	obviously	obviously	ADV
taxlaw-12357	1154	80	would	would	AUX
taxlaw-12357	1154	81	provide	provide	VERB
taxlaw-12357	1154	82	.	.	PUNCT
taxlaw-12357	1155	1	this	this	PRON
taxlaw-12357	1155	2	means	mean	VERB
taxlaw-12357	1155	3	that	that	SCONJ
taxlaw-12357	1155	4	modest	modest	ADJ
taxlaw-12357	1155	5	moves	move	NOUN
taxlaw-12357	1155	6	away	away	ADV
taxlaw-12357	1155	7	from	from	ADP
taxlaw-12357	1155	8	the	the	DET
taxlaw-12357	1155	9	current	current	ADJ
taxlaw-12357	1155	10	price	price	NOUN
taxlaw-12357	1155	11	of	of	ADP
taxlaw-12357	1155	12	$	$	SYM
taxlaw-12357	1155	13	100	100	NUM
taxlaw-12357	1155	14	affect	affect	VERB
taxlaw-12357	1155	15	an	an	DET
taxlaw-12357	1155	16	investor	investor	NOUN
taxlaw-12357	1155	17	in	in	ADP
taxlaw-12357	1155	18	underlying	underlie	VERB
taxlaw-12357	1155	19	,	,	PUNCT
taxlaw-12357	1155	20	but	but	CCONJ
taxlaw-12357	1155	21	not	not	PART
taxlaw-12357	1155	22	in	in	ADP
taxlaw-12357	1155	23	this	this	DET
taxlaw-12357	1155	24	derivative	derivative	NOUN
taxlaw-12357	1155	25	.	.	PUNCT
taxlaw-12357	1156	1	indeed	indeed	ADV
taxlaw-12357	1156	2	,	,	PUNCT
taxlaw-12357	1156	3	if	if	SCONJ
taxlaw-12357	1156	4	the	the	DET
taxlaw-12357	1156	5	price	price	NOUN
taxlaw-12357	1156	6	does	do	AUX
taxlaw-12357	1156	7	n’t	not	PART
taxlaw-12357	1156	8	change	change	VERB
taxlaw-12357	1156	9	,	,	PUNCT
taxlaw-12357	1156	10	this	this	DET
taxlaw-12357	1156	11	derivative	derivative	NOUN
taxlaw-12357	1156	12	wo	will	AUX
taxlaw-12357	1156	13	n’t	not	PART
taxlaw-12357	1156	14	either	either	CCONJ
taxlaw-12357	1156	15	make	make	VERB
taxlaw-12357	1156	16	or	or	CCONJ
taxlaw-12357	1156	17	require	require	VERB
taxlaw-12357	1156	18	a	a	DET
taxlaw-12357	1156	19	payment	payment	NOUN
taxlaw-12357	1156	20	.	.	PUNCT
taxlaw-12357	1157	1	(	(	PUNCT
taxlaw-12357	1157	2	in	in	ADP
taxlaw-12357	1157	3	the	the	DET
taxlaw-12357	1157	4	parlance	parlance	NOUN
taxlaw-12357	1157	5	of	of	ADP
taxlaw-12357	1157	6	derivatives	derivative	NOUN
taxlaw-12357	1157	7	traders	trader	NOUN
taxlaw-12357	1157	8	,	,	PUNCT
taxlaw-12357	1157	9	it	it	PRON
taxlaw-12357	1157	10	is	be	AUX
taxlaw-12357	1157	11	“	"	PUNCT
taxlaw-12357	1157	12	out	out	ADP
taxlaw-12357	1157	13	-	-	PUNCT
taxlaw-12357	1157	14	of	of	ADP
taxlaw-12357	1157	15	-	-	PUNCT
taxlaw-12357	1157	16	the	the	DET
taxlaw-12357	1157	17	-	-	PUNCT
taxlaw-12357	1157	18	money	money	NOUN
taxlaw-12357	1157	19	.	.	PUNCT
taxlaw-12357	1157	20	”	"	PUNCT
taxlaw-12357	1157	21	)	)	PUNCT
taxlaw-12357	1157	22	does	do	AUX
taxlaw-12357	1157	23	this	this	DET
taxlaw-12357	1157	24	95	95	NUM
taxlaw-12357	1157	25	-	-	SYM
taxlaw-12357	1157	26	115	115	NUM
taxlaw-12357	1157	27	price	price	NOUN
taxlaw-12357	1157	28	range	range	NOUN
taxlaw-12357	1157	29	(	(	PUNCT
taxlaw-12357	1157	30	or	or	CCONJ
taxlaw-12357	1157	31	“	"	PUNCT
taxlaw-12357	1157	32	spread	spread	VERB
taxlaw-12357	1157	33	”	"	PUNCT
taxlaw-12357	1157	34	)	)	PUNCT
taxlaw-12357	1157	35	render	render	VERB
taxlaw-12357	1157	36	the	the	DET
taxlaw-12357	1157	37	two	two	NUM
taxlaw-12357	1157	38	sufficiently	sufficiently	ADV
taxlaw-12357	1157	39	different	different	ADJ
taxlaw-12357	1157	40	?	?	PUNCT
taxlaw-12357	1158	1	to	to	PART
taxlaw-12357	1158	2	answer	answer	VERB
taxlaw-12357	1158	3	this	this	DET
taxlaw-12357	1158	4	question	question	NOUN
taxlaw-12357	1158	5	,	,	PUNCT
taxlaw-12357	1158	6	the	the	DET
taxlaw-12357	1158	7	spread	spread	ADJ
taxlaw-12357	1158	8	test	test	NOUN
taxlaw-12357	1158	9	asks	ask	VERB
taxlaw-12357	1158	10	what	what	DET
taxlaw-12357	1158	11	percentage	percentage	NOUN
taxlaw-12357	1158	12	this	this	DET
taxlaw-12357	1158	13	spread	spread	NOUN
taxlaw-12357	1158	14	represents	represent	VERB
taxlaw-12357	1158	15	of	of	ADP
taxlaw-12357	1158	16	underlying	underlie	VERB
taxlaw-12357	1158	17	’s	’s	AUX
taxlaw-12357	1158	18	value.117	value.117	VERB
taxlaw-12357	1158	19	when	when	SCONJ
taxlaw-12357	1158	20	the	the	DET
taxlaw-12357	1158	21	nysba	nysba	NOUN
taxlaw-12357	1158	22	proposed	propose	VERB
taxlaw-12357	1158	23	this	this	DET
taxlaw-12357	1158	24	test	test	NOUN
taxlaw-12357	1158	25	,	,	PUNCT
taxlaw-12357	1158	26	they	they	PRON
taxlaw-12357	1158	27	recommended	recommend	VERB
taxlaw-12357	1158	28	a	a	DET
taxlaw-12357	1158	29	minimum	minimum	ADJ
taxlaw-12357	1158	30	percentage	percentage	NOUN
taxlaw-12357	1158	31	of	of	ADP
taxlaw-12357	1158	32	20	20	NUM
taxlaw-12357	1158	33	%	%	NOUN
taxlaw-12357	1158	34	,	,	PUNCT
taxlaw-12357	1158	35	which	which	PRON
taxlaw-12357	1158	36	is	be	AUX
taxlaw-12357	1158	37	what	what	PRON
taxlaw-12357	1158	38	this	this	DET
taxlaw-12357	1158	39	derivative	derivative	NOUN
taxlaw-12357	1158	40	provides	provide	VERB
taxlaw-12357	1158	41	(	(	PUNCT
taxlaw-12357	1158	42	[	[	X
taxlaw-12357	1158	43	115	115	NUM
taxlaw-12357	1158	44	-	-	PUNCT
taxlaw-12357	1158	45	95]/100).118	95]/100).118	NOUN
taxlaw-12357	1158	46	112	112	NUM
taxlaw-12357	1158	47	this	this	DET
taxlaw-12357	1158	48	test	test	NOUN
taxlaw-12357	1158	49	also	also	ADV
taxlaw-12357	1158	50	was	be	AUX
taxlaw-12357	1158	51	proposed	propose	VERB
taxlaw-12357	1158	52	by	by	ADP
taxlaw-12357	1158	53	the	the	DET
taxlaw-12357	1158	54	nysba	nysba	NOUN
taxlaw-12357	1158	55	for	for	ADP
taxlaw-12357	1158	56	constructive	constructive	ADJ
taxlaw-12357	1158	57	sales	sale	NOUN
taxlaw-12357	1158	58	.	.	PUNCT
taxlaw-12357	1159	1	see	see	VERB
taxlaw-12357	1159	2	nysba	nysba	PROPN
taxlaw-12357	1159	3	,	,	PUNCT
taxlaw-12357	1159	4	rep	rep	PROPN
taxlaw-12357	1159	5	.	.	PROPN
taxlaw-12357	1159	6	#	#	SYM
taxlaw-12357	1159	7	868	868	NUM
taxlaw-12357	1159	8	,	,	PUNCT
taxlaw-12357	1159	9	supra	supra	ADJ
taxlaw-12357	1159	10	note	note	NOUN
taxlaw-12357	1159	11	12	12	NUM
taxlaw-12357	1159	12	,	,	PUNCT
taxlaw-12357	1159	13	at	at	ADP
taxlaw-12357	1159	14	18	18	NUM
taxlaw-12357	1159	15	-	-	SYM
taxlaw-12357	1159	16	22	22	NUM
taxlaw-12357	1159	17	,	,	PUNCT
taxlaw-12357	1159	18	and	and	CCONJ
taxlaw-12357	1159	19	has	have	AUX
taxlaw-12357	1159	20	also	also	ADV
taxlaw-12357	1159	21	been	be	AUX
taxlaw-12357	1159	22	refined	refine	VERB
taxlaw-12357	1159	23	and	and	CCONJ
taxlaw-12357	1159	24	enhanced	enhance	VERB
taxlaw-12357	1159	25	by	by	ADP
taxlaw-12357	1159	26	academics	academic	NOUN
taxlaw-12357	1159	27	.	.	PUNCT
taxlaw-12357	1160	1	see	see	VERB
taxlaw-12357	1160	2	,	,	PUNCT
taxlaw-12357	1160	3	e.g.	e.g.	ADV
taxlaw-12357	1160	4	,	,	PUNCT
taxlaw-12357	1160	5	thomas	thomas	PROPN
taxlaw-12357	1160	6	j.	j.	PROPN
taxlaw-12357	1160	7	brennan	brennan	PROPN
taxlaw-12357	1160	8	,	,	PUNCT
taxlaw-12357	1160	9	law	law	NOUN
taxlaw-12357	1160	10	and	and	CCONJ
taxlaw-12357	1160	11	finance	finance	NOUN
taxlaw-12357	1160	12	:	:	PUNCT
taxlaw-12357	1160	13	the	the	DET
taxlaw-12357	1160	14	case	case	NOUN
taxlaw-12357	1160	15	of	of	ADP
taxlaw-12357	1160	16	constructive	constructive	ADJ
taxlaw-12357	1160	17	sales	sale	NOUN
taxlaw-12357	1160	18	,	,	PUNCT
taxlaw-12357	1160	19	5	5	NUM
taxlaw-12357	1160	20	ann	ann	PROPN
taxlaw-12357	1160	21	.	.	PUNCT
taxlaw-12357	1161	1	rev	rev	PROPN
taxlaw-12357	1161	2	.	.	PROPN
taxlaw-12357	1161	3	of	of	ADP
taxlaw-12357	1161	4	fin	fin	PROPN
taxlaw-12357	1161	5	.	.	PUNCT
taxlaw-12357	1162	1	econ	econ	PROPN
taxlaw-12357	1162	2	.	.	PUNCT
taxlaw-12357	1163	1	259	259	NUM
taxlaw-12357	1163	2	(	(	PUNCT
taxlaw-12357	1163	3	2013	2013	NUM
taxlaw-12357	1163	4	)	)	PUNCT
taxlaw-12357	1163	5	.	.	PUNCT
taxlaw-12357	1164	1	113	113	NUM
taxlaw-12357	1164	2	treas	trea	NOUN
taxlaw-12357	1164	3	.	.	PUNCT
taxlaw-12357	1165	1	reg	reg	PROPN
taxlaw-12357	1165	2	.	.	PUNCT
taxlaw-12357	1166	1	§	§	PROPN
taxlaw-12357	1166	2	1.871	1.871	NUM
taxlaw-12357	1166	3	-	-	SYM
taxlaw-12357	1166	4	15	15	NUM
taxlaw-12357	1166	5	.	.	NOUN
taxlaw-12357	1166	6	114	114	NUM
taxlaw-12357	1166	7	see	see	VERB
taxlaw-12357	1166	8	,	,	PUNCT
taxlaw-12357	1166	9	e.g.	e.g.	ADV
taxlaw-12357	1166	10	,	,	PUNCT
taxlaw-12357	1166	11	thomas	thomas	PROPN
taxlaw-12357	1166	12	j.	j.	PROPN
taxlaw-12357	1166	13	brennan	brennan	PROPN
taxlaw-12357	1166	14	&	&	CCONJ
taxlaw-12357	1166	15	robert	robert	PROPN
taxlaw-12357	1166	16	l.	l.	PROPN
taxlaw-12357	1166	17	mcdonald	mcdonald	PROPN
taxlaw-12357	1166	18	,	,	PUNCT
taxlaw-12357	1166	19	the	the	DET
taxlaw-12357	1166	20	problematic	problematic	ADJ
taxlaw-12357	1166	21	delta	delta	PROPN
taxlaw-12357	1166	22	test	test	NOUN
taxlaw-12357	1166	23	for	for	ADP
taxlaw-12357	1166	24	dividend	dividend	NOUN
taxlaw-12357	1166	25	equivalents	equivalent	NOUN
taxlaw-12357	1166	26	,	,	PUNCT
taxlaw-12357	1166	27	146	146	NUM
taxlaw-12357	1166	28	tax	tax	NOUN
taxlaw-12357	1166	29	notes	note	NOUN
taxlaw-12357	1166	30	525	525	NUM
taxlaw-12357	1166	31	(	(	PUNCT
taxlaw-12357	1166	32	2015	2015	NUM
taxlaw-12357	1166	33	)	)	PUNCT
taxlaw-12357	1166	34	.	.	PUNCT
taxlaw-12357	1167	1	115	115	NUM
taxlaw-12357	1168	1	this	this	DET
taxlaw-12357	1168	2	test	test	NOUN
taxlaw-12357	1168	3	was	be	AUX
taxlaw-12357	1168	4	proposed	propose	VERB
taxlaw-12357	1168	5	by	by	ADP
taxlaw-12357	1168	6	the	the	DET
taxlaw-12357	1168	7	second	second	ADJ
taxlaw-12357	1168	8	circuit	circuit	NOUN
taxlaw-12357	1168	9	for	for	ADP
taxlaw-12357	1168	10	constructive	constructive	ADJ
taxlaw-12357	1168	11	sales	sale	NOUN
taxlaw-12357	1168	12	.	.	PUNCT
taxlaw-12357	1169	1	see	see	VERB
taxlaw-12357	1169	2	estate	estate	NOUN
taxlaw-12357	1169	3	of	of	ADP
taxlaw-12357	1169	4	mckelvey	mckelvey	NOUN
taxlaw-12357	1169	5	v.	v.	ADP
taxlaw-12357	1169	6	comm’r	comm’r	NOUN
taxlaw-12357	1169	7	,	,	PUNCT
taxlaw-12357	1169	8	906	906	NUM
taxlaw-12357	1169	9	f.3d	f.3d	NUM
taxlaw-12357	1169	10	26	26	NUM
taxlaw-12357	1169	11	(	(	PUNCT
taxlaw-12357	1169	12	2d	2d	NUM
taxlaw-12357	1169	13	cir	cir	NOUN
taxlaw-12357	1169	14	.	.	PROPN
taxlaw-12357	1169	15	2018	2018	NUM
taxlaw-12357	1169	16	)	)	PUNCT
taxlaw-12357	1169	17	.	.	PUNCT
taxlaw-12357	1170	1	116	116	NUM
taxlaw-12357	1170	2	see	see	VERB
taxlaw-12357	1170	3	supra	supra	PROPN
taxlaw-12357	1170	4	part	part	NOUN
taxlaw-12357	1170	5	vi.a.6.b	vi.a.6.b	PROPN
taxlaw-12357	1170	6	.	.	PUNCT
taxlaw-12357	1171	1	a	a	DET
taxlaw-12357	1171	2	taxpayer	taxpayer	NOUN
taxlaw-12357	1171	3	can	can	AUX
taxlaw-12357	1171	4	get	get	VERB
taxlaw-12357	1171	5	this	this	DET
taxlaw-12357	1171	6	exposure	exposure	NOUN
taxlaw-12357	1171	7	,	,	PUNCT
taxlaw-12357	1171	8	for	for	ADP
taxlaw-12357	1171	9	instance	instance	NOUN
taxlaw-12357	1171	10	,	,	PUNCT
taxlaw-12357	1171	11	by	by	ADP
taxlaw-12357	1171	12	purchasing	purchase	VERB
taxlaw-12357	1171	13	an	an	DET
taxlaw-12357	1171	14	option	option	NOUN
taxlaw-12357	1171	15	to	to	PART
taxlaw-12357	1171	16	buy	buy	VERB
taxlaw-12357	1171	17	the	the	DET
taxlaw-12357	1171	18	underlying	underlying	NOUN
taxlaw-12357	1171	19	for	for	ADP
taxlaw-12357	1171	20	$	$	SYM
taxlaw-12357	1171	21	115	115	NUM
taxlaw-12357	1171	22	(	(	PUNCT
taxlaw-12357	1171	23	i.e.	i.e.	X
taxlaw-12357	1171	24	,	,	PUNCT
taxlaw-12357	1171	25	a	a	DET
taxlaw-12357	1171	26	long	long	ADJ
taxlaw-12357	1171	27	call	call	NOUN
taxlaw-12357	1171	28	option	option	NOUN
taxlaw-12357	1171	29	with	with	ADP
taxlaw-12357	1171	30	an	an	DET
taxlaw-12357	1171	31	exercise	exercise	NOUN
taxlaw-12357	1171	32	price	price	NOUN
taxlaw-12357	1171	33	of	of	ADP
taxlaw-12357	1171	34	$	$	SYM
taxlaw-12357	1171	35	115	115	NUM
taxlaw-12357	1171	36	)	)	PUNCT
taxlaw-12357	1171	37	,	,	PUNCT
taxlaw-12357	1171	38	and	and	CCONJ
taxlaw-12357	1171	39	by	by	ADP
taxlaw-12357	1171	40	selling	sell	VERB
taxlaw-12357	1171	41	an	an	DET
taxlaw-12357	1171	42	option	option	NOUN
taxlaw-12357	1171	43	to	to	PART
taxlaw-12357	1171	44	sell	sell	VERB
taxlaw-12357	1171	45	the	the	DET
taxlaw-12357	1171	46	underlying	underlying	NOUN
taxlaw-12357	1171	47	for	for	ADP
taxlaw-12357	1171	48	$	$	SYM
taxlaw-12357	1171	49	95	95	NUM
taxlaw-12357	1171	50	(	(	PUNCT
taxlaw-12357	1171	51	i.e.	i.e.	X
taxlaw-12357	1171	52	,	,	PUNCT
taxlaw-12357	1171	53	a	a	DET
taxlaw-12357	1171	54	short	short	ADJ
taxlaw-12357	1171	55	put	put	NOUN
taxlaw-12357	1171	56	option	option	NOUN
taxlaw-12357	1171	57	with	with	ADP
taxlaw-12357	1171	58	an	an	DET
taxlaw-12357	1171	59	exercise	exercise	NOUN
taxlaw-12357	1171	60	price	price	NOUN
taxlaw-12357	1171	61	of	of	ADP
taxlaw-12357	1171	62	$	$	SYM
taxlaw-12357	1171	63	95	95	NUM
taxlaw-12357	1171	64	)	)	PUNCT
taxlaw-12357	1171	65	.	.	PUNCT
taxlaw-12357	1172	1	117	117	NUM
taxlaw-12357	1172	2	for	for	ADP
taxlaw-12357	1172	3	this	this	DET
taxlaw-12357	1172	4	purpose	purpose	NOUN
taxlaw-12357	1172	5	,	,	PUNCT
taxlaw-12357	1172	6	the	the	DET
taxlaw-12357	1172	7	nysba	nysba	NOUN
taxlaw-12357	1172	8	uses	use	VERB
taxlaw-12357	1172	9	underlying	underlie	VERB
taxlaw-12357	1172	10	’s	’s	PART
taxlaw-12357	1172	11	value	value	NOUN
taxlaw-12357	1172	12	at	at	ADP
taxlaw-12357	1172	13	the	the	DET
taxlaw-12357	1172	14	moment	moment	NOUN
taxlaw-12357	1172	15	when	when	SCONJ
taxlaw-12357	1172	16	the	the	DET
taxlaw-12357	1172	17	taxpayer	taxpayer	NOUN
taxlaw-12357	1172	18	enters	enter	VERB
taxlaw-12357	1172	19	into	into	ADP
taxlaw-12357	1172	20	the	the	DET
taxlaw-12357	1172	21	derivative	derivative	NOUN
taxlaw-12357	1172	22	.	.	PUNCT
taxlaw-12357	1173	1	118	118	NUM
taxlaw-12357	1173	2	the	the	DET
taxlaw-12357	1173	3	nysba	nysba	NOUN
taxlaw-12357	1173	4	offered	offer	VERB
taxlaw-12357	1173	5	this	this	DET
taxlaw-12357	1173	6	test	test	NOUN
taxlaw-12357	1173	7	for	for	ADP
taxlaw-12357	1173	8	constructive	constructive	ADJ
taxlaw-12357	1173	9	sales	sale	NOUN
taxlaw-12357	1173	10	.	.	PUNCT
taxlaw-12357	1174	1	a	a	DET
taxlaw-12357	1174	2	taxpayer	taxpayer	NOUN
taxlaw-12357	1174	3	who	who	PRON
taxlaw-12357	1174	4	retained	retain	VERB
taxlaw-12357	1174	5	exposure	exposure	NOUN
taxlaw-12357	1174	6	to	to	PART
taxlaw-12357	1174	7	gain	gain	VERB
taxlaw-12357	1174	8	and	and	CCONJ
taxlaw-12357	1174	9	loss	loss	NOUN
taxlaw-12357	1174	10	in	in	ADP
taxlaw-12357	1174	11	a	a	DET
taxlaw-12357	1174	12	specified	specify	VERB
taxlaw-12357	1174	13	“	"	PUNCT
taxlaw-12357	1174	14	spread	spread	NOUN
taxlaw-12357	1174	15	”	"	PUNCT
taxlaw-12357	1174	16	around	around	ADP
taxlaw-12357	1174	17	the	the	DET
taxlaw-12357	1174	18	current	current	ADJ
taxlaw-12357	1174	19	price	price	NOUN
taxlaw-12357	1174	20	would	would	AUX
taxlaw-12357	1174	21	not	not	PART
taxlaw-12357	1174	22	trigger	trigger	VERB
taxlaw-12357	1174	23	a	a	DET
taxlaw-12357	1174	24	constructive	constructive	ADJ
taxlaw-12357	1174	25	sale	sale	NOUN
taxlaw-12357	1174	26	.	.	PUNCT
taxlaw-12357	1175	1	see	see	VERB
taxlaw-12357	1175	2	nysba	nysba	PROPN
taxlaw-12357	1175	3	,	,	PUNCT
taxlaw-12357	1175	4	rep	rep	PROPN
taxlaw-12357	1175	5	.	.	PROPN
taxlaw-12357	1175	6	#	#	SYM
taxlaw-12357	1175	7	901	901	NUM
taxlaw-12357	1175	8	,	,	PUNCT
taxlaw-12357	1175	9	supra	supra	ADJ
taxlaw-12357	1175	10	note	note	NOUN
taxlaw-12357	1175	11	89	89	NUM
taxlaw-12357	1175	12	,	,	PUNCT
taxlaw-12357	1175	13	at	at	ADP
taxlaw-12357	1175	14	28	28	NUM
taxlaw-12357	1175	15	.	.	PUNCT
taxlaw-12357	1176	1	in	in	ADP
taxlaw-12357	1176	2	constructive	constructive	ADJ
taxlaw-12357	1176	3	ownership	ownership	NOUN
taxlaw-12357	1176	4	,	,	PUNCT
taxlaw-12357	1176	5	by	by	ADP
taxlaw-12357	1176	6	contrast	contrast	NOUN
taxlaw-12357	1176	7	,	,	PUNCT
taxlaw-12357	1176	8	a	a	DET
taxlaw-12357	1176	9	taxpayer	taxpayer	NOUN
taxlaw-12357	1176	10	who	who	PRON
taxlaw-12357	1176	11	eliminated	eliminate	VERB
taxlaw-12357	1176	12	exposure	exposure	NOUN
taxlaw-12357	1176	13	in	in	ADP
taxlaw-12357	1176	14	this	this	DET
taxlaw-12357	1176	15	range	range	NOUN
taxlaw-12357	1176	16	would	would	AUX
taxlaw-12357	1176	17	not	not	PART
taxlaw-12357	1176	18	trigger	trigger	VERB
taxlaw-12357	1176	19	constructive	constructive	ADJ
taxlaw-12357	1176	20	ownership	ownership	NOUN
taxlaw-12357	1176	21	.	.	PUNCT
taxlaw-12357	1177	1	columbia	columbia	PROPN
taxlaw-12357	1177	2	journal	journal	PROPN
taxlaw-12357	1177	3	of	of	ADP
taxlaw-12357	1177	4	tax	tax	NOUN
taxlaw-12357	1177	5	law	law	NOUN
taxlaw-12357	1178	1	[	[	X
taxlaw-12357	1178	2	vol	vol	NOUN
taxlaw-12357	1178	3	15:1	15:1	NUM
taxlaw-12357	1178	4	42	42	NUM
taxlaw-12357	1178	5	b.	b.	NOUN
taxlaw-12357	1178	6	no	no	DET
taxlaw-12357	1178	7	exposure	exposure	NOUN
taxlaw-12357	1178	8	near	near	ADP
taxlaw-12357	1178	9	current	current	ADJ
taxlaw-12357	1178	10	price	price	NOUN
taxlaw-12357	1178	11	:	:	PUNCT
taxlaw-12357	1178	12	derivative	derivative	NOUN
taxlaw-12357	1178	13	must	must	AUX
taxlaw-12357	1178	14	be	be	AUX
taxlaw-12357	1178	15	“	"	PUNCT
taxlaw-12357	1178	16	out	out	ADJ
taxlaw-12357	1178	17	-	-	PUNCT
taxlaw-12357	1178	18	ofthe	ofthe	NOUN
taxlaw-12357	1178	19	-	-	PUNCT
taxlaw-12357	1178	20	money	money	NOUN
taxlaw-12357	1178	21	”	"	PUNCT
taxlaw-12357	1178	22	notably	notably	ADV
taxlaw-12357	1178	23	,	,	PUNCT
taxlaw-12357	1178	24	the	the	DET
taxlaw-12357	1178	25	nysba	nysba	NOUN
taxlaw-12357	1178	26	also	also	ADV
taxlaw-12357	1178	27	required	require	VERB
taxlaw-12357	1178	28	the	the	DET
taxlaw-12357	1178	29	omitted	omit	VERB
taxlaw-12357	1178	30	exposure	exposure	NOUN
taxlaw-12357	1178	31	to	to	PART
taxlaw-12357	1178	32	include	include	VERB
taxlaw-12357	1178	33	underlying	underlie	VERB
taxlaw-12357	1178	34	’s	’s	PART
taxlaw-12357	1178	35	current	current	ADJ
taxlaw-12357	1178	36	price.119	price.119	NOUN
taxlaw-12357	1178	37	for	for	ADP
taxlaw-12357	1178	38	example	example	NOUN
taxlaw-12357	1178	39	,	,	PUNCT
taxlaw-12357	1178	40	when	when	SCONJ
taxlaw-12357	1178	41	underlying	underlying	ADJ
taxlaw-12357	1178	42	’s	’s	PART
taxlaw-12357	1178	43	price	price	NOUN
taxlaw-12357	1178	44	is	be	AUX
taxlaw-12357	1178	45	$	$	SYM
taxlaw-12357	1178	46	100	100	NUM
taxlaw-12357	1178	47	,	,	PUNCT
taxlaw-12357	1178	48	a	a	DET
taxlaw-12357	1178	49	derivative	derivative	NOUN
taxlaw-12357	1178	50	that	that	PRON
taxlaw-12357	1178	51	omits	omit	VERB
taxlaw-12357	1178	52	exposure	exposure	NOUN
taxlaw-12357	1178	53	between	between	ADP
taxlaw-12357	1178	54	$	$	SYM
taxlaw-12357	1178	55	200	200	NUM
taxlaw-12357	1178	56	and	and	CCONJ
taxlaw-12357	1178	57	$	$	SYM
taxlaw-12357	1178	58	220	220	NUM
taxlaw-12357	1178	59	would	would	AUX
taxlaw-12357	1178	60	not	not	PART
taxlaw-12357	1178	61	satisfy	satisfy	VERB
taxlaw-12357	1178	62	the	the	DET
taxlaw-12357	1178	63	test	test	NOUN
taxlaw-12357	1178	64	,	,	PUNCT
taxlaw-12357	1178	65	even	even	ADV
taxlaw-12357	1178	66	though	though	SCONJ
taxlaw-12357	1178	67	the	the	DET
taxlaw-12357	1178	68	$	$	SYM
taxlaw-12357	1178	69	20	20	NUM
taxlaw-12357	1178	70	of	of	ADP
taxlaw-12357	1178	71	omitted	omit	VERB
taxlaw-12357	1178	72	exposure	exposure	NOUN
taxlaw-12357	1178	73	does	do	AUX
taxlaw-12357	1178	74	,	,	PUNCT
taxlaw-12357	1178	75	in	in	ADP
taxlaw-12357	1178	76	fact	fact	NOUN
taxlaw-12357	1178	77	,	,	PUNCT
taxlaw-12357	1178	78	represent	represent	VERB
taxlaw-12357	1178	79	20	20	NUM
taxlaw-12357	1178	80	%	%	NOUN
taxlaw-12357	1178	81	of	of	ADP
taxlaw-12357	1178	82	underlying	underlie	VERB
taxlaw-12357	1178	83	’s	’s	PART
taxlaw-12357	1178	84	current	current	ADJ
taxlaw-12357	1178	85	price	price	NOUN
taxlaw-12357	1178	86	(	(	PUNCT
taxlaw-12357	1178	87	$	$	SYM
taxlaw-12357	1178	88	100	100	NUM
taxlaw-12357	1178	89	)	)	PUNCT
taxlaw-12357	1178	90	.	.	PUNCT
taxlaw-12357	1179	1	why	why	SCONJ
taxlaw-12357	1179	2	do	do	AUX
taxlaw-12357	1179	3	the	the	DET
taxlaw-12357	1179	4	returns	return	NOUN
taxlaw-12357	1179	5	on	on	ADP
taxlaw-12357	1179	6	the	the	DET
taxlaw-12357	1179	7	derivative	derivative	NOUN
taxlaw-12357	1179	8	and	and	CCONJ
taxlaw-12357	1179	9	underlying	underlying	ADJ
taxlaw-12357	1179	10	have	have	VERB
taxlaw-12357	1179	11	to	to	PART
taxlaw-12357	1179	12	diverge	diverge	VERB
taxlaw-12357	1179	13	near	near	ADP
taxlaw-12357	1179	14	the	the	DET
taxlaw-12357	1179	15	current	current	ADJ
taxlaw-12357	1179	16	price	price	NOUN
taxlaw-12357	1179	17	?	?	PUNCT
taxlaw-12357	1180	1	in	in	ADP
taxlaw-12357	1180	2	other	other	ADJ
taxlaw-12357	1180	3	words	word	NOUN
taxlaw-12357	1180	4	,	,	PUNCT
taxlaw-12357	1180	5	why	why	SCONJ
taxlaw-12357	1180	6	must	must	AUX
taxlaw-12357	1180	7	the	the	DET
taxlaw-12357	1180	8	derivative	derivative	NOUN
taxlaw-12357	1180	9	be	be	AUX
taxlaw-12357	1180	10	out	out	ADV
taxlaw-12357	1180	11	-	-	PUNCT
taxlaw-12357	1180	12	of	of	ADP
taxlaw-12357	1180	13	-	-	PUNCT
taxlaw-12357	1180	14	the	the	DET
taxlaw-12357	1180	15	-	-	PUNCT
taxlaw-12357	1180	16	money	money	NOUN
taxlaw-12357	1180	17	?	?	PUNCT
taxlaw-12357	1181	1	the	the	DET
taxlaw-12357	1181	2	intuition	intuition	NOUN
taxlaw-12357	1181	3	is	be	AUX
taxlaw-12357	1181	4	that	that	SCONJ
taxlaw-12357	1181	5	these	these	DET
taxlaw-12357	1181	6	differences	difference	NOUN
taxlaw-12357	1181	7	are	be	AUX
taxlaw-12357	1181	8	more	more	ADV
taxlaw-12357	1181	9	immediate	immediate	ADJ
taxlaw-12357	1181	10	–	–	PUNCT
taxlaw-12357	1181	11	arising	arise	VERB
taxlaw-12357	1181	12	as	as	ADV
taxlaw-12357	1181	13	soon	soon	ADV
taxlaw-12357	1181	14	as	as	SCONJ
taxlaw-12357	1181	15	the	the	DET
taxlaw-12357	1181	16	price	price	NOUN
taxlaw-12357	1181	17	moves	move	VERB
taxlaw-12357	1181	18	even	even	ADV
taxlaw-12357	1181	19	a	a	DET
taxlaw-12357	1181	20	penny	penny	NOUN
taxlaw-12357	1181	21	–	–	PUNCT
taxlaw-12357	1181	22	so	so	ADV
taxlaw-12357	1181	23	they	they	PRON
taxlaw-12357	1181	24	are	be	AUX
taxlaw-12357	1181	25	more	more	ADV
taxlaw-12357	1181	26	significant	significant	ADJ
taxlaw-12357	1181	27	.	.	PUNCT
taxlaw-12357	1182	1	instead	instead	ADV
taxlaw-12357	1182	2	of	of	ADP
taxlaw-12357	1182	3	just	just	ADV
taxlaw-12357	1182	4	potential	potential	ADJ
taxlaw-12357	1182	5	differences	difference	NOUN
taxlaw-12357	1182	6	,	,	PUNCT
taxlaw-12357	1182	7	the	the	DET
taxlaw-12357	1182	8	spread	spread	NOUN
taxlaw-12357	1182	9	causes	cause	VERB
taxlaw-12357	1182	10	actual	actual	ADJ
taxlaw-12357	1182	11	differences	difference	NOUN
taxlaw-12357	1182	12	.	.	PUNCT
taxlaw-12357	1183	1	in	in	ADP
taxlaw-12357	1183	2	this	this	DET
taxlaw-12357	1183	3	example	example	NOUN
taxlaw-12357	1183	4	,	,	PUNCT
taxlaw-12357	1183	5	a	a	DET
taxlaw-12357	1183	6	derivative	derivative	NOUN
taxlaw-12357	1183	7	that	that	PRON
taxlaw-12357	1183	8	omits	omit	VERB
taxlaw-12357	1183	9	exposure	exposure	NOUN
taxlaw-12357	1183	10	from	from	ADP
taxlaw-12357	1183	11	$	$	SYM
taxlaw-12357	1183	12	90	90	NUM
taxlaw-12357	1183	13	to	to	PART
taxlaw-12357	1183	14	$	$	SYM
taxlaw-12357	1183	15	110	110	NUM
taxlaw-12357	1183	16	is	be	AUX
taxlaw-12357	1183	17	almost	almost	ADV
taxlaw-12357	1183	18	certain	certain	ADJ
taxlaw-12357	1183	19	to	to	PART
taxlaw-12357	1183	20	offer	offer	VERB
taxlaw-12357	1183	21	a	a	DET
taxlaw-12357	1183	22	different	different	ADJ
taxlaw-12357	1183	23	return	return	NOUN
taxlaw-12357	1183	24	than	than	ADP
taxlaw-12357	1183	25	underlying	underlie	VERB
taxlaw-12357	1183	26	;	;	PUNCT
taxlaw-12357	1183	27	after	after	ADV
taxlaw-12357	1183	28	all	all	ADV
taxlaw-12357	1183	29	,	,	PUNCT
taxlaw-12357	1183	30	underlying	underlie	VERB
taxlaw-12357	1183	31	’s	’s	PART
taxlaw-12357	1183	32	price	price	NOUN
taxlaw-12357	1183	33	inevitably	inevitably	ADV
taxlaw-12357	1183	34	will	will	AUX
taxlaw-12357	1183	35	move	move	VERB
taxlaw-12357	1183	36	away	away	ADV
taxlaw-12357	1183	37	from	from	ADP
taxlaw-12357	1183	38	$	$	SYM
taxlaw-12357	1183	39	100	100	NUM
taxlaw-12357	1183	40	,	,	PUNCT
taxlaw-12357	1183	41	even	even	ADV
taxlaw-12357	1183	42	if	if	SCONJ
taxlaw-12357	1183	43	it	it	PRON
taxlaw-12357	1183	44	does	do	AUX
taxlaw-12357	1183	45	n’t	not	PART
taxlaw-12357	1183	46	move	move	VERB
taxlaw-12357	1183	47	very	very	ADV
taxlaw-12357	1183	48	much	much	ADV
taxlaw-12357	1183	49	.	.	PUNCT
taxlaw-12357	1184	1	in	in	ADP
taxlaw-12357	1184	2	contrast	contrast	NOUN
taxlaw-12357	1184	3	,	,	PUNCT
taxlaw-12357	1184	4	if	if	SCONJ
taxlaw-12357	1184	5	the	the	DET
taxlaw-12357	1184	6	derivative	derivative	NOUN
taxlaw-12357	1184	7	omits	omit	VERB
taxlaw-12357	1184	8	exposure	exposure	NOUN
taxlaw-12357	1184	9	between	between	ADP
taxlaw-12357	1184	10	$	$	SYM
taxlaw-12357	1184	11	200	200	NUM
taxlaw-12357	1184	12	and	and	CCONJ
taxlaw-12357	1184	13	$	$	SYM
taxlaw-12357	1184	14	220	220	NUM
taxlaw-12357	1184	15	–	–	PUNCT
taxlaw-12357	1184	16	or	or	CCONJ
taxlaw-12357	1184	17	,	,	PUNCT
taxlaw-12357	1184	18	for	for	ADP
taxlaw-12357	1184	19	that	that	DET
taxlaw-12357	1184	20	matter	matter	NOUN
taxlaw-12357	1184	21	,	,	PUNCT
taxlaw-12357	1184	22	between	between	SCONJ
taxlaw-12357	1184	23	$	$	SYM
taxlaw-12357	1184	24	10	10	NUM
taxlaw-12357	1184	25	and	and	CCONJ
taxlaw-12357	1184	26	$	$	SYM
taxlaw-12357	1184	27	30	30	NUM
taxlaw-12357	1184	28	–	–	PUNCT
taxlaw-12357	1184	29	underlying	underlie	VERB
taxlaw-12357	1184	30	’s	’s	NOUN
taxlaw-12357	1184	31	price	price	NOUN
taxlaw-12357	1184	32	would	would	AUX
taxlaw-12357	1184	33	have	have	VERB
taxlaw-12357	1184	34	to	to	PART
taxlaw-12357	1184	35	change	change	VERB
taxlaw-12357	1184	36	a	a	DET
taxlaw-12357	1184	37	lot	lot	NOUN
taxlaw-12357	1184	38	(	(	PUNCT
taxlaw-12357	1184	39	either	either	CCONJ
taxlaw-12357	1184	40	doubling	double	VERB
taxlaw-12357	1184	41	or	or	CCONJ
taxlaw-12357	1184	42	losing	lose	VERB
taxlaw-12357	1184	43	70	70	NUM
taxlaw-12357	1184	44	%	%	NOUN
taxlaw-12357	1184	45	of	of	ADP
taxlaw-12357	1184	46	its	its	PRON
taxlaw-12357	1184	47	value	value	NOUN
taxlaw-12357	1184	48	)	)	PUNCT
taxlaw-12357	1184	49	before	before	ADP
taxlaw-12357	1184	50	differences	difference	NOUN
taxlaw-12357	1184	51	between	between	ADP
taxlaw-12357	1184	52	it	it	PRON
taxlaw-12357	1184	53	and	and	CCONJ
taxlaw-12357	1184	54	the	the	DET
taxlaw-12357	1184	55	derivative	derivative	NOUN
taxlaw-12357	1184	56	begin	begin	NOUN
taxlaw-12357	1184	57	to	to	PART
taxlaw-12357	1184	58	matter	matter	VERB
taxlaw-12357	1184	59	.	.	PUNCT
taxlaw-12357	1185	1	(	(	PUNCT
taxlaw-12357	1185	2	in	in	ADP
taxlaw-12357	1185	3	other	other	ADJ
taxlaw-12357	1185	4	words	word	NOUN
taxlaw-12357	1185	5	,	,	PUNCT
taxlaw-12357	1185	6	these	these	DET
taxlaw-12357	1185	7	derivatives	derivative	NOUN
taxlaw-12357	1185	8	are	be	AUX
taxlaw-12357	1185	9	“	"	PUNCT
taxlaw-12357	1185	10	in	in	ADP
taxlaw-12357	1185	11	-	-	PUNCT
taxlaw-12357	1185	12	the	the	DET
taxlaw-12357	1185	13	-	-	PUNCT
taxlaw-12357	1185	14	money	money	NOUN
taxlaw-12357	1185	15	.	.	PUNCT
taxlaw-12357	1185	16	”	"	PUNCT
taxlaw-12357	1185	17	)	)	PUNCT
taxlaw-12357	1185	18	.	.	PUNCT
taxlaw-12357	1186	1	as	as	ADP
taxlaw-12357	1186	2	a	a	DET
taxlaw-12357	1186	3	result	result	NOUN
taxlaw-12357	1186	4	,	,	PUNCT
taxlaw-12357	1186	5	fluctuations	fluctuation	NOUN
taxlaw-12357	1186	6	near	near	ADP
taxlaw-12357	1186	7	the	the	DET
taxlaw-12357	1186	8	current	current	ADJ
taxlaw-12357	1186	9	price	price	NOUN
taxlaw-12357	1186	10	do	do	AUX
taxlaw-12357	1186	11	n’t	not	PART
taxlaw-12357	1186	12	cause	cause	VERB
taxlaw-12357	1186	13	the	the	DET
taxlaw-12357	1186	14	returns	return	NOUN
taxlaw-12357	1186	15	on	on	ADP
taxlaw-12357	1186	16	the	the	DET
taxlaw-12357	1186	17	derivative	derivative	NOUN
taxlaw-12357	1186	18	and	and	CCONJ
taxlaw-12357	1186	19	underlying	underlying	ADJ
taxlaw-12357	1186	20	to	to	PART
taxlaw-12357	1186	21	diverge	diverge	VERB
taxlaw-12357	1186	22	.	.	PUNCT
taxlaw-12357	1187	1	c.	c.	PROPN
taxlaw-12357	1187	2	nysba	nysba	PROPN
taxlaw-12357	1187	3	spread	spread	PROPN
taxlaw-12357	1187	4	test	test	NOUN
taxlaw-12357	1187	5	ca	can	AUX
taxlaw-12357	1187	6	n’t	not	PART
taxlaw-12357	1187	7	analyze	analyze	VERB
taxlaw-12357	1187	8	in	in	ADP
taxlaw-12357	1187	9	-	-	PUNCT
taxlaw-12357	1187	10	the	the	DET
taxlaw-12357	1187	11	-	-	PUNCT
taxlaw-12357	1187	12	money	money	NOUN
taxlaw-12357	1187	13	derivatives	derivative	NOUN
taxlaw-12357	1187	14	as	as	SCONJ
taxlaw-12357	1187	15	the	the	DET
taxlaw-12357	1187	16	nysba	nysba	NOUN
taxlaw-12357	1187	17	emphasized	emphasize	VERB
taxlaw-12357	1187	18	,	,	PUNCT
taxlaw-12357	1187	19	the	the	DET
taxlaw-12357	1187	20	main	main	ADJ
taxlaw-12357	1187	21	virtue	virtue	NOUN
taxlaw-12357	1187	22	of	of	ADP
taxlaw-12357	1187	23	the	the	DET
taxlaw-12357	1187	24	spread	spread	ADJ
taxlaw-12357	1187	25	test	test	NOUN
taxlaw-12357	1187	26	is	be	AUX
taxlaw-12357	1187	27	that	that	SCONJ
taxlaw-12357	1187	28	it	it	PRON
taxlaw-12357	1187	29	is	be	AUX
taxlaw-12357	1187	30	easy	easy	ADJ
taxlaw-12357	1187	31	to	to	PART
taxlaw-12357	1187	32	administer	administer	VERB
taxlaw-12357	1187	33	.	.	PUNCT
taxlaw-12357	1188	1	yet	yet	ADV
taxlaw-12357	1188	2	as	as	SCONJ
taxlaw-12357	1188	3	the	the	DET
taxlaw-12357	1188	4	nysba	nysba	NOUN
taxlaw-12357	1188	5	acknowledged	acknowledge	VERB
taxlaw-12357	1188	6	,	,	PUNCT
taxlaw-12357	1188	7	this	this	DET
taxlaw-12357	1188	8	simplicity	simplicity	NOUN
taxlaw-12357	1188	9	comes	come	VERB
taxlaw-12357	1188	10	at	at	ADP
taxlaw-12357	1188	11	a	a	DET
taxlaw-12357	1188	12	cost.120	cost.120	NOUN
taxlaw-12357	1188	13	for	for	ADP
taxlaw-12357	1188	14	one	one	NUM
taxlaw-12357	1188	15	thing	thing	NOUN
taxlaw-12357	1188	16	,	,	PUNCT
taxlaw-12357	1188	17	this	this	DET
taxlaw-12357	1188	18	test	test	NOUN
taxlaw-12357	1188	19	puts	put	VERB
taxlaw-12357	1188	20	too	too	ADV
taxlaw-12357	1188	21	much	much	ADJ
taxlaw-12357	1188	22	weight	weight	NOUN
taxlaw-12357	1188	23	on	on	ADP
taxlaw-12357	1188	24	whether	whether	SCONJ
taxlaw-12357	1188	25	the	the	DET
taxlaw-12357	1188	26	spread	spread	NOUN
taxlaw-12357	1188	27	includes	include	VERB
taxlaw-12357	1188	28	the	the	DET
taxlaw-12357	1188	29	current	current	ADJ
taxlaw-12357	1188	30	price	price	NOUN
taxlaw-12357	1188	31	.	.	PUNCT
taxlaw-12357	1189	1	in	in	ADP
taxlaw-12357	1189	2	other	other	ADJ
taxlaw-12357	1189	3	words	word	NOUN
taxlaw-12357	1189	4	,	,	PUNCT
taxlaw-12357	1189	5	it	it	PRON
taxlaw-12357	1189	6	ca	can	AUX
taxlaw-12357	1189	7	n’t	not	PART
taxlaw-12357	1189	8	approve	approve	VERB
taxlaw-12357	1189	9	in	in	ADP
taxlaw-12357	1189	10	-	-	PUNCT
taxlaw-12357	1189	11	the	the	DET
taxlaw-12357	1189	12	-	-	PUNCT
taxlaw-12357	1189	13	money	money	NOUN
taxlaw-12357	1189	14	derivatives	derivative	NOUN
taxlaw-12357	1189	15	.	.	PUNCT
taxlaw-12357	1190	1	unfortunately	unfortunately	ADV
taxlaw-12357	1190	2	,	,	PUNCT
taxlaw-12357	1190	3	this	this	DET
taxlaw-12357	1190	4	requirement	requirement	NOUN
taxlaw-12357	1190	5	can	can	AUX
taxlaw-12357	1190	6	generate	generate	VERB
taxlaw-12357	1190	7	arbitrary	arbitrary	ADJ
taxlaw-12357	1190	8	results	result	NOUN
taxlaw-12357	1190	9	.	.	PUNCT
taxlaw-12357	1191	1	for	for	ADP
taxlaw-12357	1191	2	example	example	NOUN
taxlaw-12357	1191	3	,	,	PUNCT
taxlaw-12357	1191	4	consider	consider	VERB
taxlaw-12357	1191	5	two	two	NUM
taxlaw-12357	1191	6	options	option	NOUN
taxlaw-12357	1191	7	to	to	PART
taxlaw-12357	1191	8	buy	buy	VERB
taxlaw-12357	1191	9	underlying	underlie	VERB
taxlaw-12357	1191	10	,	,	PUNCT
taxlaw-12357	1191	11	which	which	PRON
taxlaw-12357	1191	12	currently	currently	ADV
taxlaw-12357	1191	13	is	be	AUX
taxlaw-12357	1191	14	worth	worth	ADJ
taxlaw-12357	1191	15	$	$	SYM
taxlaw-12357	1191	16	100	100	NUM
taxlaw-12357	1191	17	,	,	PUNCT
taxlaw-12357	1191	18	at	at	ADP
taxlaw-12357	1191	19	any	any	DET
taxlaw-12357	1191	20	time	time	NOUN
taxlaw-12357	1191	21	during	during	ADP
taxlaw-12357	1191	22	the	the	DET
taxlaw-12357	1191	23	next	next	ADJ
taxlaw-12357	1191	24	three	three	NUM
taxlaw-12357	1191	25	years	year	NOUN
taxlaw-12357	1191	26	.	.	PUNCT
taxlaw-12357	1192	1	one	one	NUM
taxlaw-12357	1192	2	option	option	NOUN
taxlaw-12357	1192	3	entitles	entitle	VERB
taxlaw-12357	1192	4	holders	holder	NOUN
taxlaw-12357	1192	5	to	to	PART
taxlaw-12357	1192	6	pay	pay	VERB
taxlaw-12357	1192	7	$	$	SYM
taxlaw-12357	1192	8	101	101	NUM
taxlaw-12357	1192	9	,	,	PUNCT
taxlaw-12357	1192	10	while	while	SCONJ
taxlaw-12357	1192	11	the	the	DET
taxlaw-12357	1192	12	other	other	ADJ
taxlaw-12357	1192	13	entitles	entitle	VERB
taxlaw-12357	1192	14	them	they	PRON
taxlaw-12357	1192	15	to	to	PART
taxlaw-12357	1192	16	pay	pay	VERB
taxlaw-12357	1192	17	$	$	SYM
taxlaw-12357	1192	18	99	99	NUM
taxlaw-12357	1192	19	.	.	PUNCT
taxlaw-12357	1193	1	while	while	SCONJ
taxlaw-12357	1193	2	these	these	DET
taxlaw-12357	1193	3	options	option	NOUN
taxlaw-12357	1193	4	are	be	AUX
taxlaw-12357	1193	5	quite	quite	ADV
taxlaw-12357	1193	6	similar	similar	ADJ
taxlaw-12357	1193	7	–	–	PUNCT
taxlaw-12357	1193	8	and	and	CCONJ
taxlaw-12357	1193	9	both	both	PRON
taxlaw-12357	1193	10	differ	differ	VERB
taxlaw-12357	1193	11	markedly	markedly	ADV
taxlaw-12357	1193	12	from	from	ADP
taxlaw-12357	1193	13	underlying	underlie	VERB
taxlaw-12357	1193	14	–	–	PUNCT
taxlaw-12357	1193	15	only	only	ADV
taxlaw-12357	1193	16	the	the	DET
taxlaw-12357	1193	17	first	first	ADJ
taxlaw-12357	1193	18	passes	pass	VERB
taxlaw-12357	1193	19	the	the	DET
taxlaw-12357	1193	20	spread	spread	ADJ
taxlaw-12357	1193	21	test	test	NOUN
taxlaw-12357	1193	22	.	.	PUNCT
taxlaw-12357	1194	1	even	even	ADV
taxlaw-12357	1194	2	though	though	SCONJ
taxlaw-12357	1194	3	both	both	PRON
taxlaw-12357	1194	4	have	have	AUX
taxlaw-12357	1194	5	spreads	spread	NOUN
taxlaw-12357	1194	6	that	that	PRON
taxlaw-12357	1194	7	are	be	AUX
taxlaw-12357	1194	8	larger	large	ADJ
taxlaw-12357	1194	9	than	than	ADP
taxlaw-12357	1194	10	20	20	NUM
taxlaw-12357	1194	11	%	%	NOUN
taxlaw-12357	1194	12	of	of	ADP
taxlaw-12357	1194	13	underlying	underlie	VERB
taxlaw-12357	1194	14	’s	’s	PART
taxlaw-12357	1194	15	current	current	ADJ
taxlaw-12357	1194	16	market	market	NOUN
taxlaw-12357	1194	17	(	(	PUNCT
taxlaw-12357	1194	18	$	$	SYM
taxlaw-12357	1194	19	100)–101	100)–101	NUM
taxlaw-12357	1194	20	%	%	NOUN
taxlaw-12357	1194	21	in	in	ADP
taxlaw-12357	1194	22	the	the	DET
taxlaw-12357	1194	23	first	first	ADJ
taxlaw-12357	1194	24	(	(	PUNCT
taxlaw-12357	1194	25	$	$	SYM
taxlaw-12357	1194	26	101	101	NUM
taxlaw-12357	1194	27	to	to	PART
taxlaw-12357	1194	28	$	$	SYM
taxlaw-12357	1194	29	0	0	NUM
taxlaw-12357	1194	30	)	)	PUNCT
taxlaw-12357	1194	31	and	and	CCONJ
taxlaw-12357	1194	32	99	99	NUM
taxlaw-12357	1194	33	%	%	NOUN
taxlaw-12357	1194	34	in	in	ADP
taxlaw-12357	1194	35	the	the	DET
taxlaw-12357	1194	36	second	second	ADJ
taxlaw-12357	1194	37	(	(	PUNCT
taxlaw-12357	1194	38	$	$	SYM
taxlaw-12357	1194	39	99	99	NUM
taxlaw-12357	1194	40	to	to	PART
taxlaw-12357	1194	41	$	$	SYM
taxlaw-12357	1194	42	0)–only	0)–only	NOUN
taxlaw-12357	1194	43	the	the	DET
taxlaw-12357	1194	44	first	first	ADJ
taxlaw-12357	1194	45	has	have	VERB
taxlaw-12357	1194	46	a	a	DET
taxlaw-12357	1194	47	spread	spread	NOUN
taxlaw-12357	1194	48	that	that	PRON
taxlaw-12357	1194	49	includes	include	VERB
taxlaw-12357	1194	50	this	this	DET
taxlaw-12357	1194	51	$	$	SYM
taxlaw-12357	1194	52	100	100	NUM
taxlaw-12357	1194	53	price	price	NOUN
taxlaw-12357	1194	54	.	.	PUNCT
taxlaw-12357	1195	1	in	in	ADP
taxlaw-12357	1195	2	other	other	ADJ
taxlaw-12357	1195	3	words	word	NOUN
taxlaw-12357	1195	4	,	,	PUNCT
taxlaw-12357	1195	5	only	only	ADV
taxlaw-12357	1195	6	the	the	DET
taxlaw-12357	1195	7	first	first	ADJ
taxlaw-12357	1195	8	is	be	AUX
taxlaw-12357	1195	9	out	out	ADV
taxlaw-12357	1195	10	-	-	PUNCT
taxlaw-12357	1195	11	of	of	ADP
taxlaw-12357	1195	12	-	-	PUNCT
taxlaw-12357	1195	13	themoney	themoney	NOUN
taxlaw-12357	1195	14	.	.	PUNCT
taxlaw-12357	1196	1	because	because	SCONJ
taxlaw-12357	1196	2	of	of	ADP
taxlaw-12357	1196	3	this	this	DET
taxlaw-12357	1196	4	requirement	requirement	NOUN
taxlaw-12357	1196	5	,	,	PUNCT
taxlaw-12357	1196	6	the	the	DET
taxlaw-12357	1196	7	spread	spread	ADJ
taxlaw-12357	1196	8	test	test	NOUN
taxlaw-12357	1196	9	also	also	ADV
taxlaw-12357	1196	10	flunks	flunk	VERB
taxlaw-12357	1196	11	our	our	PRON
taxlaw-12357	1196	12	illustrative	illustrative	ADJ
taxlaw-12357	1196	13	example	example	NOUN
taxlaw-12357	1196	14	above	above	ADP
taxlaw-12357	1196	15	:	:	PUNCT
taxlaw-12357	1196	16	a	a	DET
taxlaw-12357	1196	17	call	call	NOUN
taxlaw-12357	1196	18	option	option	NOUN
taxlaw-12357	1196	19	entitling	entitle	VERB
taxlaw-12357	1196	20	holders	holder	NOUN
taxlaw-12357	1196	21	to	to	PART
taxlaw-12357	1196	22	pay	pay	VERB
taxlaw-12357	1196	23	$	$	SYM
taxlaw-12357	1196	24	70	70	NUM
taxlaw-12357	1196	25	for	for	ADP
taxlaw-12357	1196	26	an	an	DET
taxlaw-12357	1196	27	underlying	underlie	VERB
taxlaw-12357	1196	28	worth	worth	ADJ
taxlaw-12357	1196	29	$	$	SYM
taxlaw-12357	1196	30	100	100	NUM
taxlaw-12357	1196	31	.	.	PUNCT
taxlaw-12357	1197	1	although	although	SCONJ
taxlaw-12357	1197	2	the	the	DET
taxlaw-12357	1197	3	option	option	NOUN
taxlaw-12357	1197	4	and	and	CCONJ
taxlaw-12357	1197	5	underlying	underlying	ADJ
taxlaw-12357	1197	6	offer	offer	VERB
taxlaw-12357	1197	7	different	different	ADJ
taxlaw-12357	1197	8	returns	return	NOUN
taxlaw-12357	1197	9	when	when	SCONJ
taxlaw-12357	1197	10	the	the	DET
taxlaw-12357	1197	11	price	price	NOUN
taxlaw-12357	1197	12	falls	fall	VERB
taxlaw-12357	1197	13	below	below	ADP
taxlaw-12357	1197	14	$	$	SYM
taxlaw-12357	1197	15	70	70	NUM
taxlaw-12357	1197	16	–	–	PUNCT
taxlaw-12357	1197	17	a	a	DET
taxlaw-12357	1197	18	70	70	NUM
taxlaw-12357	1197	19	%	%	NOUN
taxlaw-12357	1197	20	spread	spread	NOUN
taxlaw-12357	1197	21	–	–	PUNCT
taxlaw-12357	1197	22	this	this	DET
taxlaw-12357	1197	23	spread	spread	NOUN
taxlaw-12357	1197	24	,	,	PUNCT
taxlaw-12357	1197	25	once	once	ADV
taxlaw-12357	1197	26	again	again	ADV
taxlaw-12357	1197	27	,	,	PUNCT
taxlaw-12357	1197	28	does	do	AUX
taxlaw-12357	1197	29	n’t	not	PART
taxlaw-12357	1197	30	include	include	VERB
taxlaw-12357	1197	31	the	the	DET
taxlaw-12357	1197	32	current	current	ADJ
taxlaw-12357	1197	33	$	$	SYM
taxlaw-12357	1197	34	100	100	NUM
taxlaw-12357	1197	35	price	price	NOUN
taxlaw-12357	1197	36	.	.	PUNCT
taxlaw-12357	1198	1	but	but	CCONJ
taxlaw-12357	1198	2	although	although	SCONJ
taxlaw-12357	1198	3	the	the	DET
taxlaw-12357	1198	4	option	option	NOUN
taxlaw-12357	1198	5	to	to	PART
taxlaw-12357	1198	6	pay	pay	VERB
taxlaw-12357	1198	7	$	$	SYM
taxlaw-12357	1198	8	99	99	NUM
taxlaw-12357	1198	9	and	and	CCONJ
taxlaw-12357	1198	10	the	the	DET
taxlaw-12357	1198	11	option	option	NOUN
taxlaw-12357	1198	12	to	to	PART
taxlaw-12357	1198	13	pay	pay	VERB
taxlaw-12357	1198	14	$	$	SYM
taxlaw-12357	1198	15	70	70	NUM
taxlaw-12357	1198	16	both	both	PRON
taxlaw-12357	1198	17	fail	fail	VERB
taxlaw-12357	1198	18	this	this	DET
taxlaw-12357	1198	19	test	test	NOUN
taxlaw-12357	1198	20	,	,	PUNCT
taxlaw-12357	1198	21	they	they	PRON
taxlaw-12357	1198	22	are	be	AUX
taxlaw-12357	1198	23	quite	quite	ADV
taxlaw-12357	1198	24	different	different	ADJ
taxlaw-12357	1198	25	.	.	PUNCT
taxlaw-12357	1199	1	the	the	DET
taxlaw-12357	1199	2	option	option	NOUN
taxlaw-12357	1199	3	to	to	PART
taxlaw-12357	1199	4	pay	pay	VERB
taxlaw-12357	1199	5	$	$	SYM
taxlaw-12357	1199	6	70	70	NUM
taxlaw-12357	1199	7	is	be	AUX
taxlaw-12357	1199	8	a	a	DET
taxlaw-12357	1199	9	closer	close	ADJ
taxlaw-12357	1199	10	substitute	substitute	NOUN
taxlaw-12357	1199	11	for	for	ADP
taxlaw-12357	1199	12	119	119	NUM
taxlaw-12357	1199	13	see	see	VERB
taxlaw-12357	1199	14	i	i	PRON
taxlaw-12357	1199	15	d.	d.	PROPN
taxlaw-12357	1199	16	at	at	ADP
taxlaw-12357	1199	17	28	28	NUM
taxlaw-12357	1199	18	.	.	PUNCT
taxlaw-12357	1200	1	120	120	NUM
taxlaw-12357	1200	2	see	see	VERB
taxlaw-12357	1200	3	i	i	PRON
taxlaw-12357	1200	4	d.	d.	PROPN
taxlaw-12357	1200	5	at	at	ADP
taxlaw-12357	1200	6	28	28	NUM
taxlaw-12357	1200	7	2024	2024	NUM
taxlaw-12357	1200	8	]	]	PUNCT
taxlaw-12357	1200	9	transaction	transaction	NOUN
taxlaw-12357	1200	10	-	-	PUNCT
taxlaw-12357	1200	11	specific	specific	ADJ
taxlaw-12357	1200	12	tax	tax	NOUN
taxlaw-12357	1200	13	reform	reform	NOUN
taxlaw-12357	1200	14	in	in	ADP
taxlaw-12357	1200	15	three	three	NUM
taxlaw-12357	1200	16	steps	step	NOUN
taxlaw-12357	1200	17	43	43	NUM
taxlaw-12357	1200	18	underlying	underlying	ADJ
taxlaw-12357	1200	19	,	,	PUNCT
taxlaw-12357	1200	20	since	since	SCONJ
taxlaw-12357	1200	21	it	it	PRON
taxlaw-12357	1200	22	exposes	expose	VERB
taxlaw-12357	1200	23	the	the	DET
taxlaw-12357	1200	24	investor	investor	NOUN
taxlaw-12357	1200	25	to	to	ADP
taxlaw-12357	1200	26	greater	great	ADJ
taxlaw-12357	1200	27	risk	risk	NOUN
taxlaw-12357	1200	28	of	of	ADP
taxlaw-12357	1200	29	loss	loss	NOUN
taxlaw-12357	1200	30	as	as	ADP
taxlaw-12357	1200	31	underlying	underlie	VERB
taxlaw-12357	1200	32	’s	’s	PART
taxlaw-12357	1200	33	price	price	NOUN
taxlaw-12357	1200	34	declines	decline	NOUN
taxlaw-12357	1200	35	(	(	PUNCT
taxlaw-12357	1200	36	i.e.	i.e.	X
taxlaw-12357	1200	37	,	,	PUNCT
taxlaw-12357	1200	38	from	from	ADP
taxlaw-12357	1200	39	$	$	SYM
taxlaw-12357	1200	40	99	99	NUM
taxlaw-12357	1200	41	down	down	ADP
taxlaw-12357	1200	42	to	to	ADP
taxlaw-12357	1200	43	$	$	SYM
taxlaw-12357	1200	44	70).121	70).121	NUM
taxlaw-12357	1200	45	put	put	VERB
taxlaw-12357	1200	46	another	another	DET
taxlaw-12357	1200	47	way	way	NOUN
taxlaw-12357	1200	48	,	,	PUNCT
taxlaw-12357	1200	49	the	the	DET
taxlaw-12357	1200	50	option	option	NOUN
taxlaw-12357	1200	51	to	to	PART
taxlaw-12357	1200	52	pay	pay	VERB
taxlaw-12357	1200	53	$	$	SYM
taxlaw-12357	1200	54	99	99	NUM
taxlaw-12357	1200	55	is	be	AUX
taxlaw-12357	1200	56	only	only	ADV
taxlaw-12357	1200	57	slightly	slightly	ADV
taxlaw-12357	1200	58	in	in	ADP
taxlaw-12357	1200	59	-	-	PUNCT
taxlaw-12357	1200	60	the	the	DET
taxlaw-12357	1200	61	-	-	PUNCT
taxlaw-12357	1200	62	money	money	NOUN
taxlaw-12357	1200	63	,	,	PUNCT
taxlaw-12357	1200	64	while	while	SCONJ
taxlaw-12357	1200	65	the	the	DET
taxlaw-12357	1200	66	option	option	NOUN
taxlaw-12357	1200	67	to	to	PART
taxlaw-12357	1200	68	pay	pay	VERB
taxlaw-12357	1200	69	$	$	SYM
taxlaw-12357	1200	70	70	70	NUM
taxlaw-12357	1200	71	is	be	AUX
taxlaw-12357	1200	72	much	much	ADV
taxlaw-12357	1200	73	more	more	ADJ
taxlaw-12357	1200	74	in	in	ADP
taxlaw-12357	1200	75	-	-	PUNCT
taxlaw-12357	1200	76	themoney	themoney	NOUN
taxlaw-12357	1200	77	.	.	PUNCT
taxlaw-12357	1201	1	d.	d.	PROPN
taxlaw-12357	1201	2	a	a	DET
taxlaw-12357	1201	3	variation	variation	NOUN
taxlaw-12357	1201	4	of	of	ADP
taxlaw-12357	1201	5	the	the	DET
taxlaw-12357	1201	6	spread	spread	ADJ
taxlaw-12357	1201	7	test	test	NOUN
taxlaw-12357	1201	8	:	:	PUNCT
taxlaw-12357	1201	9	how	how	SCONJ
taxlaw-12357	1201	10	in	in	ADP
taxlaw-12357	1201	11	-	-	PUNCT
taxlaw-12357	1201	12	the	the	DET
taxlaw-12357	1201	13	-	-	PUNCT
taxlaw-12357	1201	14	money	money	NOUN
taxlaw-12357	1201	15	is	be	AUX
taxlaw-12357	1201	16	the	the	DET
taxlaw-12357	1201	17	derivative	derivative	NOUN
taxlaw-12357	1201	18	?	?	PUNCT
taxlaw-12357	1202	1	in	in	ADP
taxlaw-12357	1202	2	principle	principle	NOUN
taxlaw-12357	1202	3	,	,	PUNCT
taxlaw-12357	1202	4	the	the	DET
taxlaw-12357	1202	5	spread	spread	ADJ
taxlaw-12357	1202	6	test	test	NOUN
taxlaw-12357	1202	7	could	could	AUX
taxlaw-12357	1202	8	be	be	AUX
taxlaw-12357	1202	9	modified	modify	VERB
taxlaw-12357	1202	10	to	to	PART
taxlaw-12357	1202	11	account	account	VERB
taxlaw-12357	1202	12	for	for	ADP
taxlaw-12357	1202	13	this	this	DET
taxlaw-12357	1202	14	difference	difference	NOUN
taxlaw-12357	1202	15	.	.	PUNCT
taxlaw-12357	1203	1	the	the	DET
taxlaw-12357	1203	2	key	key	ADJ
taxlaw-12357	1203	3	issue	issue	NOUN
taxlaw-12357	1203	4	is	be	AUX
taxlaw-12357	1203	5	how	how	SCONJ
taxlaw-12357	1203	6	much	much	ADJ
taxlaw-12357	1203	7	the	the	DET
taxlaw-12357	1203	8	price	price	NOUN
taxlaw-12357	1203	9	has	have	VERB
taxlaw-12357	1203	10	to	to	PART
taxlaw-12357	1203	11	change	change	VERB
taxlaw-12357	1203	12	before	before	SCONJ
taxlaw-12357	1203	13	further	further	ADJ
taxlaw-12357	1203	14	changes	change	NOUN
taxlaw-12357	1203	15	stop	stop	VERB
taxlaw-12357	1203	16	affecting	affect	VERB
taxlaw-12357	1203	17	the	the	DET
taxlaw-12357	1203	18	derivative	derivative	NOUN
taxlaw-12357	1203	19	’s	’s	PART
taxlaw-12357	1203	20	payout	payout	NOUN
taxlaw-12357	1203	21	.	.	PUNCT
taxlaw-12357	1204	1	put	put	VERB
taxlaw-12357	1204	2	another	another	DET
taxlaw-12357	1204	3	way	way	NOUN
taxlaw-12357	1204	4	,	,	PUNCT
taxlaw-12357	1204	5	the	the	DET
taxlaw-12357	1204	6	spread	spread	ADJ
taxlaw-12357	1204	7	test	test	NOUN
taxlaw-12357	1204	8	could	could	AUX
taxlaw-12357	1204	9	be	be	AUX
taxlaw-12357	1204	10	adjusted	adjust	VERB
taxlaw-12357	1204	11	to	to	PART
taxlaw-12357	1204	12	ask	ask	VERB
taxlaw-12357	1204	13	how	how	SCONJ
taxlaw-12357	1204	14	in	in	ADP
taxlaw-12357	1204	15	-	-	PUNCT
taxlaw-12357	1204	16	the	the	DET
taxlaw-12357	1204	17	-	-	PUNCT
taxlaw-12357	1204	18	money	money	NOUN
taxlaw-12357	1204	19	the	the	DET
taxlaw-12357	1204	20	derivative	derivative	NOUN
taxlaw-12357	1204	21	is	be	AUX
taxlaw-12357	1204	22	.	.	PUNCT
taxlaw-12357	1205	1	returning	return	VERB
taxlaw-12357	1205	2	to	to	ADP
taxlaw-12357	1205	3	our	our	PRON
taxlaw-12357	1205	4	example	example	NOUN
taxlaw-12357	1205	5	,	,	PUNCT
taxlaw-12357	1205	6	when	when	SCONJ
taxlaw-12357	1205	7	an	an	DET
taxlaw-12357	1205	8	option	option	NOUN
taxlaw-12357	1205	9	entitles	entitle	VERB
taxlaw-12357	1205	10	the	the	DET
taxlaw-12357	1205	11	holder	holder	NOUN
taxlaw-12357	1205	12	to	to	PART
taxlaw-12357	1205	13	pay	pay	VERB
taxlaw-12357	1205	14	$	$	SYM
taxlaw-12357	1205	15	99	99	NUM
taxlaw-12357	1205	16	,	,	PUNCT
taxlaw-12357	1205	17	underlying	underlie	VERB
taxlaw-12357	1205	18	’s	’s	PART
taxlaw-12357	1205	19	price	price	NOUN
taxlaw-12357	1205	20	has	have	VERB
taxlaw-12357	1205	21	to	to	PART
taxlaw-12357	1205	22	decline	decline	VERB
taxlaw-12357	1205	23	by	by	ADP
taxlaw-12357	1205	24	only	only	ADV
taxlaw-12357	1205	25	$	$	SYM
taxlaw-12357	1205	26	1	1	NUM
taxlaw-12357	1205	27	before	before	SCONJ
taxlaw-12357	1205	28	further	further	ADJ
taxlaw-12357	1205	29	declines	decline	NOUN
taxlaw-12357	1205	30	become	become	VERB
taxlaw-12357	1205	31	irrelevant	irrelevant	ADJ
taxlaw-12357	1205	32	.	.	PUNCT
taxlaw-12357	1206	1	this	this	DET
taxlaw-12357	1206	2	$	$	SYM
taxlaw-12357	1206	3	1	1	NUM
taxlaw-12357	1206	4	decline	decline	NOUN
taxlaw-12357	1206	5	represents	represent	VERB
taxlaw-12357	1206	6	only	only	ADV
taxlaw-12357	1206	7	1	1	NUM
taxlaw-12357	1206	8	%	%	NOUN
taxlaw-12357	1206	9	of	of	ADP
taxlaw-12357	1206	10	the	the	DET
taxlaw-12357	1206	11	underlying	underlie	VERB
taxlaw-12357	1206	12	’s	’s	PART
taxlaw-12357	1206	13	current	current	ADJ
taxlaw-12357	1206	14	$	$	SYM
taxlaw-12357	1206	15	100	100	NUM
taxlaw-12357	1206	16	value	value	NOUN
taxlaw-12357	1206	17	(	(	PUNCT
taxlaw-12357	1206	18	so	so	ADV
taxlaw-12357	1206	19	this	this	DET
taxlaw-12357	1206	20	option	option	NOUN
taxlaw-12357	1206	21	is	be	AUX
taxlaw-12357	1206	22	1	1	NUM
taxlaw-12357	1206	23	%	%	NOUN
taxlaw-12357	1206	24	in	in	ADP
taxlaw-12357	1206	25	-	-	PUNCT
taxlaw-12357	1206	26	the	the	DET
taxlaw-12357	1206	27	-	-	PUNCT
taxlaw-12357	1206	28	money	money	NOUN
taxlaw-12357	1206	29	)	)	PUNCT
taxlaw-12357	1206	30	.	.	PUNCT
taxlaw-12357	1207	1	in	in	ADP
taxlaw-12357	1207	2	contrast	contrast	NOUN
taxlaw-12357	1207	3	,	,	PUNCT
taxlaw-12357	1207	4	when	when	SCONJ
taxlaw-12357	1207	5	an	an	DET
taxlaw-12357	1207	6	option	option	NOUN
taxlaw-12357	1207	7	entitles	entitle	VERB
taxlaw-12357	1207	8	the	the	DET
taxlaw-12357	1207	9	holder	holder	NOUN
taxlaw-12357	1207	10	to	to	PART
taxlaw-12357	1207	11	pay	pay	VERB
taxlaw-12357	1207	12	$	$	SYM
taxlaw-12357	1207	13	70	70	NUM
taxlaw-12357	1207	14	,	,	PUNCT
taxlaw-12357	1207	15	underlying	underlie	VERB
taxlaw-12357	1207	16	’s	’s	PART
taxlaw-12357	1207	17	price	price	NOUN
taxlaw-12357	1207	18	has	have	VERB
taxlaw-12357	1207	19	to	to	PART
taxlaw-12357	1207	20	fall	fall	VERB
taxlaw-12357	1207	21	by	by	ADP
taxlaw-12357	1207	22	$	$	SYM
taxlaw-12357	1207	23	30	30	NUM
taxlaw-12357	1207	24	or	or	CCONJ
taxlaw-12357	1207	25	30	30	NUM
taxlaw-12357	1207	26	%	%	NOUN
taxlaw-12357	1207	27	(	(	PUNCT
taxlaw-12357	1207	28	so	so	ADV
taxlaw-12357	1207	29	this	this	DET
taxlaw-12357	1207	30	option	option	NOUN
taxlaw-12357	1207	31	is	be	AUX
taxlaw-12357	1207	32	30	30	NUM
taxlaw-12357	1207	33	%	%	NOUN
taxlaw-12357	1207	34	in	in	ADP
taxlaw-12357	1207	35	-	-	PUNCT
taxlaw-12357	1207	36	the	the	DET
taxlaw-12357	1207	37	-	-	PUNCT
taxlaw-12357	1207	38	money	money	NOUN
taxlaw-12357	1207	39	)	)	PUNCT
taxlaw-12357	1207	40	.	.	PUNCT
taxlaw-12357	1208	1	as	as	ADP
taxlaw-12357	1208	2	this	this	DET
taxlaw-12357	1208	3	percentage	percentage	NOUN
taxlaw-12357	1208	4	increases	increase	NOUN
taxlaw-12357	1208	5	,	,	PUNCT
taxlaw-12357	1208	6	the	the	DET
taxlaw-12357	1208	7	option	option	NOUN
taxlaw-12357	1208	8	becomes	become	VERB
taxlaw-12357	1208	9	a	a	DET
taxlaw-12357	1208	10	closer	close	ADJ
taxlaw-12357	1208	11	substitute	substitute	NOUN
taxlaw-12357	1208	12	for	for	ADP
taxlaw-12357	1208	13	underlying	underlie	VERB
taxlaw-12357	1208	14	;	;	PUNCT
taxlaw-12357	1208	15	like	like	ADP
taxlaw-12357	1208	16	underlying	underlie	VERB
taxlaw-12357	1208	17	,	,	PUNCT
taxlaw-12357	1208	18	it	it	PRON
taxlaw-12357	1208	19	exposes	expose	VERB
taxlaw-12357	1208	20	the	the	DET
taxlaw-12357	1208	21	holder	holder	NOUN
taxlaw-12357	1208	22	to	to	ADP
taxlaw-12357	1208	23	more	more	ADJ
taxlaw-12357	1208	24	price	price	NOUN
taxlaw-12357	1208	25	changes	change	NOUN
taxlaw-12357	1208	26	near	near	ADP
taxlaw-12357	1208	27	the	the	DET
taxlaw-12357	1208	28	current	current	ADJ
taxlaw-12357	1208	29	price	price	NOUN
taxlaw-12357	1208	30	.	.	PUNCT
taxlaw-12357	1209	1	to	to	PART
taxlaw-12357	1209	2	implement	implement	VERB
taxlaw-12357	1209	3	this	this	DET
taxlaw-12357	1209	4	new	new	ADJ
taxlaw-12357	1209	5	variation	variation	NOUN
taxlaw-12357	1209	6	of	of	ADP
taxlaw-12357	1209	7	the	the	DET
taxlaw-12357	1209	8	spread	spread	ADJ
taxlaw-12357	1209	9	test	test	NOUN
taxlaw-12357	1209	10	,	,	PUNCT
taxlaw-12357	1209	11	policymakers	policymaker	NOUN
taxlaw-12357	1209	12	can	can	AUX
taxlaw-12357	1209	13	pick	pick	VERB
taxlaw-12357	1209	14	a	a	DET
taxlaw-12357	1209	15	percentage	percentage	NOUN
taxlaw-12357	1209	16	that	that	PRON
taxlaw-12357	1209	17	triggers	trigger	VERB
taxlaw-12357	1209	18	section	section	NOUN
taxlaw-12357	1209	19	1260	1260	NUM
taxlaw-12357	1209	20	(	(	PUNCT
taxlaw-12357	1209	21	e.g.	e.g.	ADV
taxlaw-12357	1209	22	,	,	PUNCT
taxlaw-12357	1209	23	25	25	NUM
taxlaw-12357	1209	24	%	%	NOUN
taxlaw-12357	1209	25	)	)	PUNCT
taxlaw-12357	1209	26	.	.	PUNCT
taxlaw-12357	1210	1	e.	e.	PROPN
taxlaw-12357	1210	2	other	other	ADJ
taxlaw-12357	1210	3	limitations	limitation	NOUN
taxlaw-12357	1210	4	of	of	ADP
taxlaw-12357	1210	5	the	the	DET
taxlaw-12357	1210	6	spread	spread	ADJ
taxlaw-12357	1210	7	test	test	NOUN
taxlaw-12357	1210	8	:	:	PUNCT
taxlaw-12357	1210	9	volatility	volatility	NOUN
taxlaw-12357	1210	10	and	and	CCONJ
taxlaw-12357	1210	11	term	term	NOUN
taxlaw-12357	1210	12	but	but	CCONJ
taxlaw-12357	1210	13	even	even	ADV
taxlaw-12357	1210	14	with	with	ADP
taxlaw-12357	1210	15	this	this	DET
taxlaw-12357	1210	16	adjustment	adjustment	NOUN
taxlaw-12357	1210	17	,	,	PUNCT
taxlaw-12357	1210	18	the	the	DET
taxlaw-12357	1210	19	spread	spread	ADJ
taxlaw-12357	1210	20	test	test	NOUN
taxlaw-12357	1210	21	is	be	AUX
taxlaw-12357	1210	22	still	still	ADV
taxlaw-12357	1210	23	a	a	DET
taxlaw-12357	1210	24	very	very	ADV
taxlaw-12357	1210	25	blunt	blunt	ADJ
taxlaw-12357	1210	26	instrument	instrument	NOUN
taxlaw-12357	1210	27	.	.	PUNCT
taxlaw-12357	1211	1	the	the	DET
taxlaw-12357	1211	2	problem	problem	NOUN
taxlaw-12357	1211	3	is	be	AUX
taxlaw-12357	1211	4	that	that	SCONJ
taxlaw-12357	1211	5	all	all	PRON
taxlaw-12357	1211	6	spreads	spread	VERB
taxlaw-12357	1211	7	with	with	ADP
taxlaw-12357	1211	8	a	a	DET
taxlaw-12357	1211	9	specified	specify	VERB
taxlaw-12357	1211	10	size	size	NOUN
taxlaw-12357	1211	11	are	be	AUX
taxlaw-12357	1211	12	not	not	PART
taxlaw-12357	1211	13	created	create	VERB
taxlaw-12357	1211	14	equal	equal	ADJ
taxlaw-12357	1211	15	.	.	PUNCT
taxlaw-12357	1212	1	giving	give	VERB
taxlaw-12357	1212	2	up	up	ADP
taxlaw-12357	1212	3	exposure	exposure	NOUN
taxlaw-12357	1212	4	to	to	ADP
taxlaw-12357	1212	5	a	a	DET
taxlaw-12357	1212	6	range	range	NOUN
taxlaw-12357	1212	7	of	of	ADP
taxlaw-12357	1212	8	prices	price	NOUN
taxlaw-12357	1212	9	matters	matter	VERB
taxlaw-12357	1212	10	more	more	ADV
taxlaw-12357	1212	11	when	when	SCONJ
taxlaw-12357	1212	12	the	the	DET
taxlaw-12357	1212	13	investment	investment	NOUN
taxlaw-12357	1212	14	is	be	AUX
taxlaw-12357	1212	15	likely	likely	ADJ
taxlaw-12357	1212	16	to	to	PART
taxlaw-12357	1212	17	trade	trade	VERB
taxlaw-12357	1212	18	only	only	ADV
taxlaw-12357	1212	19	within	within	ADP
taxlaw-12357	1212	20	this	this	DET
taxlaw-12357	1212	21	range	range	NOUN
taxlaw-12357	1212	22	.	.	PUNCT
taxlaw-12357	1213	1	with	with	ADP
taxlaw-12357	1213	2	a	a	DET
taxlaw-12357	1213	3	very	very	ADV
taxlaw-12357	1213	4	stable	stable	ADJ
taxlaw-12357	1213	5	investment	investment	NOUN
taxlaw-12357	1213	6	,	,	PUNCT
taxlaw-12357	1213	7	for	for	ADP
taxlaw-12357	1213	8	instance	instance	NOUN
taxlaw-12357	1213	9	,	,	PUNCT
taxlaw-12357	1213	10	giving	give	VERB
taxlaw-12357	1213	11	up	up	ADP
taxlaw-12357	1213	12	the	the	DET
taxlaw-12357	1213	13	first	first	ADJ
taxlaw-12357	1213	14	20	20	NUM
taxlaw-12357	1213	15	%	%	NOUN
taxlaw-12357	1213	16	of	of	ADP
taxlaw-12357	1213	17	appreciation	appreciation	NOUN
taxlaw-12357	1213	18	may	may	AUX
taxlaw-12357	1213	19	mean	mean	VERB
taxlaw-12357	1213	20	,	,	PUNCT
taxlaw-12357	1213	21	in	in	ADP
taxlaw-12357	1213	22	effect	effect	NOUN
taxlaw-12357	1213	23	,	,	PUNCT
taxlaw-12357	1213	24	giving	give	VERB
taxlaw-12357	1213	25	up	up	ADP
taxlaw-12357	1213	26	all	all	DET
taxlaw-12357	1213	27	the	the	DET
taxlaw-12357	1213	28	appreciation	appreciation	NOUN
taxlaw-12357	1213	29	there	there	PRON
taxlaw-12357	1213	30	is	be	VERB
taxlaw-12357	1213	31	likely	likely	ADJ
taxlaw-12357	1213	32	to	to	PART
taxlaw-12357	1213	33	be	be	AUX
taxlaw-12357	1213	34	.	.	PUNCT
taxlaw-12357	1214	1	in	in	ADP
taxlaw-12357	1214	2	contrast	contrast	NOUN
taxlaw-12357	1214	3	,	,	PUNCT
taxlaw-12357	1214	4	giving	give	VERB
taxlaw-12357	1214	5	up	up	ADP
taxlaw-12357	1214	6	20	20	NUM
taxlaw-12357	1214	7	%	%	NOUN
taxlaw-12357	1214	8	is	be	AUX
taxlaw-12357	1214	9	much	much	ADV
taxlaw-12357	1214	10	less	less	ADV
taxlaw-12357	1214	11	meaningful	meaningful	ADJ
taxlaw-12357	1214	12	with	with	ADP
taxlaw-12357	1214	13	a	a	DET
taxlaw-12357	1214	14	very	very	ADV
taxlaw-12357	1214	15	risky	risky	ADJ
taxlaw-12357	1214	16	investment	investment	NOUN
taxlaw-12357	1214	17	,	,	PUNCT
taxlaw-12357	1214	18	whose	whose	DET
taxlaw-12357	1214	19	price	price	NOUN
taxlaw-12357	1214	20	is	be	AUX
taxlaw-12357	1214	21	likely	likely	ADJ
taxlaw-12357	1214	22	either	either	CCONJ
taxlaw-12357	1214	23	to	to	PART
taxlaw-12357	1214	24	double	double	VERB
taxlaw-12357	1214	25	or	or	CCONJ
taxlaw-12357	1214	26	to	to	PART
taxlaw-12357	1214	27	fall	fall	VERB
taxlaw-12357	1214	28	to	to	ADP
taxlaw-12357	1214	29	zero	zero	NUM
taxlaw-12357	1214	30	.	.	PUNCT
taxlaw-12357	1215	1	as	as	SCONJ
taxlaw-12357	1215	2	these	these	DET
taxlaw-12357	1215	3	examples	example	NOUN
taxlaw-12357	1215	4	show	show	VERB
taxlaw-12357	1215	5	,	,	PUNCT
taxlaw-12357	1215	6	the	the	PRON
taxlaw-12357	1215	7	more	more	ADV
taxlaw-12357	1215	8	volatile	volatile	ADJ
taxlaw-12357	1215	9	an	an	DET
taxlaw-12357	1215	10	investment	investment	NOUN
taxlaw-12357	1215	11	is	be	AUX
taxlaw-12357	1215	12	,	,	PUNCT
taxlaw-12357	1215	13	the	the	PRON
taxlaw-12357	1215	14	less	less	ADV
taxlaw-12357	1215	15	significant	significant	ADJ
taxlaw-12357	1215	16	a	a	DET
taxlaw-12357	1215	17	particular	particular	ADJ
taxlaw-12357	1215	18	spread	spread	NOUN
taxlaw-12357	1215	19	becomes	become	VERB
taxlaw-12357	1215	20	.	.	PUNCT
taxlaw-12357	1216	1	the	the	DET
taxlaw-12357	1216	2	same	same	ADJ
taxlaw-12357	1216	3	also	also	ADV
taxlaw-12357	1216	4	can	can	AUX
taxlaw-12357	1216	5	be	be	AUX
taxlaw-12357	1216	6	true	true	ADJ
taxlaw-12357	1216	7	of	of	ADP
taxlaw-12357	1216	8	the	the	DET
taxlaw-12357	1216	9	maturity	maturity	NOUN
taxlaw-12357	1216	10	of	of	ADP
taxlaw-12357	1216	11	the	the	DET
taxlaw-12357	1216	12	derivative	derivative	NOUN
taxlaw-12357	1216	13	.	.	PUNCT
taxlaw-12357	1217	1	regardless	regardless	ADV
taxlaw-12357	1217	2	of	of	ADP
taxlaw-12357	1217	3	the	the	DET
taxlaw-12357	1217	4	underlying	underlie	VERB
taxlaw-12357	1217	5	’s	’s	PART
taxlaw-12357	1217	6	volatility	volatility	NOUN
taxlaw-12357	1217	7	,	,	PUNCT
taxlaw-12357	1217	8	it	it	PRON
taxlaw-12357	1217	9	is	be	AUX
taxlaw-12357	1217	10	more	more	ADV
taxlaw-12357	1217	11	likely	likely	ADJ
taxlaw-12357	1217	12	to	to	PART
taxlaw-12357	1217	13	trade	trade	VERB
taxlaw-12357	1217	14	outside	outside	ADP
taxlaw-12357	1217	15	the	the	DET
taxlaw-12357	1217	16	spread	spread	NOUN
taxlaw-12357	1217	17	if	if	SCONJ
taxlaw-12357	1217	18	the	the	DET
taxlaw-12357	1217	19	contract	contract	NOUN
taxlaw-12357	1217	20	lasts	last	VERB
taxlaw-12357	1217	21	for	for	ADP
taxlaw-12357	1217	22	10	10	NUM
taxlaw-12357	1217	23	years	year	NOUN
taxlaw-12357	1217	24	,	,	PUNCT
taxlaw-12357	1217	25	instead	instead	ADV
taxlaw-12357	1217	26	of	of	ADP
taxlaw-12357	1217	27	10	10	NUM
taxlaw-12357	1217	28	days.122	days.122	NOUN
taxlaw-12357	1217	29	so	so	ADV
taxlaw-12357	1217	30	unfortunately	unfortunately	ADV
taxlaw-12357	1217	31	,	,	PUNCT
taxlaw-12357	1217	32	the	the	DET
taxlaw-12357	1217	33	nysba	nysba	NOUN
taxlaw-12357	1217	34	’s	’s	PART
taxlaw-12357	1217	35	spread	spread	ADJ
taxlaw-12357	1217	36	test	test	NOUN
taxlaw-12357	1217	37	has	have	VERB
taxlaw-12357	1217	38	several	several	ADJ
taxlaw-12357	1217	39	problems	problem	NOUN
taxlaw-12357	1217	40	.	.	PUNCT
taxlaw-12357	1218	1	in	in	ADP
taxlaw-12357	1218	2	contrast	contrast	NOUN
taxlaw-12357	1218	3	,	,	PUNCT
taxlaw-12357	1218	4	our	our	PRON
taxlaw-12357	1218	5	difference	difference	NOUN
taxlaw-12357	1218	6	-	-	PUNCT
taxlaw-12357	1218	7	value	value	NOUN
taxlaw-12357	1218	8	test	test	NOUN
taxlaw-12357	1218	9	avoids	avoid	VERB
taxlaw-12357	1218	10	these	these	DET
taxlaw-12357	1218	11	deficiencies	deficiency	NOUN
taxlaw-12357	1218	12	.	.	PUNCT
taxlaw-12357	1219	1	our	our	PRON
taxlaw-12357	1219	2	test	test	NOUN
taxlaw-12357	1219	3	works	work	VERB
taxlaw-12357	1219	4	better	well	ADV
taxlaw-12357	1219	5	because	because	SCONJ
taxlaw-12357	1219	6	it	it	PRON
taxlaw-12357	1219	7	focuses	focus	VERB
taxlaw-12357	1219	8	–	–	PUNCT
taxlaw-12357	1219	9	not	not	PART
taxlaw-12357	1219	10	on	on	ADP
taxlaw-12357	1219	11	the	the	DET
taxlaw-12357	1219	12	size	size	NOUN
taxlaw-12357	1219	13	of	of	ADP
taxlaw-12357	1219	14	a	a	DET
taxlaw-12357	1219	15	spread	spread	NOUN
taxlaw-12357	1219	16	–	–	PUNCT
taxlaw-12357	1219	17	but	but	CCONJ
taxlaw-12357	1219	18	on	on	ADP
taxlaw-12357	1219	19	its	its	PRON
taxlaw-12357	1219	20	value	value	NOUN
taxlaw-12357	1219	21	.	.	PUNCT
taxlaw-12357	1220	1	as	as	ADP
taxlaw-12357	1220	2	a	a	DET
taxlaw-12357	1220	3	result	result	NOUN
taxlaw-12357	1220	4	,	,	PUNCT
taxlaw-12357	1220	5	our	our	PRON
taxlaw-12357	1220	6	test	test	NOUN
taxlaw-12357	1220	7	is	be	AUX
taxlaw-12357	1220	8	able	able	ADJ
taxlaw-12357	1220	9	to	to	PART
taxlaw-12357	1220	10	analyze	analyze	VERB
taxlaw-12357	1220	11	in	in	ADP
taxlaw-12357	1220	12	-	-	PUNCT
taxlaw-12357	1220	13	the	the	DET
taxlaw-12357	1220	14	-	-	PUNCT
taxlaw-12357	1220	15	money	money	NOUN
taxlaw-12357	1220	16	derivatives	derivative	NOUN
taxlaw-12357	1220	17	and	and	CCONJ
taxlaw-12357	1220	18	,	,	PUNCT
taxlaw-12357	1220	19	more	more	ADV
taxlaw-12357	1220	20	generally	generally	ADV
taxlaw-12357	1220	21	,	,	PUNCT
taxlaw-12357	1220	22	to	to	PART
taxlaw-12357	1220	23	account	account	VERB
taxlaw-12357	1220	24	for	for	ADP
taxlaw-12357	1220	25	121	121	NUM
taxlaw-12357	1220	26	the	the	DET
taxlaw-12357	1220	27	holders	holder	NOUN
taxlaw-12357	1220	28	of	of	ADP
taxlaw-12357	1220	29	both	both	DET
taxlaw-12357	1220	30	options	option	NOUN
taxlaw-12357	1220	31	lose	lose	VERB
taxlaw-12357	1220	32	money	money	NOUN
taxlaw-12357	1220	33	as	as	SCONJ
taxlaw-12357	1220	34	the	the	DET
taxlaw-12357	1220	35	price	price	NOUN
taxlaw-12357	1220	36	falls	fall	VERB
taxlaw-12357	1220	37	to	to	ADP
taxlaw-12357	1220	38	$	$	SYM
taxlaw-12357	1220	39	99	99	NUM
taxlaw-12357	1220	40	,	,	PUNCT
taxlaw-12357	1220	41	but	but	CCONJ
taxlaw-12357	1220	42	only	only	ADV
taxlaw-12357	1220	43	the	the	DET
taxlaw-12357	1220	44	holder	holder	NOUN
taxlaw-12357	1220	45	of	of	ADP
taxlaw-12357	1220	46	the	the	DET
taxlaw-12357	1220	47	latter	latter	ADJ
taxlaw-12357	1220	48	option	option	NOUN
taxlaw-12357	1220	49	loses	lose	VERB
taxlaw-12357	1220	50	money	money	NOUN
taxlaw-12357	1220	51	as	as	SCONJ
taxlaw-12357	1220	52	the	the	DET
taxlaw-12357	1220	53	price	price	NOUN
taxlaw-12357	1220	54	falls	fall	VERB
taxlaw-12357	1220	55	from	from	ADP
taxlaw-12357	1220	56	$	$	SYM
taxlaw-12357	1220	57	99	99	NUM
taxlaw-12357	1220	58	to	to	PART
taxlaw-12357	1220	59	$	$	SYM
taxlaw-12357	1220	60	70	70	NUM
taxlaw-12357	1220	61	.	.	PUNCT
taxlaw-12357	1221	1	once	once	SCONJ
taxlaw-12357	1221	2	the	the	DET
taxlaw-12357	1221	3	price	price	NOUN
taxlaw-12357	1221	4	falls	fall	VERB
taxlaw-12357	1221	5	below	below	ADP
taxlaw-12357	1221	6	$	$	SYM
taxlaw-12357	1221	7	99	99	NUM
taxlaw-12357	1221	8	(	(	PUNCT
taxlaw-12357	1221	9	e.g.	e.g.	ADV
taxlaw-12357	1221	10	,	,	PUNCT
taxlaw-12357	1221	11	to	to	ADP
taxlaw-12357	1221	12	$	$	SYM
taxlaw-12357	1221	13	90	90	NUM
taxlaw-12357	1221	14	)	)	PUNCT
taxlaw-12357	1221	15	,	,	PUNCT
taxlaw-12357	1221	16	there	there	PRON
taxlaw-12357	1221	17	’s	’	VERB
taxlaw-12357	1221	18	no	no	ADV
taxlaw-12357	1221	19	longer	long	ADV
taxlaw-12357	1221	20	a	a	DET
taxlaw-12357	1221	21	benefit	benefit	NOUN
taxlaw-12357	1221	22	to	to	ADP
taxlaw-12357	1221	23	using	use	VERB
taxlaw-12357	1221	24	an	an	DET
taxlaw-12357	1221	25	option	option	NOUN
taxlaw-12357	1221	26	to	to	PART
taxlaw-12357	1221	27	pay	pay	VERB
taxlaw-12357	1221	28	$	$	SYM
taxlaw-12357	1221	29	99	99	NUM
taxlaw-12357	1221	30	.	.	PUNCT
taxlaw-12357	1222	1	why	why	SCONJ
taxlaw-12357	1222	2	pay	pay	VERB
taxlaw-12357	1222	3	$	$	SYM
taxlaw-12357	1222	4	99	99	NUM
taxlaw-12357	1222	5	for	for	ADP
taxlaw-12357	1222	6	something	something	PRON
taxlaw-12357	1222	7	now	now	ADV
taxlaw-12357	1222	8	worth	worth	ADJ
taxlaw-12357	1222	9	$	$	SYM
taxlaw-12357	1222	10	90	90	NUM
taxlaw-12357	1222	11	?	?	PUNCT
taxlaw-12357	1223	1	in	in	ADP
taxlaw-12357	1223	2	contrast	contrast	NOUN
taxlaw-12357	1223	3	,	,	PUNCT
taxlaw-12357	1223	4	there	there	PRON
taxlaw-12357	1223	5	is	be	VERB
taxlaw-12357	1223	6	still	still	ADV
taxlaw-12357	1223	7	a	a	DET
taxlaw-12357	1223	8	benefit	benefit	NOUN
taxlaw-12357	1223	9	to	to	ADP
taxlaw-12357	1223	10	using	use	VERB
taxlaw-12357	1223	11	the	the	DET
taxlaw-12357	1223	12	option	option	NOUN
taxlaw-12357	1223	13	to	to	PART
taxlaw-12357	1223	14	pay	pay	VERB
taxlaw-12357	1223	15	$	$	SYM
taxlaw-12357	1223	16	70	70	NUM
taxlaw-12357	1223	17	.	.	PUNCT
taxlaw-12357	1224	1	as	as	ADP
taxlaw-12357	1224	2	a	a	DET
taxlaw-12357	1224	3	result	result	NOUN
taxlaw-12357	1224	4	,	,	PUNCT
taxlaw-12357	1224	5	a	a	DET
taxlaw-12357	1224	6	price	price	NOUN
taxlaw-12357	1224	7	decline	decline	NOUN
taxlaw-12357	1224	8	from	from	ADP
taxlaw-12357	1224	9	$	$	SYM
taxlaw-12357	1224	10	99	99	NUM
taxlaw-12357	1224	11	to	to	PART
taxlaw-12357	1224	12	$	$	SYM
taxlaw-12357	1224	13	70	70	NUM
taxlaw-12357	1224	14	affects	affect	VERB
taxlaw-12357	1224	15	the	the	DET
taxlaw-12357	1224	16	return	return	NOUN
taxlaw-12357	1224	17	on	on	ADP
taxlaw-12357	1224	18	an	an	DET
taxlaw-12357	1224	19	option	option	NOUN
taxlaw-12357	1224	20	to	to	PART
taxlaw-12357	1224	21	pay	pay	VERB
taxlaw-12357	1224	22	$	$	SYM
taxlaw-12357	1224	23	70	70	NUM
taxlaw-12357	1224	24	,	,	PUNCT
taxlaw-12357	1224	25	but	but	CCONJ
taxlaw-12357	1224	26	not	not	PART
taxlaw-12357	1224	27	on	on	ADP
taxlaw-12357	1224	28	an	an	DET
taxlaw-12357	1224	29	option	option	NOUN
taxlaw-12357	1224	30	to	to	PART
taxlaw-12357	1224	31	pay	pay	VERB
taxlaw-12357	1224	32	$	$	SYM
taxlaw-12357	1224	33	99	99	NUM
taxlaw-12357	1224	34	.	.	PUNCT
taxlaw-12357	1224	35	122	122	NUM
taxlaw-12357	1225	1	the	the	DET
taxlaw-12357	1225	2	risk	risk	NOUN
taxlaw-12357	1225	3	-	-	PUNCT
taxlaw-12357	1225	4	free	free	ADJ
taxlaw-12357	1225	5	rate	rate	NOUN
taxlaw-12357	1225	6	of	of	ADP
taxlaw-12357	1225	7	return	return	NOUN
taxlaw-12357	1225	8	is	be	AUX
taxlaw-12357	1225	9	relevant	relevant	ADJ
taxlaw-12357	1225	10	as	as	ADV
taxlaw-12357	1225	11	well	well	ADV
taxlaw-12357	1225	12	.	.	PUNCT
taxlaw-12357	1226	1	columbia	columbia	PROPN
taxlaw-12357	1226	2	journal	journal	PROPN
taxlaw-12357	1226	3	of	of	ADP
taxlaw-12357	1226	4	tax	tax	NOUN
taxlaw-12357	1226	5	law	law	NOUN
taxlaw-12357	1227	1	[	[	X
taxlaw-12357	1227	2	vol	vol	NOUN
taxlaw-12357	1227	3	15:1	15:1	NUM
taxlaw-12357	1227	4	44	44	NUM
taxlaw-12357	1227	5	volatility	volatility	NOUN
taxlaw-12357	1227	6	and	and	CCONJ
taxlaw-12357	1227	7	duration	duration	NOUN
taxlaw-12357	1227	8	.	.	PUNCT
taxlaw-12357	1228	1	admittedly	admittedly	ADV
taxlaw-12357	1228	2	,	,	PUNCT
taxlaw-12357	1228	3	our	our	PRON
taxlaw-12357	1228	4	difference	difference	NOUN
taxlaw-12357	1228	5	-	-	PUNCT
taxlaw-12357	1228	6	value	value	NOUN
taxlaw-12357	1228	7	test	test	NOUN
taxlaw-12357	1228	8	is	be	AUX
taxlaw-12357	1228	9	harder	hard	ADJ
taxlaw-12357	1228	10	to	to	PART
taxlaw-12357	1228	11	administer	administer	VERB
taxlaw-12357	1228	12	,	,	PUNCT
taxlaw-12357	1228	13	but	but	CCONJ
taxlaw-12357	1228	14	it	it	PRON
taxlaw-12357	1228	15	avoids	avoid	VERB
taxlaw-12357	1228	16	the	the	DET
taxlaw-12357	1228	17	spread	spread	ADJ
taxlaw-12357	1228	18	test	test	NOUN
taxlaw-12357	1228	19	’s	’s	PART
taxlaw-12357	1228	20	limitations	limitation	NOUN
taxlaw-12357	1228	21	.	.	PUNCT
taxlaw-12357	1229	1	2	2	X
taxlaw-12357	1229	2	.	.	X
taxlaw-12357	1229	3	delta	delta	NOUN
taxlaw-12357	1229	4	test	test	NOUN
taxlaw-12357	1229	5	:	:	PUNCT
taxlaw-12357	1229	6	basic	basic	ADJ
taxlaw-12357	1229	7	case	case	NOUN
taxlaw-12357	1229	8	our	our	PRON
taxlaw-12357	1229	9	test	test	NOUN
taxlaw-12357	1229	10	also	also	ADV
taxlaw-12357	1229	11	is	be	AUX
taxlaw-12357	1229	12	better	well	ADJ
taxlaw-12357	1229	13	than	than	ADP
taxlaw-12357	1229	14	another	another	DET
taxlaw-12357	1229	15	alternative	alternative	NOUN
taxlaw-12357	1229	16	,	,	PUNCT
taxlaw-12357	1229	17	the	the	DET
taxlaw-12357	1229	18	“	"	PUNCT
taxlaw-12357	1229	19	delta	delta	NOUN
taxlaw-12357	1229	20	test	test	NOUN
taxlaw-12357	1229	21	,	,	PUNCT
taxlaw-12357	1229	22	”	"	PUNCT
taxlaw-12357	1229	23	which	which	PRON
taxlaw-12357	1229	24	the	the	DET
taxlaw-12357	1229	25	nysba	nysba	NOUN
taxlaw-12357	1229	26	and	and	CCONJ
taxlaw-12357	1229	27	other	other	ADJ
taxlaw-12357	1229	28	commentators123	commentators123	PROPN
taxlaw-12357	1229	29	have	have	AUX
taxlaw-12357	1229	30	proposed	propose	VERB
taxlaw-12357	1229	31	and	and	CCONJ
taxlaw-12357	1229	32	the	the	DET
taxlaw-12357	1229	33	government	government	NOUN
taxlaw-12357	1229	34	has	have	AUX
taxlaw-12357	1229	35	tried	try	VERB
taxlaw-12357	1229	36	to	to	PART
taxlaw-12357	1229	37	implement.124	implement.124	VERB
taxlaw-12357	1229	38	like	like	ADP
taxlaw-12357	1229	39	our	our	PRON
taxlaw-12357	1229	40	approach	approach	NOUN
taxlaw-12357	1229	41	,	,	PUNCT
taxlaw-12357	1229	42	the	the	DET
taxlaw-12357	1229	43	delta	delta	NOUN
taxlaw-12357	1229	44	test	test	NOUN
taxlaw-12357	1229	45	is	be	AUX
taxlaw-12357	1229	46	harder	hard	ADJ
taxlaw-12357	1229	47	to	to	PART
taxlaw-12357	1229	48	administer	administer	VERB
taxlaw-12357	1229	49	than	than	ADP
taxlaw-12357	1229	50	the	the	DET
taxlaw-12357	1229	51	spread	spread	ADJ
taxlaw-12357	1229	52	test	test	NOUN
taxlaw-12357	1229	53	,	,	PUNCT
taxlaw-12357	1229	54	and	and	CCONJ
taxlaw-12357	1229	55	is	be	AUX
taxlaw-12357	1229	56	supposed	suppose	VERB
taxlaw-12357	1229	57	to	to	PART
taxlaw-12357	1229	58	avoid	avoid	VERB
taxlaw-12357	1229	59	its	its	PRON
taxlaw-12357	1229	60	limitations	limitation	NOUN
taxlaw-12357	1229	61	.	.	PUNCT
taxlaw-12357	1230	1	but	but	CCONJ
taxlaw-12357	1230	2	unlike	unlike	ADP
taxlaw-12357	1230	3	our	our	PRON
taxlaw-12357	1230	4	approach	approach	NOUN
taxlaw-12357	1230	5	,	,	PUNCT
taxlaw-12357	1230	6	the	the	DET
taxlaw-12357	1230	7	delta	delta	NOUN
taxlaw-12357	1230	8	test	test	NOUN
taxlaw-12357	1230	9	is	be	AUX
taxlaw-12357	1230	10	easy	easy	ADJ
taxlaw-12357	1230	11	to	to	PART
taxlaw-12357	1230	12	manipulate	manipulate	VERB
taxlaw-12357	1230	13	.	.	PUNCT
taxlaw-12357	1231	1	this	this	DET
taxlaw-12357	1231	2	subsection	subsection	NOUN
taxlaw-12357	1231	3	shows	show	VERB
taxlaw-12357	1231	4	the	the	DET
taxlaw-12357	1231	5	delta	delta	PROPN
taxlaw-12357	1231	6	test	test	NOUN
taxlaw-12357	1231	7	’s	’s	PART
taxlaw-12357	1231	8	advantages	advantage	NOUN
taxlaw-12357	1231	9	,	,	PUNCT
taxlaw-12357	1231	10	while	while	SCONJ
taxlaw-12357	1231	11	the	the	DET
taxlaw-12357	1231	12	next	next	ADJ
taxlaw-12357	1231	13	shows	show	VERB
taxlaw-12357	1231	14	how	how	SCONJ
taxlaw-12357	1231	15	to	to	PART
taxlaw-12357	1231	16	confound	confound	VERB
taxlaw-12357	1231	17	it	it	PRON
taxlaw-12357	1231	18	.	.	PUNCT
taxlaw-12357	1232	1	“	"	PUNCT
taxlaw-12357	1232	2	delta	delta	NOUN
taxlaw-12357	1232	3	”	"	PUNCT
taxlaw-12357	1232	4	is	be	AUX
taxlaw-12357	1232	5	a	a	DET
taxlaw-12357	1232	6	concept	concept	NOUN
taxlaw-12357	1232	7	in	in	ADP
taxlaw-12357	1232	8	finance	finance	NOUN
taxlaw-12357	1232	9	,	,	PUNCT
taxlaw-12357	1232	10	which	which	PRON
taxlaw-12357	1232	11	measures	measure	VERB
taxlaw-12357	1232	12	how	how	SCONJ
taxlaw-12357	1232	13	much	much	ADJ
taxlaw-12357	1232	14	the	the	DET
taxlaw-12357	1232	15	value	value	NOUN
taxlaw-12357	1232	16	of	of	ADP
taxlaw-12357	1232	17	one	one	NUM
taxlaw-12357	1232	18	position	position	NOUN
taxlaw-12357	1232	19	changes	change	NOUN
taxlaw-12357	1232	20	when	when	SCONJ
taxlaw-12357	1232	21	the	the	DET
taxlaw-12357	1232	22	price	price	NOUN
taxlaw-12357	1232	23	of	of	ADP
taxlaw-12357	1232	24	another	another	DET
taxlaw-12357	1232	25	changes	change	NOUN
taxlaw-12357	1232	26	by	by	ADP
taxlaw-12357	1232	27	a	a	DET
taxlaw-12357	1232	28	dollar.125	dollar.125	ADJ
taxlaw-12357	1232	29	a	a	DET
taxlaw-12357	1232	30	delta	delta	NOUN
taxlaw-12357	1232	31	of	of	ADP
taxlaw-12357	1232	32	one	one	NUM
taxlaw-12357	1232	33	means	mean	VERB
taxlaw-12357	1232	34	these	these	DET
taxlaw-12357	1232	35	changes	change	NOUN
taxlaw-12357	1232	36	are	be	AUX
taxlaw-12357	1232	37	dollar	dollar	NOUN
taxlaw-12357	1232	38	-	-	PUNCT
taxlaw-12357	1232	39	for	for	ADP
taxlaw-12357	1232	40	-	-	PUNCT
taxlaw-12357	1232	41	dollar	dollar	NOUN
taxlaw-12357	1232	42	.	.	PUNCT
taxlaw-12357	1233	1	in	in	ADP
taxlaw-12357	1233	2	principle	principle	NOUN
taxlaw-12357	1233	3	,	,	PUNCT
taxlaw-12357	1233	4	section	section	NOUN
taxlaw-12357	1233	5	1260	1260	NUM
taxlaw-12357	1233	6	can	can	AUX
taxlaw-12357	1233	7	use	use	VERB
taxlaw-12357	1233	8	delta	delta	NOUN
taxlaw-12357	1233	9	to	to	PART
taxlaw-12357	1233	10	assess	assess	VERB
taxlaw-12357	1233	11	the	the	DET
taxlaw-12357	1233	12	similarity	similarity	NOUN
taxlaw-12357	1233	13	of	of	ADP
taxlaw-12357	1233	14	a	a	DET
taxlaw-12357	1233	15	hedge	hedge	NOUN
taxlaw-12357	1233	16	fund	fund	NOUN
taxlaw-12357	1233	17	derivative	derivative	NOUN
taxlaw-12357	1233	18	and	and	CCONJ
taxlaw-12357	1233	19	the	the	DET
taxlaw-12357	1233	20	underlying	underlying	ADJ
taxlaw-12357	1233	21	fund	fund	NOUN
taxlaw-12357	1233	22	interest	interest	NOUN
taxlaw-12357	1233	23	.	.	PUNCT
taxlaw-12357	1234	1	when	when	SCONJ
taxlaw-12357	1234	2	a	a	DET
taxlaw-12357	1234	3	taxpayer	taxpayer	NOUN
taxlaw-12357	1234	4	enters	enter	VERB
taxlaw-12357	1234	5	into	into	ADP
taxlaw-12357	1234	6	this	this	DET
taxlaw-12357	1234	7	derivative	derivative	NOUN
taxlaw-12357	1234	8	,	,	PUNCT
taxlaw-12357	1234	9	what	what	PRON
taxlaw-12357	1234	10	is	be	AUX
taxlaw-12357	1234	11	its	its	PRON
taxlaw-12357	1234	12	delta	delta	NOUN
taxlaw-12357	1234	13	with	with	ADP
taxlaw-12357	1234	14	underlying	underlie	VERB
taxlaw-12357	1234	15	?	?	PUNCT
taxlaw-12357	1235	1	is	be	AUX
taxlaw-12357	1235	2	it	it	PRON
taxlaw-12357	1235	3	close	close	ADJ
taxlaw-12357	1235	4	enough	enough	ADV
taxlaw-12357	1235	5	to	to	ADP
taxlaw-12357	1235	6	one	one	NUM
taxlaw-12357	1235	7	to	to	PART
taxlaw-12357	1235	8	count	count	VERB
taxlaw-12357	1235	9	as	as	ADP
taxlaw-12357	1235	10	constructive	constructive	ADJ
taxlaw-12357	1235	11	ownership	ownership	NOUN
taxlaw-12357	1235	12	?	?	PUNCT
taxlaw-12357	1236	1	to	to	PART
taxlaw-12357	1236	2	illustrate	illustrate	VERB
taxlaw-12357	1236	3	this	this	DET
taxlaw-12357	1236	4	test	test	NOUN
taxlaw-12357	1236	5	,	,	PUNCT
taxlaw-12357	1236	6	let	let	VERB
taxlaw-12357	1236	7	’s	’s	PRON
taxlaw-12357	1236	8	return	return	VERB
taxlaw-12357	1236	9	to	to	ADP
taxlaw-12357	1236	10	our	our	PRON
taxlaw-12357	1236	11	recurring	recur	VERB
taxlaw-12357	1236	12	example	example	NOUN
taxlaw-12357	1236	13	of	of	ADP
taxlaw-12357	1236	14	a	a	DET
taxlaw-12357	1236	15	call	call	NOUN
taxlaw-12357	1236	16	option	option	NOUN
taxlaw-12357	1236	17	to	to	PART
taxlaw-12357	1236	18	buy	buy	VERB
taxlaw-12357	1236	19	underlying	underlie	VERB
taxlaw-12357	1236	20	for	for	ADP
taxlaw-12357	1236	21	$	$	SYM
taxlaw-12357	1236	22	70	70	NUM
taxlaw-12357	1236	23	.	.	PUNCT
taxlaw-12357	1237	1	when	when	SCONJ
taxlaw-12357	1237	2	underlying	underlying	ADJ
taxlaw-12357	1237	3	is	be	AUX
taxlaw-12357	1237	4	worth	worth	ADJ
taxlaw-12357	1237	5	$	$	SYM
taxlaw-12357	1237	6	100	100	NUM
taxlaw-12357	1237	7	,	,	PUNCT
taxlaw-12357	1237	8	this	this	DET
taxlaw-12357	1237	9	in	in	ADP
taxlaw-12357	1237	10	-	-	PUNCT
taxlaw-12357	1237	11	the	the	DET
taxlaw-12357	1237	12	-	-	PUNCT
taxlaw-12357	1237	13	money	money	NOUN
taxlaw-12357	1237	14	option	option	NOUN
taxlaw-12357	1237	15	is	be	AUX
taxlaw-12357	1237	16	worth	worth	ADJ
taxlaw-12357	1237	17	$	$	SYM
taxlaw-12357	1237	18	46.79	46.79	NUM
taxlaw-12357	1237	19	(	(	PUNCT
taxlaw-12357	1237	20	assuming	assume	VERB
taxlaw-12357	1237	21	underlying	underlie	VERB
taxlaw-12357	1237	22	’s	’s	PART
taxlaw-12357	1237	23	volatility	volatility	NOUN
taxlaw-12357	1237	24	is	be	AUX
taxlaw-12357	1237	25	20%).126	20%).126	NUM
taxlaw-12357	1237	26	what	what	PRON
taxlaw-12357	1237	27	happens	happen	VERB
taxlaw-12357	1237	28	when	when	SCONJ
taxlaw-12357	1237	29	the	the	DET
taxlaw-12357	1237	30	stock	stock	NOUN
taxlaw-12357	1237	31	price	price	NOUN
taxlaw-12357	1237	32	increases	increase	NOUN
taxlaw-12357	1237	33	by	by	ADP
taxlaw-12357	1237	34	$	$	SYM
taxlaw-12357	1237	35	1	1	NUM
taxlaw-12357	1237	36	to	to	PART
taxlaw-12357	1237	37	$	$	SYM
taxlaw-12357	1237	38	101	101	NUM
taxlaw-12357	1237	39	?	?	PUNCT
taxlaw-12357	1238	1	the	the	DET
taxlaw-12357	1238	2	value	value	NOUN
taxlaw-12357	1238	3	of	of	ADP
taxlaw-12357	1238	4	the	the	DET
taxlaw-12357	1238	5	call	call	NOUN
taxlaw-12357	1238	6	option	option	NOUN
taxlaw-12357	1238	7	increases	increase	NOUN
taxlaw-12357	1238	8	by	by	ADP
taxlaw-12357	1238	9	95	95	NUM
taxlaw-12357	1238	10	cents	cent	NOUN
taxlaw-12357	1238	11	to	to	ADP
taxlaw-12357	1238	12	$	$	SYM
taxlaw-12357	1238	13	47.74	47.74	NUM
taxlaw-12357	1238	14	.	.	PUNCT
taxlaw-12357	1239	1	in	in	ADP
taxlaw-12357	1239	2	other	other	ADJ
taxlaw-12357	1239	3	words	word	NOUN
taxlaw-12357	1239	4	,	,	PUNCT
taxlaw-12357	1239	5	the	the	DET
taxlaw-12357	1239	6	delta	delta	NOUN
taxlaw-12357	1239	7	is	be	AUX
taxlaw-12357	1239	8	0.95	0.95	NUM
taxlaw-12357	1239	9	(	(	PUNCT
taxlaw-12357	1239	10	i.e.	i.e.	X
taxlaw-12357	1239	11	,	,	PUNCT
taxlaw-12357	1239	12	0.95/1.00).127	0.95/1.00).127	NOUN
taxlaw-12357	1239	13	notably	notably	ADV
taxlaw-12357	1239	14	,	,	PUNCT
taxlaw-12357	1239	15	the	the	DET
taxlaw-12357	1239	16	value	value	NOUN
taxlaw-12357	1239	17	of	of	ADP
taxlaw-12357	1239	18	delta	delta	NOUN
taxlaw-12357	1239	19	keeps	keep	VERB
taxlaw-12357	1239	20	changing	change	VERB
taxlaw-12357	1239	21	as	as	SCONJ
taxlaw-12357	1239	22	the	the	DET
taxlaw-12357	1239	23	price	price	NOUN
taxlaw-12357	1239	24	changes.128	changes.128	NOUN
taxlaw-12357	1239	25	how	how	SCONJ
taxlaw-12357	1239	26	close	close	ADJ
taxlaw-12357	1239	27	to	to	ADP
taxlaw-12357	1239	28	1.0	1.0	NUM
taxlaw-12357	1239	29	must	must	AUX
taxlaw-12357	1239	30	delta	delta	NOUN
taxlaw-12357	1239	31	be	be	AUX
taxlaw-12357	1239	32	to	to	PART
taxlaw-12357	1239	33	count	count	VERB
taxlaw-12357	1239	34	as	as	ADP
taxlaw-12357	1239	35	constructive	constructive	ADJ
taxlaw-12357	1239	36	ownership	ownership	NOUN
taxlaw-12357	1239	37	?	?	PUNCT
taxlaw-12357	1240	1	to	to	PART
taxlaw-12357	1240	2	answer	answer	VERB
taxlaw-12357	1240	3	this	this	DET
taxlaw-12357	1240	4	question	question	NOUN
taxlaw-12357	1240	5	,	,	PUNCT
taxlaw-12357	1240	6	policymakers	policymaker	NOUN
taxlaw-12357	1240	7	need	need	VERB
taxlaw-12357	1240	8	to	to	PART
taxlaw-12357	1240	9	designate	designate	VERB
taxlaw-12357	1240	10	a	a	DET
taxlaw-12357	1240	11	threshold	threshold	NOUN
taxlaw-12357	1240	12	,	,	PUNCT
taxlaw-12357	1240	13	such	such	ADJ
taxlaw-12357	1240	14	as	as	ADP
taxlaw-12357	1240	15	.90	.90	NUM
taxlaw-12357	1240	16	.	.	PUNCT
taxlaw-12357	1241	1	the	the	PRON
taxlaw-12357	1241	2	lower	low	ADJ
taxlaw-12357	1241	3	the	the	DET
taxlaw-12357	1241	4	threshold	threshold	NOUN
taxlaw-12357	1241	5	,	,	PUNCT
taxlaw-12357	1241	6	the	the	DET
taxlaw-12357	1241	7	more	more	ADJ
taxlaw-12357	1241	8	transactions	transaction	NOUN
taxlaw-12357	1241	9	will	will	AUX
taxlaw-12357	1241	10	be	be	AUX
taxlaw-12357	1241	11	covered	cover	VERB
taxlaw-12357	1241	12	.	.	PUNCT
taxlaw-12357	1242	1	in	in	ADP
taxlaw-12357	1242	2	setting	set	VERB
taxlaw-12357	1242	3	this	this	DET
taxlaw-12357	1242	4	level	level	NOUN
taxlaw-12357	1242	5	,	,	PUNCT
taxlaw-12357	1242	6	policymakers	policymaker	NOUN
taxlaw-12357	1242	7	should	should	AUX
taxlaw-12357	1242	8	consider	consider	VERB
taxlaw-12357	1242	9	the	the	DET
taxlaw-12357	1242	10	equity	equity	NOUN
taxlaw-12357	1242	11	and	and	CCONJ
taxlaw-12357	1242	12	efficiency	efficiency	NOUN
taxlaw-12357	1242	13	implications	implication	NOUN
taxlaw-12357	1242	14	of	of	ADP
taxlaw-12357	1242	15	hedge	hedge	NOUN
taxlaw-12357	1242	16	fund	fund	NOUN
taxlaw-12357	1242	17	derivatives	derivative	NOUN
taxlaw-12357	1242	18	,	,	PUNCT
taxlaw-12357	1242	19	the	the	DET
taxlaw-12357	1242	20	risks	risk	NOUN
taxlaw-12357	1242	21	of	of	ADP
taxlaw-12357	1242	22	an	an	DET
taxlaw-12357	1242	23	overbroad	overbroad	NOUN
taxlaw-12357	1242	24	rule	rule	NOUN
taxlaw-12357	1242	25	,	,	PUNCT
taxlaw-12357	1242	26	and	and	CCONJ
taxlaw-12357	1242	27	other	other	ADJ
taxlaw-12357	1242	28	factors	factor	NOUN
taxlaw-12357	1242	29	that	that	PRON
taxlaw-12357	1242	30	influence	influence	VERB
taxlaw-12357	1242	31	the	the	DET
taxlaw-12357	1242	32	normative	normative	ADJ
taxlaw-12357	1242	33	presumption	presumption	NOUN
taxlaw-12357	1242	34	,	,	PUNCT
taxlaw-12357	1242	35	as	as	SCONJ
taxlaw-12357	1242	36	discussed	discuss	VERB
taxlaw-12357	1242	37	in	in	ADP
taxlaw-12357	1242	38	part	part	NOUN
taxlaw-12357	1242	39	iv	iv	NUM
taxlaw-12357	1242	40	.	.	PUNCT
taxlaw-12357	1242	41	123	123	NUM
taxlaw-12357	1242	42	brennan	brennan	NOUN
taxlaw-12357	1242	43	,	,	PUNCT
taxlaw-12357	1242	44	supra	supra	PROPN
taxlaw-12357	1242	45	note	note	PROPN
taxlaw-12357	1242	46	112	112	NUM
taxlaw-12357	1242	47	;	;	PUNCT
taxlaw-12357	1242	48	nysba	nysba	PROPN
taxlaw-12357	1242	49	,	,	PUNCT
taxlaw-12357	1242	50	rep	rep	PROPN
taxlaw-12357	1242	51	.	.	PROPN
taxlaw-12357	1242	52	#	#	SYM
taxlaw-12357	1242	53	868	868	NUM
taxlaw-12357	1242	54	,	,	PUNCT
taxlaw-12357	1242	55	supra	supra	ADJ
taxlaw-12357	1242	56	note	note	NOUN
taxlaw-12357	1242	57	12	12	NUM
taxlaw-12357	1242	58	,	,	PUNCT
taxlaw-12357	1242	59	at	at	ADP
taxlaw-12357	1242	60	18	18	NUM
taxlaw-12357	1242	61	-	-	SYM
taxlaw-12357	1242	62	22	22	NUM
taxlaw-12357	1242	63	.	.	PUNCT
taxlaw-12357	1243	1	124	124	NUM
taxlaw-12357	1243	2	see	see	VERB
taxlaw-12357	1243	3	treas	treas	PROPN
taxlaw-12357	1243	4	.	.	PUNCT
taxlaw-12357	1244	1	reg	reg	PROPN
taxlaw-12357	1244	2	.	.	PUNCT
taxlaw-12357	1245	1	§	§	PROPN
taxlaw-12357	1245	2	1.871–15	1.871–15	PROPN
taxlaw-12357	1245	3	(	(	PUNCT
taxlaw-12357	1245	4	testing	test	VERB
taxlaw-12357	1245	5	dividend	dividend	NOUN
taxlaw-12357	1245	6	equivalent	equivalent	ADJ
taxlaw-12357	1245	7	payments	payment	NOUN
taxlaw-12357	1245	8	)	)	PUNCT
taxlaw-12357	1245	9	.	.	PUNCT
taxlaw-12357	1246	1	125	125	NUM
taxlaw-12357	1246	2	in	in	ADP
taxlaw-12357	1246	3	other	other	ADJ
taxlaw-12357	1246	4	words	word	NOUN
taxlaw-12357	1246	5	,	,	PUNCT
taxlaw-12357	1246	6	delta	delta	NOUN
taxlaw-12357	1246	7	is	be	AUX
taxlaw-12357	1246	8	the	the	DET
taxlaw-12357	1246	9	ratio	ratio	NOUN
taxlaw-12357	1246	10	of	of	ADP
taxlaw-12357	1246	11	the	the	DET
taxlaw-12357	1246	12	incremental	incremental	ADJ
taxlaw-12357	1246	13	change	change	NOUN
taxlaw-12357	1246	14	in	in	ADP
taxlaw-12357	1246	15	price	price	NOUN
taxlaw-12357	1246	16	of	of	ADP
taxlaw-12357	1246	17	the	the	DET
taxlaw-12357	1246	18	contract	contract	NOUN
taxlaw-12357	1246	19	to	to	ADP
taxlaw-12357	1246	20	a	a	DET
taxlaw-12357	1246	21	corresponding	correspond	VERB
taxlaw-12357	1246	22	incremental	incremental	ADJ
taxlaw-12357	1246	23	change	change	NOUN
taxlaw-12357	1246	24	in	in	ADP
taxlaw-12357	1246	25	the	the	DET
taxlaw-12357	1246	26	underlying	underlie	VERB
taxlaw-12357	1246	27	asset	asset	NOUN
taxlaw-12357	1246	28	price	price	NOUN
taxlaw-12357	1246	29	.	.	PUNCT
taxlaw-12357	1247	1	the	the	DET
taxlaw-12357	1247	2	exact	exact	ADJ
taxlaw-12357	1247	3	value	value	NOUN
taxlaw-12357	1247	4	of	of	ADP
taxlaw-12357	1247	5	delta	delta	NOUN
taxlaw-12357	1247	6	is	be	AUX
taxlaw-12357	1247	7	the	the	DET
taxlaw-12357	1247	8	limit	limit	NOUN
taxlaw-12357	1247	9	of	of	ADP
taxlaw-12357	1247	10	this	this	DET
taxlaw-12357	1247	11	calculation	calculation	NOUN
taxlaw-12357	1247	12	for	for	ADP
taxlaw-12357	1247	13	arbitrarily	arbitrarily	ADV
taxlaw-12357	1247	14	small	small	ADJ
taxlaw-12357	1247	15	changes	change	NOUN
taxlaw-12357	1247	16	in	in	ADP
taxlaw-12357	1247	17	the	the	DET
taxlaw-12357	1247	18	price	price	NOUN
taxlaw-12357	1247	19	of	of	ADP
taxlaw-12357	1247	20	the	the	DET
taxlaw-12357	1247	21	underlying	underlying	NOUN
taxlaw-12357	1247	22	.	.	PUNCT
taxlaw-12357	1248	1	it	it	PRON
taxlaw-12357	1248	2	is	be	AUX
taxlaw-12357	1248	3	thus	thus	ADV
taxlaw-12357	1248	4	the	the	DET
taxlaw-12357	1248	5	derivative	derivative	NOUN
taxlaw-12357	1248	6	,	,	PUNCT
taxlaw-12357	1248	7	in	in	ADP
taxlaw-12357	1248	8	the	the	DET
taxlaw-12357	1248	9	sense	sense	NOUN
taxlaw-12357	1248	10	of	of	ADP
taxlaw-12357	1248	11	calculus	calculus	NOUN
taxlaw-12357	1248	12	,	,	PUNCT
taxlaw-12357	1248	13	of	of	ADP
taxlaw-12357	1248	14	the	the	DET
taxlaw-12357	1248	15	price	price	NOUN
taxlaw-12357	1248	16	of	of	ADP
taxlaw-12357	1248	17	the	the	DET
taxlaw-12357	1248	18	contract	contract	NOUN
taxlaw-12357	1248	19	with	with	ADP
taxlaw-12357	1248	20	respect	respect	NOUN
taxlaw-12357	1248	21	to	to	ADP
taxlaw-12357	1248	22	the	the	DET
taxlaw-12357	1248	23	price	price	NOUN
taxlaw-12357	1248	24	of	of	ADP
taxlaw-12357	1248	25	the	the	DET
taxlaw-12357	1248	26	underlying	underlying	ADJ
taxlaw-12357	1248	27	.	.	PUNCT
taxlaw-12357	1249	1	126	126	NUM
taxlaw-12357	1249	2	we	we	PRON
taxlaw-12357	1249	3	compute	compute	VERB
taxlaw-12357	1249	4	this	this	DET
taxlaw-12357	1249	5	value	value	NOUN
taxlaw-12357	1249	6	using	use	VERB
taxlaw-12357	1249	7	black	black	ADJ
taxlaw-12357	1249	8	scholes	schole	NOUN
taxlaw-12357	1249	9	with	with	ADP
taxlaw-12357	1249	10	a	a	DET
taxlaw-12357	1249	11	5	5	NUM
taxlaw-12357	1249	12	-	-	PUNCT
taxlaw-12357	1249	13	year	year	NOUN
taxlaw-12357	1249	14	term	term	NOUN
taxlaw-12357	1249	15	and	and	CCONJ
taxlaw-12357	1249	16	5	5	NUM
taxlaw-12357	1249	17	%	%	NOUN
taxlaw-12357	1249	18	risk	risk	NOUN
taxlaw-12357	1249	19	-	-	PUNCT
taxlaw-12357	1249	20	free	free	ADJ
taxlaw-12357	1249	21	rate	rate	NOUN
taxlaw-12357	1249	22	.	.	PUNCT
taxlaw-12357	1250	1	note	note	VERB
taxlaw-12357	1250	2	that	that	SCONJ
taxlaw-12357	1250	3	this	this	PRON
taxlaw-12357	1250	4	is	be	AUX
taxlaw-12357	1250	5	only	only	ADV
taxlaw-12357	1250	6	the	the	DET
taxlaw-12357	1250	7	value	value	NOUN
taxlaw-12357	1250	8	of	of	ADP
taxlaw-12357	1250	9	the	the	DET
taxlaw-12357	1250	10	call	call	NOUN
taxlaw-12357	1250	11	option	option	NOUN
taxlaw-12357	1250	12	component	component	NOUN
taxlaw-12357	1250	13	of	of	ADP
taxlaw-12357	1250	14	the	the	DET
taxlaw-12357	1250	15	contract	contract	NOUN
taxlaw-12357	1250	16	and	and	CCONJ
taxlaw-12357	1250	17	does	do	AUX
taxlaw-12357	1250	18	not	not	PART
taxlaw-12357	1250	19	include	include	VERB
taxlaw-12357	1250	20	the	the	DET
taxlaw-12357	1250	21	price	price	NOUN
taxlaw-12357	1250	22	of	of	ADP
taxlaw-12357	1250	23	the	the	DET
taxlaw-12357	1250	24	bond	bond	NOUN
taxlaw-12357	1250	25	that	that	PRON
taxlaw-12357	1250	26	pays	pay	VERB
taxlaw-12357	1250	27	$	$	SYM
taxlaw-12357	1250	28	100	100	NUM
taxlaw-12357	1250	29	at	at	ADP
taxlaw-12357	1250	30	expiration	expiration	NOUN
taxlaw-12357	1250	31	.	.	PUNCT
taxlaw-12357	1251	1	for	for	ADP
taxlaw-12357	1251	2	purposes	purpose	NOUN
taxlaw-12357	1251	3	of	of	ADP
taxlaw-12357	1251	4	computing	compute	VERB
taxlaw-12357	1251	5	delta	delta	NOUN
taxlaw-12357	1251	6	,	,	PUNCT
taxlaw-12357	1251	7	the	the	DET
taxlaw-12357	1251	8	bond	bond	NOUN
taxlaw-12357	1251	9	is	be	AUX
taxlaw-12357	1251	10	irrelevant	irrelevant	ADJ
taxlaw-12357	1251	11	because	because	SCONJ
taxlaw-12357	1251	12	its	its	PRON
taxlaw-12357	1251	13	value	value	NOUN
taxlaw-12357	1251	14	does	do	AUX
taxlaw-12357	1251	15	not	not	PART
taxlaw-12357	1251	16	change	change	VERB
taxlaw-12357	1251	17	with	with	ADP
taxlaw-12357	1251	18	the	the	DET
taxlaw-12357	1251	19	price	price	NOUN
taxlaw-12357	1251	20	of	of	ADP
taxlaw-12357	1251	21	the	the	DET
taxlaw-12357	1251	22	underlying	underlying	NOUN
taxlaw-12357	1251	23	.	.	PUNCT
taxlaw-12357	1252	1	hence	hence	ADV
taxlaw-12357	1252	2	,	,	PUNCT
taxlaw-12357	1252	3	it	it	PRON
taxlaw-12357	1252	4	adds	add	VERB
taxlaw-12357	1252	5	zero	zero	NUM
taxlaw-12357	1252	6	to	to	ADP
taxlaw-12357	1252	7	the	the	DET
taxlaw-12357	1252	8	value	value	NOUN
taxlaw-12357	1252	9	of	of	ADP
taxlaw-12357	1252	10	delta	delta	NOUN
taxlaw-12357	1252	11	.	.	PUNCT
taxlaw-12357	1253	1	127	127	NUM
taxlaw-12357	1253	2	this	this	PRON
taxlaw-12357	1253	3	is	be	AUX
taxlaw-12357	1253	4	a	a	DET
taxlaw-12357	1253	5	rounded	rounded	ADJ
taxlaw-12357	1253	6	approximation	approximation	NOUN
taxlaw-12357	1253	7	,	,	PUNCT
taxlaw-12357	1253	8	with	with	SCONJ
taxlaw-12357	1253	9	each	each	DET
taxlaw-12357	1253	10	call	call	NOUN
taxlaw-12357	1253	11	value	value	NOUN
taxlaw-12357	1253	12	rounded	rounded	ADJ
taxlaw-12357	1253	13	,	,	PUNCT
taxlaw-12357	1253	14	and	and	CCONJ
taxlaw-12357	1253	15	then	then	ADV
taxlaw-12357	1253	16	the	the	DET
taxlaw-12357	1253	17	difference	difference	NOUN
taxlaw-12357	1253	18	of	of	ADP
taxlaw-12357	1253	19	the	the	DET
taxlaw-12357	1253	20	rounded	rounded	ADJ
taxlaw-12357	1253	21	numbers	number	NOUN
taxlaw-12357	1253	22	taken	take	VERB
taxlaw-12357	1253	23	to	to	PART
taxlaw-12357	1253	24	compute	compute	VERB
taxlaw-12357	1253	25	delta	delta	NOUN
taxlaw-12357	1253	26	.	.	PUNCT
taxlaw-12357	1254	1	computation	computation	NOUN
taxlaw-12357	1254	2	without	without	ADP
taxlaw-12357	1254	3	intermediate	intermediate	ADJ
taxlaw-12357	1254	4	rounding	round	VERB
taxlaw-12357	1254	5	would	would	AUX
taxlaw-12357	1254	6	yield	yield	VERB
taxlaw-12357	1254	7	a	a	DET
taxlaw-12357	1254	8	result	result	NOUN
taxlaw-12357	1254	9	of	of	ADP
taxlaw-12357	1254	10	0.9442	0.9442	NUM
taxlaw-12357	1254	11	.	.	PUNCT
taxlaw-12357	1255	1	in	in	ADP
taxlaw-12357	1255	2	addition	addition	NOUN
taxlaw-12357	1255	3	,	,	PUNCT
taxlaw-12357	1255	4	this	this	PRON
taxlaw-12357	1255	5	is	be	AUX
taxlaw-12357	1255	6	a	a	DET
taxlaw-12357	1255	7	discrete	discrete	ADJ
taxlaw-12357	1255	8	approximation	approximation	NOUN
taxlaw-12357	1255	9	to	to	ADP
taxlaw-12357	1255	10	delta	delta	NOUN
taxlaw-12357	1255	11	.	.	PUNCT
taxlaw-12357	1256	1	the	the	DET
taxlaw-12357	1256	2	true	true	ADJ
taxlaw-12357	1256	3	delta	delta	NOUN
taxlaw-12357	1256	4	value	value	NOUN
taxlaw-12357	1256	5	is	be	AUX
taxlaw-12357	1256	6	the	the	DET
taxlaw-12357	1256	7	limit	limit	NOUN
taxlaw-12357	1256	8	of	of	ADP
taxlaw-12357	1256	9	the	the	DET
taxlaw-12357	1256	10	result	result	NOUN
taxlaw-12357	1256	11	of	of	ADP
taxlaw-12357	1256	12	such	such	ADJ
taxlaw-12357	1256	13	computations	computation	NOUN
taxlaw-12357	1256	14	as	as	ADP
taxlaw-12357	1256	15	the	the	DET
taxlaw-12357	1256	16	incremental	incremental	ADJ
taxlaw-12357	1256	17	adjustment	adjustment	NOUN
taxlaw-12357	1256	18	to	to	ADP
taxlaw-12357	1256	19	the	the	DET
taxlaw-12357	1256	20	underlying	underlie	VERB
taxlaw-12357	1256	21	price	price	NOUN
taxlaw-12357	1256	22	tends	tend	VERB
taxlaw-12357	1256	23	to	to	ADP
taxlaw-12357	1256	24	zero	zero	NUM
taxlaw-12357	1256	25	.	.	PUNCT
taxlaw-12357	1257	1	that	that	DET
taxlaw-12357	1257	2	figure	figure	NOUN
taxlaw-12357	1257	3	is	be	AUX
taxlaw-12357	1257	4	0.9430	0.9430	NUM
taxlaw-12357	1257	5	.	.	PUNCT
taxlaw-12357	1258	1	128	128	NUM
taxlaw-12357	1258	2	the	the	DET
taxlaw-12357	1258	3	value	value	NOUN
taxlaw-12357	1258	4	of	of	ADP
taxlaw-12357	1258	5	delta	delta	NOUN
taxlaw-12357	1258	6	may	may	AUX
taxlaw-12357	1258	7	also	also	ADV
taxlaw-12357	1258	8	be	be	AUX
taxlaw-12357	1258	9	interpreted	interpret	VERB
taxlaw-12357	1258	10	as	as	ADP
taxlaw-12357	1258	11	the	the	DET
taxlaw-12357	1258	12	amount	amount	NOUN
taxlaw-12357	1258	13	of	of	ADP
taxlaw-12357	1258	14	asset	asset	NOUN
taxlaw-12357	1258	15	that	that	PRON
taxlaw-12357	1258	16	would	would	AUX
taxlaw-12357	1258	17	be	be	AUX
taxlaw-12357	1258	18	necessary	necessary	ADJ
taxlaw-12357	1258	19	to	to	PART
taxlaw-12357	1258	20	hedge	hedge	VERB
taxlaw-12357	1258	21	exactly	exactly	ADV
taxlaw-12357	1258	22	the	the	DET
taxlaw-12357	1258	23	exposure	exposure	NOUN
taxlaw-12357	1258	24	to	to	ADP
taxlaw-12357	1258	25	the	the	DET
taxlaw-12357	1258	26	asset	asset	NOUN
taxlaw-12357	1258	27	represented	represent	VERB
taxlaw-12357	1258	28	by	by	ADP
taxlaw-12357	1258	29	the	the	DET
taxlaw-12357	1258	30	contract	contract	NOUN
taxlaw-12357	1258	31	.	.	PUNCT
taxlaw-12357	1259	1	this	this	DET
taxlaw-12357	1259	2	hedge	hedge	NOUN
taxlaw-12357	1259	3	is	be	AUX
taxlaw-12357	1259	4	as	as	ADP
taxlaw-12357	1259	5	of	of	ADP
taxlaw-12357	1259	6	the	the	DET
taxlaw-12357	1259	7	time	time	NOUN
taxlaw-12357	1259	8	of	of	ADP
taxlaw-12357	1259	9	entry	entry	NOUN
taxlaw-12357	1259	10	into	into	ADP
taxlaw-12357	1259	11	the	the	DET
taxlaw-12357	1259	12	contract	contract	NOUN
taxlaw-12357	1259	13	.	.	PUNCT
taxlaw-12357	1260	1	in	in	ADP
taxlaw-12357	1260	2	general	general	ADJ
taxlaw-12357	1260	3	,	,	PUNCT
taxlaw-12357	1260	4	the	the	DET
taxlaw-12357	1260	5	amount	amount	NOUN
taxlaw-12357	1260	6	of	of	ADP
taxlaw-12357	1260	7	asset	asset	NOUN
taxlaw-12357	1260	8	needed	need	VERB
taxlaw-12357	1260	9	for	for	ADP
taxlaw-12357	1260	10	a	a	DET
taxlaw-12357	1260	11	hedge	hedge	NOUN
taxlaw-12357	1260	12	,	,	PUNCT
taxlaw-12357	1260	13	and	and	CCONJ
taxlaw-12357	1260	14	hence	hence	ADV
taxlaw-12357	1260	15	the	the	DET
taxlaw-12357	1260	16	value	value	NOUN
taxlaw-12357	1260	17	of	of	ADP
taxlaw-12357	1260	18	delta	delta	NOUN
taxlaw-12357	1260	19	,	,	PUNCT
taxlaw-12357	1260	20	changes	change	NOUN
taxlaw-12357	1260	21	over	over	ADP
taxlaw-12357	1260	22	time	time	NOUN
taxlaw-12357	1260	23	.	.	PUNCT
taxlaw-12357	1261	1	2024	2024	NUM
taxlaw-12357	1261	2	]	]	PUNCT
taxlaw-12357	1261	3	transaction	transaction	NOUN
taxlaw-12357	1261	4	-	-	PUNCT
taxlaw-12357	1261	5	specific	specific	ADJ
taxlaw-12357	1261	6	tax	tax	NOUN
taxlaw-12357	1261	7	reform	reform	NOUN
taxlaw-12357	1261	8	in	in	ADP
taxlaw-12357	1261	9	three	three	NUM
taxlaw-12357	1261	10	steps	step	NOUN
taxlaw-12357	1261	11	45	45	NUM
taxlaw-12357	1261	12	the	the	DET
taxlaw-12357	1261	13	delta	delta	NOUN
taxlaw-12357	1261	14	test	test	NOUN
taxlaw-12357	1261	15	works	work	VERB
taxlaw-12357	1261	16	well	well	ADV
taxlaw-12357	1261	17	for	for	ADP
taxlaw-12357	1261	18	“	"	PUNCT
taxlaw-12357	1261	19	plain	plain	ADJ
taxlaw-12357	1261	20	vanilla	vanilla	NOUN
taxlaw-12357	1261	21	”	"	PUNCT
taxlaw-12357	1261	22	options	option	NOUN
taxlaw-12357	1261	23	with	with	ADP
taxlaw-12357	1261	24	no	no	DET
taxlaw-12357	1261	25	contingencies	contingency	NOUN
taxlaw-12357	1261	26	.	.	PUNCT
taxlaw-12357	1262	1	unlike	unlike	ADP
taxlaw-12357	1262	2	the	the	DET
taxlaw-12357	1262	3	spread	spread	ADJ
taxlaw-12357	1262	4	test	test	NOUN
taxlaw-12357	1262	5	,	,	PUNCT
taxlaw-12357	1262	6	it	it	PRON
taxlaw-12357	1262	7	accounts	account	VERB
taxlaw-12357	1262	8	for	for	ADP
taxlaw-12357	1262	9	underlying	underlie	VERB
taxlaw-12357	1262	10	’s	’s	PART
taxlaw-12357	1262	11	volatility	volatility	NOUN
taxlaw-12357	1262	12	.	.	PUNCT
taxlaw-12357	1263	1	as	as	ADP
taxlaw-12357	1263	2	table	table	NOUN
taxlaw-12357	1263	3	3	3	NUM
taxlaw-12357	1263	4	shows	show	NOUN
taxlaw-12357	1263	5	,	,	PUNCT
taxlaw-12357	1263	6	delta	delta	NOUN
taxlaw-12357	1263	7	in	in	ADP
taxlaw-12357	1263	8	our	our	PRON
taxlaw-12357	1263	9	recurring	recur	VERB
taxlaw-12357	1263	10	example	example	NOUN
taxlaw-12357	1263	11	varies	vary	VERB
taxlaw-12357	1263	12	with	with	ADP
taxlaw-12357	1263	13	underlying	underlie	VERB
taxlaw-12357	1263	14	’s	’s	PART
taxlaw-12357	1263	15	volatility	volatility	NOUN
taxlaw-12357	1263	16	:	:	PUNCT
taxlaw-12357	1263	17	volatility	volatility	NOUN
taxlaw-12357	1263	18	20	20	NUM
taxlaw-12357	1263	19	%	%	NOUN
taxlaw-12357	1263	20	60	60	NUM
taxlaw-12357	1263	21	%	%	NOUN
taxlaw-12357	1263	22	delta	delta	NOUN
taxlaw-12357	1263	23	0.943	0.943	NUM
taxlaw-12357	1263	24	0.869	0.869	NUM
taxlaw-12357	1263	25	table	table	NOUN
taxlaw-12357	1263	26	3	3	NUM
taxlaw-12357	1263	27	:	:	PUNCT
taxlaw-12357	1263	28	delta	delta	NOUN
taxlaw-12357	1263	29	for	for	ADP
taxlaw-12357	1263	30	varying	vary	VERB
taxlaw-12357	1263	31	volatility	volatility	NOUN
taxlaw-12357	1263	32	the	the	DET
taxlaw-12357	1263	33	delta	delta	NOUN
taxlaw-12357	1263	34	test	test	NOUN
taxlaw-12357	1263	35	correctly	correctly	ADV
taxlaw-12357	1263	36	treats	treat	VERB
taxlaw-12357	1263	37	the	the	DET
taxlaw-12357	1263	38	low	low	ADJ
taxlaw-12357	1263	39	-	-	PUNCT
taxlaw-12357	1263	40	volatility	volatility	NOUN
taxlaw-12357	1263	41	case	case	NOUN
taxlaw-12357	1263	42	as	as	ADP
taxlaw-12357	1263	43	more	more	ADV
taxlaw-12357	1263	44	similar	similar	ADJ
taxlaw-12357	1263	45	to	to	ADP
taxlaw-12357	1263	46	the	the	DET
taxlaw-12357	1263	47	underlying	underlying	ADJ
taxlaw-12357	1263	48	than	than	ADP
taxlaw-12357	1263	49	the	the	DET
taxlaw-12357	1263	50	high	high	ADJ
taxlaw-12357	1263	51	-	-	PUNCT
taxlaw-12357	1263	52	volatility	volatility	NOUN
taxlaw-12357	1263	53	case	case	NOUN
taxlaw-12357	1263	54	,	,	PUNCT
taxlaw-12357	1263	55	and	and	CCONJ
taxlaw-12357	1263	56	thus	thus	ADV
taxlaw-12357	1263	57	more	more	ADV
taxlaw-12357	1263	58	likely	likely	ADJ
taxlaw-12357	1263	59	to	to	PART
taxlaw-12357	1263	60	trigger	trigger	VERB
taxlaw-12357	1263	61	constructive	constructive	ADJ
taxlaw-12357	1263	62	ownership	ownership	NOUN
taxlaw-12357	1263	63	.	.	PUNCT
taxlaw-12357	1264	1	after	after	ADV
taxlaw-12357	1264	2	all	all	ADV
taxlaw-12357	1264	3	,	,	PUNCT
taxlaw-12357	1264	4	when	when	SCONJ
taxlaw-12357	1264	5	underlying	underlying	ADJ
taxlaw-12357	1264	6	is	be	AUX
taxlaw-12357	1264	7	not	not	PART
taxlaw-12357	1264	8	volatile	volatile	ADJ
taxlaw-12357	1264	9	,	,	PUNCT
taxlaw-12357	1264	10	bearing	bear	VERB
taxlaw-12357	1264	11	risk	risk	NOUN
taxlaw-12357	1264	12	of	of	ADP
taxlaw-12357	1264	13	loss	loss	NOUN
taxlaw-12357	1264	14	below	below	ADP
taxlaw-12357	1264	15	$	$	SYM
taxlaw-12357	1264	16	70	70	NUM
taxlaw-12357	1264	17	is	be	AUX
taxlaw-12357	1264	18	less	less	ADV
taxlaw-12357	1264	19	significant	significant	ADJ
taxlaw-12357	1264	20	.	.	PUNCT
taxlaw-12357	1265	1	so	so	ADV
taxlaw-12357	1265	2	as	as	SCONJ
taxlaw-12357	1265	3	this	this	DET
taxlaw-12357	1265	4	intuition	intuition	NOUN
taxlaw-12357	1265	5	suggests	suggest	VERB
taxlaw-12357	1265	6	,	,	PUNCT
taxlaw-12357	1265	7	if	if	SCONJ
taxlaw-12357	1265	8	the	the	DET
taxlaw-12357	1265	9	delta	delta	NOUN
taxlaw-12357	1265	10	threshold	threshold	NOUN
taxlaw-12357	1265	11	is	be	AUX
taxlaw-12357	1265	12	.90	.90	NUM
taxlaw-12357	1265	13	,	,	PUNCT
taxlaw-12357	1265	14	the	the	DET
taxlaw-12357	1265	15	low	low	ADJ
taxlaw-12357	1265	16	-	-	PUNCT
taxlaw-12357	1265	17	volatility	volatility	NOUN
taxlaw-12357	1265	18	case	case	NOUN
taxlaw-12357	1265	19	triggers	trigger	VERB
taxlaw-12357	1265	20	section	section	NOUN
taxlaw-12357	1265	21	1260	1260	NUM
taxlaw-12357	1265	22	,	,	PUNCT
taxlaw-12357	1265	23	while	while	SCONJ
taxlaw-12357	1265	24	the	the	DET
taxlaw-12357	1265	25	high	high	ADJ
taxlaw-12357	1265	26	-	-	PUNCT
taxlaw-12357	1265	27	volatility	volatility	NOUN
taxlaw-12357	1265	28	case	case	NOUN
taxlaw-12357	1265	29	does	do	VERB
taxlaw-12357	1265	30	not	not	PART
taxlaw-12357	1265	31	.	.	PUNCT
taxlaw-12357	1266	1	like	like	ADP
taxlaw-12357	1266	2	volatility	volatility	NOUN
taxlaw-12357	1266	3	,	,	PUNCT
taxlaw-12357	1266	4	the	the	DET
taxlaw-12357	1266	5	time	time	NOUN
taxlaw-12357	1266	6	left	leave	VERB
taxlaw-12357	1266	7	to	to	ADP
taxlaw-12357	1266	8	maturity	maturity	NOUN
taxlaw-12357	1266	9	also	also	ADV
taxlaw-12357	1266	10	affects	affect	VERB
taxlaw-12357	1266	11	delta	delta	NOUN
taxlaw-12357	1266	12	,	,	PUNCT
taxlaw-12357	1266	13	so	so	SCONJ
taxlaw-12357	1266	14	a	a	DET
taxlaw-12357	1266	15	delta	delta	NOUN
taxlaw-12357	1266	16	test	test	NOUN
taxlaw-12357	1266	17	is	be	AUX
taxlaw-12357	1266	18	sensitive	sensitive	ADJ
taxlaw-12357	1266	19	to	to	ADP
taxlaw-12357	1266	20	this	this	DET
taxlaw-12357	1266	21	variable	variable	NOUN
taxlaw-12357	1266	22	as	as	ADP
taxlaw-12357	1266	23	well.129	well.129	PROPN
taxlaw-12357	1266	24	while	while	SCONJ
taxlaw-12357	1266	25	our	our	PRON
taxlaw-12357	1266	26	difference	difference	NOUN
taxlaw-12357	1266	27	-	-	PUNCT
taxlaw-12357	1266	28	value	value	NOUN
taxlaw-12357	1266	29	test	test	NOUN
taxlaw-12357	1266	30	also	also	ADV
taxlaw-12357	1266	31	accounts	account	VERB
taxlaw-12357	1266	32	for	for	ADP
taxlaw-12357	1266	33	these	these	DET
taxlaw-12357	1266	34	differences	difference	NOUN
taxlaw-12357	1266	35	in	in	ADP
taxlaw-12357	1266	36	volatility	volatility	NOUN
taxlaw-12357	1266	37	and	and	CCONJ
taxlaw-12357	1266	38	term	term	NOUN
taxlaw-12357	1266	39	,	,	PUNCT
taxlaw-12357	1266	40	the	the	DET
taxlaw-12357	1266	41	spread	spread	ADJ
taxlaw-12357	1266	42	test	test	NOUN
taxlaw-12357	1266	43	does	do	AUX
taxlaw-12357	1266	44	not	not	PART
taxlaw-12357	1266	45	,	,	PUNCT
taxlaw-12357	1266	46	as	as	SCONJ
taxlaw-12357	1266	47	emphasized	emphasize	VERB
taxlaw-12357	1266	48	above	above	ADV
taxlaw-12357	1266	49	.	.	PUNCT
taxlaw-12357	1267	1	in	in	ADP
taxlaw-12357	1267	2	other	other	ADJ
taxlaw-12357	1267	3	words	word	NOUN
taxlaw-12357	1267	4	,	,	PUNCT
taxlaw-12357	1267	5	the	the	DET
taxlaw-12357	1267	6	delta	delta	NOUN
taxlaw-12357	1267	7	test	test	NOUN
taxlaw-12357	1267	8	and	and	CCONJ
taxlaw-12357	1267	9	our	our	PRON
taxlaw-12357	1267	10	difference	difference	NOUN
taxlaw-12357	1267	11	-	-	PUNCT
taxlaw-12357	1267	12	value	value	NOUN
taxlaw-12357	1267	13	methodology	methodology	NOUN
taxlaw-12357	1267	14	are	be	AUX
taxlaw-12357	1267	15	both	both	CCONJ
taxlaw-12357	1267	16	more	more	ADV
taxlaw-12357	1267	17	nuanced	nuanced	ADJ
taxlaw-12357	1267	18	and	and	CCONJ
taxlaw-12357	1267	19	accurate	accurate	ADJ
taxlaw-12357	1267	20	than	than	ADP
taxlaw-12357	1267	21	the	the	DET
taxlaw-12357	1267	22	spread	spread	ADJ
taxlaw-12357	1267	23	test	test	NOUN
taxlaw-12357	1267	24	.	.	PUNCT
taxlaw-12357	1268	1	3	3	X
taxlaw-12357	1268	2	.	.	X
taxlaw-12357	1268	3	delta	delta	NOUN
taxlaw-12357	1268	4	test	test	NOUN
taxlaw-12357	1268	5	:	:	PUNCT
taxlaw-12357	1268	6	barrier	barrier	NOUN
taxlaw-12357	1268	7	options	option	NOUN
taxlaw-12357	1268	8	even	even	ADV
taxlaw-12357	1268	9	so	so	ADV
taxlaw-12357	1268	10	,	,	PUNCT
taxlaw-12357	1268	11	a	a	DET
taxlaw-12357	1268	12	delta	delta	NOUN
taxlaw-12357	1268	13	test	test	NOUN
taxlaw-12357	1268	14	has	have	VERB
taxlaw-12357	1268	15	a	a	DET
taxlaw-12357	1268	16	problem	problem	NOUN
taxlaw-12357	1268	17	of	of	ADP
taxlaw-12357	1268	18	its	its	PRON
taxlaw-12357	1268	19	own	own	ADJ
taxlaw-12357	1268	20	:	:	PUNCT
taxlaw-12357	1268	21	unlike	unlike	ADP
taxlaw-12357	1268	22	our	our	PRON
taxlaw-12357	1268	23	difference	difference	NOUN
taxlaw-12357	1268	24	-	-	PUNCT
taxlaw-12357	1268	25	value	value	NOUN
taxlaw-12357	1268	26	approach	approach	NOUN
taxlaw-12357	1268	27	,	,	PUNCT
taxlaw-12357	1268	28	it	it	PRON
taxlaw-12357	1268	29	is	be	AUX
taxlaw-12357	1268	30	easy	easy	ADJ
taxlaw-12357	1268	31	to	to	PART
taxlaw-12357	1268	32	manipulate	manipulate	VERB
taxlaw-12357	1268	33	.	.	PUNCT
taxlaw-12357	1269	1	the	the	DET
taxlaw-12357	1269	2	problem	problem	NOUN
taxlaw-12357	1269	3	is	be	AUX
taxlaw-12357	1269	4	that	that	SCONJ
taxlaw-12357	1269	5	delta	delta	NOUN
taxlaw-12357	1269	6	is	be	AUX
taxlaw-12357	1269	7	“	"	PUNCT
taxlaw-12357	1269	8	hyper	hyper	ADJ
taxlaw-12357	1269	9	local	local	ADJ
taxlaw-12357	1269	10	,	,	PUNCT
taxlaw-12357	1269	11	”	"	PUNCT
taxlaw-12357	1269	12	drawing	draw	VERB
taxlaw-12357	1269	13	comparisons	comparison	NOUN
taxlaw-12357	1269	14	at	at	ADP
taxlaw-12357	1269	15	a	a	DET
taxlaw-12357	1269	16	specific	specific	ADJ
taxlaw-12357	1269	17	price	price	NOUN
taxlaw-12357	1269	18	and	and	CCONJ
taxlaw-12357	1269	19	moment	moment	NOUN
taxlaw-12357	1269	20	in	in	ADP
taxlaw-12357	1269	21	time	time	NOUN
taxlaw-12357	1269	22	.	.	PUNCT
taxlaw-12357	1270	1	this	this	DET
taxlaw-12357	1270	2	quality	quality	NOUN
taxlaw-12357	1270	3	makes	make	VERB
taxlaw-12357	1270	4	delta	delta	NOUN
taxlaw-12357	1270	5	especially	especially	ADV
taxlaw-12357	1270	6	sensitive	sensitive	ADJ
taxlaw-12357	1270	7	to	to	ADP
taxlaw-12357	1270	8	small	small	ADJ
taxlaw-12357	1270	9	changes	change	NOUN
taxlaw-12357	1270	10	in	in	ADP
taxlaw-12357	1270	11	contract	contract	NOUN
taxlaw-12357	1270	12	terms	term	NOUN
taxlaw-12357	1270	13	,	,	PUNCT
taxlaw-12357	1270	14	even	even	ADV
taxlaw-12357	1270	15	ones	one	NOUN
taxlaw-12357	1270	16	that	that	PRON
taxlaw-12357	1270	17	are	be	AUX
taxlaw-12357	1270	18	unimportant	unimportant	ADJ
taxlaw-12357	1270	19	in	in	ADP
taxlaw-12357	1270	20	the	the	DET
taxlaw-12357	1270	21	long	long	ADJ
taxlaw-12357	1270	22	run	run	NOUN
taxlaw-12357	1270	23	,	,	PUNCT
taxlaw-12357	1270	24	and	and	CCONJ
taxlaw-12357	1270	25	thus	thus	ADV
taxlaw-12357	1270	26	do	do	AUX
taxlaw-12357	1270	27	n’t	not	PART
taxlaw-12357	1270	28	influence	influence	VERB
taxlaw-12357	1270	29	our	our	PRON
taxlaw-12357	1270	30	difference	difference	NOUN
taxlaw-12357	1270	31	-	-	PUNCT
taxlaw-12357	1270	32	value	value	NOUN
taxlaw-12357	1270	33	approach	approach	NOUN
taxlaw-12357	1270	34	.	.	PUNCT
taxlaw-12357	1271	1	a.	a.	NOUN
taxlaw-12357	1271	2	confounding	confound	VERB
taxlaw-12357	1271	3	the	the	DET
taxlaw-12357	1271	4	delta	delta	NOUN
taxlaw-12357	1271	5	test	test	NOUN
taxlaw-12357	1271	6	with	with	ADP
taxlaw-12357	1271	7	contingencies	contingency	NOUN
taxlaw-12357	1271	8	to	to	PART
taxlaw-12357	1271	9	exploit	exploit	VERB
taxlaw-12357	1271	10	this	this	DET
taxlaw-12357	1271	11	hypersensitivity	hypersensitivity	NOUN
taxlaw-12357	1271	12	,	,	PUNCT
taxlaw-12357	1271	13	taxpayers	taxpayer	NOUN
taxlaw-12357	1271	14	can	can	AUX
taxlaw-12357	1271	15	add	add	VERB
taxlaw-12357	1271	16	contingencies	contingency	NOUN
taxlaw-12357	1271	17	to	to	ADP
taxlaw-12357	1271	18	their	their	PRON
taxlaw-12357	1271	19	derivatives	derivative	NOUN
taxlaw-12357	1271	20	.	.	PUNCT
taxlaw-12357	1272	1	they	they	PRON
taxlaw-12357	1272	2	can	can	AUX
taxlaw-12357	1272	3	engineer	engineer	VERB
taxlaw-12357	1272	4	results	result	NOUN
taxlaw-12357	1272	5	under	under	ADP
taxlaw-12357	1272	6	the	the	DET
taxlaw-12357	1272	7	delta	delta	NOUN
taxlaw-12357	1272	8	test	test	NOUN
taxlaw-12357	1272	9	that	that	PRON
taxlaw-12357	1272	10	are	be	AUX
taxlaw-12357	1272	11	quite	quite	ADV
taxlaw-12357	1272	12	counterintuitive	counterintuitive	ADJ
taxlaw-12357	1272	13	–	–	PUNCT
taxlaw-12357	1272	14	even	even	ADV
taxlaw-12357	1272	15	a	a	DET
taxlaw-12357	1272	16	bit	bit	NOUN
taxlaw-12357	1272	17	wacky	wacky	ADJ
taxlaw-12357	1272	18	.	.	PUNCT
taxlaw-12357	1273	1	to	to	PART
taxlaw-12357	1273	2	illustrate	illustrate	VERB
taxlaw-12357	1273	3	the	the	DET
taxlaw-12357	1273	4	point	point	NOUN
taxlaw-12357	1273	5	,	,	PUNCT
taxlaw-12357	1273	6	let	let	VERB
taxlaw-12357	1273	7	’s	’s	PRON
taxlaw-12357	1273	8	add	add	VERB
taxlaw-12357	1273	9	a	a	DET
taxlaw-12357	1273	10	contingency	contingency	NOUN
taxlaw-12357	1273	11	to	to	ADP
taxlaw-12357	1273	12	our	our	PRON
taxlaw-12357	1273	13	recurring	recur	VERB
taxlaw-12357	1273	14	example	example	NOUN
taxlaw-12357	1273	15	,	,	PUNCT
taxlaw-12357	1273	16	a	a	DET
taxlaw-12357	1273	17	five	five	NUM
taxlaw-12357	1273	18	-	-	PUNCT
taxlaw-12357	1273	19	year	year	NOUN
taxlaw-12357	1273	20	call	call	NOUN
taxlaw-12357	1273	21	option	option	NOUN
taxlaw-12357	1273	22	to	to	PART
taxlaw-12357	1273	23	pay	pay	VERB
taxlaw-12357	1273	24	$	$	SYM
taxlaw-12357	1273	25	70	70	NUM
taxlaw-12357	1273	26	for	for	ADP
taxlaw-12357	1273	27	underlying	underlie	VERB
taxlaw-12357	1273	28	,	,	PUNCT
taxlaw-12357	1273	29	which	which	PRON
taxlaw-12357	1273	30	currently	currently	ADV
taxlaw-12357	1273	31	is	be	AUX
taxlaw-12357	1273	32	worth	worth	ADJ
taxlaw-12357	1273	33	$	$	SYM
taxlaw-12357	1273	34	100	100	NUM
taxlaw-12357	1273	35	.	.	PUNCT
taxlaw-12357	1274	1	unlike	unlike	ADP
taxlaw-12357	1274	2	before	before	ADV
taxlaw-12357	1274	3	,	,	PUNCT
taxlaw-12357	1274	4	this	this	DET
taxlaw-12357	1274	5	call	call	NOUN
taxlaw-12357	1274	6	is	be	AUX
taxlaw-12357	1274	7	now	now	ADV
taxlaw-12357	1274	8	subject	subject	ADJ
taxlaw-12357	1274	9	to	to	ADP
taxlaw-12357	1274	10	a	a	DET
taxlaw-12357	1274	11	contingency	contingency	NOUN
taxlaw-12357	1274	12	:	:	PUNCT
taxlaw-12357	1274	13	it	it	PRON
taxlaw-12357	1274	14	can	can	AUX
taxlaw-12357	1274	15	be	be	AUX
taxlaw-12357	1274	16	used	use	VERB
taxlaw-12357	1274	17	only	only	ADV
taxlaw-12357	1274	18	after	after	SCONJ
taxlaw-12357	1274	19	underlying	underlie	VERB
taxlaw-12357	1274	20	’s	’s	PART
taxlaw-12357	1274	21	price	price	NOUN
taxlaw-12357	1274	22	has	have	AUX
taxlaw-12357	1274	23	declined	decline	VERB
taxlaw-12357	1274	24	below	below	ADP
taxlaw-12357	1274	25	$	$	SYM
taxlaw-12357	1274	26	98	98	NUM
taxlaw-12357	1274	27	.	.	PUNCT
taxlaw-12357	1275	1	in	in	ADP
taxlaw-12357	1275	2	other	other	ADJ
taxlaw-12357	1275	3	words	word	NOUN
taxlaw-12357	1275	4	,	,	PUNCT
taxlaw-12357	1275	5	this	this	DET
taxlaw-12357	1275	6	contingent	contingent	NOUN
taxlaw-12357	1275	7	call	call	NOUN
taxlaw-12357	1275	8	is	be	AUX
taxlaw-12357	1275	9	activated	activate	VERB
taxlaw-12357	1275	10	if	if	SCONJ
taxlaw-12357	1275	11	,	,	PUNCT
taxlaw-12357	1275	12	and	and	CCONJ
taxlaw-12357	1275	13	only	only	ADV
taxlaw-12357	1275	14	if	if	SCONJ
taxlaw-12357	1275	15	,	,	PUNCT
taxlaw-12357	1275	16	underlying	underlie	VERB
taxlaw-12357	1275	17	’s	’s	PART
taxlaw-12357	1275	18	price	price	NOUN
taxlaw-12357	1275	19	declines	decline	NOUN
taxlaw-12357	1275	20	from	from	ADP
taxlaw-12357	1275	21	$	$	SYM
taxlaw-12357	1275	22	100	100	NUM
taxlaw-12357	1275	23	to	to	ADP
taxlaw-12357	1275	24	below	below	ADP
taxlaw-12357	1275	25	$	$	SYM
taxlaw-12357	1275	26	98	98	NUM
taxlaw-12357	1275	27	sometime	sometime	ADV
taxlaw-12357	1275	28	during	during	ADP
taxlaw-12357	1275	29	the	the	DET
taxlaw-12357	1275	30	option	option	NOUN
taxlaw-12357	1275	31	’s	’s	PART
taxlaw-12357	1275	32	five	five	NUM
taxlaw-12357	1275	33	-	-	PUNCT
taxlaw-12357	1275	34	year	year	NOUN
taxlaw-12357	1275	35	term	term	NOUN
taxlaw-12357	1275	36	.	.	PUNCT
taxlaw-12357	1276	1	if	if	SCONJ
taxlaw-12357	1276	2	this	this	DET
taxlaw-12357	1276	3	“	"	PUNCT
taxlaw-12357	1276	4	knock	knock	VERB
taxlaw-12357	1276	5	in	in	ADP
taxlaw-12357	1276	6	”	"	PUNCT
taxlaw-12357	1276	7	contingency	contingency	NOUN
taxlaw-12357	1276	8	does	do	VERB
taxlaw-12357	1276	9	129	129	NUM
taxlaw-12357	1276	10	for	for	ADP
taxlaw-12357	1276	11	example	example	NOUN
taxlaw-12357	1276	12	,	,	PUNCT
taxlaw-12357	1276	13	if	if	SCONJ
taxlaw-12357	1276	14	the	the	DET
taxlaw-12357	1276	15	term	term	NOUN
taxlaw-12357	1276	16	of	of	ADP
taxlaw-12357	1276	17	the	the	DET
taxlaw-12357	1276	18	call	call	NOUN
taxlaw-12357	1276	19	option	option	NOUN
taxlaw-12357	1276	20	is	be	AUX
taxlaw-12357	1276	21	reduced	reduce	VERB
taxlaw-12357	1276	22	from	from	ADP
taxlaw-12357	1276	23	5	5	NUM
taxlaw-12357	1276	24	years	year	NOUN
taxlaw-12357	1276	25	to	to	ADP
taxlaw-12357	1276	26	1	1	NUM
taxlaw-12357	1276	27	year	year	NOUN
taxlaw-12357	1276	28	,	,	PUNCT
taxlaw-12357	1276	29	and	and	CCONJ
taxlaw-12357	1276	30	volatility	volatility	NOUN
taxlaw-12357	1276	31	is	be	AUX
taxlaw-12357	1276	32	20	20	NUM
taxlaw-12357	1276	33	%	%	NOUN
taxlaw-12357	1276	34	,	,	PUNCT
taxlaw-12357	1276	35	the	the	DET
taxlaw-12357	1276	36	delta	delta	NOUN
taxlaw-12357	1276	37	value	value	NOUN
taxlaw-12357	1276	38	is	be	AUX
taxlaw-12357	1276	39	0.984	0.984	NUM
taxlaw-12357	1276	40	.	.	PUNCT
taxlaw-12357	1277	1	this	this	DET
taxlaw-12357	1277	2	increase	increase	NOUN
taxlaw-12357	1277	3	from	from	ADP
taxlaw-12357	1277	4	0.943	0.943	NUM
taxlaw-12357	1277	5	reflects	reflect	VERB
taxlaw-12357	1277	6	the	the	DET
taxlaw-12357	1277	7	higher	high	ADJ
taxlaw-12357	1277	8	likelihood	likelihood	NOUN
taxlaw-12357	1277	9	that	that	SCONJ
taxlaw-12357	1277	10	the	the	DET
taxlaw-12357	1277	11	underlying	underlie	VERB
taxlaw-12357	1277	12	price	price	NOUN
taxlaw-12357	1277	13	will	will	AUX
taxlaw-12357	1277	14	end	end	VERB
taxlaw-12357	1277	15	above	above	ADP
taxlaw-12357	1277	16	$	$	SYM
taxlaw-12357	1277	17	70	70	NUM
taxlaw-12357	1277	18	if	if	SCONJ
taxlaw-12357	1277	19	only	only	ADV
taxlaw-12357	1277	20	a	a	DET
taxlaw-12357	1277	21	1	1	NUM
taxlaw-12357	1277	22	-	-	PUNCT
taxlaw-12357	1277	23	year	year	NOUN
taxlaw-12357	1277	24	term	term	NOUN
taxlaw-12357	1277	25	is	be	AUX
taxlaw-12357	1277	26	allowed	allow	VERB
taxlaw-12357	1277	27	.	.	PUNCT
taxlaw-12357	1278	1	columbia	columbia	PROPN
taxlaw-12357	1278	2	journal	journal	PROPN
taxlaw-12357	1278	3	of	of	ADP
taxlaw-12357	1278	4	tax	tax	NOUN
taxlaw-12357	1278	5	law	law	NOUN
taxlaw-12357	1279	1	[	[	X
taxlaw-12357	1279	2	vol	vol	NOUN
taxlaw-12357	1279	3	15:1	15:1	NUM
taxlaw-12357	1279	4	46	46	NUM
taxlaw-12357	1279	5	not	not	PART
taxlaw-12357	1279	6	occur	occur	VERB
taxlaw-12357	1279	7	,	,	PUNCT
taxlaw-12357	1279	8	the	the	DET
taxlaw-12357	1279	9	option	option	NOUN
taxlaw-12357	1279	10	expires	expire	VERB
taxlaw-12357	1279	11	worthless.130	worthless.130	ADP
taxlaw-12357	1279	12	an	an	DET
taxlaw-12357	1279	13	option	option	NOUN
taxlaw-12357	1279	14	with	with	ADP
taxlaw-12357	1279	15	this	this	DET
taxlaw-12357	1279	16	sort	sort	NOUN
taxlaw-12357	1279	17	of	of	ADP
taxlaw-12357	1279	18	contingency	contingency	NOUN
taxlaw-12357	1279	19	is	be	AUX
taxlaw-12357	1279	20	known	know	VERB
taxlaw-12357	1279	21	as	as	ADP
taxlaw-12357	1279	22	a	a	DET
taxlaw-12357	1279	23	“	"	PUNCT
taxlaw-12357	1279	24	barrier	barrier	NOUN
taxlaw-12357	1279	25	option	option	NOUN
taxlaw-12357	1279	26	.	.	PUNCT
taxlaw-12357	1280	1	”131	”131	VERB
taxlaw-12357	1280	2	what	what	PRON
taxlaw-12357	1280	3	is	be	AUX
taxlaw-12357	1280	4	the	the	DET
taxlaw-12357	1280	5	delta	delta	NOUN
taxlaw-12357	1280	6	of	of	ADP
taxlaw-12357	1280	7	this	this	DET
taxlaw-12357	1280	8	contingent	contingent	NOUN
taxlaw-12357	1280	9	call?132	call?132	PROPN
taxlaw-12357	1280	10	in	in	ADP
taxlaw-12357	1280	11	principle	principle	NOUN
taxlaw-12357	1281	1	,	,	PUNCT
taxlaw-12357	1281	2	one	one	PRON
taxlaw-12357	1281	3	might	might	AUX
taxlaw-12357	1281	4	expect	expect	VERB
taxlaw-12357	1281	5	this	this	DET
taxlaw-12357	1281	6	contingency	contingency	NOUN
taxlaw-12357	1281	7	not	not	PART
taxlaw-12357	1281	8	to	to	PART
taxlaw-12357	1281	9	alter	alter	VERB
taxlaw-12357	1281	10	delta	delta	NOUN
taxlaw-12357	1281	11	very	very	ADV
taxlaw-12357	1281	12	much	much	ADV
taxlaw-12357	1281	13	:	:	PUNCT
taxlaw-12357	1281	14	after	after	ADV
taxlaw-12357	1281	15	all	all	ADV
taxlaw-12357	1281	16	,	,	PUNCT
taxlaw-12357	1281	17	if	if	SCONJ
taxlaw-12357	1281	18	underlying	underlying	ADJ
taxlaw-12357	1281	19	is	be	AUX
taxlaw-12357	1281	20	a	a	DET
taxlaw-12357	1281	21	risky	risky	ADJ
taxlaw-12357	1281	22	asset	asset	NOUN
taxlaw-12357	1281	23	(	(	PUNCT
taxlaw-12357	1281	24	like	like	ADP
taxlaw-12357	1281	25	a	a	DET
taxlaw-12357	1281	26	hedge	hedge	NOUN
taxlaw-12357	1281	27	fund	fund	NOUN
taxlaw-12357	1281	28	interest	interest	NOUN
taxlaw-12357	1281	29	)	)	PUNCT
taxlaw-12357	1281	30	,	,	PUNCT
taxlaw-12357	1281	31	its	its	PRON
taxlaw-12357	1281	32	price	price	NOUN
taxlaw-12357	1281	33	is	be	AUX
taxlaw-12357	1281	34	almost	almost	ADV
taxlaw-12357	1281	35	certain	certain	ADJ
taxlaw-12357	1281	36	to	to	PART
taxlaw-12357	1281	37	decline	decline	VERB
taxlaw-12357	1281	38	more	more	ADV
taxlaw-12357	1281	39	two	two	NUM
taxlaw-12357	1281	40	percent	percent	NOUN
taxlaw-12357	1281	41	at	at	ADP
taxlaw-12357	1281	42	some	some	DET
taxlaw-12357	1281	43	point	point	NOUN
taxlaw-12357	1281	44	over	over	ADP
taxlaw-12357	1281	45	five	five	NUM
taxlaw-12357	1281	46	years	year	NOUN
taxlaw-12357	1281	47	.	.	PUNCT
taxlaw-12357	1282	1	therefore	therefore	ADV
taxlaw-12357	1282	2	,	,	PUNCT
taxlaw-12357	1282	3	this	this	DET
taxlaw-12357	1282	4	contingency	contingency	NOUN
taxlaw-12357	1282	5	is	be	AUX
taxlaw-12357	1282	6	unlikely	unlikely	ADJ
taxlaw-12357	1282	7	to	to	PART
taxlaw-12357	1282	8	affect	affect	VERB
taxlaw-12357	1282	9	the	the	DET
taxlaw-12357	1282	10	option	option	NOUN
taxlaw-12357	1282	11	.	.	PUNCT
taxlaw-12357	1283	1	nevertheless	nevertheless	ADV
taxlaw-12357	1283	2	,	,	PUNCT
taxlaw-12357	1283	3	this	this	DET
taxlaw-12357	1283	4	contingency	contingency	NOUN
taxlaw-12357	1283	5	has	have	VERB
taxlaw-12357	1283	6	a	a	DET
taxlaw-12357	1283	7	thoroughly	thoroughly	ADV
taxlaw-12357	1283	8	unexpected	unexpected	ADJ
taxlaw-12357	1283	9	effect	effect	NOUN
taxlaw-12357	1283	10	:	:	PUNCT
taxlaw-12357	1283	11	it	it	PRON
taxlaw-12357	1283	12	turns	turn	VERB
taxlaw-12357	1283	13	delta	delta	NOUN
taxlaw-12357	1283	14	negative	negative	ADJ
taxlaw-12357	1283	15	!	!	PUNCT
taxlaw-12357	1284	1	ordinarily	ordinarily	ADV
taxlaw-12357	1284	2	,	,	PUNCT
taxlaw-12357	1284	3	a	a	DET
taxlaw-12357	1284	4	call	call	NOUN
taxlaw-12357	1284	5	option	option	NOUN
taxlaw-12357	1284	6	appreciates	appreciate	VERB
taxlaw-12357	1284	7	when	when	SCONJ
taxlaw-12357	1284	8	underlying	underlying	ADJ
taxlaw-12357	1284	9	’s	’s	NOUN
taxlaw-12357	1284	10	value	value	NOUN
taxlaw-12357	1284	11	increases	increase	NOUN
taxlaw-12357	1284	12	(	(	PUNCT
taxlaw-12357	1284	13	e.g.	e.g.	ADV
taxlaw-12357	1284	14	,	,	PUNCT
taxlaw-12357	1284	15	from	from	ADP
taxlaw-12357	1284	16	100	100	NUM
taxlaw-12357	1284	17	to	to	ADP
taxlaw-12357	1284	18	101	101	NUM
taxlaw-12357	1284	19	)	)	PUNCT
taxlaw-12357	1284	20	,	,	PUNCT
taxlaw-12357	1284	21	since	since	SCONJ
taxlaw-12357	1284	22	buying	buy	VERB
taxlaw-12357	1284	23	for	for	ADP
taxlaw-12357	1284	24	a	a	DET
taxlaw-12357	1284	25	fixed	fix	VERB
taxlaw-12357	1284	26	price	price	NOUN
taxlaw-12357	1284	27	(	(	PUNCT
taxlaw-12357	1284	28	e.g.	e.g.	ADV
taxlaw-12357	1284	29	,	,	PUNCT
taxlaw-12357	1284	30	of	of	ADP
taxlaw-12357	1284	31	$	$	SYM
taxlaw-12357	1284	32	70	70	NUM
taxlaw-12357	1284	33	)	)	PUNCT
taxlaw-12357	1284	34	becomes	become	VERB
taxlaw-12357	1284	35	more	more	ADV
taxlaw-12357	1284	36	appealing	appealing	ADJ
taxlaw-12357	1284	37	.	.	PUNCT
taxlaw-12357	1285	1	but	but	CCONJ
taxlaw-12357	1285	2	bizarrely	bizarrely	ADV
taxlaw-12357	1285	3	,	,	PUNCT
taxlaw-12357	1285	4	this	this	DET
taxlaw-12357	1285	5	contingency	contingency	NOUN
taxlaw-12357	1285	6	causes	cause	VERB
taxlaw-12357	1285	7	the	the	DET
taxlaw-12357	1285	8	call	call	NOUN
taxlaw-12357	1285	9	to	to	PART
taxlaw-12357	1285	10	lose	lose	VERB
taxlaw-12357	1285	11	value	value	NOUN
taxlaw-12357	1285	12	.	.	PUNCT
taxlaw-12357	1286	1	likewise	likewise	ADV
taxlaw-12357	1286	2	,	,	PUNCT
taxlaw-12357	1286	3	call	call	VERB
taxlaw-12357	1286	4	options	option	NOUN
taxlaw-12357	1286	5	usually	usually	ADV
taxlaw-12357	1286	6	decline	decline	VERB
taxlaw-12357	1286	7	in	in	ADP
taxlaw-12357	1286	8	value	value	NOUN
taxlaw-12357	1286	9	as	as	ADP
taxlaw-12357	1286	10	underlying	underlie	VERB
taxlaw-12357	1286	11	’s	’s	PART
taxlaw-12357	1286	12	price	price	NOUN
taxlaw-12357	1286	13	falls	fall	NOUN
taxlaw-12357	1286	14	,	,	PUNCT
taxlaw-12357	1286	15	since	since	SCONJ
taxlaw-12357	1286	16	buying	buy	VERB
taxlaw-12357	1286	17	for	for	ADP
taxlaw-12357	1286	18	a	a	DET
taxlaw-12357	1286	19	fixed	fix	VERB
taxlaw-12357	1286	20	price	price	NOUN
taxlaw-12357	1286	21	(	(	PUNCT
taxlaw-12357	1286	22	e.g.	e.g.	ADV
taxlaw-12357	1286	23	,	,	PUNCT
taxlaw-12357	1286	24	of	of	ADP
taxlaw-12357	1286	25	$	$	SYM
taxlaw-12357	1286	26	70	70	NUM
taxlaw-12357	1286	27	)	)	PUNCT
taxlaw-12357	1286	28	becomes	become	VERB
taxlaw-12357	1286	29	less	less	ADV
taxlaw-12357	1286	30	appealing	appealing	ADJ
taxlaw-12357	1286	31	.	.	PUNCT
taxlaw-12357	1287	1	but	but	CCONJ
taxlaw-12357	1287	2	weirdly	weirdly	ADV
taxlaw-12357	1287	3	,	,	PUNCT
taxlaw-12357	1287	4	this	this	DET
taxlaw-12357	1287	5	contingency	contingency	NOUN
taxlaw-12357	1287	6	causes	cause	VERB
taxlaw-12357	1287	7	the	the	DET
taxlaw-12357	1287	8	call	call	NOUN
taxlaw-12357	1287	9	to	to	PART
taxlaw-12357	1287	10	increase	increase	VERB
taxlaw-12357	1287	11	in	in	ADP
taxlaw-12357	1287	12	value	value	NOUN
taxlaw-12357	1287	13	.	.	PUNCT
taxlaw-12357	1288	1	so	so	ADV
taxlaw-12357	1288	2	what	what	PRON
taxlaw-12357	1288	3	is	be	AUX
taxlaw-12357	1288	4	going	go	VERB
taxlaw-12357	1288	5	on	on	ADP
taxlaw-12357	1288	6	?	?	PUNCT
taxlaw-12357	1289	1	why	why	SCONJ
taxlaw-12357	1289	2	has	have	AUX
taxlaw-12357	1289	3	this	this	DET
taxlaw-12357	1289	4	contingency	contingency	NOUN
taxlaw-12357	1289	5	turned	turn	VERB
taxlaw-12357	1289	6	things	thing	NOUN
taxlaw-12357	1289	7	upside	upside	ADV
taxlaw-12357	1289	8	down	down	ADV
taxlaw-12357	1289	9	?	?	PUNCT
taxlaw-12357	1290	1	the	the	DET
taxlaw-12357	1290	2	key	key	ADJ
taxlaw-12357	1290	3	point	point	NOUN
taxlaw-12357	1290	4	is	be	AUX
taxlaw-12357	1290	5	that	that	SCONJ
taxlaw-12357	1290	6	this	this	DET
taxlaw-12357	1290	7	barrier	barrier	NOUN
taxlaw-12357	1290	8	option	option	NOUN
taxlaw-12357	1290	9	ca	can	AUX
taxlaw-12357	1290	10	n’t	not	PART
taxlaw-12357	1290	11	be	be	AUX
taxlaw-12357	1290	12	used	use	VERB
taxlaw-12357	1290	13	unless	unless	SCONJ
taxlaw-12357	1290	14	underlying	underlie	VERB
taxlaw-12357	1290	15	’s	’s	PART
taxlaw-12357	1290	16	price	price	NOUN
taxlaw-12357	1290	17	falls	fall	VERB
taxlaw-12357	1290	18	below	below	ADP
taxlaw-12357	1290	19	$	$	SYM
taxlaw-12357	1290	20	98	98	NUM
taxlaw-12357	1290	21	at	at	ADP
taxlaw-12357	1290	22	some	some	DET
taxlaw-12357	1290	23	point	point	NOUN
taxlaw-12357	1290	24	.	.	PUNCT
taxlaw-12357	1291	1	if	if	SCONJ
taxlaw-12357	1291	2	this	this	PRON
taxlaw-12357	1291	3	never	never	ADV
taxlaw-12357	1291	4	happens	happen	VERB
taxlaw-12357	1291	5	,	,	PUNCT
taxlaw-12357	1291	6	the	the	DET
taxlaw-12357	1291	7	option	option	NOUN
taxlaw-12357	1291	8	is	be	AUX
taxlaw-12357	1291	9	worthless	worthless	ADJ
taxlaw-12357	1291	10	.	.	PUNCT
taxlaw-12357	1292	1	so	so	ADV
taxlaw-12357	1292	2	as	as	ADP
taxlaw-12357	1292	3	underlying	underlie	VERB
taxlaw-12357	1292	4	’s	’s	PART
taxlaw-12357	1292	5	price	price	NOUN
taxlaw-12357	1292	6	rises	rise	NOUN
taxlaw-12357	1292	7	–	–	PUNCT
taxlaw-12357	1292	8	moving	move	VERB
taxlaw-12357	1292	9	further	far	ADV
taxlaw-12357	1292	10	away	away	ADV
taxlaw-12357	1292	11	from	from	ADP
taxlaw-12357	1292	12	$	$	SYM
taxlaw-12357	1292	13	98	98	NUM
taxlaw-12357	1292	14	–	–	PUNCT
taxlaw-12357	1292	15	the	the	DET
taxlaw-12357	1292	16	risk	risk	NOUN
taxlaw-12357	1292	17	increases	increase	VERB
taxlaw-12357	1292	18	that	that	SCONJ
taxlaw-12357	1292	19	the	the	DET
taxlaw-12357	1292	20	option	option	NOUN
taxlaw-12357	1292	21	will	will	AUX
taxlaw-12357	1292	22	never	never	ADV
taxlaw-12357	1292	23	be	be	AUX
taxlaw-12357	1292	24	activated	activate	VERB
taxlaw-12357	1292	25	.	.	PUNCT
taxlaw-12357	1293	1	this	this	PRON
taxlaw-12357	1293	2	means	mean	VERB
taxlaw-12357	1293	3	that	that	SCONJ
taxlaw-12357	1293	4	increases	increase	NOUN
taxlaw-12357	1293	5	in	in	ADP
taxlaw-12357	1293	6	underlying	underlie	VERB
taxlaw-12357	1293	7	’s	’s	PART
taxlaw-12357	1293	8	price	price	NOUN
taxlaw-12357	1293	9	have	have	VERB
taxlaw-12357	1293	10	competing	compete	VERB
taxlaw-12357	1293	11	effects	effect	NOUN
taxlaw-12357	1293	12	.	.	PUNCT
taxlaw-12357	1294	1	on	on	ADP
taxlaw-12357	1294	2	the	the	DET
taxlaw-12357	1294	3	one	one	NUM
taxlaw-12357	1294	4	hand	hand	NOUN
taxlaw-12357	1294	5	,	,	PUNCT
taxlaw-12357	1294	6	these	these	DET
taxlaw-12357	1294	7	increases	increase	NOUN
taxlaw-12357	1294	8	tend	tend	VERB
taxlaw-12357	1294	9	to	to	PART
taxlaw-12357	1294	10	make	make	VERB
taxlaw-12357	1294	11	any	any	DET
taxlaw-12357	1294	12	call	call	NOUN
taxlaw-12357	1294	13	option	option	NOUN
taxlaw-12357	1294	14	more	more	ADV
taxlaw-12357	1294	15	valuable	valuable	ADJ
taxlaw-12357	1294	16	,	,	PUNCT
taxlaw-12357	1294	17	as	as	SCONJ
taxlaw-12357	1294	18	noted	note	VERB
taxlaw-12357	1294	19	above	above	ADV
taxlaw-12357	1294	20	.	.	PUNCT
taxlaw-12357	1295	1	on	on	ADP
taxlaw-12357	1295	2	the	the	DET
taxlaw-12357	1295	3	other	other	ADJ
taxlaw-12357	1295	4	hand	hand	NOUN
taxlaw-12357	1295	5	,	,	PUNCT
taxlaw-12357	1295	6	these	these	DET
taxlaw-12357	1295	7	increases	increase	NOUN
taxlaw-12357	1295	8	tend	tend	VERB
taxlaw-12357	1295	9	to	to	PART
taxlaw-12357	1295	10	make	make	VERB
taxlaw-12357	1295	11	this	this	DET
taxlaw-12357	1295	12	call	call	NOUN
taxlaw-12357	1295	13	option	option	NOUN
taxlaw-12357	1295	14	less	less	ADV
taxlaw-12357	1295	15	valuable	valuable	ADJ
taxlaw-12357	1295	16	,	,	PUNCT
taxlaw-12357	1295	17	since	since	SCONJ
taxlaw-12357	1295	18	it	it	PRON
taxlaw-12357	1295	19	is	be	AUX
taxlaw-12357	1295	20	less	less	ADV
taxlaw-12357	1295	21	likely	likely	ADJ
taxlaw-12357	1295	22	to	to	PART
taxlaw-12357	1295	23	“	"	PUNCT
taxlaw-12357	1295	24	knock	knock	VERB
taxlaw-12357	1295	25	in	in	ADP
taxlaw-12357	1295	26	.	.	PUNCT
taxlaw-12357	1295	27	”	"	PUNCT
taxlaw-12357	1296	1	when	when	SCONJ
taxlaw-12357	1296	2	the	the	DET
taxlaw-12357	1296	3	latter	latter	ADJ
taxlaw-12357	1296	4	effect	effect	NOUN
taxlaw-12357	1296	5	dominates	dominate	VERB
taxlaw-12357	1296	6	,	,	PUNCT
taxlaw-12357	1296	7	increases	increase	NOUN
taxlaw-12357	1296	8	in	in	ADP
taxlaw-12357	1296	9	underlying	underlie	VERB
taxlaw-12357	1296	10	’s	’s	PART
taxlaw-12357	1296	11	price	price	NOUN
taxlaw-12357	1296	12	actually	actually	ADV
taxlaw-12357	1296	13	reduce	reduce	VERB
taxlaw-12357	1296	14	the	the	DET
taxlaw-12357	1296	15	barrier	barrier	NOUN
taxlaw-12357	1296	16	option	option	NOUN
taxlaw-12357	1296	17	’s	’s	PART
taxlaw-12357	1296	18	value	value	NOUN
taxlaw-12357	1296	19	,	,	PUNCT
taxlaw-12357	1296	20	turning	turn	VERB
taxlaw-12357	1296	21	delta	delta	NOUN
taxlaw-12357	1296	22	negative.133	negative.133	ADV
taxlaw-12357	1296	23	this	this	DET
taxlaw-12357	1296	24	counterintuitive	counterintuitive	ADJ
taxlaw-12357	1296	25	effect	effect	NOUN
taxlaw-12357	1296	26	is	be	AUX
taxlaw-12357	1296	27	more	more	ADV
taxlaw-12357	1296	28	pronounced	pronounced	ADJ
taxlaw-12357	1296	29	when	when	SCONJ
taxlaw-12357	1296	30	underlying	underlying	ADJ
taxlaw-12357	1296	31	is	be	AUX
taxlaw-12357	1296	32	less	less	ADV
taxlaw-12357	1296	33	volatile	volatile	ADJ
taxlaw-12357	1296	34	,	,	PUNCT
taxlaw-12357	1296	35	presumably	presumably	ADV
taxlaw-12357	1296	36	because	because	SCONJ
taxlaw-12357	1296	37	as	as	SCONJ
taxlaw-12357	1296	38	underlying	underlie	VERB
taxlaw-12357	1296	39	’s	’s	PART
taxlaw-12357	1296	40	price	price	NOUN
taxlaw-12357	1296	41	moves	move	NOUN
taxlaw-12357	1296	42	further	far	ADV
taxlaw-12357	1296	43	above	above	ADP
taxlaw-12357	1296	44	the	the	DET
taxlaw-12357	1296	45	$	$	SYM
taxlaw-12357	1296	46	98	98	NUM
taxlaw-12357	1296	47	threshold	threshold	NOUN
taxlaw-12357	1296	48	,	,	PUNCT
taxlaw-12357	1296	49	it	it	PRON
taxlaw-12357	1296	50	is	be	AUX
taxlaw-12357	1296	51	less	less	ADV
taxlaw-12357	1296	52	likely	likely	ADJ
taxlaw-12357	1296	53	to	to	PART
taxlaw-12357	1296	54	come	come	VERB
taxlaw-12357	1296	55	back	back	ADV
taxlaw-12357	1296	56	down	down	ADV
taxlaw-12357	1296	57	.	.	PUNCT
taxlaw-12357	1297	1	as	as	SCONJ
taxlaw-12357	1297	2	table	table	NOUN
taxlaw-12357	1297	3	4	4	NUM
taxlaw-12357	1297	4	shows	show	NOUN
taxlaw-12357	1297	5	,	,	PUNCT
taxlaw-12357	1297	6	delta	delta	NOUN
taxlaw-12357	1297	7	in	in	ADP
taxlaw-12357	1297	8	the	the	DET
taxlaw-12357	1297	9	low	low	ADJ
taxlaw-12357	1297	10	volatility	volatility	NOUN
taxlaw-12357	1297	11	case	case	NOUN
taxlaw-12357	1297	12	actually	actually	ADV
taxlaw-12357	1297	13	is	be	AUX
taxlaw-12357	1297	14	negative	negative	ADJ
taxlaw-12357	1297	15	1.52	1.52	NUM
taxlaw-12357	1297	16	:	:	PUNCT
taxlaw-12357	1297	17	when	when	SCONJ
taxlaw-12357	1297	18	underlying	underlying	ADJ
taxlaw-12357	1297	19	’s	’s	PART
taxlaw-12357	1297	20	price	price	NOUN
taxlaw-12357	1297	21	increases	increase	NOUN
taxlaw-12357	1297	22	from	from	ADP
taxlaw-12357	1297	23	100	100	NUM
taxlaw-12357	1297	24	to	to	ADP
taxlaw-12357	1297	25	101	101	NUM
taxlaw-12357	1297	26	,	,	PUNCT
taxlaw-12357	1297	27	the	the	DET
taxlaw-12357	1297	28	call	call	NOUN
taxlaw-12357	1297	29	option	option	NOUN
taxlaw-12357	1297	30	’s	’s	PART
taxlaw-12357	1297	31	value	value	NOUN
taxlaw-12357	1297	32	actually	actually	ADV
taxlaw-12357	1297	33	declines	decline	VERB
taxlaw-12357	1297	34	not	not	PART
taxlaw-12357	1297	35	just	just	ADV
taxlaw-12357	1297	36	by	by	ADP
taxlaw-12357	1297	37	a	a	DET
taxlaw-12357	1297	38	few	few	ADJ
taxlaw-12357	1297	39	cents	cent	NOUN
taxlaw-12357	1297	40	,	,	PUNCT
taxlaw-12357	1297	41	but	but	CCONJ
taxlaw-12357	1297	42	by	by	ADP
taxlaw-12357	1297	43	a	a	DET
taxlaw-12357	1297	44	full	full	ADJ
taxlaw-12357	1297	45	$	$	SYM
taxlaw-12357	1297	46	1.52	1.52	NUM
taxlaw-12357	1297	47	!	!	PUNCT
taxlaw-12357	1298	1	volatility	volatility	NOUN
taxlaw-12357	1298	2	20	20	NUM
taxlaw-12357	1298	3	%	%	NOUN
taxlaw-12357	1298	4	60	60	NUM
taxlaw-12357	1298	5	%	%	NOUN
taxlaw-12357	1298	6	delta	delta	NOUN
taxlaw-12357	1298	7	-1.520	-1.520	PUNCT
taxlaw-12357	1298	8	-0.395	-0.395	ADJ
taxlaw-12357	1298	9	table	table	NOUN
taxlaw-12357	1298	10	4	4	NUM
taxlaw-12357	1298	11	:	:	PUNCT
taxlaw-12357	1298	12	delta	delta	NOUN
taxlaw-12357	1298	13	for	for	ADP
taxlaw-12357	1298	14	knock	knock	NOUN
taxlaw-12357	1298	15	-	-	PUNCT
taxlaw-12357	1298	16	in	in	ADP
taxlaw-12357	1298	17	call	call	NOUN
taxlaw-12357	1298	18	130	130	NUM
taxlaw-12357	1298	19	in	in	ADP
taxlaw-12357	1298	20	this	this	DET
taxlaw-12357	1298	21	example	example	NOUN
taxlaw-12357	1298	22	,	,	PUNCT
taxlaw-12357	1298	23	even	even	ADV
taxlaw-12357	1298	24	if	if	SCONJ
taxlaw-12357	1298	25	the	the	DET
taxlaw-12357	1298	26	option	option	NOUN
taxlaw-12357	1298	27	can	can	AUX
taxlaw-12357	1298	28	not	not	PART
taxlaw-12357	1298	29	be	be	AUX
taxlaw-12357	1298	30	used	use	VERB
taxlaw-12357	1298	31	,	,	PUNCT
taxlaw-12357	1298	32	the	the	DET
taxlaw-12357	1298	33	taxpayer	taxpayer	NOUN
taxlaw-12357	1298	34	will	will	AUX
taxlaw-12357	1298	35	still	still	ADV
taxlaw-12357	1298	36	get	get	VERB
taxlaw-12357	1298	37	$	$	SYM
taxlaw-12357	1298	38	70	70	NUM
taxlaw-12357	1298	39	.	.	PUNCT
taxlaw-12357	1299	1	in	in	ADP
taxlaw-12357	1299	2	effect	effect	NOUN
taxlaw-12357	1299	3	,	,	PUNCT
taxlaw-12357	1299	4	the	the	DET
taxlaw-12357	1299	5	bond	bond	NOUN
taxlaw-12357	1299	6	portion	portion	NOUN
taxlaw-12357	1299	7	of	of	ADP
taxlaw-12357	1299	8	this	this	DET
taxlaw-12357	1299	9	transaction	transaction	NOUN
taxlaw-12357	1299	10	is	be	AUX
taxlaw-12357	1299	11	not	not	PART
taxlaw-12357	1299	12	subject	subject	ADJ
taxlaw-12357	1299	13	to	to	ADP
taxlaw-12357	1299	14	this	this	DET
taxlaw-12357	1299	15	“	"	PUNCT
taxlaw-12357	1299	16	knock	knock	VERB
taxlaw-12357	1299	17	in	in	ADP
taxlaw-12357	1299	18	”	"	PUNCT
taxlaw-12357	1299	19	contingency	contingency	NOUN
taxlaw-12357	1299	20	.	.	PUNCT
taxlaw-12357	1300	1	131	131	NUM
taxlaw-12357	1300	2	james	james	PROPN
taxlaw-12357	1300	3	chen	chen	PROPN
taxlaw-12357	1300	4	,	,	PUNCT
taxlaw-12357	1300	5	what	what	PRON
taxlaw-12357	1300	6	is	be	AUX
taxlaw-12357	1300	7	a	a	DET
taxlaw-12357	1300	8	barrier	barrier	NOUN
taxlaw-12357	1300	9	option	option	NOUN
taxlaw-12357	1300	10	?	?	PUNCT
taxlaw-12357	1301	1	definition	definition	NOUN
taxlaw-12357	1301	2	,	,	PUNCT
taxlaw-12357	1301	3	and	and	CCONJ
taxlaw-12357	1301	4	knock	knock	NOUN
taxlaw-12357	1301	5	-	-	PUNCT
taxlaw-12357	1301	6	in	in	NOUN
taxlaw-12357	1301	7	vs.	vs.	ADP
taxlaw-12357	1301	8	knock	knock	NOUN
taxlaw-12357	1301	9	-	-	PUNCT
taxlaw-12357	1301	10	out	out	NOUN
taxlaw-12357	1301	11	,	,	PUNCT
taxlaw-12357	1301	12	investopedia	investopedia	PROPN
taxlaw-12357	1301	13	(	(	PUNCT
taxlaw-12357	1301	14	apr	apr	PROPN
taxlaw-12357	1301	15	.	.	PROPN
taxlaw-12357	1301	16	5	5	NUM
taxlaw-12357	1301	17	,	,	PUNCT
taxlaw-12357	1301	18	2022	2022	NUM
taxlaw-12357	1301	19	)	)	PUNCT
taxlaw-12357	1301	20	,	,	PUNCT
taxlaw-12357	1301	21	https://www.investopedia.com/terms/b/barrieroption.asp	https://www.investopedia.com/terms/b/barrieroption.asp	X
taxlaw-12357	1302	1	[	[	X
taxlaw-12357	1302	2	https://perma.cc/3pjx-z8	https://perma.cc/3pjx-z8	X
taxlaw-12357	1302	3	pt	pt	X
taxlaw-12357	1302	4	]	]	X
taxlaw-12357	1302	5	(	(	PUNCT
taxlaw-12357	1302	6	“	"	PUNCT
taxlaw-12357	1302	7	a	a	DET
taxlaw-12357	1302	8	barrier	barrier	NOUN
taxlaw-12357	1302	9	option	option	NOUN
taxlaw-12357	1302	10	is	be	AUX
taxlaw-12357	1302	11	a	a	DET
taxlaw-12357	1302	12	type	type	NOUN
taxlaw-12357	1302	13	of	of	ADP
taxlaw-12357	1302	14	derivative	derivative	NOUN
taxlaw-12357	1302	15	where	where	SCONJ
taxlaw-12357	1302	16	the	the	DET
taxlaw-12357	1302	17	payoff	payoff	NOUN
taxlaw-12357	1302	18	depends	depend	VERB
taxlaw-12357	1302	19	on	on	ADP
taxlaw-12357	1302	20	whether	whether	SCONJ
taxlaw-12357	1302	21	or	or	CCONJ
taxlaw-12357	1302	22	not	not	PART
taxlaw-12357	1302	23	the	the	DET
taxlaw-12357	1302	24	underlying	underlie	VERB
taxlaw-12357	1302	25	asset	asset	NOUN
taxlaw-12357	1302	26	has	have	AUX
taxlaw-12357	1302	27	reached	reach	VERB
taxlaw-12357	1302	28	or	or	CCONJ
taxlaw-12357	1302	29	exceeded	exceed	VERB
taxlaw-12357	1302	30	a	a	DET
taxlaw-12357	1302	31	predetermined	predetermined	ADJ
taxlaw-12357	1302	32	price	price	NOUN
taxlaw-12357	1302	33	.	.	PUNCT
taxlaw-12357	1302	34	”	"	PUNCT
taxlaw-12357	1302	35	)	)	PUNCT
taxlaw-12357	1302	36	.	.	PUNCT
taxlaw-12357	1303	1	132	132	NUM
taxlaw-12357	1303	2	a	a	DET
taxlaw-12357	1303	3	contingency	contingency	NOUN
taxlaw-12357	1303	4	that	that	PRON
taxlaw-12357	1303	5	adds	add	VERB
taxlaw-12357	1303	6	additional	additional	ADJ
taxlaw-12357	1303	7	features	feature	NOUN
taxlaw-12357	1303	8	to	to	ADP
taxlaw-12357	1303	9	a	a	DET
taxlaw-12357	1303	10	derivative	derivative	NOUN
taxlaw-12357	1303	11	is	be	AUX
taxlaw-12357	1303	12	called	call	VERB
taxlaw-12357	1303	13	a	a	DET
taxlaw-12357	1303	14	“	"	PUNCT
taxlaw-12357	1303	15	knock	knock	NOUN
taxlaw-12357	1303	16	in	in	ADP
taxlaw-12357	1303	17	”	"	PUNCT
taxlaw-12357	1303	18	feature	feature	NOUN
taxlaw-12357	1303	19	;	;	PUNCT
taxlaw-12357	1303	20	in	in	ADP
taxlaw-12357	1303	21	contrast	contrast	NOUN
taxlaw-12357	1303	22	,	,	PUNCT
taxlaw-12357	1303	23	a	a	DET
taxlaw-12357	1303	24	condition	condition	NOUN
taxlaw-12357	1303	25	that	that	PRON
taxlaw-12357	1303	26	causes	cause	VERB
taxlaw-12357	1303	27	a	a	DET
taxlaw-12357	1303	28	derivative	derivative	NOUN
taxlaw-12357	1303	29	to	to	PART
taxlaw-12357	1303	30	expire	expire	VERB
taxlaw-12357	1303	31	prematurely	prematurely	ADV
taxlaw-12357	1303	32	is	be	AUX
taxlaw-12357	1303	33	called	call	VERB
taxlaw-12357	1303	34	a	a	DET
taxlaw-12357	1303	35	“	"	PUNCT
taxlaw-12357	1303	36	knock	knock	VERB
taxlaw-12357	1303	37	out	out	ADP
taxlaw-12357	1303	38	”	"	PUNCT
taxlaw-12357	1303	39	feature	feature	NOUN
taxlaw-12357	1303	40	.	.	PUNCT
taxlaw-12357	1304	1	133	133	NUM
taxlaw-12357	1304	2	likewise	likewise	ADV
taxlaw-12357	1304	3	,	,	PUNCT
taxlaw-12357	1304	4	declines	decline	VERB
taxlaw-12357	1304	5	in	in	ADP
taxlaw-12357	1304	6	underlying	underlie	VERB
taxlaw-12357	1304	7	’s	’s	PART
taxlaw-12357	1304	8	price	price	NOUN
taxlaw-12357	1304	9	also	also	ADV
taxlaw-12357	1304	10	causes	cause	VERB
taxlaw-12357	1304	11	competing	compete	VERB
taxlaw-12357	1304	12	effects	effect	NOUN
taxlaw-12357	1304	13	.	.	PUNCT
taxlaw-12357	1305	1	a	a	DET
taxlaw-12357	1305	2	call	call	NOUN
taxlaw-12357	1305	3	option	option	NOUN
taxlaw-12357	1305	4	generally	generally	ADV
taxlaw-12357	1305	5	loses	lose	VERB
taxlaw-12357	1305	6	value	value	NOUN
taxlaw-12357	1305	7	when	when	SCONJ
taxlaw-12357	1305	8	the	the	DET
taxlaw-12357	1305	9	price	price	NOUN
taxlaw-12357	1305	10	of	of	ADP
taxlaw-12357	1305	11	the	the	DET
taxlaw-12357	1305	12	underlying	underlie	VERB
taxlaw-12357	1305	13	declines	decline	NOUN
taxlaw-12357	1305	14	,	,	PUNCT
taxlaw-12357	1305	15	but	but	CCONJ
taxlaw-12357	1305	16	here	here	ADV
taxlaw-12357	1305	17	the	the	DET
taxlaw-12357	1305	18	knock	knock	VERB
taxlaw-12357	1305	19	-	-	PUNCT
taxlaw-12357	1305	20	in	in	ADP
taxlaw-12357	1305	21	call	call	NOUN
taxlaw-12357	1305	22	comes	come	VERB
taxlaw-12357	1305	23	closer	close	ADV
taxlaw-12357	1305	24	to	to	ADP
taxlaw-12357	1305	25	$	$	SYM
taxlaw-12357	1305	26	98	98	NUM
taxlaw-12357	1305	27	,	,	PUNCT
taxlaw-12357	1305	28	and	and	CCONJ
taxlaw-12357	1305	29	thus	thus	ADV
taxlaw-12357	1305	30	is	be	AUX
taxlaw-12357	1305	31	more	more	ADV
taxlaw-12357	1305	32	likely	likely	ADJ
taxlaw-12357	1305	33	to	to	PART
taxlaw-12357	1305	34	become	become	VERB
taxlaw-12357	1305	35	usable	usable	ADJ
taxlaw-12357	1305	36	.	.	PUNCT
taxlaw-12357	1306	1	2024	2024	NUM
taxlaw-12357	1306	2	]	]	PUNCT
taxlaw-12357	1306	3	transaction	transaction	NOUN
taxlaw-12357	1306	4	-	-	PUNCT
taxlaw-12357	1306	5	specific	specific	ADJ
taxlaw-12357	1306	6	tax	tax	NOUN
taxlaw-12357	1306	7	reform	reform	NOUN
taxlaw-12357	1306	8	in	in	ADP
taxlaw-12357	1306	9	three	three	NUM
taxlaw-12357	1306	10	steps	step	NOUN
taxlaw-12357	1306	11	47	47	NUM
taxlaw-12357	1306	12	as	as	ADP
taxlaw-12357	1306	13	this	this	DET
taxlaw-12357	1306	14	bizarre	bizarre	ADJ
taxlaw-12357	1306	15	result	result	NOUN
taxlaw-12357	1306	16	shows	show	NOUN
taxlaw-12357	1306	17	,	,	PUNCT
taxlaw-12357	1306	18	the	the	DET
taxlaw-12357	1306	19	delta	delta	NOUN
taxlaw-12357	1306	20	test	test	NOUN
taxlaw-12357	1306	21	has	have	AUX
taxlaw-12357	1306	22	utterly	utterly	ADV
taxlaw-12357	1306	23	short	short	ADV
taxlaw-12357	1306	24	-	-	PUNCT
taxlaw-12357	1306	25	circuited	circuit	VERB
taxlaw-12357	1306	26	.	.	PUNCT
taxlaw-12357	1307	1	it	it	PRON
taxlaw-12357	1307	2	is	be	AUX
taxlaw-12357	1307	3	treating	treat	VERB
taxlaw-12357	1307	4	the	the	DET
taxlaw-12357	1307	5	call	call	NOUN
taxlaw-12357	1307	6	as	as	ADP
taxlaw-12357	1307	7	very	very	ADV
taxlaw-12357	1307	8	different	different	ADJ
taxlaw-12357	1307	9	from	from	ADP
taxlaw-12357	1307	10	the	the	DET
taxlaw-12357	1307	11	underlying	underlie	VERB
taxlaw-12357	1307	12	,	,	PUNCT
taxlaw-12357	1307	13	when	when	SCONJ
taxlaw-12357	1307	14	this	this	PRON
taxlaw-12357	1307	15	just	just	ADV
taxlaw-12357	1307	16	is	be	AUX
taxlaw-12357	1307	17	n’t	not	PART
taxlaw-12357	1307	18	the	the	DET
taxlaw-12357	1307	19	case	case	NOUN
taxlaw-12357	1307	20	.	.	PUNCT
taxlaw-12357	1308	1	without	without	ADP
taxlaw-12357	1308	2	the	the	DET
taxlaw-12357	1308	3	contingency	contingency	NOUN
taxlaw-12357	1308	4	,	,	PUNCT
taxlaw-12357	1308	5	the	the	DET
taxlaw-12357	1308	6	call	call	NOUN
taxlaw-12357	1308	7	actually	actually	ADV
taxlaw-12357	1308	8	is	be	AUX
taxlaw-12357	1308	9	a	a	DET
taxlaw-12357	1308	10	close	close	ADJ
taxlaw-12357	1308	11	substitute	substitute	NOUN
taxlaw-12357	1308	12	,	,	PUNCT
taxlaw-12357	1308	13	as	as	SCONJ
taxlaw-12357	1308	14	shown	show	VERB
taxlaw-12357	1308	15	above.134	above.134	NOUN
taxlaw-12357	1308	16	nor	nor	CCONJ
taxlaw-12357	1308	17	should	should	AUX
taxlaw-12357	1308	18	the	the	DET
taxlaw-12357	1308	19	contingency	contingency	NOUN
taxlaw-12357	1308	20	make	make	VERB
taxlaw-12357	1308	21	much	much	ADJ
taxlaw-12357	1308	22	of	of	ADP
taxlaw-12357	1308	23	a	a	DET
taxlaw-12357	1308	24	difference	difference	NOUN
taxlaw-12357	1308	25	.	.	PUNCT
taxlaw-12357	1309	1	after	after	ADV
taxlaw-12357	1309	2	all	all	ADV
taxlaw-12357	1309	3	,	,	PUNCT
taxlaw-12357	1309	4	it	it	PRON
taxlaw-12357	1309	5	has	have	VERB
taxlaw-12357	1309	6	no	no	DET
taxlaw-12357	1309	7	effect	effect	NOUN
taxlaw-12357	1309	8	as	as	ADV
taxlaw-12357	1309	9	long	long	ADV
taxlaw-12357	1309	10	as	as	ADP
taxlaw-12357	1309	11	underlying	underlie	VERB
taxlaw-12357	1309	12	’s	’s	PART
taxlaw-12357	1309	13	price	price	NOUN
taxlaw-12357	1309	14	declines	decline	VERB
taxlaw-12357	1309	15	to	to	ADP
taxlaw-12357	1309	16	$	$	SYM
taxlaw-12357	1309	17	98	98	NUM
taxlaw-12357	1309	18	at	at	ADP
taxlaw-12357	1309	19	some	some	DET
taxlaw-12357	1309	20	point	point	NOUN
taxlaw-12357	1309	21	in	in	ADP
taxlaw-12357	1309	22	five	five	NUM
taxlaw-12357	1309	23	years	year	NOUN
taxlaw-12357	1309	24	–	–	PUNCT
taxlaw-12357	1309	25	something	something	PRON
taxlaw-12357	1309	26	that	that	PRON
taxlaw-12357	1309	27	is	be	AUX
taxlaw-12357	1309	28	extremely	extremely	ADV
taxlaw-12357	1309	29	likely	likely	ADJ
taxlaw-12357	1309	30	to	to	PART
taxlaw-12357	1309	31	happen.135	happen.135	PRON
taxlaw-12357	1309	32	as	as	SCONJ
taxlaw-12357	1309	33	this	this	DET
taxlaw-12357	1309	34	example	example	NOUN
taxlaw-12357	1309	35	shows	show	VERB
taxlaw-12357	1309	36	,	,	PUNCT
taxlaw-12357	1309	37	delta	delta	NOUN
taxlaw-12357	1309	38	is	be	AUX
taxlaw-12357	1309	39	not	not	PART
taxlaw-12357	1309	40	an	an	DET
taxlaw-12357	1309	41	effective	effective	ADJ
taxlaw-12357	1309	42	test	test	NOUN
taxlaw-12357	1309	43	for	for	ADP
taxlaw-12357	1309	44	instruments	instrument	NOUN
taxlaw-12357	1309	45	with	with	ADP
taxlaw-12357	1309	46	payouts	payout	NOUN
taxlaw-12357	1309	47	based	base	VERB
taxlaw-12357	1309	48	not	not	PART
taxlaw-12357	1309	49	just	just	ADV
taxlaw-12357	1309	50	on	on	ADP
taxlaw-12357	1309	51	the	the	DET
taxlaw-12357	1309	52	final	final	ADJ
taxlaw-12357	1309	53	asset	asset	NOUN
taxlaw-12357	1309	54	value	value	NOUN
taxlaw-12357	1309	55	,	,	PUNCT
taxlaw-12357	1309	56	but	but	CCONJ
taxlaw-12357	1309	57	also	also	ADV
taxlaw-12357	1309	58	on	on	ADP
taxlaw-12357	1309	59	the	the	DET
taxlaw-12357	1309	60	price	price	NOUN
taxlaw-12357	1309	61	path	path	NOUN
taxlaw-12357	1309	62	to	to	PART
taxlaw-12357	1309	63	get	get	VERB
taxlaw-12357	1309	64	there	there	ADV
taxlaw-12357	1309	65	.	.	PUNCT
taxlaw-12357	1310	1	delta	delta	NOUN
taxlaw-12357	1310	2	is	be	AUX
taxlaw-12357	1310	3	very	very	ADV
taxlaw-12357	1310	4	sensitive	sensitive	ADJ
taxlaw-12357	1310	5	to	to	ADP
taxlaw-12357	1310	6	small	small	ADJ
taxlaw-12357	1310	7	effects	effect	NOUN
taxlaw-12357	1310	8	at	at	ADP
taxlaw-12357	1310	9	specific	specific	ADJ
taxlaw-12357	1310	10	prices	price	NOUN
taxlaw-12357	1310	11	,	,	PUNCT
taxlaw-12357	1310	12	which	which	PRON
taxlaw-12357	1310	13	can	can	AUX
taxlaw-12357	1310	14	obscure	obscure	VERB
taxlaw-12357	1310	15	broader	broad	ADJ
taxlaw-12357	1310	16	correlations	correlation	NOUN
taxlaw-12357	1310	17	.	.	PUNCT
taxlaw-12357	1311	1	put	put	VERB
taxlaw-12357	1311	2	more	more	ADV
taxlaw-12357	1311	3	colloquially	colloquially	ADV
taxlaw-12357	1311	4	,	,	PUNCT
taxlaw-12357	1311	5	it	it	PRON
taxlaw-12357	1311	6	often	often	ADV
taxlaw-12357	1311	7	misses	miss	VERB
taxlaw-12357	1311	8	the	the	DET
taxlaw-12357	1311	9	forest	forest	NOUN
taxlaw-12357	1311	10	for	for	ADP
taxlaw-12357	1311	11	the	the	DET
taxlaw-12357	1311	12	trees	tree	NOUN
taxlaw-12357	1311	13	.	.	PUNCT
taxlaw-12357	1312	1	b.	b.	PROPN
taxlaw-12357	1312	2	potential	potential	ADJ
taxlaw-12357	1312	3	fixes	fix	NOUN
taxlaw-12357	1312	4	for	for	ADP
taxlaw-12357	1312	5	the	the	DET
taxlaw-12357	1312	6	delta	delta	NOUN
taxlaw-12357	1312	7	test	test	NOUN
taxlaw-12357	1312	8	admittedly	admittedly	ADV
taxlaw-12357	1312	9	,	,	PUNCT
taxlaw-12357	1312	10	there	there	PRON
taxlaw-12357	1312	11	are	be	VERB
taxlaw-12357	1312	12	ways	way	NOUN
taxlaw-12357	1312	13	to	to	PART
taxlaw-12357	1312	14	manage	manage	VERB
taxlaw-12357	1312	15	these	these	DET
taxlaw-12357	1312	16	problems	problem	NOUN
taxlaw-12357	1312	17	with	with	ADP
taxlaw-12357	1312	18	a	a	DET
taxlaw-12357	1312	19	delta	delta	NOUN
taxlaw-12357	1312	20	test	test	NOUN
taxlaw-12357	1312	21	,	,	PUNCT
taxlaw-12357	1312	22	at	at	ADP
taxlaw-12357	1312	23	least	least	ADJ
taxlaw-12357	1312	24	to	to	ADP
taxlaw-12357	1312	25	an	an	DET
taxlaw-12357	1312	26	extent	extent	NOUN
taxlaw-12357	1312	27	.	.	PUNCT
taxlaw-12357	1313	1	perhaps	perhaps	ADV
taxlaw-12357	1313	2	a	a	DET
taxlaw-12357	1313	3	more	more	ADV
taxlaw-12357	1313	4	sophisticated	sophisticated	ADJ
taxlaw-12357	1313	5	model	model	NOUN
taxlaw-12357	1313	6	could	could	AUX
taxlaw-12357	1313	7	deemphasize	deemphasize	VERB
taxlaw-12357	1313	8	contingencies	contingency	NOUN
taxlaw-12357	1313	9	,	,	PUNCT
taxlaw-12357	1313	10	although	although	SCONJ
taxlaw-12357	1313	11	we	we	PRON
taxlaw-12357	1313	12	doubt	doubt	VERB
taxlaw-12357	1313	13	it	it	PRON
taxlaw-12357	1313	14	.	.	PUNCT
taxlaw-12357	1314	1	alternatively	alternatively	ADV
taxlaw-12357	1314	2	,	,	PUNCT
taxlaw-12357	1314	3	the	the	DET
taxlaw-12357	1314	4	test	test	NOUN
taxlaw-12357	1314	5	could	could	AUX
taxlaw-12357	1314	6	ignore	ignore	VERB
taxlaw-12357	1314	7	some	some	DET
taxlaw-12357	1314	8	contingencies	contingency	NOUN
taxlaw-12357	1314	9	,	,	PUNCT
taxlaw-12357	1314	10	as	as	SCONJ
taxlaw-12357	1314	11	other	other	ADJ
taxlaw-12357	1314	12	tax	tax	NOUN
taxlaw-12357	1314	13	rules	rule	NOUN
taxlaw-12357	1314	14	do.136	do.136	PROPN
taxlaw-12357	1314	15	so	so	ADV
taxlaw-12357	1314	16	instead	instead	ADV
taxlaw-12357	1314	17	of	of	ADP
taxlaw-12357	1314	18	analyzing	analyze	VERB
taxlaw-12357	1314	19	what	what	PRON
taxlaw-12357	1314	20	taxpayers	taxpayer	NOUN
taxlaw-12357	1314	21	actually	actually	ADV
taxlaw-12357	1314	22	did	do	VERB
taxlaw-12357	1314	23	,	,	PUNCT
taxlaw-12357	1314	24	the	the	DET
taxlaw-12357	1314	25	rule	rule	NOUN
taxlaw-12357	1314	26	could	could	AUX
taxlaw-12357	1314	27	test	test	VERB
taxlaw-12357	1314	28	a	a	DET
taxlaw-12357	1314	29	simplified	simplified	ADJ
taxlaw-12357	1314	30	hypothetical	hypothetical	ADJ
taxlaw-12357	1314	31	version	version	NOUN
taxlaw-12357	1314	32	.	.	PUNCT
taxlaw-12357	1315	1	the	the	DET
taxlaw-12357	1315	2	government	government	NOUN
taxlaw-12357	1315	3	took	take	VERB
taxlaw-12357	1315	4	an	an	DET
taxlaw-12357	1315	5	analogous	analogous	ADJ
taxlaw-12357	1315	6	approach	approach	NOUN
taxlaw-12357	1315	7	in	in	ADP
taxlaw-12357	1315	8	regulations	regulation	NOUN
taxlaw-12357	1315	9	under	under	ADP
taxlaw-12357	1315	10	section	section	NOUN
taxlaw-12357	1315	11	871	871	NUM
taxlaw-12357	1315	12	,	,	PUNCT
taxlaw-12357	1315	13	which	which	PRON
taxlaw-12357	1315	14	use	use	VERB
taxlaw-12357	1315	15	delta	delta	NOUN
taxlaw-12357	1315	16	to	to	PART
taxlaw-12357	1315	17	police	police	VERB
taxlaw-12357	1315	18	a	a	DET
taxlaw-12357	1315	19	strategy	strategy	NOUN
taxlaw-12357	1315	20	for	for	ADP
taxlaw-12357	1315	21	avoiding	avoid	VERB
taxlaw-12357	1315	22	withholding	withholding	NOUN
taxlaw-12357	1315	23	tax	tax	NOUN
taxlaw-12357	1315	24	:	:	PUNCT
taxlaw-12357	1315	25	investing	invest	VERB
taxlaw-12357	1315	26	in	in	ADP
taxlaw-12357	1315	27	derivatives	derivative	NOUN
taxlaw-12357	1315	28	instead	instead	ADV
taxlaw-12357	1315	29	of	of	ADP
taxlaw-12357	1315	30	common	common	ADJ
taxlaw-12357	1315	31	stock.137	stock.137	NOUN
taxlaw-12357	1315	32	but	but	CCONJ
taxlaw-12357	1315	33	testing	test	VERB
taxlaw-12357	1315	34	a	a	DET
taxlaw-12357	1315	35	hypothetical	hypothetical	ADJ
taxlaw-12357	1315	36	deal	deal	NOUN
taxlaw-12357	1315	37	has	have	VERB
taxlaw-12357	1315	38	obvious	obvious	ADJ
taxlaw-12357	1315	39	problems	problem	NOUN
taxlaw-12357	1315	40	.	.	PUNCT
taxlaw-12357	1316	1	among	among	ADP
taxlaw-12357	1316	2	the	the	DET
taxlaw-12357	1316	3	many	many	ADJ
taxlaw-12357	1316	4	variations	variation	NOUN
taxlaw-12357	1316	5	,	,	PUNCT
taxlaw-12357	1316	6	which	which	PRON
taxlaw-12357	1316	7	should	should	AUX
taxlaw-12357	1316	8	be	be	AUX
taxlaw-12357	1316	9	tested	test	VERB
taxlaw-12357	1316	10	?	?	PUNCT
taxlaw-12357	1317	1	what	what	PRON
taxlaw-12357	1317	2	(	(	PUNCT
taxlaw-12357	1317	3	potentially	potentially	ADV
taxlaw-12357	1317	4	distorting	distort	VERB
taxlaw-12357	1317	5	)	)	PUNCT
taxlaw-12357	1317	6	assumptions	assumption	NOUN
taxlaw-12357	1317	7	are	be	AUX
taxlaw-12357	1317	8	taxpayers	taxpayer	NOUN
taxlaw-12357	1317	9	allowed	allow	VERB
taxlaw-12357	1317	10	to	to	PART
taxlaw-12357	1317	11	make	make	VERB
taxlaw-12357	1317	12	?	?	PUNCT
taxlaw-12357	1318	1	in	in	ADP
taxlaw-12357	1318	2	our	our	PRON
taxlaw-12357	1318	3	view	view	NOUN
taxlaw-12357	1318	4	,	,	PUNCT
taxlaw-12357	1318	5	these	these	DET
taxlaw-12357	1318	6	“	"	PUNCT
taxlaw-12357	1318	7	fixes	fix	NOUN
taxlaw-12357	1318	8	”	"	PUNCT
taxlaw-12357	1318	9	seem	seem	VERB
taxlaw-12357	1318	10	more	more	ADV
taxlaw-12357	1318	11	plausible	plausible	ADJ
taxlaw-12357	1318	12	when	when	SCONJ
taxlaw-12357	1318	13	everyone	everyone	PRON
taxlaw-12357	1318	14	is	be	AUX
taxlaw-12357	1318	15	trying	try	VERB
taxlaw-12357	1318	16	to	to	PART
taxlaw-12357	1318	17	make	make	VERB
taxlaw-12357	1318	18	delta	delta	NOUN
taxlaw-12357	1318	19	work	work	NOUN
taxlaw-12357	1318	20	,	,	PUNCT
taxlaw-12357	1318	21	such	such	ADJ
taxlaw-12357	1318	22	as	as	ADP
taxlaw-12357	1318	23	when	when	SCONJ
taxlaw-12357	1318	24	traders	trader	NOUN
taxlaw-12357	1318	25	hedge	hedge	VERB
taxlaw-12357	1318	26	.	.	PUNCT
taxlaw-12357	1319	1	but	but	CCONJ
taxlaw-12357	1319	2	here	here	ADV
taxlaw-12357	1319	3	delta	delta	NOUN
taxlaw-12357	1319	4	is	be	AUX
taxlaw-12357	1319	5	used	use	VERB
taxlaw-12357	1319	6	not	not	PART
taxlaw-12357	1319	7	to	to	PART
taxlaw-12357	1319	8	finetune	finetune	VERB
taxlaw-12357	1319	9	a	a	DET
taxlaw-12357	1319	10	portfolio	portfolio	NOUN
taxlaw-12357	1319	11	,	,	PUNCT
taxlaw-12357	1319	12	but	but	CCONJ
taxlaw-12357	1319	13	to	to	PART
taxlaw-12357	1319	14	block	block	VERB
taxlaw-12357	1319	15	tax	tax	NOUN
taxlaw-12357	1319	16	planning	planning	NOUN
taxlaw-12357	1319	17	.	.	PUNCT
taxlaw-12357	1320	1	so	so	ADV
taxlaw-12357	1320	2	instead	instead	ADV
taxlaw-12357	1320	3	of	of	ADP
taxlaw-12357	1320	4	looking	look	VERB
taxlaw-12357	1320	5	for	for	ADP
taxlaw-12357	1320	6	a	a	DET
taxlaw-12357	1320	7	reasonable	reasonable	ADJ
taxlaw-12357	1320	8	solution	solution	NOUN
taxlaw-12357	1320	9	,	,	PUNCT
taxlaw-12357	1320	10	some	some	DET
taxlaw-12357	1320	11	taxpayers	taxpayer	NOUN
taxlaw-12357	1320	12	will	will	AUX
taxlaw-12357	1320	13	make	make	VERB
taxlaw-12357	1320	14	aggressive	aggressive	ADJ
taxlaw-12357	1320	15	assumptions	assumption	NOUN
taxlaw-12357	1320	16	to	to	PART
taxlaw-12357	1320	17	try	try	VERB
taxlaw-12357	1320	18	to	to	PART
taxlaw-12357	1320	19	game	game	VERB
taxlaw-12357	1320	20	the	the	DET
taxlaw-12357	1320	21	system	system	NOUN
taxlaw-12357	1320	22	.	.	PUNCT
taxlaw-12357	1321	1	134	134	NUM
taxlaw-12357	1321	2	see	see	VERB
taxlaw-12357	1321	3	supra	supra	PROPN
taxlaw-12357	1321	4	part	part	PROPN
taxlaw-12357	1321	5	vi.a.2	vi.a.2	PROPN
taxlaw-12357	1321	6	&	&	CCONJ
taxlaw-12357	1321	7	vi.b.2	vi.b.2	PROPN
taxlaw-12357	1321	8	(	(	PUNCT
taxlaw-12357	1321	9	showing	show	VERB
taxlaw-12357	1321	10	similarity	similarity	NOUN
taxlaw-12357	1321	11	using	use	VERB
taxlaw-12357	1321	12	difference	difference	NOUN
taxlaw-12357	1321	13	value	value	NOUN
taxlaw-12357	1321	14	and	and	CCONJ
taxlaw-12357	1321	15	delta	delta	NOUN
taxlaw-12357	1321	16	tests	test	NOUN
taxlaw-12357	1321	17	)	)	PUNCT
taxlaw-12357	1321	18	.	.	PUNCT
taxlaw-12357	1322	1	135	135	NUM
taxlaw-12357	1322	2	the	the	DET
taxlaw-12357	1322	3	risk	risk	NOUN
taxlaw-12357	1322	4	-	-	PUNCT
taxlaw-12357	1322	5	neutral	neutral	ADJ
taxlaw-12357	1322	6	probability	probability	NOUN
taxlaw-12357	1322	7	of	of	ADP
taxlaw-12357	1322	8	reaching	reach	VERB
taxlaw-12357	1322	9	$	$	SYM
taxlaw-12357	1322	10	98	98	NUM
taxlaw-12357	1322	11	is	be	AUX
taxlaw-12357	1322	12	94.8	94.8	NUM
taxlaw-12357	1322	13	%	%	NOUN
taxlaw-12357	1322	14	in	in	ADP
taxlaw-12357	1322	15	our	our	PRON
taxlaw-12357	1322	16	low	low	ADJ
taxlaw-12357	1322	17	-	-	PUNCT
taxlaw-12357	1322	18	volatility	volatility	NOUN
taxlaw-12357	1322	19	case	case	NOUN
taxlaw-12357	1322	20	(	(	PUNCT
taxlaw-12357	1322	21	20	20	NUM
taxlaw-12357	1322	22	%	%	NOUN
taxlaw-12357	1322	23	)	)	PUNCT
taxlaw-12357	1322	24	and	and	CCONJ
taxlaw-12357	1322	25	99.4	99.4	NUM
taxlaw-12357	1322	26	%	%	NOUN
taxlaw-12357	1322	27	in	in	ADP
taxlaw-12357	1322	28	our	our	PRON
taxlaw-12357	1322	29	high	high	ADJ
taxlaw-12357	1322	30	-	-	PUNCT
taxlaw-12357	1322	31	volatility	volatility	NOUN
taxlaw-12357	1322	32	case	case	NOUN
taxlaw-12357	1322	33	(	(	PUNCT
taxlaw-12357	1322	34	60	60	NUM
taxlaw-12357	1322	35	%	%	NOUN
taxlaw-12357	1322	36	)	)	PUNCT
taxlaw-12357	1322	37	.	.	PUNCT
taxlaw-12357	1323	1	note	note	VERB
taxlaw-12357	1323	2	that	that	SCONJ
taxlaw-12357	1323	3	risk	risk	NOUN
taxlaw-12357	1323	4	-	-	PUNCT
taxlaw-12357	1323	5	neutral	neutral	ADJ
taxlaw-12357	1323	6	probabilities	probability	NOUN
taxlaw-12357	1323	7	are	be	AUX
taxlaw-12357	1323	8	a	a	DET
taxlaw-12357	1323	9	construct	construct	NOUN
taxlaw-12357	1323	10	of	of	ADP
taxlaw-12357	1323	11	the	the	DET
taxlaw-12357	1323	12	pricing	pricing	NOUN
taxlaw-12357	1323	13	model	model	NOUN
taxlaw-12357	1323	14	used	use	VERB
taxlaw-12357	1323	15	and	and	CCONJ
taxlaw-12357	1323	16	are	be	AUX
taxlaw-12357	1323	17	not	not	PART
taxlaw-12357	1323	18	the	the	DET
taxlaw-12357	1323	19	same	same	ADJ
taxlaw-12357	1323	20	as	as	ADP
taxlaw-12357	1323	21	real	real	ADJ
taxlaw-12357	1323	22	-	-	PUNCT
taxlaw-12357	1323	23	world	world	NOUN
taxlaw-12357	1323	24	(	(	PUNCT
taxlaw-12357	1323	25	so	so	ADV
taxlaw-12357	1323	26	-	-	PUNCT
taxlaw-12357	1323	27	called	call	VERB
taxlaw-12357	1323	28	“	"	PUNCT
taxlaw-12357	1323	29	physical	physical	ADJ
taxlaw-12357	1323	30	”	"	PUNCT
taxlaw-12357	1323	31	)	)	PUNCT
taxlaw-12357	1323	32	probabilities	probability	NOUN
taxlaw-12357	1323	33	.	.	PUNCT
taxlaw-12357	1324	1	the	the	DET
taxlaw-12357	1324	2	risk	risk	NOUN
taxlaw-12357	1324	3	-	-	PUNCT
taxlaw-12357	1324	4	neutral	neutral	ADJ
taxlaw-12357	1324	5	values	value	NOUN
taxlaw-12357	1324	6	may	may	AUX
taxlaw-12357	1324	7	be	be	AUX
taxlaw-12357	1324	8	thought	think	VERB
taxlaw-12357	1324	9	of	of	ADP
taxlaw-12357	1324	10	as	as	ADP
taxlaw-12357	1324	11	real	real	ADJ
taxlaw-12357	1324	12	probabilities	probability	NOUN
taxlaw-12357	1324	13	adjusted	adjust	VERB
taxlaw-12357	1324	14	to	to	PART
taxlaw-12357	1324	15	account	account	VERB
taxlaw-12357	1324	16	for	for	ADP
taxlaw-12357	1324	17	the	the	DET
taxlaw-12357	1324	18	risk	risk	NOUN
taxlaw-12357	1324	19	aversion	aversion	NOUN
taxlaw-12357	1324	20	of	of	ADP
taxlaw-12357	1324	21	a	a	DET
taxlaw-12357	1324	22	marginal	marginal	ADJ
taxlaw-12357	1324	23	investor	investor	NOUN
taxlaw-12357	1324	24	,	,	PUNCT
taxlaw-12357	1324	25	as	as	SCONJ
taxlaw-12357	1324	26	reflected	reflect	VERB
taxlaw-12357	1324	27	in	in	ADP
taxlaw-12357	1324	28	prices	price	NOUN
taxlaw-12357	1324	29	.	.	PUNCT
taxlaw-12357	1325	1	in	in	ADP
taxlaw-12357	1325	2	general	general	ADJ
taxlaw-12357	1325	3	,	,	PUNCT
taxlaw-12357	1325	4	real	real	ADJ
taxlaw-12357	1325	5	-	-	PUNCT
taxlaw-12357	1325	6	world	world	NOUN
taxlaw-12357	1325	7	probabilities	probability	NOUN
taxlaw-12357	1325	8	would	would	AUX
taxlaw-12357	1325	9	correspond	correspond	VERB
taxlaw-12357	1325	10	to	to	ADP
taxlaw-12357	1325	11	a	a	DET
taxlaw-12357	1325	12	higher	high	ADJ
taxlaw-12357	1325	13	probability	probability	NOUN
taxlaw-12357	1325	14	of	of	ADP
taxlaw-12357	1325	15	an	an	DET
taxlaw-12357	1325	16	increase	increase	NOUN
taxlaw-12357	1325	17	in	in	ADP
taxlaw-12357	1325	18	asset	asset	NOUN
taxlaw-12357	1325	19	price	price	NOUN
taxlaw-12357	1325	20	,	,	PUNCT
taxlaw-12357	1325	21	and	and	CCONJ
taxlaw-12357	1325	22	hence	hence	ADV
taxlaw-12357	1325	23	a	a	DET
taxlaw-12357	1325	24	lower	low	ADJ
taxlaw-12357	1325	25	probability	probability	NOUN
taxlaw-12357	1325	26	of	of	ADP
taxlaw-12357	1325	27	hitting	hit	VERB
taxlaw-12357	1325	28	the	the	DET
taxlaw-12357	1325	29	barrier	barrier	NOUN
taxlaw-12357	1325	30	.	.	PUNCT
taxlaw-12357	1326	1	however	however	ADV
taxlaw-12357	1326	2	,	,	PUNCT
taxlaw-12357	1326	3	because	because	SCONJ
taxlaw-12357	1326	4	we	we	PRON
taxlaw-12357	1326	5	are	be	AUX
taxlaw-12357	1326	6	interested	interested	ADJ
taxlaw-12357	1326	7	in	in	ADP
taxlaw-12357	1326	8	understanding	understand	VERB
taxlaw-12357	1326	9	the	the	DET
taxlaw-12357	1326	10	behavior	behavior	NOUN
taxlaw-12357	1326	11	of	of	ADP
taxlaw-12357	1326	12	delta	delta	NOUN
taxlaw-12357	1326	13	,	,	PUNCT
taxlaw-12357	1326	14	which	which	PRON
taxlaw-12357	1326	15	is	be	AUX
taxlaw-12357	1326	16	also	also	ADV
taxlaw-12357	1326	17	a	a	DET
taxlaw-12357	1326	18	construct	construct	NOUN
taxlaw-12357	1326	19	of	of	ADP
taxlaw-12357	1326	20	the	the	DET
taxlaw-12357	1326	21	pricing	pricing	NOUN
taxlaw-12357	1326	22	model	model	NOUN
taxlaw-12357	1326	23	,	,	PUNCT
taxlaw-12357	1326	24	the	the	DET
taxlaw-12357	1326	25	risk	risk	NOUN
taxlaw-12357	1326	26	-	-	PUNCT
taxlaw-12357	1326	27	neutral	neutral	ADJ
taxlaw-12357	1326	28	probabilities	probability	NOUN
taxlaw-12357	1326	29	are	be	AUX
taxlaw-12357	1326	30	useful	useful	ADJ
taxlaw-12357	1326	31	to	to	PART
taxlaw-12357	1326	32	consider	consider	VERB
taxlaw-12357	1326	33	.	.	PUNCT
taxlaw-12357	1327	1	136	136	NUM
taxlaw-12357	1327	2	by	by	ADP
taxlaw-12357	1327	3	analogy	analogy	NOUN
taxlaw-12357	1328	1	,	,	PUNCT
taxlaw-12357	1328	2	regulations	regulation	NOUN
taxlaw-12357	1328	3	on	on	ADP
taxlaw-12357	1328	4	various	various	ADJ
taxlaw-12357	1328	5	types	type	NOUN
taxlaw-12357	1328	6	of	of	ADP
taxlaw-12357	1328	7	debt	debt	NOUN
taxlaw-12357	1328	8	instruments	instrument	NOUN
taxlaw-12357	1328	9	specify	specify	VERB
taxlaw-12357	1328	10	how	how	SCONJ
taxlaw-12357	1328	11	various	various	ADJ
taxlaw-12357	1328	12	types	type	NOUN
taxlaw-12357	1328	13	of	of	ADP
taxlaw-12357	1328	14	contingencies	contingency	NOUN
taxlaw-12357	1328	15	should	should	AUX
taxlaw-12357	1328	16	be	be	AUX
taxlaw-12357	1328	17	treated	treat	VERB
taxlaw-12357	1328	18	.	.	PUNCT
taxlaw-12357	1329	1	see	see	VERB
taxlaw-12357	1329	2	treas	treas	PROPN
taxlaw-12357	1329	3	.	.	PUNCT
taxlaw-12357	1330	1	reg	reg	PROPN
taxlaw-12357	1330	2	.	.	PUNCT
taxlaw-12357	1331	1	§	§	PROPN
taxlaw-12357	1331	2	1.1272	1.1272	NUM
taxlaw-12357	1331	3	-	-	SYM
taxlaw-12357	1331	4	1(c	1(c	NUM
taxlaw-12357	1331	5	)	)	PUNCT
taxlaw-12357	1331	6	(	(	PUNCT
taxlaw-12357	1331	7	specifying	specify	VERB
taxlaw-12357	1331	8	presumptions	presumption	NOUN
taxlaw-12357	1331	9	for	for	ADP
taxlaw-12357	1331	10	contingencies	contingency	NOUN
taxlaw-12357	1331	11	in	in	ADP
taxlaw-12357	1331	12	computing	computing	NOUN
taxlaw-12357	1331	13	yields	yield	NOUN
taxlaw-12357	1331	14	)	)	PUNCT
taxlaw-12357	1331	15	.	.	PUNCT
taxlaw-12357	1332	1	137	137	NUM
taxlaw-12357	1332	2	specifically	specifically	ADV
taxlaw-12357	1332	3	,	,	PUNCT
taxlaw-12357	1332	4	taxpayers	taxpayer	NOUN
taxlaw-12357	1332	5	who	who	PRON
taxlaw-12357	1332	6	enter	enter	VERB
taxlaw-12357	1332	7	into	into	ADP
taxlaw-12357	1332	8	complex	complex	ADJ
taxlaw-12357	1332	9	contracts	contract	NOUN
taxlaw-12357	1332	10	are	be	AUX
taxlaw-12357	1332	11	required	require	VERB
taxlaw-12357	1332	12	to	to	PART
taxlaw-12357	1332	13	construct	construct	VERB
taxlaw-12357	1332	14	a	a	DET
taxlaw-12357	1332	15	simplified	simplified	ADJ
taxlaw-12357	1332	16	alternative	alternative	NOUN
taxlaw-12357	1332	17	with	with	ADP
taxlaw-12357	1332	18	a	a	DET
taxlaw-12357	1332	19	delta	delta	NOUN
taxlaw-12357	1332	20	of	of	ADP
taxlaw-12357	1332	21	.8	.8	PROPN
taxlaw-12357	1332	22	.	.	PUNCT
taxlaw-12357	1333	1	see	see	VERB
taxlaw-12357	1333	2	treas	treas	PROPN
taxlaw-12357	1333	3	.	.	PUNCT
taxlaw-12357	1334	1	reg	reg	PROPN
taxlaw-12357	1334	2	.	.	PUNCT
taxlaw-12357	1335	1	§	§	PROPN
taxlaw-12357	1335	2	1.871	1.871	NUM
taxlaw-12357	1335	3	-	-	SYM
taxlaw-12357	1335	4	15(h)(2	15(h)(2	NUM
taxlaw-12357	1335	5	)	)	PUNCT
taxlaw-12357	1335	6	.	.	PUNCT
taxlaw-12357	1336	1	unfortunately	unfortunately	ADV
taxlaw-12357	1336	2	,	,	PUNCT
taxlaw-12357	1336	3	the	the	DET
taxlaw-12357	1336	4	regulations	regulation	NOUN
taxlaw-12357	1336	5	fail	fail	VERB
taxlaw-12357	1336	6	to	to	PART
taxlaw-12357	1336	7	give	give	VERB
taxlaw-12357	1336	8	clear	clear	ADJ
taxlaw-12357	1336	9	guidance	guidance	NOUN
taxlaw-12357	1336	10	about	about	ADP
taxlaw-12357	1336	11	which	which	DET
taxlaw-12357	1336	12	alternative	alternative	NOUN
taxlaw-12357	1336	13	to	to	AUX
taxlaw-12357	1336	14	use	use	VERB
taxlaw-12357	1336	15	(	(	PUNCT
taxlaw-12357	1336	16	since	since	SCONJ
taxlaw-12357	1336	17	a	a	DET
taxlaw-12357	1336	18	number	number	NOUN
taxlaw-12357	1336	19	of	of	ADP
taxlaw-12357	1336	20	different	different	ADJ
taxlaw-12357	1336	21	ones	one	NOUN
taxlaw-12357	1336	22	could	could	AUX
taxlaw-12357	1336	23	have	have	VERB
taxlaw-12357	1336	24	a	a	DET
taxlaw-12357	1336	25	delta	delta	NOUN
taxlaw-12357	1336	26	of	of	ADP
taxlaw-12357	1336	27	.8	.8	PROPN
taxlaw-12357	1336	28	)	)	PUNCT
taxlaw-12357	1336	29	.	.	PUNCT
taxlaw-12357	1337	1	the	the	DET
taxlaw-12357	1337	2	regulations	regulation	NOUN
taxlaw-12357	1337	3	then	then	ADV
taxlaw-12357	1337	4	direct	direct	ADJ
taxlaw-12357	1337	5	taxpayers	taxpayer	NOUN
taxlaw-12357	1337	6	to	to	PART
taxlaw-12357	1337	7	compare	compare	VERB
taxlaw-12357	1337	8	the	the	DET
taxlaw-12357	1337	9	alternative	alternative	NOUN
taxlaw-12357	1337	10	–	–	PUNCT
taxlaw-12357	1337	11	whichever	whichever	PRON
taxlaw-12357	1337	12	it	it	PRON
taxlaw-12357	1337	13	is	be	AUX
taxlaw-12357	1337	14	–	–	PUNCT
taxlaw-12357	1337	15	with	with	ADP
taxlaw-12357	1337	16	the	the	DET
taxlaw-12357	1337	17	transaction	transaction	NOUN
taxlaw-12357	1337	18	they	they	PRON
taxlaw-12357	1337	19	actually	actually	ADV
taxlaw-12357	1337	20	used	use	VERB
taxlaw-12357	1337	21	.	.	PUNCT
taxlaw-12357	1338	1	specifically	specifically	ADV
taxlaw-12357	1338	2	,	,	PUNCT
taxlaw-12357	1338	3	taxpayers	taxpayer	NOUN
taxlaw-12357	1338	4	have	have	VERB
taxlaw-12357	1338	5	to	to	PART
taxlaw-12357	1338	6	compare	compare	VERB
taxlaw-12357	1338	7	percentage	percentage	NOUN
taxlaw-12357	1338	8	changes	change	NOUN
taxlaw-12357	1338	9	in	in	ADP
taxlaw-12357	1338	10	the	the	DET
taxlaw-12357	1338	11	delta	delta	NOUN
taxlaw-12357	1338	12	of	of	ADP
taxlaw-12357	1338	13	what	what	PRON
taxlaw-12357	1338	14	they	they	PRON
taxlaw-12357	1338	15	actually	actually	ADV
taxlaw-12357	1338	16	did	do	AUX
taxlaw-12357	1338	17	with	with	ADP
taxlaw-12357	1338	18	percentage	percentage	NOUN
taxlaw-12357	1338	19	changes	change	NOUN
taxlaw-12357	1338	20	in	in	ADP
taxlaw-12357	1338	21	the	the	DET
taxlaw-12357	1338	22	simplified	simplified	ADJ
taxlaw-12357	1338	23	version	version	NOUN
taxlaw-12357	1338	24	.	.	PUNCT
taxlaw-12357	1339	1	this	this	DET
taxlaw-12357	1339	2	comparison	comparison	NOUN
taxlaw-12357	1339	3	turns	turn	VERB
taxlaw-12357	1339	4	out	out	ADP
taxlaw-12357	1339	5	to	to	PART
taxlaw-12357	1339	6	be	be	AUX
taxlaw-12357	1339	7	not	not	PART
taxlaw-12357	1339	8	just	just	ADV
taxlaw-12357	1339	9	exceedingly	exceedingly	ADV
taxlaw-12357	1339	10	complicated	complicated	ADJ
taxlaw-12357	1339	11	,	,	PUNCT
taxlaw-12357	1339	12	but	but	CCONJ
taxlaw-12357	1339	13	also	also	ADV
taxlaw-12357	1339	14	manipulable	manipulable	ADJ
taxlaw-12357	1339	15	.	.	PUNCT
taxlaw-12357	1340	1	unfortunately	unfortunately	ADV
taxlaw-12357	1340	2	,	,	PUNCT
taxlaw-12357	1340	3	in	in	ADP
taxlaw-12357	1340	4	the	the	DET
taxlaw-12357	1340	5	same	same	ADJ
taxlaw-12357	1340	6	way	way	NOUN
taxlaw-12357	1340	7	that	that	PRON
taxlaw-12357	1340	8	knock	knock	VERB
taxlaw-12357	1340	9	-	-	PUNCT
taxlaw-12357	1340	10	in	in	NOUN
taxlaw-12357	1340	11	and	and	CCONJ
taxlaw-12357	1340	12	knock	knock	VERB
taxlaw-12357	1340	13	-	-	PUNCT
taxlaw-12357	1340	14	out	out	ADP
taxlaw-12357	1340	15	features	feature	NOUN
taxlaw-12357	1340	16	allow	allow	VERB
taxlaw-12357	1340	17	for	for	ADP
taxlaw-12357	1340	18	manipulation	manipulation	NOUN
taxlaw-12357	1340	19	of	of	ADP
taxlaw-12357	1340	20	delta	delta	NOUN
taxlaw-12357	1340	21	,	,	PUNCT
taxlaw-12357	1340	22	as	as	SCONJ
taxlaw-12357	1340	23	discussed	discuss	VERB
taxlaw-12357	1340	24	above	above	ADV
taxlaw-12357	1340	25	,	,	PUNCT
taxlaw-12357	1340	26	they	they	PRON
taxlaw-12357	1340	27	also	also	ADV
taxlaw-12357	1340	28	allow	allow	VERB
taxlaw-12357	1340	29	for	for	ADP
taxlaw-12357	1340	30	manipulation	manipulation	NOUN
taxlaw-12357	1340	31	of	of	ADP
taxlaw-12357	1340	32	percentage	percentage	NOUN
taxlaw-12357	1340	33	changes	change	NOUN
taxlaw-12357	1340	34	in	in	ADP
taxlaw-12357	1340	35	delta	delta	NOUN
taxlaw-12357	1340	36	.	.	PUNCT
taxlaw-12357	1341	1	columbia	columbia	PROPN
taxlaw-12357	1341	2	journal	journal	PROPN
taxlaw-12357	1341	3	of	of	ADP
taxlaw-12357	1341	4	tax	tax	NOUN
taxlaw-12357	1341	5	law	law	NOUN
taxlaw-12357	1341	6	[	[	X
taxlaw-12357	1341	7	vol	vol	NOUN
taxlaw-12357	1341	8	15:1	15:1	NUM
taxlaw-12357	1341	9	48	48	NUM
taxlaw-12357	1341	10	c.	c.	NOUN
taxlaw-12357	1341	11	key	key	NOUN
taxlaw-12357	1341	12	advantage	advantage	NOUN
taxlaw-12357	1341	13	of	of	ADP
taxlaw-12357	1341	14	the	the	DET
taxlaw-12357	1341	15	difference	difference	NOUN
taxlaw-12357	1341	16	-	-	PUNCT
taxlaw-12357	1341	17	value	value	NOUN
taxlaw-12357	1341	18	test	test	NOUN
taxlaw-12357	1341	19	:	:	PUNCT
taxlaw-12357	1341	20	treatment	treatment	NOUN
taxlaw-12357	1341	21	of	of	ADP
taxlaw-12357	1341	22	contingencies	contingency	NOUN
taxlaw-12357	1341	23	fortunately	fortunately	ADV
taxlaw-12357	1341	24	,	,	PUNCT
taxlaw-12357	1341	25	our	our	PRON
taxlaw-12357	1341	26	difference	difference	NOUN
taxlaw-12357	1341	27	-	-	PUNCT
taxlaw-12357	1341	28	value	value	NOUN
taxlaw-12357	1341	29	test	test	NOUN
taxlaw-12357	1341	30	avoids	avoid	VERB
taxlaw-12357	1341	31	this	this	DET
taxlaw-12357	1341	32	problem	problem	NOUN
taxlaw-12357	1341	33	:	:	PUNCT
taxlaw-12357	1341	34	“	"	PUNCT
taxlaw-12357	1341	35	knock	knock	VERB
taxlaw-12357	1341	36	-	-	PUNCT
taxlaw-12357	1341	37	in	in	NOUN
taxlaw-12357	1341	38	”	"	PUNCT
taxlaw-12357	1341	39	and	and	CCONJ
taxlaw-12357	1341	40	“	"	PUNCT
taxlaw-12357	1341	41	knock	knock	VERB
taxlaw-12357	1341	42	-	-	PUNCT
taxlaw-12357	1341	43	out	out	ADP
taxlaw-12357	1341	44	”	"	PUNCT
taxlaw-12357	1341	45	contingencies	contingency	NOUN
taxlaw-12357	1341	46	do	do	AUX
taxlaw-12357	1341	47	n’t	not	PART
taxlaw-12357	1341	48	skew	skew	VERB
taxlaw-12357	1341	49	the	the	DET
taxlaw-12357	1341	50	results	result	NOUN
taxlaw-12357	1341	51	.	.	PUNCT
taxlaw-12357	1342	1	the	the	DET
taxlaw-12357	1342	2	reason	reason	NOUN
taxlaw-12357	1342	3	is	be	AUX
taxlaw-12357	1342	4	that	that	SCONJ
taxlaw-12357	1342	5	our	our	PRON
taxlaw-12357	1342	6	test	test	NOUN
taxlaw-12357	1342	7	focuses	focus	VERB
taxlaw-12357	1342	8	on	on	ADP
taxlaw-12357	1342	9	overall	overall	ADJ
taxlaw-12357	1342	10	value	value	NOUN
taxlaw-12357	1342	11	,	,	PUNCT
taxlaw-12357	1342	12	not	not	PART
taxlaw-12357	1342	13	on	on	ADP
taxlaw-12357	1342	14	fleeting	fleeting	ADJ
taxlaw-12357	1342	15	correlations	correlation	NOUN
taxlaw-12357	1342	16	.	.	PUNCT
taxlaw-12357	1343	1	it	it	PRON
taxlaw-12357	1343	2	considers	consider	VERB
taxlaw-12357	1343	3	the	the	DET
taxlaw-12357	1343	4	full	full	ADJ
taxlaw-12357	1343	5	range	range	NOUN
taxlaw-12357	1343	6	of	of	ADP
taxlaw-12357	1343	7	outcomes	outcome	NOUN
taxlaw-12357	1343	8	,	,	PUNCT
taxlaw-12357	1343	9	using	use	VERB
taxlaw-12357	1343	10	probability	probability	NOUN
taxlaw-12357	1343	11	weighting	weighting	NOUN
taxlaw-12357	1343	12	to	to	PART
taxlaw-12357	1343	13	measure	measure	VERB
taxlaw-12357	1343	14	the	the	DET
taxlaw-12357	1343	15	likely	likely	ADJ
taxlaw-12357	1343	16	impact	impact	NOUN
taxlaw-12357	1343	17	of	of	ADP
taxlaw-12357	1343	18	contingencies	contingency	NOUN
taxlaw-12357	1343	19	.	.	PUNCT
taxlaw-12357	1344	1	this	this	PRON
taxlaw-12357	1344	2	keeps	keep	VERB
taxlaw-12357	1344	3	improbable	improbable	ADJ
taxlaw-12357	1344	4	ones	one	NOUN
taxlaw-12357	1344	5	from	from	ADP
taxlaw-12357	1344	6	distorting	distort	VERB
taxlaw-12357	1344	7	the	the	DET
taxlaw-12357	1344	8	result	result	NOUN
taxlaw-12357	1344	9	.	.	PUNCT
taxlaw-12357	1345	1	again	again	ADV
taxlaw-12357	1345	2	,	,	PUNCT
taxlaw-12357	1345	3	to	to	PART
taxlaw-12357	1345	4	put	put	VERB
taxlaw-12357	1345	5	the	the	DET
taxlaw-12357	1345	6	point	point	NOUN
taxlaw-12357	1345	7	more	more	ADV
taxlaw-12357	1345	8	colloquially	colloquially	ADV
taxlaw-12357	1345	9	,	,	PUNCT
taxlaw-12357	1345	10	our	our	PRON
taxlaw-12357	1345	11	test	test	NOUN
taxlaw-12357	1345	12	compares	compare	VERB
taxlaw-12357	1345	13	forests	forest	NOUN
taxlaw-12357	1345	14	,	,	PUNCT
taxlaw-12357	1345	15	instead	instead	ADV
taxlaw-12357	1345	16	of	of	ADP
taxlaw-12357	1345	17	individual	individual	ADJ
taxlaw-12357	1345	18	trees	tree	NOUN
taxlaw-12357	1345	19	.	.	PUNCT
taxlaw-12357	1346	1	to	to	PART
taxlaw-12357	1346	2	illustrate	illustrate	VERB
taxlaw-12357	1346	3	the	the	DET
taxlaw-12357	1346	4	difference	difference	NOUN
taxlaw-12357	1346	5	between	between	ADP
taxlaw-12357	1346	6	our	our	PRON
taxlaw-12357	1346	7	test	test	NOUN
taxlaw-12357	1346	8	and	and	CCONJ
taxlaw-12357	1346	9	the	the	DET
taxlaw-12357	1346	10	delta	delta	NOUN
taxlaw-12357	1346	11	test	test	NOUN
taxlaw-12357	1346	12	,	,	PUNCT
taxlaw-12357	1346	13	let	let	VERB
taxlaw-12357	1346	14	’s	’s	PRON
taxlaw-12357	1346	15	return	return	VERB
taxlaw-12357	1346	16	to	to	ADP
taxlaw-12357	1346	17	the	the	DET
taxlaw-12357	1346	18	contingent	contingent	NOUN
taxlaw-12357	1346	19	call	call	NOUN
taxlaw-12357	1346	20	option	option	NOUN
taxlaw-12357	1346	21	in	in	ADP
taxlaw-12357	1346	22	the	the	DET
taxlaw-12357	1346	23	example	example	NOUN
taxlaw-12357	1346	24	above	above	ADV
taxlaw-12357	1346	25	.	.	PUNCT
taxlaw-12357	1347	1	unlike	unlike	ADP
taxlaw-12357	1347	2	its	its	PRON
taxlaw-12357	1347	3	noncontingent	noncontingent	NOUN
taxlaw-12357	1347	4	counterpart	counterpart	NOUN
taxlaw-12357	1347	5	,	,	PUNCT
taxlaw-12357	1347	6	it	it	PRON
taxlaw-12357	1347	7	can	can	AUX
taxlaw-12357	1347	8	not	not	PART
taxlaw-12357	1347	9	be	be	AUX
taxlaw-12357	1347	10	used	use	VERB
taxlaw-12357	1347	11	if	if	SCONJ
taxlaw-12357	1347	12	underlying	underlie	VERB
taxlaw-12357	1347	13	’s	’s	PART
taxlaw-12357	1347	14	price	price	NOUN
taxlaw-12357	1347	15	never	never	ADV
taxlaw-12357	1347	16	falls	fall	VERB
taxlaw-12357	1347	17	below	below	ADP
taxlaw-12357	1347	18	$	$	SYM
taxlaw-12357	1347	19	98	98	NUM
taxlaw-12357	1347	20	.	.	PUNCT
taxlaw-12357	1348	1	yet	yet	CCONJ
taxlaw-12357	1348	2	this	this	DET
taxlaw-12357	1348	3	outcome	outcome	NOUN
taxlaw-12357	1348	4	is	be	AUX
taxlaw-12357	1348	5	quite	quite	ADV
taxlaw-12357	1348	6	unlikely	unlikely	ADJ
taxlaw-12357	1348	7	,	,	PUNCT
taxlaw-12357	1348	8	as	as	ADV
taxlaw-12357	1348	9	long	long	ADV
taxlaw-12357	1348	10	as	as	ADP
taxlaw-12357	1348	11	underlying	underlying	ADJ
taxlaw-12357	1348	12	is	be	AUX
taxlaw-12357	1348	13	volatile	volatile	ADJ
taxlaw-12357	1348	14	enough	enough	ADV
taxlaw-12357	1348	15	and	and	CCONJ
taxlaw-12357	1348	16	the	the	DET
taxlaw-12357	1348	17	option	option	NOUN
taxlaw-12357	1348	18	’s	’s	PART
taxlaw-12357	1348	19	term	term	NOUN
taxlaw-12357	1348	20	is	be	AUX
taxlaw-12357	1348	21	long	long	ADV
taxlaw-12357	1348	22	enough	enough	ADV
taxlaw-12357	1348	23	.	.	PUNCT
taxlaw-12357	1349	1	so	so	ADV
taxlaw-12357	1349	2	should	should	AUX
taxlaw-12357	1349	3	this	this	DET
taxlaw-12357	1349	4	contingency	contingency	NOUN
taxlaw-12357	1349	5	affect	affect	VERB
taxlaw-12357	1349	6	the	the	DET
taxlaw-12357	1349	7	option	option	NOUN
taxlaw-12357	1349	8	’s	’s	PART
taxlaw-12357	1349	9	value	value	NOUN
taxlaw-12357	1349	10	?	?	PUNCT
taxlaw-12357	1350	1	the	the	DET
taxlaw-12357	1350	2	answer	answer	NOUN
taxlaw-12357	1350	3	is	be	AUX
taxlaw-12357	1350	4	“	"	PUNCT
taxlaw-12357	1350	5	yes	yes	INTJ
taxlaw-12357	1350	6	,	,	PUNCT
taxlaw-12357	1350	7	but	but	CCONJ
taxlaw-12357	1350	8	only	only	ADV
taxlaw-12357	1350	9	modestly	modestly	ADV
taxlaw-12357	1350	10	.	.	PUNCT
taxlaw-12357	1350	11	”	"	PUNCT
taxlaw-12357	1351	1	this	this	PRON
taxlaw-12357	1351	2	is	be	AUX
taxlaw-12357	1351	3	exactly	exactly	ADV
taxlaw-12357	1351	4	what	what	PRON
taxlaw-12357	1351	5	we	we	PRON
taxlaw-12357	1351	6	find	find	VERB
taxlaw-12357	1351	7	with	with	ADP
taxlaw-12357	1351	8	our	our	PRON
taxlaw-12357	1351	9	difference	difference	NOUN
taxlaw-12357	1351	10	-	-	PUNCT
taxlaw-12357	1351	11	value	value	NOUN
taxlaw-12357	1351	12	approach	approach	NOUN
taxlaw-12357	1351	13	.	.	PUNCT
taxlaw-12357	1352	1	as	as	SCONJ
taxlaw-12357	1352	2	table	table	NOUN
taxlaw-12357	1352	3	5	5	NUM
taxlaw-12357	1352	4	shows	show	NOUN
taxlaw-12357	1352	5	,	,	PUNCT
taxlaw-12357	1352	6	the	the	DET
taxlaw-12357	1352	7	contingent	contingent	NOUN
taxlaw-12357	1352	8	call	call	NOUN
taxlaw-12357	1352	9	has	have	VERB
taxlaw-12357	1352	10	a	a	DET
taxlaw-12357	1352	11	slightly	slightly	ADV
taxlaw-12357	1352	12	higher	high	ADJ
taxlaw-12357	1352	13	difference	difference	NOUN
taxlaw-12357	1352	14	percentage	percentage	NOUN
taxlaw-12357	1352	15	–	–	PUNCT
taxlaw-12357	1352	16	that	that	ADV
taxlaw-12357	1352	17	is	is	ADV
taxlaw-12357	1352	18	,	,	PUNCT
taxlaw-12357	1352	19	it	it	PRON
taxlaw-12357	1352	20	is	be	AUX
taxlaw-12357	1352	21	a	a	DET
taxlaw-12357	1352	22	bit	bit	NOUN
taxlaw-12357	1352	23	less	less	ADV
taxlaw-12357	1352	24	like	like	ADP
taxlaw-12357	1352	25	underlying	underlie	VERB
taxlaw-12357	1352	26	–	–	PUNCT
taxlaw-12357	1352	27	because	because	SCONJ
taxlaw-12357	1352	28	of	of	ADP
taxlaw-12357	1352	29	its	its	PRON
taxlaw-12357	1352	30	“	"	PUNCT
taxlaw-12357	1352	31	knock	knock	VERB
taxlaw-12357	1352	32	-	-	PUNCT
taxlaw-12357	1352	33	in	in	ADP
taxlaw-12357	1352	34	”	"	PUNCT
taxlaw-12357	1352	35	feature	feature	NOUN
taxlaw-12357	1352	36	.	.	PUNCT
taxlaw-12357	1353	1	volatility	volatility	NOUN
taxlaw-12357	1353	2	20	20	NUM
taxlaw-12357	1353	3	%	%	NOUN
taxlaw-12357	1353	4	60	60	NUM
taxlaw-12357	1353	5	%	%	NOUN
taxlaw-12357	1353	6	difference	difference	NOUN
taxlaw-12357	1353	7	percentage	percentage	NOUN
taxlaw-12357	1353	8	for	for	ADP
taxlaw-12357	1353	9	non	non	ADJ
taxlaw-12357	1353	10	-	-	ADJ
taxlaw-12357	1353	11	contingent	contingent	ADJ
taxlaw-12357	1353	12	call138	call138	PROPN
taxlaw-12357	1353	13	1.31	1.31	NUM
taxlaw-12357	1353	14	%	%	NOUN
taxlaw-12357	1353	15	18.90	18.90	NUM
taxlaw-12357	1353	16	%	%	NOUN
taxlaw-12357	1353	17	difference	difference	NOUN
taxlaw-12357	1353	18	percentage	percentage	NOUN
taxlaw-12357	1353	19	for	for	ADP
taxlaw-12357	1353	20	knock	knock	NOUN
taxlaw-12357	1353	21	-	-	PUNCT
taxlaw-12357	1353	22	in	in	ADP
taxlaw-12357	1353	23	call139	call139	PROPN
taxlaw-12357	1353	24	9.22	9.22	NUM
taxlaw-12357	1353	25	%	%	NOUN
taxlaw-12357	1353	26	21.77	21.77	NUM
taxlaw-12357	1353	27	%	%	NOUN
taxlaw-12357	1353	28	table	table	NOUN
taxlaw-12357	1353	29	5	5	NUM
taxlaw-12357	1353	30	:	:	PUNCT
taxlaw-12357	1353	31	difference	difference	NOUN
taxlaw-12357	1353	32	percentage	percentage	NOUN
taxlaw-12357	1353	33	for	for	ADP
taxlaw-12357	1353	34	simple	simple	ADJ
taxlaw-12357	1353	35	call	call	NOUN
taxlaw-12357	1353	36	and	and	CCONJ
taxlaw-12357	1353	37	knock	knock	NOUN
taxlaw-12357	1353	38	-	-	PUNCT
taxlaw-12357	1353	39	in	in	NOUN
taxlaw-12357	1353	40	call	call	NOUN
taxlaw-12357	1353	41	the	the	DET
taxlaw-12357	1353	42	point	point	NOUN
taxlaw-12357	1353	43	here	here	ADV
taxlaw-12357	1353	44	is	be	AUX
taxlaw-12357	1353	45	not	not	PART
taxlaw-12357	1353	46	to	to	PART
taxlaw-12357	1353	47	bash	bash	VERB
taxlaw-12357	1353	48	delta	delta	NOUN
taxlaw-12357	1353	49	,	,	PUNCT
taxlaw-12357	1353	50	but	but	CCONJ
taxlaw-12357	1353	51	to	to	PART
taxlaw-12357	1353	52	clarify	clarify	VERB
taxlaw-12357	1353	53	how	how	SCONJ
taxlaw-12357	1353	54	it	it	PRON
taxlaw-12357	1353	55	should	should	AUX
taxlaw-12357	1353	56	be	be	AUX
taxlaw-12357	1353	57	used	use	VERB
taxlaw-12357	1353	58	.	.	PUNCT
taxlaw-12357	1354	1	the	the	DET
taxlaw-12357	1354	2	key	key	NOUN
taxlaw-12357	1354	3	is	be	AUX
taxlaw-12357	1354	4	that	that	SCONJ
taxlaw-12357	1354	5	it	it	PRON
taxlaw-12357	1354	6	focuses	focus	VERB
taxlaw-12357	1354	7	on	on	ADP
taxlaw-12357	1354	8	an	an	DET
taxlaw-12357	1354	9	instant	instant	NOUN
taxlaw-12357	1354	10	in	in	ADP
taxlaw-12357	1354	11	time	time	NOUN
taxlaw-12357	1354	12	.	.	PUNCT
taxlaw-12357	1355	1	this	this	DET
taxlaw-12357	1355	2	quality	quality	NOUN
taxlaw-12357	1355	3	makes	make	VERB
taxlaw-12357	1355	4	delta	delta	NOUN
taxlaw-12357	1355	5	especially	especially	ADV
taxlaw-12357	1355	6	valuable	valuable	ADJ
taxlaw-12357	1355	7	for	for	ADP
taxlaw-12357	1355	8	trading	trading	NOUN
taxlaw-12357	1355	9	strategies	strategy	NOUN
taxlaw-12357	1355	10	that	that	PRON
taxlaw-12357	1355	11	require	require	VERB
taxlaw-12357	1355	12	constant	constant	ADJ
taxlaw-12357	1355	13	adjustments	adjustment	NOUN
taxlaw-12357	1355	14	,	,	PUNCT
taxlaw-12357	1355	15	such	such	ADJ
taxlaw-12357	1355	16	as	as	ADP
taxlaw-12357	1355	17	hedging.140	hedging.140	NOUN
taxlaw-12357	1355	18	for	for	ADP
taxlaw-12357	1355	19	the	the	DET
taxlaw-12357	1355	20	same	same	ADJ
taxlaw-12357	1355	21	reason	reason	NOUN
taxlaw-12357	1355	22	,	,	PUNCT
taxlaw-12357	1355	23	the	the	DET
taxlaw-12357	1355	24	tax	tax	NOUN
taxlaw-12357	1355	25	law	law	NOUN
taxlaw-12357	1355	26	can	can	AUX
taxlaw-12357	1355	27	use	use	VERB
taxlaw-12357	1355	28	it	it	PRON
taxlaw-12357	1355	29	to	to	PART
taxlaw-12357	1355	30	test	test	VERB
taxlaw-12357	1355	31	conditions	condition	NOUN
taxlaw-12357	1355	32	at	at	ADP
taxlaw-12357	1355	33	a	a	DET
taxlaw-12357	1355	34	specific	specific	ADJ
taxlaw-12357	1355	35	moment	moment	NOUN
taxlaw-12357	1355	36	.	.	PUNCT
taxlaw-12357	1356	1	indeed	indeed	ADV
taxlaw-12357	1356	2	,	,	PUNCT
taxlaw-12357	1356	3	the	the	DET
taxlaw-12357	1356	4	delta	delta	NOUN
taxlaw-12357	1356	5	test	test	NOUN
taxlaw-12357	1356	6	was	be	AUX
taxlaw-12357	1356	7	first	first	ADV
taxlaw-12357	1356	8	proposed	propose	VERB
taxlaw-12357	1356	9	for	for	ADP
taxlaw-12357	1356	10	section	section	NOUN
taxlaw-12357	1356	11	1259	1259	NUM
taxlaw-12357	1356	12	,	,	PUNCT
taxlaw-12357	1356	13	which	which	PRON
taxlaw-12357	1356	14	taxes	tax	VERB
taxlaw-12357	1356	15	a	a	DET
taxlaw-12357	1356	16	138	138	NUM
taxlaw-12357	1356	17	the	the	DET
taxlaw-12357	1356	18	difference	difference	NOUN
taxlaw-12357	1356	19	contract	contract	NOUN
taxlaw-12357	1356	20	in	in	ADP
taxlaw-12357	1356	21	this	this	DET
taxlaw-12357	1356	22	case	case	NOUN
taxlaw-12357	1356	23	is	be	AUX
taxlaw-12357	1356	24	,	,	PUNCT
taxlaw-12357	1356	25	as	as	SCONJ
taxlaw-12357	1356	26	discussed	discuss	VERB
taxlaw-12357	1356	27	above	above	ADV
taxlaw-12357	1356	28	,	,	PUNCT
taxlaw-12357	1356	29	simply	simply	ADV
taxlaw-12357	1356	30	a	a	DET
taxlaw-12357	1356	31	put	put	NOUN
taxlaw-12357	1356	32	option	option	NOUN
taxlaw-12357	1356	33	with	with	ADP
taxlaw-12357	1356	34	strike	strike	NOUN
taxlaw-12357	1356	35	$	$	SYM
taxlaw-12357	1356	36	70	70	NUM
taxlaw-12357	1356	37	.	.	PUNCT
taxlaw-12357	1357	1	the	the	DET
taxlaw-12357	1357	2	difference	difference	NOUN
taxlaw-12357	1357	3	percentages	percentage	NOUN
taxlaw-12357	1357	4	are	be	AUX
taxlaw-12357	1357	5	the	the	DET
taxlaw-12357	1357	6	ratios	ratio	NOUN
taxlaw-12357	1357	7	of	of	ADP
taxlaw-12357	1357	8	the	the	DET
taxlaw-12357	1357	9	put	put	NOUN
taxlaw-12357	1357	10	prices	price	NOUN
taxlaw-12357	1357	11	in	in	ADP
taxlaw-12357	1357	12	the	the	DET
taxlaw-12357	1357	13	two	two	NUM
taxlaw-12357	1357	14	volatility	volatility	NOUN
taxlaw-12357	1357	15	scenarios	scenario	NOUN
taxlaw-12357	1357	16	to	to	ADP
taxlaw-12357	1357	17	the	the	DET
taxlaw-12357	1357	18	$	$	SYM
taxlaw-12357	1357	19	100	100	NUM
taxlaw-12357	1357	20	price	price	NOUN
taxlaw-12357	1357	21	of	of	ADP
taxlaw-12357	1357	22	the	the	DET
taxlaw-12357	1357	23	underlying	underlying	NOUN
taxlaw-12357	1357	24	.	.	PUNCT
taxlaw-12357	1358	1	139	139	NUM
taxlaw-12357	1359	1	the	the	DET
taxlaw-12357	1359	2	difference	difference	NOUN
taxlaw-12357	1359	3	contract	contract	NOUN
taxlaw-12357	1359	4	in	in	ADP
taxlaw-12357	1359	5	this	this	DET
taxlaw-12357	1359	6	case	case	NOUN
taxlaw-12357	1359	7	is	be	AUX
taxlaw-12357	1359	8	a	a	DET
taxlaw-12357	1359	9	knock	knock	VERB
taxlaw-12357	1359	10	-	-	PUNCT
taxlaw-12357	1359	11	in	in	ADP
taxlaw-12357	1359	12	put	put	NOUN
taxlaw-12357	1359	13	option	option	NOUN
taxlaw-12357	1359	14	with	with	ADP
taxlaw-12357	1359	15	strike	strike	NOUN
taxlaw-12357	1359	16	$	$	SYM
taxlaw-12357	1359	17	70	70	NUM
taxlaw-12357	1359	18	,	,	PUNCT
taxlaw-12357	1359	19	together	together	ADV
taxlaw-12357	1359	20	with	with	ADP
taxlaw-12357	1359	21	a	a	DET
taxlaw-12357	1359	22	knock	knock	VERB
taxlaw-12357	1359	23	-	-	PUNCT
taxlaw-12357	1359	24	out	out	ADP
taxlaw-12357	1359	25	position	position	NOUN
taxlaw-12357	1359	26	in	in	ADP
taxlaw-12357	1359	27	the	the	DET
taxlaw-12357	1359	28	asset	asset	NOUN
taxlaw-12357	1359	29	.	.	PUNCT
taxlaw-12357	1360	1	the	the	DET
taxlaw-12357	1360	2	asset	asset	NOUN
taxlaw-12357	1360	3	position	position	NOUN
taxlaw-12357	1360	4	is	be	AUX
taxlaw-12357	1360	5	the	the	DET
taxlaw-12357	1360	6	difference	difference	NOUN
taxlaw-12357	1360	7	if	if	SCONJ
taxlaw-12357	1360	8	the	the	DET
taxlaw-12357	1360	9	barrier	barrier	NOUN
taxlaw-12357	1360	10	level	level	NOUN
taxlaw-12357	1360	11	of	of	ADP
taxlaw-12357	1360	12	$	$	SYM
taxlaw-12357	1360	13	98	98	NUM
taxlaw-12357	1360	14	is	be	AUX
taxlaw-12357	1360	15	never	never	ADV
taxlaw-12357	1360	16	hit	hit	VERB
taxlaw-12357	1360	17	.	.	PUNCT
taxlaw-12357	1361	1	the	the	DET
taxlaw-12357	1361	2	price	price	NOUN
taxlaw-12357	1361	3	of	of	ADP
taxlaw-12357	1361	4	the	the	DET
taxlaw-12357	1361	5	knock	knock	NOUN
taxlaw-12357	1361	6	-	-	PUNCT
taxlaw-12357	1361	7	in	in	NOUN
taxlaw-12357	1361	8	put	put	NOUN
taxlaw-12357	1361	9	in	in	ADP
taxlaw-12357	1361	10	this	this	DET
taxlaw-12357	1361	11	case	case	NOUN
taxlaw-12357	1361	12	is	be	AUX
taxlaw-12357	1361	13	the	the	DET
taxlaw-12357	1361	14	same	same	ADJ
taxlaw-12357	1361	15	as	as	ADP
taxlaw-12357	1361	16	an	an	DET
taxlaw-12357	1361	17	unconditional	unconditional	ADJ
taxlaw-12357	1361	18	put	put	NOUN
taxlaw-12357	1361	19	,	,	PUNCT
taxlaw-12357	1361	20	because	because	SCONJ
taxlaw-12357	1361	21	a	a	DET
taxlaw-12357	1361	22	simple	simple	ADJ
taxlaw-12357	1361	23	put	put	VERB
taxlaw-12357	1361	24	with	with	ADP
taxlaw-12357	1361	25	strike	strike	NOUN
taxlaw-12357	1361	26	$	$	SYM
taxlaw-12357	1361	27	70	70	NUM
taxlaw-12357	1361	28	does	do	AUX
taxlaw-12357	1361	29	not	not	PART
taxlaw-12357	1361	30	provide	provide	VERB
taxlaw-12357	1361	31	a	a	DET
taxlaw-12357	1361	32	payoff	payoff	NOUN
taxlaw-12357	1361	33	if	if	SCONJ
taxlaw-12357	1361	34	the	the	DET
taxlaw-12357	1361	35	barrier	barrier	NOUN
taxlaw-12357	1361	36	of	of	ADP
taxlaw-12357	1361	37	$	$	SYM
taxlaw-12357	1361	38	98	98	NUM
taxlaw-12357	1361	39	is	be	AUX
taxlaw-12357	1361	40	never	never	ADV
taxlaw-12357	1361	41	crossed	cross	VERB
taxlaw-12357	1361	42	.	.	PUNCT
taxlaw-12357	1362	1	140	140	NUM
taxlaw-12357	1362	2	delta	delta	NOUN
taxlaw-12357	1362	3	helps	help	VERB
taxlaw-12357	1362	4	clarify	clarify	VERB
taxlaw-12357	1362	5	the	the	DET
taxlaw-12357	1362	6	trader	trader	NOUN
taxlaw-12357	1362	7	’s	’s	PART
taxlaw-12357	1362	8	short	short	ADJ
taxlaw-12357	1362	9	-	-	PUNCT
taxlaw-12357	1362	10	term	term	NOUN
taxlaw-12357	1362	11	exposure	exposure	NOUN
taxlaw-12357	1362	12	and	and	CCONJ
taxlaw-12357	1362	13	figure	figure	VERB
taxlaw-12357	1362	14	out	out	ADP
taxlaw-12357	1362	15	what	what	PRON
taxlaw-12357	1362	16	position	position	NOUN
taxlaw-12357	1362	17	will	will	AUX
taxlaw-12357	1362	18	be	be	AUX
taxlaw-12357	1362	19	offsetting	offset	VERB
taxlaw-12357	1362	20	at	at	ADP
taxlaw-12357	1362	21	that	that	DET
taxlaw-12357	1362	22	moment	moment	NOUN
taxlaw-12357	1362	23	.	.	PUNCT
taxlaw-12357	1363	1	over	over	ADP
taxlaw-12357	1363	2	time	time	NOUN
taxlaw-12357	1363	3	,	,	PUNCT
taxlaw-12357	1363	4	delta	delta	NOUN
taxlaw-12357	1363	5	keeps	keep	VERB
taxlaw-12357	1363	6	changing	change	VERB
taxlaw-12357	1363	7	,	,	PUNCT
taxlaw-12357	1363	8	so	so	ADV
taxlaw-12357	1363	9	the	the	DET
taxlaw-12357	1363	10	trader	trader	NOUN
taxlaw-12357	1363	11	updates	update	VERB
taxlaw-12357	1363	12	the	the	DET
taxlaw-12357	1363	13	hedge	hedge	NOUN
taxlaw-12357	1363	14	in	in	ADP
taxlaw-12357	1363	15	a	a	DET
taxlaw-12357	1363	16	process	process	NOUN
taxlaw-12357	1363	17	known	know	VERB
taxlaw-12357	1363	18	as	as	ADP
taxlaw-12357	1363	19	“	"	PUNCT
taxlaw-12357	1363	20	dynamic	dynamic	ADJ
taxlaw-12357	1363	21	hedging	hedging	NOUN
taxlaw-12357	1363	22	.	.	PUNCT
taxlaw-12357	1363	23	”	"	PUNCT
taxlaw-12357	1364	1	such	such	DET
taxlaw-12357	1364	2	an	an	DET
taxlaw-12357	1364	3	update	update	NOUN
taxlaw-12357	1364	4	is	be	AUX
taxlaw-12357	1364	5	even	even	ADV
taxlaw-12357	1364	6	self	self	NOUN
taxlaw-12357	1364	7	-	-	PUNCT
taxlaw-12357	1364	8	financing	financing	NOUN
taxlaw-12357	1364	9	,	,	PUNCT
taxlaw-12357	1364	10	under	under	ADP
taxlaw-12357	1364	11	idealized	idealized	ADJ
taxlaw-12357	1364	12	modeling	modeling	NOUN
taxlaw-12357	1364	13	assumptions	assumption	NOUN
taxlaw-12357	1364	14	.	.	PUNCT
taxlaw-12357	1365	1	notably	notably	ADV
taxlaw-12357	1365	2	,	,	PUNCT
taxlaw-12357	1365	3	though	though	ADV
taxlaw-12357	1365	4	,	,	PUNCT
taxlaw-12357	1365	5	although	although	SCONJ
taxlaw-12357	1365	6	dynamic	dynamic	ADJ
taxlaw-12357	1365	7	hedging	hedging	NOUN
taxlaw-12357	1365	8	with	with	ADP
taxlaw-12357	1365	9	positions	position	NOUN
taxlaw-12357	1365	10	in	in	ADP
taxlaw-12357	1365	11	the	the	DET
taxlaw-12357	1365	12	underlying	underlying	NOUN
taxlaw-12357	1365	13	is	be	AUX
taxlaw-12357	1365	14	possible	possible	ADJ
taxlaw-12357	1365	15	for	for	ADP
taxlaw-12357	1365	16	barrier	barrier	NOUN
taxlaw-12357	1365	17	options	option	NOUN
taxlaw-12357	1365	18	,	,	PUNCT
taxlaw-12357	1365	19	it	it	PRON
taxlaw-12357	1365	20	is	be	AUX
taxlaw-12357	1365	21	more	more	ADV
taxlaw-12357	1365	22	challenging	challenging	ADJ
taxlaw-12357	1365	23	than	than	ADP
taxlaw-12357	1365	24	with	with	ADP
taxlaw-12357	1365	25	simple	simple	ADJ
taxlaw-12357	1365	26	options	option	NOUN
taxlaw-12357	1365	27	.	.	PUNCT
taxlaw-12357	1366	1	for	for	ADP
taxlaw-12357	1366	2	barrier	barrier	NOUN
taxlaw-12357	1366	3	options	option	NOUN
taxlaw-12357	1366	4	,	,	PUNCT
taxlaw-12357	1366	5	it	it	PRON
taxlaw-12357	1366	6	can	can	AUX
taxlaw-12357	1366	7	be	be	AUX
taxlaw-12357	1366	8	useful	useful	ADJ
taxlaw-12357	1366	9	to	to	PART
taxlaw-12357	1366	10	hedge	hedge	VERB
taxlaw-12357	1366	11	with	with	ADP
taxlaw-12357	1366	12	positions	position	NOUN
taxlaw-12357	1366	13	in	in	ADP
taxlaw-12357	1366	14	simple	simple	ADJ
taxlaw-12357	1366	15	options	option	NOUN
taxlaw-12357	1366	16	in	in	ADP
taxlaw-12357	1366	17	the	the	DET
taxlaw-12357	1366	18	underlying	underlie	VERB
taxlaw-12357	1366	19	instead	instead	ADV
taxlaw-12357	1366	20	of	of	ADP
taxlaw-12357	1366	21	just	just	ADV
taxlaw-12357	1366	22	underlying	underlie	VERB
taxlaw-12357	1366	23	positions	position	NOUN
taxlaw-12357	1366	24	directly	directly	ADV
taxlaw-12357	1366	25	.	.	PUNCT
taxlaw-12357	1367	1	for	for	ADP
taxlaw-12357	1367	2	more	more	ADJ
taxlaw-12357	1367	3	information	information	NOUN
taxlaw-12357	1367	4	regarding	regard	VERB
taxlaw-12357	1367	5	hedging	hedging	NOUN
taxlaw-12357	1367	6	barrier	barrier	NOUN
taxlaw-12357	1367	7	options	option	NOUN
taxlaw-12357	1367	8	,	,	PUNCT
taxlaw-12357	1367	9	see	see	VERB
taxlaw-12357	1367	10	,	,	PUNCT
taxlaw-12357	1367	11	e.g.	e.g.	ADV
taxlaw-12357	1367	12	,	,	PUNCT
taxlaw-12357	1367	13	peter	peter	PROPN
taxlaw-12357	1367	14	carr	carr	PROPN
taxlaw-12357	1367	15	&	&	CCONJ
taxlaw-12357	1367	16	andrew	andrew	PROPN
taxlaw-12357	1367	17	chou	chou	PROPN
taxlaw-12357	1367	18	,	,	PUNCT
taxlaw-12357	1367	19	breaking	break	VERB
taxlaw-12357	1367	20	barriers	barrier	NOUN
taxlaw-12357	1367	21	,	,	PUNCT
taxlaw-12357	1367	22	10	10	NUM
taxlaw-12357	1367	23	risk	risk	NOUN
taxlaw-12357	1367	24	139	139	NUM
taxlaw-12357	1367	25	(	(	PUNCT
taxlaw-12357	1367	26	1997	1997	NUM
taxlaw-12357	1367	27	)	)	PUNCT
taxlaw-12357	1367	28	.	.	PUNCT
taxlaw-12357	1368	1	2024	2024	NUM
taxlaw-12357	1368	2	]	]	PUNCT
taxlaw-12357	1368	3	transaction	transaction	NOUN
taxlaw-12357	1368	4	-	-	PUNCT
taxlaw-12357	1368	5	specific	specific	ADJ
taxlaw-12357	1368	6	tax	tax	NOUN
taxlaw-12357	1368	7	reform	reform	NOUN
taxlaw-12357	1368	8	in	in	ADP
taxlaw-12357	1368	9	three	three	NUM
taxlaw-12357	1368	10	steps	step	NOUN
taxlaw-12357	1368	11	49	49	NUM
taxlaw-12357	1368	12	hedge	hedge	NOUN
taxlaw-12357	1368	13	that	that	PRON
taxlaw-12357	1368	14	is	be	AUX
taxlaw-12357	1368	15	too	too	ADV
taxlaw-12357	1368	16	much	much	ADJ
taxlaw-12357	1368	17	like	like	ADP
taxlaw-12357	1368	18	a	a	DET
taxlaw-12357	1368	19	sale.141	sale.141	NOUN
taxlaw-12357	1368	20	since	since	SCONJ
taxlaw-12357	1368	21	sales	sale	NOUN
taxlaw-12357	1368	22	happen	happen	VERB
taxlaw-12357	1368	23	at	at	ADP
taxlaw-12357	1368	24	an	an	DET
taxlaw-12357	1368	25	instant	instant	NOUN
taxlaw-12357	1368	26	in	in	ADP
taxlaw-12357	1368	27	time	time	NOUN
taxlaw-12357	1368	28	,	,	PUNCT
taxlaw-12357	1368	29	delta	delta	NOUN
taxlaw-12357	1368	30	is	be	AUX
taxlaw-12357	1368	31	a	a	DET
taxlaw-12357	1368	32	good	good	ADJ
taxlaw-12357	1368	33	fit	fit	NOUN
taxlaw-12357	1368	34	.	.	PUNCT
taxlaw-12357	1369	1	arguably	arguably	ADV
taxlaw-12357	1369	2	,	,	PUNCT
taxlaw-12357	1369	3	the	the	DET
taxlaw-12357	1369	4	same	same	ADJ
taxlaw-12357	1369	5	is	be	AUX
taxlaw-12357	1369	6	true	true	ADJ
taxlaw-12357	1369	7	when	when	SCONJ
taxlaw-12357	1369	8	hedging	hedge	VERB
taxlaw-12357	1369	9	(	(	PUNCT
taxlaw-12357	1369	10	even	even	ADV
taxlaw-12357	1369	11	just	just	ADV
taxlaw-12357	1369	12	for	for	ADP
taxlaw-12357	1369	13	a	a	DET
taxlaw-12357	1369	14	moment	moment	NOUN
taxlaw-12357	1369	15	)	)	PUNCT
taxlaw-12357	1369	16	has	have	VERB
taxlaw-12357	1369	17	other	other	ADJ
taxlaw-12357	1369	18	tax	tax	NOUN
taxlaw-12357	1369	19	consequences	consequence	NOUN
taxlaw-12357	1369	20	,	,	PUNCT
taxlaw-12357	1369	21	such	such	ADJ
taxlaw-12357	1369	22	as	as	ADP
taxlaw-12357	1369	23	tolling	tolling	NOUN
taxlaw-12357	1369	24	holding	holding	NOUN
taxlaw-12357	1369	25	periods	period	NOUN
taxlaw-12357	1369	26	,	,	PUNCT
taxlaw-12357	1369	27	deferring	defer	VERB
taxlaw-12357	1369	28	losses,142	losses,142	PRON
taxlaw-12357	1369	29	and	and	CCONJ
taxlaw-12357	1369	30	denying	deny	VERB
taxlaw-12357	1369	31	the	the	DET
taxlaw-12357	1369	32	dividends	dividend	NOUN
taxlaw-12357	1369	33	-	-	PUNCT
taxlaw-12357	1369	34	received	receive	VERB
taxlaw-12357	1369	35	deduction.143	deduction.143	NOUN
taxlaw-12357	1369	36	in	in	ADP
taxlaw-12357	1369	37	these	these	DET
taxlaw-12357	1369	38	contexts	contexts	NOUN
taxlaw-12357	1369	39	,	,	PUNCT
taxlaw-12357	1369	40	delta	delta	NOUN
taxlaw-12357	1369	41	answers	answer	VERB
taxlaw-12357	1369	42	the	the	DET
taxlaw-12357	1369	43	relevant	relevant	ADJ
taxlaw-12357	1369	44	question	question	NOUN
taxlaw-12357	1369	45	:	:	PUNCT
taxlaw-12357	1369	46	how	how	SCONJ
taxlaw-12357	1369	47	much	much	ADJ
taxlaw-12357	1369	48	does	do	AUX
taxlaw-12357	1369	49	one	one	NUM
taxlaw-12357	1369	50	position	position	NOUN
taxlaw-12357	1369	51	offset	offset	VERB
taxlaw-12357	1369	52	another	another	PRON
taxlaw-12357	1369	53	at	at	ADP
taxlaw-12357	1369	54	a	a	DET
taxlaw-12357	1369	55	particular	particular	ADJ
taxlaw-12357	1369	56	moment	moment	NOUN
taxlaw-12357	1369	57	in	in	ADP
taxlaw-12357	1369	58	time	time	NOUN
taxlaw-12357	1369	59	?	?	PUNCT
taxlaw-12357	1370	1	but	but	CCONJ
taxlaw-12357	1370	2	the	the	DET
taxlaw-12357	1370	3	relevant	relevant	ADJ
taxlaw-12357	1370	4	time	time	NOUN
taxlaw-12357	1370	5	horizon	horizon	PROPN
taxlaw-12357	1370	6	is	be	AUX
taxlaw-12357	1370	7	different	different	ADJ
taxlaw-12357	1370	8	for	for	ADP
taxlaw-12357	1370	9	constructive	constructive	ADJ
taxlaw-12357	1370	10	ownership	ownership	NOUN
taxlaw-12357	1370	11	under	under	ADP
taxlaw-12357	1370	12	section	section	NOUN
taxlaw-12357	1370	13	1260	1260	NUM
taxlaw-12357	1370	14	:	:	PUNCT
taxlaw-12357	1370	15	the	the	DET
taxlaw-12357	1370	16	question	question	NOUN
taxlaw-12357	1370	17	is	be	AUX
taxlaw-12357	1370	18	how	how	SCONJ
taxlaw-12357	1370	19	closely	closely	ADV
taxlaw-12357	1370	20	one	one	NUM
taxlaw-12357	1370	21	position	position	NOUN
taxlaw-12357	1370	22	tracks	track	VERB
taxlaw-12357	1370	23	another	another	PRON
taxlaw-12357	1370	24	–	–	PUNCT
taxlaw-12357	1370	25	not	not	PART
taxlaw-12357	1370	26	just	just	ADV
taxlaw-12357	1370	27	for	for	ADP
taxlaw-12357	1370	28	an	an	DET
taxlaw-12357	1370	29	instant	instant	NOUN
taxlaw-12357	1370	30	–	–	PUNCT
taxlaw-12357	1370	31	but	but	CCONJ
taxlaw-12357	1370	32	for	for	ADP
taxlaw-12357	1370	33	at	at	ADV
taxlaw-12357	1370	34	least	least	ADV
taxlaw-12357	1370	35	a	a	PRON
taxlaw-12357	1370	36	year	year	NOUN
taxlaw-12357	1370	37	,	,	PUNCT
taxlaw-12357	1370	38	so	so	SCONJ
taxlaw-12357	1370	39	gains	gain	NOUN
taxlaw-12357	1370	40	can	can	AUX
taxlaw-12357	1370	41	be	be	AUX
taxlaw-12357	1370	42	taxed	tax	VERB
taxlaw-12357	1370	43	at	at	ADP
taxlaw-12357	1370	44	long	long	ADJ
taxlaw-12357	1370	45	-	-	PUNCT
taxlaw-12357	1370	46	term	term	NOUN
taxlaw-12357	1370	47	gains	gain	NOUN
taxlaw-12357	1370	48	rates.144	rates.144	PROPN
taxlaw-12357	1370	49	delta	delta	NOUN
taxlaw-12357	1370	50	is	be	AUX
taxlaw-12357	1370	51	less	less	ADV
taxlaw-12357	1370	52	effective	effective	ADJ
taxlaw-12357	1370	53	in	in	ADP
taxlaw-12357	1370	54	testing	test	VERB
taxlaw-12357	1370	55	this	this	DET
taxlaw-12357	1370	56	sort	sort	NOUN
taxlaw-12357	1370	57	of	of	ADP
taxlaw-12357	1370	58	enduring	endure	VERB
taxlaw-12357	1370	59	correlation	correlation	NOUN
taxlaw-12357	1370	60	.	.	PUNCT
taxlaw-12357	1371	1	more	more	ADV
taxlaw-12357	1371	2	generally	generally	ADV
taxlaw-12357	1371	3	,	,	PUNCT
taxlaw-12357	1371	4	when	when	SCONJ
taxlaw-12357	1371	5	the	the	DET
taxlaw-12357	1371	6	tax	tax	NOUN
taxlaw-12357	1371	7	law	law	NOUN
taxlaw-12357	1371	8	needs	need	VERB
taxlaw-12357	1371	9	to	to	PART
taxlaw-12357	1371	10	assess	assess	VERB
taxlaw-12357	1371	11	similarity	similarity	NOUN
taxlaw-12357	1371	12	over	over	ADP
taxlaw-12357	1371	13	time	time	NOUN
taxlaw-12357	1371	14	,	,	PUNCT
taxlaw-12357	1371	15	we	we	PRON
taxlaw-12357	1371	16	are	be	AUX
taxlaw-12357	1371	17	better	well	ADJ
taxlaw-12357	1371	18	off	off	ADP
taxlaw-12357	1371	19	focusing	focus	VERB
taxlaw-12357	1371	20	on	on	ADP
taxlaw-12357	1371	21	factors	factor	NOUN
taxlaw-12357	1371	22	that	that	PRON
taxlaw-12357	1371	23	are	be	AUX
taxlaw-12357	1371	24	likely	likely	ADJ
taxlaw-12357	1371	25	and	and	CCONJ
taxlaw-12357	1371	26	enduring	enduring	ADJ
taxlaw-12357	1371	27	,	,	PUNCT
taxlaw-12357	1371	28	instead	instead	ADV
taxlaw-12357	1371	29	of	of	ADP
taxlaw-12357	1371	30	ones	one	NOUN
taxlaw-12357	1371	31	that	that	PRON
taxlaw-12357	1371	32	are	be	AUX
taxlaw-12357	1371	33	improbable	improbable	ADJ
taxlaw-12357	1371	34	and	and	CCONJ
taxlaw-12357	1371	35	fleeting	fleeting	ADJ
taxlaw-12357	1371	36	.	.	PUNCT
taxlaw-12357	1372	1	fortunately	fortunately	ADV
taxlaw-12357	1372	2	,	,	PUNCT
taxlaw-12357	1372	3	our	our	PRON
taxlaw-12357	1372	4	difference	difference	NOUN
taxlaw-12357	1372	5	value	value	NOUN
taxlaw-12357	1372	6	methodology	methodology	NOUN
taxlaw-12357	1372	7	is	be	AUX
taxlaw-12357	1372	8	designed	design	VERB
taxlaw-12357	1372	9	to	to	PART
taxlaw-12357	1372	10	focus	focus	VERB
taxlaw-12357	1372	11	–	–	PUNCT
taxlaw-12357	1372	12	more	more	ADJ
taxlaw-12357	1372	13	than	than	ADP
taxlaw-12357	1372	14	delta	delta	NOUN
taxlaw-12357	1372	15	can	can	AUX
taxlaw-12357	1372	16	–	–	PUNCT
taxlaw-12357	1372	17	on	on	ADP
taxlaw-12357	1372	18	these	these	DET
taxlaw-12357	1372	19	lasting	last	VERB
taxlaw-12357	1372	20	correlations	correlation	NOUN
taxlaw-12357	1372	21	over	over	ADP
taxlaw-12357	1372	22	time	time	NOUN
taxlaw-12357	1372	23	.	.	PUNCT
taxlaw-12357	1373	1	as	as	ADP
taxlaw-12357	1373	2	a	a	DET
taxlaw-12357	1373	3	result	result	NOUN
taxlaw-12357	1373	4	,	,	PUNCT
taxlaw-12357	1373	5	our	our	PRON
taxlaw-12357	1373	6	proposal	proposal	NOUN
taxlaw-12357	1373	7	ca	can	AUX
taxlaw-12357	1373	8	n’t	not	PART
taxlaw-12357	1373	9	be	be	AUX
taxlaw-12357	1373	10	manipulated	manipulate	VERB
taxlaw-12357	1373	11	as	as	ADV
taxlaw-12357	1373	12	easily	easily	ADV
taxlaw-12357	1373	13	by	by	ADP
taxlaw-12357	1373	14	contingencies.145	contingencies.145	NOUN
taxlaw-12357	1373	15	4	4	NUM
taxlaw-12357	1373	16	.	.	PUNCT
taxlaw-12357	1374	1	the	the	DET
taxlaw-12357	1374	2	mckelvey	mckelvey	NOUN
taxlaw-12357	1374	3	test	test	NOUN
taxlaw-12357	1374	4	finally	finally	ADV
taxlaw-12357	1374	5	,	,	PUNCT
taxlaw-12357	1374	6	instead	instead	ADV
taxlaw-12357	1374	7	of	of	ADP
taxlaw-12357	1374	8	focusing	focus	VERB
taxlaw-12357	1374	9	on	on	ADP
taxlaw-12357	1374	10	correlation	correlation	NOUN
taxlaw-12357	1374	11	(	(	PUNCT
taxlaw-12357	1374	12	like	like	ADP
taxlaw-12357	1374	13	delta	delta	NOUN
taxlaw-12357	1374	14	)	)	PUNCT
taxlaw-12357	1374	15	or	or	CCONJ
taxlaw-12357	1374	16	value	value	NOUN
taxlaw-12357	1374	17	(	(	PUNCT
taxlaw-12357	1374	18	like	like	ADP
taxlaw-12357	1374	19	our	our	PRON
taxlaw-12357	1374	20	proposal	proposal	NOUN
taxlaw-12357	1374	21	)	)	PUNCT
taxlaw-12357	1374	22	,	,	PUNCT
taxlaw-12357	1374	23	another	another	DET
taxlaw-12357	1374	24	alternative	alternative	NOUN
taxlaw-12357	1374	25	is	be	AUX
taxlaw-12357	1374	26	to	to	PART
taxlaw-12357	1374	27	focus	focus	VERB
taxlaw-12357	1374	28	on	on	ADP
taxlaw-12357	1374	29	probabilities	probability	NOUN
taxlaw-12357	1374	30	.	.	PUNCT
taxlaw-12357	1375	1	how	how	SCONJ
taxlaw-12357	1375	2	likely	likely	ADV
taxlaw-12357	1375	3	is	be	AUX
taxlaw-12357	1375	4	a	a	DET
taxlaw-12357	1375	5	derivative	derivative	NOUN
taxlaw-12357	1375	6	to	to	PART
taxlaw-12357	1375	7	deliver	deliver	VERB
taxlaw-12357	1375	8	the	the	DET
taxlaw-12357	1375	9	same	same	ADJ
taxlaw-12357	1375	10	economic	economic	ADJ
taxlaw-12357	1375	11	return	return	NOUN
taxlaw-12357	1375	12	as	as	ADP
taxlaw-12357	1375	13	the	the	DET
taxlaw-12357	1375	14	underlying	underlying	NOUN
taxlaw-12357	1375	15	?	?	PUNCT
taxlaw-12357	1376	1	the	the	DET
taxlaw-12357	1376	2	second	second	ADJ
taxlaw-12357	1376	3	circuit	circuit	NOUN
taxlaw-12357	1376	4	used	use	VERB
taxlaw-12357	1376	5	this	this	DET
taxlaw-12357	1376	6	sort	sort	NOUN
taxlaw-12357	1376	7	of	of	ADP
taxlaw-12357	1376	8	probability	probability	NOUN
taxlaw-12357	1376	9	-	-	PUNCT
taxlaw-12357	1376	10	based	base	VERB
taxlaw-12357	1376	11	test	test	NOUN
taxlaw-12357	1376	12	in	in	ADP
taxlaw-12357	1376	13	another	another	DET
taxlaw-12357	1376	14	context	context	NOUN
taxlaw-12357	1376	15	:	:	PUNCT
taxlaw-12357	1376	16	assessing	assess	VERB
taxlaw-12357	1376	17	whether	whether	SCONJ
taxlaw-12357	1376	18	a	a	DET
taxlaw-12357	1376	19	hedge	hedge	NOUN
taxlaw-12357	1376	20	was	be	AUX
taxlaw-12357	1376	21	perfect	perfect	ADJ
taxlaw-12357	1376	22	enough	enough	ADV
taxlaw-12357	1376	23	to	to	PART
taxlaw-12357	1376	24	be	be	AUX
taxlaw-12357	1376	25	taxed	tax	VERB
taxlaw-12357	1376	26	as	as	ADP
taxlaw-12357	1376	27	a	a	DET
taxlaw-12357	1376	28	sale	sale	NOUN
taxlaw-12357	1376	29	under	under	ADP
taxlaw-12357	1376	30	section	section	NOUN
taxlaw-12357	1376	31	1259.146	1259.146	NUM
taxlaw-12357	1376	32	in	in	ADP
taxlaw-12357	1376	33	theory	theory	NOUN
taxlaw-12357	1376	34	,	,	PUNCT
taxlaw-12357	1376	35	the	the	DET
taxlaw-12357	1376	36	hedge	hedge	NOUN
taxlaw-12357	1376	37	in	in	ADP
taxlaw-12357	1376	38	mckelvey	mckelvey	NOUN
taxlaw-12357	1376	39	was	be	AUX
taxlaw-12357	1376	40	not	not	PART
taxlaw-12357	1376	41	perfect	perfect	ADJ
taxlaw-12357	1376	42	.	.	PUNCT
taxlaw-12357	1377	1	the	the	DET
taxlaw-12357	1377	2	taxpayer	taxpayer	NOUN
taxlaw-12357	1377	3	remained	remain	VERB
taxlaw-12357	1377	4	exposed	expose	VERB
taxlaw-12357	1377	5	to	to	ADP
taxlaw-12357	1377	6	some	some	DET
taxlaw-12357	1377	7	changes	change	NOUN
taxlaw-12357	1377	8	in	in	ADP
taxlaw-12357	1377	9	the	the	DET
taxlaw-12357	1377	10	stock	stock	NOUN
taxlaw-12357	1377	11	price	price	NOUN
taxlaw-12357	1377	12	.	.	PUNCT
taxlaw-12357	1378	1	but	but	CCONJ
taxlaw-12357	1378	2	in	in	ADP
taxlaw-12357	1378	3	practice	practice	NOUN
taxlaw-12357	1378	4	,	,	PUNCT
taxlaw-12357	1378	5	the	the	DET
taxlaw-12357	1378	6	price	price	NOUN
taxlaw-12357	1378	7	would	would	AUX
taxlaw-12357	1378	8	have	have	VERB
taxlaw-12357	1378	9	to	to	PART
taxlaw-12357	1378	10	increase	increase	VERB
taxlaw-12357	1378	11	significantly	significantly	ADV
taxlaw-12357	1378	12	before	before	SCONJ
taxlaw-12357	1378	13	the	the	DET
taxlaw-12357	1378	14	taxpayer	taxpayer	NOUN
taxlaw-12357	1378	15	actually	actually	ADV
taxlaw-12357	1378	16	would	would	AUX
taxlaw-12357	1378	17	be	be	AUX
taxlaw-12357	1378	18	affected.147	affected.147	NOUN
taxlaw-12357	1378	19	although	although	SCONJ
taxlaw-12357	1378	20	this	this	PRON
taxlaw-12357	1378	21	was	be	AUX
taxlaw-12357	1378	22	theoretically	theoretically	ADV
taxlaw-12357	1378	23	possible	possible	ADJ
taxlaw-12357	1378	24	,	,	PUNCT
taxlaw-12357	1378	25	it	it	PRON
taxlaw-12357	1378	26	was	be	AUX
taxlaw-12357	1378	27	quite	quite	ADV
taxlaw-12357	1378	28	unlikely	unlikely	ADJ
taxlaw-12357	1378	29	.	.	PUNCT
taxlaw-12357	1379	1	141	141	NUM
taxlaw-12357	1379	2	see	see	NOUN
taxlaw-12357	1379	3	i.r.c	i.r.c	NOUN
taxlaw-12357	1379	4	.	.	PUNCT
taxlaw-12357	1380	1	§	§	PROPN
taxlaw-12357	1380	2	1259	1259	NUM
taxlaw-12357	1380	3	;	;	PUNCT
taxlaw-12357	1380	4	nysba	nysba	PROPN
taxlaw-12357	1380	5	,	,	PUNCT
taxlaw-12357	1380	6	rep	rep	PROPN
taxlaw-12357	1380	7	.	.	PROPN
taxlaw-12357	1380	8	#	#	SYM
taxlaw-12357	1380	9	868	868	NUM
taxlaw-12357	1380	10	,	,	PUNCT
taxlaw-12357	1380	11	supra	supra	ADJ
taxlaw-12357	1380	12	note	note	NOUN
taxlaw-12357	1380	13	12	12	NUM
taxlaw-12357	1380	14	,	,	PUNCT
taxlaw-12357	1380	15	at	at	ADP
taxlaw-12357	1380	16	18	18	NUM
taxlaw-12357	1380	17	-	-	SYM
taxlaw-12357	1380	18	22	22	NUM
taxlaw-12357	1380	19	.	.	PUNCT
taxlaw-12357	1381	1	142	142	NUM
taxlaw-12357	1381	2	see	see	VERB
taxlaw-12357	1381	3	i.r.c	i.r.c	NOUN
taxlaw-12357	1381	4	.	.	PUNCT
taxlaw-12357	1382	1	§	§	PROPN
taxlaw-12357	1382	2	1092	1092	NUM
taxlaw-12357	1382	3	(	(	PUNCT
taxlaw-12357	1382	4	straddle	straddle	NOUN
taxlaw-12357	1382	5	rules	rule	NOUN
taxlaw-12357	1382	6	)	)	PUNCT
taxlaw-12357	1382	7	.	.	PUNCT
taxlaw-12357	1383	1	143	143	NUM
taxlaw-12357	1383	2	see	see	VERB
taxlaw-12357	1383	3	treas	treas	PROPN
taxlaw-12357	1383	4	.	.	PUNCT
taxlaw-12357	1384	1	reg	reg	PROPN
taxlaw-12357	1384	2	.	.	PUNCT
taxlaw-12357	1385	1	§	§	PROPN
taxlaw-12357	1385	2	1246–5	1246–5	PROPN
taxlaw-12357	1385	3	.	.	PUNCT
taxlaw-12357	1386	1	144	144	NUM
taxlaw-12357	1387	1	it	it	PRON
taxlaw-12357	1387	2	is	be	AUX
taxlaw-12357	1387	3	possible	possible	ADJ
taxlaw-12357	1387	4	to	to	PART
taxlaw-12357	1387	5	create	create	VERB
taxlaw-12357	1387	6	tests	test	NOUN
taxlaw-12357	1387	7	that	that	PRON
taxlaw-12357	1387	8	are	be	AUX
taxlaw-12357	1387	9	delta	delta	NOUN
taxlaw-12357	1387	10	-	-	PUNCT
taxlaw-12357	1387	11	based	base	VERB
taxlaw-12357	1387	12	and	and	CCONJ
taxlaw-12357	1387	13	attempt	attempt	NOUN
taxlaw-12357	1387	14	to	to	PART
taxlaw-12357	1387	15	incorporate	incorporate	VERB
taxlaw-12357	1387	16	the	the	DET
taxlaw-12357	1387	17	fact	fact	NOUN
taxlaw-12357	1387	18	that	that	SCONJ
taxlaw-12357	1387	19	delta	delta	NOUN
taxlaw-12357	1387	20	may	may	AUX
taxlaw-12357	1387	21	change	change	VERB
taxlaw-12357	1387	22	over	over	ADP
taxlaw-12357	1387	23	time	time	NOUN
taxlaw-12357	1387	24	.	.	PUNCT
taxlaw-12357	1388	1	this	this	PRON
taxlaw-12357	1388	2	is	be	AUX
taxlaw-12357	1388	3	the	the	DET
taxlaw-12357	1388	4	approach	approach	NOUN
taxlaw-12357	1388	5	taken	take	VERB
taxlaw-12357	1388	6	in	in	ADP
taxlaw-12357	1388	7	the	the	DET
taxlaw-12357	1388	8	regulations	regulation	NOUN
taxlaw-12357	1388	9	for	for	ADP
taxlaw-12357	1388	10	complex	complex	ADJ
taxlaw-12357	1388	11	contracts	contract	NOUN
taxlaw-12357	1388	12	under	under	ADP
taxlaw-12357	1388	13	§	§	PROPN
taxlaw-12357	1388	14	871(m	871(m	PROPN
taxlaw-12357	1388	15	)	)	PUNCT
taxlaw-12357	1388	16	,	,	PUNCT
taxlaw-12357	1388	17	for	for	ADP
taxlaw-12357	1388	18	example	example	NOUN
taxlaw-12357	1388	19	.	.	PUNCT
taxlaw-12357	1389	1	see	see	VERB
taxlaw-12357	1389	2	treas	treas	PROPN
taxlaw-12357	1389	3	.	.	PUNCT
taxlaw-12357	1390	1	reg	reg	PROPN
taxlaw-12357	1390	2	.	.	PUNCT
taxlaw-12357	1391	1	§	§	PROPN
taxlaw-12357	1391	2	1.871	1.871	NUM
taxlaw-12357	1391	3	-	-	SYM
taxlaw-12357	1391	4	15	15	NUM
taxlaw-12357	1391	5	.	.	PUNCT
taxlaw-12357	1392	1	still	still	ADV
taxlaw-12357	1392	2	,	,	PUNCT
taxlaw-12357	1392	3	there	there	PRON
taxlaw-12357	1392	4	is	be	VERB
taxlaw-12357	1392	5	a	a	DET
taxlaw-12357	1392	6	conceptual	conceptual	ADJ
taxlaw-12357	1392	7	mismatch	mismatch	NOUN
taxlaw-12357	1392	8	for	for	ADP
taxlaw-12357	1392	9	the	the	DET
taxlaw-12357	1392	10	reasons	reason	NOUN
taxlaw-12357	1392	11	we	we	PRON
taxlaw-12357	1392	12	have	have	AUX
taxlaw-12357	1392	13	explained	explain	VERB
taxlaw-12357	1392	14	.	.	PUNCT
taxlaw-12357	1393	1	145	145	NUM
taxlaw-12357	1393	2	to	to	PART
taxlaw-12357	1393	3	be	be	AUX
taxlaw-12357	1393	4	sure	sure	ADJ
taxlaw-12357	1393	5	,	,	PUNCT
taxlaw-12357	1393	6	the	the	DET
taxlaw-12357	1393	7	value	value	NOUN
taxlaw-12357	1393	8	of	of	ADP
taxlaw-12357	1393	9	delta	delta	NOUN
taxlaw-12357	1393	10	is	be	AUX
taxlaw-12357	1393	11	not	not	PART
taxlaw-12357	1393	12	totally	totally	ADV
taxlaw-12357	1393	13	irrelevant	irrelevant	ADJ
taxlaw-12357	1393	14	to	to	ADP
taxlaw-12357	1393	15	the	the	DET
taxlaw-12357	1393	16	long	long	ADV
taxlaw-12357	1393	17	-	-	PUNCT
taxlaw-12357	1393	18	run	run	NOUN
taxlaw-12357	1393	19	perspective	perspective	NOUN
taxlaw-12357	1393	20	.	.	PUNCT
taxlaw-12357	1394	1	delta	delta	NOUN
taxlaw-12357	1394	2	may	may	AUX
taxlaw-12357	1394	3	be	be	AUX
taxlaw-12357	1394	4	viewed	view	VERB
taxlaw-12357	1394	5	as	as	ADP
taxlaw-12357	1394	6	representing	represent	VERB
taxlaw-12357	1394	7	an	an	DET
taxlaw-12357	1394	8	average	average	NOUN
taxlaw-12357	1394	9	of	of	ADP
taxlaw-12357	1394	10	future	future	ADJ
taxlaw-12357	1394	11	expected	expect	VERB
taxlaw-12357	1394	12	differences	difference	NOUN
taxlaw-12357	1394	13	in	in	ADP
taxlaw-12357	1394	14	outcomes	outcome	NOUN
taxlaw-12357	1394	15	,	,	PUNCT
taxlaw-12357	1394	16	essentially	essentially	ADV
taxlaw-12357	1394	17	a	a	DET
taxlaw-12357	1394	18	measure	measure	NOUN
taxlaw-12357	1394	19	of	of	ADP
taxlaw-12357	1394	20	correlation	correlation	NOUN
taxlaw-12357	1394	21	between	between	ADP
taxlaw-12357	1394	22	the	the	DET
taxlaw-12357	1394	23	outcomes	outcome	NOUN
taxlaw-12357	1394	24	of	of	ADP
taxlaw-12357	1394	25	the	the	DET
taxlaw-12357	1394	26	contract	contract	NOUN
taxlaw-12357	1394	27	and	and	CCONJ
taxlaw-12357	1394	28	the	the	DET
taxlaw-12357	1394	29	underlying	underlying	NOUN
taxlaw-12357	1394	30	.	.	PUNCT
taxlaw-12357	1395	1	but	but	CCONJ
taxlaw-12357	1395	2	this	this	DET
taxlaw-12357	1395	3	measure	measure	NOUN
taxlaw-12357	1395	4	can	can	AUX
taxlaw-12357	1395	5	mask	mask	VERB
taxlaw-12357	1395	6	important	important	ADJ
taxlaw-12357	1395	7	issues	issue	NOUN
taxlaw-12357	1395	8	.	.	PUNCT
taxlaw-12357	1396	1	for	for	ADP
taxlaw-12357	1396	2	example	example	NOUN
taxlaw-12357	1396	3	,	,	PUNCT
taxlaw-12357	1396	4	it	it	PRON
taxlaw-12357	1396	5	nets	net	VERB
taxlaw-12357	1396	6	future	future	ADJ
taxlaw-12357	1396	7	deviations	deviation	NOUN
taxlaw-12357	1396	8	in	in	ADP
taxlaw-12357	1396	9	one	one	NUM
taxlaw-12357	1396	10	direction	direction	NOUN
taxlaw-12357	1396	11	with	with	ADP
taxlaw-12357	1396	12	offsetting	offset	VERB
taxlaw-12357	1396	13	ones	one	NOUN
taxlaw-12357	1396	14	in	in	ADP
taxlaw-12357	1396	15	the	the	DET
taxlaw-12357	1396	16	other	other	ADJ
taxlaw-12357	1396	17	direction	direction	NOUN
taxlaw-12357	1396	18	.	.	PUNCT
taxlaw-12357	1397	1	a	a	DET
taxlaw-12357	1397	2	delta	delta	NOUN
taxlaw-12357	1397	3	value	value	NOUN
taxlaw-12357	1397	4	close	close	ADV
taxlaw-12357	1397	5	to	to	PART
taxlaw-12357	1397	6	1	1	NUM
taxlaw-12357	1397	7	may	may	AUX
taxlaw-12357	1397	8	show	show	VERB
taxlaw-12357	1397	9	tracking	tracking	NOUN
taxlaw-12357	1397	10	that	that	PRON
taxlaw-12357	1397	11	is	be	AUX
taxlaw-12357	1397	12	close	close	ADJ
taxlaw-12357	1397	13	on	on	ADP
taxlaw-12357	1397	14	average	average	ADJ
taxlaw-12357	1397	15	,	,	PUNCT
taxlaw-12357	1397	16	but	but	CCONJ
taxlaw-12357	1397	17	not	not	PART
taxlaw-12357	1397	18	uniform	uniform	NOUN
taxlaw-12357	1397	19	across	across	ADP
taxlaw-12357	1397	20	potential	potential	ADJ
taxlaw-12357	1397	21	outcomes	outcome	NOUN
taxlaw-12357	1397	22	.	.	PUNCT
taxlaw-12357	1398	1	in	in	ADP
taxlaw-12357	1398	2	contrast	contrast	NOUN
taxlaw-12357	1398	3	,	,	PUNCT
taxlaw-12357	1398	4	our	our	PRON
taxlaw-12357	1398	5	difference	difference	NOUN
taxlaw-12357	1398	6	value	value	NOUN
taxlaw-12357	1398	7	methodology	methodology	NOUN
taxlaw-12357	1398	8	does	do	VERB
taxlaw-12357	1398	9	a	a	DET
taxlaw-12357	1398	10	better	well	ADJ
taxlaw-12357	1398	11	job	job	NOUN
taxlaw-12357	1398	12	of	of	ADP
taxlaw-12357	1398	13	identifying	identify	VERB
taxlaw-12357	1398	14	this	this	DET
taxlaw-12357	1398	15	sort	sort	NOUN
taxlaw-12357	1398	16	of	of	ADP
taxlaw-12357	1398	17	uniform	uniform	ADJ
taxlaw-12357	1398	18	similarity	similarity	NOUN
taxlaw-12357	1398	19	.	.	PUNCT
taxlaw-12357	1399	1	146	146	NUM
taxlaw-12357	1399	2	i.r.c	i.r.c	NOUN
taxlaw-12357	1399	3	.	.	PUNCT
taxlaw-12357	1400	1	§	§	PROPN
taxlaw-12357	1400	2	1259(d)(1	1259(d)(1	NUM
taxlaw-12357	1400	3	)	)	PUNCT
taxlaw-12357	1400	4	.	.	PUNCT
taxlaw-12357	1401	1	the	the	DET
taxlaw-12357	1401	2	case	case	NOUN
taxlaw-12357	1401	3	dealt	deal	VERB
taxlaw-12357	1401	4	with	with	ADP
taxlaw-12357	1401	5	a	a	DET
taxlaw-12357	1401	6	contract	contract	NOUN
taxlaw-12357	1401	7	that	that	PRON
taxlaw-12357	1401	8	originally	originally	ADV
taxlaw-12357	1401	9	did	do	AUX
taxlaw-12357	1401	10	not	not	PART
taxlaw-12357	1401	11	give	give	VERB
taxlaw-12357	1401	12	rise	rise	NOUN
taxlaw-12357	1401	13	to	to	ADP
taxlaw-12357	1401	14	a	a	DET
taxlaw-12357	1401	15	constructive	constructive	ADJ
taxlaw-12357	1401	16	sale	sale	NOUN
taxlaw-12357	1401	17	but	but	CCONJ
taxlaw-12357	1401	18	was	be	AUX
taxlaw-12357	1401	19	later	later	ADV
taxlaw-12357	1401	20	modified	modify	VERB
taxlaw-12357	1401	21	.	.	PUNCT
taxlaw-12357	1402	1	the	the	DET
taxlaw-12357	1402	2	court	court	NOUN
taxlaw-12357	1402	3	treated	treat	VERB
taxlaw-12357	1402	4	this	this	DET
taxlaw-12357	1402	5	modification	modification	NOUN
taxlaw-12357	1402	6	as	as	SCONJ
taxlaw-12357	1402	7	if	if	SCONJ
taxlaw-12357	1402	8	it	it	PRON
taxlaw-12357	1402	9	gave	give	VERB
taxlaw-12357	1402	10	rise	rise	NOUN
taxlaw-12357	1402	11	to	to	ADP
taxlaw-12357	1402	12	a	a	DET
taxlaw-12357	1402	13	new	new	ADJ
taxlaw-12357	1402	14	contract	contract	NOUN
taxlaw-12357	1402	15	.	.	PUNCT
taxlaw-12357	1403	1	we	we	PRON
taxlaw-12357	1403	2	do	do	AUX
taxlaw-12357	1403	3	not	not	PART
taxlaw-12357	1403	4	focus	focus	VERB
taxlaw-12357	1403	5	on	on	ADP
taxlaw-12357	1403	6	this	this	DET
taxlaw-12357	1403	7	issue	issue	NOUN
taxlaw-12357	1403	8	here	here	ADV
taxlaw-12357	1403	9	.	.	PUNCT
taxlaw-12357	1404	1	147	147	NUM
taxlaw-12357	1404	2	to	to	PART
taxlaw-12357	1404	3	be	be	AUX
taxlaw-12357	1404	4	precise	precise	ADJ
taxlaw-12357	1404	5	,	,	PUNCT
taxlaw-12357	1404	6	the	the	DET
taxlaw-12357	1404	7	taxpayer	taxpayer	NOUN
taxlaw-12357	1404	8	entered	enter	VERB
taxlaw-12357	1404	9	into	into	ADP
taxlaw-12357	1404	10	a	a	DET
taxlaw-12357	1404	11	“	"	PUNCT
taxlaw-12357	1404	12	variable	variable	NOUN
taxlaw-12357	1404	13	prepaid	prepay	VERB
taxlaw-12357	1404	14	forward	forward	ADJ
taxlaw-12357	1404	15	contract	contract	NOUN
taxlaw-12357	1404	16	.	.	PUNCT
taxlaw-12357	1404	17	”	"	PUNCT
taxlaw-12357	1405	1	although	although	SCONJ
taxlaw-12357	1405	2	the	the	DET
taxlaw-12357	1405	3	taxpayer	taxpayer	NOUN
taxlaw-12357	1405	4	committed	commit	VERB
taxlaw-12357	1405	5	to	to	PART
taxlaw-12357	1405	6	sell	sell	VERB
taxlaw-12357	1405	7	some	some	DET
taxlaw-12357	1405	8	shares	share	NOUN
taxlaw-12357	1405	9	,	,	PUNCT
taxlaw-12357	1405	10	the	the	DET
taxlaw-12357	1405	11	number	number	NOUN
taxlaw-12357	1405	12	would	would	AUX
taxlaw-12357	1405	13	vary	vary	VERB
taxlaw-12357	1405	14	with	with	ADP
taxlaw-12357	1405	15	the	the	DET
taxlaw-12357	1405	16	stock	stock	NOUN
taxlaw-12357	1405	17	price	price	NOUN
taxlaw-12357	1405	18	.	.	PUNCT
taxlaw-12357	1406	1	the	the	DET
taxlaw-12357	1406	2	problem	problem	NOUN
taxlaw-12357	1406	3	for	for	ADP
taxlaw-12357	1406	4	the	the	DET
taxlaw-12357	1406	5	taxpayer	taxpayer	NOUN
taxlaw-12357	1406	6	was	be	AUX
taxlaw-12357	1406	7	that	that	SCONJ
taxlaw-12357	1406	8	this	this	DET
taxlaw-12357	1406	9	quantity	quantity	NOUN
taxlaw-12357	1406	10	would	would	AUX
taxlaw-12357	1406	11	vary	vary	VERB
taxlaw-12357	1406	12	only	only	ADV
taxlaw-12357	1406	13	if	if	SCONJ
taxlaw-12357	1406	14	the	the	DET
taxlaw-12357	1406	15	stock	stock	NOUN
taxlaw-12357	1406	16	price	price	NOUN
taxlaw-12357	1406	17	increased	increase	VERB
taxlaw-12357	1406	18	significantly	significantly	ADV
taxlaw-12357	1406	19	.	.	PUNCT
taxlaw-12357	1407	1	estate	estate	NOUN
taxlaw-12357	1407	2	of	of	ADP
taxlaw-12357	1407	3	mckelvey	mckelvey	NOUN
taxlaw-12357	1407	4	v.	v.	ADP
taxlaw-12357	1407	5	comm’r	comm’r	NOUN
taxlaw-12357	1407	6	,	,	PUNCT
taxlaw-12357	1407	7	906	906	NUM
taxlaw-12357	1407	8	f.3d	f.3d	NUM
taxlaw-12357	1407	9	26	26	NUM
taxlaw-12357	1407	10	(	(	PUNCT
taxlaw-12357	1407	11	2d	2d	NUM
taxlaw-12357	1407	12	cir	cir	NOUN
taxlaw-12357	1407	13	.	.	PROPN
taxlaw-12357	1407	14	2018	2018	NUM
taxlaw-12357	1407	15	)	)	PUNCT
taxlaw-12357	1407	16	.	.	PUNCT
taxlaw-12357	1408	1	columbia	columbia	PROPN
taxlaw-12357	1408	2	journal	journal	PROPN
taxlaw-12357	1408	3	of	of	ADP
taxlaw-12357	1408	4	tax	tax	NOUN
taxlaw-12357	1408	5	law	law	NOUN
taxlaw-12357	1409	1	[	[	X
taxlaw-12357	1409	2	vol	vol	NOUN
taxlaw-12357	1409	3	15:1	15:1	NUM
taxlaw-12357	1409	4	50	50	NUM
taxlaw-12357	1409	5	to	to	PART
taxlaw-12357	1409	6	resolve	resolve	VERB
taxlaw-12357	1409	7	the	the	DET
taxlaw-12357	1409	8	case	case	NOUN
taxlaw-12357	1409	9	,	,	PUNCT
taxlaw-12357	1409	10	the	the	DET
taxlaw-12357	1409	11	court	court	NOUN
taxlaw-12357	1409	12	tried	try	VERB
taxlaw-12357	1409	13	to	to	PART
taxlaw-12357	1409	14	estimate	estimate	VERB
taxlaw-12357	1409	15	the	the	DET
taxlaw-12357	1409	16	probability	probability	NOUN
taxlaw-12357	1409	17	that	that	SCONJ
taxlaw-12357	1409	18	this	this	PRON
taxlaw-12357	1409	19	would	would	AUX
taxlaw-12357	1409	20	occur	occur	VERB
taxlaw-12357	1409	21	.	.	PUNCT
taxlaw-12357	1410	1	concluding	conclude	VERB
taxlaw-12357	1410	2	that	that	SCONJ
taxlaw-12357	1410	3	the	the	DET
taxlaw-12357	1410	4	probability	probability	NOUN
taxlaw-12357	1410	5	was	be	AUX
taxlaw-12357	1410	6	only	only	ADV
taxlaw-12357	1410	7	15	15	NUM
taxlaw-12357	1410	8	%	%	NOUN
taxlaw-12357	1410	9	,	,	PUNCT
taxlaw-12357	1410	10	the	the	DET
taxlaw-12357	1410	11	court	court	NOUN
taxlaw-12357	1410	12	treated	treat	VERB
taxlaw-12357	1410	13	the	the	DET
taxlaw-12357	1410	14	hedge	hedge	NOUN
taxlaw-12357	1410	15	as	as	ADP
taxlaw-12357	1410	16	a	a	DET
taxlaw-12357	1410	17	constructive	constructive	ADJ
taxlaw-12357	1410	18	sale.148	sale.148	NOUN
taxlaw-12357	1410	19	in	in	ADP
taxlaw-12357	1410	20	principle	principle	NOUN
taxlaw-12357	1410	21	,	,	PUNCT
taxlaw-12357	1410	22	policymakers	policymaker	NOUN
taxlaw-12357	1410	23	could	could	AUX
taxlaw-12357	1410	24	use	use	VERB
taxlaw-12357	1410	25	a	a	DET
taxlaw-12357	1410	26	similar	similar	ADJ
taxlaw-12357	1410	27	approach	approach	NOUN
taxlaw-12357	1410	28	for	for	ADP
taxlaw-12357	1410	29	constructive	constructive	ADJ
taxlaw-12357	1410	30	ownership	ownership	NOUN
taxlaw-12357	1410	31	,	,	PUNCT
taxlaw-12357	1410	32	but	but	CCONJ
taxlaw-12357	1410	33	we	we	PRON
taxlaw-12357	1410	34	do	do	AUX
taxlaw-12357	1410	35	not	not	PART
taxlaw-12357	1410	36	recommend	recommend	VERB
taxlaw-12357	1410	37	it	it	PRON
taxlaw-12357	1410	38	.	.	PUNCT
taxlaw-12357	1411	1	the	the	DET
taxlaw-12357	1411	2	problem	problem	NOUN
taxlaw-12357	1411	3	is	be	AUX
taxlaw-12357	1411	4	that	that	SCONJ
taxlaw-12357	1411	5	this	this	DET
taxlaw-12357	1411	6	approach	approach	NOUN
taxlaw-12357	1411	7	focuses	focus	VERB
taxlaw-12357	1411	8	just	just	ADV
taxlaw-12357	1411	9	on	on	ADP
taxlaw-12357	1411	10	the	the	DET
taxlaw-12357	1411	11	likelihood	likelihood	NOUN
taxlaw-12357	1411	12	that	that	SCONJ
taxlaw-12357	1411	13	something	something	PRON
taxlaw-12357	1411	14	will	will	AUX
taxlaw-12357	1411	15	occur	occur	VERB
taxlaw-12357	1411	16	,	,	PUNCT
taxlaw-12357	1411	17	but	but	CCONJ
taxlaw-12357	1411	18	without	without	ADP
taxlaw-12357	1411	19	also	also	ADV
taxlaw-12357	1411	20	considering	consider	VERB
taxlaw-12357	1411	21	how	how	SCONJ
taxlaw-12357	1411	22	important	important	ADJ
taxlaw-12357	1411	23	this	this	DET
taxlaw-12357	1411	24	scenario	scenario	NOUN
taxlaw-12357	1411	25	is	be	AUX
taxlaw-12357	1411	26	.	.	PUNCT
taxlaw-12357	1412	1	put	put	VERB
taxlaw-12357	1412	2	another	another	DET
taxlaw-12357	1412	3	way	way	NOUN
taxlaw-12357	1412	4	,	,	PUNCT
taxlaw-12357	1412	5	the	the	DET
taxlaw-12357	1412	6	mckelvey	mckelvey	NOUN
taxlaw-12357	1412	7	test	test	NOUN
taxlaw-12357	1412	8	considers	consider	VERB
taxlaw-12357	1412	9	the	the	DET
taxlaw-12357	1412	10	probability	probability	NOUN
taxlaw-12357	1412	11	of	of	ADP
taxlaw-12357	1412	12	a	a	DET
taxlaw-12357	1412	13	scenario	scenario	NOUN
taxlaw-12357	1412	14	,	,	PUNCT
taxlaw-12357	1412	15	but	but	CCONJ
taxlaw-12357	1412	16	not	not	PART
taxlaw-12357	1412	17	its	its	PRON
taxlaw-12357	1412	18	magnitude	magnitude	NOUN
taxlaw-12357	1412	19	.	.	PUNCT
taxlaw-12357	1413	1	for	for	ADP
taxlaw-12357	1413	2	example	example	NOUN
taxlaw-12357	1413	3	,	,	PUNCT
taxlaw-12357	1413	4	suppose	suppose	VERB
taxlaw-12357	1413	5	that	that	SCONJ
taxlaw-12357	1413	6	85	85	NUM
taxlaw-12357	1413	7	%	%	NOUN
taxlaw-12357	1413	8	of	of	ADP
taxlaw-12357	1413	9	the	the	DET
taxlaw-12357	1413	10	time	time	NOUN
taxlaw-12357	1413	11	there	there	PRON
taxlaw-12357	1413	12	is	be	VERB
taxlaw-12357	1413	13	exact	exact	ADJ
taxlaw-12357	1413	14	equality	equality	NOUN
taxlaw-12357	1413	15	between	between	ADP
taxlaw-12357	1413	16	the	the	DET
taxlaw-12357	1413	17	underlying	underlying	ADJ
taxlaw-12357	1413	18	and	and	CCONJ
taxlaw-12357	1413	19	a	a	DET
taxlaw-12357	1413	20	derivative	derivative	NOUN
taxlaw-12357	1413	21	.	.	PUNCT
taxlaw-12357	1414	1	however	however	ADV
taxlaw-12357	1414	2	,	,	PUNCT
taxlaw-12357	1414	3	in	in	ADP
taxlaw-12357	1414	4	the	the	DET
taxlaw-12357	1414	5	remaining	remain	VERB
taxlaw-12357	1414	6	15	15	NUM
taxlaw-12357	1414	7	%	%	NOUN
taxlaw-12357	1414	8	of	of	ADP
taxlaw-12357	1414	9	the	the	DET
taxlaw-12357	1414	10	time	time	NOUN
taxlaw-12357	1414	11	,	,	PUNCT
taxlaw-12357	1414	12	the	the	DET
taxlaw-12357	1414	13	derivative	derivative	NOUN
taxlaw-12357	1414	14	actually	actually	ADV
taxlaw-12357	1414	15	behaves	behave	VERB
taxlaw-12357	1414	16	like	like	ADP
taxlaw-12357	1414	17	negative	negative	ADJ
taxlaw-12357	1414	18	10	10	NUM
taxlaw-12357	1414	19	times	time	NOUN
taxlaw-12357	1414	20	the	the	DET
taxlaw-12357	1414	21	underlying	underlying	NOUN
taxlaw-12357	1414	22	.	.	PUNCT
taxlaw-12357	1415	1	arguably	arguably	ADV
taxlaw-12357	1415	2	,	,	PUNCT
taxlaw-12357	1415	3	this	this	DET
taxlaw-12357	1415	4	contract	contract	NOUN
taxlaw-12357	1415	5	should	should	AUX
taxlaw-12357	1415	6	not	not	PART
taxlaw-12357	1415	7	be	be	AUX
taxlaw-12357	1415	8	considered	consider	VERB
taxlaw-12357	1415	9	equivalent	equivalent	ADJ
taxlaw-12357	1415	10	to	to	ADP
taxlaw-12357	1415	11	the	the	DET
taxlaw-12357	1415	12	underlying	underlying	NOUN
taxlaw-12357	1415	13	.	.	PUNCT
taxlaw-12357	1416	1	nevertheless	nevertheless	ADV
taxlaw-12357	1416	2	,	,	PUNCT
taxlaw-12357	1416	3	the	the	DET
taxlaw-12357	1416	4	probability	probability	NOUN
taxlaw-12357	1416	5	-	-	PUNCT
taxlaw-12357	1416	6	only	only	ADJ
taxlaw-12357	1416	7	approach	approach	NOUN
taxlaw-12357	1416	8	would	would	AUX
taxlaw-12357	1416	9	ignore	ignore	VERB
taxlaw-12357	1416	10	this	this	DET
taxlaw-12357	1416	11	large	large	ADJ
taxlaw-12357	1416	12	magnitude	magnitude	NOUN
taxlaw-12357	1416	13	,	,	PUNCT
taxlaw-12357	1416	14	but	but	CCONJ
taxlaw-12357	1416	15	low	low	ADJ
taxlaw-12357	1416	16	probability	probability	NOUN
taxlaw-12357	1416	17	,	,	PUNCT
taxlaw-12357	1416	18	possibility.149	possibility.149	VERB
taxlaw-12357	1416	19	the	the	DET
taxlaw-12357	1416	20	good	good	PROPN
taxlaw-12357	1416	21	news	news	NOUN
taxlaw-12357	1416	22	is	be	AUX
taxlaw-12357	1416	23	that	that	SCONJ
taxlaw-12357	1416	24	,	,	PUNCT
taxlaw-12357	1416	25	unlike	unlike	ADP
taxlaw-12357	1416	26	the	the	DET
taxlaw-12357	1416	27	mckelvey	mckelvey	NOUN
taxlaw-12357	1416	28	test	test	NOUN
taxlaw-12357	1416	29	,	,	PUNCT
taxlaw-12357	1416	30	both	both	CCONJ
taxlaw-12357	1416	31	the	the	DET
taxlaw-12357	1416	32	difference	difference	NOUN
taxlaw-12357	1416	33	-	-	PUNCT
taxlaw-12357	1416	34	value	value	NOUN
taxlaw-12357	1416	35	test	test	NOUN
taxlaw-12357	1416	36	and	and	CCONJ
taxlaw-12357	1416	37	the	the	DET
taxlaw-12357	1416	38	delta	delta	NOUN
taxlaw-12357	1416	39	test	test	NOUN
taxlaw-12357	1416	40	incorporate	incorporate	VERB
taxlaw-12357	1416	41	magnitudes	magnitude	NOUN
taxlaw-12357	1416	42	as	as	ADV
taxlaw-12357	1416	43	well	well	ADV
taxlaw-12357	1416	44	as	as	ADP
taxlaw-12357	1416	45	probabilities	probability	NOUN
taxlaw-12357	1416	46	.	.	PUNCT
taxlaw-12357	1417	1	these	these	DET
taxlaw-12357	1417	2	tests	test	NOUN
taxlaw-12357	1417	3	do	do	AUX
taxlaw-12357	1417	4	not	not	PART
taxlaw-12357	1417	5	share	share	VERB
taxlaw-12357	1417	6	this	this	DET
taxlaw-12357	1417	7	defect	defect	NOUN
taxlaw-12357	1417	8	of	of	ADP
taxlaw-12357	1417	9	the	the	DET
taxlaw-12357	1417	10	mckelvey	mckelvey	NOUN
taxlaw-12357	1417	11	test.150	test.150	PROPN
taxlaw-12357	1417	12	c.	c.	PROPN
taxlaw-12357	1417	13	issues	issue	NOUN
taxlaw-12357	1417	14	in	in	ADP
taxlaw-12357	1417	15	making	make	VERB
taxlaw-12357	1417	16	comparisons	comparison	NOUN
taxlaw-12357	1417	17	section	section	NOUN
taxlaw-12357	1417	18	b	b	NOUN
taxlaw-12357	1417	19	showed	show	VERB
taxlaw-12357	1417	20	that	that	SCONJ
taxlaw-12357	1417	21	our	our	PRON
taxlaw-12357	1417	22	difference	difference	NOUN
taxlaw-12357	1417	23	-	-	PUNCT
taxlaw-12357	1417	24	value	value	NOUN
taxlaw-12357	1417	25	approach	approach	NOUN
taxlaw-12357	1417	26	is	be	AUX
taxlaw-12357	1417	27	more	more	ADV
taxlaw-12357	1417	28	precise	precise	ADJ
taxlaw-12357	1417	29	and	and	CCONJ
taxlaw-12357	1417	30	nuanced	nuanced	ADJ
taxlaw-12357	1417	31	than	than	ADP
taxlaw-12357	1417	32	the	the	DET
taxlaw-12357	1417	33	spread	spread	NOUN
taxlaw-12357	1417	34	,	,	PUNCT
taxlaw-12357	1417	35	delta	delta	NOUN
taxlaw-12357	1417	36	,	,	PUNCT
taxlaw-12357	1417	37	and	and	CCONJ
taxlaw-12357	1417	38	mckelvey	mckelvey	NOUN
taxlaw-12357	1417	39	tests	test	NOUN
taxlaw-12357	1417	40	.	.	PUNCT
taxlaw-12357	1418	1	even	even	ADV
taxlaw-12357	1418	2	so	so	ADV
taxlaw-12357	1418	3	,	,	PUNCT
taxlaw-12357	1418	4	our	our	PRON
taxlaw-12357	1418	5	proposal	proposal	NOUN
taxlaw-12357	1418	6	still	still	ADV
taxlaw-12357	1418	7	faces	face	VERB
taxlaw-12357	1418	8	three	three	NUM
taxlaw-12357	1418	9	of	of	ADP
taxlaw-12357	1418	10	the	the	DET
taxlaw-12357	1418	11	same	same	ADJ
taxlaw-12357	1418	12	challenges	challenge	NOUN
taxlaw-12357	1418	13	:	:	PUNCT
taxlaw-12357	1418	14	first	first	ADV
taxlaw-12357	1418	15	,	,	PUNCT
taxlaw-12357	1418	16	defining	define	VERB
taxlaw-12357	1418	17	the	the	DET
taxlaw-12357	1418	18	relevant	relevant	ADJ
taxlaw-12357	1418	19	transaction	transaction	NOUN
taxlaw-12357	1418	20	;	;	PUNCT
taxlaw-12357	1418	21	second	second	ADJ
taxlaw-12357	1418	22	,	,	PUNCT
taxlaw-12357	1418	23	accounting	account	VERB
taxlaw-12357	1418	24	for	for	ADP
taxlaw-12357	1418	25	contingencies	contingency	NOUN
taxlaw-12357	1418	26	;	;	PUNCT
taxlaw-12357	1418	27	and	and	CCONJ
taxlaw-12357	1418	28	third	third	ADV
taxlaw-12357	1418	29	,	,	PUNCT
taxlaw-12357	1418	30	considering	consider	VERB
taxlaw-12357	1418	31	the	the	DET
taxlaw-12357	1418	32	taxpayer	taxpayer	NOUN
taxlaw-12357	1418	33	’s	’s	PART
taxlaw-12357	1418	34	control	control	NOUN
taxlaw-12357	1418	35	over	over	ADP
taxlaw-12357	1418	36	the	the	DET
taxlaw-12357	1418	37	underlying	underlie	VERB
taxlaw-12357	1418	38	assets	asset	NOUN
taxlaw-12357	1418	39	.	.	PUNCT
taxlaw-12357	1419	1	this	this	DET
taxlaw-12357	1419	2	section	section	NOUN
taxlaw-12357	1419	3	briefly	briefly	ADV
taxlaw-12357	1419	4	considers	consider	VERB
taxlaw-12357	1419	5	these	these	DET
taxlaw-12357	1419	6	issues	issue	NOUN
taxlaw-12357	1419	7	in	in	ADP
taxlaw-12357	1419	8	turn	turn	NOUN
taxlaw-12357	1419	9	.	.	PUNCT
taxlaw-12357	1420	1	1	1	X
taxlaw-12357	1420	2	.	.	X
taxlaw-12357	1420	3	scope	scope	NOUN
taxlaw-12357	1420	4	in	in	ADP
taxlaw-12357	1420	5	our	our	PRON
taxlaw-12357	1420	6	view	view	NOUN
taxlaw-12357	1420	7	,	,	PUNCT
taxlaw-12357	1420	8	the	the	DET
taxlaw-12357	1420	9	main	main	ADJ
taxlaw-12357	1420	10	“	"	PUNCT
taxlaw-12357	1420	11	achilles	achilles	NOUN
taxlaw-12357	1420	12	heel	heel	NOUN
taxlaw-12357	1420	13	”	"	PUNCT
taxlaw-12357	1420	14	of	of	ADP
taxlaw-12357	1420	15	our	our	PRON
taxlaw-12357	1420	16	proposal	proposal	NOUN
taxlaw-12357	1420	17	is	be	AUX
taxlaw-12357	1420	18	that	that	SCONJ
taxlaw-12357	1420	19	it	it	PRON
taxlaw-12357	1420	20	does	do	AUX
taxlaw-12357	1420	21	not	not	PART
taxlaw-12357	1420	22	answer	answer	VERB
taxlaw-12357	1420	23	the	the	DET
taxlaw-12357	1420	24	question	question	NOUN
taxlaw-12357	1420	25	,	,	PUNCT
taxlaw-12357	1420	26	emphasized	emphasize	VERB
taxlaw-12357	1420	27	above	above	ADV
taxlaw-12357	1420	28	,	,	PUNCT
taxlaw-12357	1420	29	of	of	ADP
taxlaw-12357	1420	30	what	what	PRON
taxlaw-12357	1420	31	should	should	AUX
taxlaw-12357	1420	32	be	be	AUX
taxlaw-12357	1420	33	compared	compare	VERB
taxlaw-12357	1420	34	to	to	ADP
taxlaw-12357	1420	35	what?151	what?151	PROPN
taxlaw-12357	1420	36	like	like	ADP
taxlaw-12357	1420	37	the	the	DET
taxlaw-12357	1420	38	spread	spread	NOUN
taxlaw-12357	1420	39	,	,	PUNCT
taxlaw-12357	1420	40	delta	delta	NOUN
taxlaw-12357	1420	41	,	,	PUNCT
taxlaw-12357	1420	42	and	and	CCONJ
taxlaw-12357	1420	43	mckelvey	mckelvey	NOUN
taxlaw-12357	1420	44	tests	test	NOUN
taxlaw-12357	1420	45	,	,	PUNCT
taxlaw-12357	1420	46	our	our	PRON
taxlaw-12357	1420	47	approach	approach	NOUN
taxlaw-12357	1420	48	has	have	VERB
taxlaw-12357	1420	49	to	to	PART
taxlaw-12357	1420	50	define	define	VERB
taxlaw-12357	1420	51	the	the	DET
taxlaw-12357	1420	52	relevant	relevant	ADJ
taxlaw-12357	1420	53	transactions	transaction	NOUN
taxlaw-12357	1420	54	in	in	ADP
taxlaw-12357	1420	55	order	order	NOUN
taxlaw-12357	1420	56	to	to	PART
taxlaw-12357	1420	57	compare	compare	VERB
taxlaw-12357	1420	58	them	they	PRON
taxlaw-12357	1420	59	.	.	PUNCT
taxlaw-12357	1421	1	to	to	PART
taxlaw-12357	1421	2	manipulate	manipulate	VERB
taxlaw-12357	1421	3	any	any	PRON
taxlaw-12357	1421	4	of	of	ADP
taxlaw-12357	1421	5	these	these	DET
taxlaw-12357	1421	6	tests	test	NOUN
taxlaw-12357	1421	7	,	,	PUNCT
taxlaw-12357	1421	8	taxpayers	taxpayer	NOUN
taxlaw-12357	1421	9	can	can	AUX
taxlaw-12357	1421	10	tweak	tweak	VERB
taxlaw-12357	1421	11	the	the	DET
taxlaw-12357	1421	12	transactions	transaction	NOUN
taxlaw-12357	1421	13	,	,	PUNCT
taxlaw-12357	1421	14	as	as	SCONJ
taxlaw-12357	1421	15	discussed	discuss	VERB
taxlaw-12357	1421	16	above	above	ADV
taxlaw-12357	1421	17	,	,	PUNCT
taxlaw-12357	1421	18	by	by	ADP
taxlaw-12357	1421	19	adding	add	VERB
taxlaw-12357	1421	20	additional	additional	ADJ
taxlaw-12357	1421	21	cash	cash	NOUN
taxlaw-12357	1421	22	flows	flow	NOUN
taxlaw-12357	1421	23	(	(	PUNCT
taxlaw-12357	1421	24	so	so	SCONJ
taxlaw-12357	1421	25	bifurcation	bifurcation	NOUN
taxlaw-12357	1421	26	is	be	AUX
taxlaw-12357	1421	27	needed	need	VERB
taxlaw-12357	1421	28	)	)	PUNCT
taxlaw-12357	1421	29	or	or	CCONJ
taxlaw-12357	1421	30	splitting	split	VERB
taxlaw-12357	1421	31	them	they	PRON
taxlaw-12357	1421	32	into	into	ADP
taxlaw-12357	1421	33	components	component	NOUN
taxlaw-12357	1421	34	(	(	PUNCT
taxlaw-12357	1421	35	so	so	SCONJ
taxlaw-12357	1421	36	aggregation	aggregation	NOUN
taxlaw-12357	1421	37	is	be	AUX
taxlaw-12357	1421	38	needed	need	VERB
taxlaw-12357	1421	39	)	)	PUNCT
taxlaw-12357	1421	40	.	.	PUNCT
taxlaw-12357	1422	1	even	even	ADV
taxlaw-12357	1422	2	so	so	ADV
taxlaw-12357	1422	3	,	,	PUNCT
taxlaw-12357	1422	4	there	there	PRON
taxlaw-12357	1422	5	is	be	VERB
taxlaw-12357	1422	6	one	one	NUM
taxlaw-12357	1422	7	way	way	NOUN
taxlaw-12357	1422	8	in	in	ADP
taxlaw-12357	1422	9	which	which	PRON
taxlaw-12357	1422	10	our	our	PRON
taxlaw-12357	1422	11	test	test	NOUN
taxlaw-12357	1422	12	is	be	AUX
taxlaw-12357	1422	13	easier	easy	ADJ
taxlaw-12357	1422	14	to	to	PART
taxlaw-12357	1422	15	manipulate	manipulate	VERB
taxlaw-12357	1422	16	than	than	ADP
taxlaw-12357	1422	17	the	the	DET
taxlaw-12357	1422	18	delta	delta	NOUN
taxlaw-12357	1422	19	test	test	NOUN
taxlaw-12357	1422	20	:	:	PUNCT
taxlaw-12357	1422	21	the	the	DET
taxlaw-12357	1422	22	addition	addition	NOUN
taxlaw-12357	1422	23	(	(	PUNCT
taxlaw-12357	1422	24	or	or	CCONJ
taxlaw-12357	1422	25	subtraction	subtraction	NOUN
taxlaw-12357	1422	26	)	)	PUNCT
taxlaw-12357	1422	27	of	of	ADP
taxlaw-12357	1422	28	a	a	DET
taxlaw-12357	1422	29	fixed	fix	VERB
taxlaw-12357	1422	30	amount	amount	NOUN
taxlaw-12357	1422	31	from	from	ADP
taxlaw-12357	1422	32	either	either	CCONJ
taxlaw-12357	1422	33	the	the	DET
taxlaw-12357	1422	34	derivative	derivative	ADJ
taxlaw-12357	1422	35	or	or	CCONJ
taxlaw-12357	1422	36	underlying	underlying	ADJ
taxlaw-12357	1422	37	.	.	PUNCT
taxlaw-12357	1423	1	for	for	ADP
taxlaw-12357	1423	2	example	example	NOUN
taxlaw-12357	1423	3	,	,	PUNCT
taxlaw-12357	1423	4	instead	instead	ADV
taxlaw-12357	1423	5	of	of	ADP
taxlaw-12357	1423	6	paying	pay	VERB
taxlaw-12357	1423	7	the	the	DET
taxlaw-12357	1423	8	value	value	NOUN
taxlaw-12357	1423	9	of	of	ADP
taxlaw-12357	1423	10	underlying	underlie	VERB
taxlaw-12357	1423	11	at	at	ADP
taxlaw-12357	1423	12	maturity	maturity	NOUN
taxlaw-12357	1423	13	,	,	PUNCT
taxlaw-12357	1423	14	a	a	DET
taxlaw-12357	1423	15	derivative	derivative	NOUN
taxlaw-12357	1423	16	could	could	AUX
taxlaw-12357	1423	17	pay	pay	VERB
taxlaw-12357	1423	18	this	this	DET
taxlaw-12357	1423	19	value	value	NOUN
taxlaw-12357	1423	20	minus	minus	CCONJ
taxlaw-12357	1423	21	$	$	SYM
taxlaw-12357	1423	22	70.152	70.152	NUM
taxlaw-12357	1423	23	148	148	NUM
taxlaw-12357	1423	24	the	the	DET
taxlaw-12357	1423	25	court	court	NOUN
taxlaw-12357	1423	26	also	also	ADV
taxlaw-12357	1423	27	dealt	deal	VERB
taxlaw-12357	1423	28	with	with	ADP
taxlaw-12357	1423	29	a	a	DET
taxlaw-12357	1423	30	companion	companion	NOUN
taxlaw-12357	1423	31	contract	contract	NOUN
taxlaw-12357	1423	32	for	for	ADP
taxlaw-12357	1423	33	which	which	PRON
taxlaw-12357	1423	34	the	the	DET
taxlaw-12357	1423	35	probability	probability	NOUN
taxlaw-12357	1423	36	was	be	AUX
taxlaw-12357	1423	37	13	13	NUM
taxlaw-12357	1423	38	%	%	NOUN
taxlaw-12357	1423	39	.	.	PUNCT
taxlaw-12357	1424	1	for	for	ADP
taxlaw-12357	1424	2	our	our	PRON
taxlaw-12357	1424	3	purposes	purpose	NOUN
taxlaw-12357	1424	4	,	,	PUNCT
taxlaw-12357	1424	5	it	it	PRON
taxlaw-12357	1424	6	is	be	AUX
taxlaw-12357	1424	7	sufficient	sufficient	ADJ
taxlaw-12357	1424	8	to	to	PART
taxlaw-12357	1424	9	consider	consider	VERB
taxlaw-12357	1424	10	the	the	DET
taxlaw-12357	1424	11	treatment	treatment	NOUN
taxlaw-12357	1424	12	of	of	ADP
taxlaw-12357	1424	13	only	only	ADV
taxlaw-12357	1424	14	one	one	NUM
taxlaw-12357	1424	15	of	of	ADP
taxlaw-12357	1424	16	these	these	DET
taxlaw-12357	1424	17	contracts	contract	NOUN
taxlaw-12357	1424	18	.	.	PUNCT
taxlaw-12357	1425	1	i	i	PRON
taxlaw-12357	1425	2	d.	d.	PROPN
taxlaw-12357	1425	3	at	at	ADP
taxlaw-12357	1425	4	32	32	NUM
taxlaw-12357	1425	5	-	-	SYM
taxlaw-12357	1425	6	33	33	NUM
taxlaw-12357	1425	7	.	.	NOUN
taxlaw-12357	1425	8	149	149	NUM
taxlaw-12357	1425	9	even	even	ADV
taxlaw-12357	1425	10	if	if	SCONJ
taxlaw-12357	1425	11	policymakers	policymaker	NOUN
taxlaw-12357	1425	12	want	want	VERB
taxlaw-12357	1425	13	to	to	PART
taxlaw-12357	1425	14	focus	focus	VERB
taxlaw-12357	1425	15	on	on	ADP
taxlaw-12357	1425	16	probabilities	probability	NOUN
taxlaw-12357	1425	17	,	,	PUNCT
taxlaw-12357	1425	18	the	the	DET
taxlaw-12357	1425	19	court	court	NOUN
taxlaw-12357	1425	20	did	do	AUX
taxlaw-12357	1425	21	not	not	PART
taxlaw-12357	1425	22	clarify	clarify	VERB
taxlaw-12357	1425	23	the	the	DET
taxlaw-12357	1425	24	type	type	NOUN
taxlaw-12357	1425	25	of	of	ADP
taxlaw-12357	1425	26	probability	probability	NOUN
taxlaw-12357	1425	27	that	that	PRON
taxlaw-12357	1425	28	should	should	AUX
taxlaw-12357	1425	29	be	be	AUX
taxlaw-12357	1425	30	used	use	VERB
taxlaw-12357	1425	31	.	.	PUNCT
taxlaw-12357	1426	1	should	should	AUX
taxlaw-12357	1426	2	it	it	PRON
taxlaw-12357	1426	3	be	be	AUX
taxlaw-12357	1426	4	risk	risk	NOUN
taxlaw-12357	1426	5	-	-	PUNCT
taxlaw-12357	1426	6	neutral	neutral	ADJ
taxlaw-12357	1426	7	probabilities	probability	NOUN
taxlaw-12357	1426	8	?	?	PUNCT
taxlaw-12357	1427	1	or	or	CCONJ
taxlaw-12357	1427	2	real	real	ADJ
taxlaw-12357	1427	3	-	-	PUNCT
taxlaw-12357	1427	4	world	world	NOUN
taxlaw-12357	1427	5	probabilities	probability	NOUN
taxlaw-12357	1427	6	?	?	PUNCT
taxlaw-12357	1428	1	there	there	PRON
taxlaw-12357	1428	2	are	be	VERB
taxlaw-12357	1428	3	arguments	argument	NOUN
taxlaw-12357	1428	4	for	for	ADP
taxlaw-12357	1428	5	either	either	DET
taxlaw-12357	1428	6	type	type	NOUN
taxlaw-12357	1428	7	,	,	PUNCT
taxlaw-12357	1428	8	but	but	CCONJ
taxlaw-12357	1428	9	the	the	DET
taxlaw-12357	1428	10	court	court	NOUN
taxlaw-12357	1428	11	failed	fail	VERB
taxlaw-12357	1428	12	to	to	PART
taxlaw-12357	1428	13	resolve	resolve	VERB
taxlaw-12357	1428	14	this	this	DET
taxlaw-12357	1428	15	issue	issue	NOUN
taxlaw-12357	1428	16	clearly	clearly	ADV
taxlaw-12357	1428	17	.	.	PUNCT
taxlaw-12357	1429	1	i	i	PRON
taxlaw-12357	1429	2	d.	d.	PROPN
taxlaw-12357	1429	3	150	150	NUM
taxlaw-12357	1429	4	in	in	ADP
taxlaw-12357	1429	5	the	the	DET
taxlaw-12357	1429	6	court	court	NOUN
taxlaw-12357	1429	7	’s	’s	PART
taxlaw-12357	1429	8	defense	defense	NOUN
taxlaw-12357	1429	9	,	,	PUNCT
taxlaw-12357	1429	10	this	this	DET
taxlaw-12357	1429	11	concern	concern	NOUN
taxlaw-12357	1429	12	arguably	arguably	ADV
taxlaw-12357	1429	13	did	do	AUX
taxlaw-12357	1429	14	not	not	PART
taxlaw-12357	1429	15	arise	arise	VERB
taxlaw-12357	1429	16	in	in	ADP
taxlaw-12357	1429	17	mckelvey	mckelvey	NOUN
taxlaw-12357	1429	18	.	.	PUNCT
taxlaw-12357	1430	1	the	the	DET
taxlaw-12357	1430	2	case	case	NOUN
taxlaw-12357	1430	3	dealt	deal	VERB
taxlaw-12357	1430	4	with	with	ADP
taxlaw-12357	1430	5	a	a	DET
taxlaw-12357	1430	6	specialized	specialized	ADJ
taxlaw-12357	1430	7	contract	contract	NOUN
taxlaw-12357	1430	8	,	,	PUNCT
taxlaw-12357	1430	9	whose	whose	DET
taxlaw-12357	1430	10	payoff	payoff	NOUN
taxlaw-12357	1430	11	was	be	AUX
taxlaw-12357	1430	12	largely	largely	ADV
taxlaw-12357	1430	13	fixed	fix	VERB
taxlaw-12357	1430	14	.	.	PUNCT
taxlaw-12357	1431	1	as	as	ADP
taxlaw-12357	1431	2	a	a	DET
taxlaw-12357	1431	3	result	result	NOUN
taxlaw-12357	1431	4	,	,	PUNCT
taxlaw-12357	1431	5	the	the	DET
taxlaw-12357	1431	6	outcome	outcome	NOUN
taxlaw-12357	1431	7	in	in	ADP
taxlaw-12357	1431	8	the	the	DET
taxlaw-12357	1431	9	low	low	ADJ
taxlaw-12357	1431	10	probability	probability	NOUN
taxlaw-12357	1431	11	situation	situation	NOUN
taxlaw-12357	1431	12	was	be	AUX
taxlaw-12357	1431	13	not	not	PART
taxlaw-12357	1431	14	radically	radically	ADV
taxlaw-12357	1431	15	different	different	ADJ
taxlaw-12357	1431	16	.	.	PUNCT
taxlaw-12357	1432	1	i	i	PRON
taxlaw-12357	1432	2	d.	d.	PROPN
taxlaw-12357	1432	3	151	151	NUM
taxlaw-12357	1432	4	see	see	VERB
taxlaw-12357	1432	5	supra	supra	PROPN
taxlaw-12357	1432	6	part	part	PROPN
taxlaw-12357	1432	7	v.c	v.c	PROPN
taxlaw-12357	1432	8	.	.	PROPN
taxlaw-12357	1432	9	152	152	NUM
taxlaw-12357	1432	10	this	this	PRON
taxlaw-12357	1432	11	is	be	AUX
taxlaw-12357	1432	12	one	one	NUM
taxlaw-12357	1432	13	way	way	NOUN
taxlaw-12357	1432	14	to	to	PART
taxlaw-12357	1432	15	describe	describe	VERB
taxlaw-12357	1432	16	the	the	DET
taxlaw-12357	1432	17	in	in	ADP
taxlaw-12357	1432	18	-	-	PUNCT
taxlaw-12357	1432	19	the	the	DET
taxlaw-12357	1432	20	-	-	PUNCT
taxlaw-12357	1432	21	money	money	NOUN
taxlaw-12357	1432	22	option	option	NOUN
taxlaw-12357	1432	23	in	in	ADP
taxlaw-12357	1432	24	our	our	PRON
taxlaw-12357	1432	25	recurring	recur	VERB
taxlaw-12357	1432	26	example	example	NOUN
taxlaw-12357	1432	27	,	,	PUNCT
taxlaw-12357	1432	28	which	which	PRON
taxlaw-12357	1432	29	requires	require	VERB
taxlaw-12357	1432	30	a	a	DET
taxlaw-12357	1432	31	payment	payment	NOUN
taxlaw-12357	1432	32	of	of	ADP
taxlaw-12357	1432	33	$	$	SYM
taxlaw-12357	1432	34	70	70	NUM
taxlaw-12357	1432	35	to	to	PART
taxlaw-12357	1432	36	exercise	exercise	VERB
taxlaw-12357	1432	37	the	the	DET
taxlaw-12357	1432	38	option	option	NOUN
taxlaw-12357	1432	39	.	.	PUNCT
taxlaw-12357	1433	1	thus	thus	ADV
taxlaw-12357	1433	2	,	,	PUNCT
taxlaw-12357	1433	3	for	for	ADP
taxlaw-12357	1433	4	example	example	NOUN
taxlaw-12357	1433	5	,	,	PUNCT
taxlaw-12357	1433	6	if	if	SCONJ
taxlaw-12357	1433	7	the	the	DET
taxlaw-12357	1433	8	final	final	ADJ
taxlaw-12357	1433	9	price	price	NOUN
taxlaw-12357	1433	10	of	of	ADP
taxlaw-12357	1433	11	the	the	DET
taxlaw-12357	1433	12	underlying	underlie	VERB
taxlaw-12357	1433	13	is	be	AUX
taxlaw-12357	1433	14	$	$	SYM
taxlaw-12357	1433	15	110	110	NUM
taxlaw-12357	1433	16	,	,	PUNCT
taxlaw-12357	1433	17	the	the	DET
taxlaw-12357	1433	18	option	option	NOUN
taxlaw-12357	1433	19	pays	pay	VERB
taxlaw-12357	1433	20	$	$	SYM
taxlaw-12357	1433	21	40	40	NUM
taxlaw-12357	1433	22	at	at	ADP
taxlaw-12357	1433	23	expiration	expiration	NOUN
taxlaw-12357	1433	24	,	,	PUNCT
taxlaw-12357	1433	25	rather	rather	ADV
taxlaw-12357	1433	26	than	than	ADP
taxlaw-12357	1433	27	$	$	SYM
taxlaw-12357	1433	28	110	110	NUM
taxlaw-12357	1433	29	.	.	PUNCT
taxlaw-12357	1434	1	this	this	DET
taxlaw-12357	1434	2	results	result	VERB
taxlaw-12357	1434	3	in	in	ADP
taxlaw-12357	1434	4	a	a	DET
taxlaw-12357	1434	5	substantial	substantial	ADJ
taxlaw-12357	1434	6	gap	gap	NOUN
taxlaw-12357	1434	7	between	between	ADP
taxlaw-12357	1434	8	2024	2024	NUM
taxlaw-12357	1434	9	]	]	PUNCT
taxlaw-12357	1434	10	transaction	transaction	NOUN
taxlaw-12357	1434	11	-	-	PUNCT
taxlaw-12357	1434	12	specific	specific	ADJ
taxlaw-12357	1434	13	tax	tax	NOUN
taxlaw-12357	1434	14	reform	reform	NOUN
taxlaw-12357	1434	15	in	in	ADP
taxlaw-12357	1434	16	three	three	NUM
taxlaw-12357	1434	17	steps	step	NOUN
taxlaw-12357	1434	18	51	51	NUM
taxlaw-12357	1434	19	arguably	arguably	ADV
taxlaw-12357	1434	20	,	,	PUNCT
taxlaw-12357	1434	21	adding	add	VERB
taxlaw-12357	1434	22	or	or	CCONJ
taxlaw-12357	1434	23	subtracting	subtract	VERB
taxlaw-12357	1434	24	fixed	fix	VERB
taxlaw-12357	1434	25	amounts	amount	NOUN
taxlaw-12357	1434	26	should	should	AUX
taxlaw-12357	1434	27	n’t	not	PART
taxlaw-12357	1434	28	matter	matter	VERB
taxlaw-12357	1434	29	to	to	ADP
taxlaw-12357	1434	30	investors	investor	NOUN
taxlaw-12357	1434	31	.	.	PUNCT
taxlaw-12357	1435	1	they	they	PRON
taxlaw-12357	1435	2	can	can	AUX
taxlaw-12357	1435	3	get	get	VERB
taxlaw-12357	1435	4	essentially	essentially	ADV
taxlaw-12357	1435	5	the	the	DET
taxlaw-12357	1435	6	same	same	ADJ
taxlaw-12357	1435	7	return	return	NOUN
taxlaw-12357	1435	8	(	(	PUNCT
taxlaw-12357	1435	9	the	the	DET
taxlaw-12357	1435	10	performance	performance	NOUN
taxlaw-12357	1435	11	of	of	ADP
taxlaw-12357	1435	12	underlying	underlie	VERB
taxlaw-12357	1435	13	)	)	PUNCT
taxlaw-12357	1435	14	by	by	ADP
taxlaw-12357	1435	15	putting	put	VERB
taxlaw-12357	1435	16	up	up	ADP
taxlaw-12357	1435	17	either	either	CCONJ
taxlaw-12357	1435	18	more	more	ADV
taxlaw-12357	1435	19	or	or	CCONJ
taxlaw-12357	1435	20	less	less	ADJ
taxlaw-12357	1435	21	cash	cash	NOUN
taxlaw-12357	1435	22	.	.	PUNCT
taxlaw-12357	1436	1	put	put	VERB
taxlaw-12357	1436	2	another	another	DET
taxlaw-12357	1436	3	way	way	NOUN
taxlaw-12357	1436	4	,	,	PUNCT
taxlaw-12357	1436	5	this	this	PRON
taxlaw-12357	1436	6	is	be	AUX
taxlaw-12357	1436	7	a	a	DET
taxlaw-12357	1436	8	difference	difference	NOUN
taxlaw-12357	1436	9	in	in	ADP
taxlaw-12357	1436	10	leverage	leverage	NOUN
taxlaw-12357	1436	11	,	,	PUNCT
taxlaw-12357	1436	12	not	not	PART
taxlaw-12357	1436	13	return.153	return.153	VERB
taxlaw-12357	1436	14	as	as	ADP
taxlaw-12357	1436	15	a	a	DET
taxlaw-12357	1436	16	result	result	NOUN
taxlaw-12357	1436	17	,	,	PUNCT
taxlaw-12357	1436	18	this	this	DET
taxlaw-12357	1436	19	difference	difference	NOUN
taxlaw-12357	1436	20	arguably	arguably	ADV
taxlaw-12357	1436	21	should	should	AUX
taxlaw-12357	1436	22	not	not	PART
taxlaw-12357	1436	23	be	be	AUX
taxlaw-12357	1436	24	relevant	relevant	ADJ
taxlaw-12357	1436	25	under	under	ADP
taxlaw-12357	1436	26	section	section	NOUN
taxlaw-12357	1436	27	1260	1260	NUM
taxlaw-12357	1436	28	,	,	PUNCT
taxlaw-12357	1436	29	which	which	PRON
taxlaw-12357	1436	30	assesses	assess	VERB
taxlaw-12357	1436	31	economic	economic	ADJ
taxlaw-12357	1436	32	similarity	similarity	NOUN
taxlaw-12357	1436	33	without	without	ADP
taxlaw-12357	1436	34	accounting	account	VERB
taxlaw-12357	1436	35	for	for	ADP
taxlaw-12357	1436	36	leverage.154	leverage.154	NOUN
taxlaw-12357	1436	37	so	so	ADV
taxlaw-12357	1436	38	ideally	ideally	ADV
taxlaw-12357	1436	39	,	,	PUNCT
taxlaw-12357	1436	40	the	the	DET
taxlaw-12357	1436	41	addition	addition	NOUN
taxlaw-12357	1436	42	or	or	CCONJ
taxlaw-12357	1436	43	subtraction	subtraction	NOUN
taxlaw-12357	1436	44	of	of	ADP
taxlaw-12357	1436	45	a	a	DET
taxlaw-12357	1436	46	constant	constant	ADJ
taxlaw-12357	1436	47	amount	amount	NOUN
taxlaw-12357	1436	48	should	should	AUX
taxlaw-12357	1436	49	be	be	AUX
taxlaw-12357	1436	50	just	just	ADV
taxlaw-12357	1436	51	as	as	ADV
taxlaw-12357	1436	52	irrelevant	irrelevant	ADJ
taxlaw-12357	1436	53	under	under	ADP
taxlaw-12357	1436	54	the	the	DET
taxlaw-12357	1436	55	tests	test	NOUN
taxlaw-12357	1436	56	we	we	PRON
taxlaw-12357	1436	57	have	have	AUX
taxlaw-12357	1436	58	analyzed	analyze	VERB
taxlaw-12357	1436	59	.	.	PUNCT
taxlaw-12357	1437	1	is	be	AUX
taxlaw-12357	1437	2	this	this	PRON
taxlaw-12357	1437	3	the	the	DET
taxlaw-12357	1437	4	case	case	NOUN
taxlaw-12357	1437	5	?	?	PUNCT
taxlaw-12357	1438	1	the	the	DET
taxlaw-12357	1438	2	answer	answer	NOUN
taxlaw-12357	1438	3	is	be	AUX
taxlaw-12357	1438	4	“	"	PUNCT
taxlaw-12357	1438	5	yes	yes	INTJ
taxlaw-12357	1438	6	”	"	PUNCT
taxlaw-12357	1438	7	for	for	ADP
taxlaw-12357	1438	8	the	the	DET
taxlaw-12357	1438	9	delta	delta	NOUN
taxlaw-12357	1438	10	test	test	NOUN
taxlaw-12357	1438	11	.	.	PUNCT
taxlaw-12357	1439	1	the	the	DET
taxlaw-12357	1439	2	correlation	correlation	NOUN
taxlaw-12357	1439	3	between	between	ADP
taxlaw-12357	1439	4	underlying	underlie	VERB
taxlaw-12357	1439	5	and	and	CCONJ
taxlaw-12357	1439	6	a	a	DET
taxlaw-12357	1439	7	derivative	derivative	NOUN
taxlaw-12357	1439	8	should	should	AUX
taxlaw-12357	1439	9	not	not	PART
taxlaw-12357	1439	10	change	change	VERB
taxlaw-12357	1439	11	if	if	SCONJ
taxlaw-12357	1439	12	a	a	DET
taxlaw-12357	1439	13	lump	lump	NOUN
taxlaw-12357	1439	14	sum	sum	NOUN
taxlaw-12357	1439	15	is	be	AUX
taxlaw-12357	1439	16	added	add	VERB
taxlaw-12357	1439	17	(	(	PUNCT
taxlaw-12357	1439	18	or	or	CCONJ
taxlaw-12357	1439	19	subtracted	subtract	VERB
taxlaw-12357	1439	20	)	)	PUNCT
taxlaw-12357	1439	21	from	from	ADP
taxlaw-12357	1439	22	one	one	NUM
taxlaw-12357	1439	23	or	or	CCONJ
taxlaw-12357	1439	24	the	the	DET
taxlaw-12357	1439	25	other	other	ADJ
taxlaw-12357	1439	26	.	.	PUNCT
taxlaw-12357	1440	1	however	however	ADV
taxlaw-12357	1440	2	,	,	PUNCT
taxlaw-12357	1440	3	adding	add	VERB
taxlaw-12357	1440	4	or	or	CCONJ
taxlaw-12357	1440	5	subtracting	subtract	VERB
taxlaw-12357	1440	6	a	a	DET
taxlaw-12357	1440	7	lump	lump	NOUN
taxlaw-12357	1440	8	sum	sum	NOUN
taxlaw-12357	1440	9	could	could	AUX
taxlaw-12357	1440	10	potentially	potentially	ADV
taxlaw-12357	1440	11	change	change	VERB
taxlaw-12357	1440	12	the	the	DET
taxlaw-12357	1440	13	difference	difference	NOUN
taxlaw-12357	1440	14	-	-	PUNCT
taxlaw-12357	1440	15	value	value	NOUN
taxlaw-12357	1440	16	calculation	calculation	NOUN
taxlaw-12357	1440	17	–	–	PUNCT
taxlaw-12357	1440	18	at	at	ADP
taxlaw-12357	1440	19	least	least	ADJ
taxlaw-12357	1440	20	if	if	SCONJ
taxlaw-12357	1440	21	taxpayers	taxpayer	NOUN
taxlaw-12357	1440	22	are	be	AUX
taxlaw-12357	1440	23	deliberately	deliberately	ADV
taxlaw-12357	1440	24	trying	try	VERB
taxlaw-12357	1440	25	to	to	PART
taxlaw-12357	1440	26	manipulate	manipulate	VERB
taxlaw-12357	1440	27	it	it	PRON
taxlaw-12357	1440	28	.	.	PUNCT
taxlaw-12357	1441	1	for	for	ADP
taxlaw-12357	1441	2	example	example	NOUN
taxlaw-12357	1441	3	,	,	PUNCT
taxlaw-12357	1441	4	recall	recall	VERB
taxlaw-12357	1441	5	that	that	SCONJ
taxlaw-12357	1441	6	the	the	DET
taxlaw-12357	1441	7	difference	difference	NOUN
taxlaw-12357	1441	8	percentage	percentage	NOUN
taxlaw-12357	1441	9	is	be	AUX
taxlaw-12357	1441	10	the	the	DET
taxlaw-12357	1441	11	value	value	NOUN
taxlaw-12357	1441	12	of	of	ADP
taxlaw-12357	1441	13	the	the	DET
taxlaw-12357	1441	14	difference	difference	NOUN
taxlaw-12357	1441	15	contract	contract	NOUN
taxlaw-12357	1441	16	divided	divide	VERB
taxlaw-12357	1441	17	by	by	ADP
taxlaw-12357	1441	18	the	the	DET
taxlaw-12357	1441	19	value	value	NOUN
taxlaw-12357	1441	20	of	of	ADP
taxlaw-12357	1441	21	underlying	underlie	VERB
taxlaw-12357	1441	22	.	.	PUNCT
taxlaw-12357	1442	1	but	but	CCONJ
taxlaw-12357	1442	2	should	should	AUX
taxlaw-12357	1442	3	these	these	DET
taxlaw-12357	1442	4	transactions	transaction	NOUN
taxlaw-12357	1442	5	be	be	AUX
taxlaw-12357	1442	6	defined	define	VERB
taxlaw-12357	1442	7	to	to	PART
taxlaw-12357	1442	8	include	include	VERB
taxlaw-12357	1442	9	the	the	DET
taxlaw-12357	1442	10	fixed	fix	VERB
taxlaw-12357	1442	11	payment	payment	NOUN
taxlaw-12357	1442	12	?	?	PUNCT
taxlaw-12357	1443	1	for	for	ADP
taxlaw-12357	1443	2	example	example	NOUN
taxlaw-12357	1443	3	,	,	PUNCT
taxlaw-12357	1443	4	if	if	SCONJ
taxlaw-12357	1443	5	the	the	DET
taxlaw-12357	1443	6	derivative	derivative	NOUN
taxlaw-12357	1443	7	pays	pay	VERB
taxlaw-12357	1443	8	$	$	SYM
taxlaw-12357	1443	9	70	70	NUM
taxlaw-12357	1443	10	less	less	ADJ
taxlaw-12357	1443	11	than	than	ADP
taxlaw-12357	1443	12	the	the	DET
taxlaw-12357	1443	13	value	value	NOUN
taxlaw-12357	1443	14	of	of	ADP
taxlaw-12357	1443	15	underlying	underlie	VERB
taxlaw-12357	1443	16	,	,	PUNCT
taxlaw-12357	1443	17	should	should	AUX
taxlaw-12357	1443	18	the	the	DET
taxlaw-12357	1443	19	difference	difference	NOUN
taxlaw-12357	1443	20	contract	contract	NOUN
taxlaw-12357	1443	21	also	also	ADV
taxlaw-12357	1443	22	include	include	VERB
taxlaw-12357	1443	23	a	a	DET
taxlaw-12357	1443	24	payment	payment	NOUN
taxlaw-12357	1443	25	of	of	ADP
taxlaw-12357	1443	26	$	$	SYM
taxlaw-12357	1443	27	70	70	NUM
taxlaw-12357	1443	28	?	?	PUNCT
taxlaw-12357	1443	29	or	or	CCONJ
taxlaw-12357	1443	30	should	should	AUX
taxlaw-12357	1443	31	$	$	SYM
taxlaw-12357	1443	32	70	70	NUM
taxlaw-12357	1443	33	be	be	AUX
taxlaw-12357	1443	34	removed	remove	VERB
taxlaw-12357	1443	35	from	from	ADP
taxlaw-12357	1443	36	underlying	underlie	VERB
taxlaw-12357	1443	37	?	?	PUNCT
taxlaw-12357	1444	1	the	the	DET
taxlaw-12357	1444	2	answers	answer	NOUN
taxlaw-12357	1444	3	to	to	ADP
taxlaw-12357	1444	4	these	these	DET
taxlaw-12357	1444	5	questions	question	NOUN
taxlaw-12357	1444	6	can	can	AUX
taxlaw-12357	1444	7	affect	affect	VERB
taxlaw-12357	1444	8	the	the	DET
taxlaw-12357	1444	9	outcome	outcome	NOUN
taxlaw-12357	1444	10	.	.	PUNCT
taxlaw-12357	1445	1	as	as	ADP
taxlaw-12357	1445	2	a	a	DET
taxlaw-12357	1445	3	result	result	NOUN
taxlaw-12357	1445	4	,	,	PUNCT
taxlaw-12357	1445	5	policymakers	policymaker	NOUN
taxlaw-12357	1445	6	need	need	VERB
taxlaw-12357	1445	7	to	to	PART
taxlaw-12357	1445	8	give	give	VERB
taxlaw-12357	1445	9	guidance	guidance	NOUN
taxlaw-12357	1445	10	on	on	ADP
taxlaw-12357	1445	11	this	this	DET
taxlaw-12357	1445	12	issue	issue	NOUN
taxlaw-12357	1445	13	.	.	PUNCT
taxlaw-12357	1446	1	as	as	SCONJ
taxlaw-12357	1446	2	noted	note	VERB
taxlaw-12357	1446	3	above	above	ADV
taxlaw-12357	1446	4	,	,	PUNCT
taxlaw-12357	1446	5	they	they	PRON
taxlaw-12357	1446	6	can	can	AUX
taxlaw-12357	1446	7	rely	rely	VERB
taxlaw-12357	1446	8	on	on	ADP
taxlaw-12357	1446	9	general	general	ADJ
taxlaw-12357	1446	10	tax	tax	NOUN
taxlaw-12357	1446	11	principles	principle	NOUN
taxlaw-12357	1446	12	,	,	PUNCT
taxlaw-12357	1446	13	and	and	CCONJ
taxlaw-12357	1446	14	can	can	AUX
taxlaw-12357	1446	15	tweak	tweak	VERB
taxlaw-12357	1446	16	those	those	PRON
taxlaw-12357	1446	17	based	base	VERB
taxlaw-12357	1446	18	on	on	ADP
taxlaw-12357	1446	19	the	the	DET
taxlaw-12357	1446	20	normative	normative	ADJ
taxlaw-12357	1446	21	presumption	presumption	NOUN
taxlaw-12357	1446	22	.	.	PUNCT
taxlaw-12357	1447	1	2	2	X
taxlaw-12357	1447	2	.	.	X
taxlaw-12357	1447	3	manipulative	manipulative	ADJ
taxlaw-12357	1447	4	contingencies	contingency	NOUN
taxlaw-12357	1447	5	another	another	DET
taxlaw-12357	1447	6	possible	possible	ADJ
taxlaw-12357	1447	7	way	way	NOUN
taxlaw-12357	1447	8	to	to	PART
taxlaw-12357	1447	9	game	game	VERB
taxlaw-12357	1447	10	these	these	DET
taxlaw-12357	1447	11	tests	test	NOUN
taxlaw-12357	1447	12	–	–	PUNCT
taxlaw-12357	1447	13	to	to	PART
taxlaw-12357	1447	14	make	make	VERB
taxlaw-12357	1447	15	a	a	DET
taxlaw-12357	1447	16	derivative	derivative	NOUN
taxlaw-12357	1447	17	seem	seem	VERB
taxlaw-12357	1447	18	less	less	ADV
taxlaw-12357	1447	19	like	like	ADP
taxlaw-12357	1447	20	the	the	DET
taxlaw-12357	1447	21	underlying	underlie	VERB
taxlaw-12357	1447	22	asset	asset	NOUN
taxlaw-12357	1447	23	–	–	PUNCT
taxlaw-12357	1447	24	is	be	AUX
taxlaw-12357	1447	25	to	to	PART
taxlaw-12357	1447	26	introduce	introduce	VERB
taxlaw-12357	1447	27	contingencies	contingency	NOUN
taxlaw-12357	1447	28	.	.	PUNCT
taxlaw-12357	1448	1	the	the	DET
taxlaw-12357	1448	2	good	good	PROPN
taxlaw-12357	1448	3	news	news	PROPN
taxlaw-12357	1448	4	,	,	PUNCT
taxlaw-12357	1448	5	noted	note	VERB
taxlaw-12357	1448	6	above	above	ADV
taxlaw-12357	1448	7	,	,	PUNCT
taxlaw-12357	1448	8	is	be	AUX
taxlaw-12357	1448	9	that	that	SCONJ
taxlaw-12357	1448	10	some	some	DET
taxlaw-12357	1448	11	contingencies	contingency	NOUN
taxlaw-12357	1448	12	are	be	AUX
taxlaw-12357	1448	13	less	less	ADJ
taxlaw-12357	1448	14	of	of	ADP
taxlaw-12357	1448	15	a	a	DET
taxlaw-12357	1448	16	problem	problem	NOUN
taxlaw-12357	1448	17	for	for	ADP
taxlaw-12357	1448	18	our	our	PRON
taxlaw-12357	1448	19	proposal	proposal	NOUN
taxlaw-12357	1448	20	than	than	SCONJ
taxlaw-12357	1448	21	they	they	PRON
taxlaw-12357	1448	22	are	be	AUX
taxlaw-12357	1448	23	for	for	ADP
taxlaw-12357	1448	24	the	the	DET
taxlaw-12357	1448	25	delta	delta	NOUN
taxlaw-12357	1448	26	test.155	test.155	NUM
taxlaw-12357	1448	27	these	these	DET
taxlaw-12357	1448	28	contingencies	contingency	NOUN
taxlaw-12357	1448	29	have	have	VERB
taxlaw-12357	1448	30	less	less	ADJ
taxlaw-12357	1448	31	effect	effect	NOUN
taxlaw-12357	1448	32	on	on	ADP
taxlaw-12357	1448	33	a	a	DET
taxlaw-12357	1448	34	derivative	derivative	NOUN
taxlaw-12357	1448	35	’s	’s	NOUN
taxlaw-12357	1448	36	value	value	NOUN
taxlaw-12357	1448	37	(	(	PUNCT
taxlaw-12357	1448	38	and	and	CCONJ
taxlaw-12357	1448	39	thus	thus	ADV
taxlaw-12357	1448	40	on	on	ADP
taxlaw-12357	1448	41	our	our	PRON
taxlaw-12357	1448	42	approach	approach	NOUN
taxlaw-12357	1448	43	)	)	PUNCT
taxlaw-12357	1448	44	because	because	SCONJ
taxlaw-12357	1448	45	they	they	PRON
taxlaw-12357	1448	46	are	be	AUX
taxlaw-12357	1448	47	either	either	ADV
taxlaw-12357	1448	48	unimportant	unimportant	ADJ
taxlaw-12357	1448	49	or	or	CCONJ
taxlaw-12357	1448	50	unlikely	unlikely	ADJ
taxlaw-12357	1448	51	to	to	ADP
taxlaw-12357	1448	52	happen.156	happen.156	VERB
taxlaw-12357	1448	53	the	the	DET
taxlaw-12357	1448	54	difference	difference	NOUN
taxlaw-12357	1448	55	-	-	PUNCT
taxlaw-12357	1448	56	value	value	NOUN
taxlaw-12357	1448	57	is	be	AUX
taxlaw-12357	1448	58	able	able	ADJ
taxlaw-12357	1448	59	to	to	PART
taxlaw-12357	1448	60	shrug	shrug	VERB
taxlaw-12357	1448	61	off	off	ADP
taxlaw-12357	1448	62	these	these	DET
taxlaw-12357	1448	63	minor	minor	ADJ
taxlaw-12357	1448	64	contingencies	contingency	NOUN
taxlaw-12357	1448	65	–	–	PUNCT
taxlaw-12357	1448	66	in	in	ADP
taxlaw-12357	1448	67	a	a	DET
taxlaw-12357	1448	68	the	the	DET
taxlaw-12357	1448	69	underlying	underlying	ADJ
taxlaw-12357	1448	70	and	and	CCONJ
taxlaw-12357	1448	71	the	the	DET
taxlaw-12357	1448	72	derivative	derivative	NOUN
taxlaw-12357	1448	73	.	.	PUNCT
taxlaw-12357	1449	1	we	we	PRON
taxlaw-12357	1449	2	eliminated	eliminate	VERB
taxlaw-12357	1449	3	this	this	DET
taxlaw-12357	1449	4	gap	gap	NOUN
taxlaw-12357	1449	5	for	for	ADP
taxlaw-12357	1449	6	payoffs	payoff	NOUN
taxlaw-12357	1449	7	above	above	ADP
taxlaw-12357	1449	8	the	the	DET
taxlaw-12357	1449	9	strike	strike	NOUN
taxlaw-12357	1449	10	price	price	NOUN
taxlaw-12357	1449	11	by	by	ADP
taxlaw-12357	1449	12	requiring	require	VERB
taxlaw-12357	1449	13	that	that	SCONJ
taxlaw-12357	1449	14	the	the	DET
taxlaw-12357	1449	15	contract	contract	NOUN
taxlaw-12357	1449	16	pay	pay	VERB
taxlaw-12357	1449	17	$	$	SYM
taxlaw-12357	1449	18	70	70	NUM
taxlaw-12357	1449	19	in	in	ADP
taxlaw-12357	1449	20	addition	addition	NOUN
taxlaw-12357	1449	21	to	to	ADP
taxlaw-12357	1449	22	the	the	DET
taxlaw-12357	1449	23	simple	simple	ADJ
taxlaw-12357	1449	24	payoff	payoff	NOUN
taxlaw-12357	1449	25	of	of	ADP
taxlaw-12357	1449	26	the	the	DET
taxlaw-12357	1449	27	call	call	NOUN
taxlaw-12357	1449	28	option	option	NOUN
taxlaw-12357	1449	29	.	.	PUNCT
taxlaw-12357	1450	1	153	153	NUM
taxlaw-12357	1450	2	by	by	ADP
taxlaw-12357	1450	3	leverage	leverage	NOUN
taxlaw-12357	1450	4	,	,	PUNCT
taxlaw-12357	1450	5	we	we	PRON
taxlaw-12357	1450	6	mean	mean	VERB
taxlaw-12357	1450	7	financing	financing	NOUN
taxlaw-12357	1450	8	that	that	PRON
taxlaw-12357	1450	9	must	must	AUX
taxlaw-12357	1450	10	be	be	AUX
taxlaw-12357	1450	11	repaid	repay	VERB
taxlaw-12357	1450	12	regardless	regardless	ADV
taxlaw-12357	1450	13	of	of	ADP
taxlaw-12357	1450	14	the	the	DET
taxlaw-12357	1450	15	performance	performance	NOUN
taxlaw-12357	1450	16	of	of	ADP
taxlaw-12357	1450	17	the	the	DET
taxlaw-12357	1450	18	underlying	underlying	NOUN
taxlaw-12357	1450	19	.	.	PUNCT
taxlaw-12357	1451	1	for	for	ADP
taxlaw-12357	1451	2	example	example	NOUN
taxlaw-12357	1451	3	,	,	PUNCT
taxlaw-12357	1451	4	if	if	SCONJ
taxlaw-12357	1451	5	an	an	DET
taxlaw-12357	1451	6	investor	investor	NOUN
taxlaw-12357	1451	7	borrows	borrow	VERB
taxlaw-12357	1451	8	$	$	SYM
taxlaw-12357	1451	9	70	70	NUM
taxlaw-12357	1451	10	to	to	PART
taxlaw-12357	1451	11	buy	buy	VERB
taxlaw-12357	1451	12	a	a	DET
taxlaw-12357	1451	13	risky	risky	ADJ
taxlaw-12357	1451	14	asset	asset	NOUN
taxlaw-12357	1451	15	,	,	PUNCT
taxlaw-12357	1451	16	and	and	CCONJ
taxlaw-12357	1451	17	must	must	AUX
taxlaw-12357	1451	18	pay	pay	VERB
taxlaw-12357	1451	19	the	the	DET
taxlaw-12357	1451	20	$	$	SYM
taxlaw-12357	1451	21	70	70	NUM
taxlaw-12357	1451	22	without	without	ADP
taxlaw-12357	1451	23	regard	regard	NOUN
taxlaw-12357	1451	24	to	to	ADP
taxlaw-12357	1451	25	what	what	PRON
taxlaw-12357	1451	26	happens	happen	VERB
taxlaw-12357	1451	27	to	to	ADP
taxlaw-12357	1451	28	the	the	DET
taxlaw-12357	1451	29	risky	risky	ADJ
taxlaw-12357	1451	30	asset	asset	NOUN
taxlaw-12357	1451	31	,	,	PUNCT
taxlaw-12357	1451	32	the	the	DET
taxlaw-12357	1451	33	$	$	SYM
taxlaw-12357	1451	34	70	70	NUM
taxlaw-12357	1451	35	is	be	AUX
taxlaw-12357	1451	36	a	a	DET
taxlaw-12357	1451	37	quintessential	quintessential	ADJ
taxlaw-12357	1451	38	example	example	NOUN
taxlaw-12357	1451	39	of	of	ADP
taxlaw-12357	1451	40	what	what	PRON
taxlaw-12357	1451	41	we	we	PRON
taxlaw-12357	1451	42	mean	mean	VERB
taxlaw-12357	1451	43	by	by	ADP
taxlaw-12357	1451	44	leverage	leverage	NOUN
taxlaw-12357	1451	45	.	.	PUNCT
taxlaw-12357	1452	1	as	as	SCONJ
taxlaw-12357	1452	2	it	it	PRON
taxlaw-12357	1452	3	turns	turn	VERB
taxlaw-12357	1452	4	out	out	ADP
taxlaw-12357	1452	5	,	,	PUNCT
taxlaw-12357	1452	6	some	some	DET
taxlaw-12357	1452	7	features	feature	NOUN
taxlaw-12357	1452	8	of	of	ADP
taxlaw-12357	1452	9	the	the	DET
taxlaw-12357	1452	10	gwa	gwa	NOUN
taxlaw-12357	1452	11	contract	contract	NOUN
taxlaw-12357	1452	12	that	that	SCONJ
taxlaw-12357	1452	13	at	at	ADP
taxlaw-12357	1452	14	first	first	ADV
taxlaw-12357	1452	15	seem	seem	VERB
taxlaw-12357	1452	16	to	to	PART
taxlaw-12357	1452	17	be	be	AUX
taxlaw-12357	1452	18	pure	pure	ADJ
taxlaw-12357	1452	19	leverage	leverage	NOUN
taxlaw-12357	1452	20	–	–	PUNCT
taxlaw-12357	1452	21	and	and	CCONJ
taxlaw-12357	1452	22	have	have	VERB
taxlaw-12357	1452	23	no	no	DET
taxlaw-12357	1452	24	connection	connection	NOUN
taxlaw-12357	1452	25	to	to	ADP
taxlaw-12357	1452	26	underlying	underlie	VERB
taxlaw-12357	1452	27	’s	’s	PART
taxlaw-12357	1452	28	price	price	NOUN
taxlaw-12357	1452	29	–	–	PUNCT
taxlaw-12357	1452	30	actually	actually	ADV
taxlaw-12357	1452	31	do	do	AUX
taxlaw-12357	1452	32	have	have	VERB
taxlaw-12357	1452	33	a	a	DET
taxlaw-12357	1452	34	connection	connection	NOUN
taxlaw-12357	1452	35	.	.	PUNCT
taxlaw-12357	1453	1	for	for	ADP
taxlaw-12357	1453	2	a	a	DET
taxlaw-12357	1453	3	discussion	discussion	NOUN
taxlaw-12357	1453	4	,	,	PUNCT
taxlaw-12357	1453	5	see	see	VERB
taxlaw-12357	1453	6	infra	infra	NOUN
taxlaw-12357	1453	7	appendix	appendix	VERB
taxlaw-12357	1453	8	a.	a.	NOUN
taxlaw-12357	1453	9	this	this	PRON
taxlaw-12357	1453	10	means	mean	VERB
taxlaw-12357	1453	11	that	that	SCONJ
taxlaw-12357	1453	12	this	this	DET
taxlaw-12357	1453	13	apparent	apparent	ADJ
taxlaw-12357	1453	14	advantage	advantage	NOUN
taxlaw-12357	1453	15	of	of	ADP
taxlaw-12357	1453	16	delta	delta	NOUN
taxlaw-12357	1453	17	over	over	ADP
taxlaw-12357	1453	18	the	the	DET
taxlaw-12357	1453	19	difference	difference	NOUN
taxlaw-12357	1453	20	-	-	PUNCT
taxlaw-12357	1453	21	value	value	NOUN
taxlaw-12357	1453	22	method	method	NOUN
taxlaw-12357	1453	23	may	may	AUX
taxlaw-12357	1453	24	be	be	AUX
taxlaw-12357	1453	25	less	less	ADJ
taxlaw-12357	1453	26	than	than	SCONJ
taxlaw-12357	1453	27	meets	meet	VERB
taxlaw-12357	1453	28	the	the	DET
taxlaw-12357	1453	29	eye	eye	NOUN
taxlaw-12357	1453	30	.	.	PUNCT
taxlaw-12357	1454	1	154	154	NUM
taxlaw-12357	1454	2	in	in	ADP
taxlaw-12357	1454	3	defining	define	VERB
taxlaw-12357	1454	4	a	a	DET
taxlaw-12357	1454	5	constructive	constructive	ADJ
taxlaw-12357	1454	6	ownership	ownership	NOUN
taxlaw-12357	1454	7	transaction	transaction	NOUN
taxlaw-12357	1454	8	,	,	PUNCT
taxlaw-12357	1454	9	section	section	NOUN
taxlaw-12357	1454	10	1260(d)(1	1260(d)(1	NUM
taxlaw-12357	1454	11	)	)	PUNCT
taxlaw-12357	1454	12	does	do	AUX
taxlaw-12357	1454	13	not	not	PART
taxlaw-12357	1454	14	account	account	VERB
taxlaw-12357	1454	15	for	for	ADP
taxlaw-12357	1454	16	leverage	leverage	NOUN
taxlaw-12357	1454	17	.	.	PUNCT
taxlaw-12357	1455	1	for	for	ADP
taxlaw-12357	1455	2	example	example	NOUN
taxlaw-12357	1455	3	,	,	PUNCT
taxlaw-12357	1455	4	it	it	PRON
taxlaw-12357	1455	5	specifically	specifically	ADV
taxlaw-12357	1455	6	lists	list	VERB
taxlaw-12357	1455	7	“	"	PUNCT
taxlaw-12357	1455	8	a	a	DET
taxlaw-12357	1455	9	forward	forward	ADJ
taxlaw-12357	1455	10	contract	contract	NOUN
taxlaw-12357	1455	11	to	to	PART
taxlaw-12357	1455	12	acquire	acquire	VERB
taxlaw-12357	1455	13	”	"	PUNCT
taxlaw-12357	1455	14	the	the	DET
taxlaw-12357	1455	15	underlying	underlie	VERB
taxlaw-12357	1455	16	asset	asset	NOUN
taxlaw-12357	1455	17	without	without	ADP
taxlaw-12357	1455	18	regard	regard	NOUN
taxlaw-12357	1455	19	to	to	ADP
taxlaw-12357	1455	20	whether	whether	SCONJ
taxlaw-12357	1455	21	the	the	DET
taxlaw-12357	1455	22	forward	forward	ADJ
taxlaw-12357	1455	23	contract	contract	NOUN
taxlaw-12357	1455	24	requires	require	VERB
taxlaw-12357	1455	25	an	an	DET
taxlaw-12357	1455	26	up	up	ADJ
taxlaw-12357	1455	27	-	-	PUNCT
taxlaw-12357	1455	28	front	front	NOUN
taxlaw-12357	1455	29	payment	payment	NOUN
taxlaw-12357	1455	30	.	.	PUNCT
taxlaw-12357	1456	1	i.r.c	i.r.c	NOUN
taxlaw-12357	1456	2	.	.	PUNCT
taxlaw-12357	1457	1	§	§	PROPN
taxlaw-12357	1457	2	1260(d)(1	1260(d)(1	NUM
taxlaw-12357	1457	3	)	)	PUNCT
taxlaw-12357	1457	4	.	.	PUNCT
taxlaw-12357	1458	1	similarly	similarly	ADV
taxlaw-12357	1458	2	,	,	PUNCT
taxlaw-12357	1458	3	it	it	PRON
taxlaw-12357	1458	4	also	also	ADV
taxlaw-12357	1458	5	includes	include	VERB
taxlaw-12357	1458	6	“	"	PUNCT
taxlaw-12357	1458	7	a	a	DET
taxlaw-12357	1458	8	holder	holder	NOUN
taxlaw-12357	1458	9	of	of	ADP
taxlaw-12357	1458	10	a	a	DET
taxlaw-12357	1458	11	call	call	NOUN
taxlaw-12357	1458	12	”	"	PUNCT
taxlaw-12357	1458	13	and	and	CCONJ
taxlaw-12357	1458	14	a	a	DET
taxlaw-12357	1458	15	“	"	PUNCT
taxlaw-12357	1458	16	grantor	grantor	NOUN
taxlaw-12357	1458	17	of	of	ADP
taxlaw-12357	1458	18	a	a	DET
taxlaw-12357	1458	19	put	put	NOUN
taxlaw-12357	1458	20	,	,	PUNCT
taxlaw-12357	1458	21	”	"	PUNCT
taxlaw-12357	1458	22	even	even	ADV
taxlaw-12357	1458	23	though	though	SCONJ
taxlaw-12357	1458	24	options	option	NOUN
taxlaw-12357	1458	25	usually	usually	ADV
taxlaw-12357	1458	26	involve	involve	VERB
taxlaw-12357	1458	27	deferred	deferred	ADJ
taxlaw-12357	1458	28	payments	payment	NOUN
taxlaw-12357	1458	29	.	.	PUNCT
taxlaw-12357	1459	1	i.r.c	i.r.c	NOUN
taxlaw-12357	1459	2	.	.	PUNCT
taxlaw-12357	1460	1	§	§	PROPN
taxlaw-12357	1460	2	1260(d)(1)(c	1260(d)(1)(c	NUM
taxlaw-12357	1460	3	)	)	PUNCT
taxlaw-12357	1460	4	.	.	PUNCT
taxlaw-12357	1461	1	155	155	NUM
taxlaw-12357	1461	2	see	see	VERB
taxlaw-12357	1461	3	infra	infra	NOUN
taxlaw-12357	1461	4	part	part	NOUN
taxlaw-12357	1461	5	vi.b.3.c	vi.b.3.c	NOUN
taxlaw-12357	1461	6	.	.	PROPN
taxlaw-12357	1461	7	156	156	NUM
taxlaw-12357	1461	8	we	we	PRON
taxlaw-12357	1461	9	speak	speak	VERB
taxlaw-12357	1461	10	in	in	ADP
taxlaw-12357	1461	11	general	general	ADJ
taxlaw-12357	1461	12	terms	term	NOUN
taxlaw-12357	1461	13	like	like	ADP
taxlaw-12357	1461	14	“	"	PUNCT
taxlaw-12357	1461	15	unimportant	unimportant	ADJ
taxlaw-12357	1461	16	”	"	PUNCT
taxlaw-12357	1461	17	and	and	CCONJ
taxlaw-12357	1461	18	“	"	PUNCT
taxlaw-12357	1461	19	unlikely	unlikely	ADJ
taxlaw-12357	1461	20	”	"	PUNCT
taxlaw-12357	1461	21	to	to	PART
taxlaw-12357	1461	22	convey	convey	VERB
taxlaw-12357	1461	23	the	the	DET
taxlaw-12357	1461	24	gist	gist	NOUN
taxlaw-12357	1461	25	of	of	ADP
taxlaw-12357	1461	26	the	the	DET
taxlaw-12357	1461	27	idea	idea	NOUN
taxlaw-12357	1461	28	without	without	ADP
taxlaw-12357	1461	29	technical	technical	ADJ
taxlaw-12357	1461	30	details	detail	NOUN
taxlaw-12357	1461	31	.	.	PUNCT
taxlaw-12357	1462	1	note	note	VERB
taxlaw-12357	1462	2	that	that	SCONJ
taxlaw-12357	1462	3	in	in	ADP
taxlaw-12357	1462	4	order	order	NOUN
taxlaw-12357	1462	5	for	for	ADP
taxlaw-12357	1462	6	our	our	PRON
taxlaw-12357	1462	7	difference	difference	NOUN
taxlaw-12357	1462	8	method	method	NOUN
taxlaw-12357	1462	9	not	not	PART
taxlaw-12357	1462	10	to	to	PART
taxlaw-12357	1462	11	change	change	VERB
taxlaw-12357	1462	12	much	much	ADV
taxlaw-12357	1462	13	as	as	ADP
taxlaw-12357	1462	14	a	a	DET
taxlaw-12357	1462	15	result	result	NOUN
taxlaw-12357	1462	16	of	of	ADP
taxlaw-12357	1462	17	a	a	DET
taxlaw-12357	1462	18	contingency	contingency	NOUN
taxlaw-12357	1462	19	,	,	PUNCT
taxlaw-12357	1462	20	both	both	CCONJ
taxlaw-12357	1462	21	the	the	DET
taxlaw-12357	1462	22	probability	probability	NOUN
taxlaw-12357	1462	23	of	of	ADP
taxlaw-12357	1462	24	the	the	DET
taxlaw-12357	1462	25	contingency	contingency	NOUN
taxlaw-12357	1462	26	must	must	AUX
taxlaw-12357	1462	27	be	be	AUX
taxlaw-12357	1462	28	low	low	ADJ
taxlaw-12357	1462	29	,	,	PUNCT
taxlaw-12357	1462	30	and	and	CCONJ
taxlaw-12357	1462	31	the	the	DET
taxlaw-12357	1462	32	alternate	alternate	ADJ
taxlaw-12357	1462	33	outcome	outcome	NOUN
taxlaw-12357	1462	34	must	must	AUX
taxlaw-12357	1462	35	not	not	PART
taxlaw-12357	1462	36	be	be	AUX
taxlaw-12357	1462	37	too	too	ADV
taxlaw-12357	1462	38	extreme	extreme	ADJ
taxlaw-12357	1462	39	.	.	PUNCT
taxlaw-12357	1463	1	contrast	contrast	VERB
taxlaw-12357	1463	2	this	this	PRON
taxlaw-12357	1463	3	with	with	ADP
taxlaw-12357	1463	4	the	the	DET
taxlaw-12357	1463	5	mckelvey	mckelvey	NOUN
taxlaw-12357	1463	6	test	test	NOUN
taxlaw-12357	1463	7	that	that	PRON
taxlaw-12357	1463	8	focused	focus	VERB
taxlaw-12357	1463	9	only	only	ADV
taxlaw-12357	1463	10	on	on	ADP
taxlaw-12357	1463	11	probability	probability	NOUN
taxlaw-12357	1463	12	and	and	CCONJ
taxlaw-12357	1463	13	not	not	PART
taxlaw-12357	1463	14	on	on	ADP
taxlaw-12357	1463	15	the	the	DET
taxlaw-12357	1463	16	size	size	NOUN
taxlaw-12357	1463	17	of	of	ADP
taxlaw-12357	1463	18	the	the	DET
taxlaw-12357	1463	19	low	low	ADJ
taxlaw-12357	1463	20	-	-	PUNCT
taxlaw-12357	1463	21	probability	probability	NOUN
taxlaw-12357	1463	22	event	event	NOUN
taxlaw-12357	1463	23	.	.	PUNCT
taxlaw-12357	1464	1	columbia	columbia	PROPN
taxlaw-12357	1464	2	journal	journal	PROPN
taxlaw-12357	1464	3	of	of	ADP
taxlaw-12357	1464	4	tax	tax	NOUN
taxlaw-12357	1464	5	law	law	NOUN
taxlaw-12357	1465	1	[	[	X
taxlaw-12357	1465	2	vol	vol	NOUN
taxlaw-12357	1465	3	15:1	15:1	NUM
taxlaw-12357	1465	4	52	52	NUM
taxlaw-12357	1465	5	way	way	NOUN
taxlaw-12357	1465	6	the	the	DET
taxlaw-12357	1465	7	delta	delta	NOUN
taxlaw-12357	1465	8	cannot	cannot	VERB
taxlaw-12357	1465	9	–	–	PUNCT
taxlaw-12357	1465	10	because	because	SCONJ
taxlaw-12357	1465	11	we	we	PRON
taxlaw-12357	1465	12	focus	focus	VERB
taxlaw-12357	1465	13	on	on	ADP
taxlaw-12357	1465	14	value	value	NOUN
taxlaw-12357	1465	15	over	over	ADP
taxlaw-12357	1465	16	time	time	NOUN
taxlaw-12357	1465	17	,	,	PUNCT
taxlaw-12357	1465	18	not	not	PART
taxlaw-12357	1465	19	on	on	ADP
taxlaw-12357	1465	20	correlations	correlation	NOUN
taxlaw-12357	1465	21	at	at	ADP
taxlaw-12357	1465	22	a	a	DET
taxlaw-12357	1465	23	point	point	NOUN
taxlaw-12357	1465	24	in	in	ADP
taxlaw-12357	1465	25	time	time	NOUN
taxlaw-12357	1465	26	,	,	PUNCT
taxlaw-12357	1465	27	as	as	SCONJ
taxlaw-12357	1465	28	noted	note	VERB
taxlaw-12357	1465	29	above.157	above.157	PROPN
taxlaw-12357	1465	30	in	in	ADP
taxlaw-12357	1465	31	contrast	contrast	NOUN
taxlaw-12357	1465	32	,	,	PUNCT
taxlaw-12357	1465	33	contingencies	contingency	NOUN
taxlaw-12357	1465	34	pose	pose	VERB
taxlaw-12357	1465	35	more	more	ADJ
taxlaw-12357	1465	36	of	of	ADP
taxlaw-12357	1465	37	a	a	DET
taxlaw-12357	1465	38	challenge	challenge	NOUN
taxlaw-12357	1465	39	to	to	ADP
taxlaw-12357	1465	40	our	our	PRON
taxlaw-12357	1465	41	difference	difference	NOUN
taxlaw-12357	1465	42	-	-	PUNCT
taxlaw-12357	1465	43	value	value	NOUN
taxlaw-12357	1465	44	test	test	NOUN
taxlaw-12357	1465	45	when	when	SCONJ
taxlaw-12357	1465	46	they	they	PRON
taxlaw-12357	1465	47	are	be	AUX
taxlaw-12357	1465	48	more	more	ADV
taxlaw-12357	1465	49	likely	likely	ADJ
taxlaw-12357	1465	50	to	to	PART
taxlaw-12357	1465	51	affect	affect	VERB
taxlaw-12357	1465	52	the	the	DET
taxlaw-12357	1465	53	derivative	derivative	NOUN
taxlaw-12357	1465	54	’s	’s	PART
taxlaw-12357	1465	55	value	value	NOUN
taxlaw-12357	1465	56	–	–	PUNCT
taxlaw-12357	1465	57	that	that	ADV
taxlaw-12357	1465	58	is	be	AUX
taxlaw-12357	1465	59	,	,	PUNCT
taxlaw-12357	1465	60	when	when	SCONJ
taxlaw-12357	1465	61	either	either	CCONJ
taxlaw-12357	1465	62	their	their	PRON
taxlaw-12357	1465	63	probability	probability	NOUN
taxlaw-12357	1465	64	or	or	CCONJ
taxlaw-12357	1465	65	magnitude	magnitude	NOUN
taxlaw-12357	1465	66	is	be	AUX
taxlaw-12357	1465	67	more	more	ADV
taxlaw-12357	1465	68	significant	significant	ADJ
taxlaw-12357	1465	69	.	.	PUNCT
taxlaw-12357	1466	1	let	let	VERB
taxlaw-12357	1466	2	’s	’s	NOUN
taxlaw-12357	1466	3	turn	turn	VERB
taxlaw-12357	1466	4	to	to	ADP
taxlaw-12357	1466	5	some	some	DET
taxlaw-12357	1466	6	examples	example	NOUN
taxlaw-12357	1466	7	to	to	PART
taxlaw-12357	1466	8	illustrate	illustrate	VERB
taxlaw-12357	1466	9	this	this	DET
taxlaw-12357	1466	10	challenge	challenge	NOUN
taxlaw-12357	1466	11	and	and	CCONJ
taxlaw-12357	1466	12	to	to	PART
taxlaw-12357	1466	13	show	show	VERB
taxlaw-12357	1466	14	how	how	SCONJ
taxlaw-12357	1466	15	the	the	DET
taxlaw-12357	1466	16	difference	difference	NOUN
taxlaw-12357	1466	17	-	-	PUNCT
taxlaw-12357	1466	18	value	value	NOUN
taxlaw-12357	1466	19	test	test	NOUN
taxlaw-12357	1466	20	should	should	AUX
taxlaw-12357	1466	21	deal	deal	VERB
taxlaw-12357	1466	22	with	with	ADP
taxlaw-12357	1466	23	it	it	PRON
taxlaw-12357	1466	24	.	.	PUNCT
taxlaw-12357	1467	1	a.	a.	NOUN
taxlaw-12357	1467	2	coin	coin	PROPN
taxlaw-12357	1467	3	flips	flip	VERB
taxlaw-12357	1467	4	for	for	ADP
taxlaw-12357	1467	5	example	example	NOUN
taxlaw-12357	1467	6	,	,	PUNCT
taxlaw-12357	1467	7	assume	assume	VERB
taxlaw-12357	1467	8	that	that	SCONJ
taxlaw-12357	1467	9	taxpayer	taxpayer	NOUN
taxlaw-12357	1467	10	enters	enter	VERB
taxlaw-12357	1467	11	into	into	ADP
taxlaw-12357	1467	12	a	a	DET
taxlaw-12357	1467	13	quintessential	quintessential	ADJ
taxlaw-12357	1467	14	constructive	constructive	ADJ
taxlaw-12357	1467	15	ownership	ownership	NOUN
taxlaw-12357	1467	16	transaction	transaction	NOUN
taxlaw-12357	1467	17	–	–	PUNCT
taxlaw-12357	1467	18	a	a	DET
taxlaw-12357	1467	19	forward	forward	ADJ
taxlaw-12357	1467	20	contract	contract	NOUN
taxlaw-12357	1467	21	to	to	PART
taxlaw-12357	1467	22	acquire	acquire	VERB
taxlaw-12357	1467	23	an	an	DET
taxlaw-12357	1467	24	interest	interest	NOUN
taxlaw-12357	1467	25	in	in	ADP
taxlaw-12357	1467	26	underlying	underlie	VERB
taxlaw-12357	1467	27	(	(	PUNCT
taxlaw-12357	1467	28	a	a	DET
taxlaw-12357	1467	29	hedge	hedge	NOUN
taxlaw-12357	1467	30	fund)158	fund)158	NUM
taxlaw-12357	1467	31	–	–	PUNCT
taxlaw-12357	1467	32	but	but	CCONJ
taxlaw-12357	1467	33	with	with	ADP
taxlaw-12357	1467	34	a	a	DET
taxlaw-12357	1467	35	twist	twist	NOUN
taxlaw-12357	1467	36	:	:	PUNCT
taxlaw-12357	1467	37	on	on	ADP
taxlaw-12357	1467	38	the	the	DET
taxlaw-12357	1467	39	day	day	NOUN
taxlaw-12357	1467	40	after	after	SCONJ
taxlaw-12357	1467	41	taxpayer	taxpayer	NOUN
taxlaw-12357	1467	42	enters	enter	VERB
taxlaw-12357	1467	43	into	into	ADP
taxlaw-12357	1467	44	this	this	DET
taxlaw-12357	1467	45	contract	contract	NOUN
taxlaw-12357	1467	46	,	,	PUNCT
taxlaw-12357	1467	47	there	there	PRON
taxlaw-12357	1467	48	is	be	VERB
taxlaw-12357	1467	49	a	a	DET
taxlaw-12357	1467	50	coin	coin	NOUN
taxlaw-12357	1467	51	flip	flip	NOUN
taxlaw-12357	1467	52	to	to	PART
taxlaw-12357	1467	53	determine	determine	VERB
taxlaw-12357	1467	54	whether	whether	SCONJ
taxlaw-12357	1467	55	taxpayer	taxpayer	NOUN
taxlaw-12357	1467	56	is	be	AUX
taxlaw-12357	1467	57	the	the	DET
taxlaw-12357	1467	58	buyer	buyer	NOUN
taxlaw-12357	1467	59	or	or	CCONJ
taxlaw-12357	1467	60	the	the	DET
taxlaw-12357	1467	61	seller	seller	NOUN
taxlaw-12357	1467	62	on	on	ADP
taxlaw-12357	1467	63	this	this	DET
taxlaw-12357	1467	64	contract	contract	NOUN
taxlaw-12357	1467	65	.	.	PUNCT
taxlaw-12357	1468	1	because	because	SCONJ
taxlaw-12357	1468	2	of	of	ADP
taxlaw-12357	1468	3	this	this	DET
taxlaw-12357	1468	4	contingency	contingency	NOUN
taxlaw-12357	1468	5	,	,	PUNCT
taxlaw-12357	1468	6	this	this	DET
taxlaw-12357	1468	7	derivative	derivative	NOUN
taxlaw-12357	1468	8	is	be	AUX
taxlaw-12357	1468	9	50	50	NUM
taxlaw-12357	1468	10	%	%	NOUN
taxlaw-12357	1468	11	likely	likely	ADJ
taxlaw-12357	1468	12	to	to	PART
taxlaw-12357	1468	13	be	be	AUX
taxlaw-12357	1468	14	a	a	DET
taxlaw-12357	1468	15	perfect	perfect	ADJ
taxlaw-12357	1468	16	substitute	substitute	NOUN
taxlaw-12357	1468	17	for	for	ADP
taxlaw-12357	1468	18	underlying	underlie	VERB
taxlaw-12357	1468	19	(	(	PUNCT
taxlaw-12357	1468	20	when	when	SCONJ
taxlaw-12357	1468	21	taxpayer	taxpayer	NOUN
taxlaw-12357	1468	22	is	be	AUX
taxlaw-12357	1468	23	the	the	DET
taxlaw-12357	1468	24	buyer	buyer	NOUN
taxlaw-12357	1468	25	)	)	PUNCT
taxlaw-12357	1468	26	,	,	PUNCT
taxlaw-12357	1468	27	and	and	CCONJ
taxlaw-12357	1468	28	50	50	NUM
taxlaw-12357	1468	29	%	%	NOUN
taxlaw-12357	1468	30	likely	likely	ADJ
taxlaw-12357	1468	31	to	to	PART
taxlaw-12357	1468	32	be	be	AUX
taxlaw-12357	1468	33	the	the	DET
taxlaw-12357	1468	34	exact	exact	ADJ
taxlaw-12357	1468	35	opposite	opposite	NOUN
taxlaw-12357	1468	36	(	(	PUNCT
taxlaw-12357	1468	37	when	when	SCONJ
taxlaw-12357	1468	38	taxpayer	taxpayer	NOUN
taxlaw-12357	1468	39	is	be	AUX
taxlaw-12357	1468	40	the	the	DET
taxlaw-12357	1468	41	seller).159	seller).159	PROPN
taxlaw-12357	1468	42	this	this	DET
taxlaw-12357	1468	43	sort	sort	NOUN
taxlaw-12357	1468	44	of	of	ADP
taxlaw-12357	1468	45	contingency	contingency	NOUN
taxlaw-12357	1468	46	can	can	AUX
taxlaw-12357	1468	47	confuse	confuse	VERB
taxlaw-12357	1468	48	both	both	CCONJ
taxlaw-12357	1468	49	the	the	DET
taxlaw-12357	1468	50	delta	delta	NOUN
taxlaw-12357	1468	51	and	and	CCONJ
taxlaw-12357	1468	52	difference	difference	NOUN
taxlaw-12357	1468	53	-	-	PUNCT
taxlaw-12357	1468	54	value	value	NOUN
taxlaw-12357	1468	55	tests	test	NOUN
taxlaw-12357	1468	56	.	.	PUNCT
taxlaw-12357	1469	1	before	before	SCONJ
taxlaw-12357	1469	2	the	the	DET
taxlaw-12357	1469	3	contingency	contingency	NOUN
taxlaw-12357	1469	4	is	be	AUX
taxlaw-12357	1469	5	resolved	resolve	VERB
taxlaw-12357	1469	6	,	,	PUNCT
taxlaw-12357	1469	7	the	the	DET
taxlaw-12357	1469	8	delta	delta	NOUN
taxlaw-12357	1469	9	of	of	ADP
taxlaw-12357	1469	10	this	this	DET
taxlaw-12357	1469	11	derivative	derivative	NOUN
taxlaw-12357	1469	12	is	be	AUX
taxlaw-12357	1469	13	essentially	essentially	ADV
taxlaw-12357	1469	14	zero	zero	NUM
taxlaw-12357	1469	15	,	,	PUNCT
taxlaw-12357	1469	16	because	because	SCONJ
taxlaw-12357	1469	17	both	both	PRON
taxlaw-12357	1469	18	the	the	DET
taxlaw-12357	1469	19	“	"	PUNCT
taxlaw-12357	1469	20	buyer	buyer	NOUN
taxlaw-12357	1469	21	”	"	PUNCT
taxlaw-12357	1469	22	and	and	CCONJ
taxlaw-12357	1469	23	“	"	PUNCT
taxlaw-12357	1469	24	seller	seller	NOUN
taxlaw-12357	1469	25	”	"	PUNCT
taxlaw-12357	1469	26	outcomes	outcome	NOUN
taxlaw-12357	1469	27	are	be	AUX
taxlaw-12357	1469	28	equally	equally	ADV
taxlaw-12357	1469	29	likely	likely	ADJ
taxlaw-12357	1469	30	(	(	PUNCT
taxlaw-12357	1469	31	and	and	CCONJ
taxlaw-12357	1469	32	thus	thus	ADV
taxlaw-12357	1469	33	cancel	cancel	VERB
taxlaw-12357	1469	34	each	each	DET
taxlaw-12357	1469	35	other	other	ADJ
taxlaw-12357	1469	36	out	out	ADV
taxlaw-12357	1469	37	)	)	PUNCT
taxlaw-12357	1469	38	.	.	PUNCT
taxlaw-12357	1470	1	for	for	ADP
taxlaw-12357	1470	2	the	the	DET
taxlaw-12357	1470	3	same	same	ADJ
taxlaw-12357	1470	4	reason	reason	NOUN
taxlaw-12357	1470	5	,	,	PUNCT
taxlaw-12357	1470	6	its	its	PRON
taxlaw-12357	1470	7	initial	initial	ADJ
taxlaw-12357	1470	8	value	value	NOUN
taxlaw-12357	1470	9	also	also	ADV
taxlaw-12357	1470	10	is	be	AUX
taxlaw-12357	1470	11	essentially	essentially	ADV
taxlaw-12357	1470	12	zero	zero	NUM
taxlaw-12357	1470	13	,	,	PUNCT
taxlaw-12357	1470	14	so	so	CCONJ
taxlaw-12357	1470	15	the	the	DET
taxlaw-12357	1470	16	difference	difference	NOUN
taxlaw-12357	1470	17	-	-	PUNCT
taxlaw-12357	1470	18	value	value	NOUN
taxlaw-12357	1470	19	test	test	NOUN
taxlaw-12357	1470	20	would	would	AUX
taxlaw-12357	1470	21	generally	generally	ADV
taxlaw-12357	1470	22	treat	treat	VERB
taxlaw-12357	1470	23	it	it	PRON
taxlaw-12357	1470	24	as	as	ADV
taxlaw-12357	1470	25	very	very	ADV
taxlaw-12357	1470	26	different	different	ADJ
taxlaw-12357	1470	27	from	from	ADP
taxlaw-12357	1470	28	underlying.160	underlying.160	NOUN
taxlaw-12357	1470	29	but	but	CCONJ
taxlaw-12357	1470	30	this	this	PRON
taxlaw-12357	1470	31	is	be	AUX
taxlaw-12357	1470	32	the	the	DET
taxlaw-12357	1470	33	wrong	wrong	ADJ
taxlaw-12357	1470	34	result	result	NOUN
taxlaw-12357	1470	35	.	.	PUNCT
taxlaw-12357	1471	1	this	this	DET
taxlaw-12357	1471	2	derivative	derivative	NOUN
taxlaw-12357	1471	3	can	can	AUX
taxlaw-12357	1471	4	actually	actually	ADV
taxlaw-12357	1471	5	be	be	AUX
taxlaw-12357	1471	6	a	a	DET
taxlaw-12357	1471	7	perfect	perfect	ADJ
taxlaw-12357	1471	8	substitute	substitute	NOUN
taxlaw-12357	1471	9	for	for	ADP
taxlaw-12357	1471	10	underlying	underlying	ADJ
taxlaw-12357	1471	11	,	,	PUNCT
taxlaw-12357	1471	12	as	as	ADV
taxlaw-12357	1471	13	long	long	ADV
taxlaw-12357	1471	14	as	as	SCONJ
taxlaw-12357	1471	15	taxpayers	taxpayer	NOUN
taxlaw-12357	1471	16	are	be	AUX
taxlaw-12357	1471	17	patient	patient	ADJ
taxlaw-12357	1471	18	:	:	PUNCT
taxlaw-12357	1471	19	if	if	SCONJ
taxlaw-12357	1471	20	the	the	DET
taxlaw-12357	1471	21	coin	coin	NOUN
taxlaw-12357	1471	22	toss	toss	NOUN
taxlaw-12357	1471	23	makes	make	VERB
taxlaw-12357	1471	24	them	they	PRON
taxlaw-12357	1471	25	the	the	DET
taxlaw-12357	1471	26	seller	seller	NOUN
taxlaw-12357	1471	27	,	,	PUNCT
taxlaw-12357	1471	28	they	they	PRON
taxlaw-12357	1471	29	can	can	AUX
taxlaw-12357	1471	30	cancel	cancel	VERB
taxlaw-12357	1471	31	this	this	DET
taxlaw-12357	1471	32	derivative	derivative	NOUN
taxlaw-12357	1471	33	and	and	CCONJ
taxlaw-12357	1471	34	try	try	VERB
taxlaw-12357	1471	35	again.161	again.161	ADP
taxlaw-12357	1471	36	eventually	eventually	ADV
taxlaw-12357	1471	37	,	,	PUNCT
taxlaw-12357	1471	38	the	the	DET
taxlaw-12357	1471	39	coin	coin	NOUN
taxlaw-12357	1471	40	toss	toss	NOUN
taxlaw-12357	1471	41	will	will	AUX
taxlaw-12357	1471	42	go	go	VERB
taxlaw-12357	1471	43	the	the	DET
taxlaw-12357	1471	44	right	right	ADJ
taxlaw-12357	1471	45	way	way	NOUN
taxlaw-12357	1471	46	,	,	PUNCT
taxlaw-12357	1471	47	giving	give	VERB
taxlaw-12357	1471	48	them	they	PRON
taxlaw-12357	1471	49	a	a	DET
taxlaw-12357	1471	50	derivative	derivative	NOUN
taxlaw-12357	1471	51	that	that	PRON
taxlaw-12357	1471	52	is	be	AUX
taxlaw-12357	1471	53	a	a	DET
taxlaw-12357	1471	54	perfect	perfect	ADJ
taxlaw-12357	1471	55	substitute	substitute	NOUN
taxlaw-12357	1471	56	.	.	PUNCT
taxlaw-12357	1472	1	b.	b.	PROPN
taxlaw-12357	1473	1	more	more	ADV
taxlaw-12357	1473	2	realistic	realistic	ADJ
taxlaw-12357	1473	3	contingencies	contingency	NOUN
taxlaw-12357	1473	4	admittedly	admittedly	ADV
taxlaw-12357	1474	1	,	,	PUNCT
taxlaw-12357	1474	2	the	the	DET
taxlaw-12357	1474	3	coin	coin	NOUN
taxlaw-12357	1474	4	flip	flip	NOUN
taxlaw-12357	1474	5	seems	seem	VERB
taxlaw-12357	1474	6	tax	tax	NOUN
taxlaw-12357	1474	7	-	-	PUNCT
taxlaw-12357	1474	8	motivated	motivated	ADJ
taxlaw-12357	1474	9	,	,	PUNCT
taxlaw-12357	1474	10	since	since	SCONJ
taxlaw-12357	1474	11	there	there	PRON
taxlaw-12357	1474	12	is	be	VERB
taxlaw-12357	1474	13	no	no	DET
taxlaw-12357	1474	14	commercial	commercial	ADJ
taxlaw-12357	1474	15	rationale	rationale	NOUN
taxlaw-12357	1474	16	for	for	ADP
taxlaw-12357	1474	17	it	it	PRON
taxlaw-12357	1474	18	.	.	PUNCT
taxlaw-12357	1475	1	yet	yet	CCONJ
taxlaw-12357	1475	2	other	other	ADJ
taxlaw-12357	1475	3	contingencies	contingency	NOUN
taxlaw-12357	1475	4	are	be	AUX
taxlaw-12357	1475	5	easier	easy	ADJ
taxlaw-12357	1475	6	to	to	PART
taxlaw-12357	1475	7	justify	justify	VERB
taxlaw-12357	1475	8	,	,	PUNCT
taxlaw-12357	1475	9	including	include	VERB
taxlaw-12357	1475	10	the	the	DET
taxlaw-12357	1475	11	level	level	NOUN
taxlaw-12357	1475	12	of	of	ADP
taxlaw-12357	1475	13	unemployment	unemployment	NOUN
taxlaw-12357	1475	14	or	or	CCONJ
taxlaw-12357	1475	15	inflation	inflation	NOUN
taxlaw-12357	1475	16	,	,	PUNCT
taxlaw-12357	1475	17	the	the	DET
taxlaw-12357	1475	18	closing	closing	NOUN
taxlaw-12357	1475	19	of	of	ADP
taxlaw-12357	1475	20	a	a	DET
taxlaw-12357	1475	21	specific	specific	ADJ
taxlaw-12357	1475	22	transaction	transaction	NOUN
taxlaw-12357	1475	23	,	,	PUNCT
taxlaw-12357	1475	24	the	the	DET
taxlaw-12357	1475	25	price	price	NOUN
taxlaw-12357	1475	26	of	of	ADP
taxlaw-12357	1475	27	157	157	NUM
taxlaw-12357	1475	28	as	as	ADP
taxlaw-12357	1475	29	our	our	PRON
taxlaw-12357	1475	30	knock	knock	VERB
taxlaw-12357	1475	31	-	-	PUNCT
taxlaw-12357	1475	32	in	in	ADP
taxlaw-12357	1475	33	call	call	NOUN
taxlaw-12357	1475	34	example	example	NOUN
taxlaw-12357	1475	35	in	in	ADP
taxlaw-12357	1475	36	part	part	NOUN
taxlaw-12357	1475	37	vi.b.3	vi.b.3	NOUN
taxlaw-12357	1475	38	shows	show	VERB
taxlaw-12357	1475	39	,	,	PUNCT
taxlaw-12357	1475	40	a	a	DET
taxlaw-12357	1475	41	low	low	ADJ
taxlaw-12357	1475	42	probability	probability	NOUN
taxlaw-12357	1475	43	contingency	contingency	NOUN
taxlaw-12357	1475	44	with	with	ADP
taxlaw-12357	1475	45	a	a	DET
taxlaw-12357	1475	46	notvery	notvery	NOUN
taxlaw-12357	1475	47	-	-	PUNCT
taxlaw-12357	1475	48	extreme	extreme	ADJ
taxlaw-12357	1475	49	impact	impact	NOUN
taxlaw-12357	1475	50	on	on	ADP
taxlaw-12357	1475	51	the	the	DET
taxlaw-12357	1475	52	outcome	outcome	NOUN
taxlaw-12357	1475	53	can	can	AUX
taxlaw-12357	1475	54	move	move	VERB
taxlaw-12357	1475	55	delta	delta	NOUN
taxlaw-12357	1475	56	from	from	ADP
taxlaw-12357	1475	57	close	close	ADV
taxlaw-12357	1475	58	to	to	ADP
taxlaw-12357	1475	59	positive	positive	ADJ
taxlaw-12357	1475	60	one	one	NOUN
taxlaw-12357	1475	61	to	to	PART
taxlaw-12357	1475	62	well	well	ADV
taxlaw-12357	1475	63	below	below	ADP
taxlaw-12357	1475	64	negative	negative	ADJ
taxlaw-12357	1475	65	one	one	NUM
taxlaw-12357	1475	66	.	.	PUNCT
taxlaw-12357	1476	1	158	158	NUM
taxlaw-12357	1476	2	assume	assume	VERB
taxlaw-12357	1476	3	the	the	DET
taxlaw-12357	1476	4	term	term	NOUN
taxlaw-12357	1476	5	is	be	AUX
taxlaw-12357	1476	6	three	three	NUM
taxlaw-12357	1476	7	years	year	NOUN
taxlaw-12357	1476	8	,	,	PUNCT
taxlaw-12357	1476	9	the	the	DET
taxlaw-12357	1476	10	amount	amount	NOUN
taxlaw-12357	1476	11	of	of	ADP
taxlaw-12357	1476	12	hedge	hedge	NOUN
taxlaw-12357	1476	13	fund	fund	NOUN
taxlaw-12357	1476	14	interests	interest	NOUN
taxlaw-12357	1476	15	to	to	PART
taxlaw-12357	1476	16	be	be	AUX
taxlaw-12357	1476	17	delivered	deliver	VERB
taxlaw-12357	1476	18	is	be	AUX
taxlaw-12357	1476	19	fixed	fix	VERB
taxlaw-12357	1476	20	,	,	PUNCT
taxlaw-12357	1476	21	and	and	CCONJ
taxlaw-12357	1476	22	the	the	DET
taxlaw-12357	1476	23	purchase	purchase	NOUN
taxlaw-12357	1476	24	price	price	NOUN
taxlaw-12357	1476	25	is	be	AUX
taxlaw-12357	1476	26	equal	equal	ADJ
taxlaw-12357	1476	27	to	to	ADP
taxlaw-12357	1476	28	the	the	DET
taxlaw-12357	1476	29	current	current	ADJ
taxlaw-12357	1476	30	value	value	NOUN
taxlaw-12357	1476	31	of	of	ADP
taxlaw-12357	1476	32	the	the	DET
taxlaw-12357	1476	33	interest	interest	NOUN
taxlaw-12357	1476	34	in	in	ADP
taxlaw-12357	1476	35	the	the	DET
taxlaw-12357	1476	36	hedge	hedge	NOUN
taxlaw-12357	1476	37	fund	fund	NOUN
taxlaw-12357	1476	38	,	,	PUNCT
taxlaw-12357	1476	39	grown	grow	VERB
taxlaw-12357	1476	40	at	at	ADP
taxlaw-12357	1476	41	the	the	DET
taxlaw-12357	1476	42	rate	rate	NOUN
taxlaw-12357	1476	43	of	of	ADP
taxlaw-12357	1476	44	return	return	NOUN
taxlaw-12357	1476	45	on	on	ADP
taxlaw-12357	1476	46	treasury	treasury	PROPN
taxlaw-12357	1476	47	bills	bill	NOUN
taxlaw-12357	1476	48	over	over	ADP
taxlaw-12357	1476	49	the	the	DET
taxlaw-12357	1476	50	course	course	NOUN
taxlaw-12357	1476	51	of	of	ADP
taxlaw-12357	1476	52	the	the	DET
taxlaw-12357	1476	53	three	three	NUM
taxlaw-12357	1476	54	-	-	PUNCT
taxlaw-12357	1476	55	year	year	NOUN
taxlaw-12357	1476	56	period	period	NOUN
taxlaw-12357	1476	57	.	.	PUNCT
taxlaw-12357	1477	1	159	159	NUM
taxlaw-12357	1477	2	this	this	DET
taxlaw-12357	1477	3	coin	coin	NOUN
taxlaw-12357	1477	4	-	-	PUNCT
taxlaw-12357	1477	5	flip	flip	NOUN
taxlaw-12357	1477	6	example	example	NOUN
taxlaw-12357	1477	7	is	be	AUX
taxlaw-12357	1477	8	based	base	VERB
taxlaw-12357	1477	9	on	on	ADP
taxlaw-12357	1477	10	an	an	DET
taxlaw-12357	1477	11	example	example	NOUN
taxlaw-12357	1477	12	in	in	ADP
taxlaw-12357	1477	13	brennan	brennan	PROPN
taxlaw-12357	1477	14	&	&	CCONJ
taxlaw-12357	1477	15	mcdonald	mcdonald	PROPN
taxlaw-12357	1477	16	,	,	PUNCT
taxlaw-12357	1477	17	supra	supra	PROPN
taxlaw-12357	1477	18	note	note	PROPN
taxlaw-12357	1477	19	114	114	NUM
taxlaw-12357	1477	20	.	.	PUNCT
taxlaw-12357	1478	1	160	160	NUM
taxlaw-12357	1478	2	specifically	specifically	ADV
taxlaw-12357	1478	3	,	,	PUNCT
taxlaw-12357	1478	4	this	this	DET
taxlaw-12357	1478	5	contract	contract	NOUN
taxlaw-12357	1478	6	provides	provide	VERB
taxlaw-12357	1478	7	ownership	ownership	NOUN
taxlaw-12357	1478	8	of	of	ADP
taxlaw-12357	1478	9	the	the	DET
taxlaw-12357	1478	10	underlying	underlie	VERB
taxlaw-12357	1478	11	half	half	DET
taxlaw-12357	1478	12	the	the	DET
taxlaw-12357	1478	13	time	time	NOUN
taxlaw-12357	1478	14	.	.	PUNCT
taxlaw-12357	1479	1	but	but	CCONJ
taxlaw-12357	1479	2	the	the	DET
taxlaw-12357	1479	3	other	other	ADJ
taxlaw-12357	1479	4	half	half	NOUN
taxlaw-12357	1479	5	of	of	ADP
taxlaw-12357	1479	6	the	the	DET
taxlaw-12357	1479	7	time	time	NOUN
taxlaw-12357	1479	8	,	,	PUNCT
taxlaw-12357	1479	9	it	it	PRON
taxlaw-12357	1479	10	provides	provide	VERB
taxlaw-12357	1479	11	the	the	DET
taxlaw-12357	1479	12	exact	exact	ADJ
taxlaw-12357	1479	13	opposite	opposite	ADJ
taxlaw-12357	1479	14	,	,	PUNCT
taxlaw-12357	1479	15	i.e.	i.e.	X
taxlaw-12357	1479	16	,	,	PUNCT
taxlaw-12357	1479	17	a	a	DET
taxlaw-12357	1479	18	short	short	ADJ
taxlaw-12357	1479	19	position	position	NOUN
taxlaw-12357	1479	20	in	in	ADP
taxlaw-12357	1479	21	the	the	DET
taxlaw-12357	1479	22	underlying	underlying	NOUN
taxlaw-12357	1479	23	.	.	PUNCT
taxlaw-12357	1480	1	this	this	PRON
taxlaw-12357	1480	2	means	mean	VERB
taxlaw-12357	1480	3	the	the	DET
taxlaw-12357	1480	4	difference	difference	NOUN
taxlaw-12357	1480	5	contract	contract	NOUN
taxlaw-12357	1480	6	provides	provide	VERB
taxlaw-12357	1480	7	full	full	ADJ
taxlaw-12357	1480	8	risk	risk	NOUN
taxlaw-12357	1480	9	of	of	ADP
taxlaw-12357	1480	10	loss	loss	NOUN
taxlaw-12357	1480	11	and	and	CCONJ
taxlaw-12357	1480	12	opportunity	opportunity	NOUN
taxlaw-12357	1480	13	for	for	ADP
taxlaw-12357	1480	14	gain	gain	NOUN
taxlaw-12357	1480	15	half	half	DET
taxlaw-12357	1480	16	the	the	DET
taxlaw-12357	1480	17	time	time	NOUN
taxlaw-12357	1480	18	,	,	PUNCT
taxlaw-12357	1480	19	so	so	CCONJ
taxlaw-12357	1480	20	the	the	DET
taxlaw-12357	1480	21	difference	difference	NOUN
taxlaw-12357	1480	22	contract	contract	NOUN
taxlaw-12357	1480	23	is	be	AUX
taxlaw-12357	1480	24	zero	zero	NUM
taxlaw-12357	1480	25	.	.	PUNCT
taxlaw-12357	1481	1	the	the	DET
taxlaw-12357	1481	2	other	other	ADJ
taxlaw-12357	1481	3	half	half	NOUN
taxlaw-12357	1481	4	of	of	ADP
taxlaw-12357	1481	5	the	the	DET
taxlaw-12357	1481	6	time	time	NOUN
taxlaw-12357	1481	7	,	,	PUNCT
taxlaw-12357	1481	8	the	the	DET
taxlaw-12357	1481	9	difference	difference	NOUN
taxlaw-12357	1481	10	contract	contract	NOUN
taxlaw-12357	1481	11	is	be	AUX
taxlaw-12357	1481	12	actually	actually	ADV
taxlaw-12357	1481	13	double	double	DET
taxlaw-12357	1481	14	the	the	DET
taxlaw-12357	1481	15	value	value	NOUN
taxlaw-12357	1481	16	of	of	ADP
taxlaw-12357	1481	17	the	the	DET
taxlaw-12357	1481	18	underlying	underlying	NOUN
taxlaw-12357	1481	19	.	.	PUNCT
taxlaw-12357	1482	1	this	this	PRON
taxlaw-12357	1482	2	is	be	AUX
taxlaw-12357	1482	3	the	the	DET
taxlaw-12357	1482	4	absolute	absolute	ADJ
taxlaw-12357	1482	5	value	value	NOUN
taxlaw-12357	1482	6	of	of	ADP
taxlaw-12357	1482	7	the	the	DET
taxlaw-12357	1482	8	difference	difference	NOUN
taxlaw-12357	1482	9	between	between	ADP
taxlaw-12357	1482	10	the	the	DET
taxlaw-12357	1482	11	underlying	underlying	ADJ
taxlaw-12357	1482	12	and	and	CCONJ
taxlaw-12357	1482	13	its	its	PRON
taxlaw-12357	1482	14	negative	negative	NOUN
taxlaw-12357	1482	15	.	.	PUNCT
taxlaw-12357	1483	1	the	the	DET
taxlaw-12357	1483	2	price	price	NOUN
taxlaw-12357	1483	3	of	of	ADP
taxlaw-12357	1483	4	the	the	DET
taxlaw-12357	1483	5	difference	difference	NOUN
taxlaw-12357	1483	6	contract	contract	NOUN
taxlaw-12357	1483	7	is	be	AUX
taxlaw-12357	1483	8	thus	thus	ADV
taxlaw-12357	1483	9	the	the	DET
taxlaw-12357	1483	10	same	same	ADJ
taxlaw-12357	1483	11	as	as	ADP
taxlaw-12357	1483	12	the	the	DET
taxlaw-12357	1483	13	underlying	underlying	ADJ
taxlaw-12357	1483	14	(	(	PUNCT
taxlaw-12357	1483	15	i.e.	i.e.	X
taxlaw-12357	1483	16	,	,	PUNCT
taxlaw-12357	1483	17	one	one	NUM
taxlaw-12357	1483	18	-	-	PUNCT
taxlaw-12357	1483	19	half	half	NOUN
taxlaw-12357	1483	20	of	of	ADP
taxlaw-12357	1483	21	double	double	DET
taxlaw-12357	1483	22	the	the	DET
taxlaw-12357	1483	23	price	price	NOUN
taxlaw-12357	1483	24	of	of	ADP
taxlaw-12357	1483	25	the	the	DET
taxlaw-12357	1483	26	underlying	underlying	NOUN
taxlaw-12357	1483	27	)	)	PUNCT
taxlaw-12357	1483	28	.	.	PUNCT
taxlaw-12357	1484	1	thus	thus	ADV
taxlaw-12357	1484	2	,	,	PUNCT
taxlaw-12357	1484	3	our	our	PRON
taxlaw-12357	1484	4	difference	difference	NOUN
taxlaw-12357	1484	5	percentage	percentage	NOUN
taxlaw-12357	1484	6	would	would	AUX
taxlaw-12357	1484	7	be	be	AUX
taxlaw-12357	1484	8	100	100	NUM
taxlaw-12357	1484	9	%	%	NOUN
taxlaw-12357	1484	10	.	.	PUNCT
taxlaw-12357	1485	1	161	161	NUM
taxlaw-12357	1485	2	note	note	NOUN
taxlaw-12357	1485	3	that	that	SCONJ
taxlaw-12357	1485	4	this	this	DET
taxlaw-12357	1485	5	possibility	possibility	NOUN
taxlaw-12357	1485	6	implicates	implicate	VERB
taxlaw-12357	1485	7	the	the	DET
taxlaw-12357	1485	8	question	question	NOUN
taxlaw-12357	1485	9	of	of	ADP
taxlaw-12357	1485	10	scope	scope	NOUN
taxlaw-12357	1485	11	discussed	discuss	VERB
taxlaw-12357	1485	12	above	above	ADV
taxlaw-12357	1485	13	as	as	ADV
taxlaw-12357	1485	14	well	well	ADV
taxlaw-12357	1485	15	.	.	PUNCT
taxlaw-12357	1486	1	if	if	SCONJ
taxlaw-12357	1486	2	we	we	PRON
taxlaw-12357	1486	3	take	take	VERB
taxlaw-12357	1486	4	the	the	DET
taxlaw-12357	1486	5	derivative	derivative	NOUN
taxlaw-12357	1486	6	to	to	PART
taxlaw-12357	1486	7	be	be	AUX
taxlaw-12357	1486	8	not	not	PART
taxlaw-12357	1486	9	just	just	ADV
taxlaw-12357	1486	10	a	a	DET
taxlaw-12357	1486	11	single	single	ADJ
taxlaw-12357	1486	12	coin	coin	NOUN
taxlaw-12357	1486	13	-	-	PUNCT
taxlaw-12357	1486	14	flip	flip	NOUN
taxlaw-12357	1486	15	contract	contract	NOUN
taxlaw-12357	1486	16	,	,	PUNCT
taxlaw-12357	1486	17	but	but	CCONJ
taxlaw-12357	1486	18	rather	rather	ADV
taxlaw-12357	1486	19	the	the	DET
taxlaw-12357	1486	20	entire	entire	ADJ
taxlaw-12357	1486	21	series	series	NOUN
taxlaw-12357	1486	22	of	of	ADP
taxlaw-12357	1486	23	contracts	contract	NOUN
taxlaw-12357	1486	24	to	to	PART
taxlaw-12357	1486	25	be	be	AUX
taxlaw-12357	1486	26	used	use	VERB
taxlaw-12357	1486	27	,	,	PUNCT
taxlaw-12357	1486	28	then	then	ADV
taxlaw-12357	1486	29	we	we	PRON
taxlaw-12357	1486	30	can	can	AUX
taxlaw-12357	1486	31	get	get	VERB
taxlaw-12357	1486	32	to	to	ADP
taxlaw-12357	1486	33	the	the	DET
taxlaw-12357	1486	34	correct	correct	ADJ
taxlaw-12357	1486	35	answer	answer	NOUN
taxlaw-12357	1486	36	under	under	ADP
taxlaw-12357	1486	37	either	either	CCONJ
taxlaw-12357	1486	38	our	our	PRON
taxlaw-12357	1486	39	test	test	NOUN
taxlaw-12357	1486	40	or	or	CCONJ
taxlaw-12357	1486	41	the	the	DET
taxlaw-12357	1486	42	delta	delta	NOUN
taxlaw-12357	1486	43	test	test	NOUN
taxlaw-12357	1486	44	.	.	PUNCT
taxlaw-12357	1487	1	considerations	consideration	NOUN
taxlaw-12357	1487	2	of	of	ADP
taxlaw-12357	1487	3	scope	scope	NOUN
taxlaw-12357	1487	4	and	and	CCONJ
taxlaw-12357	1487	5	manipulability	manipulability	NOUN
taxlaw-12357	1487	6	often	often	ADV
taxlaw-12357	1487	7	intersect	intersect	ADJ
taxlaw-12357	1487	8	and	and	CCONJ
taxlaw-12357	1487	9	overlap	overlap	NOUN
taxlaw-12357	1487	10	.	.	PUNCT
taxlaw-12357	1488	1	we	we	PRON
taxlaw-12357	1488	2	discuss	discuss	VERB
taxlaw-12357	1488	3	each	each	PRON
taxlaw-12357	1488	4	in	in	ADP
taxlaw-12357	1488	5	turn	turn	NOUN
taxlaw-12357	1488	6	to	to	PART
taxlaw-12357	1488	7	highlight	highlight	VERB
taxlaw-12357	1488	8	different	different	ADJ
taxlaw-12357	1488	9	facets	facet	NOUN
taxlaw-12357	1488	10	of	of	ADP
taxlaw-12357	1488	11	the	the	DET
taxlaw-12357	1488	12	overall	overall	ADJ
taxlaw-12357	1488	13	challenge	challenge	NOUN
taxlaw-12357	1488	14	in	in	ADP
taxlaw-12357	1488	15	assessing	assess	VERB
taxlaw-12357	1488	16	similarity	similarity	NOUN
taxlaw-12357	1488	17	.	.	PUNCT
taxlaw-12357	1489	1	2024	2024	NUM
taxlaw-12357	1489	2	]	]	PUNCT
taxlaw-12357	1489	3	transaction	transaction	NOUN
taxlaw-12357	1489	4	-	-	PUNCT
taxlaw-12357	1489	5	specific	specific	ADJ
taxlaw-12357	1489	6	tax	tax	NOUN
taxlaw-12357	1489	7	reform	reform	NOUN
taxlaw-12357	1489	8	in	in	ADP
taxlaw-12357	1489	9	three	three	NUM
taxlaw-12357	1489	10	steps	step	NOUN
taxlaw-12357	1489	11	53	53	NUM
taxlaw-12357	1489	12	underlying	underlying	ADJ
taxlaw-12357	1489	13	,	,	PUNCT
taxlaw-12357	1489	14	and	and	CCONJ
taxlaw-12357	1489	15	the	the	DET
taxlaw-12357	1489	16	like	like	ADJ
taxlaw-12357	1489	17	.	.	PUNCT
taxlaw-12357	1490	1	to	to	PART
taxlaw-12357	1490	2	defend	defend	VERB
taxlaw-12357	1490	3	these	these	DET
taxlaw-12357	1490	4	contingencies	contingency	NOUN
taxlaw-12357	1490	5	,	,	PUNCT
taxlaw-12357	1490	6	taxpayers	taxpayer	NOUN
taxlaw-12357	1490	7	can	can	AUX
taxlaw-12357	1490	8	claim	claim	VERB
taxlaw-12357	1490	9	that	that	SCONJ
taxlaw-12357	1490	10	they	they	PRON
taxlaw-12357	1490	11	are	be	AUX
taxlaw-12357	1490	12	relevant	relevant	ADJ
taxlaw-12357	1490	13	in	in	ADP
taxlaw-12357	1490	14	deciding	decide	VERB
taxlaw-12357	1490	15	whether	whether	SCONJ
taxlaw-12357	1490	16	to	to	PART
taxlaw-12357	1490	17	invest	invest	VERB
taxlaw-12357	1490	18	in	in	ADP
taxlaw-12357	1490	19	underlying	underlie	VERB
taxlaw-12357	1490	20	.	.	PUNCT
taxlaw-12357	1491	1	alternatively	alternatively	ADV
taxlaw-12357	1491	2	,	,	PUNCT
taxlaw-12357	1491	3	taxpayers	taxpayer	NOUN
taxlaw-12357	1491	4	can	can	AUX
taxlaw-12357	1491	5	add	add	VERB
taxlaw-12357	1491	6	another	another	DET
taxlaw-12357	1491	7	contingency	contingency	NOUN
taxlaw-12357	1491	8	with	with	ADP
taxlaw-12357	1491	9	a	a	DET
taxlaw-12357	1491	10	tax	tax	NOUN
taxlaw-12357	1491	11	advantage	advantage	NOUN
taxlaw-12357	1491	12	of	of	ADP
taxlaw-12357	1491	13	its	its	PRON
taxlaw-12357	1491	14	own	own	ADJ
taxlaw-12357	1491	15	:	:	PUNCT
taxlaw-12357	1491	16	they	they	PRON
taxlaw-12357	1491	17	can	can	AUX
taxlaw-12357	1491	18	invest	invest	VERB
taxlaw-12357	1491	19	in	in	ADP
taxlaw-12357	1491	20	underlying	underlie	VERB
taxlaw-12357	1491	21	through	through	ADP
taxlaw-12357	1491	22	a	a	DET
taxlaw-12357	1491	23	variable	variable	ADJ
taxlaw-12357	1491	24	life	life	NOUN
taxlaw-12357	1491	25	insurance	insurance	NOUN
taxlaw-12357	1491	26	policy	policy	NOUN
taxlaw-12357	1491	27	,	,	PUNCT
taxlaw-12357	1491	28	with	with	ADP
taxlaw-12357	1491	29	a	a	DET
taxlaw-12357	1491	30	death	death	NOUN
taxlaw-12357	1491	31	benefit	benefit	NOUN
taxlaw-12357	1491	32	equal	equal	ADJ
taxlaw-12357	1491	33	to	to	ADP
taxlaw-12357	1491	34	the	the	DET
taxlaw-12357	1491	35	value	value	NOUN
taxlaw-12357	1491	36	of	of	ADP
taxlaw-12357	1491	37	underlying	underlie	VERB
taxlaw-12357	1491	38	on	on	ADP
taxlaw-12357	1491	39	the	the	DET
taxlaw-12357	1491	40	date	date	NOUN
taxlaw-12357	1491	41	of	of	ADP
taxlaw-12357	1491	42	death	death	NOUN
taxlaw-12357	1491	43	.	.	PUNCT
taxlaw-12357	1492	1	to	to	PART
taxlaw-12357	1492	2	buy	buy	VERB
taxlaw-12357	1492	3	this	this	DET
taxlaw-12357	1492	4	insurance	insurance	NOUN
taxlaw-12357	1492	5	,	,	PUNCT
taxlaw-12357	1492	6	taxpayers	taxpayer	NOUN
taxlaw-12357	1492	7	can	can	AUX
taxlaw-12357	1492	8	pay	pay	VERB
taxlaw-12357	1492	9	the	the	DET
taxlaw-12357	1492	10	current	current	ADJ
taxlaw-12357	1492	11	value	value	NOUN
taxlaw-12357	1492	12	of	of	ADP
taxlaw-12357	1492	13	underlying	underlie	VERB
taxlaw-12357	1492	14	(	(	PUNCT
taxlaw-12357	1492	15	which	which	PRON
taxlaw-12357	1492	16	the	the	DET
taxlaw-12357	1492	17	insurance	insurance	NOUN
taxlaw-12357	1492	18	company	company	NOUN
taxlaw-12357	1492	19	uses	use	VERB
taxlaw-12357	1492	20	to	to	PART
taxlaw-12357	1492	21	invest	invest	VERB
taxlaw-12357	1492	22	in	in	ADP
taxlaw-12357	1492	23	underlying	underlie	VERB
taxlaw-12357	1492	24	)	)	PUNCT
taxlaw-12357	1492	25	,	,	PUNCT
taxlaw-12357	1492	26	plus	plus	CCONJ
taxlaw-12357	1492	27	a	a	DET
taxlaw-12357	1492	28	generous	generous	ADJ
taxlaw-12357	1492	29	fee	fee	NOUN
taxlaw-12357	1492	30	.	.	PUNCT
taxlaw-12357	1493	1	if	if	SCONJ
taxlaw-12357	1493	2	the	the	DET
taxlaw-12357	1493	3	form	form	NOUN
taxlaw-12357	1493	4	of	of	ADP
taxlaw-12357	1493	5	this	this	DET
taxlaw-12357	1493	6	transaction	transaction	NOUN
taxlaw-12357	1493	7	is	be	AUX
taxlaw-12357	1493	8	respected	respect	VERB
taxlaw-12357	1493	9	,	,	PUNCT
taxlaw-12357	1493	10	the	the	DET
taxlaw-12357	1493	11	proceeds	proceed	NOUN
taxlaw-12357	1493	12	are	be	AUX
taxlaw-12357	1493	13	tax	tax	NOUN
taxlaw-12357	1493	14	-	-	PUNCT
taxlaw-12357	1493	15	free	free	ADJ
taxlaw-12357	1493	16	,	,	PUNCT
taxlaw-12357	1493	17	so	so	CCONJ
taxlaw-12357	1493	18	any	any	DET
taxlaw-12357	1493	19	profit	profit	NOUN
taxlaw-12357	1493	20	on	on	ADP
taxlaw-12357	1493	21	underlying	underlie	VERB
taxlaw-12357	1493	22	is	be	AUX
taxlaw-12357	1493	23	never	never	ADV
taxlaw-12357	1493	24	taxed.162	taxed.162	NOUN
taxlaw-12357	1493	25	in	in	ADP
taxlaw-12357	1493	26	each	each	PRON
taxlaw-12357	1493	27	of	of	ADP
taxlaw-12357	1493	28	the	the	DET
taxlaw-12357	1493	29	examples	example	NOUN
taxlaw-12357	1493	30	in	in	ADP
taxlaw-12357	1493	31	this	this	DET
taxlaw-12357	1493	32	subsection	subsection	NOUN
taxlaw-12357	1493	33	,	,	PUNCT
taxlaw-12357	1493	34	the	the	DET
taxlaw-12357	1493	35	derivative	derivative	ADJ
taxlaw-12357	1493	36	and	and	CCONJ
taxlaw-12357	1493	37	underlying	underlying	ADJ
taxlaw-12357	1493	38	are	be	AUX
taxlaw-12357	1493	39	likely	likely	ADJ
taxlaw-12357	1493	40	to	to	PART
taxlaw-12357	1493	41	be	be	AUX
taxlaw-12357	1493	42	quite	quite	ADV
taxlaw-12357	1493	43	similar	similar	ADJ
taxlaw-12357	1493	44	,	,	PUNCT
taxlaw-12357	1493	45	but	but	CCONJ
taxlaw-12357	1493	46	a	a	DET
taxlaw-12357	1493	47	contingency	contingency	NOUN
taxlaw-12357	1493	48	makes	make	VERB
taxlaw-12357	1493	49	them	they	PRON
taxlaw-12357	1493	50	seem	seem	VERB
taxlaw-12357	1493	51	different	different	ADJ
taxlaw-12357	1493	52	.	.	PUNCT
taxlaw-12357	1494	1	how	how	SCONJ
taxlaw-12357	1494	2	should	should	AUX
taxlaw-12357	1494	3	our	our	PRON
taxlaw-12357	1494	4	“	"	PUNCT
taxlaw-12357	1494	5	difference	difference	NOUN
taxlaw-12357	1494	6	-	-	PUNCT
taxlaw-12357	1494	7	value	value	NOUN
taxlaw-12357	1494	8	”	"	PUNCT
taxlaw-12357	1494	9	methodology	methodology	NOUN
taxlaw-12357	1494	10	treat	treat	VERB
taxlaw-12357	1494	11	these	these	DET
taxlaw-12357	1494	12	contingencies	contingency	NOUN
taxlaw-12357	1494	13	?	?	PUNCT
taxlaw-12357	1495	1	this	this	PRON
taxlaw-12357	1495	2	is	be	AUX
taxlaw-12357	1495	3	really	really	ADV
taxlaw-12357	1495	4	a	a	DET
taxlaw-12357	1495	5	two	two	NUM
taxlaw-12357	1495	6	-	-	PUNCT
taxlaw-12357	1495	7	part	part	NOUN
taxlaw-12357	1495	8	question	question	NOUN
taxlaw-12357	1495	9	.	.	PUNCT
taxlaw-12357	1496	1	first	first	ADV
taxlaw-12357	1496	2	,	,	PUNCT
taxlaw-12357	1496	3	as	as	ADP
taxlaw-12357	1496	4	a	a	DET
taxlaw-12357	1496	5	matter	matter	NOUN
taxlaw-12357	1496	6	of	of	ADP
taxlaw-12357	1496	7	policy	policy	NOUN
taxlaw-12357	1496	8	,	,	PUNCT
taxlaw-12357	1496	9	what	what	PRON
taxlaw-12357	1496	10	should	should	AUX
taxlaw-12357	1496	11	the	the	DET
taxlaw-12357	1496	12	answer	answer	NOUN
taxlaw-12357	1496	13	be	be	AUX
taxlaw-12357	1496	14	?	?	PUNCT
taxlaw-12357	1497	1	second	second	ADJ
taxlaw-12357	1497	2	,	,	PUNCT
taxlaw-12357	1497	3	what	what	PRON
taxlaw-12357	1497	4	are	be	AUX
taxlaw-12357	1497	5	the	the	DET
taxlaw-12357	1497	6	options	option	NOUN
taxlaw-12357	1497	7	for	for	ADP
taxlaw-12357	1497	8	implementing	implement	VERB
taxlaw-12357	1497	9	this	this	DET
taxlaw-12357	1497	10	policy	policy	NOUN
taxlaw-12357	1497	11	judgment	judgment	NOUN
taxlaw-12357	1497	12	?	?	PUNCT
taxlaw-12357	1498	1	c.	c.	PROPN
taxlaw-12357	1498	2	normative	normative	ADJ
taxlaw-12357	1498	3	assessment	assessment	NOUN
taxlaw-12357	1498	4	in	in	ADP
taxlaw-12357	1498	5	answering	answer	VERB
taxlaw-12357	1498	6	the	the	DET
taxlaw-12357	1498	7	first	first	ADJ
taxlaw-12357	1498	8	question	question	NOUN
taxlaw-12357	1498	9	,	,	PUNCT
taxlaw-12357	1498	10	policymakers	policymaker	NOUN
taxlaw-12357	1498	11	should	should	AUX
taxlaw-12357	1498	12	once	once	ADV
taxlaw-12357	1498	13	again	again	ADV
taxlaw-12357	1498	14	be	be	AUX
taxlaw-12357	1498	15	guided	guide	VERB
taxlaw-12357	1498	16	by	by	ADP
taxlaw-12357	1498	17	the	the	DET
taxlaw-12357	1498	18	normative	normative	ADJ
taxlaw-12357	1498	19	presumption	presumption	NOUN
taxlaw-12357	1498	20	.	.	PUNCT
taxlaw-12357	1499	1	on	on	ADP
taxlaw-12357	1499	2	the	the	DET
taxlaw-12357	1499	3	one	one	NUM
taxlaw-12357	1499	4	hand	hand	NOUN
taxlaw-12357	1499	5	,	,	PUNCT
taxlaw-12357	1499	6	how	how	SCONJ
taxlaw-12357	1499	7	troubling	troubling	ADJ
taxlaw-12357	1499	8	are	be	AUX
taxlaw-12357	1499	9	false	false	ADJ
taxlaw-12357	1499	10	negatives	negative	NOUN
taxlaw-12357	1499	11	?	?	PUNCT
taxlaw-12357	1500	1	how	how	SCONJ
taxlaw-12357	1500	2	problematic	problematic	ADJ
taxlaw-12357	1500	3	is	be	AUX
taxlaw-12357	1500	4	it	it	PRON
taxlaw-12357	1500	5	for	for	SCONJ
taxlaw-12357	1500	6	taxpayers	taxpayer	NOUN
taxlaw-12357	1500	7	to	to	PART
taxlaw-12357	1500	8	change	change	VERB
taxlaw-12357	1500	9	their	their	PRON
taxlaw-12357	1500	10	tax	tax	NOUN
taxlaw-12357	1500	11	treatment	treatment	NOUN
taxlaw-12357	1500	12	by	by	ADP
taxlaw-12357	1500	13	including	include	VERB
taxlaw-12357	1500	14	these	these	DET
taxlaw-12357	1500	15	conditions	condition	NOUN
taxlaw-12357	1500	16	?	?	PUNCT
taxlaw-12357	1501	1	on	on	ADP
taxlaw-12357	1501	2	the	the	DET
taxlaw-12357	1501	3	other	other	ADJ
taxlaw-12357	1501	4	hand	hand	NOUN
taxlaw-12357	1501	5	,	,	PUNCT
taxlaw-12357	1501	6	how	how	SCONJ
taxlaw-12357	1501	7	harmful	harmful	ADJ
taxlaw-12357	1501	8	are	be	AUX
taxlaw-12357	1501	9	false	false	ADJ
taxlaw-12357	1501	10	positives	positive	NOUN
taxlaw-12357	1501	11	?	?	PUNCT
taxlaw-12357	1502	1	to	to	ADP
taxlaw-12357	1502	2	what	what	DET
taxlaw-12357	1502	3	extent	extent	NOUN
taxlaw-12357	1502	4	will	will	AUX
taxlaw-12357	1502	5	a	a	DET
taxlaw-12357	1502	6	broad	broad	ADJ
taxlaw-12357	1502	7	rule	rule	NOUN
taxlaw-12357	1502	8	chill	chill	VERB
taxlaw-12357	1502	9	socially	socially	ADV
taxlaw-12357	1502	10	useful	useful	ADJ
taxlaw-12357	1502	11	transactions	transaction	NOUN
taxlaw-12357	1502	12	that	that	PRON
taxlaw-12357	1502	13	are	be	AUX
taxlaw-12357	1502	14	not	not	PART
taxlaw-12357	1502	15	tax	tax	NOUN
taxlaw-12357	1502	16	-	-	PUNCT
taxlaw-12357	1502	17	motivated	motivated	ADJ
taxlaw-12357	1502	18	?	?	PUNCT
taxlaw-12357	1503	1	this	this	DET
taxlaw-12357	1503	2	analysis	analysis	NOUN
taxlaw-12357	1503	3	will	will	AUX
taxlaw-12357	1503	4	not	not	PART
taxlaw-12357	1503	5	be	be	AUX
taxlaw-12357	1503	6	the	the	DET
taxlaw-12357	1503	7	same	same	ADJ
taxlaw-12357	1503	8	for	for	ADP
taxlaw-12357	1503	9	every	every	DET
taxlaw-12357	1503	10	contingency	contingency	NOUN
taxlaw-12357	1503	11	.	.	PUNCT
taxlaw-12357	1504	1	if	if	SCONJ
taxlaw-12357	1504	2	there	there	PRON
taxlaw-12357	1504	3	is	be	VERB
taxlaw-12357	1504	4	no	no	DET
taxlaw-12357	1504	5	commercial	commercial	ADJ
taxlaw-12357	1504	6	rationale	rationale	NOUN
taxlaw-12357	1504	7	for	for	ADP
taxlaw-12357	1504	8	it	it	PRON
taxlaw-12357	1504	9	(	(	PUNCT
taxlaw-12357	1504	10	e.g.	e.g.	ADV
taxlaw-12357	1504	11	,	,	PUNCT
taxlaw-12357	1504	12	the	the	DET
taxlaw-12357	1504	13	coin	coin	PROPN
taxlaw-12357	1504	14	toss	toss	PROPN
taxlaw-12357	1504	15	)	)	PUNCT
taxlaw-12357	1504	16	,	,	PUNCT
taxlaw-12357	1504	17	policymakers	policymaker	NOUN
taxlaw-12357	1504	18	should	should	AUX
taxlaw-12357	1504	19	discount	discount	VERB
taxlaw-12357	1504	20	it	it	PRON
taxlaw-12357	1504	21	.	.	PUNCT
taxlaw-12357	1505	1	but	but	CCONJ
taxlaw-12357	1505	2	if	if	SCONJ
taxlaw-12357	1505	3	a	a	DET
taxlaw-12357	1505	4	contingency	contingency	NOUN
taxlaw-12357	1505	5	has	have	VERB
taxlaw-12357	1505	6	social	social	ADJ
taxlaw-12357	1505	7	value	value	NOUN
taxlaw-12357	1505	8	(	(	PUNCT
taxlaw-12357	1505	9	e.g.	e.g.	ADV
taxlaw-12357	1505	10	,	,	PUNCT
taxlaw-12357	1505	11	life	life	NOUN
taxlaw-12357	1505	12	insurance	insurance	NOUN
taxlaw-12357	1505	13	)	)	PUNCT
taxlaw-12357	1505	14	,	,	PUNCT
taxlaw-12357	1505	15	it	it	PRON
taxlaw-12357	1505	16	warrants	warrant	VERB
taxlaw-12357	1505	17	more	more	ADJ
taxlaw-12357	1505	18	deference	deference	NOUN
taxlaw-12357	1505	19	.	.	PUNCT
taxlaw-12357	1506	1	d.	d.	PROPN
taxlaw-12357	1506	2	probability	probability	NOUN
taxlaw-12357	1506	3	-	-	PUNCT
taxlaw-12357	1506	4	based	base	VERB
taxlaw-12357	1506	5	assumptions	assumption	NOUN
taxlaw-12357	1506	6	if	if	SCONJ
taxlaw-12357	1506	7	policymakers	policymaker	NOUN
taxlaw-12357	1506	8	do	do	AUX
taxlaw-12357	1506	9	not	not	PART
taxlaw-12357	1506	10	want	want	VERB
taxlaw-12357	1506	11	contingencies	contingency	NOUN
taxlaw-12357	1506	12	to	to	PART
taxlaw-12357	1506	13	prevent	prevent	VERB
taxlaw-12357	1506	14	constructive	constructive	ADJ
taxlaw-12357	1506	15	ownership	ownership	NOUN
taxlaw-12357	1506	16	,	,	PUNCT
taxlaw-12357	1506	17	they	they	PRON
taxlaw-12357	1506	18	can	can	AUX
taxlaw-12357	1506	19	adjust	adjust	VERB
taxlaw-12357	1506	20	the	the	DET
taxlaw-12357	1506	21	“	"	PUNCT
taxlaw-12357	1506	22	difference	difference	NOUN
taxlaw-12357	1506	23	-	-	PUNCT
taxlaw-12357	1506	24	value	value	NOUN
taxlaw-12357	1506	25	”	"	PUNCT
taxlaw-12357	1506	26	methodology	methodology	NOUN
taxlaw-12357	1506	27	in	in	ADP
taxlaw-12357	1506	28	two	two	NUM
taxlaw-12357	1506	29	ways	way	NOUN
taxlaw-12357	1506	30	.	.	PUNCT
taxlaw-12357	1507	1	first	first	ADV
taxlaw-12357	1507	2	,	,	PUNCT
taxlaw-12357	1507	3	they	they	PRON
taxlaw-12357	1507	4	can	can	AUX
taxlaw-12357	1507	5	require	require	VERB
taxlaw-12357	1507	6	taxpayers	taxpayer	NOUN
taxlaw-12357	1507	7	to	to	PART
taxlaw-12357	1507	8	make	make	VERB
taxlaw-12357	1507	9	assumptions	assumption	NOUN
taxlaw-12357	1507	10	about	about	ADP
taxlaw-12357	1507	11	the	the	DET
taxlaw-12357	1507	12	contingency	contingency	NOUN
taxlaw-12357	1507	13	.	.	PUNCT
taxlaw-12357	1508	1	if	if	SCONJ
taxlaw-12357	1508	2	it	it	PRON
taxlaw-12357	1508	3	is	be	AUX
taxlaw-12357	1508	4	virtually	virtually	ADV
taxlaw-12357	1508	5	certain	certain	ADJ
taxlaw-12357	1508	6	to	to	PART
taxlaw-12357	1508	7	be	be	AUX
taxlaw-12357	1508	8	satisfied	satisfied	ADJ
taxlaw-12357	1508	9	,	,	PUNCT
taxlaw-12357	1508	10	the	the	DET
taxlaw-12357	1508	11	relevant	relevant	ADJ
taxlaw-12357	1508	12	valuations	valuation	NOUN
taxlaw-12357	1508	13	should	should	AUX
taxlaw-12357	1508	14	assume	assume	VERB
taxlaw-12357	1508	15	that	that	SCONJ
taxlaw-12357	1508	16	it	it	PRON
taxlaw-12357	1508	17	already	already	ADV
taxlaw-12357	1508	18	has	have	AUX
taxlaw-12357	1508	19	been	be	AUX
taxlaw-12357	1508	20	satisfied	satisfied	ADJ
taxlaw-12357	1508	21	.	.	PUNCT
taxlaw-12357	1509	1	likewise	likewise	ADV
taxlaw-12357	1509	2	,	,	PUNCT
taxlaw-12357	1509	3	if	if	SCONJ
taxlaw-12357	1509	4	a	a	DET
taxlaw-12357	1509	5	contingency	contingency	NOUN
taxlaw-12357	1509	6	is	be	AUX
taxlaw-12357	1509	7	unlikely	unlikely	ADJ
taxlaw-12357	1509	8	,	,	PUNCT
taxlaw-12357	1509	9	the	the	DET
taxlaw-12357	1509	10	valuations	valuation	NOUN
taxlaw-12357	1509	11	should	should	AUX
taxlaw-12357	1509	12	ignore	ignore	VERB
taxlaw-12357	1509	13	it	it	PRON
taxlaw-12357	1509	14	.	.	PUNCT
taxlaw-12357	1510	1	the	the	DET
taxlaw-12357	1510	2	tax	tax	NOUN
taxlaw-12357	1510	3	law	law	NOUN
taxlaw-12357	1510	4	already	already	ADV
taxlaw-12357	1510	5	uses	use	VERB
taxlaw-12357	1510	6	this	this	DET
taxlaw-12357	1510	7	approach	approach	NOUN
taxlaw-12357	1510	8	,	,	PUNCT
taxlaw-12357	1510	9	for	for	ADP
taxlaw-12357	1510	10	instance	instance	NOUN
taxlaw-12357	1510	11	,	,	PUNCT
taxlaw-12357	1510	12	with	with	ADP
taxlaw-12357	1510	13	contingent	contingent	ADJ
taxlaw-12357	1510	14	payments	payment	NOUN
taxlaw-12357	1510	15	on	on	ADP
taxlaw-12357	1510	16	debt	debt	NOUN
taxlaw-12357	1510	17	instruments.163	instruments.163	PROPN
taxlaw-12357	1510	18	e.	e.	PROPN
taxlaw-12357	1510	19	updated	update	VERB
taxlaw-12357	1510	20	analysis	analysis	NOUN
taxlaw-12357	1510	21	after	after	SCONJ
taxlaw-12357	1510	22	contingencies	contingency	NOUN
taxlaw-12357	1510	23	are	be	AUX
taxlaw-12357	1510	24	resolved	resolve	VERB
taxlaw-12357	1510	25	second	second	ADV
taxlaw-12357	1510	26	,	,	PUNCT
taxlaw-12357	1510	27	instead	instead	ADV
taxlaw-12357	1510	28	of	of	ADP
taxlaw-12357	1510	29	predicting	predict	VERB
taxlaw-12357	1510	30	whether	whether	SCONJ
taxlaw-12357	1510	31	a	a	DET
taxlaw-12357	1510	32	contingency	contingency	NOUN
taxlaw-12357	1510	33	will	will	AUX
taxlaw-12357	1510	34	be	be	AUX
taxlaw-12357	1510	35	satisfied	satisfied	ADJ
taxlaw-12357	1510	36	,	,	PUNCT
taxlaw-12357	1510	37	another	another	DET
taxlaw-12357	1510	38	alternative	alternative	NOUN
taxlaw-12357	1510	39	is	be	AUX
taxlaw-12357	1510	40	for	for	SCONJ
taxlaw-12357	1510	41	taxpayers	taxpayer	NOUN
taxlaw-12357	1510	42	to	to	PART
taxlaw-12357	1510	43	wait	wait	VERB
taxlaw-12357	1510	44	and	and	CCONJ
taxlaw-12357	1510	45	see	see	VERB
taxlaw-12357	1510	46	.	.	PUNCT
taxlaw-12357	1511	1	if	if	SCONJ
taxlaw-12357	1511	2	the	the	DET
taxlaw-12357	1511	3	relevant	relevant	ADJ
taxlaw-12357	1511	4	condition	condition	NOUN
taxlaw-12357	1511	5	ultimately	ultimately	ADV
taxlaw-12357	1511	6	is	be	AUX
taxlaw-12357	1511	7	satisfied	satisfied	ADJ
taxlaw-12357	1511	8	,	,	PUNCT
taxlaw-12357	1511	9	a	a	DET
taxlaw-12357	1511	10	(	(	PUNCT
taxlaw-12357	1511	11	partially	partially	ADV
taxlaw-12357	1511	12	)	)	PUNCT
taxlaw-12357	1511	13	updated	update	VERB
taxlaw-12357	1511	14	valuation	valuation	NOUN
taxlaw-12357	1511	15	can	can	AUX
taxlaw-12357	1511	16	be	be	AUX
taxlaw-12357	1511	17	required	require	VERB
taxlaw-12357	1511	18	.	.	PUNCT
taxlaw-12357	1512	1	to	to	PART
taxlaw-12357	1512	2	be	be	AUX
taxlaw-12357	1512	3	clear	clear	ADJ
taxlaw-12357	1512	4	,	,	PUNCT
taxlaw-12357	1512	5	the	the	DET
taxlaw-12357	1512	6	only	only	ADJ
taxlaw-12357	1512	7	update	update	NOUN
taxlaw-12357	1512	8	would	would	AUX
taxlaw-12357	1512	9	be	be	AUX
taxlaw-12357	1512	10	the	the	DET
taxlaw-12357	1512	11	inclusion	inclusion	NOUN
taxlaw-12357	1512	12	of	of	ADP
taxlaw-12357	1512	13	the	the	DET
taxlaw-12357	1512	14	contingency	contingency	NOUN
taxlaw-12357	1512	15	.	.	PUNCT
taxlaw-12357	1513	1	otherwise	otherwise	ADV
taxlaw-12357	1513	2	,	,	PUNCT
taxlaw-12357	1513	3	the	the	DET
taxlaw-12357	1513	4	analysis	analysis	NOUN
taxlaw-12357	1513	5	would	would	AUX
taxlaw-12357	1513	6	still	still	ADV
taxlaw-12357	1513	7	use	use	VERB
taxlaw-12357	1513	8	the	the	DET
taxlaw-12357	1513	9	conditions	condition	NOUN
taxlaw-12357	1513	10	in	in	ADP
taxlaw-12357	1513	11	effect	effect	NOUN
taxlaw-12357	1513	12	when	when	SCONJ
taxlaw-12357	1513	13	taxpayer	taxpayer	NOUN
taxlaw-12357	1513	14	entered	enter	VERB
taxlaw-12357	1513	15	into	into	ADP
taxlaw-12357	1513	16	the	the	DET
taxlaw-12357	1513	17	derivative	derivative	NOUN
taxlaw-12357	1513	18	.	.	PUNCT
taxlaw-12357	1514	1	to	to	PART
taxlaw-12357	1514	2	illustrate	illustrate	VERB
taxlaw-12357	1514	3	this	this	DET
taxlaw-12357	1514	4	“	"	PUNCT
taxlaw-12357	1514	5	updated	update	VERB
taxlaw-12357	1514	6	ex	ex	PROPN
taxlaw-12357	1514	7	ante	ante	NOUN
taxlaw-12357	1514	8	”	"	PUNCT
taxlaw-12357	1514	9	approach	approach	NOUN
taxlaw-12357	1514	10	,	,	PUNCT
taxlaw-12357	1514	11	assume	assume	VERB
taxlaw-12357	1514	12	that	that	SCONJ
taxlaw-12357	1514	13	on	on	ADP
taxlaw-12357	1514	14	january	january	PROPN
taxlaw-12357	1514	15	1	1	NUM
taxlaw-12357	1514	16	of	of	ADP
taxlaw-12357	1514	17	year	year	NOUN
taxlaw-12357	1514	18	1	1	NUM
taxlaw-12357	1514	19	,	,	PUNCT
taxlaw-12357	1514	20	when	when	SCONJ
taxlaw-12357	1514	21	an	an	DET
taxlaw-12357	1514	22	interest	interest	NOUN
taxlaw-12357	1514	23	in	in	ADP
taxlaw-12357	1514	24	underlying	underlie	VERB
taxlaw-12357	1514	25	is	be	AUX
taxlaw-12357	1514	26	worth	worth	ADJ
taxlaw-12357	1514	27	$	$	SYM
taxlaw-12357	1514	28	100	100	NUM
taxlaw-12357	1514	29	,	,	PUNCT
taxlaw-12357	1514	30	taxpayer	taxpayer	NOUN
taxlaw-12357	1514	31	enters	enter	VERB
taxlaw-12357	1514	32	into	into	ADP
taxlaw-12357	1514	33	a	a	DET
taxlaw-12357	1514	34	threeyear	threeyear	NOUN
taxlaw-12357	1514	35	call	call	NOUN
taxlaw-12357	1514	36	option	option	NOUN
taxlaw-12357	1514	37	to	to	PART
taxlaw-12357	1514	38	buy	buy	VERB
taxlaw-12357	1514	39	underlying	underlie	VERB
taxlaw-12357	1514	40	for	for	ADP
taxlaw-12357	1514	41	$	$	SYM
taxlaw-12357	1514	42	200	200	NUM
taxlaw-12357	1514	43	,	,	PUNCT
taxlaw-12357	1514	44	which	which	PRON
taxlaw-12357	1514	45	has	have	VERB
taxlaw-12357	1514	46	a	a	DET
taxlaw-12357	1514	47	contingency	contingency	NOUN
taxlaw-12357	1514	48	:	:	PUNCT
taxlaw-12357	1514	49	after	after	ADP
taxlaw-12357	1514	50	two	two	NUM
taxlaw-12357	1514	51	162	162	NUM
taxlaw-12357	1514	52	see	see	NOUN
taxlaw-12357	1514	53	i.r.c	i.r.c	NOUN
taxlaw-12357	1514	54	.	.	PUNCT
taxlaw-12357	1515	1	§	§	PROPN
taxlaw-12357	1515	2	101	101	NUM
taxlaw-12357	1515	3	.	.	PUNCT
taxlaw-12357	1515	4	163	163	NUM
taxlaw-12357	1515	5	see	see	VERB
taxlaw-12357	1515	6	treas	treas	PROPN
taxlaw-12357	1515	7	.	.	PUNCT
taxlaw-12357	1516	1	reg	reg	PROPN
taxlaw-12357	1516	2	.	.	PUNCT
taxlaw-12357	1517	1	§	§	PROPN
taxlaw-12357	1517	2	1.1275	1.1275	NUM
taxlaw-12357	1517	3	-	-	PUNCT
taxlaw-12357	1517	4	2(h	2(h	NUM
taxlaw-12357	1517	5	)	)	PUNCT
taxlaw-12357	1517	6	;	;	PUNCT
taxlaw-12357	1518	1	treas	treas	PROPN
taxlaw-12357	1518	2	.	.	PUNCT
taxlaw-12357	1519	1	reg	reg	PROPN
taxlaw-12357	1519	2	.	.	PUNCT
taxlaw-12357	1520	1	§	§	PROPN
taxlaw-12357	1520	2	1.1275	1.1275	NUM
taxlaw-12357	1520	3	-	-	SYM
taxlaw-12357	1520	4	4(a)(5	4(a)(5	NUM
taxlaw-12357	1520	5	)	)	PUNCT
taxlaw-12357	1520	6	.	.	PUNCT
taxlaw-12357	1521	1	columbia	columbia	PROPN
taxlaw-12357	1521	2	journal	journal	PROPN
taxlaw-12357	1521	3	of	of	ADP
taxlaw-12357	1521	4	tax	tax	NOUN
taxlaw-12357	1521	5	law	law	NOUN
taxlaw-12357	1522	1	[	[	X
taxlaw-12357	1522	2	vol	vol	NOUN
taxlaw-12357	1522	3	15:1	15:1	NUM
taxlaw-12357	1522	4	54	54	NUM
taxlaw-12357	1522	5	years	year	NOUN
taxlaw-12357	1522	6	,	,	PUNCT
taxlaw-12357	1522	7	a	a	DET
taxlaw-12357	1522	8	coin	coin	NOUN
taxlaw-12357	1522	9	toss	toss	NOUN
taxlaw-12357	1522	10	will	will	AUX
taxlaw-12357	1522	11	determine	determine	VERB
taxlaw-12357	1522	12	whether	whether	SCONJ
taxlaw-12357	1522	13	this	this	DET
taxlaw-12357	1522	14	purchase	purchase	NOUN
taxlaw-12357	1522	15	price	price	NOUN
taxlaw-12357	1522	16	on	on	ADP
taxlaw-12357	1522	17	the	the	DET
taxlaw-12357	1522	18	option	option	NOUN
taxlaw-12357	1522	19	(	(	PUNCT
taxlaw-12357	1522	20	the	the	DET
taxlaw-12357	1522	21	“	"	PUNCT
taxlaw-12357	1522	22	exercise	exercise	NOUN
taxlaw-12357	1522	23	price	price	NOUN
taxlaw-12357	1522	24	”	"	PUNCT
taxlaw-12357	1522	25	)	)	PUNCT
taxlaw-12357	1522	26	is	be	AUX
taxlaw-12357	1522	27	reduced	reduce	VERB
taxlaw-12357	1522	28	from	from	ADP
taxlaw-12357	1522	29	$	$	SYM
taxlaw-12357	1522	30	200	200	NUM
taxlaw-12357	1522	31	to	to	PART
taxlaw-12357	1522	32	$	$	SYM
taxlaw-12357	1522	33	50	50	NUM
taxlaw-12357	1522	34	.	.	PUNCT
taxlaw-12357	1523	1	imagine	imagine	VERB
taxlaw-12357	1523	2	that	that	SCONJ
taxlaw-12357	1523	3	this	this	DET
taxlaw-12357	1523	4	coin	coin	NOUN
taxlaw-12357	1523	5	toss	toss	NOUN
taxlaw-12357	1523	6	does	do	VERB
taxlaw-12357	1523	7	,	,	PUNCT
taxlaw-12357	1523	8	indeed	indeed	ADV
taxlaw-12357	1523	9	,	,	PUNCT
taxlaw-12357	1523	10	reduce	reduce	VERB
taxlaw-12357	1523	11	the	the	DET
taxlaw-12357	1523	12	exercise	exercise	NOUN
taxlaw-12357	1523	13	price	price	NOUN
taxlaw-12357	1523	14	to	to	ADP
taxlaw-12357	1523	15	$	$	SYM
taxlaw-12357	1523	16	50	50	NUM
taxlaw-12357	1523	17	,	,	PUNCT
taxlaw-12357	1523	18	and	and	CCONJ
taxlaw-12357	1523	19	over	over	ADP
taxlaw-12357	1523	20	this	this	DET
taxlaw-12357	1523	21	two	two	NUM
taxlaw-12357	1523	22	-	-	PUNCT
taxlaw-12357	1523	23	year	year	NOUN
taxlaw-12357	1523	24	period	period	NOUN
taxlaw-12357	1523	25	underlying	underlie	VERB
taxlaw-12357	1523	26	’s	’s	PART
taxlaw-12357	1523	27	price	price	NOUN
taxlaw-12357	1523	28	has	have	AUX
taxlaw-12357	1523	29	declined	decline	VERB
taxlaw-12357	1523	30	to	to	ADP
taxlaw-12357	1523	31	$	$	SYM
taxlaw-12357	1523	32	45	45	NUM
taxlaw-12357	1523	33	.	.	PUNCT
taxlaw-12357	1524	1	should	should	AUX
taxlaw-12357	1524	2	section	section	VERB
taxlaw-12357	1524	3	1260	1260	NUM
taxlaw-12357	1524	4	apply	apply	VERB
taxlaw-12357	1524	5	to	to	ADP
taxlaw-12357	1524	6	this	this	DET
taxlaw-12357	1524	7	option	option	NOUN
taxlaw-12357	1524	8	?	?	PUNCT
taxlaw-12357	1525	1	if	if	SCONJ
taxlaw-12357	1525	2	the	the	DET
taxlaw-12357	1525	3	contingency	contingency	NOUN
taxlaw-12357	1525	4	is	be	AUX
taxlaw-12357	1525	5	ignored	ignore	VERB
taxlaw-12357	1525	6	in	in	ADP
taxlaw-12357	1525	7	year	year	NOUN
taxlaw-12357	1525	8	1	1	NUM
taxlaw-12357	1525	9	,	,	PUNCT
taxlaw-12357	1525	10	the	the	DET
taxlaw-12357	1525	11	answer	answer	NOUN
taxlaw-12357	1525	12	probably	probably	ADV
taxlaw-12357	1525	13	is	be	AUX
taxlaw-12357	1525	14	“	"	PUNCT
taxlaw-12357	1525	15	no	no	INTJ
taxlaw-12357	1525	16	.	.	PUNCT
taxlaw-12357	1525	17	”	"	PUNCT
taxlaw-12357	1526	1	a	a	DET
taxlaw-12357	1526	2	three	three	NUM
taxlaw-12357	1526	3	-	-	PUNCT
taxlaw-12357	1526	4	year	year	NOUN
taxlaw-12357	1526	5	option	option	NOUN
taxlaw-12357	1526	6	to	to	PART
taxlaw-12357	1526	7	buy	buy	VERB
taxlaw-12357	1526	8	underlying	underlie	VERB
taxlaw-12357	1526	9	for	for	ADP
taxlaw-12357	1526	10	twice	twice	DET
taxlaw-12357	1526	11	its	its	PRON
taxlaw-12357	1526	12	current	current	ADJ
taxlaw-12357	1526	13	value	value	NOUN
taxlaw-12357	1526	14	(	(	PUNCT
taxlaw-12357	1526	15	i.e.	i.e.	X
taxlaw-12357	1526	16	,	,	PUNCT
taxlaw-12357	1526	17	$	$	SYM
taxlaw-12357	1526	18	200	200	NUM
taxlaw-12357	1526	19	when	when	SCONJ
taxlaw-12357	1526	20	it	it	PRON
taxlaw-12357	1526	21	is	be	AUX
taxlaw-12357	1526	22	trading	trade	VERB
taxlaw-12357	1526	23	at	at	ADP
taxlaw-12357	1526	24	$	$	SYM
taxlaw-12357	1526	25	100	100	NUM
taxlaw-12357	1526	26	)	)	PUNCT
taxlaw-12357	1526	27	is	be	AUX
taxlaw-12357	1526	28	not	not	PART
taxlaw-12357	1526	29	a	a	DET
taxlaw-12357	1526	30	close	close	ADJ
taxlaw-12357	1526	31	substitute	substitute	NOUN
taxlaw-12357	1526	32	for	for	ADP
taxlaw-12357	1526	33	underlying	underlie	VERB
taxlaw-12357	1526	34	.	.	PUNCT
taxlaw-12357	1527	1	what	what	PRON
taxlaw-12357	1527	2	about	about	ADP
taxlaw-12357	1527	3	after	after	ADP
taxlaw-12357	1527	4	the	the	DET
taxlaw-12357	1527	5	coin	coin	NOUN
taxlaw-12357	1527	6	toss	toss	NOUN
taxlaw-12357	1527	7	two	two	NUM
taxlaw-12357	1527	8	years	year	NOUN
taxlaw-12357	1527	9	later	later	ADV
taxlaw-12357	1527	10	?	?	PUNCT
taxlaw-12357	1528	1	taxpayers	taxpayer	NOUN
taxlaw-12357	1528	2	can	can	AUX
taxlaw-12357	1528	3	be	be	AUX
taxlaw-12357	1528	4	required	require	VERB
taxlaw-12357	1528	5	to	to	PART
taxlaw-12357	1528	6	rerun	rerun	VERB
taxlaw-12357	1528	7	the	the	DET
taxlaw-12357	1528	8	analysis	analysis	NOUN
taxlaw-12357	1528	9	,	,	PUNCT
taxlaw-12357	1528	10	since	since	SCONJ
taxlaw-12357	1528	11	the	the	DET
taxlaw-12357	1528	12	exercise	exercise	NOUN
taxlaw-12357	1528	13	price	price	NOUN
taxlaw-12357	1528	14	on	on	ADP
taxlaw-12357	1528	15	the	the	DET
taxlaw-12357	1528	16	option	option	NOUN
taxlaw-12357	1528	17	has	have	AUX
taxlaw-12357	1528	18	now	now	ADV
taxlaw-12357	1528	19	fallen	fall	VERB
taxlaw-12357	1528	20	from	from	ADP
taxlaw-12357	1528	21	$	$	SYM
taxlaw-12357	1528	22	200	200	NUM
taxlaw-12357	1528	23	to	to	PART
taxlaw-12357	1528	24	$	$	SYM
taxlaw-12357	1528	25	50	50	NUM
taxlaw-12357	1528	26	.	.	PUNCT
taxlaw-12357	1529	1	but	but	CCONJ
taxlaw-12357	1529	2	the	the	DET
taxlaw-12357	1529	3	answer	answer	NOUN
taxlaw-12357	1529	4	depends	depend	VERB
taxlaw-12357	1529	5	on	on	ADP
taxlaw-12357	1529	6	what	what	PRON
taxlaw-12357	1529	7	other	other	ADJ
taxlaw-12357	1529	8	values	value	NOUN
taxlaw-12357	1529	9	are	be	AUX
taxlaw-12357	1529	10	used	use	VERB
taxlaw-12357	1529	11	.	.	PUNCT
taxlaw-12357	1530	1	specifically	specifically	ADV
taxlaw-12357	1530	2	,	,	PUNCT
taxlaw-12357	1530	3	should	should	AUX
taxlaw-12357	1530	4	underlying	underlie	VERB
taxlaw-12357	1530	5	be	be	AUX
taxlaw-12357	1530	6	valued	value	VERB
taxlaw-12357	1530	7	at	at	ADP
taxlaw-12357	1530	8	$	$	SYM
taxlaw-12357	1530	9	100	100	NUM
taxlaw-12357	1530	10	(	(	PUNCT
taxlaw-12357	1530	11	the	the	DET
taxlaw-12357	1530	12	value	value	NOUN
taxlaw-12357	1530	13	when	when	SCONJ
taxlaw-12357	1530	14	taxpayer	taxpayer	NOUN
taxlaw-12357	1530	15	originally	originally	ADV
taxlaw-12357	1530	16	got	get	VERB
taxlaw-12357	1530	17	the	the	DET
taxlaw-12357	1530	18	option	option	NOUN
taxlaw-12357	1530	19	)	)	PUNCT
taxlaw-12357	1530	20	or	or	CCONJ
taxlaw-12357	1530	21	at	at	ADP
taxlaw-12357	1530	22	$	$	SYM
taxlaw-12357	1530	23	45	45	NUM
taxlaw-12357	1530	24	(	(	PUNCT
taxlaw-12357	1530	25	the	the	DET
taxlaw-12357	1530	26	value	value	NOUN
taxlaw-12357	1530	27	two	two	NUM
taxlaw-12357	1530	28	years	year	NOUN
taxlaw-12357	1530	29	later	later	ADV
taxlaw-12357	1530	30	when	when	SCONJ
taxlaw-12357	1530	31	the	the	DET
taxlaw-12357	1530	32	exercise	exercise	NOUN
taxlaw-12357	1530	33	price	price	NOUN
taxlaw-12357	1530	34	was	be	AUX
taxlaw-12357	1530	35	reduced	reduce	VERB
taxlaw-12357	1530	36	)	)	PUNCT
taxlaw-12357	1530	37	.	.	PUNCT
taxlaw-12357	1531	1	we	we	PRON
taxlaw-12357	1531	2	recommend	recommend	VERB
taxlaw-12357	1531	3	using	use	VERB
taxlaw-12357	1531	4	the	the	DET
taxlaw-12357	1531	5	initial	initial	ADJ
taxlaw-12357	1531	6	value	value	NOUN
taxlaw-12357	1531	7	(	(	PUNCT
taxlaw-12357	1531	8	$	$	SYM
taxlaw-12357	1531	9	100	100	NUM
taxlaw-12357	1531	10	)	)	PUNCT
taxlaw-12357	1531	11	,	,	PUNCT
taxlaw-12357	1531	12	which	which	PRON
taxlaw-12357	1531	13	(	(	PUNCT
taxlaw-12357	1531	14	in	in	ADP
taxlaw-12357	1531	15	this	this	DET
taxlaw-12357	1531	16	case	case	NOUN
taxlaw-12357	1531	17	)	)	PUNCT
taxlaw-12357	1531	18	makes	make	VERB
taxlaw-12357	1531	19	this	this	DET
taxlaw-12357	1531	20	option	option	NOUN
taxlaw-12357	1531	21	more	more	ADV
taxlaw-12357	1531	22	likely	likely	ADJ
taxlaw-12357	1531	23	to	to	PART
taxlaw-12357	1531	24	trigger	trigger	VERB
taxlaw-12357	1531	25	section	section	NOUN
taxlaw-12357	1531	26	1260	1260	NUM
taxlaw-12357	1531	27	.	.	PUNCT
taxlaw-12357	1532	1	in	in	ADP
taxlaw-12357	1532	2	other	other	ADJ
taxlaw-12357	1532	3	words	word	NOUN
taxlaw-12357	1532	4	,	,	PUNCT
taxlaw-12357	1532	5	the	the	DET
taxlaw-12357	1532	6	only	only	ADJ
taxlaw-12357	1532	7	fact	fact	NOUN
taxlaw-12357	1532	8	we	we	PRON
taxlaw-12357	1532	9	would	would	AUX
taxlaw-12357	1532	10	update	update	VERB
taxlaw-12357	1532	11	is	be	AUX
taxlaw-12357	1532	12	the	the	DET
taxlaw-12357	1532	13	contingency	contingency	NOUN
taxlaw-12357	1532	14	itself	itself	PRON
taxlaw-12357	1532	15	(	(	PUNCT
taxlaw-12357	1532	16	i.e.	i.e.	X
taxlaw-12357	1532	17	,	,	PUNCT
taxlaw-12357	1532	18	the	the	DET
taxlaw-12357	1532	19	new	new	ADJ
taxlaw-12357	1532	20	$	$	SYM
taxlaw-12357	1532	21	50	50	NUM
taxlaw-12357	1532	22	purchase	purchase	NOUN
taxlaw-12357	1532	23	price	price	NOUN
taxlaw-12357	1532	24	on	on	ADP
taxlaw-12357	1532	25	the	the	DET
taxlaw-12357	1532	26	option	option	NOUN
taxlaw-12357	1532	27	)	)	PUNCT
taxlaw-12357	1532	28	,	,	PUNCT
taxlaw-12357	1532	29	but	but	CCONJ
taxlaw-12357	1532	30	not	not	PART
taxlaw-12357	1532	31	anything	anything	PRON
taxlaw-12357	1532	32	else	else	ADV
taxlaw-12357	1532	33	(	(	PUNCT
taxlaw-12357	1532	34	e.g.	e.g.	ADV
taxlaw-12357	1532	35	,	,	PUNCT
taxlaw-12357	1532	36	the	the	DET
taxlaw-12357	1532	37	value	value	NOUN
taxlaw-12357	1532	38	of	of	ADP
taxlaw-12357	1532	39	underlying	underlie	VERB
taxlaw-12357	1532	40	)	)	PUNCT
taxlaw-12357	1532	41	.	.	PUNCT
taxlaw-12357	1533	1	the	the	DET
taxlaw-12357	1533	2	advantage	advantage	NOUN
taxlaw-12357	1533	3	of	of	ADP
taxlaw-12357	1533	4	this	this	DET
taxlaw-12357	1533	5	updating	updating	NOUN
taxlaw-12357	1533	6	approach	approach	NOUN
taxlaw-12357	1533	7	is	be	AUX
taxlaw-12357	1533	8	that	that	SCONJ
taxlaw-12357	1533	9	it	it	PRON
taxlaw-12357	1533	10	does	do	AUX
taxlaw-12357	1533	11	n’t	not	PART
taxlaw-12357	1533	12	require	require	VERB
taxlaw-12357	1533	13	assumptions	assumption	NOUN
taxlaw-12357	1533	14	that	that	PRON
taxlaw-12357	1533	15	might	might	AUX
taxlaw-12357	1533	16	prove	prove	VERB
taxlaw-12357	1533	17	incorrect	incorrect	ADJ
taxlaw-12357	1533	18	.	.	PUNCT
taxlaw-12357	1534	1	but	but	CCONJ
taxlaw-12357	1534	2	the	the	DET
taxlaw-12357	1534	3	disadvantage	disadvantage	NOUN
taxlaw-12357	1534	4	is	be	AUX
taxlaw-12357	1534	5	that	that	SCONJ
taxlaw-12357	1534	6	it	it	PRON
taxlaw-12357	1534	7	does	do	AUX
taxlaw-12357	1534	8	n’t	not	PART
taxlaw-12357	1534	9	provide	provide	VERB
taxlaw-12357	1534	10	certainty	certainty	NOUN
taxlaw-12357	1534	11	about	about	ADP
taxlaw-12357	1534	12	the	the	DET
taxlaw-12357	1534	13	relevant	relevant	ADJ
taxlaw-12357	1534	14	treatment	treatment	NOUN
taxlaw-12357	1534	15	.	.	PUNCT
taxlaw-12357	1535	1	taxpayers	taxpayer	NOUN
taxlaw-12357	1535	2	and	and	CCONJ
taxlaw-12357	1535	3	the	the	DET
taxlaw-12357	1535	4	government	government	NOUN
taxlaw-12357	1535	5	have	have	VERB
taxlaw-12357	1535	6	to	to	PART
taxlaw-12357	1535	7	wait	wait	VERB
taxlaw-12357	1535	8	to	to	PART
taxlaw-12357	1535	9	find	find	VERB
taxlaw-12357	1535	10	out	out	ADP
taxlaw-12357	1535	11	whether	whether	SCONJ
taxlaw-12357	1535	12	this	this	DET
taxlaw-12357	1535	13	derivative	derivative	ADJ
taxlaw-12357	1535	14	triggers	trigger	NOUN
taxlaw-12357	1535	15	section	section	NOUN
taxlaw-12357	1535	16	1260	1260	NUM
taxlaw-12357	1535	17	.	.	PUNCT
taxlaw-12357	1536	1	(	(	PUNCT
taxlaw-12357	1536	2	presumably	presumably	ADV
taxlaw-12357	1536	3	,	,	PUNCT
taxlaw-12357	1536	4	interest	interest	NOUN
taxlaw-12357	1536	5	would	would	AUX
taxlaw-12357	1536	6	be	be	AUX
taxlaw-12357	1536	7	imposed	impose	VERB
taxlaw-12357	1536	8	to	to	PART
taxlaw-12357	1536	9	compensate	compensate	VERB
taxlaw-12357	1536	10	the	the	DET
taxlaw-12357	1536	11	government	government	NOUN
taxlaw-12357	1536	12	if	if	SCONJ
taxlaw-12357	1536	13	the	the	DET
taxlaw-12357	1536	14	derivative	derivative	NOUN
taxlaw-12357	1536	15	should	should	AUX
taxlaw-12357	1536	16	have	have	AUX
taxlaw-12357	1536	17	been	be	AUX
taxlaw-12357	1536	18	taxed	tax	VERB
taxlaw-12357	1536	19	less	less	ADV
taxlaw-12357	1536	20	favorably	favorably	ADV
taxlaw-12357	1536	21	,	,	PUNCT
taxlaw-12357	1536	22	but	but	CCONJ
taxlaw-12357	1536	23	taxpayer	taxpayer	NOUN
taxlaw-12357	1536	24	’s	’s	PART
taxlaw-12357	1536	25	earlier	early	ADJ
taxlaw-12357	1536	26	returns	return	NOUN
taxlaw-12357	1536	27	did	do	AUX
taxlaw-12357	1536	28	not	not	PART
taxlaw-12357	1536	29	reflect	reflect	VERB
taxlaw-12357	1536	30	this	this	DET
taxlaw-12357	1536	31	less	less	ADV
taxlaw-12357	1536	32	favorable	favorable	ADJ
taxlaw-12357	1536	33	treatment	treatment	NOUN
taxlaw-12357	1536	34	.	.	PUNCT
taxlaw-12357	1536	35	)	)	PUNCT
taxlaw-12357	1537	1	3	3	X
taxlaw-12357	1537	2	.	.	X
taxlaw-12357	1537	3	investor	investor	NOUN
taxlaw-12357	1537	4	control	control	NOUN
taxlaw-12357	1537	5	so	so	ADV
taxlaw-12357	1537	6	far	far	ADV
taxlaw-12357	1537	7	,	,	PUNCT
taxlaw-12357	1537	8	this	this	DET
taxlaw-12357	1537	9	subsection	subsection	NOUN
taxlaw-12357	1537	10	has	have	AUX
taxlaw-12357	1537	11	shown	show	VERB
taxlaw-12357	1537	12	that	that	SCONJ
taxlaw-12357	1537	13	our	our	PRON
taxlaw-12357	1537	14	difference	difference	NOUN
taxlaw-12357	1537	15	-	-	PUNCT
taxlaw-12357	1537	16	value	value	NOUN
taxlaw-12357	1537	17	approach	approach	NOUN
taxlaw-12357	1537	18	is	be	AUX
taxlaw-12357	1537	19	not	not	PART
taxlaw-12357	1537	20	immune	immune	ADJ
taxlaw-12357	1537	21	to	to	ADP
taxlaw-12357	1537	22	challenges	challenge	NOUN
taxlaw-12357	1537	23	that	that	PRON
taxlaw-12357	1537	24	arise	arise	VERB
taxlaw-12357	1537	25	in	in	ADP
taxlaw-12357	1537	26	any	any	DET
taxlaw-12357	1537	27	effort	effort	NOUN
taxlaw-12357	1537	28	to	to	PART
taxlaw-12357	1537	29	compare	compare	VERB
taxlaw-12357	1537	30	two	two	NUM
taxlaw-12357	1537	31	transactions	transaction	NOUN
taxlaw-12357	1537	32	:	:	PUNCT
taxlaw-12357	1537	33	the	the	DET
taxlaw-12357	1537	34	need	need	NOUN
taxlaw-12357	1537	35	to	to	PART
taxlaw-12357	1537	36	define	define	VERB
taxlaw-12357	1537	37	their	their	PRON
taxlaw-12357	1537	38	scope	scope	NOUN
taxlaw-12357	1537	39	,	,	PUNCT
taxlaw-12357	1537	40	and	and	CCONJ
taxlaw-12357	1537	41	to	to	PART
taxlaw-12357	1537	42	decide	decide	VERB
taxlaw-12357	1537	43	how	how	SCONJ
taxlaw-12357	1537	44	to	to	PART
taxlaw-12357	1537	45	treat	treat	VERB
taxlaw-12357	1537	46	contingencies	contingency	NOUN
taxlaw-12357	1537	47	.	.	PUNCT
taxlaw-12357	1538	1	in	in	ADP
taxlaw-12357	1538	2	the	the	DET
taxlaw-12357	1538	3	same	same	ADJ
taxlaw-12357	1538	4	spirit	spirit	NOUN
taxlaw-12357	1538	5	,	,	PUNCT
taxlaw-12357	1538	6	there	there	PRON
taxlaw-12357	1538	7	is	be	VERB
taxlaw-12357	1538	8	another	another	DET
taxlaw-12357	1538	9	issue	issue	NOUN
taxlaw-12357	1538	10	that	that	SCONJ
taxlaw-12357	1538	11	our	our	PRON
taxlaw-12357	1538	12	difference	difference	NOUN
taxlaw-12357	1538	13	-	-	PUNCT
taxlaw-12357	1538	14	value	value	NOUN
taxlaw-12357	1538	15	approach	approach	NOUN
taxlaw-12357	1538	16	does	do	AUX
taxlaw-12357	1538	17	address	address	VERB
taxlaw-12357	1538	18	:	:	PUNCT
taxlaw-12357	1538	19	whether	whether	SCONJ
taxlaw-12357	1538	20	a	a	DET
taxlaw-12357	1538	21	taxpayer	taxpayer	NOUN
taxlaw-12357	1538	22	exerts	exert	VERB
taxlaw-12357	1538	23	enough	enough	ADJ
taxlaw-12357	1538	24	control	control	NOUN
taxlaw-12357	1538	25	over	over	ADP
taxlaw-12357	1538	26	an	an	DET
taxlaw-12357	1538	27	asset	asset	NOUN
taxlaw-12357	1538	28	to	to	PART
taxlaw-12357	1538	29	qualify	qualify	VERB
taxlaw-12357	1538	30	as	as	ADP
taxlaw-12357	1538	31	its	its	PRON
taxlaw-12357	1538	32	owner	owner	NOUN
taxlaw-12357	1538	33	for	for	ADP
taxlaw-12357	1538	34	tax	tax	NOUN
taxlaw-12357	1538	35	purposes	purpose	NOUN
taxlaw-12357	1538	36	.	.	PUNCT
taxlaw-12357	1539	1	actually	actually	ADV
taxlaw-12357	1539	2	,	,	PUNCT
taxlaw-12357	1539	3	control	control	NOUN
taxlaw-12357	1539	4	is	be	AUX
taxlaw-12357	1539	5	not	not	PART
taxlaw-12357	1539	6	relevant	relevant	ADJ
taxlaw-12357	1539	7	under	under	ADP
taxlaw-12357	1539	8	section	section	NOUN
taxlaw-12357	1539	9	1260	1260	NUM
taxlaw-12357	1539	10	,	,	PUNCT
taxlaw-12357	1539	11	which	which	PRON
taxlaw-12357	1539	12	focuses	focus	VERB
taxlaw-12357	1539	13	instead	instead	ADV
taxlaw-12357	1539	14	on	on	ADP
taxlaw-12357	1539	15	economic	economic	ADJ
taxlaw-12357	1539	16	return	return	NOUN
taxlaw-12357	1539	17	.	.	PUNCT
taxlaw-12357	1540	1	this	this	DET
taxlaw-12357	1540	2	statute	statute	NOUN
taxlaw-12357	1540	3	applies	apply	VERB
taxlaw-12357	1540	4	when	when	SCONJ
taxlaw-12357	1540	5	a	a	DET
taxlaw-12357	1540	6	derivative	derivative	NOUN
taxlaw-12357	1540	7	is	be	AUX
taxlaw-12357	1540	8	a	a	DET
taxlaw-12357	1540	9	sufficiently	sufficiently	ADV
taxlaw-12357	1540	10	close	close	ADJ
taxlaw-12357	1540	11	substitute	substitute	NOUN
taxlaw-12357	1540	12	for	for	ADP
taxlaw-12357	1540	13	the	the	DET
taxlaw-12357	1540	14	underlying	underlie	VERB
taxlaw-12357	1540	15	asset	asset	NOUN
taxlaw-12357	1540	16	,	,	PUNCT
taxlaw-12357	1540	17	regardless	regardless	ADV
taxlaw-12357	1540	18	of	of	ADP
taxlaw-12357	1540	19	whether	whether	SCONJ
taxlaw-12357	1540	20	the	the	DET
taxlaw-12357	1540	21	taxpayer	taxpayer	NOUN
taxlaw-12357	1540	22	is	be	AUX
taxlaw-12357	1540	23	managing	manage	VERB
taxlaw-12357	1540	24	or	or	CCONJ
taxlaw-12357	1540	25	controlling	control	VERB
taxlaw-12357	1540	26	this	this	DET
taxlaw-12357	1540	27	asset	asset	NOUN
taxlaw-12357	1540	28	.	.	PUNCT
taxlaw-12357	1541	1	we	we	PRON
taxlaw-12357	1541	2	agree	agree	VERB
taxlaw-12357	1541	3	with	with	ADP
taxlaw-12357	1541	4	section	section	NOUN
taxlaw-12357	1541	5	1260	1260	NUM
taxlaw-12357	1541	6	’s	’s	PART
taxlaw-12357	1541	7	focus	focus	NOUN
taxlaw-12357	1541	8	on	on	ADP
taxlaw-12357	1541	9	return	return	NOUN
taxlaw-12357	1541	10	and	and	CCONJ
taxlaw-12357	1541	11	adopt	adopt	VERB
taxlaw-12357	1541	12	it	it	PRON
taxlaw-12357	1541	13	in	in	ADP
taxlaw-12357	1541	14	this	this	DET
taxlaw-12357	1541	15	article	article	NOUN
taxlaw-12357	1541	16	,	,	PUNCT
taxlaw-12357	1541	17	since	since	SCONJ
taxlaw-12357	1541	18	return	return	NOUN
taxlaw-12357	1541	19	usually	usually	ADV
taxlaw-12357	1541	20	is	be	AUX
taxlaw-12357	1541	21	what	what	PRON
taxlaw-12357	1541	22	matters	matter	VERB
taxlaw-12357	1541	23	most	most	ADV
taxlaw-12357	1541	24	to	to	ADP
taxlaw-12357	1541	25	investors	investor	NOUN
taxlaw-12357	1541	26	.	.	PUNCT
taxlaw-12357	1542	1	yet	yet	ADV
taxlaw-12357	1542	2	we	we	PRON
taxlaw-12357	1542	3	recognize	recognize	VERB
taxlaw-12357	1542	4	that	that	SCONJ
taxlaw-12357	1542	5	the	the	DET
taxlaw-12357	1542	6	government	government	NOUN
taxlaw-12357	1542	7	sometimes	sometimes	ADV
taxlaw-12357	1542	8	focuses	focus	VERB
taxlaw-12357	1542	9	on	on	ADP
taxlaw-12357	1542	10	control	control	NOUN
taxlaw-12357	1542	11	–	–	PUNCT
taxlaw-12357	1542	12	not	not	PART
taxlaw-12357	1542	13	under	under	ADP
taxlaw-12357	1542	14	section	section	NOUN
taxlaw-12357	1542	15	1260	1260	NUM
taxlaw-12357	1542	16	–	–	PUNCT
taxlaw-12357	1542	17	but	but	CCONJ
taxlaw-12357	1542	18	under	under	ADP
taxlaw-12357	1542	19	the	the	DET
taxlaw-12357	1542	20	law	law	NOUN
taxlaw-12357	1542	21	of	of	ADP
taxlaw-12357	1542	22	tax	tax	NOUN
taxlaw-12357	1542	23	ownership	ownership	NOUN
taxlaw-12357	1542	24	.	.	PUNCT
taxlaw-12357	1543	1	for	for	ADP
taxlaw-12357	1543	2	example	example	NOUN
taxlaw-12357	1543	3	,	,	PUNCT
taxlaw-12357	1543	4	when	when	SCONJ
taxlaw-12357	1543	5	a	a	DET
taxlaw-12357	1543	6	taxpayer	taxpayer	NOUN
taxlaw-12357	1543	7	enters	enter	VERB
taxlaw-12357	1543	8	into	into	ADP
taxlaw-12357	1543	9	a	a	DET
taxlaw-12357	1543	10	derivative	derivative	ADJ
taxlaw-12357	1543	11	contract	contract	NOUN
taxlaw-12357	1543	12	with	with	ADP
taxlaw-12357	1543	13	a	a	DET
taxlaw-12357	1543	14	bank	bank	NOUN
taxlaw-12357	1543	15	,	,	PUNCT
taxlaw-12357	1543	16	and	and	CCONJ
taxlaw-12357	1543	17	the	the	DET
taxlaw-12357	1543	18	bank	bank	NOUN
taxlaw-12357	1543	19	hedges	hedge	NOUN
taxlaw-12357	1543	20	by	by	ADP
taxlaw-12357	1543	21	purchasing	purchase	VERB
taxlaw-12357	1543	22	particular	particular	ADJ
taxlaw-12357	1543	23	assets	asset	NOUN
taxlaw-12357	1543	24	,	,	PUNCT
taxlaw-12357	1543	25	the	the	DET
taxlaw-12357	1543	26	government	government	NOUN
taxlaw-12357	1543	27	sometimes	sometimes	ADV
taxlaw-12357	1543	28	invokes	invoke	VERB
taxlaw-12357	1543	29	control	control	NOUN
taxlaw-12357	1543	30	to	to	PART
taxlaw-12357	1543	31	argue	argue	VERB
taxlaw-12357	1543	32	that	that	SCONJ
taxlaw-12357	1543	33	“	"	PUNCT
taxlaw-12357	1543	34	the	the	DET
taxlaw-12357	1543	35	real	real	ADJ
taxlaw-12357	1543	36	owner	owner	NOUN
taxlaw-12357	1543	37	”	"	PUNCT
taxlaw-12357	1543	38	of	of	ADP
taxlaw-12357	1543	39	these	these	DET
taxlaw-12357	1543	40	assets	asset	NOUN
taxlaw-12357	1543	41	for	for	ADP
taxlaw-12357	1543	42	tax	tax	NOUN
taxlaw-12357	1543	43	purposes	purpose	NOUN
taxlaw-12357	1543	44	is	be	AUX
taxlaw-12357	1543	45	the	the	DET
taxlaw-12357	1543	46	taxpayer	taxpayer	NOUN
taxlaw-12357	1543	47	,	,	PUNCT
taxlaw-12357	1543	48	not	not	PART
taxlaw-12357	1543	49	the	the	DET
taxlaw-12357	1543	50	bank	bank	NOUN
taxlaw-12357	1543	51	.	.	PUNCT
taxlaw-12357	1544	1	knowing	know	VERB
taxlaw-12357	1544	2	this	this	PRON
taxlaw-12357	1544	3	,	,	PUNCT
taxlaw-12357	1544	4	well	well	INTJ
taxlaw-12357	1544	5	advised	advise	VERB
taxlaw-12357	1544	6	taxpayers	taxpayer	NOUN
taxlaw-12357	1544	7	are	be	AUX
taxlaw-12357	1544	8	careful	careful	ADJ
taxlaw-12357	1544	9	not	not	PART
taxlaw-12357	1544	10	to	to	PART
taxlaw-12357	1544	11	link	link	VERB
taxlaw-12357	1544	12	the	the	DET
taxlaw-12357	1544	13	derivative	derivative	NOUN
taxlaw-12357	1544	14	too	too	ADV
taxlaw-12357	1544	15	closely	closely	ADV
taxlaw-12357	1544	16	with	with	ADP
taxlaw-12357	1544	17	the	the	DET
taxlaw-12357	1544	18	bank	bank	NOUN
taxlaw-12357	1544	19	’s	’s	PART
taxlaw-12357	1544	20	hedge	hedge	NOUN
taxlaw-12357	1544	21	.	.	PUNCT
taxlaw-12357	1545	1	for	for	ADP
taxlaw-12357	1545	2	example	example	NOUN
taxlaw-12357	1545	3	,	,	PUNCT
taxlaw-12357	1545	4	the	the	DET
taxlaw-12357	1545	5	payout	payout	NOUN
taxlaw-12357	1545	6	on	on	ADP
taxlaw-12357	1545	7	the	the	DET
taxlaw-12357	1545	8	derivative	derivative	NOUN
taxlaw-12357	1545	9	should	should	AUX
taxlaw-12357	1545	10	not	not	PART
taxlaw-12357	1545	11	be	be	AUX
taxlaw-12357	1545	12	defined	define	VERB
taxlaw-12357	1545	13	as	as	ADP
taxlaw-12357	1545	14	the	the	DET
taxlaw-12357	1545	15	price	price	NOUN
taxlaw-12357	1545	16	the	the	DET
taxlaw-12357	1545	17	bank	bank	NOUN
taxlaw-12357	1545	18	gets	get	VERB
taxlaw-12357	1545	19	in	in	ADP
taxlaw-12357	1545	20	liquidating	liquidate	VERB
taxlaw-12357	1545	21	its	its	PRON
taxlaw-12357	1545	22	hedge	hedge	NOUN
taxlaw-12357	1545	23	.	.	PUNCT
taxlaw-12357	1546	1	likewise	likewise	ADV
taxlaw-12357	1546	2	,	,	PUNCT
taxlaw-12357	1546	3	if	if	SCONJ
taxlaw-12357	1546	4	the	the	DET
taxlaw-12357	1546	5	derivative	derivative	NOUN
taxlaw-12357	1546	6	is	be	AUX
taxlaw-12357	1546	7	based	base	VERB
taxlaw-12357	1546	8	on	on	ADP
taxlaw-12357	1546	9	a	a	DET
taxlaw-12357	1546	10	portfolio	portfolio	NOUN
taxlaw-12357	1546	11	managed	manage	VERB
taxlaw-12357	1546	12	by	by	ADP
taxlaw-12357	1546	13	the	the	DET
taxlaw-12357	1546	14	bank	bank	NOUN
taxlaw-12357	1546	15	,	,	PUNCT
taxlaw-12357	1546	16	the	the	DET
taxlaw-12357	1546	17	taxpayer	taxpayer	NOUN
taxlaw-12357	1546	18	should	should	AUX
taxlaw-12357	1546	19	be	be	AUX
taxlaw-12357	1546	20	2024	2024	NUM
taxlaw-12357	1546	21	]	]	PUNCT
taxlaw-12357	1546	22	transaction	transaction	NOUN
taxlaw-12357	1546	23	-	-	PUNCT
taxlaw-12357	1546	24	specific	specific	ADJ
taxlaw-12357	1546	25	tax	tax	NOUN
taxlaw-12357	1546	26	reform	reform	NOUN
taxlaw-12357	1546	27	in	in	ADP
taxlaw-12357	1546	28	three	three	NUM
taxlaw-12357	1546	29	steps	step	NOUN
taxlaw-12357	1546	30	55	55	NUM
taxlaw-12357	1546	31	careful	careful	ADJ
taxlaw-12357	1546	32	not	not	PART
taxlaw-12357	1546	33	to	to	PART
taxlaw-12357	1546	34	get	get	VERB
taxlaw-12357	1546	35	too	too	ADV
taxlaw-12357	1546	36	involved	involved	ADJ
taxlaw-12357	1546	37	in	in	ADP
taxlaw-12357	1546	38	managing	manage	VERB
taxlaw-12357	1546	39	this	this	DET
taxlaw-12357	1546	40	portfolio	portfolio	NOUN
taxlaw-12357	1546	41	.	.	PUNCT
taxlaw-12357	1547	1	under	under	ADP
taxlaw-12357	1547	2	the	the	DET
taxlaw-12357	1547	3	caselaw	caselaw	NOUN
taxlaw-12357	1547	4	,	,	PUNCT
taxlaw-12357	1547	5	this	this	DET
taxlaw-12357	1547	6	sort	sort	NOUN
taxlaw-12357	1547	7	of	of	ADP
taxlaw-12357	1547	8	control	control	NOUN
taxlaw-12357	1547	9	can	can	AUX
taxlaw-12357	1547	10	affect	affect	VERB
taxlaw-12357	1547	11	the	the	DET
taxlaw-12357	1547	12	result.164	result.164	NOUN
taxlaw-12357	1547	13	we	we	PRON
taxlaw-12357	1547	14	flag	flag	VERB
taxlaw-12357	1547	15	these	these	DET
taxlaw-12357	1547	16	issues	issue	NOUN
taxlaw-12357	1547	17	mainly	mainly	ADV
taxlaw-12357	1547	18	to	to	PART
taxlaw-12357	1547	19	emphasize	emphasize	VERB
taxlaw-12357	1547	20	that	that	SCONJ
taxlaw-12357	1547	21	our	our	PRON
taxlaw-12357	1547	22	“	"	PUNCT
taxlaw-12357	1547	23	difference	difference	NOUN
taxlaw-12357	1547	24	-	-	PUNCT
taxlaw-12357	1547	25	value	value	NOUN
taxlaw-12357	1547	26	”	"	PUNCT
taxlaw-12357	1547	27	approach	approach	NOUN
taxlaw-12357	1547	28	does	do	AUX
taxlaw-12357	1547	29	not	not	PART
taxlaw-12357	1547	30	address	address	VERB
taxlaw-12357	1547	31	them	they	PRON
taxlaw-12357	1547	32	.	.	PUNCT
taxlaw-12357	1548	1	questions	question	NOUN
taxlaw-12357	1548	2	of	of	ADP
taxlaw-12357	1548	3	ownership	ownership	NOUN
taxlaw-12357	1548	4	are	be	AUX
taxlaw-12357	1548	5	pervasive	pervasive	ADJ
taxlaw-12357	1548	6	in	in	ADP
taxlaw-12357	1548	7	the	the	DET
taxlaw-12357	1548	8	tax	tax	NOUN
taxlaw-12357	1548	9	law	law	NOUN
taxlaw-12357	1548	10	,	,	PUNCT
taxlaw-12357	1548	11	and	and	CCONJ
taxlaw-12357	1548	12	they	they	PRON
taxlaw-12357	1548	13	are	be	AUX
taxlaw-12357	1548	14	fairly	fairly	ADV
taxlaw-12357	1548	15	well	well	ADV
taxlaw-12357	1548	16	understood.165	understood.165	NOUN
taxlaw-12357	1548	17	we	we	PRON
taxlaw-12357	1548	18	are	be	AUX
taxlaw-12357	1548	19	not	not	PART
taxlaw-12357	1548	20	seeking	seek	VERB
taxlaw-12357	1548	21	to	to	PART
taxlaw-12357	1548	22	contribute	contribute	VERB
taxlaw-12357	1548	23	to	to	ADP
taxlaw-12357	1548	24	that	that	DET
taxlaw-12357	1548	25	understanding	understanding	NOUN
taxlaw-12357	1548	26	here	here	ADV
taxlaw-12357	1548	27	.	.	PUNCT
taxlaw-12357	1549	1	we	we	PRON
taxlaw-12357	1549	2	should	should	AUX
taxlaw-12357	1549	3	note	note	VERB
taxlaw-12357	1549	4	,	,	PUNCT
taxlaw-12357	1549	5	though	though	ADV
taxlaw-12357	1549	6	,	,	PUNCT
taxlaw-12357	1549	7	that	that	SCONJ
taxlaw-12357	1549	8	it	it	PRON
taxlaw-12357	1549	9	is	be	AUX
taxlaw-12357	1549	10	not	not	PART
taxlaw-12357	1549	11	obvious	obvious	ADJ
taxlaw-12357	1549	12	to	to	ADP
taxlaw-12357	1549	13	us	we	PRON
taxlaw-12357	1549	14	why	why	SCONJ
taxlaw-12357	1549	15	,	,	PUNCT
taxlaw-12357	1549	16	as	as	ADP
taxlaw-12357	1549	17	a	a	DET
taxlaw-12357	1549	18	matter	matter	NOUN
taxlaw-12357	1549	19	of	of	ADP
taxlaw-12357	1549	20	policy	policy	NOUN
taxlaw-12357	1549	21	,	,	PUNCT
taxlaw-12357	1549	22	a	a	DET
taxlaw-12357	1549	23	taxpayer	taxpayer	NOUN
taxlaw-12357	1549	24	’s	’s	PART
taxlaw-12357	1549	25	active	active	ADJ
taxlaw-12357	1549	26	participation	participation	NOUN
taxlaw-12357	1549	27	makes	make	VERB
taxlaw-12357	1549	28	the	the	DET
taxlaw-12357	1549	29	transaction	transaction	NOUN
taxlaw-12357	1549	30	more	more	ADV
taxlaw-12357	1549	31	problematic	problematic	ADJ
taxlaw-12357	1549	32	.	.	PUNCT
taxlaw-12357	1550	1	admittedly	admittedly	ADV
taxlaw-12357	1550	2	,	,	PUNCT
taxlaw-12357	1550	3	the	the	DET
taxlaw-12357	1550	4	optics	optic	NOUN
taxlaw-12357	1550	5	may	may	AUX
taxlaw-12357	1550	6	be	be	AUX
taxlaw-12357	1550	7	less	less	ADV
taxlaw-12357	1550	8	favorable	favorable	ADJ
taxlaw-12357	1550	9	when	when	SCONJ
taxlaw-12357	1550	10	taxpayers	taxpayer	NOUN
taxlaw-12357	1550	11	claim	claim	VERB
taxlaw-12357	1550	12	not	not	PART
taxlaw-12357	1550	13	to	to	PART
taxlaw-12357	1550	14	be	be	AUX
taxlaw-12357	1550	15	the	the	DET
taxlaw-12357	1550	16	owner	owner	NOUN
taxlaw-12357	1550	17	,	,	PUNCT
taxlaw-12357	1550	18	but	but	CCONJ
taxlaw-12357	1550	19	still	still	ADV
taxlaw-12357	1550	20	play	play	VERB
taxlaw-12357	1550	21	an	an	DET
taxlaw-12357	1550	22	active	active	ADJ
taxlaw-12357	1550	23	management	management	NOUN
taxlaw-12357	1550	24	role	role	NOUN
taxlaw-12357	1550	25	.	.	PUNCT
taxlaw-12357	1551	1	but	but	CCONJ
taxlaw-12357	1551	2	so	so	ADV
taxlaw-12357	1551	3	what	what	PRON
taxlaw-12357	1551	4	?	?	PUNCT
taxlaw-12357	1552	1	if	if	SCONJ
taxlaw-12357	1552	2	the	the	DET
taxlaw-12357	1552	3	issue	issue	NOUN
taxlaw-12357	1552	4	is	be	AUX
taxlaw-12357	1552	5	really	really	ADV
taxlaw-12357	1552	6	whether	whether	SCONJ
taxlaw-12357	1552	7	particular	particular	ADJ
taxlaw-12357	1552	8	types	type	NOUN
taxlaw-12357	1552	9	of	of	ADP
taxlaw-12357	1552	10	economic	economic	ADJ
taxlaw-12357	1552	11	returns	return	NOUN
taxlaw-12357	1552	12	should	should	AUX
taxlaw-12357	1552	13	be	be	AUX
taxlaw-12357	1552	14	taxed	tax	VERB
taxlaw-12357	1552	15	one	one	NUM
taxlaw-12357	1552	16	way	way	NOUN
taxlaw-12357	1552	17	or	or	CCONJ
taxlaw-12357	1552	18	the	the	DET
taxlaw-12357	1552	19	other	other	ADJ
taxlaw-12357	1552	20	,	,	PUNCT
taxlaw-12357	1552	21	why	why	SCONJ
taxlaw-12357	1552	22	does	do	AUX
taxlaw-12357	1552	23	it	it	PRON
taxlaw-12357	1552	24	matter	matter	VERB
taxlaw-12357	1552	25	who	who	PRON
taxlaw-12357	1552	26	is	be	AUX
taxlaw-12357	1552	27	making	make	VERB
taxlaw-12357	1552	28	the	the	DET
taxlaw-12357	1552	29	decisions	decision	NOUN
taxlaw-12357	1552	30	?	?	PUNCT
taxlaw-12357	1553	1	moreover	moreover	ADV
taxlaw-12357	1553	2	,	,	PUNCT
taxlaw-12357	1553	3	if	if	SCONJ
taxlaw-12357	1553	4	control	control	NOUN
taxlaw-12357	1553	5	actually	actually	ADV
taxlaw-12357	1553	6	does	do	AUX
taxlaw-12357	1553	7	matter	matter	NOUN
taxlaw-12357	1553	8	,	,	PUNCT
taxlaw-12357	1553	9	the	the	DET
taxlaw-12357	1553	10	government	government	NOUN
taxlaw-12357	1553	11	faces	face	VERB
taxlaw-12357	1553	12	a	a	DET
taxlaw-12357	1553	13	difficult	difficult	ADJ
taxlaw-12357	1553	14	challenge	challenge	NOUN
taxlaw-12357	1553	15	in	in	ADP
taxlaw-12357	1553	16	policing	police	VERB
taxlaw-12357	1553	17	it	it	PRON
taxlaw-12357	1553	18	:	:	PUNCT
taxlaw-12357	1553	19	many	many	ADJ
taxlaw-12357	1553	20	trading	trading	NOUN
taxlaw-12357	1553	21	strategies	strategy	NOUN
taxlaw-12357	1553	22	can	can	AUX
taxlaw-12357	1553	23	run	run	VERB
taxlaw-12357	1553	24	on	on	ADP
taxlaw-12357	1553	25	“	"	PUNCT
taxlaw-12357	1553	26	autopilot	autopilot	NOUN
taxlaw-12357	1553	27	”	"	PUNCT
taxlaw-12357	1553	28	once	once	SCONJ
taxlaw-12357	1553	29	they	they	PRON
taxlaw-12357	1553	30	have	have	AUX
taxlaw-12357	1553	31	been	be	AUX
taxlaw-12357	1553	32	developed	develop	VERB
taxlaw-12357	1553	33	.	.	PUNCT
taxlaw-12357	1554	1	indeed	indeed	ADV
taxlaw-12357	1554	2	,	,	PUNCT
taxlaw-12357	1554	3	a	a	DET
taxlaw-12357	1554	4	trading	trading	NOUN
taxlaw-12357	1554	5	strategy	strategy	NOUN
taxlaw-12357	1554	6	often	often	ADV
taxlaw-12357	1554	7	can	can	AUX
taxlaw-12357	1554	8	be	be	AUX
taxlaw-12357	1554	9	distilled	distil	VERB
taxlaw-12357	1554	10	into	into	ADP
taxlaw-12357	1554	11	an	an	DET
taxlaw-12357	1554	12	algorithm	algorithm	NOUN
taxlaw-12357	1554	13	that	that	PRON
taxlaw-12357	1554	14	is	be	AUX
taxlaw-12357	1554	15	shared	share	VERB
taxlaw-12357	1554	16	with	with	ADP
taxlaw-12357	1554	17	the	the	DET
taxlaw-12357	1554	18	bank	bank	NOUN
taxlaw-12357	1554	19	–	–	PUNCT
taxlaw-12357	1554	20	a	a	DET
taxlaw-12357	1554	21	step	step	NOUN
taxlaw-12357	1554	22	that	that	PRON
taxlaw-12357	1554	23	the	the	DET
taxlaw-12357	1554	24	government	government	NOUN
taxlaw-12357	1554	25	could	could	AUX
taxlaw-12357	1554	26	not	not	PART
taxlaw-12357	1554	27	easily	easily	ADV
taxlaw-12357	1554	28	monitor	monitor	VERB
taxlaw-12357	1554	29	.	.	PUNCT
taxlaw-12357	1555	1	in	in	ADP
taxlaw-12357	1555	2	any	any	DET
taxlaw-12357	1555	3	event	event	NOUN
taxlaw-12357	1555	4	,	,	PUNCT
taxlaw-12357	1555	5	we	we	PRON
taxlaw-12357	1555	6	do	do	AUX
taxlaw-12357	1555	7	not	not	PART
taxlaw-12357	1555	8	seek	seek	VERB
taxlaw-12357	1555	9	to	to	PART
taxlaw-12357	1555	10	analyze	analyze	VERB
taxlaw-12357	1555	11	these	these	DET
taxlaw-12357	1555	12	issues	issue	NOUN
taxlaw-12357	1555	13	here	here	ADV
taxlaw-12357	1555	14	.	.	PUNCT
taxlaw-12357	1556	1	the	the	DET
taxlaw-12357	1556	2	significance	significance	NOUN
taxlaw-12357	1556	3	of	of	ADP
taxlaw-12357	1556	4	investor	investor	NOUN
taxlaw-12357	1556	5	control	control	NOUN
taxlaw-12357	1556	6	–	–	PUNCT
taxlaw-12357	1556	7	and	and	CCONJ
taxlaw-12357	1556	8	its	its	PRON
taxlaw-12357	1556	9	application	application	NOUN
taxlaw-12357	1556	10	to	to	ADP
taxlaw-12357	1556	11	derivatives	derivative	NOUN
taxlaw-12357	1556	12	based	base	VERB
taxlaw-12357	1556	13	on	on	ADP
taxlaw-12357	1556	14	pass	pass	VERB
taxlaw-12357	1556	15	-	-	PUNCT
taxlaw-12357	1556	16	through	through	ADP
taxlaw-12357	1556	17	entities	entity	NOUN
taxlaw-12357	1556	18	or	or	CCONJ
taxlaw-12357	1556	19	managed	manage	VERB
taxlaw-12357	1556	20	accounts	account	NOUN
taxlaw-12357	1556	21	–	–	PUNCT
taxlaw-12357	1556	22	are	be	AUX
taxlaw-12357	1556	23	beyond	beyond	ADP
taxlaw-12357	1556	24	this	this	DET
taxlaw-12357	1556	25	article	article	NOUN
taxlaw-12357	1556	26	’s	’s	PART
taxlaw-12357	1556	27	scope	scope	NOUN
taxlaw-12357	1556	28	.	.	PUNCT
taxlaw-12357	1557	1	instead	instead	ADV
taxlaw-12357	1557	2	,	,	PUNCT
taxlaw-12357	1557	3	our	our	PRON
taxlaw-12357	1557	4	focus	focus	NOUN
taxlaw-12357	1557	5	is	be	AUX
taxlaw-12357	1557	6	on	on	ADP
taxlaw-12357	1557	7	economic	economic	ADJ
taxlaw-12357	1557	8	similarity	similarity	NOUN
taxlaw-12357	1557	9	and	and	CCONJ
taxlaw-12357	1557	10	how	how	SCONJ
taxlaw-12357	1557	11	to	to	PART
taxlaw-12357	1557	12	measure	measure	VERB
taxlaw-12357	1557	13	it	it	PRON
taxlaw-12357	1557	14	.	.	PUNCT
taxlaw-12357	1558	1	vii	vii	PROPN
taxlaw-12357	1558	2	.	.	PUNCT
taxlaw-12357	1558	3	basket	basket	NOUN
taxlaw-12357	1558	4	options	option	NOUN
taxlaw-12357	1558	5	and	and	CCONJ
taxlaw-12357	1558	6	the	the	DET
taxlaw-12357	1558	7	gwa	gwa	NOUN
taxlaw-12357	1558	8	litigation	litigation	NOUN
taxlaw-12357	1558	9	this	this	DET
taxlaw-12357	1558	10	part	part	NOUN
taxlaw-12357	1558	11	applies	apply	VERB
taxlaw-12357	1558	12	our	our	PRON
taxlaw-12357	1558	13	difference	difference	NOUN
taxlaw-12357	1558	14	-	-	PUNCT
taxlaw-12357	1558	15	value	value	NOUN
taxlaw-12357	1558	16	approach	approach	NOUN
taxlaw-12357	1558	17	to	to	ADP
taxlaw-12357	1558	18	a	a	DET
taxlaw-12357	1558	19	type	type	NOUN
taxlaw-12357	1558	20	of	of	ADP
taxlaw-12357	1558	21	hedge	hedge	NOUN
taxlaw-12357	1558	22	fund	fund	PROPN
taxlaw-12357	1558	23	derivative	derivative	NOUN
taxlaw-12357	1558	24	,	,	PUNCT
taxlaw-12357	1558	25	known	know	VERB
taxlaw-12357	1558	26	as	as	ADP
taxlaw-12357	1558	27	a	a	DET
taxlaw-12357	1558	28	basket	basket	NOUN
taxlaw-12357	1558	29	option	option	NOUN
taxlaw-12357	1558	30	,	,	PUNCT
taxlaw-12357	1558	31	which	which	PRON
taxlaw-12357	1558	32	is	be	AUX
taxlaw-12357	1558	33	the	the	DET
taxlaw-12357	1558	34	subject	subject	NOUN
taxlaw-12357	1558	35	of	of	ADP
taxlaw-12357	1558	36	a	a	DET
taxlaw-12357	1558	37	multi	multi	ADJ
taxlaw-12357	1558	38	-	-	ADJ
taxlaw-12357	1558	39	billion	billion	NUM
taxlaw-12357	1558	40	dollar	dollar	NOUN
taxlaw-12357	1558	41	litigation	litigation	NOUN
taxlaw-12357	1558	42	,	,	PUNCT
taxlaw-12357	1558	43	gwa	gwa	PROPN
taxlaw-12357	1558	44	,	,	PUNCT
taxlaw-12357	1558	45	llc	llc	PROPN
taxlaw-12357	1558	46	v.	v.	PROPN
taxlaw-12357	1558	47	commissioner	commissioner	PROPN
taxlaw-12357	1558	48	.	.	PUNCT
taxlaw-12357	1559	1	after	after	ADP
taxlaw-12357	1559	2	describing	describe	VERB
taxlaw-12357	1559	3	the	the	DET
taxlaw-12357	1559	4	planning	planning	NOUN
taxlaw-12357	1559	5	strategy	strategy	NOUN
taxlaw-12357	1559	6	in	in	ADP
taxlaw-12357	1559	7	this	this	DET
taxlaw-12357	1559	8	case	case	NOUN
taxlaw-12357	1559	9	,	,	PUNCT
taxlaw-12357	1559	10	this	this	DET
taxlaw-12357	1559	11	part	part	NOUN
taxlaw-12357	1559	12	explains	explain	VERB
taxlaw-12357	1559	13	why	why	SCONJ
taxlaw-12357	1559	14	section	section	NOUN
taxlaw-12357	1559	15	1260	1260	NUM
taxlaw-12357	1559	16	does	do	AUX
taxlaw-12357	1559	17	not	not	PART
taxlaw-12357	1559	18	reach	reach	VERB
taxlaw-12357	1559	19	it	it	PRON
taxlaw-12357	1559	20	(	(	PUNCT
taxlaw-12357	1559	21	at	at	ADP
taxlaw-12357	1559	22	least	least	ADJ
taxlaw-12357	1559	23	until	until	SCONJ
taxlaw-12357	1559	24	treasury	treasury	PROPN
taxlaw-12357	1559	25	promulgates	promulgate	VERB
taxlaw-12357	1559	26	regulations	regulation	NOUN
taxlaw-12357	1559	27	)	)	PUNCT
taxlaw-12357	1559	28	,	,	PUNCT
taxlaw-12357	1559	29	and	and	CCONJ
taxlaw-12357	1559	30	then	then	ADV
taxlaw-12357	1559	31	turns	turn	VERB
taxlaw-12357	1559	32	to	to	ADP
taxlaw-12357	1559	33	a	a	DET
taxlaw-12357	1559	34	key	key	ADJ
taxlaw-12357	1559	35	issue	issue	NOUN
taxlaw-12357	1559	36	,	,	PUNCT
taxlaw-12357	1559	37	which	which	PRON
taxlaw-12357	1559	38	looms	loom	VERB
taxlaw-12357	1559	39	large	large	ADJ
taxlaw-12357	1559	40	both	both	CCONJ
taxlaw-12357	1559	41	in	in	ADP
taxlaw-12357	1559	42	the	the	DET
taxlaw-12357	1559	43	case	case	NOUN
taxlaw-12357	1559	44	and	and	CCONJ
taxlaw-12357	1559	45	in	in	ADP
taxlaw-12357	1559	46	any	any	DET
taxlaw-12357	1559	47	regulations	regulation	NOUN
taxlaw-12357	1559	48	the	the	DET
taxlaw-12357	1559	49	treasury	treasury	NOUN
taxlaw-12357	1559	50	ultimately	ultimately	ADV
taxlaw-12357	1559	51	adopts	adopt	VERB
taxlaw-12357	1559	52	:	:	PUNCT
taxlaw-12357	1559	53	how	how	SCONJ
taxlaw-12357	1559	54	does	do	AUX
taxlaw-12357	1559	55	the	the	DET
taxlaw-12357	1559	56	economic	economic	ADJ
taxlaw-12357	1559	57	return	return	NOUN
taxlaw-12357	1559	58	on	on	ADP
taxlaw-12357	1559	59	the	the	DET
taxlaw-12357	1559	60	derivative	derivative	ADJ
taxlaw-12357	1559	61	compare	compare	NOUN
taxlaw-12357	1559	62	with	with	ADP
taxlaw-12357	1559	63	the	the	DET
taxlaw-12357	1559	64	return	return	NOUN
taxlaw-12357	1559	65	on	on	ADP
taxlaw-12357	1559	66	the	the	DET
taxlaw-12357	1559	67	underlying	underlying	NOUN
taxlaw-12357	1559	68	?	?	PUNCT
taxlaw-12357	1560	1	we	we	PRON
taxlaw-12357	1560	2	flag	flag	VERB
taxlaw-12357	1560	3	problems	problem	NOUN
taxlaw-12357	1560	4	in	in	ADP
taxlaw-12357	1560	5	analyzing	analyze	VERB
taxlaw-12357	1560	6	this	this	DET
taxlaw-12357	1560	7	issue	issue	NOUN
taxlaw-12357	1560	8	with	with	ADP
taxlaw-12357	1560	9	the	the	DET
taxlaw-12357	1560	10	spread	spread	NOUN
taxlaw-12357	1560	11	,	,	PUNCT
taxlaw-12357	1560	12	delta	delta	NOUN
taxlaw-12357	1560	13	,	,	PUNCT
taxlaw-12357	1560	14	and	and	CCONJ
taxlaw-12357	1560	15	mckelvey	mckelvey	NOUN
taxlaw-12357	1560	16	tests	test	NOUN
taxlaw-12357	1560	17	,	,	PUNCT
taxlaw-12357	1560	18	and	and	CCONJ
taxlaw-12357	1560	19	show	show	VERB
taxlaw-12357	1560	20	that	that	SCONJ
taxlaw-12357	1560	21	our	our	PRON
taxlaw-12357	1560	22	difference	difference	NOUN
taxlaw-12357	1560	23	-	-	PUNCT
taxlaw-12357	1560	24	value	value	NOUN
taxlaw-12357	1560	25	test	test	NOUN
taxlaw-12357	1560	26	avoids	avoid	VERB
taxlaw-12357	1560	27	these	these	DET
taxlaw-12357	1560	28	problems	problem	NOUN
taxlaw-12357	1560	29	,	,	PUNCT
taxlaw-12357	1560	30	offering	offer	VERB
taxlaw-12357	1560	31	a	a	DET
taxlaw-12357	1560	32	more	more	ADV
taxlaw-12357	1560	33	nuanced	nuanced	ADJ
taxlaw-12357	1560	34	and	and	CCONJ
taxlaw-12357	1560	35	robust	robust	ADJ
taxlaw-12357	1560	36	analysis	analysis	NOUN
taxlaw-12357	1560	37	of	of	ADP
taxlaw-12357	1560	38	the	the	DET
taxlaw-12357	1560	39	issue	issue	NOUN
taxlaw-12357	1560	40	.	.	PUNCT
taxlaw-12357	1561	1	a.	a.	NOUN
taxlaw-12357	1561	2	basket	basket	NOUN
taxlaw-12357	1561	3	options	option	NOUN
taxlaw-12357	1561	4	:	:	PUNCT
taxlaw-12357	1561	5	a	a	DET
taxlaw-12357	1561	6	potential	potential	ADJ
taxlaw-12357	1561	7	end	end	NOUN
taxlaw-12357	1561	8	run	run	VERB
taxlaw-12357	1561	9	around	around	ADP
taxlaw-12357	1561	10	section	section	NOUN
taxlaw-12357	1561	11	1260	1260	NUM
taxlaw-12357	1561	12	like	like	ADP
taxlaw-12357	1561	13	the	the	DET
taxlaw-12357	1561	14	first	first	ADJ
taxlaw-12357	1561	15	generation	generation	NOUN
taxlaw-12357	1561	16	of	of	ADP
taxlaw-12357	1561	17	hedge	hedge	NOUN
taxlaw-12357	1561	18	fund	fund	NOUN
taxlaw-12357	1561	19	derivatives	derivative	NOUN
taxlaw-12357	1561	20	described	describe	VERB
taxlaw-12357	1561	21	above	above	ADP
taxlaw-12357	1561	22	–	–	PUNCT
taxlaw-12357	1561	23	forward	forward	ADJ
taxlaw-12357	1561	24	contracts	contract	NOUN
taxlaw-12357	1561	25	to	to	PART
taxlaw-12357	1561	26	buy	buy	VERB
taxlaw-12357	1561	27	a	a	DET
taxlaw-12357	1561	28	fund	fund	NOUN
taxlaw-12357	1561	29	interest166	interest166	NUM
taxlaw-12357	1561	30	–	–	PUNCT
taxlaw-12357	1561	31	basket	basket	NOUN
taxlaw-12357	1561	32	options	option	NOUN
taxlaw-12357	1561	33	are	be	AUX
taxlaw-12357	1561	34	supposed	suppose	VERB
taxlaw-12357	1561	35	to	to	PART
taxlaw-12357	1561	36	avoid	avoid	VERB
taxlaw-12357	1561	37	the	the	DET
taxlaw-12357	1561	38	tax	tax	NOUN
taxlaw-12357	1561	39	cost	cost	NOUN
taxlaw-12357	1561	40	164	164	NUM
taxlaw-12357	1561	41	see	see	VERB
taxlaw-12357	1561	42	webber	webber	PROPN
taxlaw-12357	1561	43	v.	v.	ADP
taxlaw-12357	1561	44	comm’r	comm’r	PROPN
taxlaw-12357	1561	45	,	,	PUNCT
taxlaw-12357	1561	46	144	144	NUM
taxlaw-12357	1561	47	t.c	t.c	PROPN
taxlaw-12357	1561	48	.	.	PROPN
taxlaw-12357	1561	49	324	324	NUM
taxlaw-12357	1561	50	(	(	PUNCT
taxlaw-12357	1561	51	2015	2015	NUM
taxlaw-12357	1561	52	)	)	PUNCT
taxlaw-12357	1561	53	;	;	PUNCT
taxlaw-12357	1562	1	steven	steven	PROPN
taxlaw-12357	1562	2	horowitz	horowitz	PROPN
taxlaw-12357	1562	3	et	et	PROPN
taxlaw-12357	1562	4	al	al	PROPN
taxlaw-12357	1562	5	.	.	PROPN
taxlaw-12357	1562	6	,	,	PUNCT
taxlaw-12357	1562	7	the	the	DET
taxlaw-12357	1562	8	tangled	tangled	ADJ
taxlaw-12357	1562	9	web	web	NOUN
taxlaw-12357	1562	10	:	:	PUNCT
taxlaw-12357	1562	11	substance	substance	NOUN
taxlaw-12357	1562	12	vs.	vs.	ADP
taxlaw-12357	1562	13	form	form	NOUN
taxlaw-12357	1562	14	,	,	PUNCT
taxlaw-12357	1562	15	webber	webber	PROPN
taxlaw-12357	1562	16	,	,	PUNCT
taxlaw-12357	1562	17	and	and	CCONJ
taxlaw-12357	1562	18	the	the	DET
taxlaw-12357	1562	19	revenge	revenge	NOUN
taxlaw-12357	1562	20	of	of	ADP
taxlaw-12357	1562	21	the	the	DET
taxlaw-12357	1562	22	investor	investor	NOUN
taxlaw-12357	1562	23	control	control	NOUN
taxlaw-12357	1562	24	doctrine	doctrine	NOUN
taxlaw-12357	1562	25	,	,	PUNCT
taxlaw-12357	1562	26	34	34	NUM
taxlaw-12357	1562	27	j.	j.	PROPN
taxlaw-12357	1562	28	tax’n	tax’n	PROPN
taxlaw-12357	1562	29	inv	inv	ADJ
taxlaw-12357	1562	30	.	.	PUNCT
taxlaw-12357	1563	1	19	19	NUM
taxlaw-12357	1563	2	(	(	PUNCT
taxlaw-12357	1563	3	2017	2017	NUM
taxlaw-12357	1563	4	)	)	PUNCT
taxlaw-12357	1563	5	165	165	NUM
taxlaw-12357	1563	6	for	for	ADP
taxlaw-12357	1563	7	an	an	DET
taxlaw-12357	1563	8	insightful	insightful	ADJ
taxlaw-12357	1563	9	discussion	discussion	NOUN
taxlaw-12357	1563	10	,	,	PUNCT
taxlaw-12357	1563	11	see	see	VERB
taxlaw-12357	1563	12	generally	generally	ADV
taxlaw-12357	1563	13	alex	alex	PROPN
taxlaw-12357	1563	14	raskolnikov	raskolnikov	PROPN
taxlaw-12357	1563	15	,	,	PUNCT
taxlaw-12357	1563	16	contextual	contextual	ADJ
taxlaw-12357	1563	17	analysis	analysis	NOUN
taxlaw-12357	1563	18	of	of	ADP
taxlaw-12357	1563	19	tax	tax	NOUN
taxlaw-12357	1563	20	ownership	ownership	NOUN
taxlaw-12357	1563	21	,	,	PUNCT
taxlaw-12357	1563	22	85	85	NUM
taxlaw-12357	1563	23	b.u	b.u	PROPN
taxlaw-12357	1563	24	.	.	PROPN
taxlaw-12357	1563	25	l.	l.	PROPN
taxlaw-12357	1563	26	rev	rev	PROPN
taxlaw-12357	1563	27	.	.	PROPN
taxlaw-12357	1564	1	431	431	NUM
taxlaw-12357	1564	2	(	(	PUNCT
taxlaw-12357	1564	3	2005	2005	NUM
taxlaw-12357	1564	4	)	)	PUNCT
taxlaw-12357	1564	5	.	.	PUNCT
taxlaw-12357	1565	1	166	166	NUM
taxlaw-12357	1565	2	see	see	VERB
taxlaw-12357	1565	3	supra	supra	PROPN
taxlaw-12357	1565	4	part	part	PROPN
taxlaw-12357	1565	5	ii.a	ii.a	PROPN
taxlaw-12357	1565	6	.	.	PUNCT
taxlaw-12357	1566	1	columbia	columbia	PROPN
taxlaw-12357	1566	2	journal	journal	PROPN
taxlaw-12357	1566	3	of	of	ADP
taxlaw-12357	1566	4	tax	tax	NOUN
taxlaw-12357	1566	5	law	law	NOUN
taxlaw-12357	1567	1	[	[	X
taxlaw-12357	1567	2	vol	vol	NOUN
taxlaw-12357	1567	3	15:1	15:1	NUM
taxlaw-12357	1567	4	56	56	NUM
taxlaw-12357	1567	5	of	of	ADP
taxlaw-12357	1567	6	frequent	frequent	ADJ
taxlaw-12357	1567	7	trading.167	trading.167	NOUN
taxlaw-12357	1567	8	after	after	ADP
taxlaw-12357	1567	9	describing	describe	VERB
taxlaw-12357	1567	10	basket	basket	NOUN
taxlaw-12357	1567	11	options	option	NOUN
taxlaw-12357	1567	12	,	,	PUNCT
taxlaw-12357	1567	13	this	this	DET
taxlaw-12357	1567	14	section	section	NOUN
taxlaw-12357	1567	15	surveys	survey	NOUN
taxlaw-12357	1567	16	issues	issue	NOUN
taxlaw-12357	1567	17	they	they	PRON
taxlaw-12357	1567	18	raise	raise	VERB
taxlaw-12357	1567	19	under	under	ADP
taxlaw-12357	1567	20	section	section	NOUN
taxlaw-12357	1567	21	1260	1260	NUM
taxlaw-12357	1567	22	,	,	PUNCT
taxlaw-12357	1567	23	as	as	ADV
taxlaw-12357	1567	24	well	well	ADV
taxlaw-12357	1567	25	as	as	ADP
taxlaw-12357	1567	26	under	under	ADP
taxlaw-12357	1567	27	tax	tax	NOUN
taxlaw-12357	1567	28	rules	rule	NOUN
taxlaw-12357	1567	29	governing	govern	VERB
taxlaw-12357	1567	30	ownership	ownership	NOUN
taxlaw-12357	1567	31	.	.	PUNCT
taxlaw-12357	1568	1	1	1	X
taxlaw-12357	1568	2	.	.	X
taxlaw-12357	1568	3	differences	difference	NOUN
taxlaw-12357	1568	4	from	from	ADP
taxlaw-12357	1568	5	earlier	early	ADJ
taxlaw-12357	1568	6	hedge	hedge	NOUN
taxlaw-12357	1568	7	fund	fund	NOUN
taxlaw-12357	1568	8	derivatives	derivative	NOUN
taxlaw-12357	1568	9	compared	compare	VERB
taxlaw-12357	1568	10	with	with	ADP
taxlaw-12357	1568	11	earlier	early	ADJ
taxlaw-12357	1568	12	hedge	hedge	NOUN
taxlaw-12357	1568	13	fund	fund	NOUN
taxlaw-12357	1568	14	derivatives	derivative	NOUN
taxlaw-12357	1568	15	,	,	PUNCT
taxlaw-12357	1568	16	basket	basket	NOUN
taxlaw-12357	1568	17	options	option	NOUN
taxlaw-12357	1568	18	are	be	AUX
taxlaw-12357	1568	19	different	different	ADJ
taxlaw-12357	1568	20	in	in	ADP
taxlaw-12357	1568	21	two	two	NUM
taxlaw-12357	1568	22	ways	way	NOUN
taxlaw-12357	1568	23	.	.	PUNCT
taxlaw-12357	1569	1	first	first	ADV
taxlaw-12357	1569	2	,	,	PUNCT
taxlaw-12357	1569	3	this	this	DET
taxlaw-12357	1569	4	trading	trading	NOUN
taxlaw-12357	1569	5	is	be	AUX
taxlaw-12357	1569	6	outsourced	outsource	VERB
taxlaw-12357	1569	7	to	to	ADP
taxlaw-12357	1569	8	derivatives	derivative	NOUN
taxlaw-12357	1569	9	dealers	dealer	NOUN
taxlaw-12357	1569	10	.	.	PUNCT
taxlaw-12357	1570	1	using	use	VERB
taxlaw-12357	1570	2	the	the	DET
taxlaw-12357	1570	3	hedge	hedge	NOUN
taxlaw-12357	1570	4	fund	fund	PROPN
taxlaw-12357	1570	5	’s	’s	PART
taxlaw-12357	1570	6	trading	trading	NOUN
taxlaw-12357	1570	7	strategy	strategy	NOUN
taxlaw-12357	1570	8	,	,	PUNCT
taxlaw-12357	1570	9	dealers	dealer	NOUN
taxlaw-12357	1570	10	manage	manage	VERB
taxlaw-12357	1570	11	a	a	DET
taxlaw-12357	1570	12	portfolio	portfolio	NOUN
taxlaw-12357	1570	13	(	(	PUNCT
taxlaw-12357	1570	14	or	or	CCONJ
taxlaw-12357	1570	15	“	"	PUNCT
taxlaw-12357	1570	16	basket	basket	NOUN
taxlaw-12357	1570	17	”	"	PUNCT
taxlaw-12357	1570	18	)	)	PUNCT
taxlaw-12357	1570	19	of	of	ADP
taxlaw-12357	1570	20	securities	security	NOUN
taxlaw-12357	1570	21	and	and	CCONJ
taxlaw-12357	1570	22	grant	grant	VERB
taxlaw-12357	1570	23	an	an	DET
taxlaw-12357	1570	24	option	option	NOUN
taxlaw-12357	1570	25	to	to	PART
taxlaw-12357	1570	26	buy	buy	VERB
taxlaw-12357	1570	27	this	this	DET
taxlaw-12357	1570	28	basket	basket	NOUN
taxlaw-12357	1570	29	to	to	ADP
taxlaw-12357	1570	30	the	the	DET
taxlaw-12357	1570	31	hedge	hedge	NOUN
taxlaw-12357	1570	32	fund	fund	NOUN
taxlaw-12357	1570	33	(	(	PUNCT
taxlaw-12357	1570	34	or	or	CCONJ
taxlaw-12357	1570	35	a	a	DET
taxlaw-12357	1570	36	potential	potential	ADJ
taxlaw-12357	1570	37	investor	investor	NOUN
taxlaw-12357	1570	38	in	in	ADP
taxlaw-12357	1570	39	the	the	DET
taxlaw-12357	1570	40	fund).168	fund).168	NOUN
taxlaw-12357	1570	41	second	second	ADJ
taxlaw-12357	1570	42	,	,	PUNCT
taxlaw-12357	1570	43	this	this	DET
taxlaw-12357	1570	44	option	option	NOUN
taxlaw-12357	1570	45	(	(	PUNCT
taxlaw-12357	1570	46	supposedly	supposedly	ADV
taxlaw-12357	1570	47	)	)	PUNCT
taxlaw-12357	1570	48	offers	offer	VERB
taxlaw-12357	1570	49	some	some	DET
taxlaw-12357	1570	50	protection	protection	NOUN
taxlaw-12357	1570	51	from	from	ADP
taxlaw-12357	1570	52	risk	risk	NOUN
taxlaw-12357	1570	53	of	of	ADP
taxlaw-12357	1570	54	loss	loss	NOUN
taxlaw-12357	1570	55	in	in	ADP
taxlaw-12357	1570	56	the	the	DET
taxlaw-12357	1570	57	basket	basket	NOUN
taxlaw-12357	1570	58	,	,	PUNCT
taxlaw-12357	1570	59	and	and	CCONJ
taxlaw-12357	1570	60	thus	thus	ADV
taxlaw-12357	1570	61	(	(	PUNCT
taxlaw-12357	1570	62	arguably	arguably	ADV
taxlaw-12357	1570	63	)	)	PUNCT
taxlaw-12357	1570	64	does	do	AUX
taxlaw-12357	1570	65	not	not	PART
taxlaw-12357	1570	66	track	track	VERB
taxlaw-12357	1570	67	it	it	PRON
taxlaw-12357	1570	68	as	as	ADV
taxlaw-12357	1570	69	perfectly	perfectly	ADV
taxlaw-12357	1570	70	as	as	ADP
taxlaw-12357	1570	71	a	a	DET
taxlaw-12357	1570	72	forward	forward	ADJ
taxlaw-12357	1570	73	contract.169	contract.169	NOUN
taxlaw-12357	1570	74	in	in	ADP
taxlaw-12357	1570	75	2014	2014	NUM
taxlaw-12357	1570	76	,	,	PUNCT
taxlaw-12357	1570	77	a	a	DET
taxlaw-12357	1570	78	senate	senate	PROPN
taxlaw-12357	1570	79	committee	committee	NOUN
taxlaw-12357	1570	80	blew	blow	VERB
taxlaw-12357	1570	81	the	the	DET
taxlaw-12357	1570	82	whistle	whistle	NOUN
taxlaw-12357	1570	83	on	on	ADP
taxlaw-12357	1570	84	basket	basket	NOUN
taxlaw-12357	1570	85	options	option	NOUN
taxlaw-12357	1570	86	,	,	PUNCT
taxlaw-12357	1570	87	claiming	claim	VERB
taxlaw-12357	1570	88	that	that	SCONJ
taxlaw-12357	1570	89	they	they	PRON
taxlaw-12357	1570	90	were	be	AUX
taxlaw-12357	1570	91	avoiding	avoid	VERB
taxlaw-12357	1570	92	billions	billion	NOUN
taxlaw-12357	1570	93	of	of	ADP
taxlaw-12357	1570	94	dollars	dollar	NOUN
taxlaw-12357	1570	95	in	in	ADP
taxlaw-12357	1570	96	tax.170	tax.170	ADV
taxlaw-12357	1570	97	the	the	DET
taxlaw-12357	1570	98	treasury	treasury	NOUN
taxlaw-12357	1570	99	followed	follow	VERB
taxlaw-12357	1570	100	up	up	ADP
taxlaw-12357	1570	101	with	with	ADP
taxlaw-12357	1570	102	a	a	DET
taxlaw-12357	1570	103	pair	pair	NOUN
taxlaw-12357	1570	104	of	of	ADP
taxlaw-12357	1570	105	notices	notice	NOUN
taxlaw-12357	1570	106	,	,	PUNCT
taxlaw-12357	1570	107	deeming	deeming	ADJ
taxlaw-12357	1570	108	basket	basket	NOUN
taxlaw-12357	1570	109	options	option	NOUN
taxlaw-12357	1570	110	a	a	DET
taxlaw-12357	1570	111	“	"	PUNCT
taxlaw-12357	1570	112	tax	tax	NOUN
taxlaw-12357	1570	113	avoidance	avoidance	NOUN
taxlaw-12357	1570	114	transaction	transaction	NOUN
taxlaw-12357	1570	115	”	"	PUNCT
taxlaw-12357	1570	116	and	and	CCONJ
taxlaw-12357	1570	117	requiring	require	VERB
taxlaw-12357	1570	118	special	special	ADJ
taxlaw-12357	1570	119	disclosure	disclosure	NOUN
taxlaw-12357	1570	120	about	about	ADP
taxlaw-12357	1570	121	them.171	them.171	NOUN
taxlaw-12357	1570	122	the	the	DET
taxlaw-12357	1570	123	government	government	NOUN
taxlaw-12357	1570	124	also	also	ADV
taxlaw-12357	1570	125	challenged	challenge	VERB
taxlaw-12357	1570	126	basket	basket	NOUN
taxlaw-12357	1570	127	options	option	NOUN
taxlaw-12357	1570	128	on	on	ADP
taxlaw-12357	1570	129	audit	audit	NOUN
taxlaw-12357	1570	130	.	.	PUNCT
taxlaw-12357	1571	1	one	one	NUM
taxlaw-12357	1571	2	hedge	hedge	NOUN
taxlaw-12357	1571	3	fund	fund	NOUN
taxlaw-12357	1571	4	,	,	PUNCT
taxlaw-12357	1571	5	renaissance	renaissance	NOUN
taxlaw-12357	1571	6	technologies	technology	NOUN
taxlaw-12357	1571	7	,	,	PUNCT
taxlaw-12357	1571	8	llc	llc	PROPN
taxlaw-12357	1571	9	,	,	PUNCT
taxlaw-12357	1571	10	reportedly	reportedly	ADV
taxlaw-12357	1571	11	settled	settle	VERB
taxlaw-12357	1571	12	by	by	ADP
taxlaw-12357	1571	13	paying	pay	VERB
taxlaw-12357	1571	14	about	about	ADP
taxlaw-12357	1571	15	$	$	SYM
taxlaw-12357	1571	16	7	7	NUM
taxlaw-12357	1571	17	billion	billion	NUM
taxlaw-12357	1571	18	,	,	PUNCT
taxlaw-12357	1571	19	which	which	PRON
taxlaw-12357	1571	20	is	be	AUX
taxlaw-12357	1571	21	one	one	NUM
taxlaw-12357	1571	22	of	of	ADP
taxlaw-12357	1571	23	the	the	DET
taxlaw-12357	1571	24	largest	large	ADJ
taxlaw-12357	1571	25	tax	tax	NOUN
taxlaw-12357	1571	26	settlements	settlement	NOUN
taxlaw-12357	1571	27	in	in	ADP
taxlaw-12357	1571	28	history.172	history.172	PROPN
taxlaw-12357	1571	29	2	2	NUM
taxlaw-12357	1571	30	.	.	PUNCT
taxlaw-12357	1571	31	gwa	gwa	PROPN
taxlaw-12357	1571	32	contract	contract	NOUN
taxlaw-12357	1571	33	meanwhile	meanwhile	ADV
taxlaw-12357	1571	34	,	,	PUNCT
taxlaw-12357	1571	35	another	another	DET
taxlaw-12357	1571	36	hedge	hedge	NOUN
taxlaw-12357	1571	37	fund	fund	NOUN
taxlaw-12357	1571	38	,	,	PUNCT
taxlaw-12357	1571	39	george	george	PROPN
taxlaw-12357	1571	40	weiss	weiss	PROPN
taxlaw-12357	1571	41	associates	associate	NOUN
taxlaw-12357	1571	42	(	(	PUNCT
taxlaw-12357	1571	43	“	"	PUNCT
taxlaw-12357	1571	44	gwa	gwa	NOUN
taxlaw-12357	1571	45	”	"	PUNCT
taxlaw-12357	1571	46	)	)	PUNCT
taxlaw-12357	1571	47	,	,	PUNCT
taxlaw-12357	1571	48	opted	opt	VERB
taxlaw-12357	1571	49	to	to	PART
taxlaw-12357	1571	50	litigate	litigate	VERB
taxlaw-12357	1571	51	the	the	DET
taxlaw-12357	1571	52	issue	issue	NOUN
taxlaw-12357	1571	53	.	.	PUNCT
taxlaw-12357	1572	1	the	the	DET
taxlaw-12357	1572	2	trial	trial	NOUN
taxlaw-12357	1572	3	was	be	AUX
taxlaw-12357	1572	4	held	hold	VERB
taxlaw-12357	1572	5	in	in	ADP
taxlaw-12357	1572	6	september	september	PROPN
taxlaw-12357	1572	7	2022	2022	NUM
taxlaw-12357	1572	8	and	and	CCONJ
taxlaw-12357	1572	9	,	,	PUNCT
taxlaw-12357	1572	10	as	as	ADP
taxlaw-12357	1572	11	of	of	ADP
taxlaw-12357	1572	12	this	this	DET
taxlaw-12357	1572	13	writing	writing	NOUN
taxlaw-12357	1572	14	,	,	PUNCT
taxlaw-12357	1572	15	the	the	DET
taxlaw-12357	1572	16	judge	judge	NOUN
taxlaw-12357	1572	17	has	have	AUX
taxlaw-12357	1572	18	not	not	PART
taxlaw-12357	1572	19	yet	yet	ADV
taxlaw-12357	1572	20	issued	issue	VERB
taxlaw-12357	1572	21	a	a	DET
taxlaw-12357	1572	22	decision	decision	NOUN
taxlaw-12357	1572	23	.	.	PUNCT
taxlaw-12357	1573	1	167	167	NUM
taxlaw-12357	1573	2	u.s	u.s	PROPN
taxlaw-12357	1573	3	.	.	PROPN
taxlaw-12357	1573	4	s.	s.	PROPN
taxlaw-12357	1573	5	permanent	permanent	PROPN
taxlaw-12357	1573	6	subcomm	subcomm	NOUN
taxlaw-12357	1573	7	.	.	PUNCT
taxlaw-12357	1574	1	on	on	ADP
taxlaw-12357	1574	2	investigation	investigation	NOUN
taxlaw-12357	1574	3	,	,	PUNCT
taxlaw-12357	1574	4	abuse	abuse	NOUN
taxlaw-12357	1574	5	of	of	ADP
taxlaw-12357	1574	6	structured	structured	ADJ
taxlaw-12357	1574	7	financial	financial	ADJ
taxlaw-12357	1574	8	products	product	NOUN
taxlaw-12357	1574	9	:	:	PUNCT
taxlaw-12357	1574	10	misusing	misuse	VERB
taxlaw-12357	1574	11	basket	basket	NOUN
taxlaw-12357	1574	12	options	option	NOUN
taxlaw-12357	1574	13	to	to	PART
taxlaw-12357	1574	14	avoid	avoid	VERB
taxlaw-12357	1574	15	taxes	taxis	NOUN
taxlaw-12357	1574	16	and	and	CCONJ
taxlaw-12357	1574	17	leverage	leverage	NOUN
taxlaw-12357	1574	18	limits	limit	VERB
taxlaw-12357	1574	19	1	1	NUM
taxlaw-12357	1574	20	(	(	PUNCT
taxlaw-12357	1574	21	2014	2014	NUM
taxlaw-12357	1574	22	)	)	PUNCT
taxlaw-12357	1574	23	https://www.hsgac.senate.gov/wp-content/uploads/imo/media/doc/reportabuse%20of%20structured%20financial%20products%20(basket%20options)%20(7-2214,%20updated%209-30-14).pdf	https://www.hsgac.senate.gov/wp-content/uploads/imo/media/doc/reportabuse%20of%20structured%20financial%20products%20(basket%20options)%20(7-2214,%20updated%209-30-14).pdf	NOUN
taxlaw-12357	1575	1	[	[	X
taxlaw-12357	1575	2	https://perma.cc/3wk4-p6bu	https://perma.cc/3wk4-p6bu	X
taxlaw-12357	1575	3	]	]	X
taxlaw-12357	1575	4	(	(	PUNCT
taxlaw-12357	1575	5	“	"	PUNCT
taxlaw-12357	1575	6	the	the	DET
taxlaw-12357	1575	7	resulting	result	VERB
taxlaw-12357	1575	8	short	short	ADJ
taxlaw-12357	1575	9	-	-	PUNCT
taxlaw-12357	1575	10	term	term	NOUN
taxlaw-12357	1575	11	profits	profit	NOUN
taxlaw-12357	1575	12	were	be	AUX
taxlaw-12357	1575	13	frequently	frequently	ADV
taxlaw-12357	1575	14	cast	cast	VERB
taxlaw-12357	1575	15	as	as	ADP
taxlaw-12357	1575	16	long	long	ADJ
taxlaw-12357	1575	17	-	-	PUNCT
taxlaw-12357	1575	18	term	term	NOUN
taxlaw-12357	1575	19	capital	capital	NOUN
taxlaw-12357	1575	20	gains	gain	NOUN
taxlaw-12357	1575	21	”	"	PUNCT
taxlaw-12357	1575	22	)	)	PUNCT
taxlaw-12357	1575	23	.	.	PUNCT
taxlaw-12357	1576	1	168	168	NUM
taxlaw-12357	1576	2	see	see	VERB
taxlaw-12357	1576	3	i.r.s	i.r.s	PROPN
taxlaw-12357	1576	4	.	.	PUNCT
taxlaw-12357	1577	1	notice	notice	VERB
taxlaw-12357	1577	2	2015	2015	NUM
taxlaw-12357	1577	3	-	-	SYM
taxlaw-12357	1577	4	73	73	NUM
taxlaw-12357	1577	5	,	,	PUNCT
taxlaw-12357	1577	6	2015	2015	NUM
taxlaw-12357	1577	7	-	-	SYM
taxlaw-12357	1577	8	46	46	NUM
taxlaw-12357	1577	9	i.r.b	i.r.b	NOUN
taxlaw-12357	1577	10	.	.	PUNCT
taxlaw-12357	1578	1	660	660	NUM
taxlaw-12357	1578	2	(	(	PUNCT
taxlaw-12357	1578	3	noting	note	VERB
taxlaw-12357	1578	4	that	that	SCONJ
taxlaw-12357	1578	5	taxpayers	taxpayer	NOUN
taxlaw-12357	1578	6	“	"	PUNCT
taxlaw-12357	1578	7	either	either	CCONJ
taxlaw-12357	1578	8	determine	determine	VERB
taxlaw-12357	1578	9	the	the	DET
taxlaw-12357	1578	10	assets	asset	NOUN
taxlaw-12357	1578	11	that	that	PRON
taxlaw-12357	1578	12	comprise	comprise	VERB
taxlaw-12357	1578	13	the	the	DET
taxlaw-12357	1578	14	reference	reference	NOUN
taxlaw-12357	1578	15	basket	basket	NOUN
taxlaw-12357	1578	16	or	or	CCONJ
taxlaw-12357	1578	17	design	design	NOUN
taxlaw-12357	1578	18	or	or	CCONJ
taxlaw-12357	1578	19	select	select	VERB
taxlaw-12357	1578	20	a	a	DET
taxlaw-12357	1578	21	trading	trading	NOUN
taxlaw-12357	1578	22	algorithm	algorithm	NOUN
taxlaw-12357	1578	23	that	that	PRON
taxlaw-12357	1578	24	determines	determine	VERB
taxlaw-12357	1578	25	the	the	DET
taxlaw-12357	1578	26	assets	asset	NOUN
taxlaw-12357	1578	27	”	"	PUNCT
taxlaw-12357	1578	28	and	and	CCONJ
taxlaw-12357	1578	29	have	have	VERB
taxlaw-12357	1578	30	the	the	DET
taxlaw-12357	1578	31	right	right	NOUN
taxlaw-12357	1578	32	to	to	PART
taxlaw-12357	1578	33	make	make	VERB
taxlaw-12357	1578	34	(	(	PUNCT
taxlaw-12357	1578	35	nonbinding	nonbinding	NOUN
taxlaw-12357	1578	36	)	)	PUNCT
taxlaw-12357	1578	37	suggestions	suggestion	NOUN
taxlaw-12357	1578	38	that	that	SCONJ
taxlaw-12357	1578	39	the	the	DET
taxlaw-12357	1578	40	dealer	dealer	NOUN
taxlaw-12357	1578	41	generally	generally	ADV
taxlaw-12357	1578	42	accepts	accept	VERB
taxlaw-12357	1578	43	)	)	PUNCT
taxlaw-12357	1578	44	.	.	PUNCT
taxlaw-12357	1579	1	169	169	NUM
taxlaw-12357	1579	2	see	see	VERB
taxlaw-12357	1579	3	i	i	PROPN
taxlaw-12357	1579	4	d.	d.	PROPN
taxlaw-12357	1579	5	(	(	PUNCT
taxlaw-12357	1579	6	“	"	PUNCT
taxlaw-12357	1579	7	in	in	ADP
taxlaw-12357	1579	8	some	some	DET
taxlaw-12357	1579	9	cases	case	NOUN
taxlaw-12357	1579	10	,	,	PUNCT
taxlaw-12357	1579	11	taxpayers	taxpayer	NOUN
taxlaw-12357	1579	12	are	be	AUX
taxlaw-12357	1579	13	also	also	ADV
taxlaw-12357	1579	14	mischaracterizing	mischaracterize	VERB
taxlaw-12357	1579	15	a	a	DET
taxlaw-12357	1579	16	transaction	transaction	NOUN
taxlaw-12357	1579	17	as	as	ADP
taxlaw-12357	1579	18	an	an	DET
taxlaw-12357	1579	19	option	option	NOUN
taxlaw-12357	1579	20	to	to	PART
taxlaw-12357	1579	21	avoid	avoid	VERB
taxlaw-12357	1579	22	application	application	NOUN
taxlaw-12357	1579	23	of	of	ADP
taxlaw-12357	1579	24	§	§	PROPN
taxlaw-12357	1579	25	1260	1260	NUM
taxlaw-12357	1579	26	.	.	PUNCT
taxlaw-12357	1579	27	”	"	PUNCT
taxlaw-12357	1579	28	)	)	PUNCT
taxlaw-12357	1579	29	.	.	PUNCT
taxlaw-12357	1580	1	as	as	SCONJ
taxlaw-12357	1580	2	discussed	discuss	VERB
taxlaw-12357	1580	3	further	far	ADV
taxlaw-12357	1580	4	below	below	ADV
taxlaw-12357	1580	5	,	,	PUNCT
taxlaw-12357	1580	6	the	the	DET
taxlaw-12357	1580	7	option	option	NOUN
taxlaw-12357	1580	8	terminates	terminate	VERB
taxlaw-12357	1580	9	when	when	SCONJ
taxlaw-12357	1580	10	the	the	DET
taxlaw-12357	1580	11	portfolio	portfolio	NOUN
taxlaw-12357	1580	12	declines	decline	VERB
taxlaw-12357	1580	13	below	below	ADP
taxlaw-12357	1580	14	a	a	DET
taxlaw-12357	1580	15	specified	specified	ADJ
taxlaw-12357	1580	16	level	level	NOUN
taxlaw-12357	1580	17	,	,	PUNCT
taxlaw-12357	1580	18	which	which	PRON
taxlaw-12357	1580	19	is	be	AUX
taxlaw-12357	1580	20	above	above	ADP
taxlaw-12357	1580	21	the	the	DET
taxlaw-12357	1580	22	price	price	NOUN
taxlaw-12357	1580	23	the	the	DET
taxlaw-12357	1580	24	holder	holder	NOUN
taxlaw-12357	1580	25	is	be	AUX
taxlaw-12357	1580	26	entitled	entitle	VERB
taxlaw-12357	1580	27	to	to	PART
taxlaw-12357	1580	28	pay	pay	VERB
taxlaw-12357	1580	29	for	for	ADP
taxlaw-12357	1580	30	the	the	DET
taxlaw-12357	1580	31	underlying	underlie	VERB
taxlaw-12357	1580	32	(	(	PUNCT
taxlaw-12357	1580	33	the	the	DET
taxlaw-12357	1580	34	“	"	PUNCT
taxlaw-12357	1580	35	strike	strike	NOUN
taxlaw-12357	1580	36	price	price	NOUN
taxlaw-12357	1580	37	”	"	PUNCT
taxlaw-12357	1580	38	)	)	PUNCT
taxlaw-12357	1580	39	.	.	PUNCT
taxlaw-12357	1581	1	this	this	DET
taxlaw-12357	1581	2	feature	feature	NOUN
taxlaw-12357	1581	3	generally	generally	ADV
taxlaw-12357	1581	4	causes	cause	VERB
taxlaw-12357	1581	5	the	the	DET
taxlaw-12357	1581	6	option	option	NOUN
taxlaw-12357	1581	7	to	to	PART
taxlaw-12357	1581	8	function	function	VERB
taxlaw-12357	1581	9	more	more	ADV
taxlaw-12357	1581	10	like	like	ADP
taxlaw-12357	1581	11	a	a	DET
taxlaw-12357	1581	12	forward	forward	ADJ
taxlaw-12357	1581	13	contract	contract	NOUN
taxlaw-12357	1581	14	.	.	PUNCT
taxlaw-12357	1582	1	yet	yet	CCONJ
taxlaw-12357	1582	2	this	this	DET
taxlaw-12357	1582	3	instrument	instrument	NOUN
taxlaw-12357	1582	4	does	do	AUX
taxlaw-12357	1582	5	differ	differ	VERB
taxlaw-12357	1582	6	from	from	ADP
taxlaw-12357	1582	7	a	a	DET
taxlaw-12357	1582	8	forward	forward	ADJ
taxlaw-12357	1582	9	contract	contract	NOUN
taxlaw-12357	1582	10	when	when	SCONJ
taxlaw-12357	1582	11	the	the	DET
taxlaw-12357	1582	12	price	price	NOUN
taxlaw-12357	1582	13	declines	decline	VERB
taxlaw-12357	1582	14	very	very	ADV
taxlaw-12357	1582	15	rapidly	rapidly	ADV
taxlaw-12357	1582	16	.	.	PUNCT
taxlaw-12357	1583	1	in	in	ADP
taxlaw-12357	1583	2	this	this	DET
taxlaw-12357	1583	3	scenario	scenario	NOUN
taxlaw-12357	1583	4	,	,	PUNCT
taxlaw-12357	1583	5	some	some	DET
taxlaw-12357	1583	6	risk	risk	NOUN
taxlaw-12357	1583	7	of	of	ADP
taxlaw-12357	1583	8	loss	loss	NOUN
taxlaw-12357	1583	9	can	can	AUX
taxlaw-12357	1583	10	be	be	AUX
taxlaw-12357	1583	11	shifted	shift	VERB
taxlaw-12357	1583	12	to	to	ADP
taxlaw-12357	1583	13	the	the	DET
taxlaw-12357	1583	14	counterparty	counterparty	NOUN
taxlaw-12357	1583	15	on	on	ADP
taxlaw-12357	1583	16	the	the	DET
taxlaw-12357	1583	17	option	option	NOUN
taxlaw-12357	1583	18	,	,	PUNCT
taxlaw-12357	1583	19	as	as	SCONJ
taxlaw-12357	1583	20	noted	note	VERB
taxlaw-12357	1583	21	below	below	ADV
taxlaw-12357	1583	22	.	.	PUNCT
taxlaw-12357	1584	1	see	see	VERB
taxlaw-12357	1584	2	infra	infra	NOUN
taxlaw-12357	1584	3	part	part	NOUN
taxlaw-12357	1584	4	vii.c.4	vii.c.4	NOUN
taxlaw-12357	1584	5	.	.	PROPN
taxlaw-12357	1585	1	170	170	NUM
taxlaw-12357	1585	2	see	see	VERB
taxlaw-12357	1585	3	u.s	u.s	PROPN
taxlaw-12357	1585	4	.	.	PROPN
taxlaw-12357	1585	5	s.	s.	PROPN
taxlaw-12357	1585	6	permanent	permanent	PROPN
taxlaw-12357	1585	7	subcomm	subcomm	NOUN
taxlaw-12357	1585	8	.	.	PUNCT
taxlaw-12357	1586	1	on	on	ADP
taxlaw-12357	1586	2	investigation	investigation	NOUN
taxlaw-12357	1586	3	,	,	PUNCT
taxlaw-12357	1586	4	supra	supra	PROPN
taxlaw-12357	1586	5	note	note	NOUN
taxlaw-12357	1586	6	167	167	NUM
taxlaw-12357	1586	7	(	(	PUNCT
taxlaw-12357	1586	8	noting	note	VERB
taxlaw-12357	1586	9	that	that	SCONJ
taxlaw-12357	1586	10	strategy	strategy	NOUN
taxlaw-12357	1586	11	had	have	AUX
taxlaw-12357	1586	12	been	be	AUX
taxlaw-12357	1586	13	“	"	PUNCT
taxlaw-12357	1586	14	used	use	VERB
taxlaw-12357	1586	15	by	by	ADP
taxlaw-12357	1586	16	at	at	ADV
taxlaw-12357	1586	17	least	least	ADJ
taxlaw-12357	1586	18	13	13	NUM
taxlaw-12357	1586	19	hedge	hedge	NOUN
taxlaw-12357	1586	20	funds	fund	NOUN
taxlaw-12357	1586	21	to	to	PART
taxlaw-12357	1586	22	conduct	conduct	VERB
taxlaw-12357	1586	23	over	over	ADP
taxlaw-12357	1586	24	$	$	SYM
taxlaw-12357	1586	25	100	100	NUM
taxlaw-12357	1586	26	billion	billion	NUM
taxlaw-12357	1586	27	in	in	ADP
taxlaw-12357	1586	28	securities	security	NOUN
taxlaw-12357	1586	29	trades	trade	NOUN
taxlaw-12357	1586	30	”	"	PUNCT
taxlaw-12357	1586	31	)	)	PUNCT
taxlaw-12357	1586	32	.	.	PUNCT
taxlaw-12357	1587	1	171	171	NUM
taxlaw-12357	1587	2	see	see	VERB
taxlaw-12357	1587	3	i.r.s	i.r.s	PROPN
taxlaw-12357	1587	4	.	.	PUNCT
taxlaw-12357	1588	1	notice	notice	VERB
taxlaw-12357	1588	2	2015	2015	NUM
taxlaw-12357	1588	3	-	-	SYM
taxlaw-12357	1588	4	73	73	NUM
taxlaw-12357	1588	5	,	,	PUNCT
taxlaw-12357	1588	6	2015	2015	NUM
taxlaw-12357	1588	7	-	-	SYM
taxlaw-12357	1588	8	46	46	NUM
taxlaw-12357	1588	9	i.r.b	i.r.b	NOUN
taxlaw-12357	1588	10	.	.	PUNCT
taxlaw-12357	1589	1	660	660	NUM
taxlaw-12357	1589	2	(	(	PUNCT
taxlaw-12357	1589	3	deeming	deeming	ADJ
taxlaw-12357	1589	4	basket	basket	NOUN
taxlaw-12357	1589	5	options	option	NOUN
taxlaw-12357	1589	6	in	in	ADP
taxlaw-12357	1589	7	effect	effect	NOUN
taxlaw-12357	1589	8	on	on	ADP
taxlaw-12357	1589	9	or	or	CCONJ
taxlaw-12357	1589	10	after	after	ADP
taxlaw-12357	1589	11	january	january	PROPN
taxlaw-12357	1589	12	1	1	NUM
taxlaw-12357	1589	13	,	,	PUNCT
taxlaw-12357	1589	14	2011	2011	NUM
taxlaw-12357	1589	15	to	to	PART
taxlaw-12357	1589	16	be	be	AUX
taxlaw-12357	1589	17	“	"	PUNCT
taxlaw-12357	1589	18	listed	list	VERB
taxlaw-12357	1589	19	”	"	PUNCT
taxlaw-12357	1589	20	transactions	transaction	NOUN
taxlaw-12357	1589	21	beginning	begin	VERB
taxlaw-12357	1589	22	on	on	ADP
taxlaw-12357	1589	23	october	october	PROPN
taxlaw-12357	1589	24	21	21	NUM
taxlaw-12357	1589	25	,	,	PUNCT
taxlaw-12357	1589	26	2015	2015	NUM
taxlaw-12357	1589	27	)	)	PUNCT
taxlaw-12357	1589	28	;	;	PUNCT
taxlaw-12357	1589	29	i.r.s	i.r.s	PROPN
taxlaw-12357	1589	30	.	.	PUNCT
taxlaw-12357	1590	1	notice	notice	VERB
taxlaw-12357	1590	2	2015	2015	NUM
taxlaw-12357	1590	3	-	-	SYM
taxlaw-12357	1590	4	74	74	NUM
taxlaw-12357	1590	5	,	,	PUNCT
taxlaw-12357	1590	6	2015	2015	NUM
taxlaw-12357	1590	7	-	-	SYM
taxlaw-12357	1590	8	46	46	NUM
taxlaw-12357	1590	9	i.r.b	i.r.b	NOUN
taxlaw-12357	1590	10	.	.	PUNCT
taxlaw-12357	1591	1	663	663	NUM
taxlaw-12357	1591	2	(	(	PUNCT
taxlaw-12357	1591	3	deeming	deem	VERB
taxlaw-12357	1591	4	basket	basket	NOUN
taxlaw-12357	1591	5	options	option	NOUN
taxlaw-12357	1591	6	entered	enter	VERB
taxlaw-12357	1591	7	into	into	ADP
taxlaw-12357	1591	8	on	on	ADP
taxlaw-12357	1591	9	or	or	CCONJ
taxlaw-12357	1591	10	after	after	ADP
taxlaw-12357	1591	11	november	november	PROPN
taxlaw-12357	1591	12	2	2	NUM
taxlaw-12357	1591	13	,	,	PUNCT
taxlaw-12357	1591	14	2006	2006	NUM
taxlaw-12357	1591	15	and	and	CCONJ
taxlaw-12357	1591	16	still	still	ADV
taxlaw-12357	1591	17	in	in	ADP
taxlaw-12357	1591	18	effect	effect	NOUN
taxlaw-12357	1591	19	on	on	ADP
taxlaw-12357	1591	20	jan	jan	PROPN
taxlaw-12357	1591	21	.	.	PROPN
taxlaw-12357	1591	22	1	1	NUM
taxlaw-12357	1591	23	,	,	PUNCT
taxlaw-12357	1591	24	2011	2011	NUM
taxlaw-12357	1591	25	to	to	PART
taxlaw-12357	1591	26	be	be	AUX
taxlaw-12357	1591	27	“	"	PUNCT
taxlaw-12357	1591	28	transactions	transaction	NOUN
taxlaw-12357	1591	29	of	of	ADP
taxlaw-12357	1591	30	interest	interest	NOUN
taxlaw-12357	1591	31	”	"	PUNCT
taxlaw-12357	1591	32	)	)	PUNCT
taxlaw-12357	1591	33	.	.	PUNCT
taxlaw-12357	1592	1	these	these	DET
taxlaw-12357	1592	2	two	two	NUM
taxlaw-12357	1592	3	notices	notice	NOUN
taxlaw-12357	1592	4	revoked	revoke	VERB
taxlaw-12357	1592	5	notice	notice	NOUN
taxlaw-12357	1592	6	2015	2015	NUM
taxlaw-12357	1592	7	-	-	SYM
taxlaw-12357	1592	8	47	47	NUM
taxlaw-12357	1592	9	and	and	CCONJ
taxlaw-12357	1592	10	notice	notice	VERB
taxlaw-12357	1592	11	2015	2015	NUM
taxlaw-12357	1592	12	-	-	SYM
taxlaw-12357	1592	13	48	48	NUM
taxlaw-12357	1592	14	.	.	PUNCT
taxlaw-12357	1593	1	the	the	DET
taxlaw-12357	1593	2	later	later	ADJ
taxlaw-12357	1593	3	notices	notice	NOUN
taxlaw-12357	1593	4	were	be	AUX
taxlaw-12357	1593	5	similar	similar	ADJ
taxlaw-12357	1593	6	to	to	ADP
taxlaw-12357	1593	7	the	the	DET
taxlaw-12357	1593	8	earlier	early	ADJ
taxlaw-12357	1593	9	ones	one	NOUN
taxlaw-12357	1593	10	,	,	PUNCT
taxlaw-12357	1593	11	with	with	ADP
taxlaw-12357	1593	12	the	the	DET
taxlaw-12357	1593	13	difference	difference	NOUN
taxlaw-12357	1593	14	that	that	PRON
taxlaw-12357	1593	15	the	the	DET
taxlaw-12357	1593	16	later	late	ADJ
taxlaw-12357	1593	17	ones	one	NOUN
taxlaw-12357	1593	18	provided	provide	VERB
taxlaw-12357	1593	19	more	more	ADV
taxlaw-12357	1593	20	detailed	detailed	ADJ
taxlaw-12357	1593	21	descriptions	description	NOUN
taxlaw-12357	1593	22	of	of	ADP
taxlaw-12357	1593	23	the	the	DET
taxlaw-12357	1593	24	transactions	transaction	NOUN
taxlaw-12357	1593	25	in	in	ADP
taxlaw-12357	1593	26	question	question	NOUN
taxlaw-12357	1593	27	to	to	PART
taxlaw-12357	1593	28	avoid	avoid	VERB
taxlaw-12357	1593	29	overbreadth	overbreadth	ADJ
taxlaw-12357	1593	30	.	.	PUNCT
taxlaw-12357	1594	1	172	172	NUM
taxlaw-12357	1594	2	manojna	manojna	NOUN
taxlaw-12357	1594	3	maddipatla	maddipatla	VERB
taxlaw-12357	1594	4	et	et	PROPN
taxlaw-12357	1594	5	al	al	PROPN
taxlaw-12357	1594	6	.	.	PROPN
taxlaw-12357	1594	7	,	,	PUNCT
taxlaw-12357	1594	8	renaissance	renaissance	NOUN
taxlaw-12357	1594	9	executives	executive	NOUN
taxlaw-12357	1594	10	agree	agree	VERB
taxlaw-12357	1594	11	to	to	PART
taxlaw-12357	1594	12	pay	pay	VERB
taxlaw-12357	1594	13	around	around	ADV
taxlaw-12357	1594	14	$	$	SYM
taxlaw-12357	1594	15	7	7	NUM
taxlaw-12357	1594	16	bln	bln	NUM
taxlaw-12357	1594	17	to	to	PART
taxlaw-12357	1594	18	settle	settle	VERB
taxlaw-12357	1594	19	tax	tax	NOUN
taxlaw-12357	1594	20	dispute	dispute	NOUN
taxlaw-12357	1594	21	with	with	ADP
taxlaw-12357	1594	22	irs	irs	PROPN
taxlaw-12357	1594	23	,	,	PUNCT
taxlaw-12357	1594	24	reuters	reuters	PROPN
taxlaw-12357	1594	25	(	(	PUNCT
taxlaw-12357	1594	26	sept	sept	PROPN
taxlaw-12357	1594	27	.	.	PROPN
taxlaw-12357	1594	28	2	2	NUM
taxlaw-12357	1594	29	,	,	PUNCT
taxlaw-12357	1594	30	2021	2021	NUM
taxlaw-12357	1594	31	)	)	PUNCT
taxlaw-12357	1594	32	,	,	PUNCT
taxlaw-12357	1594	33	https://www.reuters.com/business/finance/renaissanceexecutives-pay-about-7-bln-settle-tax-probe-wsj-2021-09-02/	https://www.reuters.com/business/finance/renaissanceexecutives-pay-about-7-bln-settle-tax-probe-wsj-2021-09-02/	X
taxlaw-12357	1595	1	[	[	X
taxlaw-12357	1595	2	https://perma.cc/8sel-rpkw	https://perma.cc/8sel-rpkw	X
taxlaw-12357	1595	3	]	]	X
taxlaw-12357	1595	4	.	.	PUNCT
taxlaw-12357	1596	1	about	about	ADP
taxlaw-12357	1596	2	:	:	PUNCT
taxlaw-12357	1596	3	blank	blank	ADJ
taxlaw-12357	1596	4	about	about	ADP
taxlaw-12357	1596	5	:	:	PUNCT
taxlaw-12357	1596	6	blank	blank	NOUN
taxlaw-12357	1596	7	2024	2024	NUM
taxlaw-12357	1596	8	]	]	PUNCT
taxlaw-12357	1596	9	transaction	transaction	NOUN
taxlaw-12357	1596	10	-	-	PUNCT
taxlaw-12357	1596	11	specific	specific	ADJ
taxlaw-12357	1596	12	tax	tax	NOUN
taxlaw-12357	1596	13	reform	reform	NOUN
taxlaw-12357	1596	14	in	in	ADP
taxlaw-12357	1596	15	three	three	NUM
taxlaw-12357	1596	16	steps	step	NOUN
taxlaw-12357	1596	17	57	57	NUM
taxlaw-12357	1596	18	in	in	ADP
taxlaw-12357	1596	19	this	this	DET
taxlaw-12357	1596	20	case	case	NOUN
taxlaw-12357	1596	21	,	,	PUNCT
taxlaw-12357	1596	22	deutsche	deutsche	PROPN
taxlaw-12357	1596	23	bank	bank	PROPN
taxlaw-12357	1596	24	(	(	PUNCT
taxlaw-12357	1596	25	“	"	PUNCT
taxlaw-12357	1596	26	the	the	DET
taxlaw-12357	1596	27	bank	bank	NOUN
taxlaw-12357	1596	28	”	"	PUNCT
taxlaw-12357	1596	29	)	)	PUNCT
taxlaw-12357	1596	30	managed	manage	VERB
taxlaw-12357	1596	31	a	a	DET
taxlaw-12357	1596	32	portfolio	portfolio	NOUN
taxlaw-12357	1596	33	,	,	PUNCT
taxlaw-12357	1596	34	which	which	PRON
taxlaw-12357	1596	35	it	it	PRON
taxlaw-12357	1596	36	finetuned	finetune	VERB
taxlaw-12357	1596	37	with	with	ADP
taxlaw-12357	1596	38	constant	constant	ADJ
taxlaw-12357	1596	39	trading	trading	NOUN
taxlaw-12357	1596	40	(	(	PUNCT
taxlaw-12357	1596	41	“	"	PUNCT
taxlaw-12357	1596	42	the	the	DET
taxlaw-12357	1596	43	underlying	underlie	VERB
taxlaw-12357	1596	44	portfolio	portfolio	NOUN
taxlaw-12357	1596	45	”	"	PUNCT
taxlaw-12357	1596	46	or	or	CCONJ
taxlaw-12357	1596	47	“	"	PUNCT
taxlaw-12357	1596	48	the	the	DET
taxlaw-12357	1596	49	underlying”).173	underlying”).173	PROPN
taxlaw-12357	1596	50	gwa	gwa	NOUN
taxlaw-12357	1596	51	entered	enter	VERB
taxlaw-12357	1596	52	into	into	ADP
taxlaw-12357	1596	53	a	a	DET
taxlaw-12357	1596	54	derivative	derivative	ADJ
taxlaw-12357	1596	55	contract	contract	NOUN
taxlaw-12357	1596	56	with	with	ADP
taxlaw-12357	1596	57	the	the	DET
taxlaw-12357	1596	58	bank	bank	NOUN
taxlaw-12357	1596	59	(	(	PUNCT
taxlaw-12357	1596	60	“	"	PUNCT
taxlaw-12357	1596	61	the	the	DET
taxlaw-12357	1596	62	gwa	gwa	PROPN
taxlaw-12357	1596	63	contract	contract	NOUN
taxlaw-12357	1596	64	”	"	PUNCT
taxlaw-12357	1596	65	or	or	CCONJ
taxlaw-12357	1596	66	“	"	PUNCT
taxlaw-12357	1596	67	the	the	DET
taxlaw-12357	1596	68	contract	contract	NOUN
taxlaw-12357	1596	69	”	"	PUNCT
taxlaw-12357	1596	70	)	)	PUNCT
taxlaw-12357	1596	71	,	,	PUNCT
taxlaw-12357	1596	72	which	which	PRON
taxlaw-12357	1596	73	was	be	AUX
taxlaw-12357	1596	74	based	base	VERB
taxlaw-12357	1596	75	on	on	ADP
taxlaw-12357	1596	76	the	the	DET
taxlaw-12357	1596	77	value	value	NOUN
taxlaw-12357	1596	78	of	of	ADP
taxlaw-12357	1596	79	this	this	DET
taxlaw-12357	1596	80	portfolio	portfolio	NOUN
taxlaw-12357	1596	81	.	.	PUNCT
taxlaw-12357	1597	1	this	this	DET
taxlaw-12357	1597	2	subsection	subsection	NOUN
taxlaw-12357	1597	3	gives	give	VERB
taxlaw-12357	1597	4	a	a	DET
taxlaw-12357	1597	5	somewhat	somewhat	ADV
taxlaw-12357	1597	6	high	high	ADJ
taxlaw-12357	1597	7	-	-	PUNCT
taxlaw-12357	1597	8	level	level	NOUN
taxlaw-12357	1597	9	overview	overview	NOUN
taxlaw-12357	1597	10	of	of	ADP
taxlaw-12357	1597	11	the	the	DET
taxlaw-12357	1597	12	contract.174	contract.174	ADJ
taxlaw-12357	1597	13	gwa	gwa	NOUN
taxlaw-12357	1597	14	paid	pay	VERB
taxlaw-12357	1597	15	a	a	DET
taxlaw-12357	1597	16	cash	cash	NOUN
taxlaw-12357	1597	17	premium	premium	NOUN
taxlaw-12357	1597	18	of	of	ADP
taxlaw-12357	1597	19	$	$	SYM
taxlaw-12357	1597	20	10	10	NUM
taxlaw-12357	1597	21	to	to	ADP
taxlaw-12357	1597	22	the	the	DET
taxlaw-12357	1597	23	bank	bank	NOUN
taxlaw-12357	1597	24	for	for	ADP
taxlaw-12357	1597	25	this	this	DET
taxlaw-12357	1597	26	contract	contract	NOUN
taxlaw-12357	1597	27	,	,	PUNCT
taxlaw-12357	1597	28	which	which	PRON
taxlaw-12357	1597	29	was	be	AUX
taxlaw-12357	1597	30	documented	document	VERB
taxlaw-12357	1597	31	as	as	ADP
taxlaw-12357	1597	32	a	a	DET
taxlaw-12357	1597	33	call	call	NOUN
taxlaw-12357	1597	34	option	option	NOUN
taxlaw-12357	1597	35	with	with	ADP
taxlaw-12357	1597	36	a	a	DET
taxlaw-12357	1597	37	stated	state	VERB
taxlaw-12357	1597	38	term	term	NOUN
taxlaw-12357	1597	39	of	of	ADP
taxlaw-12357	1597	40	12	12	NUM
taxlaw-12357	1597	41	years	year	NOUN
taxlaw-12357	1597	42	.	.	PUNCT
taxlaw-12357	1598	1	it	it	PRON
taxlaw-12357	1598	2	entitled	entitle	VERB
taxlaw-12357	1598	3	gwa	gwa	PROPN
taxlaw-12357	1598	4	to	to	PART
taxlaw-12357	1598	5	pay	pay	VERB
taxlaw-12357	1598	6	$	$	SYM
taxlaw-12357	1598	7	90	90	NUM
taxlaw-12357	1598	8	for	for	ADP
taxlaw-12357	1598	9	a	a	DET
taxlaw-12357	1598	10	portfolio	portfolio	NOUN
taxlaw-12357	1598	11	that	that	PRON
taxlaw-12357	1598	12	was	be	AUX
taxlaw-12357	1598	13	then	then	ADV
taxlaw-12357	1598	14	worth	worth	ADJ
taxlaw-12357	1598	15	$	$	SYM
taxlaw-12357	1598	16	100	100	NUM
taxlaw-12357	1598	17	.	.	PUNCT
taxlaw-12357	1599	1	in	in	ADP
taxlaw-12357	1599	2	other	other	ADJ
taxlaw-12357	1599	3	words	word	NOUN
taxlaw-12357	1599	4	,	,	PUNCT
taxlaw-12357	1599	5	this	this	DET
taxlaw-12357	1599	6	option	option	NOUN
taxlaw-12357	1599	7	was	be	AUX
taxlaw-12357	1599	8	somewhat	somewhat	ADV
taxlaw-12357	1599	9	in	in	ADP
taxlaw-12357	1599	10	-	-	PUNCT
taxlaw-12357	1599	11	the	the	DET
taxlaw-12357	1599	12	-	-	PUNCT
taxlaw-12357	1599	13	money	money	NOUN
taxlaw-12357	1599	14	.	.	PUNCT
taxlaw-12357	1600	1	if	if	SCONJ
taxlaw-12357	1600	2	this	this	PRON
taxlaw-12357	1600	3	were	be	AUX
taxlaw-12357	1600	4	the	the	DET
taxlaw-12357	1600	5	entire	entire	ADJ
taxlaw-12357	1600	6	story	story	NOUN
taxlaw-12357	1600	7	,	,	PUNCT
taxlaw-12357	1600	8	the	the	DET
taxlaw-12357	1600	9	contract	contract	NOUN
taxlaw-12357	1600	10	would	would	AUX
taxlaw-12357	1600	11	have	have	AUX
taxlaw-12357	1600	12	offered	offer	VERB
taxlaw-12357	1600	13	all	all	DET
taxlaw-12357	1600	14	the	the	DET
taxlaw-12357	1600	15	opportunity	opportunity	NOUN
taxlaw-12357	1600	16	for	for	ADP
taxlaw-12357	1600	17	gain	gain	NOUN
taxlaw-12357	1600	18	in	in	ADP
taxlaw-12357	1600	19	the	the	DET
taxlaw-12357	1600	20	managed	manage	VERB
taxlaw-12357	1600	21	portfolio	portfolio	NOUN
taxlaw-12357	1600	22	and	and	CCONJ
taxlaw-12357	1600	23	provided	provide	VERB
taxlaw-12357	1600	24	protection	protection	NOUN
taxlaw-12357	1600	25	against	against	ADP
taxlaw-12357	1600	26	losses	loss	NOUN
taxlaw-12357	1600	27	below	below	ADP
taxlaw-12357	1600	28	$	$	SYM
taxlaw-12357	1600	29	90	90	NUM
taxlaw-12357	1600	30	.	.	PUNCT
taxlaw-12357	1601	1	yet	yet	ADV
taxlaw-12357	1601	2	unlike	unlike	ADP
taxlaw-12357	1601	3	a	a	DET
taxlaw-12357	1601	4	conventional	conventional	ADJ
taxlaw-12357	1601	5	call	call	NOUN
taxlaw-12357	1601	6	option	option	NOUN
taxlaw-12357	1601	7	,	,	PUNCT
taxlaw-12357	1601	8	the	the	DET
taxlaw-12357	1601	9	contract	contract	NOUN
taxlaw-12357	1601	10	had	have	VERB
taxlaw-12357	1601	11	two	two	NUM
taxlaw-12357	1601	12	additional	additional	ADJ
taxlaw-12357	1601	13	features	feature	NOUN
taxlaw-12357	1601	14	that	that	PRON
taxlaw-12357	1601	15	arguably	arguably	ADV
taxlaw-12357	1601	16	rendered	render	VERB
taxlaw-12357	1601	17	it	it	PRON
taxlaw-12357	1601	18	a	a	DET
taxlaw-12357	1601	19	“	"	PUNCT
taxlaw-12357	1601	20	forward	forward	ADJ
taxlaw-12357	1601	21	contract	contract	NOUN
taxlaw-12357	1601	22	in	in	ADP
taxlaw-12357	1601	23	disguise	disguise	NOUN
taxlaw-12357	1601	24	.	.	PUNCT
taxlaw-12357	1601	25	”	"	PUNCT
taxlaw-12357	1602	1	first	first	ADV
taxlaw-12357	1602	2	,	,	PUNCT
taxlaw-12357	1602	3	the	the	DET
taxlaw-12357	1602	4	contract	contract	NOUN
taxlaw-12357	1602	5	would	would	AUX
taxlaw-12357	1602	6	terminate	terminate	VERB
taxlaw-12357	1602	7	(	(	PUNCT
taxlaw-12357	1602	8	or	or	CCONJ
taxlaw-12357	1602	9	“	"	PUNCT
taxlaw-12357	1602	10	knock	knock	VERB
taxlaw-12357	1602	11	out	out	ADP
taxlaw-12357	1602	12	”	"	PUNCT
taxlaw-12357	1602	13	)	)	PUNCT
taxlaw-12357	1602	14	if	if	SCONJ
taxlaw-12357	1602	15	the	the	DET
taxlaw-12357	1602	16	portfolio	portfolio	NOUN
taxlaw-12357	1602	17	’s	’s	PART
taxlaw-12357	1602	18	value	value	NOUN
taxlaw-12357	1602	19	declined	decline	VERB
taxlaw-12357	1602	20	below	below	ADP
taxlaw-12357	1602	21	a	a	DET
taxlaw-12357	1602	22	preset	preset	ADJ
taxlaw-12357	1602	23	expiration	expiration	NOUN
taxlaw-12357	1602	24	price	price	NOUN
taxlaw-12357	1602	25	(	(	PUNCT
taxlaw-12357	1602	26	“	"	PUNCT
taxlaw-12357	1602	27	ep	ep	PROPN
taxlaw-12357	1602	28	”	"	PUNCT
taxlaw-12357	1602	29	)	)	PUNCT
taxlaw-12357	1602	30	of	of	ADP
taxlaw-12357	1602	31	$	$	SYM
taxlaw-12357	1602	32	97	97	NUM
taxlaw-12357	1602	33	–	–	PUNCT
taxlaw-12357	1602	34	that	that	ADV
taxlaw-12357	1602	35	is	be	AUX
taxlaw-12357	1602	36	,	,	PUNCT
taxlaw-12357	1602	37	$	$	SYM
taxlaw-12357	1602	38	3	3	NUM
taxlaw-12357	1602	39	(	(	PUNCT
taxlaw-12357	1602	40	or	or	CCONJ
taxlaw-12357	1602	41	3	3	NUM
taxlaw-12357	1602	42	%	%	NOUN
taxlaw-12357	1602	43	)	)	PUNCT
taxlaw-12357	1602	44	below	below	ADP
taxlaw-12357	1602	45	the	the	DET
taxlaw-12357	1602	46	portfolio	portfolio	NOUN
taxlaw-12357	1602	47	’s	’s	PART
taxlaw-12357	1602	48	initial	initial	ADJ
taxlaw-12357	1602	49	value	value	NOUN
taxlaw-12357	1602	50	.	.	PUNCT
taxlaw-12357	1603	1	second	second	ADV
taxlaw-12357	1603	2	,	,	PUNCT
taxlaw-12357	1603	3	gwa	gwa	PROPN
taxlaw-12357	1603	4	had	have	VERB
taxlaw-12357	1603	5	the	the	DET
taxlaw-12357	1603	6	right	right	NOUN
taxlaw-12357	1603	7	to	to	PART
taxlaw-12357	1603	8	keep	keep	VERB
taxlaw-12357	1603	9	the	the	DET
taxlaw-12357	1603	10	contract	contract	NOUN
taxlaw-12357	1603	11	from	from	ADP
taxlaw-12357	1603	12	terminating	terminate	VERB
taxlaw-12357	1603	13	by	by	ADP
taxlaw-12357	1603	14	putting	put	VERB
taxlaw-12357	1603	15	up	up	ADP
taxlaw-12357	1603	16	more	more	ADJ
taxlaw-12357	1603	17	money	money	NOUN
taxlaw-12357	1603	18	and	and	CCONJ
taxlaw-12357	1603	19	thereby	thereby	ADV
taxlaw-12357	1603	20	lowering	lower	VERB
taxlaw-12357	1603	21	the	the	DET
taxlaw-12357	1603	22	knock	knock	VERB
taxlaw-12357	1603	23	-	-	PUNCT
taxlaw-12357	1603	24	out	out	ADP
taxlaw-12357	1603	25	threshold.175	threshold.175	PROPN
taxlaw-12357	1603	26	for	for	ADP
taxlaw-12357	1603	27	example	example	NOUN
taxlaw-12357	1603	28	,	,	PUNCT
taxlaw-12357	1603	29	if	if	SCONJ
taxlaw-12357	1603	30	gwa	gwa	NOUN
taxlaw-12357	1603	31	invested	invest	VERB
taxlaw-12357	1603	32	another	another	DET
taxlaw-12357	1603	33	$	$	SYM
taxlaw-12357	1603	34	3	3	NUM
taxlaw-12357	1603	35	,	,	PUNCT
taxlaw-12357	1603	36	the	the	DET
taxlaw-12357	1603	37	ep	ep	PROPN
taxlaw-12357	1603	38	declined	decline	VERB
taxlaw-12357	1603	39	from	from	ADP
taxlaw-12357	1603	40	$	$	SYM
taxlaw-12357	1603	41	97	97	NUM
taxlaw-12357	1603	42	to	to	PART
taxlaw-12357	1603	43	$	$	SYM
taxlaw-12357	1603	44	94	94	NUM
taxlaw-12357	1603	45	.	.	PUNCT
taxlaw-12357	1604	1	if	if	SCONJ
taxlaw-12357	1604	2	the	the	DET
taxlaw-12357	1604	3	portfolio	portfolio	NOUN
taxlaw-12357	1604	4	kept	keep	VERB
taxlaw-12357	1604	5	declining	decline	VERB
taxlaw-12357	1604	6	and	and	CCONJ
taxlaw-12357	1604	7	reached	reach	VERB
taxlaw-12357	1604	8	$	$	SYM
taxlaw-12357	1604	9	94	94	NUM
taxlaw-12357	1604	10	,	,	PUNCT
taxlaw-12357	1604	11	gwa	gwa	NOUN
taxlaw-12357	1604	12	could	could	AUX
taxlaw-12357	1604	13	put	put	VERB
taxlaw-12357	1604	14	in	in	ADP
taxlaw-12357	1604	15	another	another	DET
taxlaw-12357	1604	16	$	$	SYM
taxlaw-12357	1604	17	3	3	NUM
taxlaw-12357	1604	18	to	to	PART
taxlaw-12357	1604	19	reduce	reduce	VERB
taxlaw-12357	1604	20	the	the	DET
taxlaw-12357	1604	21	ep	ep	PROPN
taxlaw-12357	1604	22	to	to	ADP
taxlaw-12357	1604	23	$	$	SYM
taxlaw-12357	1604	24	91	91	NUM
taxlaw-12357	1604	25	,	,	PUNCT
taxlaw-12357	1604	26	and	and	CCONJ
taxlaw-12357	1604	27	so	so	ADV
taxlaw-12357	1604	28	on	on	ADV
taxlaw-12357	1604	29	.	.	PUNCT
taxlaw-12357	1605	1	these	these	DET
taxlaw-12357	1605	2	cash	cash	NOUN
taxlaw-12357	1605	3	infusions	infusion	NOUN
taxlaw-12357	1605	4	were	be	AUX
taxlaw-12357	1605	5	tracked	track	VERB
taxlaw-12357	1605	6	in	in	ADP
taxlaw-12357	1605	7	a	a	DET
taxlaw-12357	1605	8	premium	premium	NOUN
taxlaw-12357	1605	9	account	account	NOUN
taxlaw-12357	1605	10	,	,	PUNCT
taxlaw-12357	1605	11	which	which	PRON
taxlaw-12357	1605	12	started	start	VERB
taxlaw-12357	1605	13	at	at	ADP
taxlaw-12357	1605	14	$	$	SYM
taxlaw-12357	1605	15	10	10	NUM
taxlaw-12357	1605	16	(	(	PUNCT
taxlaw-12357	1605	17	reflecting	reflect	VERB
taxlaw-12357	1605	18	gwa	gwa	NOUN
taxlaw-12357	1605	19	’s	’s	PART
taxlaw-12357	1605	20	up	up	ADJ
taxlaw-12357	1605	21	-	-	PUNCT
taxlaw-12357	1605	22	front	front	NOUN
taxlaw-12357	1605	23	premium	premium	NOUN
taxlaw-12357	1605	24	)	)	PUNCT
taxlaw-12357	1605	25	and	and	CCONJ
taxlaw-12357	1605	26	increased	increase	VERB
taxlaw-12357	1605	27	by	by	ADP
taxlaw-12357	1605	28	any	any	DET
taxlaw-12357	1605	29	amounts	amount	NOUN
taxlaw-12357	1605	30	gwa	gwa	NOUN
taxlaw-12357	1605	31	invested	invest	VERB
taxlaw-12357	1605	32	to	to	PART
taxlaw-12357	1605	33	“	"	PUNCT
taxlaw-12357	1605	34	buy	buy	VERB
taxlaw-12357	1605	35	down	down	ADP
taxlaw-12357	1605	36	”	"	PUNCT
taxlaw-12357	1605	37	the	the	DET
taxlaw-12357	1605	38	ep.176	ep.176	NOUN
taxlaw-12357	1605	39	if	if	SCONJ
taxlaw-12357	1605	40	gwa	gwa	NOUN
taxlaw-12357	1605	41	allowed	allow	VERB
taxlaw-12357	1605	42	the	the	DET
taxlaw-12357	1605	43	contract	contract	NOUN
taxlaw-12357	1605	44	to	to	PART
taxlaw-12357	1605	45	terminate	terminate	VERB
taxlaw-12357	1605	46	,	,	PUNCT
taxlaw-12357	1605	47	the	the	DET
taxlaw-12357	1605	48	bank	bank	NOUN
taxlaw-12357	1605	49	would	would	AUX
taxlaw-12357	1605	50	keep	keep	VERB
taxlaw-12357	1605	51	a	a	DET
taxlaw-12357	1605	52	portion	portion	NOUN
taxlaw-12357	1605	53	of	of	ADP
taxlaw-12357	1605	54	the	the	DET
taxlaw-12357	1605	55	premium	premium	NOUN
taxlaw-12357	1605	56	account	account	NOUN
taxlaw-12357	1605	57	to	to	PART
taxlaw-12357	1605	58	cover	cover	VERB
taxlaw-12357	1605	59	declines	decline	NOUN
taxlaw-12357	1605	60	in	in	ADP
taxlaw-12357	1605	61	the	the	DET
taxlaw-12357	1605	62	value	value	NOUN
taxlaw-12357	1605	63	of	of	ADP
taxlaw-12357	1605	64	the	the	DET
taxlaw-12357	1605	65	portfolio	portfolio	NOUN
taxlaw-12357	1605	66	,	,	PUNCT
taxlaw-12357	1605	67	and	and	CCONJ
taxlaw-12357	1605	68	gwa	gwa	NOUN
taxlaw-12357	1605	69	would	would	AUX
taxlaw-12357	1605	70	get	get	VERB
taxlaw-12357	1605	71	the	the	DET
taxlaw-12357	1605	72	rest	rest	NOUN
taxlaw-12357	1605	73	.	.	PUNCT
taxlaw-12357	1606	1	for	for	ADP
taxlaw-12357	1606	2	example	example	NOUN
taxlaw-12357	1606	3	,	,	PUNCT
taxlaw-12357	1606	4	if	if	SCONJ
taxlaw-12357	1606	5	the	the	DET
taxlaw-12357	1606	6	portfolio	portfolio	NOUN
taxlaw-12357	1606	7	declined	decline	VERB
taxlaw-12357	1606	8	173	173	NUM
taxlaw-12357	1606	9	the	the	DET
taxlaw-12357	1606	10	account	account	NOUN
taxlaw-12357	1606	11	is	be	AUX
taxlaw-12357	1606	12	managed	manage	VERB
taxlaw-12357	1606	13	based	base	VERB
taxlaw-12357	1606	14	on	on	ADP
taxlaw-12357	1606	15	a	a	DET
taxlaw-12357	1606	16	specified	specify	VERB
taxlaw-12357	1606	17	investment	investment	NOUN
taxlaw-12357	1606	18	strategy	strategy	NOUN
taxlaw-12357	1606	19	.	.	PUNCT
taxlaw-12357	1607	1	as	as	ADP
taxlaw-12357	1607	2	a	a	DET
taxlaw-12357	1607	3	result	result	NOUN
taxlaw-12357	1607	4	,	,	PUNCT
taxlaw-12357	1607	5	the	the	DET
taxlaw-12357	1607	6	case	case	NOUN
taxlaw-12357	1607	7	presents	present	VERB
taxlaw-12357	1607	8	investor	investor	NOUN
taxlaw-12357	1607	9	control	control	NOUN
taxlaw-12357	1607	10	issues	issue	NOUN
taxlaw-12357	1607	11	,	,	PUNCT
taxlaw-12357	1607	12	such	such	ADJ
taxlaw-12357	1607	13	as	as	ADP
taxlaw-12357	1607	14	those	those	PRON
taxlaw-12357	1607	15	discussed	discuss	VERB
taxlaw-12357	1607	16	in	in	ADP
taxlaw-12357	1607	17	part	part	NOUN
taxlaw-12357	1607	18	vi.c.3	vi.c.3	PROPN
taxlaw-12357	1607	19	.	.	PUNCT
taxlaw-12357	1608	1	but	but	CCONJ
taxlaw-12357	1608	2	the	the	DET
taxlaw-12357	1608	3	analysis	analysis	NOUN
taxlaw-12357	1608	4	here	here	ADV
taxlaw-12357	1608	5	focuses	focus	VERB
taxlaw-12357	1608	6	instead	instead	ADV
taxlaw-12357	1608	7	on	on	ADP
taxlaw-12357	1608	8	economic	economic	ADJ
taxlaw-12357	1608	9	return	return	NOUN
taxlaw-12357	1608	10	.	.	PUNCT
taxlaw-12357	1609	1	174	174	NUM
taxlaw-12357	1609	2	two	two	NUM
taxlaw-12357	1609	3	caveats	caveat	NOUN
taxlaw-12357	1609	4	are	be	AUX
taxlaw-12357	1609	5	in	in	ADP
taxlaw-12357	1609	6	order	order	NOUN
taxlaw-12357	1609	7	here	here	ADV
taxlaw-12357	1609	8	.	.	PUNCT
taxlaw-12357	1610	1	first	first	ADV
taxlaw-12357	1610	2	,	,	PUNCT
taxlaw-12357	1610	3	in	in	ADP
taxlaw-12357	1610	4	order	order	NOUN
taxlaw-12357	1610	5	to	to	PART
taxlaw-12357	1610	6	simplify	simplify	VERB
taxlaw-12357	1610	7	our	our	PRON
taxlaw-12357	1610	8	calculations	calculation	NOUN
taxlaw-12357	1610	9	and	and	CCONJ
taxlaw-12357	1610	10	to	to	PART
taxlaw-12357	1610	11	be	be	AUX
taxlaw-12357	1610	12	consistent	consistent	ADJ
taxlaw-12357	1610	13	with	with	ADP
taxlaw-12357	1610	14	our	our	PRON
taxlaw-12357	1610	15	prior	prior	ADJ
taxlaw-12357	1610	16	examples	example	NOUN
taxlaw-12357	1610	17	,	,	PUNCT
taxlaw-12357	1610	18	we	we	PRON
taxlaw-12357	1610	19	assume	assume	VERB
taxlaw-12357	1610	20	that	that	SCONJ
taxlaw-12357	1610	21	the	the	DET
taxlaw-12357	1610	22	investment	investment	NOUN
taxlaw-12357	1610	23	strategy	strategy	NOUN
taxlaw-12357	1610	24	for	for	ADP
taxlaw-12357	1610	25	the	the	DET
taxlaw-12357	1610	26	underlying	underlying	NOUN
taxlaw-12357	1610	27	of	of	ADP
taxlaw-12357	1610	28	the	the	DET
taxlaw-12357	1610	29	gwa	gwa	NOUN
taxlaw-12357	1610	30	contract	contract	NOUN
taxlaw-12357	1610	31	follows	follow	VERB
taxlaw-12357	1610	32	a	a	DET
taxlaw-12357	1610	33	lognormal	lognormal	ADJ
taxlaw-12357	1610	34	process	process	NOUN
taxlaw-12357	1610	35	,	,	PUNCT
taxlaw-12357	1610	36	even	even	ADV
taxlaw-12357	1610	37	though	though	SCONJ
taxlaw-12357	1610	38	this	this	PRON
taxlaw-12357	1610	39	is	be	AUX
taxlaw-12357	1610	40	not	not	PART
taxlaw-12357	1610	41	necessarily	necessarily	ADV
taxlaw-12357	1610	42	the	the	DET
taxlaw-12357	1610	43	best	good	ADJ
taxlaw-12357	1610	44	model	model	NOUN
taxlaw-12357	1610	45	for	for	ADP
taxlaw-12357	1610	46	hedge	hedge	NOUN
taxlaw-12357	1610	47	fund	fund	NOUN
taxlaw-12357	1610	48	returns	return	NOUN
taxlaw-12357	1610	49	(	(	PUNCT
taxlaw-12357	1610	50	which	which	PRON
taxlaw-12357	1610	51	are	be	AUX
taxlaw-12357	1610	52	often	often	ADV
taxlaw-12357	1610	53	understood	understand	VERB
taxlaw-12357	1610	54	to	to	PART
taxlaw-12357	1610	55	be	be	AUX
taxlaw-12357	1610	56	relatively	relatively	ADV
taxlaw-12357	1610	57	stable	stable	ADJ
taxlaw-12357	1610	58	,	,	PUNCT
taxlaw-12357	1610	59	except	except	SCONJ
taxlaw-12357	1610	60	for	for	ADP
taxlaw-12357	1610	61	occasional	occasional	ADJ
taxlaw-12357	1610	62	large	large	ADJ
taxlaw-12357	1610	63	downward	downward	ADJ
taxlaw-12357	1610	64	deviations	deviation	NOUN
taxlaw-12357	1610	65	)	)	PUNCT
taxlaw-12357	1610	66	.	.	PUNCT
taxlaw-12357	1611	1	second	second	ADJ
taxlaw-12357	1611	2	,	,	PUNCT
taxlaw-12357	1611	3	to	to	PART
taxlaw-12357	1611	4	keep	keep	VERB
taxlaw-12357	1611	5	the	the	DET
taxlaw-12357	1611	6	analysis	analysis	NOUN
taxlaw-12357	1611	7	tractable	tractable	ADJ
taxlaw-12357	1611	8	and	and	CCONJ
taxlaw-12357	1611	9	the	the	DET
taxlaw-12357	1611	10	exposition	exposition	NOUN
taxlaw-12357	1611	11	clear	clear	ADJ
taxlaw-12357	1611	12	,	,	PUNCT
taxlaw-12357	1611	13	we	we	PRON
taxlaw-12357	1611	14	oversimplify	oversimplify	VERB
taxlaw-12357	1611	15	the	the	DET
taxlaw-12357	1611	16	transaction	transaction	NOUN
taxlaw-12357	1611	17	at	at	ADP
taxlaw-12357	1611	18	some	some	DET
taxlaw-12357	1611	19	points	point	NOUN
taxlaw-12357	1611	20	.	.	PUNCT
taxlaw-12357	1612	1	in	in	ADP
taxlaw-12357	1612	2	addition	addition	NOUN
taxlaw-12357	1612	3	,	,	PUNCT
taxlaw-12357	1612	4	we	we	PRON
taxlaw-12357	1612	5	do	do	AUX
taxlaw-12357	1612	6	not	not	PART
taxlaw-12357	1612	7	have	have	VERB
taxlaw-12357	1612	8	access	access	NOUN
taxlaw-12357	1612	9	to	to	ADP
taxlaw-12357	1612	10	the	the	DET
taxlaw-12357	1612	11	full	full	ADJ
taxlaw-12357	1612	12	range	range	NOUN
taxlaw-12357	1612	13	of	of	ADP
taxlaw-12357	1612	14	relevant	relevant	ADJ
taxlaw-12357	1612	15	evidence	evidence	NOUN
taxlaw-12357	1612	16	,	,	PUNCT
taxlaw-12357	1612	17	including	include	VERB
taxlaw-12357	1612	18	the	the	DET
taxlaw-12357	1612	19	trial	trial	NOUN
taxlaw-12357	1612	20	testimony	testimony	NOUN
taxlaw-12357	1612	21	.	.	PUNCT
taxlaw-12357	1613	1	rather	rather	ADV
taxlaw-12357	1613	2	,	,	PUNCT
taxlaw-12357	1613	3	our	our	PRON
taxlaw-12357	1613	4	source	source	NOUN
taxlaw-12357	1613	5	is	be	AUX
taxlaw-12357	1613	6	the	the	DET
taxlaw-12357	1613	7	contract	contract	NOUN
taxlaw-12357	1613	8	itself	itself	PRON
taxlaw-12357	1613	9	,	,	PUNCT
taxlaw-12357	1613	10	which	which	PRON
taxlaw-12357	1613	11	is	be	AUX
taxlaw-12357	1613	12	described	describe	VERB
taxlaw-12357	1613	13	in	in	ADP
taxlaw-12357	1613	14	joint	joint	ADJ
taxlaw-12357	1613	15	trial	trial	NOUN
taxlaw-12357	1613	16	exhibit	exhibit	VERB
taxlaw-12357	1613	17	23	23	NUM
taxlaw-12357	1613	18	-	-	SYM
taxlaw-12357	1613	19	j.	j.	NOUN
taxlaw-12357	1614	1	no	no	PROPN
taxlaw-12357	1614	2	.	.	PUNCT
taxlaw-12357	1615	1	6981	6981	NUM
taxlaw-12357	1615	2	-	-	SYM
taxlaw-12357	1615	3	19	19	NUM
taxlaw-12357	1615	4	(	(	PUNCT
taxlaw-12357	1615	5	u.s.t.c	u.s.t.c	PROPN
taxlaw-12357	1615	6	.	.	PROPN
taxlaw-12357	1615	7	filed	file	VERB
taxlaw-12357	1615	8	nov	nov	PROPN
taxlaw-12357	1615	9	.	.	PROPN
taxlaw-12357	1615	10	20	20	NUM
taxlaw-12357	1615	11	,	,	PUNCT
taxlaw-12357	1615	12	2020	2020	NUM
taxlaw-12357	1615	13	)	)	PUNCT
taxlaw-12357	1615	14	.	.	PUNCT
taxlaw-12357	1616	1	as	as	ADP
taxlaw-12357	1616	2	a	a	DET
taxlaw-12357	1616	3	result	result	NOUN
taxlaw-12357	1616	4	,	,	PUNCT
taxlaw-12357	1616	5	our	our	PRON
taxlaw-12357	1616	6	analysis	analysis	NOUN
taxlaw-12357	1616	7	is	be	AUX
taxlaw-12357	1616	8	intended	intend	VERB
taxlaw-12357	1616	9	to	to	PART
taxlaw-12357	1616	10	be	be	AUX
taxlaw-12357	1616	11	suggestive	suggestive	ADJ
taxlaw-12357	1616	12	,	,	PUNCT
taxlaw-12357	1616	13	not	not	PART
taxlaw-12357	1616	14	definitive	definitive	ADJ
taxlaw-12357	1616	15	.	.	PUNCT
taxlaw-12357	1617	1	175	175	NUM
taxlaw-12357	1617	2	in	in	ADP
taxlaw-12357	1617	3	the	the	DET
taxlaw-12357	1617	4	actual	actual	ADJ
taxlaw-12357	1617	5	contract	contract	NOUN
taxlaw-12357	1617	6	,	,	PUNCT
taxlaw-12357	1617	7	97	97	NUM
taxlaw-12357	1617	8	is	be	AUX
taxlaw-12357	1617	9	the	the	DET
taxlaw-12357	1617	10	initial	initial	ADJ
taxlaw-12357	1617	11	“	"	PUNCT
taxlaw-12357	1617	12	expiration	expiration	NOUN
taxlaw-12357	1617	13	notice	notice	NOUN
taxlaw-12357	1617	14	price	price	NOUN
taxlaw-12357	1617	15	level	level	NOUN
taxlaw-12357	1617	16	”	"	PUNCT
taxlaw-12357	1617	17	rather	rather	ADV
taxlaw-12357	1617	18	than	than	ADP
taxlaw-12357	1617	19	the	the	DET
taxlaw-12357	1617	20	“	"	PUNCT
taxlaw-12357	1617	21	expiration	expiration	NOUN
taxlaw-12357	1617	22	price	price	NOUN
taxlaw-12357	1617	23	.	.	PUNCT
taxlaw-12357	1617	24	”	"	PUNCT
taxlaw-12357	1618	1	when	when	SCONJ
taxlaw-12357	1618	2	this	this	DET
taxlaw-12357	1618	3	level	level	NOUN
taxlaw-12357	1618	4	is	be	AUX
taxlaw-12357	1618	5	reached	reach	VERB
taxlaw-12357	1618	6	,	,	PUNCT
taxlaw-12357	1618	7	there	there	PRON
taxlaw-12357	1618	8	is	be	VERB
taxlaw-12357	1618	9	generally	generally	ADV
taxlaw-12357	1618	10	an	an	DET
taxlaw-12357	1618	11	opportunity	opportunity	NOUN
taxlaw-12357	1618	12	for	for	SCONJ
taxlaw-12357	1618	13	the	the	DET
taxlaw-12357	1618	14	seller	seller	NOUN
taxlaw-12357	1618	15	to	to	PART
taxlaw-12357	1618	16	provide	provide	VERB
taxlaw-12357	1618	17	notice	notice	NOUN
taxlaw-12357	1618	18	to	to	ADP
taxlaw-12357	1618	19	the	the	DET
taxlaw-12357	1618	20	buyer	buyer	NOUN
taxlaw-12357	1618	21	and	and	CCONJ
taxlaw-12357	1618	22	for	for	SCONJ
taxlaw-12357	1618	23	the	the	DET
taxlaw-12357	1618	24	buyer	buyer	NOUN
taxlaw-12357	1618	25	to	to	PART
taxlaw-12357	1618	26	buy	buy	VERB
taxlaw-12357	1618	27	down	down	ADP
taxlaw-12357	1618	28	the	the	DET
taxlaw-12357	1618	29	knock	knock	VERB
taxlaw-12357	1618	30	-	-	PUNCT
taxlaw-12357	1618	31	out	out	ADP
taxlaw-12357	1618	32	level	level	NOUN
taxlaw-12357	1618	33	,	,	PUNCT
taxlaw-12357	1618	34	as	as	SCONJ
taxlaw-12357	1618	35	described	describe	VERB
taxlaw-12357	1618	36	in	in	ADP
taxlaw-12357	1618	37	the	the	DET
taxlaw-12357	1618	38	text	text	NOUN
taxlaw-12357	1618	39	.	.	PUNCT
taxlaw-12357	1619	1	such	such	DET
taxlaw-12357	1619	2	a	a	DET
taxlaw-12357	1619	3	buydown	buydown	NOUN
taxlaw-12357	1619	4	must	must	AUX
taxlaw-12357	1619	5	occur	occur	VERB
taxlaw-12357	1619	6	quickly	quickly	ADV
taxlaw-12357	1619	7	upon	upon	SCONJ
taxlaw-12357	1619	8	notice	notice	NOUN
taxlaw-12357	1619	9	,	,	PUNCT
taxlaw-12357	1619	10	generally	generally	ADV
taxlaw-12357	1619	11	within	within	ADP
taxlaw-12357	1619	12	a	a	DET
taxlaw-12357	1619	13	few	few	ADJ
taxlaw-12357	1619	14	hours	hour	NOUN
taxlaw-12357	1619	15	.	.	PUNCT
taxlaw-12357	1620	1	the	the	DET
taxlaw-12357	1620	2	initial	initial	ADJ
taxlaw-12357	1620	3	“	"	PUNCT
taxlaw-12357	1620	4	expiration	expiration	NOUN
taxlaw-12357	1620	5	price	price	NOUN
taxlaw-12357	1620	6	”	"	PUNCT
taxlaw-12357	1620	7	in	in	ADP
taxlaw-12357	1620	8	the	the	DET
taxlaw-12357	1620	9	contract	contract	NOUN
taxlaw-12357	1620	10	is	be	AUX
taxlaw-12357	1620	11	94	94	NUM
taxlaw-12357	1620	12	.	.	PUNCT
taxlaw-12357	1621	1	if	if	SCONJ
taxlaw-12357	1621	2	this	this	DET
taxlaw-12357	1621	3	level	level	NOUN
taxlaw-12357	1621	4	is	be	AUX
taxlaw-12357	1621	5	reached	reach	VERB
taxlaw-12357	1621	6	before	before	SCONJ
taxlaw-12357	1621	7	a	a	DET
taxlaw-12357	1621	8	buy	buy	NOUN
taxlaw-12357	1621	9	-	-	PUNCT
taxlaw-12357	1621	10	down	down	NOUN
taxlaw-12357	1621	11	has	have	AUX
taxlaw-12357	1621	12	occurred	occur	VERB
taxlaw-12357	1621	13	,	,	PUNCT
taxlaw-12357	1621	14	or	or	CCONJ
taxlaw-12357	1621	15	before	before	SCONJ
taxlaw-12357	1621	16	notice	notice	NOUN
taxlaw-12357	1621	17	can	can	AUX
taxlaw-12357	1621	18	be	be	AUX
taxlaw-12357	1621	19	given	give	VERB
taxlaw-12357	1621	20	,	,	PUNCT
taxlaw-12357	1621	21	the	the	DET
taxlaw-12357	1621	22	contract	contract	NOUN
taxlaw-12357	1621	23	ends	end	VERB
taxlaw-12357	1621	24	.	.	PUNCT
taxlaw-12357	1622	1	for	for	ADP
taxlaw-12357	1622	2	simplicity	simplicity	NOUN
taxlaw-12357	1622	3	of	of	ADP
taxlaw-12357	1622	4	exposition	exposition	NOUN
taxlaw-12357	1622	5	,	,	PUNCT
taxlaw-12357	1622	6	we	we	PRON
taxlaw-12357	1622	7	treat	treat	VERB
taxlaw-12357	1622	8	97	97	NUM
taxlaw-12357	1622	9	as	as	ADP
taxlaw-12357	1622	10	the	the	DET
taxlaw-12357	1622	11	knock	knock	VERB
taxlaw-12357	1622	12	-	-	PUNCT
taxlaw-12357	1622	13	out	out	ADP
taxlaw-12357	1622	14	level	level	NOUN
taxlaw-12357	1622	15	,	,	PUNCT
taxlaw-12357	1622	16	subject	subject	ADJ
taxlaw-12357	1622	17	to	to	ADP
taxlaw-12357	1622	18	the	the	DET
taxlaw-12357	1622	19	opportunity	opportunity	NOUN
taxlaw-12357	1622	20	for	for	SCONJ
taxlaw-12357	1622	21	the	the	DET
taxlaw-12357	1622	22	buyer	buyer	NOUN
taxlaw-12357	1622	23	to	to	PART
taxlaw-12357	1622	24	pay	pay	VERB
taxlaw-12357	1622	25	an	an	DET
taxlaw-12357	1622	26	additional	additional	ADJ
taxlaw-12357	1622	27	buy	buy	NOUN
taxlaw-12357	1622	28	-	-	PUNCT
taxlaw-12357	1622	29	down	down	ADP
taxlaw-12357	1622	30	amount	amount	NOUN
taxlaw-12357	1622	31	,	,	PUNCT
taxlaw-12357	1622	32	and	and	CCONJ
taxlaw-12357	1622	33	we	we	PRON
taxlaw-12357	1622	34	refer	refer	VERB
taxlaw-12357	1622	35	to	to	ADP
taxlaw-12357	1622	36	this	this	PRON
taxlaw-12357	1622	37	as	as	ADP
taxlaw-12357	1622	38	the	the	DET
taxlaw-12357	1622	39	“	"	PUNCT
taxlaw-12357	1622	40	expiration	expiration	NOUN
taxlaw-12357	1622	41	price	price	NOUN
taxlaw-12357	1622	42	.	.	PUNCT
taxlaw-12357	1622	43	”	"	PUNCT
taxlaw-12357	1623	1	176	176	NUM
taxlaw-12357	1623	2	the	the	DET
taxlaw-12357	1623	3	premium	premium	NOUN
taxlaw-12357	1623	4	account	account	NOUN
taxlaw-12357	1623	5	also	also	ADV
taxlaw-12357	1623	6	was	be	AUX
taxlaw-12357	1623	7	reduced	reduce	VERB
taxlaw-12357	1623	8	by	by	ADP
taxlaw-12357	1623	9	an	an	DET
taxlaw-12357	1623	10	amortized	amortize	VERB
taxlaw-12357	1623	11	premium	premium	NOUN
taxlaw-12357	1623	12	amount	amount	NOUN
taxlaw-12357	1623	13	of	of	ADP
taxlaw-12357	1623	14	0.1	0.1	NUM
taxlaw-12357	1623	15	for	for	ADP
taxlaw-12357	1623	16	every	every	DET
taxlaw-12357	1623	17	year	year	NOUN
taxlaw-12357	1623	18	during	during	ADP
taxlaw-12357	1623	19	the	the	DET
taxlaw-12357	1623	20	term	term	NOUN
taxlaw-12357	1623	21	of	of	ADP
taxlaw-12357	1623	22	the	the	DET
taxlaw-12357	1623	23	contract	contract	NOUN
taxlaw-12357	1623	24	,	,	PUNCT
taxlaw-12357	1623	25	reflecting	reflect	VERB
taxlaw-12357	1623	26	a	a	DET
taxlaw-12357	1623	27	permanent	permanent	ADJ
taxlaw-12357	1623	28	payment	payment	NOUN
taxlaw-12357	1623	29	from	from	ADP
taxlaw-12357	1623	30	the	the	DET
taxlaw-12357	1623	31	investor	investor	NOUN
taxlaw-12357	1623	32	to	to	ADP
taxlaw-12357	1623	33	the	the	DET
taxlaw-12357	1623	34	bank	bank	NOUN
taxlaw-12357	1623	35	,	,	PUNCT
taxlaw-12357	1623	36	and	and	CCONJ
taxlaw-12357	1623	37	a	a	DET
taxlaw-12357	1623	38	total	total	ADJ
taxlaw-12357	1623	39	payment	payment	NOUN
taxlaw-12357	1623	40	of	of	ADP
taxlaw-12357	1623	41	1.2	1.2	NUM
taxlaw-12357	1623	42	over	over	ADP
taxlaw-12357	1623	43	the	the	DET
taxlaw-12357	1623	44	course	course	NOUN
taxlaw-12357	1623	45	of	of	ADP
taxlaw-12357	1623	46	the	the	DET
taxlaw-12357	1623	47	12	12	NUM
taxlaw-12357	1623	48	-	-	PUNCT
taxlaw-12357	1623	49	year	year	NOUN
taxlaw-12357	1623	50	term	term	NOUN
taxlaw-12357	1623	51	.	.	PUNCT
taxlaw-12357	1624	1	for	for	ADP
taxlaw-12357	1624	2	the	the	DET
taxlaw-12357	1624	3	sake	sake	NOUN
taxlaw-12357	1624	4	of	of	ADP
taxlaw-12357	1624	5	simplicity	simplicity	NOUN
taxlaw-12357	1624	6	,	,	PUNCT
taxlaw-12357	1624	7	we	we	PRON
taxlaw-12357	1624	8	do	do	AUX
taxlaw-12357	1624	9	not	not	PART
taxlaw-12357	1624	10	include	include	VERB
taxlaw-12357	1624	11	this	this	DET
taxlaw-12357	1624	12	feature	feature	NOUN
taxlaw-12357	1624	13	.	.	PUNCT
taxlaw-12357	1625	1	columbia	columbia	PROPN
taxlaw-12357	1625	2	journal	journal	PROPN
taxlaw-12357	1625	3	of	of	ADP
taxlaw-12357	1625	4	tax	tax	NOUN
taxlaw-12357	1625	5	law	law	NOUN
taxlaw-12357	1626	1	[	[	X
taxlaw-12357	1626	2	vol	vol	NOUN
taxlaw-12357	1626	3	15:1	15:1	NUM
taxlaw-12357	1626	4	58	58	NUM
taxlaw-12357	1626	5	to	to	PART
taxlaw-12357	1626	6	$	$	SYM
taxlaw-12357	1626	7	97	97	NUM
taxlaw-12357	1626	8	and	and	CCONJ
taxlaw-12357	1626	9	gwa	gwa	NOUN
taxlaw-12357	1626	10	chose	choose	VERB
taxlaw-12357	1626	11	to	to	PART
taxlaw-12357	1626	12	terminate	terminate	VERB
taxlaw-12357	1626	13	the	the	DET
taxlaw-12357	1626	14	option	option	NOUN
taxlaw-12357	1626	15	,	,	PUNCT
taxlaw-12357	1626	16	bank	bank	NOUN
taxlaw-12357	1626	17	would	would	AUX
taxlaw-12357	1626	18	take	take	VERB
taxlaw-12357	1626	19	$	$	SYM
taxlaw-12357	1626	20	3	3	NUM
taxlaw-12357	1626	21	from	from	ADP
taxlaw-12357	1626	22	the	the	DET
taxlaw-12357	1626	23	premium	premium	NOUN
taxlaw-12357	1626	24	account	account	NOUN
taxlaw-12357	1626	25	(	(	PUNCT
taxlaw-12357	1626	26	to	to	PART
taxlaw-12357	1626	27	cover	cover	VERB
taxlaw-12357	1626	28	the	the	DET
taxlaw-12357	1626	29	portfolio	portfolio	NOUN
taxlaw-12357	1626	30	’s	’s	PART
taxlaw-12357	1626	31	decline	decline	NOUN
taxlaw-12357	1626	32	from	from	ADP
taxlaw-12357	1626	33	$	$	SYM
taxlaw-12357	1626	34	100	100	NUM
taxlaw-12357	1626	35	to	to	PART
taxlaw-12357	1626	36	$	$	SYM
taxlaw-12357	1626	37	97	97	NUM
taxlaw-12357	1626	38	)	)	PUNCT
taxlaw-12357	1626	39	,	,	PUNCT
taxlaw-12357	1626	40	leaving	leave	VERB
taxlaw-12357	1626	41	gwa	gwa	NOUN
taxlaw-12357	1626	42	with	with	ADP
taxlaw-12357	1626	43	the	the	DET
taxlaw-12357	1626	44	remaining	remain	VERB
taxlaw-12357	1626	45	$	$	SYM
taxlaw-12357	1626	46	7	7	NUM
taxlaw-12357	1626	47	.	.	PUNCT
taxlaw-12357	1627	1	in	in	ADP
taxlaw-12357	1627	2	effect	effect	NOUN
taxlaw-12357	1627	3	,	,	PUNCT
taxlaw-12357	1627	4	gwa	gwa	PROPN
taxlaw-12357	1627	5	would	would	AUX
taxlaw-12357	1627	6	absorb	absorb	VERB
taxlaw-12357	1627	7	the	the	DET
taxlaw-12357	1627	8	$	$	SYM
taxlaw-12357	1627	9	3	3	NUM
taxlaw-12357	1627	10	loss	loss	NOUN
taxlaw-12357	1627	11	.	.	PUNCT
taxlaw-12357	1628	1	because	because	SCONJ
taxlaw-12357	1628	2	of	of	ADP
taxlaw-12357	1628	3	these	these	DET
taxlaw-12357	1628	4	contingencies	contingency	NOUN
taxlaw-12357	1628	5	,	,	PUNCT
taxlaw-12357	1628	6	gwa	gwa	PROPN
taxlaw-12357	1628	7	’s	’s	PART
taxlaw-12357	1628	8	contract	contract	NOUN
taxlaw-12357	1628	9	arguably	arguably	ADV
taxlaw-12357	1628	10	was	be	AUX
taxlaw-12357	1628	11	less	less	ADV
taxlaw-12357	1628	12	like	like	ADP
taxlaw-12357	1628	13	a	a	DET
taxlaw-12357	1628	14	call	call	NOUN
taxlaw-12357	1628	15	option	option	NOUN
taxlaw-12357	1628	16	than	than	ADP
taxlaw-12357	1628	17	a	a	DET
taxlaw-12357	1628	18	margin	margin	NOUN
taxlaw-12357	1628	19	account	account	NOUN
taxlaw-12357	1628	20	or	or	CCONJ
taxlaw-12357	1628	21	a	a	DET
taxlaw-12357	1628	22	forward	forward	ADJ
taxlaw-12357	1628	23	contract	contract	NOUN
taxlaw-12357	1628	24	.	.	PUNCT
taxlaw-12357	1629	1	the	the	DET
taxlaw-12357	1629	2	contract	contract	NOUN
taxlaw-12357	1629	3	did	do	AUX
taxlaw-12357	1629	4	not	not	PART
taxlaw-12357	1629	5	insulate	insulate	VERB
taxlaw-12357	1629	6	gwa	gwa	NOUN
taxlaw-12357	1629	7	from	from	ADP
taxlaw-12357	1629	8	risk	risk	NOUN
taxlaw-12357	1629	9	of	of	ADP
taxlaw-12357	1629	10	loss	loss	NOUN
taxlaw-12357	1629	11	as	as	SCONJ
taxlaw-12357	1629	12	the	the	DET
taxlaw-12357	1629	13	portfolio	portfolio	NOUN
taxlaw-12357	1629	14	’s	’s	PART
taxlaw-12357	1629	15	value	value	NOUN
taxlaw-12357	1629	16	declined	decline	VERB
taxlaw-12357	1629	17	,	,	PUNCT
taxlaw-12357	1629	18	as	as	ADV
taxlaw-12357	1629	19	long	long	ADV
taxlaw-12357	1629	20	as	as	SCONJ
taxlaw-12357	1629	21	gwa	gwa	NOUN
taxlaw-12357	1629	22	exercised	exercise	VERB
taxlaw-12357	1629	23	its	its	PRON
taxlaw-12357	1629	24	buy	buy	VERB
taxlaw-12357	1629	25	-	-	PUNCT
taxlaw-12357	1629	26	down	down	ADP
taxlaw-12357	1629	27	rights	right	NOUN
taxlaw-12357	1629	28	.	.	PUNCT
taxlaw-12357	1630	1	if	if	SCONJ
taxlaw-12357	1630	2	gwa	gwa	PROPN
taxlaw-12357	1630	3	actually	actually	ADV
taxlaw-12357	1630	4	desired	desire	VERB
taxlaw-12357	1630	5	full	full	ADJ
taxlaw-12357	1630	6	exposure	exposure	NOUN
taxlaw-12357	1630	7	to	to	ADP
taxlaw-12357	1630	8	the	the	DET
taxlaw-12357	1630	9	underlying	underlying	NOUN
taxlaw-12357	1630	10	,	,	PUNCT
taxlaw-12357	1630	11	it	it	PRON
taxlaw-12357	1630	12	could	could	AUX
taxlaw-12357	1630	13	get	get	VERB
taxlaw-12357	1630	14	it	it	PRON
taxlaw-12357	1630	15	by	by	ADP
taxlaw-12357	1630	16	simply	simply	ADV
taxlaw-12357	1630	17	continuing	continue	VERB
taxlaw-12357	1630	18	to	to	PART
taxlaw-12357	1630	19	cover	cover	VERB
taxlaw-12357	1630	20	these	these	DET
taxlaw-12357	1630	21	losses	loss	NOUN
taxlaw-12357	1630	22	.	.	PUNCT
taxlaw-12357	1631	1	this	this	DET
taxlaw-12357	1631	2	risk	risk	NOUN
taxlaw-12357	1631	3	of	of	ADP
taxlaw-12357	1631	4	loss	loss	NOUN
taxlaw-12357	1631	5	usually	usually	ADV
taxlaw-12357	1631	6	arises	arise	VERB
taxlaw-12357	1631	7	–	–	PUNCT
taxlaw-12357	1631	8	not	not	PART
taxlaw-12357	1631	9	in	in	ADP
taxlaw-12357	1631	10	a	a	DET
taxlaw-12357	1631	11	call	call	NOUN
taxlaw-12357	1631	12	option	option	NOUN
taxlaw-12357	1631	13	–	–	PUNCT
taxlaw-12357	1631	14	but	but	CCONJ
taxlaw-12357	1631	15	in	in	ADP
taxlaw-12357	1631	16	a	a	DET
taxlaw-12357	1631	17	forward	forward	ADJ
taxlaw-12357	1631	18	contract	contract	NOUN
taxlaw-12357	1631	19	or	or	CCONJ
taxlaw-12357	1631	20	an	an	DET
taxlaw-12357	1631	21	investment	investment	NOUN
taxlaw-12357	1631	22	in	in	ADP
taxlaw-12357	1631	23	the	the	DET
taxlaw-12357	1631	24	underlying	underlying	NOUN
taxlaw-12357	1631	25	.	.	PUNCT
taxlaw-12357	1632	1	a	a	DET
taxlaw-12357	1632	2	key	key	ADJ
taxlaw-12357	1632	3	question	question	NOUN
taxlaw-12357	1632	4	,	,	PUNCT
taxlaw-12357	1632	5	then	then	ADV
taxlaw-12357	1632	6	,	,	PUNCT
taxlaw-12357	1632	7	is	be	AUX
taxlaw-12357	1632	8	whether	whether	SCONJ
taxlaw-12357	1632	9	gwa	gwa	NOUN
taxlaw-12357	1632	10	regularly	regularly	ADV
taxlaw-12357	1632	11	used	use	VERB
taxlaw-12357	1632	12	the	the	DET
taxlaw-12357	1632	13	buy	buy	VERB
taxlaw-12357	1632	14	-	-	PUNCT
taxlaw-12357	1632	15	down	down	ADP
taxlaw-12357	1632	16	feature	feature	NOUN
taxlaw-12357	1632	17	to	to	PART
taxlaw-12357	1632	18	keep	keep	VERB
taxlaw-12357	1632	19	the	the	DET
taxlaw-12357	1632	20	contract	contract	NOUN
taxlaw-12357	1632	21	from	from	ADP
taxlaw-12357	1632	22	terminating	terminate	VERB
taxlaw-12357	1632	23	.	.	PUNCT
taxlaw-12357	1633	1	on	on	ADP
taxlaw-12357	1633	2	the	the	DET
taxlaw-12357	1633	3	one	one	NUM
taxlaw-12357	1633	4	hand	hand	NOUN
taxlaw-12357	1633	5	,	,	PUNCT
taxlaw-12357	1633	6	if	if	SCONJ
taxlaw-12357	1633	7	the	the	DET
taxlaw-12357	1633	8	answer	answer	NOUN
taxlaw-12357	1633	9	was	be	AUX
taxlaw-12357	1633	10	“	"	PUNCT
taxlaw-12357	1633	11	yes	yes	INTJ
taxlaw-12357	1633	12	,	,	PUNCT
taxlaw-12357	1633	13	”	"	PUNCT
taxlaw-12357	1633	14	the	the	DET
taxlaw-12357	1633	15	contract	contract	NOUN
taxlaw-12357	1633	16	was	be	AUX
taxlaw-12357	1633	17	a	a	DET
taxlaw-12357	1633	18	close	close	ADJ
taxlaw-12357	1633	19	substitute	substitute	NOUN
taxlaw-12357	1633	20	for	for	ADP
taxlaw-12357	1633	21	the	the	DET
taxlaw-12357	1633	22	underlying	underlie	VERB
taxlaw-12357	1633	23	,	,	PUNCT
taxlaw-12357	1633	24	as	as	SCONJ
taxlaw-12357	1633	25	noted	note	VERB
taxlaw-12357	1633	26	above	above	ADV
taxlaw-12357	1633	27	.	.	PUNCT
taxlaw-12357	1634	1	on	on	ADP
taxlaw-12357	1634	2	the	the	DET
taxlaw-12357	1634	3	other	other	ADJ
taxlaw-12357	1634	4	hand	hand	NOUN
taxlaw-12357	1634	5	,	,	PUNCT
taxlaw-12357	1634	6	if	if	SCONJ
taxlaw-12357	1634	7	the	the	DET
taxlaw-12357	1634	8	answer	answer	NOUN
taxlaw-12357	1634	9	was	be	AUX
taxlaw-12357	1634	10	“	"	PUNCT
taxlaw-12357	1634	11	no	no	INTJ
taxlaw-12357	1634	12	,	,	PUNCT
taxlaw-12357	1634	13	”	"	PUNCT
taxlaw-12357	1634	14	the	the	DET
taxlaw-12357	1634	15	contract	contract	NOUN
taxlaw-12357	1634	16	was	be	AUX
taxlaw-12357	1634	17	less	less	ADV
taxlaw-12357	1634	18	like	like	ADP
taxlaw-12357	1634	19	the	the	DET
taxlaw-12357	1634	20	underlying	underlie	VERB
taxlaw-12357	1634	21	:	:	PUNCT
taxlaw-12357	1634	22	gwa	gwa	NOUN
taxlaw-12357	1634	23	had	have	AUX
taxlaw-12357	1634	24	opportunity	opportunity	NOUN
taxlaw-12357	1634	25	for	for	ADP
taxlaw-12357	1634	26	gain	gain	NOUN
taxlaw-12357	1634	27	–	–	PUNCT
taxlaw-12357	1634	28	as	as	ADV
taxlaw-12357	1634	29	long	long	ADV
taxlaw-12357	1634	30	as	as	SCONJ
taxlaw-12357	1634	31	the	the	DET
taxlaw-12357	1634	32	contract	contract	NOUN
taxlaw-12357	1634	33	did	do	AUX
taxlaw-12357	1634	34	n’t	not	PART
taxlaw-12357	1634	35	“	"	PUNCT
taxlaw-12357	1634	36	knock	knock	VERB
taxlaw-12357	1634	37	out”–but	out”–but	CCONJ
taxlaw-12357	1634	38	gwa	gwa	NOUN
taxlaw-12357	1634	39	did	do	AUX
taxlaw-12357	1634	40	not	not	PART
taxlaw-12357	1634	41	have	have	VERB
taxlaw-12357	1634	42	risk	risk	NOUN
taxlaw-12357	1634	43	of	of	ADP
taxlaw-12357	1634	44	loss	loss	NOUN
taxlaw-12357	1634	45	below	below	ADP
taxlaw-12357	1634	46	$	$	SYM
taxlaw-12357	1634	47	90	90	NUM
taxlaw-12357	1634	48	(	(	PUNCT
taxlaw-12357	1634	49	since	since	SCONJ
taxlaw-12357	1634	50	the	the	DET
taxlaw-12357	1634	51	contract	contract	NOUN
taxlaw-12357	1634	52	would	would	AUX
taxlaw-12357	1634	53	terminate	terminate	VERB
taxlaw-12357	1634	54	at	at	ADP
taxlaw-12357	1634	55	$	$	SYM
taxlaw-12357	1634	56	97).177	97).177	NUM
taxlaw-12357	1634	57	3	3	NUM
taxlaw-12357	1634	58	.	.	PUNCT
taxlaw-12357	1634	59	planning	plan	VERB
taxlaw-12357	1634	60	around	around	ADP
taxlaw-12357	1634	61	section	section	NOUN
taxlaw-12357	1634	62	1260	1260	NUM
taxlaw-12357	1634	63	even	even	ADV
taxlaw-12357	1634	64	though	though	SCONJ
taxlaw-12357	1634	65	gwa	gwa	PROPN
taxlaw-12357	1634	66	’s	’s	PART
taxlaw-12357	1634	67	contract	contract	NOUN
taxlaw-12357	1634	68	had	have	VERB
taxlaw-12357	1634	69	a	a	DET
taxlaw-12357	1634	70	lot	lot	NOUN
taxlaw-12357	1634	71	in	in	ADP
taxlaw-12357	1634	72	common	common	ADJ
taxlaw-12357	1634	73	with	with	ADP
taxlaw-12357	1634	74	the	the	DET
taxlaw-12357	1634	75	hedge	hedge	NOUN
taxlaw-12357	1634	76	fund	fund	NOUN
taxlaw-12357	1634	77	derivatives	derivative	NOUN
taxlaw-12357	1634	78	covered	cover	VERB
taxlaw-12357	1634	79	under	under	ADP
taxlaw-12357	1634	80	section	section	NOUN
taxlaw-12357	1634	81	1260	1260	NUM
taxlaw-12357	1634	82	,	,	PUNCT
taxlaw-12357	1634	83	there	there	PRON
taxlaw-12357	1634	84	was	be	VERB
taxlaw-12357	1634	85	an	an	DET
taxlaw-12357	1634	86	important	important	ADJ
taxlaw-12357	1634	87	difference	difference	NOUN
taxlaw-12357	1634	88	:	:	PUNCT
taxlaw-12357	1634	89	the	the	DET
taxlaw-12357	1634	90	contract	contract	NOUN
taxlaw-12357	1634	91	was	be	AUX
taxlaw-12357	1634	92	based	base	VERB
taxlaw-12357	1634	93	on	on	ADP
taxlaw-12357	1634	94	the	the	DET
taxlaw-12357	1634	95	value	value	NOUN
taxlaw-12357	1634	96	–	–	PUNCT
taxlaw-12357	1634	97	not	not	PART
taxlaw-12357	1634	98	of	of	ADP
taxlaw-12357	1634	99	a	a	DET
taxlaw-12357	1634	100	hedge	hedge	NOUN
taxlaw-12357	1634	101	fund	fund	NOUN
taxlaw-12357	1634	102	–	–	PUNCT
taxlaw-12357	1634	103	but	but	CCONJ
taxlaw-12357	1634	104	of	of	ADP
taxlaw-12357	1634	105	a	a	DET
taxlaw-12357	1634	106	managed	manage	VERB
taxlaw-12357	1634	107	account	account	NOUN
taxlaw-12357	1634	108	.	.	PUNCT
taxlaw-12357	1635	1	as	as	ADP
taxlaw-12357	1635	2	a	a	DET
taxlaw-12357	1635	3	result	result	NOUN
taxlaw-12357	1635	4	,	,	PUNCT
taxlaw-12357	1635	5	it	it	PRON
taxlaw-12357	1635	6	fell	fall	VERB
taxlaw-12357	1635	7	outside	outside	ADP
taxlaw-12357	1635	8	the	the	DET
taxlaw-12357	1635	9	language	language	NOUN
taxlaw-12357	1635	10	of	of	ADP
taxlaw-12357	1635	11	section	section	NOUN
taxlaw-12357	1635	12	1260	1260	NUM
taxlaw-12357	1635	13	,	,	PUNCT
taxlaw-12357	1635	14	which	which	PRON
taxlaw-12357	1635	15	applies	apply	VERB
taxlaw-12357	1635	16	only	only	ADV
taxlaw-12357	1635	17	to	to	ADP
taxlaw-12357	1635	18	derivatives	derivative	NOUN
taxlaw-12357	1635	19	based	base	VERB
taxlaw-12357	1635	20	on	on	ADP
taxlaw-12357	1635	21	the	the	DET
taxlaw-12357	1635	22	value	value	NOUN
taxlaw-12357	1635	23	of	of	ADP
taxlaw-12357	1635	24	“	"	PUNCT
taxlaw-12357	1635	25	any	any	DET
taxlaw-12357	1635	26	equity	equity	NOUN
taxlaw-12357	1635	27	interest	interest	NOUN
taxlaw-12357	1635	28	in	in	ADP
taxlaw-12357	1635	29	any	any	DET
taxlaw-12357	1635	30	pass	pass	NOUN
taxlaw-12357	1635	31	-	-	PUNCT
taxlaw-12357	1635	32	thru	thru	NOUN
taxlaw-12357	1635	33	entity	entity	NOUN
taxlaw-12357	1635	34	.	.	PUNCT
taxlaw-12357	1636	1	”178	”178	PUNCT
taxlaw-12357	1636	2	in	in	ADP
taxlaw-12357	1636	3	gwa	gwa	PROPN
taxlaw-12357	1636	4	’s	’s	PART
taxlaw-12357	1636	5	transaction	transaction	NOUN
taxlaw-12357	1636	6	,	,	PUNCT
taxlaw-12357	1636	7	there	there	PRON
taxlaw-12357	1636	8	was	be	VERB
taxlaw-12357	1636	9	no	no	DET
taxlaw-12357	1636	10	“	"	PUNCT
taxlaw-12357	1636	11	pass	pass	VERB
taxlaw-12357	1636	12	-	-	PUNCT
taxlaw-12357	1636	13	thru	thru	NOUN
taxlaw-12357	1636	14	entity	entity	NOUN
taxlaw-12357	1636	15	.	.	PUNCT
taxlaw-12357	1636	16	”	"	PUNCT
taxlaw-12357	1637	1	this	this	PRON
taxlaw-12357	1637	2	is	be	AUX
taxlaw-12357	1637	3	not	not	PART
taxlaw-12357	1637	4	to	to	PART
taxlaw-12357	1637	5	say	say	VERB
taxlaw-12357	1637	6	that	that	SCONJ
taxlaw-12357	1637	7	derivatives	derivative	NOUN
taxlaw-12357	1637	8	on	on	ADP
taxlaw-12357	1637	9	managed	manage	VERB
taxlaw-12357	1637	10	accounts	account	NOUN
taxlaw-12357	1637	11	are	be	AUX
taxlaw-12357	1637	12	“	"	PUNCT
taxlaw-12357	1637	13	in	in	ADP
taxlaw-12357	1637	14	the	the	DET
taxlaw-12357	1637	15	clear	clear	NOUN
taxlaw-12357	1637	16	.	.	PUNCT
taxlaw-12357	1637	17	”	"	PUNCT
taxlaw-12357	1638	1	section	section	NOUN
taxlaw-12357	1638	2	1260	1260	NUM
taxlaw-12357	1638	3	gave	give	VERB
taxlaw-12357	1638	4	treasury	treasury	PROPN
taxlaw-12357	1638	5	regulatory	regulatory	ADJ
taxlaw-12357	1638	6	authority	authority	NOUN
taxlaw-12357	1638	7	to	to	PART
taxlaw-12357	1638	8	cover	cover	VERB
taxlaw-12357	1638	9	them	they	PRON
taxlaw-12357	1638	10	,	,	PUNCT
taxlaw-12357	1638	11	although	although	SCONJ
taxlaw-12357	1638	12	no	no	DET
taxlaw-12357	1638	13	regulations	regulation	NOUN
taxlaw-12357	1638	14	have	have	AUX
taxlaw-12357	1638	15	been	be	AUX
taxlaw-12357	1638	16	issued	issue	VERB
taxlaw-12357	1638	17	yet.179	yet.179	NOUN
taxlaw-12357	1638	18	even	even	ADV
taxlaw-12357	1638	19	so	so	ADV
taxlaw-12357	1638	20	,	,	PUNCT
taxlaw-12357	1638	21	treasury	treasury	PROPN
taxlaw-12357	1638	22	has	have	AUX
taxlaw-12357	1638	23	used	use	VERB
taxlaw-12357	1638	24	notices	notice	NOUN
taxlaw-12357	1638	25	to	to	PART
taxlaw-12357	1638	26	deter	deter	VERB
taxlaw-12357	1638	27	these	these	DET
taxlaw-12357	1638	28	transactions	transaction	NOUN
taxlaw-12357	1638	29	,	,	PUNCT
taxlaw-12357	1638	30	as	as	ADP
taxlaw-12357	1638	31	noted	note	VERB
taxlaw-12357	1638	32	above.180	above.180	NOUN
taxlaw-12357	1638	33	when	when	SCONJ
taxlaw-12357	1638	34	treasury	treasury	PROPN
taxlaw-12357	1638	35	ultimately	ultimately	ADV
taxlaw-12357	1638	36	does	do	AUX
taxlaw-12357	1638	37	write	write	VERB
taxlaw-12357	1638	38	regulations	regulation	NOUN
taxlaw-12357	1638	39	,	,	PUNCT
taxlaw-12357	1638	40	a	a	DET
taxlaw-12357	1638	41	basket	basket	NOUN
taxlaw-12357	1638	42	option	option	NOUN
taxlaw-12357	1638	43	presumably	presumably	ADV
taxlaw-12357	1638	44	will	will	AUX
taxlaw-12357	1638	45	be	be	AUX
taxlaw-12357	1638	46	covered	cover	VERB
taxlaw-12357	1638	47	only	only	ADV
taxlaw-12357	1638	48	if	if	SCONJ
taxlaw-12357	1638	49	it	it	PRON
taxlaw-12357	1638	50	conveys	convey	VERB
taxlaw-12357	1638	51	substantially	substantially	ADV
taxlaw-12357	1638	52	all	all	PRON
taxlaw-12357	1638	53	of	of	ADP
taxlaw-12357	1638	54	the	the	DET
taxlaw-12357	1638	55	risk	risk	NOUN
taxlaw-12357	1638	56	of	of	ADP
taxlaw-12357	1638	57	loss	loss	NOUN
taxlaw-12357	1638	58	and	and	CCONJ
taxlaw-12357	1638	59	opportunity	opportunity	NOUN
taxlaw-12357	1638	60	for	for	ADP
taxlaw-12357	1638	61	gain	gain	NOUN
taxlaw-12357	1638	62	in	in	ADP
taxlaw-12357	1638	63	the	the	DET
taxlaw-12357	1638	64	basket	basket	NOUN
taxlaw-12357	1638	65	.	.	PUNCT
taxlaw-12357	1639	1	in	in	ADP
taxlaw-12357	1639	2	other	other	ADJ
taxlaw-12357	1639	3	words	word	NOUN
taxlaw-12357	1639	4	,	,	PUNCT
taxlaw-12357	1639	5	the	the	DET
taxlaw-12357	1639	6	answer	answer	NOUN
taxlaw-12357	1639	7	will	will	AUX
taxlaw-12357	1639	8	turn	turn	VERB
taxlaw-12357	1639	9	on	on	ADP
taxlaw-12357	1639	10	a	a	DET
taxlaw-12357	1639	11	comparison	comparison	NOUN
taxlaw-12357	1639	12	,	,	PUNCT
taxlaw-12357	1639	13	and	and	CCONJ
taxlaw-12357	1639	14	this	this	DET
taxlaw-12357	1639	15	part	part	NOUN
taxlaw-12357	1639	16	shows	show	VERB
taxlaw-12357	1639	17	how	how	SCONJ
taxlaw-12357	1639	18	it	it	PRON
taxlaw-12357	1639	19	should	should	AUX
taxlaw-12357	1639	20	be	be	AUX
taxlaw-12357	1639	21	done	do	VERB
taxlaw-12357	1639	22	.	.	PUNCT
taxlaw-12357	1640	1	4	4	X
taxlaw-12357	1640	2	.	.	X
taxlaw-12357	1640	3	economic	economic	ADJ
taxlaw-12357	1640	4	similarity	similarity	NOUN
taxlaw-12357	1640	5	and	and	CCONJ
taxlaw-12357	1640	6	general	general	ADJ
taxlaw-12357	1640	7	principles	principle	NOUN
taxlaw-12357	1640	8	the	the	DET
taxlaw-12357	1640	9	same	same	ADJ
taxlaw-12357	1640	10	comparison	comparison	NOUN
taxlaw-12357	1640	11	also	also	ADV
taxlaw-12357	1640	12	is	be	AUX
taxlaw-12357	1640	13	relevant	relevant	ADJ
taxlaw-12357	1640	14	in	in	ADP
taxlaw-12357	1640	15	the	the	DET
taxlaw-12357	1640	16	gwa	gwa	NOUN
taxlaw-12357	1640	17	litigation	litigation	NOUN
taxlaw-12357	1640	18	.	.	PUNCT
taxlaw-12357	1641	1	even	even	ADV
taxlaw-12357	1641	2	if	if	SCONJ
taxlaw-12357	1641	3	the	the	DET
taxlaw-12357	1641	4	government	government	NOUN
taxlaw-12357	1641	5	can	can	AUX
taxlaw-12357	1641	6	not	not	PART
taxlaw-12357	1641	7	invoke	invoke	VERB
taxlaw-12357	1641	8	section	section	NOUN
taxlaw-12357	1641	9	1260	1260	NUM
taxlaw-12357	1641	10	,	,	PUNCT
taxlaw-12357	1641	11	it	it	PRON
taxlaw-12357	1641	12	can	can	AUX
taxlaw-12357	1641	13	rely	rely	VERB
taxlaw-12357	1641	14	on	on	ADP
taxlaw-12357	1641	15	general	general	ADJ
taxlaw-12357	1641	16	principles	principle	NOUN
taxlaw-12357	1641	17	to	to	PART
taxlaw-12357	1641	18	claim	claim	VERB
taxlaw-12357	1641	19	that	that	SCONJ
taxlaw-12357	1641	20	gwa	gwa	NOUN
taxlaw-12357	1641	21	–	–	PUNCT
taxlaw-12357	1641	22	not	not	PART
taxlaw-12357	1641	23	the	the	DET
taxlaw-12357	1641	24	dealer	dealer	NOUN
taxlaw-12357	1641	25	–	–	PUNCT
taxlaw-12357	1641	26	was	be	AUX
taxlaw-12357	1641	27	the	the	DET
taxlaw-12357	1641	28	real	real	ADJ
taxlaw-12357	1641	29	owner	owner	NOUN
taxlaw-12357	1641	30	of	of	ADP
taxlaw-12357	1641	31	the	the	DET
taxlaw-12357	1641	32	portfolio	portfolio	NOUN
taxlaw-12357	1641	33	.	.	PUNCT
taxlaw-12357	1642	1	if	if	SCONJ
taxlaw-12357	1642	2	the	the	DET
taxlaw-12357	1642	3	court	court	NOUN
taxlaw-12357	1642	4	agrees	agree	VERB
taxlaw-12357	1642	5	,	,	PUNCT
taxlaw-12357	1642	6	gwa	gwa	PROPN
taxlaw-12357	1642	7	would	would	AUX
taxlaw-12357	1642	8	be	be	AUX
taxlaw-12357	1642	9	taxed	tax	VERB
taxlaw-12357	1642	10	on	on	ADP
taxlaw-12357	1642	11	(	(	PUNCT
taxlaw-12357	1642	12	short	short	ADJ
taxlaw-12357	1642	13	-	-	PUNCT
taxlaw-12357	1642	14	term	term	NOUN
taxlaw-12357	1642	15	)	)	PUNCT
taxlaw-12357	1642	16	gains	gain	NOUN
taxlaw-12357	1642	17	from	from	ADP
taxlaw-12357	1642	18	the	the	DET
taxlaw-12357	1642	19	underlying	underlie	VERB
taxlaw-12357	1642	20	portfolio	portfolio	NOUN
taxlaw-12357	1642	21	,	,	PUNCT
taxlaw-12357	1642	22	instead	instead	ADV
taxlaw-12357	1642	23	of	of	ADP
taxlaw-12357	1642	24	on	on	ADP
taxlaw-12357	1642	25	(	(	PUNCT
taxlaw-12357	1642	26	long	long	ADJ
taxlaw-12357	1642	27	-	-	PUNCT
taxlaw-12357	1642	28	term	term	NOUN
taxlaw-12357	1642	29	)	)	PUNCT
taxlaw-12357	1642	30	gain	gain	NOUN
taxlaw-12357	1642	31	from	from	ADP
taxlaw-12357	1642	32	the	the	DET
taxlaw-12357	1642	33	basket	basket	NOUN
taxlaw-12357	1642	34	option	option	NOUN
taxlaw-12357	1642	35	.	.	PUNCT
taxlaw-12357	1643	1	177	177	NUM
taxlaw-12357	1643	2	as	as	ADP
taxlaw-12357	1643	3	a	a	DET
taxlaw-12357	1643	4	middle	middle	ADJ
taxlaw-12357	1643	5	ground	ground	NOUN
taxlaw-12357	1643	6	,	,	PUNCT
taxlaw-12357	1643	7	if	if	SCONJ
taxlaw-12357	1643	8	buy	buy	NOUN
taxlaw-12357	1643	9	-	-	PUNCT
taxlaw-12357	1643	10	downs	down	NOUN
taxlaw-12357	1643	11	will	will	AUX
taxlaw-12357	1643	12	only	only	ADV
taxlaw-12357	1643	13	be	be	AUX
taxlaw-12357	1643	14	used	use	VERB
taxlaw-12357	1643	15	to	to	ADP
taxlaw-12357	1643	16	a	a	DET
taxlaw-12357	1643	17	point	point	NOUN
taxlaw-12357	1643	18	,	,	PUNCT
taxlaw-12357	1643	19	then	then	ADV
taxlaw-12357	1643	20	a	a	DET
taxlaw-12357	1643	21	more	more	ADV
taxlaw-12357	1643	22	complex	complex	ADJ
taxlaw-12357	1643	23	analysis	analysis	NOUN
taxlaw-12357	1643	24	is	be	AUX
taxlaw-12357	1643	25	needed	need	VERB
taxlaw-12357	1643	26	to	to	PART
taxlaw-12357	1643	27	address	address	VERB
taxlaw-12357	1643	28	how	how	SCONJ
taxlaw-12357	1643	29	the	the	DET
taxlaw-12357	1643	30	contingencies	contingency	NOUN
taxlaw-12357	1643	31	will	will	AUX
taxlaw-12357	1643	32	be	be	AUX
taxlaw-12357	1643	33	resolved	resolve	VERB
taxlaw-12357	1643	34	in	in	ADP
taxlaw-12357	1643	35	various	various	ADJ
taxlaw-12357	1643	36	situations	situation	NOUN
taxlaw-12357	1643	37	.	.	PUNCT
taxlaw-12357	1644	1	178	178	NUM
taxlaw-12357	1644	2	i.r.c	i.r.c	NOUN
taxlaw-12357	1644	3	.	.	PUNCT
taxlaw-12357	1645	1	§	§	PROPN
taxlaw-12357	1645	2	1260(c)(1)(a	1260(c)(1)(a	NUM
taxlaw-12357	1645	3	)	)	PUNCT
taxlaw-12357	1645	4	.	.	PUNCT
taxlaw-12357	1646	1	179	179	NUM
taxlaw-12357	1646	2	specifically	specifically	ADV
taxlaw-12357	1646	3	,	,	PUNCT
taxlaw-12357	1646	4	this	this	DET
taxlaw-12357	1646	5	authority	authority	NOUN
taxlaw-12357	1646	6	covers	cover	VERB
taxlaw-12357	1646	7	derivatives	derivative	NOUN
taxlaw-12357	1646	8	based	base	VERB
taxlaw-12357	1646	9	on	on	ADP
taxlaw-12357	1646	10	common	common	ADJ
taxlaw-12357	1646	11	stock	stock	NOUN
taxlaw-12357	1646	12	and	and	CCONJ
taxlaw-12357	1646	13	debt	debt	NOUN
taxlaw-12357	1646	14	securities	security	NOUN
taxlaw-12357	1646	15	.	.	PUNCT
taxlaw-12357	1647	1	see	see	VERB
taxlaw-12357	1647	2	i.r.c	i.r.c	NOUN
taxlaw-12357	1647	3	.	.	PUNCT
taxlaw-12357	1648	1	§	§	PROPN
taxlaw-12357	1648	2	1260(c)(1)(b	1260(c)(1)(b	NUM
taxlaw-12357	1648	3	)	)	PUNCT
taxlaw-12357	1648	4	&	&	CCONJ
taxlaw-12357	1648	5	(	(	PUNCT
taxlaw-12357	1648	6	d)(1)(d	d)(1)(d	NOUN
taxlaw-12357	1648	7	)	)	PUNCT
taxlaw-12357	1648	8	.	.	PUNCT
taxlaw-12357	1649	1	presumably	presumably	ADV
taxlaw-12357	1649	2	,	,	PUNCT
taxlaw-12357	1649	3	this	this	DET
taxlaw-12357	1649	4	authority	authority	NOUN
taxlaw-12357	1649	5	extends	extend	VERB
taxlaw-12357	1649	6	to	to	ADP
taxlaw-12357	1649	7	managed	manage	VERB
taxlaw-12357	1649	8	accounts	account	NOUN
taxlaw-12357	1649	9	comprised	comprise	VERB
taxlaw-12357	1649	10	of	of	ADP
taxlaw-12357	1649	11	these	these	DET
taxlaw-12357	1649	12	investments	investment	NOUN
taxlaw-12357	1649	13	.	.	PUNCT
taxlaw-12357	1650	1	an	an	DET
taxlaw-12357	1650	2	interesting	interesting	ADJ
taxlaw-12357	1650	3	question	question	NOUN
taxlaw-12357	1650	4	is	be	AUX
taxlaw-12357	1650	5	whether	whether	SCONJ
taxlaw-12357	1650	6	it	it	PRON
taxlaw-12357	1650	7	extends	extend	VERB
taxlaw-12357	1650	8	to	to	PART
taxlaw-12357	1650	9	accounts	account	NOUN
taxlaw-12357	1650	10	with	with	ADP
taxlaw-12357	1650	11	other	other	ADJ
taxlaw-12357	1650	12	assets	asset	NOUN
taxlaw-12357	1650	13	,	,	PUNCT
taxlaw-12357	1650	14	such	such	ADJ
taxlaw-12357	1650	15	as	as	ADP
taxlaw-12357	1650	16	commodities	commodity	NOUN
taxlaw-12357	1650	17	and	and	CCONJ
taxlaw-12357	1650	18	cryptocurrency	cryptocurrency	NOUN
taxlaw-12357	1650	19	.	.	PUNCT
taxlaw-12357	1651	1	if	if	SCONJ
taxlaw-12357	1651	2	not	not	PART
taxlaw-12357	1651	3	,	,	PUNCT
taxlaw-12357	1651	4	could	could	AUX
taxlaw-12357	1651	5	taxpayers	taxpayer	NOUN
taxlaw-12357	1651	6	avoid	avoid	VERB
taxlaw-12357	1651	7	the	the	DET
taxlaw-12357	1651	8	rule	rule	NOUN
taxlaw-12357	1651	9	by	by	ADP
taxlaw-12357	1651	10	including	include	VERB
taxlaw-12357	1651	11	these	these	DET
taxlaw-12357	1651	12	other	other	ADJ
taxlaw-12357	1651	13	assets	asset	NOUN
taxlaw-12357	1651	14	in	in	ADP
taxlaw-12357	1651	15	the	the	DET
taxlaw-12357	1651	16	portfolio	portfolio	NOUN
taxlaw-12357	1651	17	?	?	PUNCT
taxlaw-12357	1652	1	how	how	SCONJ
taxlaw-12357	1652	2	much	much	ADJ
taxlaw-12357	1652	3	must	must	AUX
taxlaw-12357	1652	4	they	they	PRON
taxlaw-12357	1652	5	include	include	VERB
taxlaw-12357	1652	6	?	?	PUNCT
taxlaw-12357	1653	1	180	180	NUM
taxlaw-12357	1653	2	i.r.s	i.r.	NOUN
taxlaw-12357	1653	3	.	.	PUNCT
taxlaw-12357	1654	1	notice	notice	VERB
taxlaw-12357	1654	2	2015	2015	NUM
taxlaw-12357	1654	3	-	-	SYM
taxlaw-12357	1654	4	73	73	NUM
taxlaw-12357	1654	5	,	,	PUNCT
taxlaw-12357	1654	6	2015	2015	NUM
taxlaw-12357	1654	7	-	-	SYM
taxlaw-12357	1654	8	46	46	NUM
taxlaw-12357	1654	9	i.r.b	i.r.b	NOUN
taxlaw-12357	1654	10	.	.	PUNCT
taxlaw-12357	1655	1	660	660	NUM
taxlaw-12357	1655	2	;	;	PUNCT
taxlaw-12357	1655	3	i.r.s	i.r.s	PROPN
taxlaw-12357	1655	4	.	.	PUNCT
taxlaw-12357	1656	1	notice	notice	VERB
taxlaw-12357	1656	2	2015	2015	NUM
taxlaw-12357	1656	3	-	-	SYM
taxlaw-12357	1656	4	74	74	NUM
taxlaw-12357	1656	5	,	,	PUNCT
taxlaw-12357	1656	6	2015	2015	NUM
taxlaw-12357	1656	7	-	-	SYM
taxlaw-12357	1656	8	46	46	NUM
taxlaw-12357	1656	9	i.r.b	i.r.b	NOUN
taxlaw-12357	1656	10	.	.	PUNCT
taxlaw-12357	1657	1	663	663	NUM
taxlaw-12357	1657	2	.	.	PUNCT
taxlaw-12357	1658	1	2024	2024	NUM
taxlaw-12357	1658	2	]	]	PUNCT
taxlaw-12357	1658	3	transaction	transaction	NOUN
taxlaw-12357	1658	4	-	-	PUNCT
taxlaw-12357	1658	5	specific	specific	ADJ
taxlaw-12357	1658	6	tax	tax	NOUN
taxlaw-12357	1658	7	reform	reform	NOUN
taxlaw-12357	1658	8	in	in	ADP
taxlaw-12357	1658	9	three	three	NUM
taxlaw-12357	1658	10	steps	step	NOUN
taxlaw-12357	1658	11	59	59	NUM
taxlaw-12357	1658	12	in	in	ADP
taxlaw-12357	1658	13	this	this	DET
taxlaw-12357	1658	14	analysis	analysis	NOUN
taxlaw-12357	1658	15	,	,	PUNCT
taxlaw-12357	1658	16	the	the	DET
taxlaw-12357	1658	17	key	key	ADJ
taxlaw-12357	1658	18	question	question	NOUN
taxlaw-12357	1658	19	is	be	AUX
taxlaw-12357	1658	20	,	,	PUNCT
taxlaw-12357	1658	21	once	once	ADV
taxlaw-12357	1658	22	again	again	ADV
taxlaw-12357	1658	23	,	,	PUNCT
taxlaw-12357	1658	24	how	how	SCONJ
taxlaw-12357	1658	25	similar	similar	ADJ
taxlaw-12357	1658	26	the	the	DET
taxlaw-12357	1658	27	gwa	gwa	NOUN
taxlaw-12357	1658	28	contract	contract	NOUN
taxlaw-12357	1658	29	was	be	AUX
taxlaw-12357	1658	30	to	to	ADP
taxlaw-12357	1658	31	the	the	DET
taxlaw-12357	1658	32	underlying	underlie	VERB
taxlaw-12357	1658	33	portfolio	portfolio	NOUN
taxlaw-12357	1658	34	.	.	PUNCT
taxlaw-12357	1659	1	if	if	SCONJ
taxlaw-12357	1659	2	these	these	DET
taxlaw-12357	1659	3	two	two	NUM
taxlaw-12357	1659	4	investments	investment	NOUN
taxlaw-12357	1659	5	offered	offer	VERB
taxlaw-12357	1659	6	essentially	essentially	ADV
taxlaw-12357	1659	7	the	the	DET
taxlaw-12357	1659	8	same	same	ADJ
taxlaw-12357	1659	9	economic	economic	ADJ
taxlaw-12357	1659	10	return,181	return,181	PROPN
taxlaw-12357	1659	11	a	a	DET
taxlaw-12357	1659	12	court	court	NOUN
taxlaw-12357	1659	13	is	be	AUX
taxlaw-12357	1659	14	likely	likely	ADJ
taxlaw-12357	1659	15	to	to	PART
taxlaw-12357	1659	16	disregard	disregard	VERB
taxlaw-12357	1659	17	the	the	DET
taxlaw-12357	1659	18	contract	contract	NOUN
taxlaw-12357	1659	19	and	and	CCONJ
taxlaw-12357	1659	20	treat	treat	VERB
taxlaw-12357	1659	21	the	the	DET
taxlaw-12357	1659	22	underlying	underlie	VERB
taxlaw-12357	1659	23	portfolio	portfolio	NOUN
taxlaw-12357	1659	24	as	as	SCONJ
taxlaw-12357	1659	25	owned	own	VERB
taxlaw-12357	1659	26	by	by	ADP
taxlaw-12357	1659	27	gwa	gwa	NOUN
taxlaw-12357	1659	28	,	,	PUNCT
taxlaw-12357	1659	29	not	not	PART
taxlaw-12357	1659	30	the	the	DET
taxlaw-12357	1659	31	bank	bank	NOUN
taxlaw-12357	1659	32	.	.	PUNCT
taxlaw-12357	1660	1	but	but	CCONJ
taxlaw-12357	1660	2	if	if	SCONJ
taxlaw-12357	1660	3	the	the	DET
taxlaw-12357	1660	4	contract	contract	NOUN
taxlaw-12357	1660	5	is	be	AUX
taxlaw-12357	1660	6	meaningfully	meaningfully	ADV
taxlaw-12357	1660	7	different	different	ADJ
taxlaw-12357	1660	8	–	–	PUNCT
taxlaw-12357	1660	9	and	and	CCONJ
taxlaw-12357	1660	10	thus	thus	ADV
taxlaw-12357	1660	11	has	have	VERB
taxlaw-12357	1660	12	economic	economic	ADJ
taxlaw-12357	1660	13	substance	substance	NOUN
taxlaw-12357	1660	14	and	and	CCONJ
taxlaw-12357	1660	15	a	a	DET
taxlaw-12357	1660	16	business	business	NOUN
taxlaw-12357	1660	17	purpose	purpose	NOUN
taxlaw-12357	1660	18	–	–	PUNCT
taxlaw-12357	1660	19	a	a	DET
taxlaw-12357	1660	20	court	court	NOUN
taxlaw-12357	1660	21	is	be	AUX
taxlaw-12357	1660	22	likely	likely	ADJ
taxlaw-12357	1660	23	to	to	PART
taxlaw-12357	1660	24	respect	respect	VERB
taxlaw-12357	1660	25	the	the	DET
taxlaw-12357	1660	26	transaction	transaction	NOUN
taxlaw-12357	1660	27	’s	’s	PART
taxlaw-12357	1660	28	form	form	NOUN
taxlaw-12357	1660	29	,	,	PUNCT
taxlaw-12357	1660	30	taxing	tax	VERB
taxlaw-12357	1660	31	gwa	gwa	NOUN
taxlaw-12357	1660	32	on	on	ADP
taxlaw-12357	1660	33	the	the	DET
taxlaw-12357	1660	34	contract	contract	NOUN
taxlaw-12357	1660	35	instead	instead	ADV
taxlaw-12357	1660	36	of	of	ADP
taxlaw-12357	1660	37	on	on	ADP
taxlaw-12357	1660	38	the	the	DET
taxlaw-12357	1660	39	underlying	underlie	VERB
taxlaw-12357	1660	40	portfolio.182	portfolio.182	NOUN
taxlaw-12357	1660	41	in	in	ADP
taxlaw-12357	1660	42	short	short	ADJ
taxlaw-12357	1660	43	,	,	PUNCT
taxlaw-12357	1660	44	this	this	DET
taxlaw-12357	1660	45	case	case	NOUN
taxlaw-12357	1660	46	turns	turn	VERB
taxlaw-12357	1660	47	to	to	ADP
taxlaw-12357	1660	48	a	a	DET
taxlaw-12357	1660	49	significant	significant	ADJ
taxlaw-12357	1660	50	extent	extent	NOUN
taxlaw-12357	1660	51	on	on	ADP
taxlaw-12357	1660	52	how	how	SCONJ
taxlaw-12357	1660	53	similar	similar	ADJ
taxlaw-12357	1660	54	these	these	DET
taxlaw-12357	1660	55	two	two	NUM
taxlaw-12357	1660	56	positions	position	NOUN
taxlaw-12357	1660	57	were	be	AUX
taxlaw-12357	1660	58	.	.	PUNCT
taxlaw-12357	1661	1	this	this	PRON
taxlaw-12357	1661	2	brings	bring	VERB
taxlaw-12357	1661	3	us	we	PRON
taxlaw-12357	1661	4	back	back	ADV
taxlaw-12357	1661	5	to	to	ADP
taxlaw-12357	1661	6	the	the	DET
taxlaw-12357	1661	7	main	main	ADJ
taxlaw-12357	1661	8	issue	issue	NOUN
taxlaw-12357	1661	9	in	in	ADP
taxlaw-12357	1661	10	this	this	DET
taxlaw-12357	1661	11	part	part	NOUN
taxlaw-12357	1661	12	:	:	PUNCT
taxlaw-12357	1661	13	how	how	SCONJ
taxlaw-12357	1661	14	should	should	AUX
taxlaw-12357	1661	15	the	the	DET
taxlaw-12357	1661	16	tax	tax	NOUN
taxlaw-12357	1661	17	law	law	NOUN
taxlaw-12357	1661	18	assess	assess	VERB
taxlaw-12357	1661	19	the	the	DET
taxlaw-12357	1661	20	similarity	similarity	NOUN
taxlaw-12357	1661	21	of	of	ADP
taxlaw-12357	1661	22	these	these	DET
taxlaw-12357	1661	23	two	two	NUM
taxlaw-12357	1661	24	positions	position	NOUN
taxlaw-12357	1661	25	?	?	PUNCT
taxlaw-12357	1662	1	should	should	AUX
taxlaw-12357	1662	2	it	it	PRON
taxlaw-12357	1662	3	use	use	VERB
taxlaw-12357	1662	4	the	the	DET
taxlaw-12357	1662	5	spread	spread	NOUN
taxlaw-12357	1662	6	,	,	PUNCT
taxlaw-12357	1662	7	delta	delta	NOUN
taxlaw-12357	1662	8	,	,	PUNCT
taxlaw-12357	1662	9	mckelvey	mckelvey	NOUN
taxlaw-12357	1662	10	,	,	PUNCT
taxlaw-12357	1662	11	or	or	CCONJ
taxlaw-12357	1662	12	difference	difference	NOUN
taxlaw-12357	1662	13	-	-	PUNCT
taxlaw-12357	1662	14	value	value	NOUN
taxlaw-12357	1662	15	test	test	NOUN
taxlaw-12357	1662	16	?	?	PUNCT
taxlaw-12357	1663	1	let	let	VERB
taxlaw-12357	1663	2	’s	’s	NOUN
taxlaw-12357	1663	3	consider	consider	VERB
taxlaw-12357	1663	4	each	each	DET
taxlaw-12357	1663	5	alternative	alternative	NOUN
taxlaw-12357	1663	6	in	in	ADP
taxlaw-12357	1663	7	turn	turn	NOUN
taxlaw-12357	1663	8	.	.	PUNCT
taxlaw-12357	1664	1	b.	b.	PROPN
taxlaw-12357	1664	2	inadequacy	inadequacy	NOUN
taxlaw-12357	1664	3	of	of	ADP
taxlaw-12357	1664	4	other	other	ADJ
taxlaw-12357	1664	5	tests	test	NOUN
taxlaw-12357	1664	6	this	this	DET
taxlaw-12357	1664	7	section	section	NOUN
taxlaw-12357	1664	8	applies	apply	VERB
taxlaw-12357	1664	9	the	the	DET
taxlaw-12357	1664	10	spread	spread	NOUN
taxlaw-12357	1664	11	,	,	PUNCT
taxlaw-12357	1664	12	delta	delta	NOUN
taxlaw-12357	1664	13	,	,	PUNCT
taxlaw-12357	1664	14	and	and	CCONJ
taxlaw-12357	1664	15	mckelvey	mckelvey	NOUN
taxlaw-12357	1664	16	tests	test	NOUN
taxlaw-12357	1664	17	to	to	ADP
taxlaw-12357	1664	18	the	the	DET
taxlaw-12357	1664	19	gwa	gwa	NOUN
taxlaw-12357	1664	20	contract	contract	NOUN
taxlaw-12357	1664	21	.	.	PUNCT
taxlaw-12357	1665	1	unfortunately	unfortunately	ADV
taxlaw-12357	1665	2	,	,	PUNCT
taxlaw-12357	1665	3	none	none	NOUN
taxlaw-12357	1665	4	of	of	ADP
taxlaw-12357	1665	5	them	they	PRON
taxlaw-12357	1665	6	are	be	AUX
taxlaw-12357	1665	7	well	well	ADV
taxlaw-12357	1665	8	suited	suited	ADJ
taxlaw-12357	1665	9	to	to	ADP
taxlaw-12357	1665	10	analyzing	analyze	VERB
taxlaw-12357	1665	11	this	this	DET
taxlaw-12357	1665	12	planning	planning	NOUN
taxlaw-12357	1665	13	strategy	strategy	NOUN
taxlaw-12357	1665	14	.	.	PUNCT
taxlaw-12357	1666	1	1	1	X
taxlaw-12357	1666	2	.	.	X
taxlaw-12357	1666	3	spread	spread	ADJ
taxlaw-12357	1666	4	test	test	NOUN
taxlaw-12357	1666	5	although	although	SCONJ
taxlaw-12357	1666	6	the	the	DET
taxlaw-12357	1666	7	spread	spread	NOUN
taxlaw-12357	1666	8	test	test	NOUN
taxlaw-12357	1666	9	has	have	VERB
taxlaw-12357	1666	10	the	the	DET
taxlaw-12357	1666	11	virtue	virtue	NOUN
taxlaw-12357	1666	12	of	of	ADP
taxlaw-12357	1666	13	simplicity	simplicity	NOUN
taxlaw-12357	1666	14	,	,	PUNCT
taxlaw-12357	1666	15	it	it	PRON
taxlaw-12357	1666	16	is	be	AUX
taxlaw-12357	1666	17	a	a	DET
taxlaw-12357	1666	18	poor	poor	ADJ
taxlaw-12357	1666	19	fit	fit	NOUN
taxlaw-12357	1666	20	for	for	ADP
taxlaw-12357	1666	21	the	the	DET
taxlaw-12357	1666	22	gwa	gwa	NOUN
taxlaw-12357	1666	23	contract	contract	NOUN
taxlaw-12357	1666	24	.	.	PUNCT
taxlaw-12357	1667	1	in	in	ADP
taxlaw-12357	1667	2	form	form	NOUN
taxlaw-12357	1667	3	,	,	PUNCT
taxlaw-12357	1667	4	this	this	DET
taxlaw-12357	1667	5	contract	contract	NOUN
taxlaw-12357	1667	6	is	be	AUX
taxlaw-12357	1667	7	an	an	DET
taxlaw-12357	1667	8	option	option	NOUN
taxlaw-12357	1667	9	to	to	PART
taxlaw-12357	1667	10	buy	buy	VERB
taxlaw-12357	1667	11	an	an	DET
taxlaw-12357	1667	12	underlying	underlying	NOUN
taxlaw-12357	1667	13	for	for	ADP
taxlaw-12357	1667	14	less	less	ADJ
taxlaw-12357	1667	15	than	than	ADP
taxlaw-12357	1667	16	its	its	PRON
taxlaw-12357	1667	17	current	current	ADJ
taxlaw-12357	1667	18	price	price	NOUN
taxlaw-12357	1667	19	(	(	PUNCT
taxlaw-12357	1667	20	i.e.	i.e.	X
taxlaw-12357	1667	21	,	,	PUNCT
taxlaw-12357	1667	22	an	an	DET
taxlaw-12357	1667	23	“	"	PUNCT
taxlaw-12357	1667	24	in	in	ADP
taxlaw-12357	1667	25	-	-	PUNCT
taxlaw-12357	1667	26	the	the	DET
taxlaw-12357	1667	27	-	-	PUNCT
taxlaw-12357	1667	28	money	money	NOUN
taxlaw-12357	1667	29	”	"	PUNCT
taxlaw-12357	1667	30	call	call	NOUN
taxlaw-12357	1667	31	)	)	PUNCT
taxlaw-12357	1667	32	.	.	PUNCT
taxlaw-12357	1668	1	in	in	ADP
taxlaw-12357	1668	2	this	this	DET
taxlaw-12357	1668	3	way	way	NOUN
taxlaw-12357	1668	4	,	,	PUNCT
taxlaw-12357	1668	5	the	the	DET
taxlaw-12357	1668	6	contract	contract	NOUN
taxlaw-12357	1668	7	resembles	resemble	VERB
taxlaw-12357	1668	8	our	our	PRON
taxlaw-12357	1668	9	recurring	recur	VERB
taxlaw-12357	1668	10	example	example	NOUN
taxlaw-12357	1668	11	of	of	ADP
taxlaw-12357	1668	12	an	an	DET
taxlaw-12357	1668	13	option	option	NOUN
taxlaw-12357	1668	14	to	to	PART
taxlaw-12357	1668	15	pay	pay	VERB
taxlaw-12357	1668	16	$	$	SYM
taxlaw-12357	1668	17	70	70	NUM
taxlaw-12357	1668	18	for	for	ADP
taxlaw-12357	1668	19	an	an	DET
taxlaw-12357	1668	20	asset	asset	NOUN
taxlaw-12357	1668	21	worth	worth	ADJ
taxlaw-12357	1668	22	$	$	SYM
taxlaw-12357	1668	23	100	100	NUM
taxlaw-12357	1668	24	.	.	PUNCT
taxlaw-12357	1669	1	like	like	ADP
taxlaw-12357	1669	2	that	that	DET
taxlaw-12357	1669	3	option	option	NOUN
taxlaw-12357	1669	4	,	,	PUNCT
taxlaw-12357	1669	5	the	the	DET
taxlaw-12357	1669	6	gwa	gwa	NOUN
taxlaw-12357	1669	7	contract	contract	NOUN
taxlaw-12357	1669	8	fails	fail	VERB
taxlaw-12357	1669	9	the	the	DET
taxlaw-12357	1669	10	spread	spread	ADJ
taxlaw-12357	1669	11	test	test	NOUN
taxlaw-12357	1669	12	by	by	ADP
taxlaw-12357	1669	13	tracking	track	VERB
taxlaw-12357	1669	14	the	the	DET
taxlaw-12357	1669	15	underlying	underlie	VERB
taxlaw-12357	1669	16	too	too	ADV
taxlaw-12357	1669	17	closely	closely	ADV
taxlaw-12357	1669	18	at	at	ADP
taxlaw-12357	1669	19	the	the	DET
taxlaw-12357	1669	20	underlying	underlie	VERB
taxlaw-12357	1669	21	’s	’s	PART
taxlaw-12357	1669	22	current	current	ADJ
taxlaw-12357	1669	23	price	price	NOUN
taxlaw-12357	1669	24	:	:	PUNCT
taxlaw-12357	1669	25	in	in	ADP
taxlaw-12357	1669	26	other	other	ADJ
taxlaw-12357	1669	27	words	word	NOUN
taxlaw-12357	1669	28	,	,	PUNCT
taxlaw-12357	1669	29	the	the	DET
taxlaw-12357	1669	30	spread	spread	NOUN
taxlaw-12357	1669	31	of	of	ADP
taxlaw-12357	1669	32	omitted	omit	VERB
taxlaw-12357	1669	33	exposure	exposure	NOUN
taxlaw-12357	1669	34	(	(	PUNCT
taxlaw-12357	1669	35	$	$	SYM
taxlaw-12357	1669	36	0	0	NUM
taxlaw-12357	1669	37	to	to	PART
taxlaw-12357	1669	38	$	$	SYM
taxlaw-12357	1669	39	90	90	NUM
taxlaw-12357	1669	40	)	)	PUNCT
taxlaw-12357	1669	41	does	do	AUX
taxlaw-12357	1669	42	n’t	not	PART
taxlaw-12357	1669	43	include	include	VERB
taxlaw-12357	1669	44	$	$	SYM
taxlaw-12357	1669	45	100.183	100.183	NUM
taxlaw-12357	1669	46	perhaps	perhaps	ADV
taxlaw-12357	1669	47	failing	fail	VERB
taxlaw-12357	1669	48	the	the	DET
taxlaw-12357	1669	49	spread	spread	ADJ
taxlaw-12357	1669	50	test	test	NOUN
taxlaw-12357	1669	51	,	,	PUNCT
taxlaw-12357	1669	52	and	and	CCONJ
taxlaw-12357	1669	53	hence	hence	ADV
taxlaw-12357	1669	54	treating	treat	VERB
taxlaw-12357	1669	55	the	the	DET
taxlaw-12357	1669	56	gwa	gwa	NOUN
taxlaw-12357	1669	57	contract	contract	NOUN
taxlaw-12357	1669	58	like	like	ADP
taxlaw-12357	1669	59	actual	actual	ADJ
taxlaw-12357	1669	60	ownership	ownership	NOUN
taxlaw-12357	1669	61	,	,	PUNCT
taxlaw-12357	1669	62	is	be	AUX
taxlaw-12357	1669	63	the	the	DET
taxlaw-12357	1669	64	correct	correct	ADJ
taxlaw-12357	1669	65	result	result	NOUN
taxlaw-12357	1669	66	.	.	PUNCT
taxlaw-12357	1670	1	or	or	CCONJ
taxlaw-12357	1670	2	perhaps	perhaps	ADV
taxlaw-12357	1670	3	it	it	PRON
taxlaw-12357	1670	4	is	be	AUX
taxlaw-12357	1670	5	not	not	PART
taxlaw-12357	1670	6	.	.	PUNCT
taxlaw-12357	1671	1	it	it	PRON
taxlaw-12357	1671	2	is	be	AUX
taxlaw-12357	1671	3	hard	hard	ADJ
taxlaw-12357	1671	4	to	to	PART
taxlaw-12357	1671	5	know	know	VERB
taxlaw-12357	1671	6	because	because	SCONJ
taxlaw-12357	1671	7	the	the	DET
taxlaw-12357	1671	8	spread	spread	NOUN
taxlaw-12357	1671	9	test	test	NOUN
taxlaw-12357	1671	10	ignores	ignore	VERB
taxlaw-12357	1671	11	important	important	ADJ
taxlaw-12357	1671	12	factors	factor	NOUN
taxlaw-12357	1671	13	such	such	ADJ
taxlaw-12357	1671	14	as	as	ADP
taxlaw-12357	1671	15	the	the	DET
taxlaw-12357	1671	16	volatility	volatility	NOUN
taxlaw-12357	1671	17	of	of	ADP
taxlaw-12357	1671	18	underlying	underlie	VERB
taxlaw-12357	1671	19	and	and	CCONJ
taxlaw-12357	1671	20	the	the	DET
taxlaw-12357	1671	21	term	term	NOUN
taxlaw-12357	1671	22	of	of	ADP
taxlaw-12357	1671	23	the	the	DET
taxlaw-12357	1671	24	option	option	NOUN
taxlaw-12357	1671	25	,	,	PUNCT
taxlaw-12357	1671	26	as	as	SCONJ
taxlaw-12357	1671	27	discussed	discuss	VERB
taxlaw-12357	1671	28	above.184	above.184	NOUN
taxlaw-12357	1671	29	in	in	ADP
taxlaw-12357	1671	30	principle	principle	NOUN
taxlaw-12357	1671	31	,	,	PUNCT
taxlaw-12357	1671	32	a	a	DET
taxlaw-12357	1671	33	modified	modify	VERB
taxlaw-12357	1671	34	spread	spread	NOUN
taxlaw-12357	1671	35	test	test	NOUN
taxlaw-12357	1671	36	could	could	AUX
taxlaw-12357	1671	37	measure	measure	VERB
taxlaw-12357	1671	38	the	the	DET
taxlaw-12357	1671	39	discount	discount	NOUN
taxlaw-12357	1671	40	on	on	ADP
taxlaw-12357	1671	41	the	the	DET
taxlaw-12357	1671	42	option	option	NOUN
taxlaw-12357	1671	43	(	(	PUNCT
taxlaw-12357	1671	44	i.e.	i.e.	X
taxlaw-12357	1671	45	,	,	PUNCT
taxlaw-12357	1671	46	how	how	SCONJ
taxlaw-12357	1671	47	in	in	ADP
taxlaw-12357	1671	48	-	-	PUNCT
taxlaw-12357	1671	49	the	the	DET
taxlaw-12357	1671	50	-	-	PUNCT
taxlaw-12357	1671	51	money	money	NOUN
taxlaw-12357	1671	52	it	it	PRON
taxlaw-12357	1671	53	is	be	AUX
taxlaw-12357	1671	54	)	)	PUNCT
taxlaw-12357	1671	55	,	,	PUNCT
taxlaw-12357	1671	56	as	as	SCONJ
taxlaw-12357	1671	57	noted	note	VERB
taxlaw-12357	1671	58	above.185	above.185	PROPN
taxlaw-12357	1671	59	the	the	DET
taxlaw-12357	1671	60	gwa	gwa	PROPN
taxlaw-12357	1671	61	contract	contract	NOUN
taxlaw-12357	1671	62	purports	purport	NOUN
taxlaw-12357	1671	63	to	to	PART
taxlaw-12357	1671	64	offer	offer	VERB
taxlaw-12357	1671	65	only	only	ADV
taxlaw-12357	1671	66	a	a	DET
taxlaw-12357	1671	67	10	10	NUM
taxlaw-12357	1671	68	%	%	NOUN
taxlaw-12357	1671	69	discount	discount	NOUN
taxlaw-12357	1671	70	(	(	PUNCT
taxlaw-12357	1671	71	i.e.	i.e.	X
taxlaw-12357	1671	72	,	,	PUNCT
taxlaw-12357	1671	73	charging	charge	VERB
taxlaw-12357	1671	74	$	$	SYM
taxlaw-12357	1671	75	90	90	NUM
taxlaw-12357	1671	76	for	for	ADP
taxlaw-12357	1671	77	something	something	PRON
taxlaw-12357	1671	78	worth	worth	ADJ
taxlaw-12357	1671	79	$	$	SYM
taxlaw-12357	1671	80	100	100	NUM
taxlaw-12357	1671	81	)	)	PUNCT
taxlaw-12357	1671	82	,	,	PUNCT
taxlaw-12357	1671	83	which	which	PRON
taxlaw-12357	1671	84	is	be	AUX
taxlaw-12357	1671	85	less	less	ADJ
taxlaw-12357	1671	86	than	than	ADP
taxlaw-12357	1671	87	the	the	DET
taxlaw-12357	1671	88	30	30	NUM
taxlaw-12357	1671	89	%	%	NOUN
taxlaw-12357	1671	90	discount	discount	NOUN
taxlaw-12357	1671	91	in	in	ADP
taxlaw-12357	1671	92	our	our	PRON
taxlaw-12357	1671	93	recurring	recur	VERB
taxlaw-12357	1671	94	example	example	NOUN
taxlaw-12357	1671	95	(	(	PUNCT
taxlaw-12357	1671	96	i.e.	i.e.	X
taxlaw-12357	1671	97	,	,	PUNCT
taxlaw-12357	1671	98	charging	charge	VERB
taxlaw-12357	1671	99	only	only	ADV
taxlaw-12357	1671	100	$	$	SYM
taxlaw-12357	1671	101	70	70	NUM
taxlaw-12357	1671	102	)	)	PUNCT
taxlaw-12357	1671	103	.	.	PUNCT
taxlaw-12357	1672	1	this	this	PRON
taxlaw-12357	1672	2	implies	imply	VERB
taxlaw-12357	1672	3	that	that	SCONJ
taxlaw-12357	1672	4	the	the	DET
taxlaw-12357	1672	5	gwa	gwa	NOUN
taxlaw-12357	1672	6	option	option	NOUN
taxlaw-12357	1672	7	is	be	AUX
taxlaw-12357	1672	8	less	less	ADV
taxlaw-12357	1672	9	like	like	ADP
taxlaw-12357	1672	10	the	the	DET
taxlaw-12357	1672	11	underlying	underlying	NOUN
taxlaw-12357	1672	12	.	.	PUNCT
taxlaw-12357	1673	1	but	but	CCONJ
taxlaw-12357	1673	2	once	once	ADV
taxlaw-12357	1673	3	again	again	ADV
taxlaw-12357	1673	4	,	,	PUNCT
taxlaw-12357	1673	5	the	the	DET
taxlaw-12357	1673	6	spread	spread	ADJ
taxlaw-12357	1673	7	test	test	NOUN
taxlaw-12357	1673	8	ignores	ignore	VERB
taxlaw-12357	1673	9	important	important	ADJ
taxlaw-12357	1673	10	information	information	NOUN
taxlaw-12357	1673	11	about	about	ADP
taxlaw-12357	1673	12	the	the	DET
taxlaw-12357	1673	13	contract	contract	NOUN
taxlaw-12357	1673	14	:	:	PUNCT
taxlaw-12357	1673	15	the	the	DET
taxlaw-12357	1673	16	“	"	PUNCT
taxlaw-12357	1673	17	knock	knock	VERB
taxlaw-12357	1673	18	out	out	ADP
taxlaw-12357	1673	19	”	"	PUNCT
taxlaw-12357	1673	20	and	and	CCONJ
taxlaw-12357	1673	21	“	"	PUNCT
taxlaw-12357	1673	22	buy	buy	VERB
taxlaw-12357	1673	23	-	-	PUNCT
taxlaw-12357	1673	24	down	down	NOUN
taxlaw-12357	1673	25	”	"	PUNCT
taxlaw-12357	1673	26	features	feature	NOUN
taxlaw-12357	1673	27	.	.	PUNCT
taxlaw-12357	1674	1	these	these	DET
taxlaw-12357	1674	2	contingencies	contingency	NOUN
taxlaw-12357	1674	3	arguably	arguably	ADV
taxlaw-12357	1674	4	181	181	NUM
taxlaw-12357	1674	5	in	in	ADP
taxlaw-12357	1674	6	arguing	argue	VERB
taxlaw-12357	1674	7	that	that	SCONJ
taxlaw-12357	1674	8	gwa	gwa	NOUN
taxlaw-12357	1674	9	is	be	AUX
taxlaw-12357	1674	10	the	the	DET
taxlaw-12357	1674	11	true	true	ADJ
taxlaw-12357	1674	12	owner	owner	NOUN
taxlaw-12357	1674	13	,	,	PUNCT
taxlaw-12357	1674	14	the	the	DET
taxlaw-12357	1674	15	government	government	NOUN
taxlaw-12357	1674	16	can	can	AUX
taxlaw-12357	1674	17	try	try	VERB
taxlaw-12357	1674	18	to	to	PART
taxlaw-12357	1674	19	offer	offer	VERB
taxlaw-12357	1674	20	evidence	evidence	NOUN
taxlaw-12357	1674	21	that	that	SCONJ
taxlaw-12357	1674	22	gwa	gwa	NOUN
taxlaw-12357	1674	23	,	,	PUNCT
taxlaw-12357	1674	24	not	not	PART
taxlaw-12357	1674	25	bank	bank	NOUN
taxlaw-12357	1674	26	,	,	PUNCT
taxlaw-12357	1674	27	is	be	AUX
taxlaw-12357	1674	28	deciding	decide	VERB
taxlaw-12357	1674	29	how	how	SCONJ
taxlaw-12357	1674	30	to	to	PART
taxlaw-12357	1674	31	invest	invest	VERB
taxlaw-12357	1674	32	the	the	DET
taxlaw-12357	1674	33	underlying	underlie	VERB
taxlaw-12357	1674	34	portfolio	portfolio	NOUN
taxlaw-12357	1674	35	.	.	PUNCT
taxlaw-12357	1675	1	as	as	SCONJ
taxlaw-12357	1675	2	noted	note	VERB
taxlaw-12357	1675	3	above	above	ADV
taxlaw-12357	1675	4	,	,	PUNCT
taxlaw-12357	1675	5	this	this	DET
taxlaw-12357	1675	6	“	"	PUNCT
taxlaw-12357	1675	7	investor	investor	NOUN
taxlaw-12357	1675	8	control	control	NOUN
taxlaw-12357	1675	9	”	"	PUNCT
taxlaw-12357	1675	10	analysis	analysis	NOUN
taxlaw-12357	1675	11	is	be	AUX
taxlaw-12357	1675	12	not	not	PART
taxlaw-12357	1675	13	our	our	PRON
taxlaw-12357	1675	14	focus	focus	NOUN
taxlaw-12357	1675	15	here	here	ADV
taxlaw-12357	1675	16	.	.	PUNCT
taxlaw-12357	1676	1	see	see	VERB
taxlaw-12357	1676	2	supra	supra	PROPN
taxlaw-12357	1676	3	part	part	PROPN
taxlaw-12357	1676	4	vi.c.3	vi.c.3	PROPN
taxlaw-12357	1676	5	.	.	PUNCT
taxlaw-12357	1677	1	182	182	NUM
taxlaw-12357	1677	2	along	along	ADP
taxlaw-12357	1677	3	with	with	ADP
taxlaw-12357	1677	4	showing	show	VERB
taxlaw-12357	1677	5	differences	difference	NOUN
taxlaw-12357	1677	6	in	in	ADP
taxlaw-12357	1677	7	risk	risk	NOUN
taxlaw-12357	1677	8	of	of	ADP
taxlaw-12357	1677	9	loss	loss	NOUN
taxlaw-12357	1677	10	an	an	DET
taxlaw-12357	1677	11	opportunity	opportunity	NOUN
taxlaw-12357	1677	12	for	for	ADP
taxlaw-12357	1677	13	gain	gain	NOUN
taxlaw-12357	1677	14	,	,	PUNCT
taxlaw-12357	1677	15	gwa	gwa	NOUN
taxlaw-12357	1677	16	can	can	AUX
taxlaw-12357	1677	17	also	also	ADV
taxlaw-12357	1677	18	claim	claim	VERB
taxlaw-12357	1677	19	that	that	SCONJ
taxlaw-12357	1677	20	the	the	DET
taxlaw-12357	1677	21	contract	contract	NOUN
taxlaw-12357	1677	22	was	be	AUX
taxlaw-12357	1677	23	more	more	ADV
taxlaw-12357	1677	24	leveraged	leveraged	ADJ
taxlaw-12357	1677	25	than	than	ADP
taxlaw-12357	1677	26	the	the	DET
taxlaw-12357	1677	27	underlying	underlie	VERB
taxlaw-12357	1677	28	portfolio	portfolio	NOUN
taxlaw-12357	1677	29	.	.	PUNCT
taxlaw-12357	1678	1	arguably	arguably	ADV
taxlaw-12357	1678	2	,	,	PUNCT
taxlaw-12357	1678	3	a	a	DET
taxlaw-12357	1678	4	business	business	NOUN
taxlaw-12357	1678	5	purpose	purpose	NOUN
taxlaw-12357	1678	6	for	for	ADP
taxlaw-12357	1678	7	using	use	VERB
taxlaw-12357	1678	8	it	it	PRON
taxlaw-12357	1678	9	was	be	AUX
taxlaw-12357	1678	10	to	to	PART
taxlaw-12357	1678	11	circumvent	circumvent	VERB
taxlaw-12357	1678	12	regulatory	regulatory	ADJ
taxlaw-12357	1678	13	limits	limit	NOUN
taxlaw-12357	1678	14	on	on	ADP
taxlaw-12357	1678	15	leverage	leverage	NOUN
taxlaw-12357	1678	16	.	.	PUNCT
taxlaw-12357	1679	1	cf	cf	NOUN
taxlaw-12357	1679	2	.	.	PUNCT
taxlaw-12357	1680	1	u.s	u.s	PROPN
taxlaw-12357	1680	2	.	.	PROPN
taxlaw-12357	1680	3	s.	s.	PROPN
taxlaw-12357	1680	4	permanent	permanent	PROPN
taxlaw-12357	1680	5	subcomm	subcomm	NOUN
taxlaw-12357	1680	6	.	.	PUNCT
taxlaw-12357	1681	1	on	on	ADP
taxlaw-12357	1681	2	investigation	investigation	NOUN
taxlaw-12357	1681	3	,	,	PUNCT
taxlaw-12357	1681	4	supra	supra	PROPN
taxlaw-12357	1681	5	note	note	NOUN
taxlaw-12357	1681	6	167	167	NUM
taxlaw-12357	1681	7	(	(	PUNCT
taxlaw-12357	1681	8	criticizing	criticize	VERB
taxlaw-12357	1681	9	use	use	NOUN
taxlaw-12357	1681	10	of	of	ADP
taxlaw-12357	1681	11	basket	basket	NOUN
taxlaw-12357	1681	12	options	option	NOUN
taxlaw-12357	1681	13	to	to	PART
taxlaw-12357	1681	14	evade	evade	VERB
taxlaw-12357	1681	15	limits	limit	NOUN
taxlaw-12357	1681	16	on	on	ADP
taxlaw-12357	1681	17	leverage	leverage	NOUN
taxlaw-12357	1681	18	)	)	PUNCT
taxlaw-12357	1681	19	.	.	PUNCT
taxlaw-12357	1682	1	183	183	NUM
taxlaw-12357	1682	2	see	see	VERB
taxlaw-12357	1682	3	supra	supra	PROPN
taxlaw-12357	1682	4	part	part	NOUN
taxlaw-12357	1682	5	vi.b.1	vi.b.1	PROPN
taxlaw-12357	1682	6	.	.	PUNCT
taxlaw-12357	1683	1	184	184	NUM
taxlaw-12357	1683	2	see	see	VERB
taxlaw-12357	1683	3	supra	supra	PROPN
taxlaw-12357	1683	4	part	part	NOUN
taxlaw-12357	1683	5	vi.b.1	vi.b.1	PROPN
taxlaw-12357	1683	6	.	.	PUNCT
taxlaw-12357	1684	1	as	as	SCONJ
taxlaw-12357	1684	2	proposed	propose	VERB
taxlaw-12357	1684	3	by	by	ADP
taxlaw-12357	1684	4	the	the	DET
taxlaw-12357	1684	5	nysba	nysba	NOUN
taxlaw-12357	1684	6	,	,	PUNCT
taxlaw-12357	1684	7	the	the	DET
taxlaw-12357	1684	8	spread	spread	ADJ
taxlaw-12357	1684	9	test	test	NOUN
taxlaw-12357	1684	10	would	would	AUX
taxlaw-12357	1684	11	have	have	AUX
taxlaw-12357	1684	12	rejected	reject	VERB
taxlaw-12357	1684	13	the	the	DET
taxlaw-12357	1684	14	gwa	gwa	NOUN
taxlaw-12357	1684	15	contract	contract	NOUN
taxlaw-12357	1684	16	for	for	ADP
taxlaw-12357	1684	17	another	another	DET
taxlaw-12357	1684	18	reason	reason	NOUN
taxlaw-12357	1684	19	as	as	ADV
taxlaw-12357	1684	20	well	well	ADV
taxlaw-12357	1684	21	:	:	PUNCT
taxlaw-12357	1684	22	it	it	PRON
taxlaw-12357	1684	23	’s	’	VERB
taxlaw-12357	1684	24	unusually	unusually	ADV
taxlaw-12357	1684	25	long	long	ADJ
taxlaw-12357	1684	26	term	term	NOUN
taxlaw-12357	1684	27	of	of	ADP
taxlaw-12357	1684	28	twelve	twelve	NUM
taxlaw-12357	1684	29	years	year	NOUN
taxlaw-12357	1684	30	.	.	PUNCT
taxlaw-12357	1685	1	nysba	nysba	PROPN
taxlaw-12357	1685	2	,	,	PUNCT
taxlaw-12357	1685	3	rep	rep	PROPN
taxlaw-12357	1685	4	.	.	PROPN
taxlaw-12357	1685	5	#	#	SYM
taxlaw-12357	1685	6	901	901	NUM
taxlaw-12357	1685	7	,	,	PUNCT
taxlaw-12357	1685	8	supra	supra	ADJ
taxlaw-12357	1685	9	note	note	NOUN
taxlaw-12357	1685	10	89	89	NUM
taxlaw-12357	1685	11	,	,	PUNCT
taxlaw-12357	1685	12	at	at	ADP
taxlaw-12357	1685	13	28	28	NUM
taxlaw-12357	1685	14	.	.	PUNCT
taxlaw-12357	1685	15	185	185	NUM
taxlaw-12357	1685	16	see	see	VERB
taxlaw-12357	1685	17	i	i	PROPN
taxlaw-12357	1685	18	d.	d.	PROPN
taxlaw-12357	1685	19	columbia	columbia	PROPN
taxlaw-12357	1685	20	journal	journal	PROPN
taxlaw-12357	1685	21	of	of	ADP
taxlaw-12357	1685	22	tax	tax	NOUN
taxlaw-12357	1685	23	law	law	NOUN
taxlaw-12357	1686	1	[	[	X
taxlaw-12357	1686	2	vol	vol	NOUN
taxlaw-12357	1686	3	15:1	15:1	NUM
taxlaw-12357	1686	4	60	60	NUM
taxlaw-12357	1686	5	make	make	VERB
taxlaw-12357	1686	6	the	the	DET
taxlaw-12357	1686	7	gwa	gwa	NOUN
taxlaw-12357	1686	8	contract	contract	VERB
taxlaw-12357	1686	9	a	a	DET
taxlaw-12357	1686	10	closer	close	ADJ
taxlaw-12357	1686	11	substitute	substitute	NOUN
taxlaw-12357	1686	12	for	for	ADP
taxlaw-12357	1686	13	the	the	DET
taxlaw-12357	1686	14	underlying	underlying	NOUN
taxlaw-12357	1686	15	,	,	PUNCT
taxlaw-12357	1686	16	as	as	SCONJ
taxlaw-12357	1686	17	explained	explain	VERB
taxlaw-12357	1686	18	above.186	above.186	PRON
taxlaw-12357	1686	19	admittedly	admittedly	ADV
taxlaw-12357	1686	20	,	,	PUNCT
taxlaw-12357	1686	21	the	the	DET
taxlaw-12357	1686	22	test	test	NOUN
taxlaw-12357	1686	23	can	can	AUX
taxlaw-12357	1686	24	be	be	AUX
taxlaw-12357	1686	25	modified	modify	VERB
taxlaw-12357	1686	26	to	to	PART
taxlaw-12357	1686	27	consider	consider	VERB
taxlaw-12357	1686	28	more	more	ADJ
taxlaw-12357	1686	29	variables	variable	NOUN
taxlaw-12357	1686	30	,	,	PUNCT
taxlaw-12357	1686	31	but	but	CCONJ
taxlaw-12357	1686	32	this	this	PRON
taxlaw-12357	1686	33	may	may	AUX
taxlaw-12357	1686	34	well	well	ADV
taxlaw-12357	1686	35	defeat	defeat	VERB
taxlaw-12357	1686	36	its	its	PRON
taxlaw-12357	1686	37	purpose	purpose	NOUN
taxlaw-12357	1686	38	,	,	PUNCT
taxlaw-12357	1686	39	which	which	PRON
taxlaw-12357	1686	40	is	be	AUX
taxlaw-12357	1686	41	to	to	PART
taxlaw-12357	1686	42	keep	keep	VERB
taxlaw-12357	1686	43	things	thing	NOUN
taxlaw-12357	1686	44	simple	simple	ADJ
taxlaw-12357	1686	45	.	.	PUNCT
taxlaw-12357	1687	1	2	2	X
taxlaw-12357	1687	2	.	.	X
taxlaw-12357	1687	3	delta	delta	NOUN
taxlaw-12357	1687	4	test	test	NOUN
taxlaw-12357	1687	5	while	while	SCONJ
taxlaw-12357	1687	6	a	a	DET
taxlaw-12357	1687	7	more	more	ADV
taxlaw-12357	1687	8	sophisticated	sophisticated	ADJ
taxlaw-12357	1687	9	test	test	NOUN
taxlaw-12357	1687	10	is	be	AUX
taxlaw-12357	1687	11	needed	need	VERB
taxlaw-12357	1687	12	,	,	PUNCT
taxlaw-12357	1687	13	the	the	DET
taxlaw-12357	1687	14	delta	delta	NOUN
taxlaw-12357	1687	15	test	test	NOUN
taxlaw-12357	1687	16	may	may	AUX
taxlaw-12357	1687	17	not	not	PART
taxlaw-12357	1687	18	be	be	AUX
taxlaw-12357	1687	19	up	up	ADP
taxlaw-12357	1687	20	to	to	ADP
taxlaw-12357	1687	21	the	the	DET
taxlaw-12357	1687	22	job	job	NOUN
taxlaw-12357	1687	23	either	either	ADV
taxlaw-12357	1687	24	.	.	PUNCT
taxlaw-12357	1688	1	to	to	PART
taxlaw-12357	1688	2	be	be	AUX
taxlaw-12357	1688	3	fair	fair	ADJ
taxlaw-12357	1688	4	,	,	PUNCT
taxlaw-12357	1688	5	the	the	DET
taxlaw-12357	1688	6	test	test	NOUN
taxlaw-12357	1688	7	works	work	VERB
taxlaw-12357	1688	8	well	well	ADV
taxlaw-12357	1688	9	with	with	ADP
taxlaw-12357	1688	10	a	a	DET
taxlaw-12357	1688	11	simple	simple	ADJ
taxlaw-12357	1688	12	in	in	ADP
taxlaw-12357	1688	13	-	-	PUNCT
taxlaw-12357	1688	14	the	the	DET
taxlaw-12357	1688	15	-	-	PUNCT
taxlaw-12357	1688	16	money	money	NOUN
taxlaw-12357	1688	17	call	call	NOUN
taxlaw-12357	1688	18	,	,	PUNCT
taxlaw-12357	1688	19	which	which	PRON
taxlaw-12357	1688	20	does	do	AUX
taxlaw-12357	1688	21	n’t	not	PART
taxlaw-12357	1688	22	have	have	VERB
taxlaw-12357	1688	23	contingencies	contingency	NOUN
taxlaw-12357	1688	24	like	like	ADP
taxlaw-12357	1688	25	knock	knock	NOUN
taxlaw-12357	1688	26	-	-	PUNCT
taxlaw-12357	1688	27	outs	out	NOUN
taxlaw-12357	1688	28	and	and	CCONJ
taxlaw-12357	1688	29	buy	buy	NOUN
taxlaw-12357	1688	30	-	-	PUNCT
taxlaw-12357	1688	31	downs	down	NOUN
taxlaw-12357	1688	32	.	.	PUNCT
taxlaw-12357	1689	1	unlike	unlike	ADP
taxlaw-12357	1689	2	the	the	DET
taxlaw-12357	1689	3	spread	spread	ADJ
taxlaw-12357	1689	4	test	test	NOUN
taxlaw-12357	1689	5	,	,	PUNCT
taxlaw-12357	1689	6	the	the	DET
taxlaw-12357	1689	7	delta	delta	NOUN
taxlaw-12357	1689	8	test	test	NOUN
taxlaw-12357	1689	9	can	can	AUX
taxlaw-12357	1689	10	account	account	VERB
taxlaw-12357	1689	11	for	for	ADP
taxlaw-12357	1689	12	a	a	DET
taxlaw-12357	1689	13	“	"	PUNCT
taxlaw-12357	1689	14	plain	plain	ADJ
taxlaw-12357	1689	15	vanilla	vanilla	NOUN
taxlaw-12357	1689	16	”	"	PUNCT
taxlaw-12357	1689	17	option	option	NOUN
taxlaw-12357	1689	18	’s	’s	PART
taxlaw-12357	1689	19	volatility	volatility	NOUN
taxlaw-12357	1689	20	and	and	CCONJ
taxlaw-12357	1689	21	term	term	NOUN
taxlaw-12357	1689	22	,	,	PUNCT
taxlaw-12357	1689	23	as	as	SCONJ
taxlaw-12357	1689	24	explained	explain	VERB
taxlaw-12357	1689	25	above.187	above.187	PROPN
taxlaw-12357	1689	26	to	to	PART
taxlaw-12357	1689	27	see	see	VERB
taxlaw-12357	1689	28	this	this	PRON
taxlaw-12357	1689	29	,	,	PUNCT
taxlaw-12357	1689	30	imagine	imagine	VERB
taxlaw-12357	1689	31	that	that	SCONJ
taxlaw-12357	1689	32	the	the	DET
taxlaw-12357	1689	33	gwa	gwa	NOUN
taxlaw-12357	1689	34	contract	contract	NOUN
taxlaw-12357	1689	35	was	be	AUX
taxlaw-12357	1689	36	just	just	ADV
taxlaw-12357	1689	37	a	a	DET
taxlaw-12357	1689	38	simple	simple	ADJ
taxlaw-12357	1689	39	call	call	NOUN
taxlaw-12357	1689	40	option	option	NOUN
taxlaw-12357	1689	41	,	,	PUNCT
taxlaw-12357	1689	42	with	with	SCONJ
taxlaw-12357	1689	43	no	no	DET
taxlaw-12357	1689	44	fancy	fancy	ADJ
taxlaw-12357	1689	45	contingencies	contingency	NOUN
taxlaw-12357	1689	46	,	,	PUNCT
taxlaw-12357	1689	47	entitling	entitle	VERB
taxlaw-12357	1689	48	gwa	gwa	NOUN
taxlaw-12357	1689	49	to	to	PART
taxlaw-12357	1689	50	pay	pay	VERB
taxlaw-12357	1689	51	$	$	SYM
taxlaw-12357	1689	52	90	90	NUM
taxlaw-12357	1689	53	for	for	ADP
taxlaw-12357	1689	54	an	an	DET
taxlaw-12357	1689	55	underlying	underlying	NOUN
taxlaw-12357	1689	56	that	that	PRON
taxlaw-12357	1689	57	initially	initially	ADV
taxlaw-12357	1689	58	was	be	AUX
taxlaw-12357	1689	59	worth	worth	ADJ
taxlaw-12357	1689	60	$	$	SYM
taxlaw-12357	1689	61	100	100	NUM
taxlaw-12357	1689	62	:	:	PUNCT
taxlaw-12357	1689	63	in	in	ADP
taxlaw-12357	1689	64	other	other	ADJ
taxlaw-12357	1689	65	words	word	NOUN
taxlaw-12357	1689	66	,	,	PUNCT
taxlaw-12357	1689	67	a	a	DET
taxlaw-12357	1689	68	call	call	NOUN
taxlaw-12357	1689	69	that	that	PRON
taxlaw-12357	1689	70	was	be	AUX
taxlaw-12357	1689	71	10	10	NUM
taxlaw-12357	1689	72	%	%	NOUN
taxlaw-12357	1689	73	in	in	ADP
taxlaw-12357	1689	74	-	-	PUNCT
taxlaw-12357	1689	75	the	the	DET
taxlaw-12357	1689	76	-	-	PUNCT
taxlaw-12357	1689	77	money	money	NOUN
taxlaw-12357	1689	78	.	.	PUNCT
taxlaw-12357	1690	1	this	this	DET
taxlaw-12357	1690	2	option	option	NOUN
taxlaw-12357	1690	3	would	would	AUX
taxlaw-12357	1690	4	give	give	VERB
taxlaw-12357	1690	5	essentially	essentially	ADV
taxlaw-12357	1690	6	the	the	DET
taxlaw-12357	1690	7	same	same	ADJ
taxlaw-12357	1690	8	economic	economic	ADJ
taxlaw-12357	1690	9	return	return	NOUN
taxlaw-12357	1690	10	as	as	ADP
taxlaw-12357	1690	11	the	the	DET
taxlaw-12357	1690	12	underlying	underlying	ADJ
taxlaw-12357	1690	13	as	as	ADV
taxlaw-12357	1690	14	long	long	ADV
taxlaw-12357	1690	15	as	as	ADP
taxlaw-12357	1690	16	underlying	underlie	VERB
taxlaw-12357	1690	17	’s	’s	PART
taxlaw-12357	1690	18	price	price	NOUN
taxlaw-12357	1690	19	did	do	AUX
taxlaw-12357	1690	20	not	not	PART
taxlaw-12357	1690	21	decline	decline	VERB
taxlaw-12357	1690	22	by	by	ADP
taxlaw-12357	1690	23	more	more	ADJ
taxlaw-12357	1690	24	than	than	ADP
taxlaw-12357	1690	25	10	10	NUM
taxlaw-12357	1690	26	%	%	NOUN
taxlaw-12357	1690	27	.	.	PUNCT
taxlaw-12357	1691	1	the	the	DET
taxlaw-12357	1691	2	delta	delta	NOUN
taxlaw-12357	1691	3	test	test	NOUN
taxlaw-12357	1691	4	is	be	AUX
taxlaw-12357	1691	5	effective	effective	ADJ
taxlaw-12357	1691	6	in	in	ADP
taxlaw-12357	1691	7	gauging	gauge	VERB
taxlaw-12357	1691	8	the	the	DET
taxlaw-12357	1691	9	significance	significance	NOUN
taxlaw-12357	1691	10	of	of	ADP
taxlaw-12357	1691	11	this	this	DET
taxlaw-12357	1691	12	difference	difference	NOUN
taxlaw-12357	1691	13	.	.	PUNCT
taxlaw-12357	1692	1	as	as	ADP
taxlaw-12357	1692	2	table	table	NOUN
taxlaw-12357	1692	3	6	6	NUM
taxlaw-12357	1692	4	shows	show	NOUN
taxlaw-12357	1692	5	,	,	PUNCT
taxlaw-12357	1692	6	delta	delta	NOUN
taxlaw-12357	1692	7	is	be	AUX
taxlaw-12357	1692	8	a	a	DET
taxlaw-12357	1692	9	bit	bit	NOUN
taxlaw-12357	1692	10	higher	high	ADJ
taxlaw-12357	1692	11	with	with	ADP
taxlaw-12357	1692	12	a	a	DET
taxlaw-12357	1692	13	60	60	NUM
taxlaw-12357	1692	14	%	%	NOUN
taxlaw-12357	1692	15	volatility	volatility	NOUN
taxlaw-12357	1692	16	than	than	ADP
taxlaw-12357	1692	17	a	a	DET
taxlaw-12357	1692	18	20	20	NUM
taxlaw-12357	1692	19	%	%	NOUN
taxlaw-12357	1692	20	volatility.188	volatility.188	NOUN
taxlaw-12357	1692	21	volatility	volatility	NOUN
taxlaw-12357	1692	22	20	20	NUM
taxlaw-12357	1692	23	%	%	NOUN
taxlaw-12357	1692	24	60	60	NUM
taxlaw-12357	1692	25	%	%	NOUN
taxlaw-12357	1692	26	delta	delta	NOUN
taxlaw-12357	1692	27	0.914	0.914	NUM
taxlaw-12357	1692	28	0.916	0.916	NUM
taxlaw-12357	1692	29	table	table	NOUN
taxlaw-12357	1692	30	6	6	NUM
taxlaw-12357	1692	31	:	:	PUNCT
taxlaw-12357	1692	32	delta	delta	NOUN
taxlaw-12357	1692	33	of	of	ADP
taxlaw-12357	1692	34	gwa	gwa	PROPN
taxlaw-12357	1692	35	contract	contract	NOUN
taxlaw-12357	1692	36	without	without	ADP
taxlaw-12357	1692	37	contingencies	contingency	NOUN
taxlaw-12357	1692	38	in	in	ADP
taxlaw-12357	1692	39	addition	addition	NOUN
taxlaw-12357	1692	40	,	,	PUNCT
taxlaw-12357	1692	41	an	an	DET
taxlaw-12357	1692	42	underlying	underlying	ADJ
taxlaw-12357	1692	43	currently	currently	ADV
taxlaw-12357	1692	44	worth	worth	ADJ
taxlaw-12357	1692	45	$	$	SYM
taxlaw-12357	1692	46	100	100	NUM
taxlaw-12357	1692	47	is	be	AUX
taxlaw-12357	1692	48	less	less	ADV
taxlaw-12357	1692	49	likely	likely	ADJ
taxlaw-12357	1692	50	to	to	PART
taxlaw-12357	1692	51	end	end	VERB
taxlaw-12357	1692	52	up	up	ADP
taxlaw-12357	1692	53	below	below	ADP
taxlaw-12357	1692	54	$	$	SYM
taxlaw-12357	1692	55	90	90	NUM
taxlaw-12357	1692	56	as	as	SCONJ
taxlaw-12357	1692	57	the	the	DET
taxlaw-12357	1692	58	years	year	NOUN
taxlaw-12357	1692	59	go	go	VERB
taxlaw-12357	1692	60	by	by	ADV
taxlaw-12357	1692	61	.	.	PUNCT
taxlaw-12357	1693	1	this	this	DET
taxlaw-12357	1693	2	scenario	scenario	NOUN
taxlaw-12357	1693	3	becomes	become	VERB
taxlaw-12357	1693	4	less	less	ADV
taxlaw-12357	1693	5	likely	likely	ADJ
taxlaw-12357	1693	6	with	with	ADP
taxlaw-12357	1693	7	the	the	DET
taxlaw-12357	1693	8	passage	passage	NOUN
taxlaw-12357	1693	9	of	of	ADP
taxlaw-12357	1693	10	time	time	NOUN
taxlaw-12357	1693	11	(	(	PUNCT
taxlaw-12357	1693	12	if	if	SCONJ
taxlaw-12357	1693	13	only	only	ADV
taxlaw-12357	1693	14	because	because	SCONJ
taxlaw-12357	1693	15	the	the	DET
taxlaw-12357	1693	16	risk	risk	NOUN
taxlaw-12357	1693	17	-	-	PUNCT
taxlaw-12357	1693	18	free	free	ADJ
taxlaw-12357	1693	19	rate	rate	NOUN
taxlaw-12357	1693	20	is	be	AUX
taxlaw-12357	1693	21	positive	positive	ADJ
taxlaw-12357	1693	22	,	,	PUNCT
taxlaw-12357	1693	23	so	so	ADV
taxlaw-12357	1693	24	assets	asset	NOUN
taxlaw-12357	1693	25	generally	generally	ADV
taxlaw-12357	1693	26	should	should	AUX
taxlaw-12357	1693	27	appreciate	appreciate	VERB
taxlaw-12357	1693	28	by	by	ADP
taxlaw-12357	1693	29	at	at	ADV
taxlaw-12357	1693	30	least	least	ADJ
taxlaw-12357	1693	31	that	that	DET
taxlaw-12357	1693	32	rate	rate	NOUN
taxlaw-12357	1693	33	on	on	ADP
taxlaw-12357	1693	34	average	average	ADJ
taxlaw-12357	1693	35	)	)	PUNCT
taxlaw-12357	1693	36	.	.	PUNCT
taxlaw-12357	1694	1	as	as	ADP
taxlaw-12357	1694	2	a	a	DET
taxlaw-12357	1694	3	result	result	NOUN
taxlaw-12357	1694	4	,	,	PUNCT
taxlaw-12357	1694	5	options	option	NOUN
taxlaw-12357	1694	6	that	that	PRON
taxlaw-12357	1694	7	are	be	AUX
taxlaw-12357	1694	8	10	10	NUM
taxlaw-12357	1694	9	%	%	NOUN
taxlaw-12357	1694	10	in	in	ADP
taxlaw-12357	1694	11	the	the	DET
taxlaw-12357	1694	12	money	money	NOUN
taxlaw-12357	1694	13	become	become	VERB
taxlaw-12357	1694	14	a	a	DET
taxlaw-12357	1694	15	closer	close	ADJ
taxlaw-12357	1694	16	substitute	substitute	NOUN
taxlaw-12357	1694	17	for	for	ADP
taxlaw-12357	1694	18	the	the	DET
taxlaw-12357	1694	19	underlying	underlying	NOUN
taxlaw-12357	1694	20	as	as	SCONJ
taxlaw-12357	1694	21	their	their	PRON
taxlaw-12357	1694	22	terms	term	NOUN
taxlaw-12357	1694	23	get	get	VERB
taxlaw-12357	1694	24	longer	long	ADJ
taxlaw-12357	1694	25	.	.	PUNCT
taxlaw-12357	1695	1	perhaps	perhaps	ADV
taxlaw-12357	1695	2	this	this	PRON
taxlaw-12357	1695	3	is	be	AUX
taxlaw-12357	1695	4	the	the	DET
taxlaw-12357	1695	5	reason	reason	NOUN
taxlaw-12357	1695	6	why	why	SCONJ
taxlaw-12357	1695	7	the	the	DET
taxlaw-12357	1695	8	gwa	gwa	NOUN
taxlaw-12357	1695	9	contract	contract	NOUN
taxlaw-12357	1695	10	has	have	VERB
taxlaw-12357	1695	11	the	the	DET
taxlaw-12357	1695	12	unusually	unusually	ADV
taxlaw-12357	1695	13	long	long	ADJ
taxlaw-12357	1695	14	term	term	NOUN
taxlaw-12357	1695	15	of	of	ADP
taxlaw-12357	1695	16	twelve	twelve	NUM
taxlaw-12357	1695	17	years	year	NOUN
taxlaw-12357	1695	18	.	.	PUNCT
taxlaw-12357	1696	1	once	once	ADV
taxlaw-12357	1696	2	again	again	ADV
taxlaw-12357	1696	3	,	,	PUNCT
taxlaw-12357	1696	4	the	the	DET
taxlaw-12357	1696	5	delta	delta	NOUN
taxlaw-12357	1696	6	test	test	NOUN
taxlaw-12357	1696	7	is	be	AUX
taxlaw-12357	1696	8	sensitive	sensitive	ADJ
taxlaw-12357	1696	9	to	to	ADP
taxlaw-12357	1696	10	this	this	DET
taxlaw-12357	1696	11	difference	difference	NOUN
taxlaw-12357	1696	12	.	.	PUNCT
taxlaw-12357	1697	1	as	as	ADP
taxlaw-12357	1697	2	table	table	NOUN
taxlaw-12357	1697	3	7	7	NUM
taxlaw-12357	1697	4	shows	show	NOUN
taxlaw-12357	1697	5	,	,	PUNCT
taxlaw-12357	1697	6	delta	delta	NOUN
taxlaw-12357	1697	7	is	be	AUX
taxlaw-12357	1697	8	higher	high	ADJ
taxlaw-12357	1697	9	for	for	ADP
taxlaw-12357	1697	10	a	a	DET
taxlaw-12357	1697	11	12	12	NUM
taxlaw-12357	1697	12	-	-	PUNCT
taxlaw-12357	1697	13	year	year	NOUN
taxlaw-12357	1697	14	option	option	NOUN
taxlaw-12357	1697	15	than	than	ADP
taxlaw-12357	1697	16	for	for	ADP
taxlaw-12357	1697	17	a	a	DET
taxlaw-12357	1697	18	one	one	NUM
taxlaw-12357	1697	19	-	-	PUNCT
taxlaw-12357	1697	20	year	year	NOUN
taxlaw-12357	1697	21	option	option	NOUN
taxlaw-12357	1697	22	.	.	PUNCT
taxlaw-12357	1698	1	option	option	NOUN
taxlaw-12357	1698	2	term	term	NOUN
taxlaw-12357	1698	3	vol=20	vol=20	PROPN
taxlaw-12357	1698	4	%	%	NOUN
taxlaw-12357	1698	5	vol=60	vol=60	NOUN
taxlaw-12357	1698	6	%	%	NOUN
taxlaw-12357	1698	7	12	12	NUM
taxlaw-12357	1698	8	years	year	NOUN
taxlaw-12357	1698	9	0.914	0.914	NUM
taxlaw-12357	1698	10	0.916	0.916	NUM
taxlaw-12357	1698	11	1	1	NUM
taxlaw-12357	1698	12	year	year	NOUN
taxlaw-12357	1698	13	0.810	0.810	NUM
taxlaw-12357	1698	14	0.712	0.712	NUM
taxlaw-12357	1698	15	table	table	NOUN
taxlaw-12357	1698	16	7	7	NUM
taxlaw-12357	1698	17	:	:	PUNCT
taxlaw-12357	1698	18	delta	delta	NOUN
taxlaw-12357	1698	19	of	of	ADP
taxlaw-12357	1698	20	gwa	gwa	PROPN
taxlaw-12357	1698	21	contract	contract	NOUN
taxlaw-12357	1698	22	without	without	ADP
taxlaw-12357	1698	23	contingencies	contingency	NOUN
taxlaw-12357	1698	24	:	:	PUNCT
taxlaw-12357	1698	25	12	12	NUM
taxlaw-12357	1698	26	-	-	PUNCT
taxlaw-12357	1698	27	year	year	NOUN
taxlaw-12357	1698	28	versus	versus	ADP
taxlaw-12357	1698	29	1	1	NUM
taxlaw-12357	1698	30	-	-	PUNCT
taxlaw-12357	1698	31	year	year	NOUN
taxlaw-12357	1698	32	term	term	NOUN
taxlaw-12357	1698	33	186	186	NUM
taxlaw-12357	1698	34	see	see	NOUN
taxlaw-12357	1698	35	supra	supra	PROPN
taxlaw-12357	1698	36	part	part	PROPN
taxlaw-12357	1698	37	vii.a.2	vii.a.2	PROPN
taxlaw-12357	1698	38	.	.	PUNCT
taxlaw-12357	1699	1	187	187	NUM
taxlaw-12357	1699	2	see	see	VERB
taxlaw-12357	1699	3	supra	supra	PROPN
taxlaw-12357	1699	4	part	part	PROPN
taxlaw-12357	1699	5	vi.b.2	vi.b.2	PROPN
taxlaw-12357	1699	6	.	.	PUNCT
taxlaw-12357	1700	1	188	188	NUM
taxlaw-12357	1700	2	as	as	ADP
taxlaw-12357	1700	3	with	with	ADP
taxlaw-12357	1700	4	our	our	PRON
taxlaw-12357	1700	5	earlier	early	ADJ
taxlaw-12357	1700	6	examples	example	NOUN
taxlaw-12357	1700	7	,	,	PUNCT
taxlaw-12357	1700	8	we	we	PRON
taxlaw-12357	1700	9	use	use	VERB
taxlaw-12357	1700	10	the	the	DET
taxlaw-12357	1700	11	black	black	ADJ
taxlaw-12357	1700	12	-	-	PUNCT
taxlaw-12357	1700	13	scholes	schole	NOUN
taxlaw-12357	1700	14	pricing	pricing	NOUN
taxlaw-12357	1700	15	model	model	NOUN
taxlaw-12357	1700	16	with	with	ADP
taxlaw-12357	1700	17	a	a	DET
taxlaw-12357	1700	18	risk	risk	NOUN
taxlaw-12357	1700	19	-	-	PUNCT
taxlaw-12357	1700	20	free	free	ADJ
taxlaw-12357	1700	21	rate	rate	NOUN
taxlaw-12357	1700	22	of	of	ADP
taxlaw-12357	1700	23	5	5	NUM
taxlaw-12357	1700	24	%	%	NOUN
taxlaw-12357	1700	25	and	and	CCONJ
taxlaw-12357	1700	26	a	a	DET
taxlaw-12357	1700	27	term	term	NOUN
taxlaw-12357	1700	28	of	of	ADP
taxlaw-12357	1700	29	12	12	NUM
taxlaw-12357	1700	30	years	year	NOUN
taxlaw-12357	1700	31	.	.	PUNCT
taxlaw-12357	1701	1	2024	2024	NUM
taxlaw-12357	1701	2	]	]	PUNCT
taxlaw-12357	1701	3	transaction	transaction	NOUN
taxlaw-12357	1701	4	-	-	PUNCT
taxlaw-12357	1701	5	specific	specific	ADJ
taxlaw-12357	1701	6	tax	tax	NOUN
taxlaw-12357	1701	7	reform	reform	NOUN
taxlaw-12357	1701	8	in	in	ADP
taxlaw-12357	1701	9	three	three	NUM
taxlaw-12357	1701	10	steps	step	NOUN
taxlaw-12357	1701	11	61	61	NUM
taxlaw-12357	1701	12	but	but	CCONJ
taxlaw-12357	1701	13	although	although	SCONJ
taxlaw-12357	1701	14	the	the	DET
taxlaw-12357	1701	15	delta	delta	NOUN
taxlaw-12357	1701	16	test	test	NOUN
taxlaw-12357	1701	17	is	be	AUX
taxlaw-12357	1701	18	reliable	reliable	ADJ
taxlaw-12357	1701	19	for	for	ADP
taxlaw-12357	1701	20	these	these	DET
taxlaw-12357	1701	21	simple	simple	ADJ
taxlaw-12357	1701	22	options	option	NOUN
taxlaw-12357	1701	23	,	,	PUNCT
taxlaw-12357	1701	24	it	it	PRON
taxlaw-12357	1701	25	misfires	misfire	VERB
taxlaw-12357	1701	26	badly	badly	ADV
taxlaw-12357	1701	27	once	once	SCONJ
taxlaw-12357	1701	28	contingencies	contingency	NOUN
taxlaw-12357	1701	29	are	be	AUX
taxlaw-12357	1701	30	introduced	introduce	VERB
taxlaw-12357	1701	31	,	,	PUNCT
taxlaw-12357	1701	32	as	as	SCONJ
taxlaw-12357	1701	33	explained	explain	VERB
taxlaw-12357	1701	34	above.189	above.189	PROPN
taxlaw-12357	1701	35	this	this	DET
taxlaw-12357	1701	36	potential	potential	NOUN
taxlaw-12357	1701	37	for	for	ADP
taxlaw-12357	1701	38	manipulation	manipulation	NOUN
taxlaw-12357	1701	39	is	be	AUX
taxlaw-12357	1701	40	on	on	ADP
taxlaw-12357	1701	41	full	full	ADJ
taxlaw-12357	1701	42	display	display	NOUN
taxlaw-12357	1701	43	in	in	ADP
taxlaw-12357	1701	44	the	the	DET
taxlaw-12357	1701	45	gwa	gwa	NOUN
taxlaw-12357	1701	46	contract	contract	NOUN
taxlaw-12357	1701	47	.	.	PUNCT
taxlaw-12357	1702	1	to	to	PART
taxlaw-12357	1702	2	highlight	highlight	VERB
taxlaw-12357	1702	3	this	this	DET
taxlaw-12357	1702	4	problem	problem	NOUN
taxlaw-12357	1702	5	,	,	PUNCT
taxlaw-12357	1702	6	let	let	VERB
taxlaw-12357	1702	7	’s	’s	PRON
taxlaw-12357	1702	8	add	add	VERB
taxlaw-12357	1702	9	the	the	DET
taxlaw-12357	1702	10	knock	knock	NOUN
taxlaw-12357	1702	11	-	-	PUNCT
taxlaw-12357	1702	12	in	in	ADP
taxlaw-12357	1702	13	feature	feature	NOUN
taxlaw-12357	1702	14	to	to	ADP
taxlaw-12357	1702	15	our	our	PRON
taxlaw-12357	1702	16	in	in	ADP
taxlaw-12357	1702	17	-	-	PUNCT
taxlaw-12357	1702	18	themoney	themoney	NOUN
taxlaw-12357	1702	19	option	option	NOUN
taxlaw-12357	1702	20	,	,	PUNCT
taxlaw-12357	1702	21	so	so	SCONJ
taxlaw-12357	1702	22	it	it	PRON
taxlaw-12357	1702	23	terminates	terminate	VERB
taxlaw-12357	1702	24	if	if	SCONJ
taxlaw-12357	1702	25	underlying	underlying	ADJ
taxlaw-12357	1702	26	’s	’s	PART
taxlaw-12357	1702	27	price	price	NOUN
taxlaw-12357	1702	28	falls	fall	VERB
taxlaw-12357	1702	29	below	below	ADP
taxlaw-12357	1702	30	$	$	SYM
taxlaw-12357	1702	31	97	97	NUM
taxlaw-12357	1702	32	.	.	PUNCT
taxlaw-12357	1703	1	let	let	VERB
taxlaw-12357	1703	2	’s	’s	NOUN
taxlaw-12357	1703	3	also	also	ADV
taxlaw-12357	1703	4	assume	assume	VERB
taxlaw-12357	1703	5	that	that	SCONJ
taxlaw-12357	1703	6	there	there	PRON
taxlaw-12357	1703	7	’s	’	VERB
taxlaw-12357	1703	8	no	no	DET
taxlaw-12357	1703	9	buy	buy	NOUN
taxlaw-12357	1703	10	-	-	PUNCT
taxlaw-12357	1703	11	down	down	NOUN
taxlaw-12357	1703	12	.	.	PUNCT
taxlaw-12357	1704	1	in	in	ADP
taxlaw-12357	1704	2	other	other	ADJ
taxlaw-12357	1704	3	words	word	NOUN
taxlaw-12357	1704	4	,	,	PUNCT
taxlaw-12357	1704	5	gwa	gwa	NOUN
taxlaw-12357	1704	6	wo	will	AUX
taxlaw-12357	1704	7	n’t	not	PART
taxlaw-12357	1704	8	make	make	VERB
taxlaw-12357	1704	9	an	an	DET
taxlaw-12357	1704	10	additional	additional	ADJ
taxlaw-12357	1704	11	investment	investment	NOUN
taxlaw-12357	1704	12	to	to	PART
taxlaw-12357	1704	13	save	save	VERB
taxlaw-12357	1704	14	the	the	DET
taxlaw-12357	1704	15	option	option	NOUN
taxlaw-12357	1704	16	.	.	PUNCT
taxlaw-12357	1705	1	(	(	PUNCT
taxlaw-12357	1705	2	this	this	DET
taxlaw-12357	1705	3	assumption	assumption	NOUN
taxlaw-12357	1705	4	is	be	AUX
taxlaw-12357	1705	5	critical	critical	ADJ
taxlaw-12357	1705	6	,	,	PUNCT
taxlaw-12357	1705	7	as	as	SCONJ
taxlaw-12357	1705	8	we	we	PRON
taxlaw-12357	1705	9	discuss	discuss	VERB
taxlaw-12357	1705	10	below	below	ADV
taxlaw-12357	1705	11	.	.	PUNCT
taxlaw-12357	1705	12	)	)	PUNCT
taxlaw-12357	1706	1	on	on	ADP
taxlaw-12357	1706	2	these	these	DET
taxlaw-12357	1706	3	assumptions	assumption	NOUN
taxlaw-12357	1706	4	,	,	PUNCT
taxlaw-12357	1706	5	the	the	DET
taxlaw-12357	1706	6	delta	delta	NOUN
taxlaw-12357	1706	7	test	test	NOUN
taxlaw-12357	1706	8	produces	produce	VERB
taxlaw-12357	1706	9	a	a	DET
taxlaw-12357	1706	10	crazy	crazy	ADJ
taxlaw-12357	1706	11	result	result	NOUN
taxlaw-12357	1706	12	:	:	PUNCT
taxlaw-12357	1706	13	a	a	DET
taxlaw-12357	1706	14	delta	delta	NOUN
taxlaw-12357	1706	15	greater	great	ADJ
taxlaw-12357	1706	16	than	than	ADP
taxlaw-12357	1706	17	one	one	NUM
taxlaw-12357	1706	18	.	.	PUNCT
taxlaw-12357	1707	1	as	as	ADP
taxlaw-12357	1707	2	the	the	DET
taxlaw-12357	1707	3	price	price	NOUN
taxlaw-12357	1707	4	of	of	ADP
taxlaw-12357	1707	5	underlying	underlying	ADJ
taxlaw-12357	1707	6	declines	decline	NOUN
taxlaw-12357	1707	7	by	by	ADP
taxlaw-12357	1707	8	a	a	DET
taxlaw-12357	1707	9	dollar	dollar	NOUN
taxlaw-12357	1707	10	from	from	ADP
taxlaw-12357	1707	11	$	$	SYM
taxlaw-12357	1707	12	100	100	NUM
taxlaw-12357	1707	13	to	to	PART
taxlaw-12357	1707	14	$	$	SYM
taxlaw-12357	1707	15	99	99	NUM
taxlaw-12357	1707	16	,	,	PUNCT
taxlaw-12357	1707	17	the	the	DET
taxlaw-12357	1707	18	contract	contract	NOUN
taxlaw-12357	1707	19	’s	’s	PART
taxlaw-12357	1707	20	value	value	NOUN
taxlaw-12357	1707	21	declines	decline	VERB
taxlaw-12357	1707	22	by	by	ADP
taxlaw-12357	1707	23	more	more	ADJ
taxlaw-12357	1707	24	than	than	ADP
taxlaw-12357	1707	25	a	a	DET
taxlaw-12357	1707	26	dollar	dollar	NOUN
taxlaw-12357	1707	27	:	:	PUNCT
taxlaw-12357	1707	28	volatility	volatility	NOUN
taxlaw-12357	1707	29	20	20	NUM
taxlaw-12357	1707	30	%	%	NOUN
taxlaw-12357	1707	31	60	60	NUM
taxlaw-12357	1707	32	%	%	NOUN
taxlaw-12357	1707	33	delta	delta	NOUN
taxlaw-12357	1707	34	of	of	ADP
taxlaw-12357	1707	35	knock	knock	NOUN
taxlaw-12357	1707	36	-	-	PUNCT
taxlaw-12357	1707	37	out	out	NOUN
taxlaw-12357	1707	38	call	call	NOUN
taxlaw-12357	1707	39	2.42	2.42	NUM
taxlaw-12357	1707	40	1.24	1.24	NUM
taxlaw-12357	1707	41	table	table	NOUN
taxlaw-12357	1707	42	8	8	NUM
taxlaw-12357	1707	43	:	:	PUNCT
taxlaw-12357	1707	44	delta	delta	NOUN
taxlaw-12357	1707	45	of	of	ADP
taxlaw-12357	1707	46	gwa	gwa	PROPN
taxlaw-12357	1707	47	contract	contract	NOUN
taxlaw-12357	1707	48	with	with	ADP
taxlaw-12357	1707	49	knock	knock	NOUN
taxlaw-12357	1707	50	-	-	PUNCT
taxlaw-12357	1707	51	out	out	NOUN
taxlaw-12357	1707	52	(	(	PUNCT
taxlaw-12357	1707	53	assuming	assume	VERB
taxlaw-12357	1707	54	no	no	DET
taxlaw-12357	1707	55	buy	buy	NOUN
taxlaw-12357	1707	56	-	-	PUNCT
taxlaw-12357	1707	57	down)190	down)190	NOUN
taxlaw-12357	1707	58	this	this	DET
taxlaw-12357	1707	59	result	result	NOUN
taxlaw-12357	1707	60	is	be	AUX
taxlaw-12357	1707	61	truly	truly	ADV
taxlaw-12357	1707	62	bizarre	bizarre	ADJ
taxlaw-12357	1707	63	.	.	PUNCT
taxlaw-12357	1708	1	after	after	ADV
taxlaw-12357	1708	2	all	all	ADV
taxlaw-12357	1708	3	,	,	PUNCT
taxlaw-12357	1708	4	the	the	DET
taxlaw-12357	1708	5	contract	contract	NOUN
taxlaw-12357	1708	6	will	will	AUX
taxlaw-12357	1708	7	never	never	ADV
taxlaw-12357	1708	8	–	–	PUNCT
taxlaw-12357	1708	9	indeed	indeed	ADV
taxlaw-12357	1708	10	,	,	PUNCT
taxlaw-12357	1708	11	it	it	PRON
taxlaw-12357	1708	12	can	can	AUX
taxlaw-12357	1708	13	never	never	ADV
taxlaw-12357	1708	14	–	–	PUNCT
taxlaw-12357	1708	15	pay	pay	VERB
taxlaw-12357	1708	16	more	more	ADJ
taxlaw-12357	1708	17	than	than	ADP
taxlaw-12357	1708	18	the	the	DET
taxlaw-12357	1708	19	value	value	NOUN
taxlaw-12357	1708	20	of	of	ADP
taxlaw-12357	1708	21	the	the	DET
taxlaw-12357	1708	22	underlying	underlying	NOUN
taxlaw-12357	1708	23	.	.	PUNCT
taxlaw-12357	1709	1	thus	thus	ADV
taxlaw-12357	1709	2	,	,	PUNCT
taxlaw-12357	1709	3	the	the	DET
taxlaw-12357	1709	4	high	high	ADJ
taxlaw-12357	1709	5	delta	delta	NOUN
taxlaw-12357	1709	6	value	value	NOUN
taxlaw-12357	1709	7	is	be	AUX
taxlaw-12357	1709	8	hardly	hardly	ADV
taxlaw-12357	1709	9	a	a	DET
taxlaw-12357	1709	10	prediction	prediction	NOUN
taxlaw-12357	1709	11	of	of	ADP
taxlaw-12357	1709	12	a	a	DET
taxlaw-12357	1709	13	potential	potential	ADJ
taxlaw-12357	1709	14	payoff	payoff	NOUN
taxlaw-12357	1709	15	.	.	PUNCT
taxlaw-12357	1710	1	instead	instead	ADV
taxlaw-12357	1710	2	,	,	PUNCT
taxlaw-12357	1710	3	it	it	PRON
taxlaw-12357	1710	4	is	be	AUX
taxlaw-12357	1710	5	just	just	ADV
taxlaw-12357	1710	6	the	the	DET
taxlaw-12357	1710	7	product	product	NOUN
taxlaw-12357	1710	8	of	of	ADP
taxlaw-12357	1710	9	the	the	DET
taxlaw-12357	1710	10	weird	weird	ADJ
taxlaw-12357	1710	11	interaction	interaction	NOUN
taxlaw-12357	1710	12	between	between	ADP
taxlaw-12357	1710	13	small	small	ADJ
taxlaw-12357	1710	14	price	price	NOUN
taxlaw-12357	1710	15	changes	change	NOUN
taxlaw-12357	1710	16	,	,	PUNCT
taxlaw-12357	1710	17	on	on	ADP
taxlaw-12357	1710	18	the	the	DET
taxlaw-12357	1710	19	one	one	NUM
taxlaw-12357	1710	20	hand	hand	NOUN
taxlaw-12357	1710	21	,	,	PUNCT
taxlaw-12357	1710	22	and	and	CCONJ
taxlaw-12357	1710	23	the	the	DET
taxlaw-12357	1710	24	knock	knock	VERB
taxlaw-12357	1710	25	-	-	PUNCT
taxlaw-12357	1710	26	out	out	ADP
taxlaw-12357	1710	27	condition	condition	NOUN
taxlaw-12357	1710	28	,	,	PUNCT
taxlaw-12357	1710	29	on	on	ADP
taxlaw-12357	1710	30	the	the	DET
taxlaw-12357	1710	31	other	other	ADJ
taxlaw-12357	1710	32	.	.	PUNCT
taxlaw-12357	1711	1	specifically	specifically	ADV
taxlaw-12357	1711	2	,	,	PUNCT
taxlaw-12357	1711	3	a	a	DET
taxlaw-12357	1711	4	decline	decline	NOUN
taxlaw-12357	1711	5	from	from	ADP
taxlaw-12357	1711	6	$	$	SYM
taxlaw-12357	1711	7	100	100	NUM
taxlaw-12357	1711	8	down	down	ADP
taxlaw-12357	1711	9	to	to	ADP
taxlaw-12357	1711	10	$	$	SYM
taxlaw-12357	1711	11	97	97	NUM
taxlaw-12357	1711	12	has	have	VERB
taxlaw-12357	1711	13	only	only	ADV
taxlaw-12357	1711	14	modest	modest	ADJ
taxlaw-12357	1711	15	implications	implication	NOUN
taxlaw-12357	1711	16	for	for	ADP
taxlaw-12357	1711	17	the	the	DET
taxlaw-12357	1711	18	underlying	underlie	VERB
taxlaw-12357	1711	19	portfolio	portfolio	NOUN
taxlaw-12357	1711	20	,	,	PUNCT
taxlaw-12357	1711	21	but	but	CCONJ
taxlaw-12357	1711	22	major	major	ADJ
taxlaw-12357	1711	23	–	–	PUNCT
taxlaw-12357	1711	24	potentially	potentially	ADV
taxlaw-12357	1711	25	fatal	fatal	ADJ
taxlaw-12357	1711	26	–	–	PUNCT
taxlaw-12357	1711	27	implications	implication	NOUN
taxlaw-12357	1711	28	for	for	ADP
taxlaw-12357	1711	29	the	the	DET
taxlaw-12357	1711	30	knock	knock	VERB
taxlaw-12357	1711	31	-	-	PUNCT
taxlaw-12357	1711	32	out	out	ADP
taxlaw-12357	1711	33	call	call	NOUN
taxlaw-12357	1711	34	.	.	PUNCT
taxlaw-12357	1712	1	so	so	ADV
taxlaw-12357	1712	2	if	if	SCONJ
taxlaw-12357	1712	3	the	the	DET
taxlaw-12357	1712	4	underlying	underlie	VERB
taxlaw-12357	1712	5	’s	’s	NOUN
taxlaw-12357	1712	6	value	value	NOUN
taxlaw-12357	1712	7	drops	drop	VERB
taxlaw-12357	1712	8	from	from	ADP
taxlaw-12357	1712	9	$	$	SYM
taxlaw-12357	1712	10	100	100	NUM
taxlaw-12357	1712	11	to	to	PART
taxlaw-12357	1712	12	$	$	SYM
taxlaw-12357	1712	13	99	99	NUM
taxlaw-12357	1712	14	,	,	PUNCT
taxlaw-12357	1712	15	the	the	DET
taxlaw-12357	1712	16	derivative	derivative	NOUN
taxlaw-12357	1712	17	’s	’s	PART
taxlaw-12357	1712	18	value	value	NOUN
taxlaw-12357	1712	19	will	will	AUX
taxlaw-12357	1712	20	decline	decline	VERB
taxlaw-12357	1712	21	by	by	ADP
taxlaw-12357	1712	22	more	more	ADJ
taxlaw-12357	1712	23	than	than	ADP
taxlaw-12357	1712	24	a	a	DET
taxlaw-12357	1712	25	dollar	dollar	NOUN
taxlaw-12357	1712	26	–	–	PUNCT
taxlaw-12357	1712	27	because	because	ADV
taxlaw-12357	1712	28	,	,	PUNCT
taxlaw-12357	1712	29	again	again	ADV
taxlaw-12357	1712	30	,	,	PUNCT
taxlaw-12357	1712	31	it	it	PRON
taxlaw-12357	1712	32	’s	’s	AUX
taxlaw-12357	1712	33	coming	come	VERB
taxlaw-12357	1712	34	dangerously	dangerously	ADV
taxlaw-12357	1712	35	close	close	ADJ
taxlaw-12357	1712	36	to	to	ADP
taxlaw-12357	1712	37	being	be	AUX
taxlaw-12357	1712	38	terminated	terminate	VERB
taxlaw-12357	1712	39	.	.	PUNCT
taxlaw-12357	1713	1	as	as	ADP
taxlaw-12357	1713	2	a	a	DET
taxlaw-12357	1713	3	result	result	NOUN
taxlaw-12357	1713	4	,	,	PUNCT
taxlaw-12357	1713	5	since	since	SCONJ
taxlaw-12357	1713	6	a	a	DET
taxlaw-12357	1713	7	decline	decline	NOUN
taxlaw-12357	1713	8	of	of	ADP
taxlaw-12357	1713	9	a	a	DET
taxlaw-12357	1713	10	dollar	dollar	NOUN
taxlaw-12357	1713	11	in	in	ADP
taxlaw-12357	1713	12	the	the	DET
taxlaw-12357	1713	13	underlying	underlying	ADJ
taxlaw-12357	1713	14	leads	lead	NOUN
taxlaw-12357	1713	15	to	to	ADP
taxlaw-12357	1713	16	a	a	DET
taxlaw-12357	1713	17	decline	decline	NOUN
taxlaw-12357	1713	18	of	of	ADP
taxlaw-12357	1713	19	more	more	ADJ
taxlaw-12357	1713	20	than	than	ADP
taxlaw-12357	1713	21	a	a	DET
taxlaw-12357	1713	22	dollar	dollar	NOUN
taxlaw-12357	1713	23	in	in	ADP
taxlaw-12357	1713	24	derivative	derivative	NOUN
taxlaw-12357	1713	25	,	,	PUNCT
taxlaw-12357	1713	26	delta	delta	NOUN
taxlaw-12357	1713	27	is	be	AUX
taxlaw-12357	1713	28	greater	great	ADJ
taxlaw-12357	1713	29	than	than	ADP
taxlaw-12357	1713	30	1	1	NUM
taxlaw-12357	1713	31	.	.	PUNCT
taxlaw-12357	1714	1	there	there	PRON
taxlaw-12357	1714	2	are	be	VERB
taxlaw-12357	1714	3	other	other	ADJ
taxlaw-12357	1714	4	wacky	wacky	ADJ
taxlaw-12357	1714	5	effects	effect	NOUN
taxlaw-12357	1714	6	as	as	ADV
taxlaw-12357	1714	7	well	well	ADV
taxlaw-12357	1714	8	,	,	PUNCT
taxlaw-12357	1714	9	which	which	PRON
taxlaw-12357	1714	10	derive	derive	VERB
taxlaw-12357	1714	11	from	from	ADP
taxlaw-12357	1714	12	other	other	ADJ
taxlaw-12357	1714	13	aspects	aspect	NOUN
taxlaw-12357	1714	14	of	of	ADP
taxlaw-12357	1714	15	the	the	DET
taxlaw-12357	1714	16	gwa	gwa	NOUN
taxlaw-12357	1714	17	contract	contract	NOUN
taxlaw-12357	1714	18	.	.	PUNCT
taxlaw-12357	1715	1	for	for	ADP
taxlaw-12357	1715	2	example	example	NOUN
taxlaw-12357	1715	3	,	,	PUNCT
taxlaw-12357	1715	4	the	the	DET
taxlaw-12357	1715	5	contract	contract	NOUN
taxlaw-12357	1715	6	includes	include	VERB
taxlaw-12357	1715	7	an	an	DET
taxlaw-12357	1715	8	implicit	implicit	ADJ
taxlaw-12357	1715	9	loan	loan	NOUN
taxlaw-12357	1715	10	from	from	ADP
taxlaw-12357	1715	11	the	the	DET
taxlaw-12357	1715	12	bank	bank	NOUN
taxlaw-12357	1715	13	to	to	ADP
taxlaw-12357	1715	14	gwa	gwa	PROPN
taxlaw-12357	1715	15	(	(	PUNCT
taxlaw-12357	1715	16	in	in	ADP
taxlaw-12357	1715	17	sparing	spare	VERB
taxlaw-12357	1715	18	gwa	gwa	NOUN
taxlaw-12357	1715	19	from	from	ADP
taxlaw-12357	1715	20	paying	pay	VERB
taxlaw-12357	1715	21	the	the	DET
taxlaw-12357	1715	22	full	full	ADJ
taxlaw-12357	1715	23	price	price	NOUN
taxlaw-12357	1715	24	of	of	ADP
taxlaw-12357	1715	25	underlying	underlie	VERB
taxlaw-12357	1715	26	up	up	ADP
taxlaw-12357	1715	27	front	front	NOUN
taxlaw-12357	1715	28	)	)	PUNCT
taxlaw-12357	1715	29	.	.	PUNCT
taxlaw-12357	1716	1	while	while	SCONJ
taxlaw-12357	1716	2	a	a	DET
taxlaw-12357	1716	3	simple	simple	ADJ
taxlaw-12357	1716	4	loan	loan	NOUN
taxlaw-12357	1716	5	ordinarily	ordinarily	ADV
taxlaw-12357	1716	6	would	would	AUX
taxlaw-12357	1716	7	not	not	PART
taxlaw-12357	1716	8	affect	affect	VERB
taxlaw-12357	1716	9	delta	delta	NOUN
taxlaw-12357	1716	10	–	–	PUNCT
taxlaw-12357	1716	11	since	since	SCONJ
taxlaw-12357	1716	12	the	the	DET
taxlaw-12357	1716	13	interest	interest	NOUN
taxlaw-12357	1716	14	and	and	CCONJ
taxlaw-12357	1716	15	principal	principal	ADJ
taxlaw-12357	1716	16	payments	payment	NOUN
taxlaw-12357	1716	17	do	do	AUX
taxlaw-12357	1716	18	not	not	PART
taxlaw-12357	1716	19	change	change	VERB
taxlaw-12357	1716	20	with	with	ADP
taxlaw-12357	1716	21	underlying	underlie	VERB
taxlaw-12357	1716	22	’s	’s	PART
taxlaw-12357	1716	23	price	price	NOUN
taxlaw-12357	1716	24	–	–	PUNCT
taxlaw-12357	1716	25	this	this	DET
taxlaw-12357	1716	26	loan	loan	NOUN
taxlaw-12357	1716	27	is	be	AUX
taxlaw-12357	1716	28	different	different	ADJ
taxlaw-12357	1716	29	:	:	PUNCT
taxlaw-12357	1716	30	the	the	DET
taxlaw-12357	1716	31	timing	timing	NOUN
taxlaw-12357	1716	32	of	of	ADP
taxlaw-12357	1716	33	gwa	gwa	NOUN
taxlaw-12357	1716	34	’s	’s	PART
taxlaw-12357	1716	35	payments	payment	NOUN
taxlaw-12357	1716	36	do	do	AUX
taxlaw-12357	1716	37	,	,	PUNCT
taxlaw-12357	1716	38	in	in	ADP
taxlaw-12357	1716	39	fact	fact	NOUN
taxlaw-12357	1716	40	,	,	PUNCT
taxlaw-12357	1716	41	depend	depend	VERB
taxlaw-12357	1716	42	in	in	ADP
taxlaw-12357	1716	43	part	part	NOUN
taxlaw-12357	1716	44	on	on	ADP
taxlaw-12357	1716	45	the	the	DET
taxlaw-12357	1716	46	underlying	underlie	VERB
taxlaw-12357	1716	47	’s	’s	PART
taxlaw-12357	1716	48	price.191	price.191	NOUN
taxlaw-12357	1716	49	as	as	ADP
taxlaw-12357	1716	50	a	a	DET
taxlaw-12357	1716	51	result	result	NOUN
taxlaw-12357	1716	52	,	,	PUNCT
taxlaw-12357	1716	53	these	these	DET
taxlaw-12357	1716	54	payments	payment	NOUN
taxlaw-12357	1716	55	have	have	VERB
taxlaw-12357	1716	56	a	a	DET
taxlaw-12357	1716	57	delta	delta	NOUN
taxlaw-12357	1716	58	of	of	ADP
taxlaw-12357	1716	59	their	their	PRON
taxlaw-12357	1716	60	own	own	ADJ
taxlaw-12357	1716	61	.	.	PUNCT
taxlaw-12357	1717	1	as	as	ADP
taxlaw-12357	1717	2	the	the	DET
taxlaw-12357	1717	3	appendix	appendix	ADJ
taxlaw-12357	1717	4	189	189	NUM
taxlaw-12357	1717	5	see	see	NOUN
taxlaw-12357	1717	6	supra	supra	PROPN
taxlaw-12357	1717	7	part	part	PROPN
taxlaw-12357	1717	8	vi.b.3	vi.b.3	NOUN
taxlaw-12357	1717	9	.	.	PUNCT
taxlaw-12357	1718	1	190	190	NUM
taxlaw-12357	1718	2	this	this	DET
taxlaw-12357	1718	3	table	table	NOUN
taxlaw-12357	1718	4	reflects	reflect	VERB
taxlaw-12357	1718	5	the	the	DET
taxlaw-12357	1718	6	delta	delta	NOUN
taxlaw-12357	1718	7	of	of	ADP
taxlaw-12357	1718	8	the	the	DET
taxlaw-12357	1718	9	knock	knock	VERB
taxlaw-12357	1718	10	-	-	PUNCT
taxlaw-12357	1718	11	out	out	ADP
taxlaw-12357	1718	12	call	call	NOUN
taxlaw-12357	1718	13	,	,	PUNCT
taxlaw-12357	1718	14	but	but	CCONJ
taxlaw-12357	1718	15	the	the	DET
taxlaw-12357	1718	16	contract	contract	NOUN
taxlaw-12357	1718	17	actually	actually	ADV
taxlaw-12357	1718	18	has	have	VERB
taxlaw-12357	1718	19	a	a	DET
taxlaw-12357	1718	20	second	second	ADJ
taxlaw-12357	1718	21	component	component	NOUN
taxlaw-12357	1718	22	:	:	PUNCT
taxlaw-12357	1718	23	the	the	DET
taxlaw-12357	1718	24	$	$	SYM
taxlaw-12357	1718	25	7	7	NUM
taxlaw-12357	1718	26	payment	payment	NOUN
taxlaw-12357	1718	27	the	the	DET
taxlaw-12357	1718	28	holder	holder	NOUN
taxlaw-12357	1718	29	receives	receive	VERB
taxlaw-12357	1718	30	when	when	SCONJ
taxlaw-12357	1718	31	the	the	DET
taxlaw-12357	1718	32	option	option	NOUN
taxlaw-12357	1718	33	is	be	AUX
taxlaw-12357	1718	34	terminated	terminate	VERB
taxlaw-12357	1718	35	(	(	PUNCT
taxlaw-12357	1718	36	i.e.	i.e.	X
taxlaw-12357	1718	37	,	,	PUNCT
taxlaw-12357	1718	38	from	from	ADP
taxlaw-12357	1718	39	their	their	PRON
taxlaw-12357	1718	40	premium	premium	NOUN
taxlaw-12357	1718	41	account	account	NOUN
taxlaw-12357	1718	42	)	)	PUNCT
taxlaw-12357	1718	43	.	.	PUNCT
taxlaw-12357	1719	1	as	as	SCONJ
taxlaw-12357	1719	2	appendix	appendix	VERB
taxlaw-12357	1719	3	a	a	DET
taxlaw-12357	1719	4	shows	show	NOUN
taxlaw-12357	1719	5	,	,	PUNCT
taxlaw-12357	1719	6	accounting	account	VERB
taxlaw-12357	1719	7	for	for	ADP
taxlaw-12357	1719	8	this	this	DET
taxlaw-12357	1719	9	component	component	NOUN
taxlaw-12357	1719	10	reduces	reduce	VERB
taxlaw-12357	1719	11	delta	delta	NOUN
taxlaw-12357	1719	12	,	,	PUNCT
taxlaw-12357	1719	13	but	but	CCONJ
taxlaw-12357	1719	14	not	not	PART
taxlaw-12357	1719	15	by	by	ADP
taxlaw-12357	1719	16	very	very	ADV
taxlaw-12357	1719	17	much	much	ADV
taxlaw-12357	1719	18	.	.	PUNCT
taxlaw-12357	1720	1	appendix	appendix	VERB
taxlaw-12357	1720	2	a	a	DET
taxlaw-12357	1720	3	also	also	ADV
taxlaw-12357	1720	4	analyzes	analyze	VERB
taxlaw-12357	1720	5	additional	additional	ADJ
taxlaw-12357	1720	6	interest	interest	NOUN
taxlaw-12357	1720	7	payments	payment	NOUN
taxlaw-12357	1720	8	due	due	ADJ
taxlaw-12357	1720	9	under	under	ADP
taxlaw-12357	1720	10	the	the	DET
taxlaw-12357	1720	11	contract	contract	NOUN
taxlaw-12357	1720	12	.	.	PUNCT
taxlaw-12357	1721	1	as	as	SCONJ
taxlaw-12357	1721	2	appendix	appendix	VERB
taxlaw-12357	1721	3	a	a	DET
taxlaw-12357	1721	4	shows	show	NOUN
taxlaw-12357	1721	5	,	,	PUNCT
taxlaw-12357	1721	6	the	the	DET
taxlaw-12357	1721	7	timing	timing	NOUN
taxlaw-12357	1721	8	of	of	ADP
taxlaw-12357	1721	9	these	these	DET
taxlaw-12357	1721	10	payments	payment	NOUN
taxlaw-12357	1721	11	depends	depend	VERB
taxlaw-12357	1721	12	on	on	ADP
taxlaw-12357	1721	13	the	the	DET
taxlaw-12357	1721	14	underlying	underlie	VERB
taxlaw-12357	1721	15	price	price	NOUN
taxlaw-12357	1721	16	.	.	PUNCT
taxlaw-12357	1722	1	as	as	ADP
taxlaw-12357	1722	2	a	a	DET
taxlaw-12357	1722	3	result	result	NOUN
taxlaw-12357	1722	4	,	,	PUNCT
taxlaw-12357	1722	5	these	these	DET
taxlaw-12357	1722	6	payments	payment	NOUN
taxlaw-12357	1722	7	have	have	VERB
taxlaw-12357	1722	8	a	a	DET
taxlaw-12357	1722	9	delta	delta	NOUN
taxlaw-12357	1722	10	of	of	ADP
taxlaw-12357	1722	11	their	their	PRON
taxlaw-12357	1722	12	own	own	ADJ
taxlaw-12357	1722	13	,	,	PUNCT
taxlaw-12357	1722	14	which	which	PRON
taxlaw-12357	1722	15	helps	help	VERB
taxlaw-12357	1722	16	offset	offset	VERB
taxlaw-12357	1722	17	the	the	DET
taxlaw-12357	1722	18	overly	overly	ADV
taxlaw-12357	1722	19	-	-	PUNCT
taxlaw-12357	1722	20	large	large	ADJ
taxlaw-12357	1722	21	delta	delta	NOUN
taxlaw-12357	1722	22	caused	cause	VERB
taxlaw-12357	1722	23	by	by	ADP
taxlaw-12357	1722	24	the	the	DET
taxlaw-12357	1722	25	contingency	contingency	NOUN
taxlaw-12357	1722	26	.	.	PUNCT
taxlaw-12357	1723	1	191	191	NUM
taxlaw-12357	1723	2	for	for	ADP
taxlaw-12357	1723	3	instance	instance	NOUN
taxlaw-12357	1723	4	,	,	PUNCT
taxlaw-12357	1723	5	declines	decline	VERB
taxlaw-12357	1723	6	in	in	ADP
taxlaw-12357	1723	7	the	the	DET
taxlaw-12357	1723	8	price	price	NOUN
taxlaw-12357	1723	9	cause	cause	NOUN
taxlaw-12357	1723	10	gwa	gwa	NOUN
taxlaw-12357	1723	11	to	to	PART
taxlaw-12357	1723	12	get	get	VERB
taxlaw-12357	1723	13	a	a	DET
taxlaw-12357	1723	14	portion	portion	NOUN
taxlaw-12357	1723	15	of	of	ADP
taxlaw-12357	1723	16	their	their	PRON
taxlaw-12357	1723	17	premium	premium	NOUN
taxlaw-12357	1723	18	account	account	NOUN
taxlaw-12357	1723	19	back	back	ADV
taxlaw-12357	1723	20	(	(	PUNCT
taxlaw-12357	1723	21	if	if	SCONJ
taxlaw-12357	1723	22	the	the	DET
taxlaw-12357	1723	23	contract	contract	NOUN
taxlaw-12357	1723	24	terminates	terminate	VERB
taxlaw-12357	1723	25	)	)	PUNCT
taxlaw-12357	1723	26	or	or	CCONJ
taxlaw-12357	1723	27	to	to	PART
taxlaw-12357	1723	28	pay	pay	VERB
taxlaw-12357	1723	29	additional	additional	ADJ
taxlaw-12357	1723	30	amounts	amount	NOUN
taxlaw-12357	1723	31	to	to	PART
taxlaw-12357	1723	32	buy	buy	VERB
taxlaw-12357	1723	33	-	-	PUNCT
taxlaw-12357	1723	34	down	down	ADP
taxlaw-12357	1723	35	the	the	DET
taxlaw-12357	1723	36	expiration	expiration	NOUN
taxlaw-12357	1723	37	price	price	NOUN
taxlaw-12357	1723	38	.	.	PUNCT
taxlaw-12357	1724	1	columbia	columbia	PROPN
taxlaw-12357	1724	2	journal	journal	PROPN
taxlaw-12357	1724	3	of	of	ADP
taxlaw-12357	1724	4	tax	tax	NOUN
taxlaw-12357	1724	5	law	law	NOUN
taxlaw-12357	1724	6	[	[	X
taxlaw-12357	1724	7	vol	vol	NOUN
taxlaw-12357	1724	8	15:1	15:1	NUM
taxlaw-12357	1724	9	62	62	NUM
taxlaw-12357	1724	10	shows	show	NOUN
taxlaw-12357	1724	11	,	,	PUNCT
taxlaw-12357	1724	12	the	the	DET
taxlaw-12357	1724	13	delta	delta	NOUN
taxlaw-12357	1724	14	of	of	ADP
taxlaw-12357	1724	15	these	these	DET
taxlaw-12357	1724	16	payments	payment	NOUN
taxlaw-12357	1724	17	can	can	AUX
taxlaw-12357	1724	18	offset	offset	VERB
taxlaw-12357	1724	19	the	the	DET
taxlaw-12357	1724	20	unexpectedly	unexpectedly	ADV
taxlaw-12357	1724	21	large	large	ADJ
taxlaw-12357	1724	22	delta	delta	NOUN
taxlaw-12357	1724	23	caused	cause	VERB
taxlaw-12357	1724	24	by	by	ADP
taxlaw-12357	1724	25	the	the	DET
taxlaw-12357	1724	26	contingency.192	contingency.192	PROPN
taxlaw-12357	1724	27	but	but	CCONJ
taxlaw-12357	1724	28	these	these	DET
taxlaw-12357	1724	29	“	"	PUNCT
taxlaw-12357	1724	30	adventures	adventure	NOUN
taxlaw-12357	1724	31	in	in	ADP
taxlaw-12357	1724	32	delta	delta	NOUN
taxlaw-12357	1724	33	”	"	PUNCT
taxlaw-12357	1724	34	arguably	arguably	ADV
taxlaw-12357	1724	35	are	be	AUX
taxlaw-12357	1724	36	not	not	PART
taxlaw-12357	1724	37	a	a	DET
taxlaw-12357	1724	38	persuasive	persuasive	ADJ
taxlaw-12357	1724	39	analysis	analysis	NOUN
taxlaw-12357	1724	40	of	of	ADP
taxlaw-12357	1724	41	the	the	DET
taxlaw-12357	1724	42	gwa	gwa	NOUN
taxlaw-12357	1724	43	contract	contract	NOUN
taxlaw-12357	1724	44	,	,	PUNCT
taxlaw-12357	1724	45	at	at	ADP
taxlaw-12357	1724	46	least	least	ADJ
taxlaw-12357	1724	47	once	once	ADV
taxlaw-12357	1724	48	the	the	DET
taxlaw-12357	1724	49	buy	buy	VERB
taxlaw-12357	1724	50	-	-	PUNCT
taxlaw-12357	1724	51	down	down	ADP
taxlaw-12357	1724	52	feature	feature	NOUN
taxlaw-12357	1724	53	is	be	AUX
taxlaw-12357	1724	54	taken	take	VERB
taxlaw-12357	1724	55	into	into	ADP
taxlaw-12357	1724	56	account	account	NOUN
taxlaw-12357	1724	57	.	.	PUNCT
taxlaw-12357	1725	1	this	this	DET
taxlaw-12357	1725	2	right	right	NOUN
taxlaw-12357	1725	3	to	to	PART
taxlaw-12357	1725	4	save	save	VERB
taxlaw-12357	1725	5	the	the	DET
taxlaw-12357	1725	6	option	option	NOUN
taxlaw-12357	1725	7	allows	allow	VERB
taxlaw-12357	1725	8	gwa	gwa	NOUN
taxlaw-12357	1725	9	to	to	PART
taxlaw-12357	1725	10	take	take	VERB
taxlaw-12357	1725	11	on	on	ADP
taxlaw-12357	1725	12	risk	risk	NOUN
taxlaw-12357	1725	13	of	of	ADP
taxlaw-12357	1725	14	loss	loss	NOUN
taxlaw-12357	1725	15	below	below	ADP
taxlaw-12357	1725	16	$	$	SYM
taxlaw-12357	1725	17	90	90	NUM
taxlaw-12357	1725	18	,	,	PUNCT
taxlaw-12357	1725	19	as	as	SCONJ
taxlaw-12357	1725	20	emphasized	emphasize	VERB
taxlaw-12357	1725	21	above.193	above.193	NOUN
taxlaw-12357	1725	22	so	so	SCONJ
taxlaw-12357	1725	23	if	if	SCONJ
taxlaw-12357	1725	24	the	the	DET
taxlaw-12357	1725	25	delta	delta	NOUN
taxlaw-12357	1725	26	test	test	NOUN
taxlaw-12357	1725	27	worked	work	VERB
taxlaw-12357	1725	28	as	as	SCONJ
taxlaw-12357	1725	29	it	it	PRON
taxlaw-12357	1725	30	should	should	AUX
taxlaw-12357	1725	31	,	,	PUNCT
taxlaw-12357	1725	32	it	it	PRON
taxlaw-12357	1725	33	would	would	AUX
taxlaw-12357	1725	34	find	find	VERB
taxlaw-12357	1725	35	a	a	DET
taxlaw-12357	1725	36	closer	close	ADJ
taxlaw-12357	1725	37	correlation	correlation	NOUN
taxlaw-12357	1725	38	between	between	ADP
taxlaw-12357	1725	39	the	the	DET
taxlaw-12357	1725	40	gwa	gwa	NOUN
taxlaw-12357	1725	41	contract	contract	NOUN
taxlaw-12357	1725	42	and	and	CCONJ
taxlaw-12357	1725	43	the	the	DET
taxlaw-12357	1725	44	underlying	underlie	VERB
taxlaw-12357	1725	45	portfolio	portfolio	NOUN
taxlaw-12357	1725	46	.	.	PUNCT
taxlaw-12357	1726	1	delta	delta	NOUN
taxlaw-12357	1726	2	should	should	AUX
taxlaw-12357	1726	3	be	be	AUX
taxlaw-12357	1726	4	much	much	ADV
taxlaw-12357	1726	5	closer	close	ADJ
taxlaw-12357	1726	6	to	to	ADP
taxlaw-12357	1726	7	1.0.194	1.0.194	NUM
taxlaw-12357	1726	8	to	to	PART
taxlaw-12357	1726	9	sum	sum	VERB
taxlaw-12357	1726	10	up	up	ADP
taxlaw-12357	1726	11	,	,	PUNCT
taxlaw-12357	1726	12	although	although	SCONJ
taxlaw-12357	1726	13	the	the	DET
taxlaw-12357	1726	14	delta	delta	NOUN
taxlaw-12357	1726	15	test	test	NOUN
taxlaw-12357	1726	16	is	be	AUX
taxlaw-12357	1726	17	effective	effective	ADJ
taxlaw-12357	1726	18	for	for	ADP
taxlaw-12357	1726	19	simple	simple	ADJ
taxlaw-12357	1726	20	instruments	instrument	NOUN
taxlaw-12357	1726	21	,	,	PUNCT
taxlaw-12357	1726	22	it	it	PRON
taxlaw-12357	1726	23	can	can	AUX
taxlaw-12357	1726	24	make	make	VERB
taxlaw-12357	1726	25	a	a	DET
taxlaw-12357	1726	26	real	real	ADJ
taxlaw-12357	1726	27	hash	hash	NOUN
taxlaw-12357	1726	28	of	of	ADP
taxlaw-12357	1726	29	more	more	ADV
taxlaw-12357	1726	30	complicated	complicated	ADJ
taxlaw-12357	1726	31	ones	one	NOUN
taxlaw-12357	1726	32	,	,	PUNCT
taxlaw-12357	1726	33	especially	especially	ADV
taxlaw-12357	1726	34	when	when	SCONJ
taxlaw-12357	1726	35	contingencies	contingency	NOUN
taxlaw-12357	1726	36	are	be	AUX
taxlaw-12357	1726	37	involved	involve	VERB
taxlaw-12357	1726	38	.	.	PUNCT
taxlaw-12357	1727	1	for	for	ADP
taxlaw-12357	1727	2	example	example	NOUN
taxlaw-12357	1727	3	,	,	PUNCT
taxlaw-12357	1727	4	it	it	PRON
taxlaw-12357	1727	5	is	be	AUX
taxlaw-12357	1727	6	confounded	confound	VERB
taxlaw-12357	1727	7	by	by	ADP
taxlaw-12357	1727	8	the	the	DET
taxlaw-12357	1727	9	knock	knock	VERB
taxlaw-12357	1727	10	-	-	PUNCT
taxlaw-12357	1727	11	out	out	ADP
taxlaw-12357	1727	12	call	call	NOUN
taxlaw-12357	1727	13	option	option	NOUN
taxlaw-12357	1727	14	and	and	CCONJ
taxlaw-12357	1727	15	yields	yield	NOUN
taxlaw-12357	1727	16	delta	delta	NOUN
taxlaw-12357	1727	17	values	value	VERB
taxlaw-12357	1727	18	much	much	ADV
taxlaw-12357	1727	19	greater	great	ADJ
taxlaw-12357	1727	20	than	than	ADP
taxlaw-12357	1727	21	1.0	1.0	NUM
taxlaw-12357	1727	22	.	.	PUNCT
taxlaw-12357	1728	1	there	there	PRON
taxlaw-12357	1728	2	are	be	VERB
taxlaw-12357	1728	3	ways	way	NOUN
taxlaw-12357	1728	4	for	for	SCONJ
taxlaw-12357	1728	5	the	the	DET
taxlaw-12357	1728	6	delta	delta	NOUN
taxlaw-12357	1728	7	test	test	NOUN
taxlaw-12357	1728	8	to	to	PART
taxlaw-12357	1728	9	get	get	VERB
taxlaw-12357	1728	10	to	to	ADP
taxlaw-12357	1728	11	the	the	DET
taxlaw-12357	1728	12	right	right	ADJ
taxlaw-12357	1728	13	answer	answer	NOUN
taxlaw-12357	1728	14	–	–	PUNCT
taxlaw-12357	1728	15	for	for	ADP
taxlaw-12357	1728	16	instance	instance	NOUN
taxlaw-12357	1728	17	,	,	PUNCT
taxlaw-12357	1728	18	by	by	ADP
taxlaw-12357	1728	19	simply	simply	ADV
taxlaw-12357	1728	20	assuming	assume	VERB
taxlaw-12357	1728	21	a	a	DET
taxlaw-12357	1728	22	buy	buy	NOUN
taxlaw-12357	1728	23	-	-	PUNCT
taxlaw-12357	1728	24	down	down	NOUN
taxlaw-12357	1728	25	and	and	CCONJ
taxlaw-12357	1728	26	thus	thus	ADV
taxlaw-12357	1728	27	ignoring	ignore	VERB
taxlaw-12357	1728	28	the	the	DET
taxlaw-12357	1728	29	knock	knock	NOUN
taxlaw-12357	1728	30	-	-	PUNCT
taxlaw-12357	1728	31	out195	out195	NOUN
taxlaw-12357	1728	32	–	–	PUNCT
taxlaw-12357	1728	33	but	but	CCONJ
taxlaw-12357	1728	34	this	this	PRON
taxlaw-12357	1728	35	requires	require	VERB
taxlaw-12357	1728	36	a	a	DET
taxlaw-12357	1728	37	more	more	ADV
taxlaw-12357	1728	38	nuanced	nuanced	ADJ
taxlaw-12357	1728	39	analysis	analysis	NOUN
taxlaw-12357	1728	40	,	,	PUNCT
taxlaw-12357	1728	41	which	which	PRON
taxlaw-12357	1728	42	taxpayers	taxpayer	NOUN
taxlaw-12357	1728	43	may	may	AUX
taxlaw-12357	1728	44	not	not	PART
taxlaw-12357	1728	45	be	be	AUX
taxlaw-12357	1728	46	motivated	motivate	VERB
taxlaw-12357	1728	47	to	to	PART
taxlaw-12357	1728	48	provide	provide	VERB
taxlaw-12357	1728	49	.	.	PUNCT
taxlaw-12357	1729	1	after	after	ADV
taxlaw-12357	1729	2	all	all	ADV
taxlaw-12357	1729	3	,	,	PUNCT
taxlaw-12357	1729	4	if	if	SCONJ
taxlaw-12357	1729	5	their	their	PRON
taxlaw-12357	1729	6	goal	goal	NOUN
taxlaw-12357	1729	7	is	be	AUX
taxlaw-12357	1729	8	to	to	PART
taxlaw-12357	1729	9	justify	justify	VERB
taxlaw-12357	1729	10	their	their	PRON
taxlaw-12357	1729	11	tax	tax	NOUN
taxlaw-12357	1729	12	planning	planning	NOUN
taxlaw-12357	1729	13	,	,	PUNCT
taxlaw-12357	1729	14	they	they	PRON
taxlaw-12357	1729	15	may	may	AUX
taxlaw-12357	1729	16	well	well	ADV
taxlaw-12357	1729	17	want	want	VERB
taxlaw-12357	1729	18	a	a	DET
taxlaw-12357	1729	19	misleading	misleading	ADJ
taxlaw-12357	1729	20	result	result	NOUN
taxlaw-12357	1729	21	,	,	PUNCT
taxlaw-12357	1729	22	and	and	CCONJ
taxlaw-12357	1729	23	the	the	DET
taxlaw-12357	1729	24	delta	delta	NOUN
taxlaw-12357	1729	25	test	test	NOUN
taxlaw-12357	1729	26	gives	give	VERB
taxlaw-12357	1729	27	them	they	PRON
taxlaw-12357	1729	28	discretion	discretion	NOUN
taxlaw-12357	1729	29	to	to	PART
taxlaw-12357	1729	30	engineer	engineer	VERB
taxlaw-12357	1729	31	it	it	PRON
taxlaw-12357	1729	32	(	(	PUNCT
taxlaw-12357	1729	33	or	or	CCONJ
taxlaw-12357	1729	34	,	,	PUNCT
taxlaw-12357	1729	35	at	at	ADP
taxlaw-12357	1729	36	least	least	ADJ
taxlaw-12357	1729	37	,	,	PUNCT
taxlaw-12357	1729	38	the	the	DET
taxlaw-12357	1729	39	illusion	illusion	NOUN
taxlaw-12357	1729	40	of	of	ADP
taxlaw-12357	1729	41	it	it	PRON
taxlaw-12357	1729	42	)	)	PUNCT
taxlaw-12357	1729	43	.	.	PUNCT
taxlaw-12357	1730	1	3	3	X
taxlaw-12357	1730	2	.	.	X
taxlaw-12357	1730	3	mckelvey	mckelvey	NOUN
taxlaw-12357	1730	4	test	test	NOUN
taxlaw-12357	1730	5	so	so	ADV
taxlaw-12357	1730	6	far	far	ADV
taxlaw-12357	1730	7	,	,	PUNCT
taxlaw-12357	1730	8	we	we	PRON
taxlaw-12357	1730	9	have	have	AUX
taxlaw-12357	1730	10	shown	show	VERB
taxlaw-12357	1730	11	that	that	SCONJ
taxlaw-12357	1730	12	the	the	DET
taxlaw-12357	1730	13	spread	spread	NOUN
taxlaw-12357	1730	14	and	and	CCONJ
taxlaw-12357	1730	15	delta	delta	NOUN
taxlaw-12357	1730	16	tests	test	NOUN
taxlaw-12357	1730	17	are	be	AUX
taxlaw-12357	1730	18	not	not	PART
taxlaw-12357	1730	19	reliable	reliable	ADJ
taxlaw-12357	1730	20	ways	way	NOUN
taxlaw-12357	1730	21	to	to	PART
taxlaw-12357	1730	22	analyze	analyze	VERB
taxlaw-12357	1730	23	the	the	DET
taxlaw-12357	1730	24	gwa	gwa	NOUN
taxlaw-12357	1730	25	contract	contract	NOUN
taxlaw-12357	1730	26	.	.	PUNCT
taxlaw-12357	1731	1	unfortunately	unfortunately	ADV
taxlaw-12357	1731	2	,	,	PUNCT
taxlaw-12357	1731	3	the	the	DET
taxlaw-12357	1731	4	mckelvey	mckelvey	NOUN
taxlaw-12357	1731	5	test	test	NOUN
taxlaw-12357	1731	6	is	be	AUX
taxlaw-12357	1731	7	no	no	ADV
taxlaw-12357	1731	8	better	well	ADJ
taxlaw-12357	1731	9	.	.	PUNCT
taxlaw-12357	1732	1	while	while	SCONJ
taxlaw-12357	1732	2	this	this	DET
taxlaw-12357	1732	3	test	test	NOUN
taxlaw-12357	1732	4	focuses	focus	VERB
taxlaw-12357	1732	5	on	on	ADP
taxlaw-12357	1732	6	probabilities	probability	NOUN
taxlaw-12357	1732	7	,	,	PUNCT
taxlaw-12357	1732	8	as	as	SCONJ
taxlaw-12357	1732	9	explained	explain	VERB
taxlaw-12357	1732	10	above,196	above,196	PROPN
taxlaw-12357	1732	11	the	the	DET
taxlaw-12357	1732	12	right	right	ADJ
taxlaw-12357	1732	13	way	way	NOUN
taxlaw-12357	1732	14	to	to	PART
taxlaw-12357	1732	15	apply	apply	VERB
taxlaw-12357	1732	16	it	it	PRON
taxlaw-12357	1732	17	to	to	ADP
taxlaw-12357	1732	18	the	the	DET
taxlaw-12357	1732	19	gwa	gwa	NOUN
taxlaw-12357	1732	20	contract	contract	NOUN
taxlaw-12357	1732	21	is	be	AUX
taxlaw-12357	1732	22	not	not	PART
taxlaw-12357	1732	23	obvious	obvious	ADJ
taxlaw-12357	1732	24	.	.	PUNCT
taxlaw-12357	1733	1	after	after	ADV
taxlaw-12357	1733	2	all	all	ADV
taxlaw-12357	1733	3	,	,	PUNCT
taxlaw-12357	1733	4	the	the	DET
taxlaw-12357	1733	5	context	context	NOUN
taxlaw-12357	1733	6	is	be	AUX
taxlaw-12357	1733	7	different	different	ADJ
taxlaw-12357	1733	8	.	.	PUNCT
taxlaw-12357	1734	1	mckelvey	mckelvey	NOUN
taxlaw-12357	1734	2	was	be	AUX
taxlaw-12357	1734	3	about	about	ADP
taxlaw-12357	1734	4	a	a	DET
taxlaw-12357	1734	5	specific	specific	ADJ
taxlaw-12357	1734	6	issue	issue	NOUN
taxlaw-12357	1734	7	–	–	PUNCT
taxlaw-12357	1734	8	the	the	DET
taxlaw-12357	1734	9	number	number	NOUN
taxlaw-12357	1734	10	of	of	ADP
taxlaw-12357	1734	11	shares	share	NOUN
taxlaw-12357	1734	12	to	to	PART
taxlaw-12357	1734	13	be	be	AUX
taxlaw-12357	1734	14	delivered	deliver	VERB
taxlaw-12357	1734	15	–	–	PUNCT
taxlaw-12357	1734	16	that	that	PRON
taxlaw-12357	1734	17	does	do	AUX
taxlaw-12357	1734	18	not	not	PART
taxlaw-12357	1734	19	really	really	ADV
taxlaw-12357	1734	20	arise	arise	VERB
taxlaw-12357	1734	21	in	in	ADP
taxlaw-12357	1734	22	gwa.197	gwa.197	NOUN
taxlaw-12357	1734	23	by	by	ADP
taxlaw-12357	1734	24	analogy	analogy	NOUN
taxlaw-12357	1734	25	,	,	PUNCT
taxlaw-12357	1734	26	perhaps	perhaps	ADV
taxlaw-12357	1734	27	the	the	DET
taxlaw-12357	1734	28	right	right	ADJ
taxlaw-12357	1734	29	question	question	NOUN
taxlaw-12357	1734	30	is	be	AUX
taxlaw-12357	1734	31	the	the	DET
taxlaw-12357	1734	32	probability	probability	NOUN
taxlaw-12357	1734	33	that	that	SCONJ
taxlaw-12357	1734	34	the	the	DET
taxlaw-12357	1734	35	gwa	gwa	NOUN
taxlaw-12357	1734	36	contract	contract	NOUN
taxlaw-12357	1734	37	will	will	AUX
taxlaw-12357	1734	38	diverge	diverge	VERB
taxlaw-12357	1734	39	from	from	ADP
taxlaw-12357	1734	40	the	the	DET
taxlaw-12357	1734	41	underlying	underlying	NOUN
taxlaw-12357	1734	42	.	.	PUNCT
taxlaw-12357	1735	1	since	since	SCONJ
taxlaw-12357	1735	2	this	this	PRON
taxlaw-12357	1735	3	happens	happen	VERB
taxlaw-12357	1735	4	when	when	SCONJ
taxlaw-12357	1735	5	the	the	DET
taxlaw-12357	1735	6	underlying	underlie	VERB
taxlaw-12357	1735	7	’s	’s	NOUN
taxlaw-12357	1735	8	value	value	NOUN
taxlaw-12357	1735	9	falls	fall	VERB
taxlaw-12357	1735	10	below	below	ADP
taxlaw-12357	1735	11	$	$	SYM
taxlaw-12357	1735	12	97	97	NUM
taxlaw-12357	1735	13	,	,	PUNCT
taxlaw-12357	1735	14	this	this	DET
taxlaw-12357	1735	15	test	test	NOUN
taxlaw-12357	1735	16	can	can	AUX
taxlaw-12357	1735	17	ask	ask	VERB
taxlaw-12357	1735	18	,	,	PUNCT
taxlaw-12357	1735	19	“	"	PUNCT
taxlaw-12357	1735	20	how	how	SCONJ
taxlaw-12357	1735	21	likely	likely	ADV
taxlaw-12357	1735	22	is	be	AUX
taxlaw-12357	1735	23	underlying	underlie	VERB
taxlaw-12357	1735	24	’s	’s	PART
taxlaw-12357	1735	25	192	192	NUM
taxlaw-12357	1735	26	if	if	SCONJ
taxlaw-12357	1735	27	the	the	DET
taxlaw-12357	1735	28	interest	interest	NOUN
taxlaw-12357	1735	29	payments	payment	NOUN
taxlaw-12357	1735	30	on	on	ADP
taxlaw-12357	1735	31	the	the	DET
taxlaw-12357	1735	32	loan	loan	NOUN
taxlaw-12357	1735	33	were	be	AUX
taxlaw-12357	1735	34	unrelated	unrelated	ADJ
taxlaw-12357	1735	35	to	to	ADP
taxlaw-12357	1735	36	the	the	DET
taxlaw-12357	1735	37	performance	performance	NOUN
taxlaw-12357	1735	38	of	of	ADP
taxlaw-12357	1735	39	the	the	DET
taxlaw-12357	1735	40	underlying	underlying	NOUN
taxlaw-12357	1735	41	,	,	PUNCT
taxlaw-12357	1735	42	then	then	ADV
taxlaw-12357	1735	43	the	the	DET
taxlaw-12357	1735	44	loan	loan	NOUN
taxlaw-12357	1735	45	would	would	AUX
taxlaw-12357	1735	46	be	be	AUX
taxlaw-12357	1735	47	irrelevant	irrelevant	ADJ
taxlaw-12357	1735	48	and	and	CCONJ
taxlaw-12357	1735	49	the	the	DET
taxlaw-12357	1735	50	problems	problem	NOUN
taxlaw-12357	1735	51	with	with	ADP
taxlaw-12357	1735	52	the	the	DET
taxlaw-12357	1735	53	delta	delta	NOUN
taxlaw-12357	1735	54	would	would	AUX
taxlaw-12357	1735	55	remain	remain	VERB
taxlaw-12357	1735	56	unchanged	unchanged	ADJ
taxlaw-12357	1735	57	.	.	PUNCT
taxlaw-12357	1736	1	193	193	NUM
taxlaw-12357	1736	2	see	see	VERB
taxlaw-12357	1736	3	supra	supra	PROPN
taxlaw-12357	1736	4	part	part	PROPN
taxlaw-12357	1736	5	vii.a.2	vii.a.2	PROPN
taxlaw-12357	1736	6	.	.	PUNCT
taxlaw-12357	1737	1	194	194	NUM
taxlaw-12357	1738	1	just	just	ADV
taxlaw-12357	1738	2	how	how	SCONJ
taxlaw-12357	1738	3	close	close	ADJ
taxlaw-12357	1738	4	it	it	PRON
taxlaw-12357	1738	5	gets	get	VERB
taxlaw-12357	1738	6	depends	depend	VERB
taxlaw-12357	1738	7	in	in	ADP
taxlaw-12357	1738	8	part	part	NOUN
taxlaw-12357	1738	9	on	on	ADP
taxlaw-12357	1738	10	how	how	SCONJ
taxlaw-12357	1738	11	precisely	precisely	ADV
taxlaw-12357	1738	12	the	the	DET
taxlaw-12357	1738	13	contract	contract	NOUN
taxlaw-12357	1738	14	accounts	account	VERB
taxlaw-12357	1738	15	for	for	ADP
taxlaw-12357	1738	16	the	the	DET
taxlaw-12357	1738	17	time	time	NOUN
taxlaw-12357	1738	18	value	value	NOUN
taxlaw-12357	1738	19	of	of	ADP
taxlaw-12357	1738	20	various	various	ADJ
taxlaw-12357	1738	21	payments	payment	NOUN
taxlaw-12357	1738	22	,	,	PUNCT
taxlaw-12357	1738	23	including	include	VERB
taxlaw-12357	1738	24	the	the	DET
taxlaw-12357	1738	25	deposit	deposit	NOUN
taxlaw-12357	1738	26	returned	return	VERB
taxlaw-12357	1738	27	to	to	ADP
taxlaw-12357	1738	28	gwa	gwa	NOUN
taxlaw-12357	1738	29	and	and	CCONJ
taxlaw-12357	1738	30	the	the	DET
taxlaw-12357	1738	31	payment	payment	NOUN
taxlaw-12357	1738	32	of	of	ADP
taxlaw-12357	1738	33	the	the	DET
taxlaw-12357	1738	34	exercise	exercise	NOUN
taxlaw-12357	1738	35	price	price	NOUN
taxlaw-12357	1738	36	to	to	ADP
taxlaw-12357	1738	37	the	the	DET
taxlaw-12357	1738	38	bank	bank	NOUN
taxlaw-12357	1738	39	.	.	PUNCT
taxlaw-12357	1739	1	for	for	ADP
taxlaw-12357	1739	2	a	a	DET
taxlaw-12357	1739	3	discussion	discussion	NOUN
taxlaw-12357	1739	4	,	,	PUNCT
taxlaw-12357	1739	5	see	see	VERB
taxlaw-12357	1739	6	infra	infra	NOUN
taxlaw-12357	1739	7	appendix	appendix	VERB
taxlaw-12357	1739	8	a.	a.	NOUN
taxlaw-12357	1739	9	indeed	indeed	ADV
taxlaw-12357	1739	10	,	,	PUNCT
taxlaw-12357	1739	11	once	once	ADV
taxlaw-12357	1739	12	these	these	PRON
taxlaw-12357	1739	13	(	(	PUNCT
taxlaw-12357	1739	14	and	and	CCONJ
taxlaw-12357	1739	15	other	other	ADJ
taxlaw-12357	1739	16	)	)	PUNCT
taxlaw-12357	1739	17	factors	factor	NOUN
taxlaw-12357	1739	18	are	be	AUX
taxlaw-12357	1739	19	taken	take	VERB
taxlaw-12357	1739	20	into	into	ADP
taxlaw-12357	1739	21	account	account	NOUN
taxlaw-12357	1739	22	,	,	PUNCT
taxlaw-12357	1739	23	if	if	SCONJ
taxlaw-12357	1739	24	the	the	DET
taxlaw-12357	1739	25	bank	bank	NOUN
taxlaw-12357	1739	26	receives	receive	VERB
taxlaw-12357	1739	27	ongoing	ongoing	ADJ
taxlaw-12357	1739	28	compensation	compensation	NOUN
taxlaw-12357	1739	29	at	at	ADP
taxlaw-12357	1739	30	the	the	DET
taxlaw-12357	1739	31	risk	risk	NOUN
taxlaw-12357	1739	32	-	-	PUNCT
taxlaw-12357	1739	33	free	free	ADJ
taxlaw-12357	1739	34	rate	rate	NOUN
taxlaw-12357	1739	35	for	for	ADP
taxlaw-12357	1739	36	the	the	DET
taxlaw-12357	1739	37	outstanding	outstanding	ADJ
taxlaw-12357	1739	38	balance	balance	NOUN
taxlaw-12357	1739	39	on	on	ADP
taxlaw-12357	1739	40	its	its	PRON
taxlaw-12357	1739	41	implicit	implicit	ADJ
taxlaw-12357	1739	42	loan	loan	NOUN
taxlaw-12357	1739	43	to	to	ADP
taxlaw-12357	1739	44	the	the	DET
taxlaw-12357	1739	45	taxpayer	taxpayer	NOUN
taxlaw-12357	1739	46	,	,	PUNCT
taxlaw-12357	1739	47	then	then	ADV
taxlaw-12357	1739	48	there	there	PRON
taxlaw-12357	1739	49	is	be	VERB
taxlaw-12357	1739	50	in	in	ADP
taxlaw-12357	1739	51	fact	fact	NOUN
taxlaw-12357	1739	52	a	a	DET
taxlaw-12357	1739	53	delta	delta	NOUN
taxlaw-12357	1739	54	of	of	ADP
taxlaw-12357	1739	55	1.0	1.0	NUM
taxlaw-12357	1739	56	.	.	PUNCT
taxlaw-12357	1740	1	this	this	DET
taxlaw-12357	1740	2	type	type	NOUN
taxlaw-12357	1740	3	of	of	ADP
taxlaw-12357	1740	4	compensation	compensation	NOUN
taxlaw-12357	1740	5	is	be	AUX
taxlaw-12357	1740	6	arguably	arguably	ADV
taxlaw-12357	1740	7	present	present	ADJ
taxlaw-12357	1740	8	in	in	ADP
taxlaw-12357	1740	9	the	the	DET
taxlaw-12357	1740	10	gwa	gwa	NOUN
taxlaw-12357	1740	11	contract	contract	NOUN
taxlaw-12357	1740	12	,	,	PUNCT
taxlaw-12357	1740	13	although	although	SCONJ
taxlaw-12357	1740	14	it	it	PRON
taxlaw-12357	1740	15	is	be	AUX
taxlaw-12357	1740	16	not	not	PART
taxlaw-12357	1740	17	part	part	NOUN
taxlaw-12357	1740	18	of	of	ADP
taxlaw-12357	1740	19	a	a	DET
taxlaw-12357	1740	20	knock	knock	VERB
taxlaw-12357	1740	21	-	-	PUNCT
taxlaw-12357	1740	22	out	out	ADP
taxlaw-12357	1740	23	call	call	NOUN
taxlaw-12357	1740	24	option	option	NOUN
taxlaw-12357	1740	25	in	in	ADP
taxlaw-12357	1740	26	isolation	isolation	NOUN
taxlaw-12357	1740	27	.	.	PUNCT
taxlaw-12357	1741	1	for	for	ADP
taxlaw-12357	1741	2	further	further	ADJ
taxlaw-12357	1741	3	discussion	discussion	NOUN
taxlaw-12357	1741	4	,	,	PUNCT
taxlaw-12357	1741	5	see	see	VERB
taxlaw-12357	1741	6	infra	infra	NOUN
taxlaw-12357	1741	7	appendix	appendix	VERB
taxlaw-12357	1741	8	a.	a.	NOUN
taxlaw-12357	1741	9	195	195	NUM
taxlaw-12357	1741	10	another	another	DET
taxlaw-12357	1741	11	way	way	NOUN
taxlaw-12357	1741	12	to	to	PART
taxlaw-12357	1741	13	do	do	VERB
taxlaw-12357	1741	14	this	this	PRON
taxlaw-12357	1741	15	is	be	AUX
taxlaw-12357	1741	16	to	to	PART
taxlaw-12357	1741	17	account	account	VERB
taxlaw-12357	1741	18	in	in	ADP
taxlaw-12357	1741	19	a	a	DET
taxlaw-12357	1741	20	more	more	ADV
taxlaw-12357	1741	21	precise	precise	ADJ
taxlaw-12357	1741	22	way	way	NOUN
taxlaw-12357	1741	23	for	for	ADP
taxlaw-12357	1741	24	other	other	ADJ
taxlaw-12357	1741	25	time	time	NOUN
taxlaw-12357	1741	26	-	-	PUNCT
taxlaw-12357	1741	27	value	value	NOUN
taxlaw-12357	1741	28	-	-	PUNCT
taxlaw-12357	1741	29	related	relate	VERB
taxlaw-12357	1741	30	components	component	NOUN
taxlaw-12357	1741	31	of	of	ADP
taxlaw-12357	1741	32	the	the	DET
taxlaw-12357	1741	33	contract	contract	NOUN
taxlaw-12357	1741	34	.	.	PUNCT
taxlaw-12357	1742	1	see	see	VERB
taxlaw-12357	1742	2	infra	infra	NOUN
taxlaw-12357	1742	3	appendix	appendix	VERB
taxlaw-12357	1742	4	a.	a.	NOUN
taxlaw-12357	1742	5	196	196	NUM
taxlaw-12357	1742	6	see	see	VERB
taxlaw-12357	1742	7	supra	supra	PROPN
taxlaw-12357	1742	8	part	part	PROPN
taxlaw-12357	1742	9	vi.b.4	vi.b.4	PROPN
taxlaw-12357	1742	10	.	.	PUNCT
taxlaw-12357	1743	1	197	197	NUM
taxlaw-12357	1743	2	if	if	SCONJ
taxlaw-12357	1743	3	we	we	PRON
taxlaw-12357	1743	4	get	get	VERB
taxlaw-12357	1743	5	creative	creative	ADJ
taxlaw-12357	1743	6	,	,	PUNCT
taxlaw-12357	1743	7	we	we	PRON
taxlaw-12357	1743	8	can	can	AUX
taxlaw-12357	1743	9	try	try	VERB
taxlaw-12357	1743	10	to	to	PART
taxlaw-12357	1743	11	characterize	characterize	VERB
taxlaw-12357	1743	12	the	the	DET
taxlaw-12357	1743	13	issue	issue	NOUN
taxlaw-12357	1743	14	in	in	ADP
taxlaw-12357	1743	15	gwa	gwa	NOUN
taxlaw-12357	1743	16	as	as	ADP
taxlaw-12357	1743	17	the	the	DET
taxlaw-12357	1743	18	number	number	NOUN
taxlaw-12357	1743	19	of	of	ADP
taxlaw-12357	1743	20	units	unit	NOUN
taxlaw-12357	1743	21	,	,	PUNCT
taxlaw-12357	1743	22	but	but	CCONJ
taxlaw-12357	1743	23	this	this	DET
taxlaw-12357	1743	24	analysis	analysis	NOUN
taxlaw-12357	1743	25	is	be	AUX
taxlaw-12357	1743	26	forced	force	VERB
taxlaw-12357	1743	27	.	.	PUNCT
taxlaw-12357	1744	1	the	the	DET
taxlaw-12357	1744	2	argument	argument	NOUN
taxlaw-12357	1744	3	would	would	AUX
taxlaw-12357	1744	4	be	be	AUX
taxlaw-12357	1744	5	that	that	SCONJ
taxlaw-12357	1744	6	the	the	DET
taxlaw-12357	1744	7	knock	knock	VERB
taxlaw-12357	1744	8	-	-	PUNCT
taxlaw-12357	1744	9	out	out	NOUN
taxlaw-12357	1744	10	produces	produce	VERB
taxlaw-12357	1744	11	a	a	DET
taxlaw-12357	1744	12	fixed	fix	VERB
taxlaw-12357	1744	13	number	number	NOUN
taxlaw-12357	1744	14	of	of	ADP
taxlaw-12357	1744	15	units	unit	NOUN
taxlaw-12357	1744	16	:	:	PUNCT
taxlaw-12357	1744	17	gwa	gwa	NOUN
taxlaw-12357	1744	18	gets	get	VERB
taxlaw-12357	1744	19	$	$	SYM
taxlaw-12357	1744	20	7	7	NUM
taxlaw-12357	1744	21	of	of	ADP
taxlaw-12357	1744	22	its	its	PRON
taxlaw-12357	1744	23	deposit	deposit	NOUN
taxlaw-12357	1744	24	back	back	ADV
taxlaw-12357	1744	25	,	,	PUNCT
taxlaw-12357	1744	26	and	and	CCONJ
taxlaw-12357	1744	27	(	(	PUNCT
taxlaw-12357	1744	28	in	in	ADP
taxlaw-12357	1744	29	a	a	DET
taxlaw-12357	1744	30	sense	sense	NOUN
taxlaw-12357	1744	31	)	)	PUNCT
taxlaw-12357	1744	32	this	this	PRON
taxlaw-12357	1744	33	represents	represent	VERB
taxlaw-12357	1744	34	7/97	7/97	NUM
taxlaw-12357	1744	35	(	(	PUNCT
taxlaw-12357	1744	36	or	or	CCONJ
taxlaw-12357	1744	37	.072	.072	NUM
taxlaw-12357	1744	38	)	)	PUNCT
taxlaw-12357	1744	39	of	of	ADP
taxlaw-12357	1744	40	a	a	DET
taxlaw-12357	1744	41	unit	unit	NOUN
taxlaw-12357	1744	42	of	of	ADP
taxlaw-12357	1744	43	the	the	DET
taxlaw-12357	1744	44	underlying	underlie	VERB
taxlaw-12357	1744	45	portfolio	portfolio	NOUN
taxlaw-12357	1744	46	.	.	PUNCT
taxlaw-12357	1745	1	since	since	SCONJ
taxlaw-12357	1745	2	the	the	DET
taxlaw-12357	1745	3	probability	probability	NOUN
taxlaw-12357	1745	4	of	of	ADP
taxlaw-12357	1745	5	a	a	DET
taxlaw-12357	1745	6	knock	knock	NOUN
taxlaw-12357	1745	7	-	-	PUNCT
taxlaw-12357	1745	8	out	out	NOUN
taxlaw-12357	1745	9	is	be	AUX
taxlaw-12357	1745	10	high	high	ADJ
taxlaw-12357	1745	11	,	,	PUNCT
taxlaw-12357	1745	12	as	as	SCONJ
taxlaw-12357	1745	13	noted	note	VERB
taxlaw-12357	1745	14	below	below	ADV
taxlaw-12357	1745	15	,	,	PUNCT
taxlaw-12357	1745	16	the	the	DET
taxlaw-12357	1745	17	test	test	NOUN
taxlaw-12357	1745	18	can	can	AUX
taxlaw-12357	1745	19	find	find	VERB
taxlaw-12357	1745	20	a	a	DET
taxlaw-12357	1745	21	high	high	ADJ
taxlaw-12357	1745	22	probability	probability	NOUN
taxlaw-12357	1745	23	of	of	ADP
taxlaw-12357	1745	24	producing	produce	VERB
taxlaw-12357	1745	25	a	a	DET
taxlaw-12357	1745	26	fixed	fix	VERB
taxlaw-12357	1745	27	amount	amount	NOUN
taxlaw-12357	1745	28	(	(	PUNCT
taxlaw-12357	1745	29	i.e.	i.e.	X
taxlaw-12357	1745	30	,	,	PUNCT
taxlaw-12357	1745	31	$	$	SYM
taxlaw-12357	1745	32	7	7	NUM
taxlaw-12357	1745	33	worth	worth	NOUN
taxlaw-12357	1745	34	of	of	ADP
taxlaw-12357	1745	35	the	the	DET
taxlaw-12357	1745	36	underlying	underlying	NOUN
taxlaw-12357	1745	37	)	)	PUNCT
taxlaw-12357	1745	38	.	.	PUNCT
taxlaw-12357	1746	1	but	but	CCONJ
taxlaw-12357	1746	2	the	the	DET
taxlaw-12357	1746	3	real	real	ADJ
taxlaw-12357	1746	4	issue	issue	NOUN
taxlaw-12357	1746	5	in	in	ADP
taxlaw-12357	1746	6	gwa	gwa	NOUN
taxlaw-12357	1746	7	is	be	AUX
taxlaw-12357	1746	8	n’t	not	PART
taxlaw-12357	1746	9	how	how	SCONJ
taxlaw-12357	1746	10	likely	likely	ADV
taxlaw-12357	1746	11	the	the	DET
taxlaw-12357	1746	12	gwa	gwa	NOUN
taxlaw-12357	1746	13	contract	contract	NOUN
taxlaw-12357	1746	14	is	be	AUX
taxlaw-12357	1746	15	to	to	PART
taxlaw-12357	1746	16	yield	yield	VERB
taxlaw-12357	1746	17	a	a	DET
taxlaw-12357	1746	18	fixed	fix	VERB
taxlaw-12357	1746	19	amount	amount	NOUN
taxlaw-12357	1746	20	,	,	PUNCT
taxlaw-12357	1746	21	but	but	CCONJ
taxlaw-12357	1746	22	how	how	SCONJ
taxlaw-12357	1746	23	likely	likely	ADV
taxlaw-12357	1746	24	it	it	PRON
taxlaw-12357	1746	25	is	be	AUX
taxlaw-12357	1746	26	to	to	PART
taxlaw-12357	1746	27	diverge	diverge	VERB
taxlaw-12357	1746	28	from	from	ADP
taxlaw-12357	1746	29	the	the	DET
taxlaw-12357	1746	30	underlying	underlying	ADJ
taxlaw-12357	1746	31	.	.	PUNCT
taxlaw-12357	1746	32	2024	2024	NUM
taxlaw-12357	1746	33	]	]	PUNCT
taxlaw-12357	1746	34	transaction	transaction	NOUN
taxlaw-12357	1746	35	-	-	PUNCT
taxlaw-12357	1746	36	specific	specific	ADJ
taxlaw-12357	1746	37	tax	tax	NOUN
taxlaw-12357	1746	38	reform	reform	NOUN
taxlaw-12357	1746	39	in	in	ADP
taxlaw-12357	1746	40	three	three	NUM
taxlaw-12357	1746	41	steps	step	NOUN
taxlaw-12357	1746	42	63	63	NUM
taxlaw-12357	1746	43	value	value	NOUN
taxlaw-12357	1746	44	to	to	PART
taxlaw-12357	1746	45	decline	decline	VERB
taxlaw-12357	1746	46	below	below	ADP
taxlaw-12357	1746	47	$	$	SYM
taxlaw-12357	1746	48	97	97	NUM
taxlaw-12357	1746	49	?	?	PUNCT
taxlaw-12357	1746	50	”	"	PUNCT
taxlaw-12357	1746	51	as	as	ADP
taxlaw-12357	1746	52	table	table	NOUN
taxlaw-12357	1746	53	9	9	NUM
taxlaw-12357	1746	54	shows	show	NOUN
taxlaw-12357	1746	55	,	,	PUNCT
taxlaw-12357	1746	56	the	the	DET
taxlaw-12357	1746	57	risk	risk	NOUN
taxlaw-12357	1746	58	-	-	PUNCT
taxlaw-12357	1746	59	neutral	neutral	ADJ
taxlaw-12357	1746	60	probability	probability	NOUN
taxlaw-12357	1746	61	of	of	ADP
taxlaw-12357	1746	62	that	that	DET
taxlaw-12357	1746	63	outcome	outcome	NOUN
taxlaw-12357	1746	64	is	be	AUX
taxlaw-12357	1746	65	extremely	extremely	ADV
taxlaw-12357	1746	66	high	high	ADJ
taxlaw-12357	1746	67	:	:	PUNCT
taxlaw-12357	1746	68	volatility	volatility	NOUN
taxlaw-12357	1746	69	20	20	NUM
taxlaw-12357	1746	70	%	%	NOUN
taxlaw-12357	1746	71	60	60	NUM
taxlaw-12357	1746	72	%	%	NOUN
taxlaw-12357	1746	73	probability	probability	NOUN
taxlaw-12357	1746	74	0.9389	0.9389	NUM
taxlaw-12357	1746	75	0.9961	0.9961	NUM
taxlaw-12357	1746	76	table	table	NOUN
taxlaw-12357	1746	77	9	9	NUM
taxlaw-12357	1746	78	:	:	PUNCT
taxlaw-12357	1746	79	risk	risk	NOUN
taxlaw-12357	1746	80	-	-	PUNCT
taxlaw-12357	1746	81	neutral	neutral	ADJ
taxlaw-12357	1746	82	probability	probability	NOUN
taxlaw-12357	1746	83	of	of	ADP
taxlaw-12357	1746	84	knock	knock	NOUN
taxlaw-12357	1746	85	-	-	PUNCT
taxlaw-12357	1746	86	out	out	NOUN
taxlaw-12357	1746	87	applied	apply	VERB
taxlaw-12357	1746	88	in	in	ADP
taxlaw-12357	1746	89	this	this	DET
taxlaw-12357	1746	90	way	way	NOUN
taxlaw-12357	1746	91	,	,	PUNCT
taxlaw-12357	1746	92	the	the	DET
taxlaw-12357	1746	93	mckelvey	mckelvey	NOUN
taxlaw-12357	1746	94	test	test	NOUN
taxlaw-12357	1746	95	finds	find	VERB
taxlaw-12357	1746	96	that	that	SCONJ
taxlaw-12357	1746	97	the	the	DET
taxlaw-12357	1746	98	gwa	gwa	NOUN
taxlaw-12357	1746	99	contract	contract	NOUN
taxlaw-12357	1746	100	is	be	AUX
taxlaw-12357	1746	101	quite	quite	ADV
taxlaw-12357	1746	102	likely	likely	ADJ
taxlaw-12357	1746	103	to	to	PART
taxlaw-12357	1746	104	diverge	diverge	VERB
taxlaw-12357	1746	105	from	from	ADP
taxlaw-12357	1746	106	the	the	DET
taxlaw-12357	1746	107	underlying	underlying	NOUN
taxlaw-12357	1746	108	.	.	PUNCT
taxlaw-12357	1747	1	but	but	CCONJ
taxlaw-12357	1747	2	this	this	PRON
taxlaw-12357	1747	3	is	be	AUX
taxlaw-12357	1747	4	n’t	not	PART
taxlaw-12357	1747	5	necessarily	necessarily	ADV
taxlaw-12357	1747	6	right	right	ADJ
taxlaw-12357	1747	7	.	.	PUNCT
taxlaw-12357	1748	1	like	like	ADP
taxlaw-12357	1748	2	the	the	DET
taxlaw-12357	1748	3	delta	delta	NOUN
taxlaw-12357	1748	4	test	test	NOUN
taxlaw-12357	1748	5	,	,	PUNCT
taxlaw-12357	1748	6	this	this	DET
taxlaw-12357	1748	7	analysis	analysis	NOUN
taxlaw-12357	1748	8	fails	fail	VERB
taxlaw-12357	1748	9	to	to	PART
taxlaw-12357	1748	10	account	account	VERB
taxlaw-12357	1748	11	for	for	ADP
taxlaw-12357	1748	12	buy	buy	NOUN
taxlaw-12357	1748	13	-	-	PUNCT
taxlaw-12357	1748	14	downs	down	NOUN
taxlaw-12357	1748	15	.	.	PUNCT
taxlaw-12357	1749	1	if	if	SCONJ
taxlaw-12357	1749	2	gwa	gwa	NOUN
taxlaw-12357	1749	3	responds	respond	VERB
taxlaw-12357	1749	4	by	by	ADP
taxlaw-12357	1749	5	investing	invest	VERB
taxlaw-12357	1749	6	more	more	ADJ
taxlaw-12357	1749	7	money	money	NOUN
taxlaw-12357	1749	8	each	each	DET
taxlaw-12357	1749	9	time	time	NOUN
taxlaw-12357	1749	10	the	the	DET
taxlaw-12357	1749	11	threshold	threshold	NOUN
taxlaw-12357	1749	12	is	be	AUX
taxlaw-12357	1749	13	triggered	trigger	VERB
taxlaw-12357	1749	14	,	,	PUNCT
taxlaw-12357	1749	15	there	there	PRON
taxlaw-12357	1749	16	actually	actually	ADV
taxlaw-12357	1749	17	is	be	AUX
taxlaw-12357	1749	18	n’t	not	PART
taxlaw-12357	1749	19	much	much	ADJ
taxlaw-12357	1749	20	difference	difference	NOUN
taxlaw-12357	1749	21	in	in	ADP
taxlaw-12357	1749	22	economic	economic	ADJ
taxlaw-12357	1749	23	return	return	NOUN
taxlaw-12357	1749	24	.	.	PUNCT
taxlaw-12357	1750	1	in	in	ADP
taxlaw-12357	1750	2	short	short	ADJ
taxlaw-12357	1750	3	,	,	PUNCT
taxlaw-12357	1750	4	mckelvey	mckelvey	NOUN
taxlaw-12357	1750	5	also	also	ADV
taxlaw-12357	1750	6	does	do	AUX
taxlaw-12357	1750	7	n’t	not	PART
taxlaw-12357	1750	8	provide	provide	VERB
taxlaw-12357	1750	9	the	the	DET
taxlaw-12357	1750	10	precision	precision	NOUN
taxlaw-12357	1750	11	we	we	PRON
taxlaw-12357	1750	12	need	need	VERB
taxlaw-12357	1750	13	.	.	PUNCT
taxlaw-12357	1751	1	c.	c.	NOUN
taxlaw-12357	1751	2	difference	difference	NOUN
taxlaw-12357	1751	3	-	-	PUNCT
taxlaw-12357	1751	4	value	value	NOUN
taxlaw-12357	1751	5	test	test	NOUN
taxlaw-12357	1751	6	in	in	ADP
taxlaw-12357	1751	7	contrast	contrast	NOUN
taxlaw-12357	1752	1	,	,	PUNCT
taxlaw-12357	1752	2	our	our	PRON
taxlaw-12357	1752	3	difference	difference	NOUN
taxlaw-12357	1752	4	-	-	PUNCT
taxlaw-12357	1752	5	value	value	NOUN
taxlaw-12357	1752	6	test	test	NOUN
taxlaw-12357	1752	7	is	be	AUX
taxlaw-12357	1752	8	better	well	ADJ
taxlaw-12357	1752	9	at	at	ADP
taxlaw-12357	1752	10	capturing	capture	VERB
taxlaw-12357	1752	11	the	the	DET
taxlaw-12357	1752	12	real	real	ADJ
taxlaw-12357	1752	13	economics	economic	NOUN
taxlaw-12357	1752	14	of	of	ADP
taxlaw-12357	1752	15	the	the	DET
taxlaw-12357	1752	16	gwa	gwa	NOUN
taxlaw-12357	1752	17	contract	contract	NOUN
taxlaw-12357	1752	18	.	.	PUNCT
taxlaw-12357	1753	1	our	our	PRON
taxlaw-12357	1753	2	approach	approach	NOUN
taxlaw-12357	1753	3	is	be	AUX
taxlaw-12357	1753	4	harder	hard	ADJ
taxlaw-12357	1753	5	to	to	PART
taxlaw-12357	1753	6	manipulate	manipulate	VERB
taxlaw-12357	1753	7	with	with	ADP
taxlaw-12357	1753	8	contingencies	contingency	NOUN
taxlaw-12357	1753	9	,	,	PUNCT
taxlaw-12357	1753	10	as	as	SCONJ
taxlaw-12357	1753	11	noted	note	VERB
taxlaw-12357	1753	12	above,198	above,198	ADJ
taxlaw-12357	1753	13	because	because	SCONJ
taxlaw-12357	1753	14	it	it	PRON
taxlaw-12357	1753	15	reflects	reflect	VERB
taxlaw-12357	1753	16	the	the	DET
taxlaw-12357	1753	17	range	range	NOUN
taxlaw-12357	1753	18	of	of	ADP
taxlaw-12357	1753	19	potential	potential	ADJ
taxlaw-12357	1753	20	outcomes	outcome	NOUN
taxlaw-12357	1753	21	in	in	ADP
taxlaw-12357	1753	22	a	a	DET
taxlaw-12357	1753	23	more	more	ADV
taxlaw-12357	1753	24	thorough	thorough	ADJ
taxlaw-12357	1753	25	and	and	CCONJ
taxlaw-12357	1753	26	practical	practical	ADJ
taxlaw-12357	1753	27	way	way	NOUN
taxlaw-12357	1753	28	.	.	PUNCT
taxlaw-12357	1754	1	this	this	DET
taxlaw-12357	1754	2	section	section	NOUN
taxlaw-12357	1754	3	applies	apply	VERB
taxlaw-12357	1754	4	our	our	PRON
taxlaw-12357	1754	5	difference	difference	NOUN
taxlaw-12357	1754	6	-	-	PUNCT
taxlaw-12357	1754	7	value	value	NOUN
taxlaw-12357	1754	8	test	test	NOUN
taxlaw-12357	1754	9	to	to	ADP
taxlaw-12357	1754	10	the	the	DET
taxlaw-12357	1754	11	gwa	gwa	NOUN
taxlaw-12357	1754	12	contract	contract	NOUN
taxlaw-12357	1754	13	and	and	CCONJ
taxlaw-12357	1754	14	responds	respond	VERB
taxlaw-12357	1754	15	to	to	ADP
taxlaw-12357	1754	16	potential	potential	ADJ
taxlaw-12357	1754	17	concerns	concern	NOUN
taxlaw-12357	1754	18	about	about	ADP
taxlaw-12357	1754	19	this	this	DET
taxlaw-12357	1754	20	approach	approach	NOUN
taxlaw-12357	1754	21	.	.	PUNCT
taxlaw-12357	1755	1	1	1	X
taxlaw-12357	1755	2	.	.	X
taxlaw-12357	1755	3	defining	define	VERB
taxlaw-12357	1755	4	the	the	DET
taxlaw-12357	1755	5	benchmark	benchmark	NOUN
taxlaw-12357	1755	6	:	:	PUNCT
taxlaw-12357	1755	7	similar	similar	ADJ
taxlaw-12357	1755	8	to	to	ADP
taxlaw-12357	1755	9	what	what	PRON
taxlaw-12357	1755	10	?	?	PUNCT
taxlaw-12357	1756	1	in	in	ADP
taxlaw-12357	1756	2	comparing	compare	VERB
taxlaw-12357	1756	3	the	the	DET
taxlaw-12357	1756	4	gwa	gwa	NOUN
taxlaw-12357	1756	5	contract	contract	NOUN
taxlaw-12357	1756	6	with	with	ADP
taxlaw-12357	1756	7	the	the	DET
taxlaw-12357	1756	8	underlying	underlie	VERB
taxlaw-12357	1756	9	portfolio	portfolio	NOUN
taxlaw-12357	1756	10	,	,	PUNCT
taxlaw-12357	1756	11	the	the	DET
taxlaw-12357	1756	12	first	first	ADJ
taxlaw-12357	1756	13	step	step	NOUN
taxlaw-12357	1756	14	is	be	AUX
taxlaw-12357	1756	15	to	to	PART
taxlaw-12357	1756	16	define	define	VERB
taxlaw-12357	1756	17	the	the	DET
taxlaw-12357	1756	18	scope	scope	NOUN
taxlaw-12357	1756	19	of	of	ADP
taxlaw-12357	1756	20	the	the	DET
taxlaw-12357	1756	21	two	two	NUM
taxlaw-12357	1756	22	transactions	transaction	NOUN
taxlaw-12357	1756	23	.	.	PUNCT
taxlaw-12357	1757	1	again	again	ADV
taxlaw-12357	1757	2	,	,	PUNCT
taxlaw-12357	1757	3	what	what	PRON
taxlaw-12357	1757	4	is	be	AUX
taxlaw-12357	1757	5	being	be	AUX
taxlaw-12357	1757	6	compared	compare	VERB
taxlaw-12357	1757	7	to	to	ADP
taxlaw-12357	1757	8	what	what	PRON
taxlaw-12357	1757	9	?	?	PUNCT
taxlaw-12357	1758	1	to	to	PART
taxlaw-12357	1758	2	compare	compare	VERB
taxlaw-12357	1758	3	“	"	PUNCT
taxlaw-12357	1758	4	apples	apple	NOUN
taxlaw-12357	1758	5	to	to	ADP
taxlaw-12357	1758	6	apples	apple	NOUN
taxlaw-12357	1758	7	,	,	PUNCT
taxlaw-12357	1758	8	”	"	PUNCT
taxlaw-12357	1758	9	we	we	PRON
taxlaw-12357	1758	10	make	make	VERB
taxlaw-12357	1758	11	two	two	NUM
taxlaw-12357	1758	12	assumptions	assumption	NOUN
taxlaw-12357	1758	13	.	.	PUNCT
taxlaw-12357	1759	1	first	first	ADV
taxlaw-12357	1759	2	,	,	PUNCT
taxlaw-12357	1759	3	like	like	ADP
taxlaw-12357	1759	4	most	most	ADJ
taxlaw-12357	1759	5	derivatives	derivative	NOUN
taxlaw-12357	1759	6	,	,	PUNCT
taxlaw-12357	1759	7	the	the	DET
taxlaw-12357	1759	8	gwa	gwa	NOUN
taxlaw-12357	1759	9	contract	contract	NOUN
taxlaw-12357	1759	10	is	be	AUX
taxlaw-12357	1759	11	more	more	ADV
taxlaw-12357	1759	12	leveraged	leveraged	ADJ
taxlaw-12357	1759	13	than	than	ADP
taxlaw-12357	1759	14	the	the	DET
taxlaw-12357	1759	15	underlying	underlying	NOUN
taxlaw-12357	1759	16	.	.	PUNCT
taxlaw-12357	1760	1	gwa	gwa	PROPN
taxlaw-12357	1760	2	can	can	AUX
taxlaw-12357	1760	3	bet	bet	VERB
taxlaw-12357	1760	4	on	on	ADP
taxlaw-12357	1760	5	underlying	underlie	VERB
taxlaw-12357	1760	6	without	without	ADP
taxlaw-12357	1760	7	paying	pay	VERB
taxlaw-12357	1760	8	the	the	DET
taxlaw-12357	1760	9	$	$	SYM
taxlaw-12357	1760	10	90	90	NUM
taxlaw-12357	1760	11	exercise	exercise	NOUN
taxlaw-12357	1760	12	up	up	ADP
taxlaw-12357	1760	13	front	front	NOUN
taxlaw-12357	1760	14	.	.	PUNCT
taxlaw-12357	1761	1	yet	yet	CCONJ
taxlaw-12357	1761	2	a	a	DET
taxlaw-12357	1761	3	difference	difference	NOUN
taxlaw-12357	1761	4	in	in	ADP
taxlaw-12357	1761	5	leverage	leverage	NOUN
taxlaw-12357	1761	6	generally	generally	ADV
taxlaw-12357	1761	7	should	should	AUX
taxlaw-12357	1761	8	not	not	PART
taxlaw-12357	1761	9	avoid	avoid	VERB
taxlaw-12357	1761	10	constructive	constructive	ADJ
taxlaw-12357	1761	11	ownership	ownership	NOUN
taxlaw-12357	1761	12	because	because	SCONJ
taxlaw-12357	1761	13	the	the	DET
taxlaw-12357	1761	14	statute	statute	NOUN
taxlaw-12357	1761	15	focuses	focus	VERB
taxlaw-12357	1761	16	–	–	PUNCT
taxlaw-12357	1761	17	not	not	PART
taxlaw-12357	1761	18	on	on	ADP
taxlaw-12357	1761	19	leverage	leverage	NOUN
taxlaw-12357	1761	20	–	–	PUNCT
taxlaw-12357	1761	21	but	but	CCONJ
taxlaw-12357	1761	22	on	on	ADP
taxlaw-12357	1761	23	opportunity	opportunity	NOUN
taxlaw-12357	1761	24	for	for	ADP
taxlaw-12357	1761	25	gain	gain	NOUN
taxlaw-12357	1761	26	and	and	CCONJ
taxlaw-12357	1761	27	risk	risk	NOUN
taxlaw-12357	1761	28	of	of	ADP
taxlaw-12357	1761	29	loss	loss	NOUN
taxlaw-12357	1761	30	,	,	PUNCT
taxlaw-12357	1761	31	and	and	CCONJ
taxlaw-12357	1761	32	rightly	rightly	ADV
taxlaw-12357	1761	33	so.199	so.199	VERB
taxlaw-12357	1761	34	to	to	PART
taxlaw-12357	1761	35	conform	conform	VERB
taxlaw-12357	1761	36	the	the	DET
taxlaw-12357	1761	37	leverage	leverage	NOUN
taxlaw-12357	1761	38	of	of	ADP
taxlaw-12357	1761	39	the	the	DET
taxlaw-12357	1761	40	gwa	gwa	NOUN
taxlaw-12357	1761	41	contract	contract	NOUN
taxlaw-12357	1761	42	and	and	CCONJ
taxlaw-12357	1761	43	underlying	underlie	VERB
taxlaw-12357	1761	44	portfolio	portfolio	NOUN
taxlaw-12357	1761	45	,	,	PUNCT
taxlaw-12357	1761	46	we	we	PRON
taxlaw-12357	1761	47	assume	assume	VERB
taxlaw-12357	1761	48	the	the	DET
taxlaw-12357	1761	49	underlying	underlie	VERB
taxlaw-12357	1761	50	was	be	AUX
taxlaw-12357	1761	51	purchased	purchase	VERB
taxlaw-12357	1761	52	with	with	ADP
taxlaw-12357	1761	53	$	$	SYM
taxlaw-12357	1761	54	90	90	NUM
taxlaw-12357	1761	55	of	of	ADP
taxlaw-12357	1761	56	borrowed	borrow	VERB
taxlaw-12357	1761	57	money.200	money.200	NOUN
taxlaw-12357	1761	58	second	second	ADJ
taxlaw-12357	1761	59	,	,	PUNCT
taxlaw-12357	1761	60	just	just	ADV
taxlaw-12357	1761	61	as	as	SCONJ
taxlaw-12357	1761	62	the	the	DET
taxlaw-12357	1761	63	derivative	derivative	NOUN
taxlaw-12357	1761	64	and	and	CCONJ
taxlaw-12357	1761	65	underlying	underlying	ADJ
taxlaw-12357	1761	66	should	should	AUX
taxlaw-12357	1761	67	have	have	VERB
taxlaw-12357	1761	68	the	the	DET
taxlaw-12357	1761	69	same	same	ADJ
taxlaw-12357	1761	70	leverage	leverage	NOUN
taxlaw-12357	1761	71	,	,	PUNCT
taxlaw-12357	1761	72	they	they	PRON
taxlaw-12357	1761	73	also	also	ADV
taxlaw-12357	1761	74	should	should	AUX
taxlaw-12357	1761	75	end	end	VERB
taxlaw-12357	1761	76	at	at	ADP
taxlaw-12357	1761	77	the	the	DET
taxlaw-12357	1761	78	same	same	ADJ
taxlaw-12357	1761	79	time	time	NOUN
taxlaw-12357	1761	80	.	.	PUNCT
taxlaw-12357	1762	1	as	as	ADP
taxlaw-12357	1762	2	a	a	DET
taxlaw-12357	1762	3	matter	matter	NOUN
taxlaw-12357	1762	4	of	of	ADP
taxlaw-12357	1762	5	form	form	NOUN
taxlaw-12357	1762	6	,	,	PUNCT
taxlaw-12357	1762	7	this	this	PRON
taxlaw-12357	1762	8	is	be	AUX
taxlaw-12357	1762	9	not	not	PART
taxlaw-12357	1762	10	the	the	DET
taxlaw-12357	1762	11	case	case	NOUN
taxlaw-12357	1762	12	.	.	PUNCT
taxlaw-12357	1763	1	on	on	ADP
taxlaw-12357	1763	2	the	the	DET
taxlaw-12357	1763	3	one	one	NUM
taxlaw-12357	1763	4	hand	hand	NOUN
taxlaw-12357	1763	5	,	,	PUNCT
taxlaw-12357	1763	6	there	there	PRON
taxlaw-12357	1763	7	is	be	VERB
taxlaw-12357	1763	8	no	no	DET
taxlaw-12357	1763	9	time	time	NOUN
taxlaw-12357	1763	10	limit	limit	NOUN
taxlaw-12357	1763	11	on	on	ADP
taxlaw-12357	1763	12	owning	own	VERB
taxlaw-12357	1763	13	the	the	DET
taxlaw-12357	1763	14	underlying	underlie	VERB
taxlaw-12357	1763	15	portfolio	portfolio	NOUN
taxlaw-12357	1763	16	.	.	PUNCT
taxlaw-12357	1764	1	on	on	ADP
taxlaw-12357	1764	2	the	the	DET
taxlaw-12357	1764	3	other	other	ADJ
taxlaw-12357	1764	4	hand	hand	NOUN
taxlaw-12357	1764	5	,	,	PUNCT
taxlaw-12357	1764	6	the	the	DET
taxlaw-12357	1764	7	gwa	gwa	NOUN
taxlaw-12357	1764	8	option	option	NOUN
taxlaw-12357	1764	9	has	have	VERB
taxlaw-12357	1764	10	a	a	DET
taxlaw-12357	1764	11	fixed	fix	VERB
taxlaw-12357	1764	12	term	term	NOUN
taxlaw-12357	1764	13	(	(	PUNCT
taxlaw-12357	1764	14	12	12	NUM
taxlaw-12357	1764	15	years	year	NOUN
taxlaw-12357	1764	16	)	)	PUNCT
taxlaw-12357	1764	17	and	and	CCONJ
taxlaw-12357	1764	18	can	can	AUX
taxlaw-12357	1764	19	terminate	terminate	VERB
taxlaw-12357	1764	20	earlier	early	ADV
taxlaw-12357	1764	21	if	if	SCONJ
taxlaw-12357	1764	22	the	the	DET
taxlaw-12357	1764	23	price	price	NOUN
taxlaw-12357	1764	24	falls	fall	VERB
taxlaw-12357	1764	25	below	below	ADP
taxlaw-12357	1764	26	$	$	SYM
taxlaw-12357	1764	27	97	97	NUM
taxlaw-12357	1764	28	(	(	PUNCT
taxlaw-12357	1764	29	unless	unless	SCONJ
taxlaw-12357	1764	30	the	the	DET
taxlaw-12357	1764	31	investor	investor	NOUN
taxlaw-12357	1764	32	pays	pay	VERB
taxlaw-12357	1764	33	to	to	PART
taxlaw-12357	1764	34	avoid	avoid	VERB
taxlaw-12357	1764	35	this	this	DET
taxlaw-12357	1764	36	knock	knock	VERB
taxlaw-12357	1764	37	out	out	ADP
taxlaw-12357	1764	38	)	)	PUNCT
taxlaw-12357	1764	39	.	.	PUNCT
taxlaw-12357	1765	1	so	so	ADV
taxlaw-12357	1765	2	to	to	PART
taxlaw-12357	1765	3	compare	compare	VERB
taxlaw-12357	1765	4	“	"	PUNCT
taxlaw-12357	1765	5	apples	apple	NOUN
taxlaw-12357	1765	6	to	to	ADP
taxlaw-12357	1765	7	apples	apple	NOUN
taxlaw-12357	1765	8	,	,	PUNCT
taxlaw-12357	1765	9	”	"	PUNCT
taxlaw-12357	1765	10	we	we	PRON
taxlaw-12357	1765	11	assume	assume	VERB
taxlaw-12357	1765	12	that	that	SCONJ
taxlaw-12357	1765	13	our	our	PRON
taxlaw-12357	1765	14	benchmark	benchmark	NOUN
taxlaw-12357	1765	15	–	–	PUNCT
taxlaw-12357	1765	16	an	an	DET
taxlaw-12357	1765	17	investment	investment	NOUN
taxlaw-12357	1765	18	in	in	ADP
taxlaw-12357	1765	19	the	the	DET
taxlaw-12357	1765	20	underlying	underlying	NOUN
taxlaw-12357	1765	21	–	–	PUNCT
taxlaw-12357	1765	22	would	would	AUX
taxlaw-12357	1765	23	be	be	AUX
taxlaw-12357	1765	24	sold	sell	VERB
taxlaw-12357	1765	25	whenever	whenever	SCONJ
taxlaw-12357	1765	26	the	the	DET
taxlaw-12357	1765	27	gwa	gwa	NOUN
taxlaw-12357	1765	28	contract	contract	NOUN
taxlaw-12357	1765	29	terminates	terminate	VERB
taxlaw-12357	1765	30	(	(	PUNCT
taxlaw-12357	1765	31	whether	whether	SCONJ
taxlaw-12357	1765	32	at	at	ADP
taxlaw-12357	1765	33	maturity	maturity	NOUN
taxlaw-12357	1765	34	or	or	CCONJ
taxlaw-12357	1765	35	after	after	ADP
taxlaw-12357	1765	36	a	a	DET
taxlaw-12357	1765	37	“	"	PUNCT
taxlaw-12357	1765	38	knock	knock	VERB
taxlaw-12357	1765	39	out	out	ADP
taxlaw-12357	1765	40	”	"	PUNCT
taxlaw-12357	1765	41	)	)	PUNCT
taxlaw-12357	1765	42	.	.	PUNCT
taxlaw-12357	1766	1	198	198	NUM
taxlaw-12357	1766	2	see	see	VERB
taxlaw-12357	1766	3	supra	supra	PROPN
taxlaw-12357	1766	4	part	part	PROPN
taxlaw-12357	1766	5	vi.c.2	vi.c.2	NOUN
taxlaw-12357	1766	6	.	.	PUNCT
taxlaw-12357	1767	1	199	199	NUM
taxlaw-12357	1767	2	see	see	VERB
taxlaw-12357	1767	3	supra	supra	PROPN
taxlaw-12357	1767	4	part	part	PROPN
taxlaw-12357	1767	5	vi.c.1	vi.c.1	PROPN
taxlaw-12357	1767	6	;	;	PUNCT
taxlaw-12357	1767	7	supra	supra	PROPN
taxlaw-12357	1767	8	note	note	PROPN
taxlaw-12357	1767	9	154	154	NUM
taxlaw-12357	1767	10	.	.	PUNCT
taxlaw-12357	1768	1	200	200	NUM
taxlaw-12357	1768	2	we	we	PRON
taxlaw-12357	1768	3	assume	assume	VERB
taxlaw-12357	1768	4	that	that	SCONJ
taxlaw-12357	1768	5	any	any	DET
taxlaw-12357	1768	6	loans	loan	NOUN
taxlaw-12357	1768	7	in	in	ADP
taxlaw-12357	1768	8	the	the	DET
taxlaw-12357	1768	9	gwa	gwa	NOUN
taxlaw-12357	1768	10	contract	contract	NOUN
taxlaw-12357	1768	11	and	and	CCONJ
taxlaw-12357	1768	12	the	the	DET
taxlaw-12357	1768	13	underlying	underlie	VERB
taxlaw-12357	1768	14	bear	bear	NOUN
taxlaw-12357	1768	15	interest	interest	NOUN
taxlaw-12357	1768	16	at	at	ADP
taxlaw-12357	1768	17	a	a	DET
taxlaw-12357	1768	18	market	market	NOUN
taxlaw-12357	1768	19	rate	rate	NOUN
taxlaw-12357	1768	20	,	,	PUNCT
taxlaw-12357	1768	21	such	such	ADJ
taxlaw-12357	1768	22	as	as	ADP
taxlaw-12357	1768	23	the	the	DET
taxlaw-12357	1768	24	risk	risk	NOUN
taxlaw-12357	1768	25	-	-	PUNCT
taxlaw-12357	1768	26	free	free	ADJ
taxlaw-12357	1768	27	rate	rate	NOUN
taxlaw-12357	1768	28	,	,	PUNCT
taxlaw-12357	1768	29	and	and	CCONJ
taxlaw-12357	1768	30	are	be	AUX
taxlaw-12357	1768	31	unrelated	unrelated	ADJ
taxlaw-12357	1768	32	to	to	ADP
taxlaw-12357	1768	33	the	the	DET
taxlaw-12357	1768	34	performance	performance	NOUN
taxlaw-12357	1768	35	of	of	ADP
taxlaw-12357	1768	36	the	the	DET
taxlaw-12357	1768	37	underlying	underlying	NOUN
taxlaw-12357	1768	38	.	.	PUNCT
taxlaw-12357	1769	1	if	if	SCONJ
taxlaw-12357	1769	2	these	these	DET
taxlaw-12357	1769	3	interest	interest	NOUN
taxlaw-12357	1769	4	payments	payment	NOUN
taxlaw-12357	1769	5	match	match	VERB
taxlaw-12357	1769	6	,	,	PUNCT
taxlaw-12357	1769	7	our	our	PRON
taxlaw-12357	1769	8	analysis	analysis	NOUN
taxlaw-12357	1769	9	can	can	AUX
taxlaw-12357	1769	10	ignore	ignore	VERB
taxlaw-12357	1769	11	them	they	PRON
taxlaw-12357	1769	12	.	.	PUNCT
taxlaw-12357	1770	1	see	see	VERB
taxlaw-12357	1770	2	infra	infra	NOUN
taxlaw-12357	1770	3	appendix	appendix	VERB
taxlaw-12357	1770	4	a.	a.	PROPN
taxlaw-12357	1770	5	columbia	columbia	PROPN
taxlaw-12357	1770	6	journal	journal	PROPN
taxlaw-12357	1770	7	of	of	ADP
taxlaw-12357	1770	8	tax	tax	NOUN
taxlaw-12357	1770	9	law	law	NOUN
taxlaw-12357	1771	1	[	[	X
taxlaw-12357	1771	2	vol	vol	NOUN
taxlaw-12357	1771	3	15:1	15:1	NUM
taxlaw-12357	1771	4	64	64	NUM
taxlaw-12357	1771	5	in	in	ADP
taxlaw-12357	1771	6	our	our	PRON
taxlaw-12357	1771	7	view	view	NOUN
taxlaw-12357	1771	8	,	,	PUNCT
taxlaw-12357	1771	9	this	this	DET
taxlaw-12357	1771	10	assumption	assumption	NOUN
taxlaw-12357	1771	11	is	be	AUX
taxlaw-12357	1771	12	justified	justify	VERB
taxlaw-12357	1771	13	for	for	ADP
taxlaw-12357	1771	14	three	three	NUM
taxlaw-12357	1771	15	reasons	reason	NOUN
taxlaw-12357	1771	16	.	.	PUNCT
taxlaw-12357	1772	1	first	first	ADV
taxlaw-12357	1772	2	,	,	PUNCT
taxlaw-12357	1772	3	the	the	DET
taxlaw-12357	1772	4	investment	investment	NOUN
taxlaw-12357	1772	5	in	in	ADP
taxlaw-12357	1772	6	underlying	underlie	VERB
taxlaw-12357	1772	7	is	be	AUX
taxlaw-12357	1772	8	hypothetical	hypothetical	ADJ
taxlaw-12357	1772	9	–	–	PUNCT
taxlaw-12357	1772	10	after	after	ADV
taxlaw-12357	1772	11	all	all	ADV
taxlaw-12357	1772	12	,	,	PUNCT
taxlaw-12357	1772	13	gwa	gwa	PROPN
taxlaw-12357	1772	14	is	be	AUX
taxlaw-12357	1772	15	investing	invest	VERB
taxlaw-12357	1772	16	in	in	ADP
taxlaw-12357	1772	17	the	the	DET
taxlaw-12357	1772	18	contract	contract	NOUN
taxlaw-12357	1772	19	,	,	PUNCT
taxlaw-12357	1772	20	not	not	PART
taxlaw-12357	1772	21	the	the	DET
taxlaw-12357	1772	22	underlying	underlie	VERB
taxlaw-12357	1772	23	–	–	PUNCT
taxlaw-12357	1772	24	so	so	SCONJ
taxlaw-12357	1772	25	an	an	DET
taxlaw-12357	1772	26	assumption	assumption	NOUN
taxlaw-12357	1772	27	of	of	ADP
taxlaw-12357	1772	28	some	some	DET
taxlaw-12357	1772	29	sort	sort	NOUN
taxlaw-12357	1772	30	is	be	AUX
taxlaw-12357	1772	31	needed	need	VERB
taxlaw-12357	1772	32	.	.	PUNCT
taxlaw-12357	1773	1	second	second	ADJ
taxlaw-12357	1773	2	,	,	PUNCT
taxlaw-12357	1773	3	if	if	SCONJ
taxlaw-12357	1773	4	we	we	PRON
taxlaw-12357	1773	5	assume	assume	VERB
taxlaw-12357	1773	6	this	this	DET
taxlaw-12357	1773	7	hypothetical	hypothetical	ADJ
taxlaw-12357	1773	8	investment	investment	NOUN
taxlaw-12357	1773	9	would	would	AUX
taxlaw-12357	1773	10	have	have	AUX
taxlaw-12357	1773	11	been	be	AUX
taxlaw-12357	1773	12	either	either	CCONJ
taxlaw-12357	1773	13	shorter	short	ADJ
taxlaw-12357	1773	14	or	or	CCONJ
taxlaw-12357	1773	15	longer	long	ADV
taxlaw-12357	1773	16	,	,	PUNCT
taxlaw-12357	1773	17	we	we	PRON
taxlaw-12357	1773	18	would	would	AUX
taxlaw-12357	1773	19	have	have	VERB
taxlaw-12357	1773	20	to	to	PART
taxlaw-12357	1773	21	make	make	VERB
taxlaw-12357	1773	22	other	other	ADJ
taxlaw-12357	1773	23	(	(	PUNCT
taxlaw-12357	1773	24	potentially	potentially	ADV
taxlaw-12357	1773	25	messy	messy	ADJ
taxlaw-12357	1773	26	)	)	PUNCT
taxlaw-12357	1773	27	assumptions	assumption	NOUN
taxlaw-12357	1773	28	,	,	PUNCT
taxlaw-12357	1773	29	for	for	ADP
taxlaw-12357	1773	30	instance	instance	NOUN
taxlaw-12357	1773	31	,	,	PUNCT
taxlaw-12357	1773	32	about	about	ADP
taxlaw-12357	1773	33	how	how	SCONJ
taxlaw-12357	1773	34	gwa	gwa	NOUN
taxlaw-12357	1773	35	invests	invest	VERB
taxlaw-12357	1773	36	its	its	PRON
taxlaw-12357	1773	37	proceeds	proceed	NOUN
taxlaw-12357	1773	38	when	when	SCONJ
taxlaw-12357	1773	39	the	the	DET
taxlaw-12357	1773	40	contract	contract	NOUN
taxlaw-12357	1773	41	terminates	terminate	VERB
taxlaw-12357	1773	42	(	(	PUNCT
taxlaw-12357	1773	43	e.g.	e.g.	ADV
taxlaw-12357	1773	44	,	,	PUNCT
taxlaw-12357	1773	45	which	which	DET
taxlaw-12357	1773	46	investment	investment	NOUN
taxlaw-12357	1773	47	,	,	PUNCT
taxlaw-12357	1773	48	for	for	ADP
taxlaw-12357	1773	49	how	how	SCONJ
taxlaw-12357	1773	50	long	long	ADV
taxlaw-12357	1773	51	,	,	PUNCT
taxlaw-12357	1773	52	etc	etc	X
taxlaw-12357	1773	53	.	.	X
taxlaw-12357	1773	54	)	)	PUNCT
taxlaw-12357	1773	55	.	.	PUNCT
taxlaw-12357	1774	1	third	third	ADJ
taxlaw-12357	1774	2	,	,	PUNCT
taxlaw-12357	1774	3	the	the	DET
taxlaw-12357	1774	4	assumption	assumption	NOUN
taxlaw-12357	1774	5	that	that	SCONJ
taxlaw-12357	1774	6	the	the	DET
taxlaw-12357	1774	7	term	term	NOUN
taxlaw-12357	1774	8	is	be	AUX
taxlaw-12357	1774	9	the	the	DET
taxlaw-12357	1774	10	same	same	ADJ
taxlaw-12357	1774	11	is	be	AUX
taxlaw-12357	1774	12	especially	especially	ADV
taxlaw-12357	1774	13	plausible	plausible	ADJ
taxlaw-12357	1774	14	because	because	SCONJ
taxlaw-12357	1774	15	of	of	ADP
taxlaw-12357	1774	16	the	the	DET
taxlaw-12357	1774	17	contract	contract	NOUN
taxlaw-12357	1774	18	’s	’s	PART
taxlaw-12357	1774	19	“	"	PUNCT
taxlaw-12357	1774	20	buy	buy	VERB
taxlaw-12357	1774	21	down	down	ADP
taxlaw-12357	1774	22	”	"	PUNCT
taxlaw-12357	1774	23	feature	feature	NOUN
taxlaw-12357	1774	24	:	:	PUNCT
taxlaw-12357	1774	25	gwa	gwa	NOUN
taxlaw-12357	1774	26	has	have	VERB
taxlaw-12357	1774	27	discretion	discretion	NOUN
taxlaw-12357	1774	28	to	to	PART
taxlaw-12357	1774	29	continue	continue	VERB
taxlaw-12357	1774	30	the	the	DET
taxlaw-12357	1774	31	contract	contract	NOUN
taxlaw-12357	1774	32	,	,	PUNCT
taxlaw-12357	1774	33	just	just	ADV
taxlaw-12357	1774	34	as	as	SCONJ
taxlaw-12357	1774	35	it	it	PRON
taxlaw-12357	1774	36	would	would	AUX
taxlaw-12357	1774	37	have	have	AUX
taxlaw-12357	1774	38	had	have	VERB
taxlaw-12357	1774	39	discretion	discretion	NOUN
taxlaw-12357	1774	40	to	to	PART
taxlaw-12357	1774	41	continue	continue	VERB
taxlaw-12357	1774	42	a	a	DET
taxlaw-12357	1774	43	direct	direct	ADJ
taxlaw-12357	1774	44	investment	investment	NOUN
taxlaw-12357	1774	45	in	in	ADP
taxlaw-12357	1774	46	underlying	underlie	VERB
taxlaw-12357	1774	47	.	.	PUNCT
taxlaw-12357	1775	1	presumably	presumably	ADV
taxlaw-12357	1775	2	,	,	PUNCT
taxlaw-12357	1775	3	gwa	gwa	PROPN
taxlaw-12357	1775	4	would	would	AUX
taxlaw-12357	1775	5	have	have	AUX
taxlaw-12357	1775	6	made	make	VERB
taxlaw-12357	1775	7	the	the	DET
taxlaw-12357	1775	8	same	same	ADJ
taxlaw-12357	1775	9	choice	choice	NOUN
taxlaw-12357	1775	10	either	either	DET
taxlaw-12357	1775	11	way	way	NOUN
taxlaw-12357	1775	12	about	about	ADP
taxlaw-12357	1775	13	how	how	SCONJ
taxlaw-12357	1775	14	long	long	ADV
taxlaw-12357	1775	15	to	to	ADP
taxlaw-12357	1775	16	invest.201	invest.201	NOUN
taxlaw-12357	1775	17	2	2	NUM
taxlaw-12357	1775	18	.	.	PUNCT
taxlaw-12357	1775	19	comparing	compare	VERB
taxlaw-12357	1775	20	values	value	NOUN
taxlaw-12357	1775	21	:	:	PUNCT
taxlaw-12357	1775	22	gwa	gwa	NOUN
taxlaw-12357	1775	23	and	and	CCONJ
taxlaw-12357	1775	24	the	the	PRON
taxlaw-12357	1775	25	(	(	PUNCT
taxlaw-12357	1775	26	properly	properly	ADV
taxlaw-12357	1775	27	delineated	delineated	ADJ
taxlaw-12357	1775	28	)	)	PUNCT
taxlaw-12357	1775	29	underlying	underlie	VERB
taxlaw-12357	1775	30	now	now	ADV
taxlaw-12357	1775	31	that	that	SCONJ
taxlaw-12357	1775	32	we	we	PRON
taxlaw-12357	1775	33	have	have	AUX
taxlaw-12357	1775	34	defined	define	VERB
taxlaw-12357	1775	35	the	the	DET
taxlaw-12357	1775	36	relevant	relevant	ADJ
taxlaw-12357	1775	37	transactions	transaction	NOUN
taxlaw-12357	1775	38	,	,	PUNCT
taxlaw-12357	1775	39	what	what	PRON
taxlaw-12357	1775	40	is	be	AUX
taxlaw-12357	1775	41	the	the	DET
taxlaw-12357	1775	42	difference	difference	NOUN
taxlaw-12357	1775	43	in	in	ADP
taxlaw-12357	1775	44	their	their	PRON
taxlaw-12357	1775	45	values	value	NOUN
taxlaw-12357	1775	46	?	?	PUNCT
taxlaw-12357	1776	1	like	like	INTJ
taxlaw-12357	1776	2	with	with	ADP
taxlaw-12357	1776	3	the	the	DET
taxlaw-12357	1776	4	delta	delta	NOUN
taxlaw-12357	1776	5	test	test	NOUN
taxlaw-12357	1776	6	,	,	PUNCT
taxlaw-12357	1776	7	let	let	VERB
taxlaw-12357	1776	8	’s	’s	PRON
taxlaw-12357	1776	9	start	start	VERB
taxlaw-12357	1776	10	by	by	ADP
taxlaw-12357	1776	11	imagining	imagine	VERB
taxlaw-12357	1776	12	that	that	SCONJ
taxlaw-12357	1776	13	the	the	DET
taxlaw-12357	1776	14	gwa	gwa	NOUN
taxlaw-12357	1776	15	contract	contract	NOUN
taxlaw-12357	1776	16	was	be	AUX
taxlaw-12357	1776	17	just	just	ADV
taxlaw-12357	1776	18	a	a	DET
taxlaw-12357	1776	19	simple	simple	ADJ
taxlaw-12357	1776	20	call	call	NOUN
taxlaw-12357	1776	21	option	option	NOUN
taxlaw-12357	1776	22	with	with	ADP
taxlaw-12357	1776	23	no	no	DET
taxlaw-12357	1776	24	contingencies	contingency	NOUN
taxlaw-12357	1776	25	.	.	PUNCT
taxlaw-12357	1777	1	again	again	ADV
taxlaw-12357	1777	2	,	,	PUNCT
taxlaw-12357	1777	3	by	by	ADP
taxlaw-12357	1777	4	allowing	allow	VERB
taxlaw-12357	1777	5	gwa	gwa	NOUN
taxlaw-12357	1777	6	to	to	PART
taxlaw-12357	1777	7	buy	buy	VERB
taxlaw-12357	1777	8	an	an	DET
taxlaw-12357	1777	9	underlying	underlying	ADJ
taxlaw-12357	1777	10	currently	currently	ADV
taxlaw-12357	1777	11	worth	worth	ADJ
taxlaw-12357	1777	12	$	$	SYM
taxlaw-12357	1777	13	100	100	NUM
taxlaw-12357	1777	14	for	for	ADP
taxlaw-12357	1777	15	only	only	ADV
taxlaw-12357	1777	16	$	$	SYM
taxlaw-12357	1777	17	90	90	NUM
taxlaw-12357	1777	18	,	,	PUNCT
taxlaw-12357	1777	19	this	this	DET
taxlaw-12357	1777	20	contract	contract	NOUN
taxlaw-12357	1777	21	gives	give	VERB
taxlaw-12357	1777	22	essentially	essentially	ADV
taxlaw-12357	1777	23	the	the	DET
taxlaw-12357	1777	24	same	same	ADJ
taxlaw-12357	1777	25	economic	economic	ADJ
taxlaw-12357	1777	26	return	return	NOUN
taxlaw-12357	1777	27	as	as	SCONJ
taxlaw-12357	1777	28	the	the	DET
taxlaw-12357	1777	29	underlying	underlying	ADJ
taxlaw-12357	1777	30	,	,	PUNCT
taxlaw-12357	1777	31	as	as	ADV
taxlaw-12357	1777	32	long	long	ADV
taxlaw-12357	1777	33	as	as	SCONJ
taxlaw-12357	1777	34	underlying	underlie	VERB
taxlaw-12357	1777	35	’s	’s	PART
taxlaw-12357	1777	36	price	price	NOUN
taxlaw-12357	1777	37	does	do	AUX
taxlaw-12357	1777	38	not	not	PART
taxlaw-12357	1777	39	decline	decline	VERB
taxlaw-12357	1777	40	by	by	ADP
taxlaw-12357	1777	41	more	more	ADJ
taxlaw-12357	1777	42	than	than	ADP
taxlaw-12357	1777	43	10	10	NUM
taxlaw-12357	1777	44	%	%	NOUN
taxlaw-12357	1777	45	.	.	PUNCT
taxlaw-12357	1778	1	how	how	SCONJ
taxlaw-12357	1778	2	meaningful	meaningful	ADJ
taxlaw-12357	1778	3	is	be	AUX
taxlaw-12357	1778	4	this	this	DET
taxlaw-12357	1778	5	difference	difference	NOUN
taxlaw-12357	1778	6	?	?	PUNCT
taxlaw-12357	1779	1	under	under	ADP
taxlaw-12357	1779	2	our	our	PRON
taxlaw-12357	1779	3	difference	difference	NOUN
taxlaw-12357	1779	4	-	-	PUNCT
taxlaw-12357	1779	5	value	value	NOUN
taxlaw-12357	1779	6	approach	approach	NOUN
taxlaw-12357	1779	7	,	,	PUNCT
taxlaw-12357	1779	8	the	the	DET
taxlaw-12357	1779	9	first	first	ADJ
taxlaw-12357	1779	10	step	step	NOUN
taxlaw-12357	1779	11	is	be	AUX
taxlaw-12357	1779	12	to	to	PART
taxlaw-12357	1779	13	define	define	VERB
taxlaw-12357	1779	14	the	the	DET
taxlaw-12357	1779	15	difference	difference	NOUN
taxlaw-12357	1779	16	contract	contract	NOUN
taxlaw-12357	1779	17	,	,	PUNCT
taxlaw-12357	1779	18	as	as	SCONJ
taxlaw-12357	1779	19	explained	explain	VERB
taxlaw-12357	1779	20	above.202	above.202	PROPN
taxlaw-12357	1779	21	to	to	PART
taxlaw-12357	1779	22	fill	fill	VERB
taxlaw-12357	1779	23	in	in	ADP
taxlaw-12357	1779	24	the	the	DET
taxlaw-12357	1779	25	missing	missing	ADJ
taxlaw-12357	1779	26	exposure	exposure	NOUN
taxlaw-12357	1779	27	,	,	PUNCT
taxlaw-12357	1779	28	gwa	gwa	PROPN
taxlaw-12357	1779	29	would	would	AUX
taxlaw-12357	1779	30	have	have	VERB
taxlaw-12357	1779	31	to	to	PART
taxlaw-12357	1779	32	take	take	VERB
taxlaw-12357	1779	33	on	on	ADP
taxlaw-12357	1779	34	risk	risk	NOUN
taxlaw-12357	1779	35	of	of	ADP
taxlaw-12357	1779	36	loss	loss	NOUN
taxlaw-12357	1779	37	below	below	ADP
taxlaw-12357	1779	38	$	$	SYM
taxlaw-12357	1779	39	90	90	NUM
taxlaw-12357	1779	40	:	:	PUNCT
taxlaw-12357	1779	41	in	in	ADP
taxlaw-12357	1779	42	other	other	ADJ
taxlaw-12357	1779	43	words	word	NOUN
taxlaw-12357	1779	44	,	,	PUNCT
taxlaw-12357	1779	45	gwa	gwa	PROPN
taxlaw-12357	1779	46	would	would	AUX
taxlaw-12357	1779	47	have	have	VERB
taxlaw-12357	1779	48	to	to	PART
taxlaw-12357	1779	49	sell	sell	VERB
taxlaw-12357	1779	50	a	a	DET
taxlaw-12357	1779	51	put	put	NOUN
taxlaw-12357	1779	52	option	option	NOUN
taxlaw-12357	1779	53	with	with	ADP
taxlaw-12357	1779	54	an	an	DET
taxlaw-12357	1779	55	exercise	exercise	NOUN
taxlaw-12357	1779	56	price	price	NOUN
taxlaw-12357	1779	57	of	of	ADP
taxlaw-12357	1779	58	$	$	SYM
taxlaw-12357	1779	59	90	90	NUM
taxlaw-12357	1779	60	.	.	PUNCT
taxlaw-12357	1780	1	like	like	ADP
taxlaw-12357	1780	2	the	the	DET
taxlaw-12357	1780	3	gwa	gwa	PROPN
taxlaw-12357	1780	4	contract	contract	NOUN
taxlaw-12357	1780	5	,	,	PUNCT
taxlaw-12357	1780	6	this	this	DET
taxlaw-12357	1780	7	put	put	NOUN
taxlaw-12357	1780	8	would	would	AUX
taxlaw-12357	1780	9	have	have	VERB
taxlaw-12357	1780	10	a	a	DET
taxlaw-12357	1780	11	twelve	twelve	NUM
taxlaw-12357	1780	12	-	-	PUNCT
taxlaw-12357	1780	13	year	year	NOUN
taxlaw-12357	1780	14	term	term	NOUN
taxlaw-12357	1780	15	.	.	PUNCT
taxlaw-12357	1781	1	the	the	DET
taxlaw-12357	1781	2	second	second	ADJ
taxlaw-12357	1781	3	step	step	NOUN
taxlaw-12357	1781	4	in	in	ADP
taxlaw-12357	1781	5	our	our	PRON
taxlaw-12357	1781	6	methodology	methodology	NOUN
taxlaw-12357	1781	7	is	be	AUX
taxlaw-12357	1781	8	to	to	PART
taxlaw-12357	1781	9	value	value	VERB
taxlaw-12357	1781	10	this	this	DET
taxlaw-12357	1781	11	put	put	VERB
taxlaw-12357	1781	12	option.203	option.203	ADJ
taxlaw-12357	1781	13	like	like	ADP
taxlaw-12357	1781	14	the	the	DET
taxlaw-12357	1781	15	delta	delta	NOUN
taxlaw-12357	1781	16	test	test	NOUN
taxlaw-12357	1781	17	,	,	PUNCT
taxlaw-12357	1781	18	our	our	PRON
taxlaw-12357	1781	19	methodology	methodology	NOUN
taxlaw-12357	1781	20	is	be	AUX
taxlaw-12357	1781	21	sensitive	sensitive	ADJ
taxlaw-12357	1781	22	to	to	ADP
taxlaw-12357	1781	23	the	the	DET
taxlaw-12357	1781	24	underlying	underlie	VERB
taxlaw-12357	1781	25	’s	’s	PART
taxlaw-12357	1781	26	volatility	volatility	NOUN
taxlaw-12357	1781	27	.	.	PUNCT
taxlaw-12357	1782	1	as	as	SCONJ
taxlaw-12357	1782	2	table	table	NOUN
taxlaw-12357	1782	3	10	10	NUM
taxlaw-12357	1782	4	shows	show	NOUN
taxlaw-12357	1782	5	,	,	PUNCT
taxlaw-12357	1782	6	the	the	DET
taxlaw-12357	1782	7	put	put	NOUN
taxlaw-12357	1782	8	is	be	AUX
taxlaw-12357	1782	9	much	much	ADV
taxlaw-12357	1782	10	more	more	ADV
taxlaw-12357	1782	11	valuable	valuable	ADJ
taxlaw-12357	1782	12	–	–	PUNCT
taxlaw-12357	1782	13	so	so	ADV
taxlaw-12357	1782	14	the	the	DET
taxlaw-12357	1782	15	contract	contract	NOUN
taxlaw-12357	1782	16	is	be	AUX
taxlaw-12357	1782	17	more	more	ADV
taxlaw-12357	1782	18	different	different	ADJ
taxlaw-12357	1782	19	from	from	ADP
taxlaw-12357	1782	20	the	the	DET
taxlaw-12357	1782	21	underlying	underlying	NOUN
taxlaw-12357	1782	22	–	–	PUNCT
taxlaw-12357	1782	23	when	when	SCONJ
taxlaw-12357	1782	24	the	the	DET
taxlaw-12357	1782	25	underlying	underlying	NOUN
taxlaw-12357	1782	26	is	be	AUX
taxlaw-12357	1782	27	volatile	volatile	ADJ
taxlaw-12357	1782	28	:	:	PUNCT
taxlaw-12357	1782	29	volatility	volatility	NOUN
taxlaw-12357	1782	30	20	20	NUM
taxlaw-12357	1782	31	%	%	NOUN
taxlaw-12357	1782	32	60	60	NUM
taxlaw-12357	1782	33	%	%	NOUN
taxlaw-12357	1782	34	value	value	NOUN
taxlaw-12357	1782	35	of	of	ADP
taxlaw-12357	1782	36	difference	difference	NOUN
taxlaw-12357	1782	37	contract	contract	NOUN
taxlaw-12357	1782	38	3.77	3.77	NUM
taxlaw-12357	1782	39	29.04	29.04	NUM
taxlaw-12357	1782	40	table	table	NOUN
taxlaw-12357	1782	41	10	10	NUM
taxlaw-12357	1782	42	:	:	PUNCT
taxlaw-12357	1782	43	value	value	NOUN
taxlaw-12357	1782	44	of	of	ADP
taxlaw-12357	1782	45	difference	difference	NOUN
taxlaw-12357	1782	46	contract	contract	NOUN
taxlaw-12357	1782	47	without	without	ADP
taxlaw-12357	1782	48	contingencies	contingency	NOUN
taxlaw-12357	1782	49	like	like	ADP
taxlaw-12357	1782	50	the	the	DET
taxlaw-12357	1782	51	delta	delta	NOUN
taxlaw-12357	1782	52	test	test	NOUN
taxlaw-12357	1782	53	,	,	PUNCT
taxlaw-12357	1782	54	the	the	DET
taxlaw-12357	1782	55	difference	difference	NOUN
taxlaw-12357	1782	56	-	-	PUNCT
taxlaw-12357	1782	57	value	value	NOUN
taxlaw-12357	1782	58	test	test	NOUN
taxlaw-12357	1782	59	also	also	ADV
taxlaw-12357	1782	60	is	be	AUX
taxlaw-12357	1782	61	sensitive	sensitive	ADJ
taxlaw-12357	1782	62	to	to	ADP
taxlaw-12357	1782	63	the	the	DET
taxlaw-12357	1782	64	term	term	NOUN
taxlaw-12357	1782	65	of	of	ADP
taxlaw-12357	1782	66	the	the	DET
taxlaw-12357	1782	67	contract	contract	NOUN
taxlaw-12357	1782	68	.	.	PUNCT
taxlaw-12357	1783	1	as	as	ADP
taxlaw-12357	1783	2	table	table	NOUN
taxlaw-12357	1783	3	11	11	NUM
taxlaw-12357	1783	4	shows	show	NOUN
taxlaw-12357	1783	5	,	,	PUNCT
taxlaw-12357	1783	6	a	a	DET
taxlaw-12357	1783	7	longer	long	ADJ
taxlaw-12357	1783	8	duration	duration	NOUN
taxlaw-12357	1783	9	makes	make	VERB
taxlaw-12357	1783	10	the	the	DET
taxlaw-12357	1783	11	difference	difference	NOUN
taxlaw-12357	1783	12	contract	contract	NOUN
taxlaw-12357	1783	13	more	more	ADV
taxlaw-12357	1783	14	valuable	valuable	ADJ
taxlaw-12357	1783	15	.	.	PUNCT
taxlaw-12357	1784	1	201	201	NUM
taxlaw-12357	1784	2	admittedly	admittedly	ADV
taxlaw-12357	1784	3	,	,	PUNCT
taxlaw-12357	1784	4	the	the	DET
taxlaw-12357	1784	5	contract	contract	NOUN
taxlaw-12357	1784	6	has	have	VERB
taxlaw-12357	1784	7	a	a	DET
taxlaw-12357	1784	8	twelve	twelve	NUM
taxlaw-12357	1784	9	-	-	PUNCT
taxlaw-12357	1784	10	year	year	NOUN
taxlaw-12357	1784	11	term	term	NOUN
taxlaw-12357	1784	12	,	,	PUNCT
taxlaw-12357	1784	13	while	while	SCONJ
taxlaw-12357	1784	14	a	a	DET
taxlaw-12357	1784	15	direct	direct	ADJ
taxlaw-12357	1784	16	investment	investment	NOUN
taxlaw-12357	1784	17	would	would	AUX
taxlaw-12357	1784	18	not	not	PART
taxlaw-12357	1784	19	.	.	PUNCT
taxlaw-12357	1785	1	but	but	CCONJ
taxlaw-12357	1785	2	the	the	DET
taxlaw-12357	1785	3	parties	party	NOUN
taxlaw-12357	1785	4	presumably	presumably	ADV
taxlaw-12357	1785	5	could	could	AUX
taxlaw-12357	1785	6	extend	extend	VERB
taxlaw-12357	1785	7	the	the	DET
taxlaw-12357	1785	8	contract	contract	NOUN
taxlaw-12357	1785	9	and	and	CCONJ
taxlaw-12357	1785	10	,	,	PUNCT
taxlaw-12357	1785	11	even	even	ADV
taxlaw-12357	1785	12	if	if	SCONJ
taxlaw-12357	1785	13	they	they	PRON
taxlaw-12357	1785	14	did	do	VERB
taxlaw-12357	1785	15	n’t	not	PART
taxlaw-12357	1785	16	,	,	PUNCT
taxlaw-12357	1785	17	twelve	twelve	NUM
taxlaw-12357	1785	18	years	year	NOUN
taxlaw-12357	1785	19	is	be	AUX
taxlaw-12357	1785	20	a	a	DET
taxlaw-12357	1785	21	long	long	ADJ
taxlaw-12357	1785	22	time	time	NOUN
taxlaw-12357	1785	23	.	.	PUNCT
taxlaw-12357	1786	1	202	202	NUM
taxlaw-12357	1786	2	see	see	VERB
taxlaw-12357	1786	3	supra	supra	PROPN
taxlaw-12357	1786	4	part	part	NOUN
taxlaw-12357	1786	5	vi.a.3	vi.a.3	VERB
taxlaw-12357	1786	6	.	.	PUNCT
taxlaw-12357	1787	1	203	203	NUM
taxlaw-12357	1787	2	see	see	VERB
taxlaw-12357	1787	3	supra	supra	PROPN
taxlaw-12357	1787	4	part	part	PROPN
taxlaw-12357	1787	5	vi.a.4	vi.a.4	PROPN
taxlaw-12357	1787	6	.	.	PUNCT
taxlaw-12357	1787	7	2024	2024	NUM
taxlaw-12357	1787	8	]	]	PUNCT
taxlaw-12357	1787	9	transaction	transaction	NOUN
taxlaw-12357	1787	10	-	-	PUNCT
taxlaw-12357	1787	11	specific	specific	ADJ
taxlaw-12357	1787	12	tax	tax	NOUN
taxlaw-12357	1787	13	reform	reform	NOUN
taxlaw-12357	1787	14	in	in	ADP
taxlaw-12357	1787	15	three	three	NUM
taxlaw-12357	1787	16	steps	step	NOUN
taxlaw-12357	1787	17	65	65	NUM
taxlaw-12357	1787	18	option	option	NOUN
taxlaw-12357	1787	19	term	term	NOUN
taxlaw-12357	1787	20	vol=20	vol=20	PROPN
taxlaw-12357	1787	21	%	%	NOUN
taxlaw-12357	1787	22	vol=60	vol=60	NOUN
taxlaw-12357	1787	23	%	%	NOUN
taxlaw-12357	1787	24	1	1	NUM
taxlaw-12357	1787	25	year	year	NOUN
taxlaw-12357	1787	26	2.31	2.31	NUM
taxlaw-12357	1787	27	15.40	15.40	NUM
taxlaw-12357	1787	28	12	12	NUM
taxlaw-12357	1787	29	years	year	NOUN
taxlaw-12357	1787	30	3.77	3.77	NUM
taxlaw-12357	1787	31	29.04	29.04	NUM
taxlaw-12357	1787	32	table	table	NOUN
taxlaw-12357	1787	33	11	11	NUM
taxlaw-12357	1787	34	:	:	PUNCT
taxlaw-12357	1787	35	value	value	NOUN
taxlaw-12357	1787	36	of	of	ADP
taxlaw-12357	1787	37	difference	difference	NOUN
taxlaw-12357	1787	38	contract	contract	NOUN
taxlaw-12357	1787	39	without	without	ADP
taxlaw-12357	1787	40	contingencies	contingency	NOUN
taxlaw-12357	1787	41	:	:	PUNCT
taxlaw-12357	1787	42	12	12	NUM
taxlaw-12357	1787	43	-	-	PUNCT
taxlaw-12357	1787	44	year	year	NOUN
taxlaw-12357	1787	45	versus	versus	ADP
taxlaw-12357	1787	46	1	1	NUM
taxlaw-12357	1787	47	-	-	PUNCT
taxlaw-12357	1787	48	year	year	NOUN
taxlaw-12357	1787	49	term	term	NOUN
taxlaw-12357	1787	50	the	the	DET
taxlaw-12357	1787	51	third	third	ADJ
taxlaw-12357	1787	52	step	step	NOUN
taxlaw-12357	1787	53	is	be	AUX
taxlaw-12357	1787	54	to	to	PART
taxlaw-12357	1787	55	calculate	calculate	VERB
taxlaw-12357	1787	56	the	the	DET
taxlaw-12357	1787	57	difference	difference	NOUN
taxlaw-12357	1787	58	percentage.204	percentage.204	NOUN
taxlaw-12357	1787	59	for	for	ADP
taxlaw-12357	1787	60	a	a	DET
taxlaw-12357	1787	61	twelve	twelve	NUM
taxlaw-12357	1787	62	-	-	PUNCT
taxlaw-12357	1787	63	year	year	NOUN
taxlaw-12357	1787	64	option	option	NOUN
taxlaw-12357	1787	65	,	,	PUNCT
taxlaw-12357	1787	66	it	it	PRON
taxlaw-12357	1787	67	is	be	AUX
taxlaw-12357	1787	68	large	large	ADJ
taxlaw-12357	1787	69	(	(	PUNCT
taxlaw-12357	1787	70	29.04	29.04	NUM
taxlaw-12357	1787	71	%	%	NOUN
taxlaw-12357	1787	72	)	)	PUNCT
taxlaw-12357	1787	73	if	if	SCONJ
taxlaw-12357	1787	74	the	the	DET
taxlaw-12357	1787	75	underlying	underlie	VERB
taxlaw-12357	1787	76	’s	’s	PART
taxlaw-12357	1787	77	volatility	volatility	NOUN
taxlaw-12357	1787	78	is	be	AUX
taxlaw-12357	1787	79	60	60	NUM
taxlaw-12357	1787	80	%	%	NOUN
taxlaw-12357	1787	81	,	,	PUNCT
taxlaw-12357	1787	82	but	but	CCONJ
taxlaw-12357	1787	83	modest	modest	ADJ
taxlaw-12357	1787	84	(	(	PUNCT
taxlaw-12357	1787	85	3.77	3.77	NUM
taxlaw-12357	1787	86	%	%	NOUN
taxlaw-12357	1787	87	)	)	PUNCT
taxlaw-12357	1787	88	if	if	SCONJ
taxlaw-12357	1787	89	the	the	DET
taxlaw-12357	1787	90	volatility	volatility	NOUN
taxlaw-12357	1787	91	is	be	AUX
taxlaw-12357	1787	92	20	20	NUM
taxlaw-12357	1787	93	%	%	NOUN
taxlaw-12357	1787	94	.	.	PUNCT
taxlaw-12357	1788	1	this	this	PRON
taxlaw-12357	1788	2	makes	make	VERB
taxlaw-12357	1788	3	intuitive	intuitive	ADJ
taxlaw-12357	1788	4	sense	sense	NOUN
taxlaw-12357	1788	5	.	.	PUNCT
taxlaw-12357	1789	1	retaining	retain	VERB
taxlaw-12357	1789	2	exposure	exposure	NOUN
taxlaw-12357	1789	3	to	to	ADP
taxlaw-12357	1789	4	declines	decline	NOUN
taxlaw-12357	1789	5	beyond	beyond	ADP
taxlaw-12357	1789	6	10	10	NUM
taxlaw-12357	1789	7	%	%	NOUN
taxlaw-12357	1789	8	is	be	AUX
taxlaw-12357	1789	9	more	more	ADV
taxlaw-12357	1789	10	meaningful	meaningful	ADJ
taxlaw-12357	1789	11	if	if	SCONJ
taxlaw-12357	1789	12	sharp	sharp	ADJ
taxlaw-12357	1789	13	declines	decline	NOUN
taxlaw-12357	1789	14	in	in	ADP
taxlaw-12357	1789	15	the	the	DET
taxlaw-12357	1789	16	underlying	underlie	VERB
taxlaw-12357	1789	17	’s	’s	PART
taxlaw-12357	1789	18	price	price	NOUN
taxlaw-12357	1789	19	are	be	AUX
taxlaw-12357	1789	20	more	more	ADV
taxlaw-12357	1789	21	likely	likely	ADJ
taxlaw-12357	1789	22	.	.	PUNCT
taxlaw-12357	1790	1	in	in	ADP
taxlaw-12357	1790	2	other	other	ADJ
taxlaw-12357	1790	3	words	word	NOUN
taxlaw-12357	1790	4	,	,	PUNCT
taxlaw-12357	1790	5	it	it	PRON
taxlaw-12357	1790	6	matters	matter	VERB
taxlaw-12357	1790	7	whether	whether	SCONJ
taxlaw-12357	1790	8	the	the	DET
taxlaw-12357	1790	9	underlying	underlie	VERB
taxlaw-12357	1790	10	portfolio	portfolio	NOUN
taxlaw-12357	1790	11	focuses	focus	VERB
taxlaw-12357	1790	12	on	on	ADP
taxlaw-12357	1790	13	tech	tech	NOUN
taxlaw-12357	1790	14	startups	startup	NOUN
taxlaw-12357	1790	15	or	or	CCONJ
taxlaw-12357	1790	16	regulated	regulated	ADJ
taxlaw-12357	1790	17	industries	industry	NOUN
taxlaw-12357	1790	18	.	.	PUNCT
taxlaw-12357	1791	1	so	so	ADV
taxlaw-12357	1791	2	the	the	DET
taxlaw-12357	1791	3	contract	contract	NOUN
taxlaw-12357	1791	4	is	be	AUX
taxlaw-12357	1791	5	more	more	ADV
taxlaw-12357	1791	6	similar	similar	ADJ
taxlaw-12357	1791	7	–	–	PUNCT
taxlaw-12357	1791	8	and	and	CCONJ
taxlaw-12357	1791	9	thus	thus	ADV
taxlaw-12357	1791	10	should	should	AUX
taxlaw-12357	1791	11	be	be	AUX
taxlaw-12357	1791	12	more	more	ADV
taxlaw-12357	1791	13	likely	likely	ADJ
taxlaw-12357	1791	14	to	to	PART
taxlaw-12357	1791	15	trigger	trigger	VERB
taxlaw-12357	1791	16	constructive	constructive	ADJ
taxlaw-12357	1791	17	ownership	ownership	NOUN
taxlaw-12357	1791	18	–	–	PUNCT
taxlaw-12357	1791	19	with	with	ADP
taxlaw-12357	1791	20	a	a	DET
taxlaw-12357	1791	21	low	low	ADJ
taxlaw-12357	1791	22	volatility	volatility	NOUN
taxlaw-12357	1791	23	underlying	underlie	VERB
taxlaw-12357	1791	24	.	.	PUNCT
taxlaw-12357	1792	1	but	but	CCONJ
taxlaw-12357	1792	2	this	this	DET
taxlaw-12357	1792	3	calculation	calculation	NOUN
taxlaw-12357	1792	4	is	be	AUX
taxlaw-12357	1792	5	still	still	ADV
taxlaw-12357	1792	6	incomplete	incomplete	ADJ
taxlaw-12357	1792	7	because	because	SCONJ
taxlaw-12357	1792	8	it	it	PRON
taxlaw-12357	1792	9	does	do	AUX
taxlaw-12357	1792	10	not	not	PART
taxlaw-12357	1792	11	account	account	VERB
taxlaw-12357	1792	12	for	for	ADP
taxlaw-12357	1792	13	the	the	DET
taxlaw-12357	1792	14	knock	knock	NOUN
taxlaw-12357	1792	15	-	-	PUNCT
taxlaw-12357	1792	16	out	out	ADP
taxlaw-12357	1792	17	contingency	contingency	NOUN
taxlaw-12357	1792	18	.	.	PUNCT
taxlaw-12357	1793	1	after	after	ADV
taxlaw-12357	1793	2	all	all	ADV
taxlaw-12357	1793	3	,	,	PUNCT
taxlaw-12357	1793	4	the	the	DET
taxlaw-12357	1793	5	gwa	gwa	NOUN
taxlaw-12357	1793	6	contract	contract	NOUN
taxlaw-12357	1793	7	is	be	AUX
taxlaw-12357	1793	8	not	not	PART
taxlaw-12357	1793	9	really	really	ADV
taxlaw-12357	1793	10	a	a	DET
taxlaw-12357	1793	11	simple	simple	ADJ
taxlaw-12357	1793	12	call	call	NOUN
taxlaw-12357	1793	13	option	option	NOUN
taxlaw-12357	1793	14	that	that	PRON
taxlaw-12357	1793	15	is	be	AUX
taxlaw-12357	1793	16	10	10	NUM
taxlaw-12357	1793	17	%	%	NOUN
taxlaw-12357	1793	18	in	in	ADP
taxlaw-12357	1793	19	the	the	DET
taxlaw-12357	1793	20	money	money	NOUN
taxlaw-12357	1793	21	(	(	PUNCT
taxlaw-12357	1793	22	i.e.	i.e.	X
taxlaw-12357	1793	23	,	,	PUNCT
taxlaw-12357	1793	24	with	with	ADP
taxlaw-12357	1793	25	a	a	DET
taxlaw-12357	1793	26	$	$	SYM
taxlaw-12357	1793	27	90	90	NUM
taxlaw-12357	1793	28	exercise	exercise	NOUN
taxlaw-12357	1793	29	price	price	NOUN
taxlaw-12357	1793	30	when	when	SCONJ
taxlaw-12357	1793	31	underlying	underlying	ADJ
taxlaw-12357	1793	32	is	be	AUX
taxlaw-12357	1793	33	worth	worth	ADJ
taxlaw-12357	1793	34	$	$	SYM
taxlaw-12357	1793	35	100	100	NUM
taxlaw-12357	1793	36	)	)	PUNCT
taxlaw-12357	1793	37	.	.	PUNCT
taxlaw-12357	1794	1	rather	rather	ADV
taxlaw-12357	1794	2	,	,	PUNCT
taxlaw-12357	1794	3	it	it	PRON
taxlaw-12357	1794	4	terminates	terminate	VERB
taxlaw-12357	1794	5	when	when	SCONJ
taxlaw-12357	1794	6	the	the	DET
taxlaw-12357	1794	7	price	price	NOUN
taxlaw-12357	1794	8	of	of	ADP
taxlaw-12357	1794	9	underlying	underlying	ADJ
taxlaw-12357	1794	10	declines	decline	NOUN
taxlaw-12357	1794	11	below	below	ADP
taxlaw-12357	1794	12	$	$	SYM
taxlaw-12357	1794	13	97	97	NUM
taxlaw-12357	1794	14	.	.	PUNCT
taxlaw-12357	1795	1	this	this	PRON
taxlaw-12357	1795	2	means	mean	VERB
taxlaw-12357	1795	3	gwa	gwa	PROPN
taxlaw-12357	1795	4	is	be	AUX
taxlaw-12357	1795	5	protected	protect	VERB
taxlaw-12357	1795	6	from	from	ADP
taxlaw-12357	1795	7	risk	risk	NOUN
taxlaw-12357	1795	8	of	of	ADP
taxlaw-12357	1795	9	loss	loss	NOUN
taxlaw-12357	1795	10	below	below	ADP
taxlaw-12357	1795	11	$	$	SYM
taxlaw-12357	1795	12	90	90	NUM
taxlaw-12357	1795	13	–	–	PUNCT
taxlaw-12357	1795	14	not	not	PART
taxlaw-12357	1795	15	necessarily	necessarily	ADV
taxlaw-12357	1795	16	for	for	ADP
taxlaw-12357	1795	17	the	the	DET
taxlaw-12357	1795	18	full	full	ADJ
taxlaw-12357	1795	19	twelve	twelve	NUM
taxlaw-12357	1795	20	years	year	NOUN
taxlaw-12357	1795	21	–	–	PUNCT
taxlaw-12357	1795	22	but	but	CCONJ
taxlaw-12357	1795	23	only	only	ADV
taxlaw-12357	1795	24	as	as	ADV
taxlaw-12357	1795	25	long	long	ADV
taxlaw-12357	1795	26	as	as	SCONJ
taxlaw-12357	1795	27	underlying	underlie	VERB
taxlaw-12357	1795	28	’s	’s	PART
taxlaw-12357	1795	29	price	price	NOUN
taxlaw-12357	1795	30	does	do	AUX
taxlaw-12357	1795	31	not	not	PART
taxlaw-12357	1795	32	fall	fall	VERB
taxlaw-12357	1795	33	below	below	ADP
taxlaw-12357	1795	34	$	$	SYM
taxlaw-12357	1795	35	97	97	NUM
taxlaw-12357	1795	36	.	.	PUNCT
taxlaw-12357	1796	1	let	let	VERB
taxlaw-12357	1796	2	’s	’s	NOUN
taxlaw-12357	1796	3	pause	pause	VERB
taxlaw-12357	1796	4	and	and	CCONJ
taxlaw-12357	1796	5	consider	consider	VERB
taxlaw-12357	1796	6	the	the	DET
taxlaw-12357	1796	7	economic	economic	ADJ
taxlaw-12357	1796	8	significance	significance	NOUN
taxlaw-12357	1796	9	of	of	ADP
taxlaw-12357	1796	10	this	this	DET
taxlaw-12357	1796	11	protection	protection	NOUN
taxlaw-12357	1796	12	–	–	PUNCT
taxlaw-12357	1796	13	or	or	CCONJ
taxlaw-12357	1796	14	,	,	PUNCT
taxlaw-12357	1796	15	really	really	ADV
taxlaw-12357	1796	16	,	,	PUNCT
taxlaw-12357	1796	17	its	its	PRON
taxlaw-12357	1796	18	insignificance	insignificance	NOUN
taxlaw-12357	1796	19	.	.	PUNCT
taxlaw-12357	1797	1	if	if	SCONJ
taxlaw-12357	1797	2	you	you	PRON
taxlaw-12357	1797	3	were	be	AUX
taxlaw-12357	1797	4	gwa	gwa	NOUN
taxlaw-12357	1797	5	’s	’s	PART
taxlaw-12357	1797	6	risk	risk	NOUN
taxlaw-12357	1797	7	-	-	PUNCT
taxlaw-12357	1797	8	management	management	NOUN
taxlaw-12357	1797	9	officer	officer	NOUN
taxlaw-12357	1797	10	,	,	PUNCT
taxlaw-12357	1797	11	you	you	PRON
taxlaw-12357	1797	12	might	might	AUX
taxlaw-12357	1797	13	initially	initially	ADV
taxlaw-12357	1797	14	be	be	AUX
taxlaw-12357	1797	15	pleased	pleased	ADJ
taxlaw-12357	1797	16	to	to	PART
taxlaw-12357	1797	17	know	know	VERB
taxlaw-12357	1797	18	that	that	SCONJ
taxlaw-12357	1797	19	you	you	PRON
taxlaw-12357	1797	20	were	be	AUX
taxlaw-12357	1797	21	protected	protect	VERB
taxlaw-12357	1797	22	from	from	ADP
taxlaw-12357	1797	23	risk	risk	NOUN
taxlaw-12357	1797	24	of	of	ADP
taxlaw-12357	1797	25	loss	loss	NOUN
taxlaw-12357	1797	26	below	below	ADP
taxlaw-12357	1797	27	$	$	SYM
taxlaw-12357	1797	28	90	90	NUM
taxlaw-12357	1797	29	.	.	PUNCT
taxlaw-12357	1798	1	that	that	PRON
taxlaw-12357	1798	2	sounds	sound	VERB
taxlaw-12357	1798	3	good	good	ADJ
taxlaw-12357	1798	4	,	,	PUNCT
taxlaw-12357	1798	5	right	right	ADJ
taxlaw-12357	1798	6	?	?	PUNCT
taxlaw-12357	1799	1	but	but	CCONJ
taxlaw-12357	1799	2	once	once	SCONJ
taxlaw-12357	1799	3	you	you	PRON
taxlaw-12357	1799	4	hear	hear	VERB
taxlaw-12357	1799	5	that	that	SCONJ
taxlaw-12357	1799	6	this	this	DET
taxlaw-12357	1799	7	protection	protection	NOUN
taxlaw-12357	1799	8	(	(	PUNCT
taxlaw-12357	1799	9	and	and	CCONJ
taxlaw-12357	1799	10	,	,	PUNCT
taxlaw-12357	1799	11	indeed	indeed	ADV
taxlaw-12357	1799	12	,	,	PUNCT
taxlaw-12357	1799	13	the	the	DET
taxlaw-12357	1799	14	whole	whole	ADJ
taxlaw-12357	1799	15	deal	deal	NOUN
taxlaw-12357	1799	16	)	)	PUNCT
taxlaw-12357	1799	17	goes	go	VERB
taxlaw-12357	1799	18	away	away	ADV
taxlaw-12357	1799	19	when	when	SCONJ
taxlaw-12357	1799	20	the	the	DET
taxlaw-12357	1799	21	price	price	NOUN
taxlaw-12357	1799	22	hits	hit	VERB
taxlaw-12357	1799	23	$	$	SYM
taxlaw-12357	1799	24	97	97	NUM
taxlaw-12357	1799	25	,	,	PUNCT
taxlaw-12357	1799	26	you	you	PRON
taxlaw-12357	1799	27	would	would	AUX
taxlaw-12357	1799	28	likely	likely	ADV
taxlaw-12357	1799	29	ask	ask	VERB
taxlaw-12357	1799	30	,	,	PUNCT
taxlaw-12357	1799	31	“	"	PUNCT
taxlaw-12357	1799	32	wait	wait	VERB
taxlaw-12357	1799	33	,	,	PUNCT
taxlaw-12357	1799	34	this	this	DET
taxlaw-12357	1799	35	protection	protection	NOUN
taxlaw-12357	1799	36	can	can	AUX
taxlaw-12357	1799	37	never	never	ADV
taxlaw-12357	1799	38	actually	actually	ADV
taxlaw-12357	1799	39	help	help	VERB
taxlaw-12357	1799	40	us	we	PRON
taxlaw-12357	1799	41	,	,	PUNCT
taxlaw-12357	1799	42	right	right	ADJ
taxlaw-12357	1799	43	?	?	PUNCT
taxlaw-12357	1800	1	after	after	ADV
taxlaw-12357	1800	2	all	all	ADV
taxlaw-12357	1800	3	,	,	PUNCT
taxlaw-12357	1800	4	in	in	ADP
taxlaw-12357	1800	5	order	order	NOUN
taxlaw-12357	1800	6	for	for	SCONJ
taxlaw-12357	1800	7	us	we	PRON
taxlaw-12357	1800	8	to	to	PART
taxlaw-12357	1800	9	need	need	VERB
taxlaw-12357	1800	10	protection	protection	NOUN
taxlaw-12357	1800	11	below	below	ADP
taxlaw-12357	1800	12	$	$	SYM
taxlaw-12357	1800	13	90	90	NUM
taxlaw-12357	1800	14	,	,	PUNCT
taxlaw-12357	1800	15	the	the	DET
taxlaw-12357	1800	16	value	value	NOUN
taxlaw-12357	1800	17	of	of	ADP
taxlaw-12357	1800	18	underlying	underlie	VERB
taxlaw-12357	1800	19	has	have	VERB
taxlaw-12357	1800	20	to	to	PART
taxlaw-12357	1800	21	fall	fall	VERB
taxlaw-12357	1800	22	below	below	ADP
taxlaw-12357	1800	23	$	$	SYM
taxlaw-12357	1800	24	97	97	NUM
taxlaw-12357	1800	25	,	,	PUNCT
taxlaw-12357	1800	26	right	right	ADJ
taxlaw-12357	1800	27	?	?	PUNCT
taxlaw-12357	1801	1	so	so	ADV
taxlaw-12357	1801	2	does	do	VERB
taxlaw-12357	1801	3	n’t	not	PART
taxlaw-12357	1801	4	this	this	DET
taxlaw-12357	1801	5	protection	protection	NOUN
taxlaw-12357	1801	6	terminate	terminate	NOUN
taxlaw-12357	1801	7	before	before	SCONJ
taxlaw-12357	1801	8	we	we	PRON
taxlaw-12357	1801	9	ever	ever	ADV
taxlaw-12357	1801	10	actually	actually	ADV
taxlaw-12357	1801	11	need	need	VERB
taxlaw-12357	1801	12	it	it	PRON
taxlaw-12357	1801	13	?	?	PUNCT
taxlaw-12357	1801	14	”	"	PUNCT
taxlaw-12357	1802	1	the	the	DET
taxlaw-12357	1802	2	answer	answer	NOUN
taxlaw-12357	1802	3	is	be	AUX
taxlaw-12357	1802	4	“	"	PUNCT
taxlaw-12357	1802	5	yes	yes	INTJ
taxlaw-12357	1802	6	”	"	PUNCT
taxlaw-12357	1802	7	to	to	ADP
taxlaw-12357	1802	8	all	all	DET
taxlaw-12357	1802	9	three	three	NUM
taxlaw-12357	1802	10	questions	question	NOUN
taxlaw-12357	1802	11	.	.	PUNCT
taxlaw-12357	1803	1	in	in	ADP
taxlaw-12357	1803	2	other	other	ADJ
taxlaw-12357	1803	3	words	word	NOUN
taxlaw-12357	1803	4	,	,	PUNCT
taxlaw-12357	1803	5	this	this	DET
taxlaw-12357	1803	6	protection	protection	NOUN
taxlaw-12357	1803	7	is	be	AUX
taxlaw-12357	1803	8	virtually	virtually	ADV
taxlaw-12357	1803	9	always	always	ADV
taxlaw-12357	1803	10	meaningless.205	meaningless.205	VERB
taxlaw-12357	1803	11	so	so	ADV
taxlaw-12357	1803	12	,	,	PUNCT
taxlaw-12357	1803	13	returning	return	VERB
taxlaw-12357	1803	14	to	to	ADP
taxlaw-12357	1803	15	our	our	PRON
taxlaw-12357	1803	16	difference	difference	NOUN
taxlaw-12357	1803	17	value	value	NOUN
taxlaw-12357	1803	18	method	method	NOUN
taxlaw-12357	1803	19	,	,	PUNCT
taxlaw-12357	1803	20	the	the	DET
taxlaw-12357	1803	21	first	first	ADJ
taxlaw-12357	1803	22	step	step	NOUN
taxlaw-12357	1803	23	is	be	AUX
taxlaw-12357	1803	24	to	to	PART
taxlaw-12357	1803	25	identify	identify	VERB
taxlaw-12357	1803	26	a	a	DET
taxlaw-12357	1803	27	contract	contract	NOUN
taxlaw-12357	1803	28	that	that	PRON
taxlaw-12357	1803	29	would	would	AUX
taxlaw-12357	1803	30	nullify	nullify	VERB
taxlaw-12357	1803	31	this	this	DET
taxlaw-12357	1803	32	protection	protection	NOUN
taxlaw-12357	1803	33	–	–	PUNCT
taxlaw-12357	1803	34	and	and	CCONJ
taxlaw-12357	1803	35	,	,	PUNCT
taxlaw-12357	1803	36	thus	thus	ADV
taxlaw-12357	1803	37	,	,	PUNCT
taxlaw-12357	1803	38	put	put	VERB
taxlaw-12357	1803	39	gwa	gwa	NOUN
taxlaw-12357	1803	40	in	in	ADP
taxlaw-12357	1803	41	the	the	DET
taxlaw-12357	1803	42	same	same	ADJ
taxlaw-12357	1803	43	position	position	NOUN
taxlaw-12357	1803	44	as	as	SCONJ
taxlaw-12357	1803	45	if	if	SCONJ
taxlaw-12357	1803	46	it	it	PRON
taxlaw-12357	1803	47	was	be	AUX
taxlaw-12357	1803	48	investing	invest	VERB
taxlaw-12357	1803	49	directly	directly	ADV
taxlaw-12357	1803	50	in	in	ADP
taxlaw-12357	1803	51	underlying.206	underlying.206	NOUN
taxlaw-12357	1803	52	like	like	ADP
taxlaw-12357	1803	53	in	in	ADP
taxlaw-12357	1803	54	the	the	DET
taxlaw-12357	1803	55	noncontingent	noncontingent	NOUN
taxlaw-12357	1803	56	case	case	NOUN
taxlaw-12357	1803	57	,	,	PUNCT
taxlaw-12357	1803	58	gwa	gwa	NOUN
taxlaw-12357	1803	59	needs	need	VERB
taxlaw-12357	1803	60	to	to	PART
taxlaw-12357	1803	61	sell	sell	VERB
taxlaw-12357	1803	62	a	a	DET
taxlaw-12357	1803	63	put	put	NOUN
taxlaw-12357	1803	64	with	with	ADP
taxlaw-12357	1803	65	an	an	DET
taxlaw-12357	1803	66	exercise	exercise	NOUN
taxlaw-12357	1803	67	price	price	NOUN
taxlaw-12357	1803	68	of	of	ADP
taxlaw-12357	1803	69	$	$	SYM
taxlaw-12357	1803	70	90	90	NUM
taxlaw-12357	1803	71	.	.	PUNCT
taxlaw-12357	1804	1	but	but	CCONJ
taxlaw-12357	1804	2	here	here	ADV
taxlaw-12357	1804	3	,	,	PUNCT
taxlaw-12357	1804	4	there	there	PRON
taxlaw-12357	1804	5	is	be	VERB
taxlaw-12357	1804	6	a	a	DET
taxlaw-12357	1804	7	contingency	contingency	NOUN
taxlaw-12357	1804	8	:	:	PUNCT
taxlaw-12357	1804	9	this	this	PRON
taxlaw-12357	1804	10	put	put	NOUN
taxlaw-12357	1804	11	“	"	PUNCT
taxlaw-12357	1804	12	knocks	knocks	PROPN
taxlaw-12357	1804	13	-	-	PUNCT
taxlaw-12357	1804	14	out	out	NOUN
taxlaw-12357	1804	15	”	"	PUNCT
taxlaw-12357	1804	16	when	when	SCONJ
taxlaw-12357	1804	17	the	the	DET
taxlaw-12357	1804	18	price	price	NOUN
taxlaw-12357	1804	19	falls	fall	VERB
taxlaw-12357	1804	20	below	below	ADP
taxlaw-12357	1804	21	$	$	SYM
taxlaw-12357	1804	22	97	97	NUM
taxlaw-12357	1804	23	.	.	PUNCT
taxlaw-12357	1805	1	the	the	DET
taxlaw-12357	1805	2	second	second	ADJ
taxlaw-12357	1805	3	step	step	NOUN
taxlaw-12357	1805	4	is	be	AUX
taxlaw-12357	1805	5	to	to	PART
taxlaw-12357	1805	6	value	value	VERB
taxlaw-12357	1805	7	this	this	DET
taxlaw-12357	1805	8	knock	knock	NOUN
taxlaw-12357	1805	9	-	-	PUNCT
taxlaw-12357	1805	10	out	out	NOUN
taxlaw-12357	1805	11	put.207	put.207	NOUN
taxlaw-12357	1805	12	the	the	DET
taxlaw-12357	1805	13	answer	answer	NOUN
taxlaw-12357	1805	14	,	,	PUNCT
taxlaw-12357	1805	15	of	of	ADP
taxlaw-12357	1805	16	course	course	NOUN
taxlaw-12357	1805	17	,	,	PUNCT
taxlaw-12357	1805	18	is	be	AUX
taxlaw-12357	1805	19	that	that	SCONJ
taxlaw-12357	1805	20	this	this	DET
taxlaw-12357	1805	21	put	put	NOUN
taxlaw-12357	1805	22	has	have	VERB
taxlaw-12357	1805	23	essentially	essentially	ADV
taxlaw-12357	1805	24	no	no	DET
taxlaw-12357	1805	25	value	value	NOUN
taxlaw-12357	1805	26	.	.	PUNCT
taxlaw-12357	1806	1	this	this	PRON
taxlaw-12357	1806	2	is	be	AUX
taxlaw-12357	1806	3	the	the	DET
taxlaw-12357	1806	4	answer	answer	NOUN
taxlaw-12357	1806	5	whether	whether	SCONJ
taxlaw-12357	1806	6	the	the	DET
taxlaw-12357	1806	7	volatility	volatility	NOUN
taxlaw-12357	1806	8	is	be	AUX
taxlaw-12357	1806	9	60	60	NUM
taxlaw-12357	1806	10	204	204	NUM
taxlaw-12357	1806	11	see	see	VERB
taxlaw-12357	1806	12	supra	supra	PROPN
taxlaw-12357	1806	13	part	part	PROPN
taxlaw-12357	1806	14	vi.a.5	vi.a.5	PROPN
taxlaw-12357	1806	15	.	.	PROPN
taxlaw-12357	1806	16	205	205	NUM
taxlaw-12357	1806	17	a	a	DET
taxlaw-12357	1806	18	remote	remote	ADJ
taxlaw-12357	1806	19	scenario	scenario	NOUN
taxlaw-12357	1806	20	in	in	ADP
taxlaw-12357	1806	21	which	which	PRON
taxlaw-12357	1806	22	it	it	PRON
taxlaw-12357	1806	23	might	might	AUX
taxlaw-12357	1806	24	actually	actually	ADV
taxlaw-12357	1806	25	matter	matter	VERB
taxlaw-12357	1806	26	,	,	PUNCT
taxlaw-12357	1806	27	which	which	PRON
taxlaw-12357	1806	28	we	we	PRON
taxlaw-12357	1806	29	call	call	VERB
taxlaw-12357	1806	30	“	"	PUNCT
taxlaw-12357	1806	31	slippage	slippage	NOUN
taxlaw-12357	1806	32	,	,	PUNCT
taxlaw-12357	1806	33	”	"	PUNCT
taxlaw-12357	1806	34	is	be	AUX
taxlaw-12357	1806	35	discussed	discuss	VERB
taxlaw-12357	1806	36	below	below	ADV
taxlaw-12357	1806	37	.	.	PUNCT
taxlaw-12357	1807	1	206	206	NUM
taxlaw-12357	1807	2	see	see	VERB
taxlaw-12357	1807	3	supra	supra	ADJ
taxlaw-12357	1807	4	part	part	NOUN
taxlaw-12357	1807	5	vi.a.3	vi.a.3	VERB
taxlaw-12357	1807	6	.	.	PUNCT
taxlaw-12357	1808	1	207	207	NUM
taxlaw-12357	1808	2	see	see	VERB
taxlaw-12357	1808	3	supra	supra	PROPN
taxlaw-12357	1808	4	part	part	PROPN
taxlaw-12357	1808	5	vi.a.4	vi.a.4	PROPN
taxlaw-12357	1808	6	.	.	PUNCT
taxlaw-12357	1809	1	columbia	columbia	PROPN
taxlaw-12357	1809	2	journal	journal	PROPN
taxlaw-12357	1809	3	of	of	ADP
taxlaw-12357	1809	4	tax	tax	NOUN
taxlaw-12357	1809	5	law	law	NOUN
taxlaw-12357	1810	1	[	[	X
taxlaw-12357	1810	2	vol	vol	NOUN
taxlaw-12357	1810	3	15:1	15:1	NUM
taxlaw-12357	1810	4	66	66	NUM
taxlaw-12357	1810	5	or	or	CCONJ
taxlaw-12357	1810	6	20	20	NUM
taxlaw-12357	1810	7	and	and	CCONJ
taxlaw-12357	1810	8	,	,	PUNCT
taxlaw-12357	1810	9	indeed	indeed	ADV
taxlaw-12357	1810	10	,	,	PUNCT
taxlaw-12357	1810	11	whether	whether	SCONJ
taxlaw-12357	1810	12	the	the	DET
taxlaw-12357	1810	13	term	term	NOUN
taxlaw-12357	1810	14	is	be	AUX
taxlaw-12357	1810	15	twelve	twelve	NUM
taxlaw-12357	1810	16	years	year	NOUN
taxlaw-12357	1810	17	or	or	CCONJ
taxlaw-12357	1810	18	one	one	NUM
taxlaw-12357	1810	19	year	year	NOUN
taxlaw-12357	1810	20	.	.	PUNCT
taxlaw-12357	1811	1	this	this	DET
taxlaw-12357	1811	2	result	result	NOUN
taxlaw-12357	1811	3	should	should	AUX
taxlaw-12357	1811	4	be	be	AUX
taxlaw-12357	1811	5	clear	clear	ADJ
taxlaw-12357	1811	6	not	not	PART
taxlaw-12357	1811	7	only	only	ADV
taxlaw-12357	1811	8	from	from	ADP
taxlaw-12357	1811	9	a	a	DET
taxlaw-12357	1811	10	black	black	ADJ
taxlaw-12357	1811	11	scholes	schole	NOUN
taxlaw-12357	1811	12	analysis	analysis	NOUN
taxlaw-12357	1811	13	,	,	PUNCT
taxlaw-12357	1811	14	but	but	CCONJ
taxlaw-12357	1811	15	also	also	ADV
taxlaw-12357	1811	16	from	from	ADP
taxlaw-12357	1811	17	intuition	intuition	NOUN
taxlaw-12357	1811	18	:	:	PUNCT
taxlaw-12357	1811	19	as	as	SCONJ
taxlaw-12357	1811	20	noted	note	VERB
taxlaw-12357	1811	21	above	above	ADV
taxlaw-12357	1811	22	,	,	PUNCT
taxlaw-12357	1811	23	protection	protection	NOUN
taxlaw-12357	1811	24	below	below	ADP
taxlaw-12357	1811	25	$	$	SYM
taxlaw-12357	1811	26	90	90	NUM
taxlaw-12357	1811	27	is	be	AUX
taxlaw-12357	1811	28	useless	useless	ADJ
taxlaw-12357	1811	29	if	if	SCONJ
taxlaw-12357	1811	30	this	this	DET
taxlaw-12357	1811	31	protection	protection	NOUN
taxlaw-12357	1811	32	(	(	PUNCT
taxlaw-12357	1811	33	and	and	CCONJ
taxlaw-12357	1811	34	the	the	DET
taxlaw-12357	1811	35	investment	investment	NOUN
taxlaw-12357	1811	36	being	be	AUX
taxlaw-12357	1811	37	protected	protect	VERB
taxlaw-12357	1811	38	)	)	PUNCT
taxlaw-12357	1811	39	terminates	terminate	VERB
taxlaw-12357	1811	40	when	when	SCONJ
taxlaw-12357	1811	41	the	the	DET
taxlaw-12357	1811	42	price	price	NOUN
taxlaw-12357	1811	43	falls	fall	VERB
taxlaw-12357	1811	44	below	below	ADP
taxlaw-12357	1811	45	$	$	SYM
taxlaw-12357	1811	46	97	97	NUM
taxlaw-12357	1811	47	.	.	PUNCT
taxlaw-12357	1812	1	as	as	ADP
taxlaw-12357	1812	2	a	a	DET
taxlaw-12357	1812	3	result	result	NOUN
taxlaw-12357	1812	4	,	,	PUNCT
taxlaw-12357	1812	5	the	the	DET
taxlaw-12357	1812	6	third	third	ADJ
taxlaw-12357	1812	7	step	step	NOUN
taxlaw-12357	1812	8	–	–	PUNCT
taxlaw-12357	1812	9	the	the	DET
taxlaw-12357	1812	10	difference	difference	NOUN
taxlaw-12357	1812	11	percentage	percentage	NOUN
taxlaw-12357	1812	12	–	–	PUNCT
taxlaw-12357	1812	13	is	be	AUX
taxlaw-12357	1812	14	also	also	ADV
taxlaw-12357	1812	15	zero.208	zero.208	NUM
taxlaw-12357	1812	16	in	in	ADP
taxlaw-12357	1812	17	other	other	ADJ
taxlaw-12357	1812	18	words	word	NOUN
taxlaw-12357	1812	19	,	,	PUNCT
taxlaw-12357	1812	20	compared	compare	VERB
taxlaw-12357	1812	21	with	with	ADP
taxlaw-12357	1812	22	the	the	DET
taxlaw-12357	1812	23	spread	spread	NOUN
taxlaw-12357	1812	24	,	,	PUNCT
taxlaw-12357	1812	25	delta	delta	NOUN
taxlaw-12357	1812	26	,	,	PUNCT
taxlaw-12357	1812	27	and	and	CCONJ
taxlaw-12357	1812	28	mckelvey	mckelvey	NOUN
taxlaw-12357	1812	29	tests	test	NOUN
taxlaw-12357	1812	30	,	,	PUNCT
taxlaw-12357	1812	31	our	our	PRON
taxlaw-12357	1812	32	difference	difference	NOUN
taxlaw-12357	1812	33	value	value	NOUN
taxlaw-12357	1812	34	method	method	NOUN
taxlaw-12357	1812	35	is	be	AUX
taxlaw-12357	1812	36	more	more	ADV
taxlaw-12357	1812	37	effective	effective	ADJ
taxlaw-12357	1812	38	in	in	ADP
taxlaw-12357	1812	39	grappling	grappling	NOUN
taxlaw-12357	1812	40	with	with	ADP
taxlaw-12357	1812	41	contingencies	contingency	NOUN
taxlaw-12357	1812	42	.	.	PUNCT
taxlaw-12357	1813	1	unlike	unlike	ADP
taxlaw-12357	1813	2	these	these	DET
taxlaw-12357	1813	3	other	other	ADJ
taxlaw-12357	1813	4	tests	test	NOUN
taxlaw-12357	1813	5	,	,	PUNCT
taxlaw-12357	1813	6	it	it	PRON
taxlaw-12357	1813	7	gives	give	VERB
taxlaw-12357	1813	8	the	the	DET
taxlaw-12357	1813	9	right	right	ADJ
taxlaw-12357	1813	10	answer	answer	NOUN
taxlaw-12357	1813	11	for	for	ADP
taxlaw-12357	1813	12	the	the	DET
taxlaw-12357	1813	13	contingent	contingent	NOUN
taxlaw-12357	1813	14	gwa	gwa	NOUN
taxlaw-12357	1813	15	call	call	NOUN
taxlaw-12357	1813	16	:	:	PUNCT
taxlaw-12357	1813	17	the	the	DET
taxlaw-12357	1813	18	contract	contract	NOUN
taxlaw-12357	1813	19	is	be	AUX
taxlaw-12357	1813	20	likely	likely	ADJ
taxlaw-12357	1813	21	to	to	PART
taxlaw-12357	1813	22	be	be	AUX
taxlaw-12357	1813	23	a	a	DET
taxlaw-12357	1813	24	close	close	ADJ
taxlaw-12357	1813	25	substitute	substitute	NOUN
taxlaw-12357	1813	26	for	for	ADP
taxlaw-12357	1813	27	the	the	DET
taxlaw-12357	1813	28	underlying	underlying	NOUN
taxlaw-12357	1813	29	.	.	PUNCT
taxlaw-12357	1814	1	but	but	CCONJ
taxlaw-12357	1814	2	is	be	AUX
taxlaw-12357	1814	3	our	our	PRON
taxlaw-12357	1814	4	approach	approach	NOUN
taxlaw-12357	1814	5	really	really	ADV
taxlaw-12357	1814	6	better	well	ADV
taxlaw-12357	1814	7	?	?	PUNCT
taxlaw-12357	1815	1	or	or	CCONJ
taxlaw-12357	1815	2	are	be	AUX
taxlaw-12357	1815	3	we	we	PRON
taxlaw-12357	1815	4	just	just	ADV
taxlaw-12357	1815	5	using	use	VERB
taxlaw-12357	1815	6	better	well	ADJ
taxlaw-12357	1815	7	assumptions	assumption	NOUN
taxlaw-12357	1815	8	?	?	PUNCT
taxlaw-12357	1816	1	or	or	CCONJ
taxlaw-12357	1816	2	–	–	PUNCT
taxlaw-12357	1816	3	even	even	ADV
taxlaw-12357	1816	4	worse	bad	ADJ
taxlaw-12357	1816	5	–	–	PUNCT
taxlaw-12357	1816	6	are	be	AUX
taxlaw-12357	1816	7	we	we	PRON
taxlaw-12357	1816	8	assuming	assume	VERB
taxlaw-12357	1816	9	they	they	PRON
taxlaw-12357	1816	10	are	be	AUX
taxlaw-12357	1816	11	similar	similar	ADJ
taxlaw-12357	1816	12	,	,	PUNCT
taxlaw-12357	1816	13	and	and	CCONJ
taxlaw-12357	1816	14	then	then	ADV
taxlaw-12357	1816	15	letting	let	VERB
taxlaw-12357	1816	16	this	this	DET
taxlaw-12357	1816	17	assumption	assumption	NOUN
taxlaw-12357	1816	18	dictate	dictate	VERB
taxlaw-12357	1816	19	the	the	DET
taxlaw-12357	1816	20	result	result	NOUN
taxlaw-12357	1816	21	?	?	PUNCT
taxlaw-12357	1817	1	the	the	DET
taxlaw-12357	1817	2	rest	rest	NOUN
taxlaw-12357	1817	3	of	of	ADP
taxlaw-12357	1817	4	this	this	DET
taxlaw-12357	1817	5	subsection	subsection	NOUN
taxlaw-12357	1817	6	considers	consider	VERB
taxlaw-12357	1817	7	these	these	DET
taxlaw-12357	1817	8	questions	question	NOUN
taxlaw-12357	1817	9	,	,	PUNCT
taxlaw-12357	1817	10	focusing	focus	VERB
taxlaw-12357	1817	11	on	on	ADP
taxlaw-12357	1817	12	two	two	NUM
taxlaw-12357	1817	13	assumptions	assumption	NOUN
taxlaw-12357	1817	14	:	:	PUNCT
taxlaw-12357	1817	15	first	first	ADV
taxlaw-12357	1817	16	,	,	PUNCT
taxlaw-12357	1817	17	gwa	gwa	PROPN
taxlaw-12357	1817	18	does	do	AUX
taxlaw-12357	1817	19	not	not	PART
taxlaw-12357	1817	20	“	"	PUNCT
taxlaw-12357	1817	21	buy	buy	VERB
taxlaw-12357	1817	22	down	down	ADP
taxlaw-12357	1817	23	”	"	PUNCT
taxlaw-12357	1817	24	the	the	DET
taxlaw-12357	1817	25	contract	contract	NOUN
taxlaw-12357	1817	26	;	;	PUNCT
taxlaw-12357	1817	27	and	and	CCONJ
taxlaw-12357	1817	28	second	second	X
taxlaw-12357	1817	29	,	,	PUNCT
taxlaw-12357	1817	30	the	the	DET
taxlaw-12357	1817	31	underlying	underlie	VERB
taxlaw-12357	1817	32	and	and	CCONJ
taxlaw-12357	1817	33	contract	contract	NOUN
taxlaw-12357	1817	34	can	can	AUX
taxlaw-12357	1817	35	be	be	AUX
taxlaw-12357	1817	36	liquidated	liquidate	VERB
taxlaw-12357	1817	37	for	for	ADP
taxlaw-12357	1817	38	the	the	DET
taxlaw-12357	1817	39	same	same	ADJ
taxlaw-12357	1817	40	value	value	NOUN
taxlaw-12357	1817	41	.	.	PUNCT
taxlaw-12357	1818	1	3	3	X
taxlaw-12357	1818	2	.	.	X
taxlaw-12357	1818	3	first	first	ADJ
taxlaw-12357	1818	4	assumption	assumption	NOUN
taxlaw-12357	1818	5	:	:	PUNCT
taxlaw-12357	1818	6	no	no	DET
taxlaw-12357	1818	7	buy	buy	NOUN
taxlaw-12357	1818	8	-	-	PUNCT
taxlaw-12357	1818	9	down	down	NOUN
taxlaw-12357	1818	10	our	our	PRON
taxlaw-12357	1818	11	analysis	analysis	NOUN
taxlaw-12357	1818	12	assumes	assume	VERB
taxlaw-12357	1818	13	that	that	SCONJ
taxlaw-12357	1818	14	gwa	gwa	NOUN
taxlaw-12357	1818	15	does	do	AUX
taxlaw-12357	1818	16	not	not	PART
taxlaw-12357	1818	17	use	use	VERB
taxlaw-12357	1818	18	its	its	PRON
taxlaw-12357	1818	19	“	"	PUNCT
taxlaw-12357	1818	20	buy	buy	VERB
taxlaw-12357	1818	21	-	-	PUNCT
taxlaw-12357	1818	22	down	down	NOUN
taxlaw-12357	1818	23	”	"	PUNCT
taxlaw-12357	1818	24	right	right	NOUN
taxlaw-12357	1818	25	(	(	PUNCT
taxlaw-12357	1818	26	i.e.	i.e.	X
taxlaw-12357	1818	27	,	,	PUNCT
taxlaw-12357	1818	28	to	to	PART
taxlaw-12357	1818	29	keep	keep	VERB
taxlaw-12357	1818	30	the	the	DET
taxlaw-12357	1818	31	contract	contract	NOUN
taxlaw-12357	1818	32	from	from	ADP
taxlaw-12357	1818	33	terminating	terminate	VERB
taxlaw-12357	1818	34	)	)	PUNCT
taxlaw-12357	1818	35	.	.	PUNCT
taxlaw-12357	1819	1	instead	instead	ADV
taxlaw-12357	1819	2	,	,	PUNCT
taxlaw-12357	1819	3	we	we	PRON
taxlaw-12357	1819	4	assume	assume	VERB
taxlaw-12357	1819	5	that	that	SCONJ
taxlaw-12357	1819	6	the	the	DET
taxlaw-12357	1819	7	deal	deal	NOUN
taxlaw-12357	1819	8	(	(	PUNCT
taxlaw-12357	1819	9	and	and	CCONJ
taxlaw-12357	1819	10	the	the	DET
taxlaw-12357	1819	11	downside	downside	ADJ
taxlaw-12357	1819	12	protection	protection	NOUN
taxlaw-12357	1819	13	)	)	PUNCT
taxlaw-12357	1819	14	terminates	terminate	VERB
taxlaw-12357	1819	15	when	when	SCONJ
taxlaw-12357	1819	16	the	the	DET
taxlaw-12357	1819	17	underlying	underlie	VERB
taxlaw-12357	1819	18	’s	’s	NOUN
taxlaw-12357	1819	19	price	price	NOUN
taxlaw-12357	1819	20	falls	fall	VERB
taxlaw-12357	1819	21	to	to	ADP
taxlaw-12357	1819	22	$	$	SYM
taxlaw-12357	1819	23	97	97	NUM
taxlaw-12357	1819	24	,	,	PUNCT
taxlaw-12357	1819	25	as	as	SCONJ
taxlaw-12357	1819	26	noted	note	VERB
taxlaw-12357	1819	27	above.209	above.209	NOUN
taxlaw-12357	1819	28	this	this	DET
taxlaw-12357	1819	29	assumption	assumption	NOUN
taxlaw-12357	1819	30	about	about	ADP
taxlaw-12357	1819	31	buy	buy	VERB
taxlaw-12357	1819	32	downs	down	NOUN
taxlaw-12357	1819	33	is	be	AUX
taxlaw-12357	1819	34	critical	critical	ADJ
taxlaw-12357	1819	35	,	,	PUNCT
taxlaw-12357	1819	36	even	even	ADV
taxlaw-12357	1819	37	dispositive	dispositive	ADJ
taxlaw-12357	1819	38	,	,	PUNCT
taxlaw-12357	1819	39	in	in	ADP
taxlaw-12357	1819	40	the	the	DET
taxlaw-12357	1819	41	delta	delta	NOUN
taxlaw-12357	1819	42	test	test	NOUN
taxlaw-12357	1819	43	:	:	PUNCT
taxlaw-12357	1819	44	the	the	DET
taxlaw-12357	1819	45	more	more	ADJ
taxlaw-12357	1819	46	buy	buy	VERB
taxlaw-12357	1819	47	downs	down	NOUN
taxlaw-12357	1819	48	we	we	PRON
taxlaw-12357	1819	49	assume	assume	VERB
taxlaw-12357	1819	50	,	,	PUNCT
taxlaw-12357	1819	51	the	the	DET
taxlaw-12357	1819	52	closer	close	ADJ
taxlaw-12357	1819	53	delta	delta	NOUN
taxlaw-12357	1819	54	gets	get	VERB
taxlaw-12357	1819	55	to	to	ADP
taxlaw-12357	1819	56	one	one	NUM
taxlaw-12357	1819	57	,	,	PUNCT
taxlaw-12357	1819	58	as	as	SCONJ
taxlaw-12357	1819	59	noted	note	VERB
taxlaw-12357	1819	60	above.210	above.210	NOUN
taxlaw-12357	1819	61	after	after	ADV
taxlaw-12357	1819	62	all	all	ADV
taxlaw-12357	1819	63	,	,	PUNCT
taxlaw-12357	1819	64	if	if	SCONJ
taxlaw-12357	1819	65	gwa	gwa	PROPN
taxlaw-12357	1819	66	always	always	ADV
taxlaw-12357	1819	67	has	have	VERB
taxlaw-12357	1819	68	to	to	PART
taxlaw-12357	1819	69	buy	buy	VERB
taxlaw-12357	1819	70	down	down	ADP
taxlaw-12357	1819	71	the	the	DET
taxlaw-12357	1819	72	contract	contract	NOUN
taxlaw-12357	1819	73	,	,	PUNCT
taxlaw-12357	1819	74	however	however	ADV
taxlaw-12357	1819	75	low	low	ADJ
taxlaw-12357	1819	76	underlying	underlying	ADJ
taxlaw-12357	1819	77	’s	’s	PART
taxlaw-12357	1819	78	price	price	NOUN
taxlaw-12357	1819	79	goes	go	VERB
taxlaw-12357	1819	80	,	,	PUNCT
taxlaw-12357	1819	81	gwa	gwa	NOUN
taxlaw-12357	1819	82	bears	bear	VERB
taxlaw-12357	1819	83	essentially	essentially	ADV
taxlaw-12357	1819	84	all	all	DET
taxlaw-12357	1819	85	the	the	DET
taxlaw-12357	1819	86	risk	risk	NOUN
taxlaw-12357	1819	87	of	of	ADP
taxlaw-12357	1819	88	loss	loss	NOUN
taxlaw-12357	1819	89	.	.	PUNCT
taxlaw-12357	1820	1	this	this	PRON
taxlaw-12357	1820	2	makes	make	VERB
taxlaw-12357	1820	3	the	the	DET
taxlaw-12357	1820	4	gwa	gwa	NOUN
taxlaw-12357	1820	5	contract	contract	NOUN
taxlaw-12357	1820	6	more	more	ADV
taxlaw-12357	1820	7	like	like	ADP
taxlaw-12357	1820	8	a	a	DET
taxlaw-12357	1820	9	forward	forward	ADJ
taxlaw-12357	1820	10	contract	contract	NOUN
taxlaw-12357	1820	11	than	than	ADP
taxlaw-12357	1820	12	an	an	DET
taxlaw-12357	1820	13	option	option	NOUN
taxlaw-12357	1820	14	,	,	PUNCT
taxlaw-12357	1820	15	as	as	SCONJ
taxlaw-12357	1820	16	noted	note	VERB
taxlaw-12357	1820	17	above.211	above.211	PRON
taxlaw-12357	1820	18	however	however	ADV
taxlaw-12357	1820	19	,	,	PUNCT
taxlaw-12357	1820	20	this	this	DET
taxlaw-12357	1820	21	assumption	assumption	NOUN
taxlaw-12357	1820	22	does	do	AUX
taxlaw-12357	1820	23	not	not	PART
taxlaw-12357	1820	24	loom	loom	VERB
taxlaw-12357	1820	25	as	as	ADV
taxlaw-12357	1820	26	large	large	ADJ
taxlaw-12357	1820	27	in	in	ADP
taxlaw-12357	1820	28	the	the	DET
taxlaw-12357	1820	29	difference	difference	NOUN
taxlaw-12357	1820	30	-	-	PUNCT
taxlaw-12357	1820	31	value	value	NOUN
taxlaw-12357	1820	32	test	test	NOUN
taxlaw-12357	1820	33	.	.	PUNCT
taxlaw-12357	1821	1	in	in	ADP
taxlaw-12357	1821	2	our	our	PRON
taxlaw-12357	1821	3	proposal	proposal	NOUN
taxlaw-12357	1821	4	,	,	PUNCT
taxlaw-12357	1821	5	the	the	DET
taxlaw-12357	1821	6	key	key	ADJ
taxlaw-12357	1821	7	assumption	assumption	NOUN
taxlaw-12357	1821	8	is	be	AUX
taxlaw-12357	1821	9	not	not	PART
taxlaw-12357	1821	10	whether	whether	SCONJ
taxlaw-12357	1821	11	this	this	DET
taxlaw-12357	1821	12	contract	contract	NOUN
taxlaw-12357	1821	13	will	will	AUX
taxlaw-12357	1821	14	be	be	AUX
taxlaw-12357	1821	15	extended	extend	VERB
taxlaw-12357	1821	16	,	,	PUNCT
taxlaw-12357	1821	17	but	but	CCONJ
taxlaw-12357	1821	18	whether	whether	SCONJ
taxlaw-12357	1821	19	it	it	PRON
taxlaw-12357	1821	20	has	have	VERB
taxlaw-12357	1821	21	the	the	DET
taxlaw-12357	1821	22	same	same	ADJ
taxlaw-12357	1821	23	duration	duration	NOUN
taxlaw-12357	1821	24	as	as	ADP
taxlaw-12357	1821	25	underlying	underlying	ADJ
taxlaw-12357	1821	26	.	.	PUNCT
taxlaw-12357	1822	1	as	as	ADV
taxlaw-12357	1822	2	long	long	ADV
taxlaw-12357	1822	3	as	as	SCONJ
taxlaw-12357	1822	4	these	these	DET
taxlaw-12357	1822	5	investments	investment	NOUN
taxlaw-12357	1822	6	end	end	VERB
taxlaw-12357	1822	7	at	at	ADP
taxlaw-12357	1822	8	the	the	DET
taxlaw-12357	1822	9	same	same	ADJ
taxlaw-12357	1822	10	time	time	NOUN
taxlaw-12357	1822	11	–	–	PUNCT
taxlaw-12357	1822	12	whether	whether	SCONJ
taxlaw-12357	1822	13	both	both	PRON
taxlaw-12357	1822	14	are	be	AUX
taxlaw-12357	1822	15	bought	buy	VERB
taxlaw-12357	1822	16	down	down	ADP
taxlaw-12357	1822	17	or	or	CCONJ
taxlaw-12357	1822	18	neither	neither	CCONJ
taxlaw-12357	1822	19	are	be	AUX
taxlaw-12357	1822	20	bought	buy	VERB
taxlaw-12357	1822	21	down	down	ADP
taxlaw-12357	1822	22	–	–	PUNCT
taxlaw-12357	1822	23	there	there	PRON
taxlaw-12357	1822	24	is	be	VERB
taxlaw-12357	1822	25	an	an	DET
taxlaw-12357	1822	26	exact	exact	ADJ
taxlaw-12357	1822	27	match	match	NOUN
taxlaw-12357	1822	28	under	under	ADP
taxlaw-12357	1822	29	our	our	PRON
taxlaw-12357	1822	30	methodology	methodology	NOUN
taxlaw-12357	1822	31	.	.	PUNCT
taxlaw-12357	1823	1	put	put	VERB
taxlaw-12357	1823	2	another	another	DET
taxlaw-12357	1823	3	way	way	NOUN
taxlaw-12357	1823	4	,	,	PUNCT
taxlaw-12357	1823	5	once	once	SCONJ
taxlaw-12357	1823	6	we	we	PRON
taxlaw-12357	1823	7	assume	assume	VERB
taxlaw-12357	1823	8	that	that	SCONJ
taxlaw-12357	1823	9	the	the	DET
taxlaw-12357	1823	10	underlying	underlying	ADJ
taxlaw-12357	1823	11	and	and	CCONJ
taxlaw-12357	1823	12	gwa	gwa	NOUN
taxlaw-12357	1823	13	contract	contract	NOUN
taxlaw-12357	1823	14	always	always	ADV
taxlaw-12357	1823	15	end	end	VERB
taxlaw-12357	1823	16	at	at	ADP
taxlaw-12357	1823	17	the	the	DET
taxlaw-12357	1823	18	same	same	ADJ
taxlaw-12357	1823	19	time	time	NOUN
taxlaw-12357	1823	20	–	–	PUNCT
taxlaw-12357	1823	21	an	an	DET
taxlaw-12357	1823	22	assumption	assumption	NOUN
taxlaw-12357	1823	23	we	we	PRON
taxlaw-12357	1823	24	defend	defend	VERB
taxlaw-12357	1823	25	earlier212	earlier212	PROPN
taxlaw-12357	1823	26	–	–	PUNCT
taxlaw-12357	1823	27	we	we	PRON
taxlaw-12357	1823	28	do	do	AUX
taxlaw-12357	1823	29	n’t	not	PART
taxlaw-12357	1823	30	need	need	VERB
taxlaw-12357	1823	31	to	to	PART
taxlaw-12357	1823	32	know	know	VERB
taxlaw-12357	1823	33	why	why	SCONJ
taxlaw-12357	1823	34	they	they	PRON
taxlaw-12357	1823	35	end	end	VERB
taxlaw-12357	1823	36	or	or	CCONJ
taxlaw-12357	1823	37	,	,	PUNCT
taxlaw-12357	1823	38	for	for	ADP
taxlaw-12357	1823	39	that	that	DET
taxlaw-12357	1823	40	matter	matter	NOUN
taxlaw-12357	1823	41	,	,	PUNCT
taxlaw-12357	1823	42	whether	whether	SCONJ
taxlaw-12357	1823	43	a	a	DET
taxlaw-12357	1823	44	buy	buy	NOUN
taxlaw-12357	1823	45	-	-	PUNCT
taxlaw-12357	1823	46	down	down	NOUN
taxlaw-12357	1823	47	has	have	AUX
taxlaw-12357	1823	48	delayed	delay	VERB
taxlaw-12357	1823	49	this	this	DET
taxlaw-12357	1823	50	end	end	NOUN
taxlaw-12357	1823	51	.	.	PUNCT
taxlaw-12357	1824	1	4	4	X
taxlaw-12357	1824	2	.	.	NOUN
taxlaw-12357	1824	3	second	second	ADJ
taxlaw-12357	1824	4	assumption	assumption	NOUN
taxlaw-12357	1824	5	:	:	PUNCT
taxlaw-12357	1824	6	no	no	DET
taxlaw-12357	1824	7	“	"	PUNCT
taxlaw-12357	1824	8	slippage	slippage	NOUN
taxlaw-12357	1824	9	”	"	PUNCT
taxlaw-12357	1824	10	finally	finally	ADV
taxlaw-12357	1824	11	,	,	PUNCT
taxlaw-12357	1824	12	along	along	ADP
taxlaw-12357	1824	13	with	with	ADP
taxlaw-12357	1824	14	assumptions	assumption	NOUN
taxlaw-12357	1824	15	about	about	ADP
taxlaw-12357	1824	16	why	why	SCONJ
taxlaw-12357	1824	17	these	these	DET
taxlaw-12357	1824	18	investments	investment	NOUN
taxlaw-12357	1824	19	end	end	VERB
taxlaw-12357	1824	20	,	,	PUNCT
taxlaw-12357	1824	21	an	an	DET
taxlaw-12357	1824	22	assumption	assumption	NOUN
taxlaw-12357	1824	23	is	be	AUX
taxlaw-12357	1824	24	needed	need	VERB
taxlaw-12357	1824	25	about	about	ADP
taxlaw-12357	1824	26	what	what	PRON
taxlaw-12357	1824	27	happens	happen	VERB
taxlaw-12357	1824	28	when	when	SCONJ
taxlaw-12357	1824	29	they	they	PRON
taxlaw-12357	1824	30	end	end	VERB
taxlaw-12357	1824	31	.	.	PUNCT
taxlaw-12357	1825	1	does	do	AUX
taxlaw-12357	1825	2	gwa	gwa	NOUN
taxlaw-12357	1825	3	get	get	VERB
taxlaw-12357	1825	4	a	a	DET
taxlaw-12357	1825	5	different	different	ADJ
taxlaw-12357	1825	6	result	result	NOUN
taxlaw-12357	1825	7	by	by	ADP
taxlaw-12357	1825	8	investing	invest	VERB
taxlaw-12357	1825	9	in	in	ADP
taxlaw-12357	1825	10	the	the	DET
taxlaw-12357	1825	11	contract	contract	NOUN
taxlaw-12357	1825	12	,	,	PUNCT
taxlaw-12357	1825	13	instead	instead	ADV
taxlaw-12357	1825	14	of	of	ADP
taxlaw-12357	1825	15	in	in	ADP
taxlaw-12357	1825	16	the	the	DET
taxlaw-12357	1825	17	underlying	underlie	VERB
taxlaw-12357	1825	18	portfolio	portfolio	NOUN
taxlaw-12357	1825	19	?	?	PUNCT
taxlaw-12357	1826	1	specifically	specifically	ADV
taxlaw-12357	1826	2	,	,	PUNCT
taxlaw-12357	1826	3	does	do	AUX
taxlaw-12357	1826	4	the	the	DET
taxlaw-12357	1826	5	contract	contract	NOUN
taxlaw-12357	1826	6	provide	provide	VERB
taxlaw-12357	1826	7	any	any	DET
taxlaw-12357	1826	8	protection	protection	NOUN
taxlaw-12357	1826	9	from	from	ADP
taxlaw-12357	1826	10	losses	loss	NOUN
taxlaw-12357	1826	11	?	?	PUNCT
taxlaw-12357	1827	1	the	the	DET
taxlaw-12357	1827	2	general	general	ADJ
taxlaw-12357	1827	3	answer	answer	NOUN
taxlaw-12357	1827	4	is	be	AUX
taxlaw-12357	1827	5	“	"	PUNCT
taxlaw-12357	1827	6	no	no	INTJ
taxlaw-12357	1827	7	,	,	PUNCT
taxlaw-12357	1827	8	”	"	PUNCT
taxlaw-12357	1827	9	as	as	SCONJ
taxlaw-12357	1827	10	noted	note	VERB
taxlaw-12357	1827	11	above	above	ADV
taxlaw-12357	1827	12	,	,	PUNCT
taxlaw-12357	1827	13	since	since	SCONJ
taxlaw-12357	1827	14	protection	protection	NOUN
taxlaw-12357	1827	15	below	below	ADP
taxlaw-12357	1827	16	$	$	SYM
taxlaw-12357	1827	17	90	90	NUM
taxlaw-12357	1827	18	is	be	AUX
taxlaw-12357	1827	19	supposed	suppose	VERB
taxlaw-12357	1827	20	to	to	PART
taxlaw-12357	1827	21	terminate	terminate	VERB
taxlaw-12357	1827	22	when	when	SCONJ
taxlaw-12357	1827	23	underlying	underlying	ADJ
taxlaw-12357	1827	24	’s	’s	PART
taxlaw-12357	1827	25	price	price	NOUN
taxlaw-12357	1827	26	falls	fall	VERB
taxlaw-12357	1827	27	to	to	ADP
taxlaw-12357	1827	28	$	$	SYM
taxlaw-12357	1827	29	97.213	97.213	NUM
taxlaw-12357	1827	30	208	208	NUM
taxlaw-12357	1827	31	see	see	VERB
taxlaw-12357	1827	32	supra	supra	PROPN
taxlaw-12357	1827	33	part	part	PROPN
taxlaw-12357	1827	34	vi.a.5	vi.a.5	NOUN
taxlaw-12357	1827	35	.	.	PUNCT
taxlaw-12357	1828	1	209	209	NUM
taxlaw-12357	1828	2	see	see	VERB
taxlaw-12357	1828	3	supra	supra	PROPN
taxlaw-12357	1828	4	part	part	PROPN
taxlaw-12357	1828	5	vii.a.2	vii.a.2	PROPN
taxlaw-12357	1828	6	210	210	NUM
taxlaw-12357	1828	7	see	see	VERB
taxlaw-12357	1828	8	supra	supra	ADJ
taxlaw-12357	1828	9	part	part	NOUN
taxlaw-12357	1828	10	vii.b.2	vii.b.2	PUNCT
taxlaw-12357	1828	11	.	.	PUNCT
taxlaw-12357	1829	1	delta	delta	NOUN
taxlaw-12357	1829	2	also	also	ADV
taxlaw-12357	1829	3	can	can	AUX
taxlaw-12357	1829	4	be	be	AUX
taxlaw-12357	1829	5	influenced	influence	VERB
taxlaw-12357	1829	6	in	in	ADP
taxlaw-12357	1829	7	various	various	ADJ
taxlaw-12357	1829	8	ways	way	NOUN
taxlaw-12357	1829	9	by	by	ADP
taxlaw-12357	1829	10	time	time	NOUN
taxlaw-12357	1829	11	value	value	NOUN
taxlaw-12357	1829	12	.	.	PUNCT
taxlaw-12357	1830	1	for	for	ADP
taxlaw-12357	1830	2	a	a	DET
taxlaw-12357	1830	3	discussion	discussion	NOUN
taxlaw-12357	1830	4	,	,	PUNCT
taxlaw-12357	1830	5	see	see	VERB
taxlaw-12357	1830	6	infra	infra	NOUN
taxlaw-12357	1830	7	appendix	appendix	VERB
taxlaw-12357	1830	8	a.	a.	NOUN
taxlaw-12357	1830	9	211	211	NUM
taxlaw-12357	1830	10	see	see	VERB
taxlaw-12357	1830	11	supra	supra	PROPN
taxlaw-12357	1830	12	part	part	PROPN
taxlaw-12357	1830	13	vii.a.2	vii.a.2	NOUN
taxlaw-12357	1830	14	.	.	PUNCT
taxlaw-12357	1831	1	212	212	NUM
taxlaw-12357	1831	2	see	see	VERB
taxlaw-12357	1831	3	supra	supra	ADJ
taxlaw-12357	1831	4	part	part	NOUN
taxlaw-12357	1831	5	vii.c.1	vii.c.1	PROPN
taxlaw-12357	1831	6	.	.	PROPN
taxlaw-12357	1831	7	213	213	NUM
taxlaw-12357	1831	8	see	see	VERB
taxlaw-12357	1831	9	supra	supra	PROPN
taxlaw-12357	1831	10	part	part	NOUN
taxlaw-12357	1831	11	vii.c.2	vii.c.2	PROPN
taxlaw-12357	1831	12	.	.	PUNCT
taxlaw-12357	1832	1	2024	2024	NUM
taxlaw-12357	1832	2	]	]	PUNCT
taxlaw-12357	1832	3	transaction	transaction	NOUN
taxlaw-12357	1832	4	-	-	PUNCT
taxlaw-12357	1832	5	specific	specific	ADJ
taxlaw-12357	1832	6	tax	tax	NOUN
taxlaw-12357	1832	7	reform	reform	NOUN
taxlaw-12357	1832	8	in	in	ADP
taxlaw-12357	1832	9	three	three	NUM
taxlaw-12357	1832	10	steps	step	NOUN
taxlaw-12357	1832	11	67	67	NUM
taxlaw-12357	1833	1	but	but	CCONJ
taxlaw-12357	1833	2	although	although	SCONJ
taxlaw-12357	1833	3	this	this	DET
taxlaw-12357	1833	4	protection	protection	NOUN
taxlaw-12357	1833	5	usually	usually	ADV
taxlaw-12357	1833	6	terminates	terminate	VERB
taxlaw-12357	1833	7	,	,	PUNCT
taxlaw-12357	1833	8	it	it	PRON
taxlaw-12357	1833	9	does	do	AUX
taxlaw-12357	1833	10	not	not	PART
taxlaw-12357	1833	11	always	always	ADV
taxlaw-12357	1833	12	.	.	PUNCT
taxlaw-12357	1834	1	there	there	PRON
taxlaw-12357	1834	2	is	be	VERB
taxlaw-12357	1834	3	a	a	DET
taxlaw-12357	1834	4	scenario	scenario	NOUN
taxlaw-12357	1834	5	–	–	PUNCT
taxlaw-12357	1834	6	admittedly	admittedly	ADV
taxlaw-12357	1834	7	,	,	PUNCT
taxlaw-12357	1834	8	an	an	DET
taxlaw-12357	1834	9	unlikely	unlikely	ADJ
taxlaw-12357	1834	10	one	one	NOUN
taxlaw-12357	1834	11	–	–	PUNCT
taxlaw-12357	1834	12	when	when	SCONJ
taxlaw-12357	1834	13	this	this	DET
taxlaw-12357	1834	14	protection	protection	NOUN
taxlaw-12357	1834	15	turns	turn	VERB
taxlaw-12357	1834	16	out	out	ADP
taxlaw-12357	1834	17	to	to	PART
taxlaw-12357	1834	18	be	be	AUX
taxlaw-12357	1834	19	helpful	helpful	ADJ
taxlaw-12357	1834	20	:	:	PUNCT
taxlaw-12357	1834	21	a	a	DET
taxlaw-12357	1834	22	market	market	NOUN
taxlaw-12357	1834	23	crash	crash	NOUN
taxlaw-12357	1834	24	or	or	CCONJ
taxlaw-12357	1834	25	other	other	ADJ
taxlaw-12357	1834	26	disruption	disruption	NOUN
taxlaw-12357	1834	27	that	that	PRON
taxlaw-12357	1834	28	makes	make	VERB
taxlaw-12357	1834	29	it	it	PRON
taxlaw-12357	1834	30	hard	hard	ADJ
taxlaw-12357	1834	31	to	to	PART
taxlaw-12357	1834	32	liquidate	liquidate	VERB
taxlaw-12357	1834	33	the	the	DET
taxlaw-12357	1834	34	underlying	underlie	VERB
taxlaw-12357	1834	35	portfolio	portfolio	NOUN
taxlaw-12357	1834	36	,	,	PUNCT
taxlaw-12357	1834	37	so	so	ADV
taxlaw-12357	1834	38	gwa	gwa	NOUN
taxlaw-12357	1834	39	does	do	AUX
taxlaw-12357	1834	40	n’t	not	PART
taxlaw-12357	1834	41	get	get	VERB
taxlaw-12357	1834	42	the	the	DET
taxlaw-12357	1834	43	price	price	NOUN
taxlaw-12357	1834	44	it	it	PRON
taxlaw-12357	1834	45	wants	want	VERB
taxlaw-12357	1834	46	.	.	PUNCT
taxlaw-12357	1835	1	as	as	ADP
taxlaw-12357	1835	2	an	an	DET
taxlaw-12357	1835	3	example	example	NOUN
taxlaw-12357	1835	4	of	of	ADP
taxlaw-12357	1835	5	this	this	DET
taxlaw-12357	1835	6	problem	problem	NOUN
taxlaw-12357	1835	7	,	,	PUNCT
taxlaw-12357	1835	8	which	which	PRON
taxlaw-12357	1835	9	we	we	PRON
taxlaw-12357	1835	10	call	call	VERB
taxlaw-12357	1835	11	“	"	PUNCT
taxlaw-12357	1835	12	slippage	slippage	NOUN
taxlaw-12357	1835	13	,	,	PUNCT
taxlaw-12357	1835	14	”	"	PUNCT
taxlaw-12357	1835	15	imagine	imagine	VERB
taxlaw-12357	1835	16	that	that	SCONJ
taxlaw-12357	1835	17	gwa	gwa	NOUN
taxlaw-12357	1835	18	wants	want	VERB
taxlaw-12357	1835	19	to	to	PART
taxlaw-12357	1835	20	terminate	terminate	VERB
taxlaw-12357	1835	21	its	its	PRON
taxlaw-12357	1835	22	investment	investment	NOUN
taxlaw-12357	1835	23	when	when	SCONJ
taxlaw-12357	1835	24	the	the	DET
taxlaw-12357	1835	25	underlying	underlie	VERB
taxlaw-12357	1835	26	portfolio	portfolio	NOUN
taxlaw-12357	1835	27	’s	’s	PART
taxlaw-12357	1835	28	value	value	NOUN
taxlaw-12357	1835	29	falls	fall	VERB
taxlaw-12357	1835	30	to	to	ADP
taxlaw-12357	1835	31	$	$	SYM
taxlaw-12357	1835	32	97	97	NUM
taxlaw-12357	1835	33	,	,	PUNCT
taxlaw-12357	1835	34	but	but	CCONJ
taxlaw-12357	1835	35	the	the	DET
taxlaw-12357	1835	36	relevant	relevant	ADJ
taxlaw-12357	1835	37	sale	sale	NOUN
taxlaw-12357	1835	38	is	be	AUX
taxlaw-12357	1835	39	implemented	implement	VERB
taxlaw-12357	1835	40	too	too	ADV
taxlaw-12357	1835	41	slowly	slowly	ADV
taxlaw-12357	1835	42	,	,	PUNCT
taxlaw-12357	1835	43	so	so	SCONJ
taxlaw-12357	1835	44	it	it	PRON
taxlaw-12357	1835	45	yields	yield	VERB
taxlaw-12357	1835	46	only	only	ADV
taxlaw-12357	1835	47	$	$	SYM
taxlaw-12357	1835	48	85	85	NUM
taxlaw-12357	1835	49	,	,	PUNCT
taxlaw-12357	1835	50	instead	instead	ADV
taxlaw-12357	1835	51	of	of	ADP
taxlaw-12357	1835	52	$	$	SYM
taxlaw-12357	1835	53	97	97	NUM
taxlaw-12357	1835	54	.	.	PUNCT
taxlaw-12357	1836	1	who	who	PRON
taxlaw-12357	1836	2	bears	bear	VERB
taxlaw-12357	1836	3	this	this	DET
taxlaw-12357	1836	4	$	$	SYM
taxlaw-12357	1836	5	12	12	NUM
taxlaw-12357	1836	6	of	of	ADP
taxlaw-12357	1836	7	loss	loss	NOUN
taxlaw-12357	1836	8	?	?	PUNCT
taxlaw-12357	1837	1	actually	actually	ADV
taxlaw-12357	1837	2	,	,	PUNCT
taxlaw-12357	1837	3	gwa	gwa	NOUN
taxlaw-12357	1837	4	bears	bear	VERB
taxlaw-12357	1837	5	less	less	ADJ
taxlaw-12357	1837	6	of	of	ADP
taxlaw-12357	1837	7	it	it	PRON
taxlaw-12357	1837	8	with	with	ADP
taxlaw-12357	1837	9	the	the	DET
taxlaw-12357	1837	10	gwa	gwa	NOUN
taxlaw-12357	1837	11	contract	contract	NOUN
taxlaw-12357	1837	12	than	than	ADP
taxlaw-12357	1837	13	with	with	ADP
taxlaw-12357	1837	14	a	a	DET
taxlaw-12357	1837	15	direct	direct	ADJ
taxlaw-12357	1837	16	investment	investment	NOUN
taxlaw-12357	1837	17	.	.	PUNCT
taxlaw-12357	1838	1	on	on	ADP
taxlaw-12357	1838	2	the	the	DET
taxlaw-12357	1838	3	one	one	NUM
taxlaw-12357	1838	4	hand	hand	NOUN
taxlaw-12357	1838	5	,	,	PUNCT
taxlaw-12357	1838	6	if	if	SCONJ
taxlaw-12357	1838	7	gwa	gwa	NOUN
taxlaw-12357	1838	8	makes	make	VERB
taxlaw-12357	1838	9	this	this	DET
taxlaw-12357	1838	10	investment	investment	NOUN
taxlaw-12357	1838	11	through	through	ADP
taxlaw-12357	1838	12	the	the	DET
taxlaw-12357	1838	13	contract	contract	NOUN
taxlaw-12357	1838	14	,	,	PUNCT
taxlaw-12357	1838	15	the	the	DET
taxlaw-12357	1838	16	loss	loss	NOUN
taxlaw-12357	1838	17	from	from	ADP
taxlaw-12357	1838	18	$	$	SYM
taxlaw-12357	1838	19	90	90	NUM
taxlaw-12357	1838	20	to	to	PART
taxlaw-12357	1838	21	$	$	SYM
taxlaw-12357	1838	22	85	85	NUM
taxlaw-12357	1838	23	is	be	AUX
taxlaw-12357	1838	24	borne	bear	VERB
taxlaw-12357	1838	25	by	by	ADP
taxlaw-12357	1838	26	the	the	DET
taxlaw-12357	1838	27	bank	bank	NOUN
taxlaw-12357	1838	28	,	,	PUNCT
taxlaw-12357	1838	29	not	not	PART
taxlaw-12357	1838	30	gwa	gwa	NOUN
taxlaw-12357	1838	31	.	.	PUNCT
taxlaw-12357	1839	1	on	on	ADP
taxlaw-12357	1839	2	the	the	DET
taxlaw-12357	1839	3	other	other	ADJ
taxlaw-12357	1839	4	hand	hand	NOUN
taxlaw-12357	1839	5	,	,	PUNCT
taxlaw-12357	1839	6	if	if	SCONJ
taxlaw-12357	1839	7	gwa	gwa	NOUN
taxlaw-12357	1839	8	buys	buy	VERB
taxlaw-12357	1839	9	the	the	DET
taxlaw-12357	1839	10	underlying	underlie	VERB
taxlaw-12357	1839	11	instead	instead	ADV
taxlaw-12357	1839	12	,	,	PUNCT
taxlaw-12357	1839	13	then	then	ADV
taxlaw-12357	1839	14	gwa	gwa	PROPN
taxlaw-12357	1839	15	–	–	PUNCT
taxlaw-12357	1839	16	not	not	PART
taxlaw-12357	1839	17	the	the	DET
taxlaw-12357	1839	18	bank	bank	NOUN
taxlaw-12357	1839	19	–	–	PUNCT
taxlaw-12357	1839	20	bears	bear	VERB
taxlaw-12357	1839	21	this	this	DET
taxlaw-12357	1839	22	$	$	SYM
taxlaw-12357	1839	23	5	5	NUM
taxlaw-12357	1839	24	of	of	ADP
taxlaw-12357	1839	25	loss	loss	NOUN
taxlaw-12357	1839	26	.	.	PUNCT
taxlaw-12357	1840	1	so	so	ADV
taxlaw-12357	1840	2	even	even	ADV
taxlaw-12357	1840	3	though	though	SCONJ
taxlaw-12357	1840	4	the	the	DET
taxlaw-12357	1840	5	contract	contract	NOUN
taxlaw-12357	1840	6	usually	usually	ADV
taxlaw-12357	1840	7	does	do	AUX
taxlaw-12357	1840	8	not	not	PART
taxlaw-12357	1840	9	provide	provide	VERB
taxlaw-12357	1840	10	meaningful	meaningful	ADJ
taxlaw-12357	1840	11	protection	protection	NOUN
taxlaw-12357	1840	12	below	below	ADP
taxlaw-12357	1840	13	$	$	SYM
taxlaw-12357	1840	14	90	90	NUM
taxlaw-12357	1840	15	,	,	PUNCT
taxlaw-12357	1840	16	it	it	PRON
taxlaw-12357	1840	17	actually	actually	ADV
taxlaw-12357	1840	18	does	do	VERB
taxlaw-12357	1840	19	in	in	ADP
taxlaw-12357	1840	20	this	this	DET
taxlaw-12357	1840	21	rare	rare	ADJ
taxlaw-12357	1840	22	situation	situation	NOUN
taxlaw-12357	1840	23	.	.	PUNCT
taxlaw-12357	1841	1	a	a	DET
taxlaw-12357	1841	2	key	key	ADJ
taxlaw-12357	1841	3	issue	issue	NOUN
taxlaw-12357	1841	4	,	,	PUNCT
taxlaw-12357	1841	5	then	then	ADV
taxlaw-12357	1841	6	,	,	PUNCT
taxlaw-12357	1841	7	is	be	AUX
taxlaw-12357	1841	8	the	the	DET
taxlaw-12357	1841	9	value	value	NOUN
taxlaw-12357	1841	10	of	of	ADP
taxlaw-12357	1841	11	this	this	DET
taxlaw-12357	1841	12	protection	protection	NOUN
taxlaw-12357	1841	13	.	.	PUNCT
taxlaw-12357	1842	1	the	the	DET
taxlaw-12357	1842	2	good	good	PROPN
taxlaw-12357	1842	3	news	news	PROPN
taxlaw-12357	1842	4	is	be	AUX
taxlaw-12357	1842	5	that	that	SCONJ
taxlaw-12357	1842	6	our	our	PRON
taxlaw-12357	1842	7	difference	difference	NOUN
taxlaw-12357	1842	8	-	-	PUNCT
taxlaw-12357	1842	9	value	value	NOUN
taxlaw-12357	1842	10	test	test	NOUN
taxlaw-12357	1842	11	is	be	AUX
taxlaw-12357	1842	12	better	well	ADJ
taxlaw-12357	1842	13	than	than	ADP
taxlaw-12357	1842	14	the	the	DET
taxlaw-12357	1842	15	other	other	ADJ
taxlaw-12357	1842	16	tests	test	NOUN
taxlaw-12357	1842	17	at	at	ADP
taxlaw-12357	1842	18	valuing	value	VERB
taxlaw-12357	1842	19	it	it	PRON
taxlaw-12357	1842	20	.	.	PUNCT
taxlaw-12357	1843	1	indeed	indeed	ADV
taxlaw-12357	1843	2	,	,	PUNCT
taxlaw-12357	1843	3	valuing	value	VERB
taxlaw-12357	1843	4	this	this	DET
taxlaw-12357	1843	5	sort	sort	NOUN
taxlaw-12357	1843	6	of	of	ADP
taxlaw-12357	1843	7	difference	difference	NOUN
taxlaw-12357	1843	8	is	be	AUX
taxlaw-12357	1843	9	exactly	exactly	ADV
taxlaw-12357	1843	10	what	what	PRON
taxlaw-12357	1843	11	our	our	PRON
taxlaw-12357	1843	12	test	test	NOUN
taxlaw-12357	1843	13	is	be	AUX
taxlaw-12357	1843	14	designed	design	VERB
taxlaw-12357	1843	15	to	to	PART
taxlaw-12357	1843	16	do	do	VERB
taxlaw-12357	1843	17	.	.	PUNCT
taxlaw-12357	1844	1	to	to	PART
taxlaw-12357	1844	2	measure	measure	VERB
taxlaw-12357	1844	3	the	the	DET
taxlaw-12357	1844	4	cost	cost	NOUN
taxlaw-12357	1844	5	of	of	ADP
taxlaw-12357	1844	6	this	this	DET
taxlaw-12357	1844	7	slippage	slippage	NOUN
taxlaw-12357	1844	8	,	,	PUNCT
taxlaw-12357	1844	9	we	we	PRON
taxlaw-12357	1844	10	can	can	AUX
taxlaw-12357	1844	11	value	value	VERB
taxlaw-12357	1844	12	the	the	DET
taxlaw-12357	1844	13	right	right	NOUN
taxlaw-12357	1844	14	to	to	PART
taxlaw-12357	1844	15	sell	sell	VERB
taxlaw-12357	1844	16	for	for	ADP
taxlaw-12357	1844	17	$	$	SYM
taxlaw-12357	1844	18	90	90	NUM
taxlaw-12357	1844	19	when	when	SCONJ
taxlaw-12357	1844	20	an	an	DET
taxlaw-12357	1844	21	asset	asset	NOUN
taxlaw-12357	1844	22	is	be	AUX
taxlaw-12357	1844	23	trading	trade	VERB
taxlaw-12357	1844	24	at	at	ADP
taxlaw-12357	1844	25	$	$	SYM
taxlaw-12357	1844	26	97	97	NUM
taxlaw-12357	1844	27	.	.	PUNCT
taxlaw-12357	1845	1	in	in	ADP
taxlaw-12357	1845	2	other	other	ADJ
taxlaw-12357	1845	3	words	word	NOUN
taxlaw-12357	1845	4	,	,	PUNCT
taxlaw-12357	1845	5	to	to	PART
taxlaw-12357	1845	6	value	value	VERB
taxlaw-12357	1845	7	the	the	DET
taxlaw-12357	1845	8	risk	risk	NOUN
taxlaw-12357	1845	9	of	of	ADP
taxlaw-12357	1845	10	loss	loss	NOUN
taxlaw-12357	1845	11	below	below	ADP
taxlaw-12357	1845	12	$	$	SYM
taxlaw-12357	1845	13	90	90	NUM
taxlaw-12357	1845	14	,	,	PUNCT
taxlaw-12357	1845	15	which	which	PRON
taxlaw-12357	1845	16	the	the	DET
taxlaw-12357	1845	17	contract	contract	NOUN
taxlaw-12357	1845	18	shifts	shift	NOUN
taxlaw-12357	1845	19	to	to	ADP
taxlaw-12357	1845	20	the	the	DET
taxlaw-12357	1845	21	bank	bank	NOUN
taxlaw-12357	1845	22	,	,	PUNCT
taxlaw-12357	1845	23	we	we	PRON
taxlaw-12357	1845	24	can	can	AUX
taxlaw-12357	1845	25	use	use	VERB
taxlaw-12357	1845	26	the	the	DET
taxlaw-12357	1845	27	value	value	NOUN
taxlaw-12357	1845	28	of	of	ADP
taxlaw-12357	1845	29	an	an	DET
taxlaw-12357	1845	30	out	out	ADJ
taxlaw-12357	1845	31	-	-	PUNCT
taxlaw-12357	1845	32	of	of	ADP
taxlaw-12357	1845	33	-	-	PUNCT
taxlaw-12357	1845	34	the	the	DET
taxlaw-12357	1845	35	-	-	PUNCT
taxlaw-12357	1845	36	money	money	NOUN
taxlaw-12357	1845	37	put	put	NOUN
taxlaw-12357	1845	38	option	option	NOUN
taxlaw-12357	1845	39	,	,	PUNCT
taxlaw-12357	1845	40	whose	whose	DET
taxlaw-12357	1845	41	exercise	exercise	NOUN
taxlaw-12357	1845	42	price	price	NOUN
taxlaw-12357	1845	43	is	be	AUX
taxlaw-12357	1845	44	$	$	SYM
taxlaw-12357	1845	45	90	90	NUM
taxlaw-12357	1845	46	when	when	SCONJ
taxlaw-12357	1845	47	the	the	DET
taxlaw-12357	1845	48	underlying	underlie	VERB
taxlaw-12357	1845	49	price	price	NOUN
taxlaw-12357	1845	50	is	be	AUX
taxlaw-12357	1845	51	$	$	SYM
taxlaw-12357	1845	52	97	97	NUM
taxlaw-12357	1845	53	.	.	PUNCT
taxlaw-12357	1846	1	the	the	DET
taxlaw-12357	1846	2	term	term	NOUN
taxlaw-12357	1846	3	of	of	ADP
taxlaw-12357	1846	4	this	this	DET
taxlaw-12357	1846	5	put	put	NOUN
taxlaw-12357	1846	6	option	option	NOUN
taxlaw-12357	1846	7	is	be	AUX
taxlaw-12357	1846	8	the	the	DET
taxlaw-12357	1846	9	time	time	NOUN
taxlaw-12357	1846	10	it	it	PRON
taxlaw-12357	1846	11	might	might	AUX
taxlaw-12357	1846	12	take	take	VERB
taxlaw-12357	1846	13	to	to	PART
taxlaw-12357	1846	14	liquidate	liquidate	VERB
taxlaw-12357	1846	15	the	the	DET
taxlaw-12357	1846	16	underlying	underlying	NOUN
taxlaw-12357	1846	17	.	.	PUNCT
taxlaw-12357	1847	1	ordinarily	ordinarily	ADV
taxlaw-12357	1847	2	,	,	PUNCT
taxlaw-12357	1847	3	this	this	PRON
taxlaw-12357	1847	4	would	would	AUX
taxlaw-12357	1847	5	take	take	VERB
taxlaw-12357	1847	6	minutes	minute	NOUN
taxlaw-12357	1847	7	or	or	CCONJ
taxlaw-12357	1847	8	even	even	ADV
taxlaw-12357	1847	9	seconds	second	NOUN
taxlaw-12357	1847	10	.	.	PUNCT
taxlaw-12357	1848	1	but	but	CCONJ
taxlaw-12357	1848	2	during	during	ADP
taxlaw-12357	1848	3	a	a	DET
taxlaw-12357	1848	4	market	market	NOUN
taxlaw-12357	1848	5	disruption	disruption	NOUN
taxlaw-12357	1848	6	,	,	PUNCT
taxlaw-12357	1848	7	this	this	DET
taxlaw-12357	1848	8	process	process	NOUN
taxlaw-12357	1848	9	can	can	AUX
taxlaw-12357	1848	10	take	take	VERB
taxlaw-12357	1848	11	longer	long	ADV
taxlaw-12357	1848	12	,	,	PUNCT
taxlaw-12357	1848	13	so	so	ADV
taxlaw-12357	1848	14	we	we	PRON
taxlaw-12357	1848	15	consider	consider	VERB
taxlaw-12357	1848	16	1	1	NUM
taxlaw-12357	1848	17	-	-	PUNCT
taxlaw-12357	1848	18	day	day	NOUN
taxlaw-12357	1848	19	and	and	CCONJ
taxlaw-12357	1848	20	5	5	NUM
taxlaw-12357	1848	21	-	-	PUNCT
taxlaw-12357	1848	22	day	day	NOUN
taxlaw-12357	1848	23	periods	period	NOUN
taxlaw-12357	1848	24	.	.	PUNCT
taxlaw-12357	1849	1	as	as	SCONJ
taxlaw-12357	1849	2	table	table	NOUN
taxlaw-12357	1849	3	12	12	NUM
taxlaw-12357	1849	4	shows	show	NOUN
taxlaw-12357	1849	5	,	,	PUNCT
taxlaw-12357	1849	6	the	the	DET
taxlaw-12357	1849	7	value	value	NOUN
taxlaw-12357	1849	8	of	of	ADP
taxlaw-12357	1849	9	this	this	DET
taxlaw-12357	1849	10	protection	protection	NOUN
taxlaw-12357	1849	11	is	be	AUX
taxlaw-12357	1849	12	quite	quite	ADV
taxlaw-12357	1849	13	low	low	ADJ
taxlaw-12357	1849	14	:	:	PUNCT
taxlaw-12357	1849	15	volatility	volatility	NOUN
taxlaw-12357	1849	16	20	20	NUM
taxlaw-12357	1849	17	%	%	NOUN
taxlaw-12357	1849	18	60	60	NUM
taxlaw-12357	1849	19	%	%	NOUN
taxlaw-12357	1849	20	no	no	DET
taxlaw-12357	1849	21	slippage	slippage	NOUN
taxlaw-12357	1849	22	0.00	0.00	NUM
taxlaw-12357	1849	23	%	%	NOUN
taxlaw-12357	1849	24	0.00	0.00	NUM
taxlaw-12357	1849	25	%	%	NOUN
taxlaw-12357	1849	26	1	1	NUM
taxlaw-12357	1849	27	-	-	PUNCT
taxlaw-12357	1849	28	day	day	NOUN
taxlaw-12357	1849	29	slippage	slippage	NOUN
taxlaw-12357	1849	30	0.00	0.00	NUM
taxlaw-12357	1849	31	%	%	NOUN
taxlaw-12357	1849	32	0.31	0.31	NUM
taxlaw-12357	1849	33	%	%	NOUN
taxlaw-12357	1849	34	5	5	NUM
taxlaw-12357	1849	35	-	-	PUNCT
taxlaw-12357	1849	36	day	day	NOUN
taxlaw-12357	1849	37	slippage	slippage	NOUN
taxlaw-12357	1849	38	0.03	0.03	NUM
taxlaw-12357	1849	39	%	%	NOUN
taxlaw-12357	1849	40	7.87	7.87	NUM
taxlaw-12357	1849	41	%	%	NOUN
taxlaw-12357	1849	42	table	table	NOUN
taxlaw-12357	1849	43	12	12	NUM
taxlaw-12357	1849	44	:	:	PUNCT
taxlaw-12357	1849	45	cost	cost	NOUN
taxlaw-12357	1849	46	of	of	ADP
taxlaw-12357	1849	47	slippage	slippage	NOUN
taxlaw-12357	1849	48	to	to	ADP
taxlaw-12357	1849	49	bank214	bank214	PROPN
taxlaw-12357	1849	50	not	not	PART
taxlaw-12357	1849	51	surprisingly	surprisingly	ADV
taxlaw-12357	1849	52	,	,	PUNCT
taxlaw-12357	1849	53	the	the	DET
taxlaw-12357	1849	54	cost	cost	NOUN
taxlaw-12357	1849	55	of	of	ADP
taxlaw-12357	1849	56	slippage	slippage	NOUN
taxlaw-12357	1849	57	increases	increase	NOUN
taxlaw-12357	1849	58	with	with	ADP
taxlaw-12357	1849	59	volatility	volatility	NOUN
taxlaw-12357	1849	60	,	,	PUNCT
taxlaw-12357	1849	61	as	as	ADV
taxlaw-12357	1849	62	well	well	ADV
taxlaw-12357	1849	63	as	as	ADP
taxlaw-12357	1849	64	with	with	ADP
taxlaw-12357	1849	65	the	the	DET
taxlaw-12357	1849	66	time	time	NOUN
taxlaw-12357	1849	67	needed	need	VERB
taxlaw-12357	1849	68	to	to	PART
taxlaw-12357	1849	69	liquidate	liquidate	VERB
taxlaw-12357	1849	70	the	the	DET
taxlaw-12357	1849	71	underlying	underlie	VERB
taxlaw-12357	1849	72	portfolio	portfolio	NOUN
taxlaw-12357	1849	73	.	.	PUNCT
taxlaw-12357	1850	1	but	but	CCONJ
taxlaw-12357	1850	2	it	it	PRON
taxlaw-12357	1850	3	generally	generally	ADV
taxlaw-12357	1850	4	wo	will	AUX
taxlaw-12357	1850	5	n’t	not	PART
taxlaw-12357	1850	6	be	be	AUX
taxlaw-12357	1850	7	an	an	DET
taxlaw-12357	1850	8	issue	issue	NOUN
taxlaw-12357	1850	9	,	,	PUNCT
taxlaw-12357	1850	10	except	except	SCONJ
taxlaw-12357	1850	11	in	in	ADP
taxlaw-12357	1850	12	extreme	extreme	ADJ
taxlaw-12357	1850	13	situations	situation	NOUN
taxlaw-12357	1850	14	like	like	ADP
taxlaw-12357	1850	15	the	the	DET
taxlaw-12357	1850	16	so	so	ADV
taxlaw-12357	1850	17	-	-	PUNCT
taxlaw-12357	1850	18	called	call	VERB
taxlaw-12357	1850	19	quant	quant	ADJ
taxlaw-12357	1850	20	meltdowns	meltdown	NOUN
taxlaw-12357	1850	21	in	in	ADP
taxlaw-12357	1850	22	august	august	PROPN
taxlaw-12357	1850	23	2007	2007	NUM
taxlaw-12357	1850	24	and	and	CCONJ
taxlaw-12357	1850	25	march	march	PROPN
taxlaw-12357	1850	26	2020.215	2020.215	PROPN
taxlaw-12357	1850	27	as	as	ADP
taxlaw-12357	1850	28	a	a	DET
taxlaw-12357	1850	29	result	result	NOUN
taxlaw-12357	1850	30	,	,	PUNCT
taxlaw-12357	1850	31	the	the	DET
taxlaw-12357	1850	32	gwa	gwa	NOUN
taxlaw-12357	1850	33	contract	contract	NOUN
taxlaw-12357	1850	34	usually	usually	ADV
taxlaw-12357	1850	35	is	be	AUX
taxlaw-12357	1850	36	still	still	ADV
taxlaw-12357	1850	37	a	a	DET
taxlaw-12357	1850	38	214	214	NUM
taxlaw-12357	1850	39	we	we	PRON
taxlaw-12357	1850	40	express	express	VERB
taxlaw-12357	1850	41	the	the	DET
taxlaw-12357	1850	42	prices	price	NOUN
taxlaw-12357	1850	43	in	in	ADP
taxlaw-12357	1850	44	this	this	DET
taxlaw-12357	1850	45	table	table	NOUN
taxlaw-12357	1850	46	as	as	ADP
taxlaw-12357	1850	47	percentages	percentage	NOUN
taxlaw-12357	1850	48	of	of	ADP
taxlaw-12357	1850	49	the	the	DET
taxlaw-12357	1850	50	initial	initial	ADJ
taxlaw-12357	1850	51	taxpayer	taxpayer	NOUN
taxlaw-12357	1850	52	capital	capital	NOUN
taxlaw-12357	1850	53	investment	investment	NOUN
taxlaw-12357	1850	54	of	of	ADP
taxlaw-12357	1850	55	10	10	NUM
taxlaw-12357	1850	56	.	.	PUNCT
taxlaw-12357	1851	1	this	this	PRON
taxlaw-12357	1851	2	corresponds	correspond	VERB
taxlaw-12357	1851	3	to	to	ADP
taxlaw-12357	1851	4	a	a	DET
taxlaw-12357	1851	5	choice	choice	NOUN
taxlaw-12357	1851	6	of	of	ADP
taxlaw-12357	1851	7	underlying	underlie	VERB
taxlaw-12357	1851	8	equal	equal	ADJ
taxlaw-12357	1851	9	to	to	ADP
taxlaw-12357	1851	10	an	an	DET
taxlaw-12357	1851	11	investment	investment	NOUN
taxlaw-12357	1851	12	of	of	ADP
taxlaw-12357	1851	13	10	10	NUM
taxlaw-12357	1851	14	by	by	ADP
taxlaw-12357	1851	15	the	the	DET
taxlaw-12357	1851	16	taxpayer	taxpayer	NOUN
taxlaw-12357	1851	17	,	,	PUNCT
taxlaw-12357	1851	18	with	with	ADP
taxlaw-12357	1851	19	debt	debt	NOUN
taxlaw-12357	1851	20	financing	financing	NOUN
taxlaw-12357	1851	21	of	of	ADP
taxlaw-12357	1851	22	90	90	NUM
taxlaw-12357	1851	23	,	,	PUNCT
taxlaw-12357	1851	24	to	to	PART
taxlaw-12357	1851	25	fund	fund	VERB
taxlaw-12357	1851	26	overall	overall	ADJ
taxlaw-12357	1851	27	investments	investment	NOUN
taxlaw-12357	1851	28	with	with	ADP
taxlaw-12357	1851	29	a	a	DET
taxlaw-12357	1851	30	cost	cost	NOUN
taxlaw-12357	1851	31	of	of	ADP
taxlaw-12357	1851	32	100	100	NUM
taxlaw-12357	1851	33	.	.	PUNCT
taxlaw-12357	1852	1	if	if	SCONJ
taxlaw-12357	1852	2	we	we	PRON
taxlaw-12357	1852	3	instead	instead	ADV
taxlaw-12357	1852	4	chose	choose	VERB
taxlaw-12357	1852	5	the	the	DET
taxlaw-12357	1852	6	overall	overall	ADJ
taxlaw-12357	1852	7	investment	investment	NOUN
taxlaw-12357	1852	8	as	as	ADP
taxlaw-12357	1852	9	underlying	underlie	VERB
taxlaw-12357	1852	10	,	,	PUNCT
taxlaw-12357	1852	11	dividing	divide	VERB
taxlaw-12357	1852	12	by	by	ADP
taxlaw-12357	1852	13	100	100	NUM
taxlaw-12357	1852	14	rather	rather	ADV
taxlaw-12357	1852	15	than	than	ADP
taxlaw-12357	1852	16	10	10	NUM
taxlaw-12357	1852	17	would	would	AUX
taxlaw-12357	1852	18	be	be	AUX
taxlaw-12357	1852	19	appropriate	appropriate	ADJ
taxlaw-12357	1852	20	,	,	PUNCT
taxlaw-12357	1852	21	and	and	CCONJ
taxlaw-12357	1852	22	the	the	DET
taxlaw-12357	1852	23	percentages	percentage	NOUN
taxlaw-12357	1852	24	would	would	AUX
taxlaw-12357	1852	25	accordingly	accordingly	ADV
taxlaw-12357	1852	26	be	be	AUX
taxlaw-12357	1852	27	one	one	NUM
taxlaw-12357	1852	28	-	-	PUNCT
taxlaw-12357	1852	29	tenth	tenth	NOUN
taxlaw-12357	1852	30	of	of	ADP
taxlaw-12357	1852	31	the	the	DET
taxlaw-12357	1852	32	values	value	NOUN
taxlaw-12357	1852	33	reported	report	VERB
taxlaw-12357	1852	34	in	in	ADP
taxlaw-12357	1852	35	the	the	DET
taxlaw-12357	1852	36	table	table	NOUN
taxlaw-12357	1852	37	.	.	PUNCT
taxlaw-12357	1853	1	215	215	NUM
taxlaw-12357	1853	2	to	to	PART
taxlaw-12357	1853	3	value	value	NOUN
taxlaw-12357	1853	4	execution	execution	NOUN
taxlaw-12357	1853	5	risk	risk	NOUN
taxlaw-12357	1853	6	in	in	ADP
taxlaw-12357	1853	7	extreme	extreme	ADJ
taxlaw-12357	1853	8	conditions	condition	NOUN
taxlaw-12357	1853	9	,	,	PUNCT
taxlaw-12357	1853	10	the	the	DET
taxlaw-12357	1853	11	simple	simple	ADJ
taxlaw-12357	1853	12	lognormal	lognormal	ADJ
taxlaw-12357	1853	13	model	model	NOUN
taxlaw-12357	1853	14	used	use	VERB
taxlaw-12357	1853	15	here	here	ADV
taxlaw-12357	1853	16	is	be	AUX
taxlaw-12357	1853	17	not	not	PART
taxlaw-12357	1853	18	the	the	DET
taxlaw-12357	1853	19	best	good	ADJ
taxlaw-12357	1853	20	fit	fit	NOUN
taxlaw-12357	1853	21	.	.	PUNCT
taxlaw-12357	1854	1	instead	instead	ADV
taxlaw-12357	1854	2	,	,	PUNCT
taxlaw-12357	1854	3	the	the	DET
taxlaw-12357	1854	4	better	well	ADJ
taxlaw-12357	1854	5	choice	choice	NOUN
taxlaw-12357	1854	6	would	would	AUX
taxlaw-12357	1854	7	be	be	AUX
taxlaw-12357	1854	8	a	a	DET
taxlaw-12357	1854	9	more	more	ADV
taxlaw-12357	1854	10	sophisticated	sophisticated	ADJ
taxlaw-12357	1854	11	model	model	NOUN
taxlaw-12357	1854	12	that	that	PRON
taxlaw-12357	1854	13	accounts	account	VERB
taxlaw-12357	1854	14	for	for	ADP
taxlaw-12357	1854	15	the	the	DET
taxlaw-12357	1854	16	trading	trading	NOUN
taxlaw-12357	1854	17	strategy	strategy	NOUN
taxlaw-12357	1854	18	used	use	VERB
taxlaw-12357	1854	19	in	in	ADP
taxlaw-12357	1854	20	the	the	DET
taxlaw-12357	1854	21	underlying	underlying	ADJ
taxlaw-12357	1854	22	.	.	PUNCT
taxlaw-12357	1855	1	columbia	columbia	PROPN
taxlaw-12357	1855	2	journal	journal	PROPN
taxlaw-12357	1855	3	of	of	ADP
taxlaw-12357	1855	4	tax	tax	NOUN
taxlaw-12357	1855	5	law	law	NOUN
taxlaw-12357	1856	1	[	[	X
taxlaw-12357	1856	2	vol	vol	NOUN
taxlaw-12357	1856	3	15:1	15:1	NUM
taxlaw-12357	1856	4	68	68	NUM
taxlaw-12357	1856	5	close	close	ADJ
taxlaw-12357	1856	6	substitute	substitute	NOUN
taxlaw-12357	1856	7	for	for	ADP
taxlaw-12357	1856	8	the	the	DET
taxlaw-12357	1856	9	underlying	underlying	NOUN
taxlaw-12357	1856	10	.	.	PUNCT
taxlaw-12357	1857	1	more	more	ADV
taxlaw-12357	1857	2	importantly	importantly	ADV
taxlaw-12357	1857	3	,	,	PUNCT
taxlaw-12357	1857	4	the	the	DET
taxlaw-12357	1857	5	difference	difference	NOUN
taxlaw-12357	1857	6	-	-	PUNCT
taxlaw-12357	1857	7	value	value	NOUN
taxlaw-12357	1857	8	test	test	NOUN
taxlaw-12357	1857	9	is	be	AUX
taxlaw-12357	1857	10	the	the	DET
taxlaw-12357	1857	11	most	most	ADV
taxlaw-12357	1857	12	effective	effective	ADJ
taxlaw-12357	1857	13	way	way	NOUN
taxlaw-12357	1857	14	to	to	PART
taxlaw-12357	1857	15	measure	measure	VERB
taxlaw-12357	1857	16	how	how	SCONJ
taxlaw-12357	1857	17	close	close	ADJ
taxlaw-12357	1857	18	a	a	DET
taxlaw-12357	1857	19	substitute	substitute	NOUN
taxlaw-12357	1857	20	it	it	PRON
taxlaw-12357	1857	21	actually	actually	ADV
taxlaw-12357	1857	22	is	be	AUX
taxlaw-12357	1857	23	.	.	PUNCT
taxlaw-12357	1858	1	viii	viii	PROPN
taxlaw-12357	1858	2	.	.	PUNCT
taxlaw-12357	1859	1	conclusion	conclusion	NOUN
taxlaw-12357	1859	2	to	to	PART
taxlaw-12357	1859	3	sum	sum	VERB
taxlaw-12357	1859	4	up	up	ADP
taxlaw-12357	1859	5	,	,	PUNCT
taxlaw-12357	1859	6	the	the	DET
taxlaw-12357	1859	7	tax	tax	NOUN
taxlaw-12357	1859	8	treatment	treatment	NOUN
taxlaw-12357	1859	9	of	of	ADP
taxlaw-12357	1859	10	investments	investment	NOUN
taxlaw-12357	1859	11	is	be	AUX
taxlaw-12357	1859	12	riddled	riddle	VERB
taxlaw-12357	1859	13	with	with	ADP
taxlaw-12357	1859	14	inconsistencies	inconsistency	NOUN
taxlaw-12357	1859	15	,	,	PUNCT
taxlaw-12357	1859	16	but	but	CCONJ
taxlaw-12357	1859	17	congress	congress	PROPN
taxlaw-12357	1859	18	has	have	VERB
taxlaw-12357	1859	19	little	little	ADJ
taxlaw-12357	1859	20	appetite	appetite	NOUN
taxlaw-12357	1859	21	for	for	ADP
taxlaw-12357	1859	22	ambitious	ambitious	ADJ
taxlaw-12357	1859	23	reforms	reform	NOUN
taxlaw-12357	1859	24	,	,	PUNCT
taxlaw-12357	1859	25	at	at	ADP
taxlaw-12357	1859	26	least	least	ADJ
taxlaw-12357	1859	27	for	for	ADP
taxlaw-12357	1859	28	now	now	ADV
taxlaw-12357	1859	29	.	.	PUNCT
taxlaw-12357	1860	1	instead	instead	ADV
taxlaw-12357	1860	2	,	,	PUNCT
taxlaw-12357	1860	3	congress	congress	PROPN
taxlaw-12357	1860	4	regularly	regularly	ADV
taxlaw-12357	1860	5	targets	target	VERB
taxlaw-12357	1860	6	specific	specific	ADJ
taxlaw-12357	1860	7	planning	planning	NOUN
taxlaw-12357	1860	8	strategies	strategy	NOUN
taxlaw-12357	1860	9	,	,	PUNCT
taxlaw-12357	1860	10	such	such	ADJ
taxlaw-12357	1860	11	as	as	ADP
taxlaw-12357	1860	12	hedge	hedge	NOUN
taxlaw-12357	1860	13	fund	fund	NOUN
taxlaw-12357	1860	14	derivatives	derivative	NOUN
taxlaw-12357	1860	15	.	.	PUNCT
taxlaw-12357	1861	1	to	to	PART
taxlaw-12357	1861	2	make	make	VERB
taxlaw-12357	1861	3	this	this	DET
taxlaw-12357	1861	4	sort	sort	NOUN
taxlaw-12357	1861	5	of	of	ADP
taxlaw-12357	1861	6	transaction	transaction	NOUN
taxlaw-12357	1861	7	-	-	PUNCT
taxlaw-12357	1861	8	specific	specific	ADJ
taxlaw-12357	1861	9	reform	reform	NOUN
taxlaw-12357	1861	10	more	more	ADV
taxlaw-12357	1861	11	effective	effective	ADJ
taxlaw-12357	1861	12	,	,	PUNCT
taxlaw-12357	1861	13	this	this	DET
taxlaw-12357	1861	14	article	article	NOUN
taxlaw-12357	1861	15	recommends	recommend	VERB
taxlaw-12357	1861	16	a	a	DET
taxlaw-12357	1861	17	three	three	NUM
taxlaw-12357	1861	18	-	-	PUNCT
taxlaw-12357	1861	19	step	step	NOUN
taxlaw-12357	1861	20	process	process	NOUN
taxlaw-12357	1861	21	.	.	PUNCT
taxlaw-12357	1862	1	first	first	ADV
taxlaw-12357	1862	2	,	,	PUNCT
taxlaw-12357	1862	3	policymakers	policymaker	NOUN
taxlaw-12357	1862	4	should	should	AUX
taxlaw-12357	1862	5	ask	ask	VERB
taxlaw-12357	1862	6	whether	whether	SCONJ
taxlaw-12357	1862	7	a	a	DET
taxlaw-12357	1862	8	response	response	NOUN
taxlaw-12357	1862	9	is	be	AUX
taxlaw-12357	1862	10	really	really	ADV
taxlaw-12357	1862	11	necessary	necessary	ADJ
taxlaw-12357	1862	12	.	.	PUNCT
taxlaw-12357	1863	1	for	for	ADP
taxlaw-12357	1863	2	example	example	NOUN
taxlaw-12357	1863	3	,	,	PUNCT
taxlaw-12357	1863	4	section	section	NOUN
taxlaw-12357	1863	5	1260	1260	NUM
taxlaw-12357	1863	6	defends	defend	VERB
taxlaw-12357	1863	7	a	a	DET
taxlaw-12357	1863	8	questionable	questionable	ADJ
taxlaw-12357	1863	9	policy	policy	NOUN
taxlaw-12357	1863	10	:	:	PUNCT
taxlaw-12357	1863	11	rewarding	reward	VERB
taxlaw-12357	1863	12	taxpayers	taxpayer	NOUN
taxlaw-12357	1863	13	not	not	PART
taxlaw-12357	1863	14	just	just	ADV
taxlaw-12357	1863	15	for	for	ADP
taxlaw-12357	1863	16	investing	investing	NOUN
taxlaw-12357	1863	17	,	,	PUNCT
taxlaw-12357	1863	18	but	but	CCONJ
taxlaw-12357	1863	19	for	for	ADP
taxlaw-12357	1863	20	sticking	stick	VERB
taxlaw-12357	1863	21	with	with	ADP
taxlaw-12357	1863	22	a	a	DET
taxlaw-12357	1863	23	specific	specific	ADJ
taxlaw-12357	1863	24	investment	investment	NOUN
taxlaw-12357	1863	25	.	.	PUNCT
taxlaw-12357	1864	1	arguably	arguably	ADV
taxlaw-12357	1864	2	,	,	PUNCT
taxlaw-12357	1864	3	instead	instead	ADV
taxlaw-12357	1864	4	of	of	ADP
taxlaw-12357	1864	5	policing	police	VERB
taxlaw-12357	1864	6	this	this	DET
taxlaw-12357	1864	7	holding	hold	VERB
taxlaw-12357	1864	8	period	period	NOUN
taxlaw-12357	1864	9	rule	rule	NOUN
taxlaw-12357	1864	10	,	,	PUNCT
taxlaw-12357	1864	11	congress	congress	PROPN
taxlaw-12357	1864	12	should	should	AUX
taxlaw-12357	1864	13	liberalize	liberalize	VERB
taxlaw-12357	1864	14	it	it	PRON
taxlaw-12357	1864	15	,	,	PUNCT
taxlaw-12357	1864	16	as	as	SCONJ
taxlaw-12357	1864	17	discussed	discuss	VERB
taxlaw-12357	1864	18	above.216	above.216	VERB
taxlaw-12357	1864	19	yet	yet	ADV
taxlaw-12357	1864	20	if	if	SCONJ
taxlaw-12357	1864	21	policymakers	policymaker	NOUN
taxlaw-12357	1864	22	still	still	ADV
taxlaw-12357	1864	23	want	want	VERB
taxlaw-12357	1864	24	to	to	PART
taxlaw-12357	1864	25	defend	defend	VERB
taxlaw-12357	1864	26	this	this	DET
taxlaw-12357	1864	27	line	line	NOUN
taxlaw-12357	1864	28	(	(	PUNCT
taxlaw-12357	1864	29	e.g.	e.g.	ADV
taxlaw-12357	1864	30	,	,	PUNCT
taxlaw-12357	1864	31	to	to	PART
taxlaw-12357	1864	32	avoid	avoid	VERB
taxlaw-12357	1864	33	a	a	DET
taxlaw-12357	1864	34	tax	tax	NOUN
taxlaw-12357	1864	35	cut	cut	NOUN
taxlaw-12357	1864	36	for	for	ADP
taxlaw-12357	1864	37	wealthy	wealthy	ADJ
taxlaw-12357	1864	38	people	people	NOUN
taxlaw-12357	1864	39	)	)	PUNCT
taxlaw-12357	1864	40	,	,	PUNCT
taxlaw-12357	1864	41	they	they	PRON
taxlaw-12357	1864	42	need	need	VERB
taxlaw-12357	1864	43	to	to	PART
taxlaw-12357	1864	44	steer	steer	VERB
taxlaw-12357	1864	45	clear	clear	ADJ
taxlaw-12357	1864	46	of	of	ADP
taxlaw-12357	1864	47	“	"	PUNCT
taxlaw-12357	1864	48	good	good	ADJ
taxlaw-12357	1864	49	”	"	PUNCT
taxlaw-12357	1864	50	transactions	transaction	NOUN
taxlaw-12357	1864	51	(	(	PUNCT
taxlaw-12357	1864	52	e.g.	e.g.	ADV
taxlaw-12357	1864	53	,	,	PUNCT
taxlaw-12357	1864	54	hedges	hedge	NOUN
taxlaw-12357	1864	55	of	of	ADP
taxlaw-12357	1864	56	business	business	NOUN
taxlaw-12357	1864	57	risks	risk	NOUN
taxlaw-12357	1864	58	,	,	PUNCT
taxlaw-12357	1864	59	call	call	VERB
taxlaw-12357	1864	60	options	option	NOUN
taxlaw-12357	1864	61	on	on	ADP
taxlaw-12357	1864	62	growth	growth	NOUN
taxlaw-12357	1864	63	stocks	stock	NOUN
taxlaw-12357	1864	64	,	,	PUNCT
taxlaw-12357	1864	65	etc	etc	X
taxlaw-12357	1864	66	.	.	X
taxlaw-12357	1864	67	)	)	PUNCT
taxlaw-12357	1864	68	.	.	PUNCT
taxlaw-12357	1865	1	this	this	PRON
taxlaw-12357	1865	2	brings	bring	VERB
taxlaw-12357	1865	3	us	we	PRON
taxlaw-12357	1865	4	to	to	ADP
taxlaw-12357	1865	5	the	the	DET
taxlaw-12357	1865	6	second	second	ADJ
taxlaw-12357	1865	7	step	step	NOUN
taxlaw-12357	1865	8	:	:	PUNCT
taxlaw-12357	1865	9	preliminary	preliminary	ADJ
taxlaw-12357	1865	10	filters	filter	NOUN
taxlaw-12357	1865	11	should	should	AUX
taxlaw-12357	1865	12	screen	screen	VERB
taxlaw-12357	1865	13	out	out	ADP
taxlaw-12357	1865	14	transactions	transaction	NOUN
taxlaw-12357	1865	15	that	that	PRON
taxlaw-12357	1865	16	do	do	AUX
taxlaw-12357	1865	17	not	not	PART
taxlaw-12357	1865	18	pose	pose	VERB
taxlaw-12357	1865	19	the	the	DET
taxlaw-12357	1865	20	relevant	relevant	ADJ
taxlaw-12357	1865	21	abuse	abuse	NOUN
taxlaw-12357	1865	22	.	.	PUNCT
taxlaw-12357	1866	1	for	for	ADP
taxlaw-12357	1866	2	example	example	NOUN
taxlaw-12357	1866	3	,	,	PUNCT
taxlaw-12357	1866	4	filters	filter	NOUN
taxlaw-12357	1866	5	should	should	AUX
taxlaw-12357	1866	6	exempt	exempt	VERB
taxlaw-12357	1866	7	taxpayers	taxpayer	NOUN
taxlaw-12357	1866	8	with	with	ADP
taxlaw-12357	1866	9	income	income	NOUN
taxlaw-12357	1866	10	and	and	CCONJ
taxlaw-12357	1866	11	assets	asset	NOUN
taxlaw-12357	1866	12	below	below	ADP
taxlaw-12357	1866	13	a	a	DET
taxlaw-12357	1866	14	specified	specified	ADJ
taxlaw-12357	1866	15	level	level	NOUN
taxlaw-12357	1866	16	,	,	PUNCT
taxlaw-12357	1866	17	common	common	ADJ
taxlaw-12357	1866	18	business	business	NOUN
taxlaw-12357	1866	19	transactions	transaction	NOUN
taxlaw-12357	1866	20	that	that	PRON
taxlaw-12357	1866	21	are	be	AUX
taxlaw-12357	1866	22	not	not	PART
taxlaw-12357	1866	23	tax	tax	NOUN
taxlaw-12357	1866	24	motivated	motivated	ADJ
taxlaw-12357	1866	25	,	,	PUNCT
taxlaw-12357	1866	26	and	and	CCONJ
taxlaw-12357	1866	27	the	the	DET
taxlaw-12357	1866	28	like	like	ADJ
taxlaw-12357	1866	29	.	.	PUNCT
taxlaw-12357	1867	1	with	with	ADP
taxlaw-12357	1867	2	the	the	DET
taxlaw-12357	1867	3	right	right	ADJ
taxlaw-12357	1867	4	preliminary	preliminary	ADJ
taxlaw-12357	1867	5	filters	filter	NOUN
taxlaw-12357	1867	6	,	,	PUNCT
taxlaw-12357	1867	7	the	the	DET
taxlaw-12357	1867	8	third	third	ADJ
taxlaw-12357	1867	9	step	step	NOUN
taxlaw-12357	1867	10	–	–	PUNCT
taxlaw-12357	1867	11	a	a	DET
taxlaw-12357	1867	12	sophisticated	sophisticated	ADJ
taxlaw-12357	1867	13	test	test	NOUN
taxlaw-12357	1867	14	–	–	PUNCT
taxlaw-12357	1867	15	applies	apply	VERB
taxlaw-12357	1867	16	more	more	ADV
taxlaw-12357	1867	17	narrowly	narrowly	ADV
taxlaw-12357	1867	18	,	,	PUNCT
taxlaw-12357	1867	19	and	and	CCONJ
taxlaw-12357	1867	20	thus	thus	ADV
taxlaw-12357	1867	21	is	be	AUX
taxlaw-12357	1867	22	less	less	ADV
taxlaw-12357	1867	23	burdensome	burdensome	ADJ
taxlaw-12357	1867	24	to	to	PART
taxlaw-12357	1867	25	administer	administer	VERB
taxlaw-12357	1867	26	.	.	PUNCT
taxlaw-12357	1868	1	for	for	ADP
taxlaw-12357	1868	2	section	section	NOUN
taxlaw-12357	1868	3	1260	1260	NUM
taxlaw-12357	1868	4	,	,	PUNCT
taxlaw-12357	1868	5	we	we	PRON
taxlaw-12357	1868	6	recommend	recommend	VERB
taxlaw-12357	1868	7	a	a	DET
taxlaw-12357	1868	8	“	"	PUNCT
taxlaw-12357	1868	9	difference	difference	NOUN
taxlaw-12357	1868	10	-	-	PUNCT
taxlaw-12357	1868	11	value	value	NOUN
taxlaw-12357	1868	12	”	"	PUNCT
taxlaw-12357	1868	13	test	test	NOUN
taxlaw-12357	1868	14	,	,	PUNCT
taxlaw-12357	1868	15	which	which	PRON
taxlaw-12357	1868	16	compares	compare	VERB
taxlaw-12357	1868	17	the	the	DET
taxlaw-12357	1868	18	value	value	NOUN
taxlaw-12357	1868	19	of	of	ADP
taxlaw-12357	1868	20	exposure	exposure	NOUN
taxlaw-12357	1868	21	omitted	omit	VERB
taxlaw-12357	1868	22	from	from	ADP
taxlaw-12357	1868	23	a	a	DET
taxlaw-12357	1868	24	hedge	hedge	NOUN
taxlaw-12357	1868	25	fund	fund	NOUN
taxlaw-12357	1868	26	derivative	derivative	NOUN
taxlaw-12357	1868	27	to	to	ADP
taxlaw-12357	1868	28	the	the	DET
taxlaw-12357	1868	29	total	total	ADJ
taxlaw-12357	1868	30	value	value	NOUN
taxlaw-12357	1868	31	of	of	ADP
taxlaw-12357	1868	32	the	the	DET
taxlaw-12357	1868	33	underlying	underlying	ADJ
taxlaw-12357	1868	34	fund	fund	NOUN
taxlaw-12357	1868	35	interest	interest	NOUN
taxlaw-12357	1868	36	.	.	PUNCT
taxlaw-12357	1869	1	we	we	PRON
taxlaw-12357	1869	2	show	show	VERB
taxlaw-12357	1869	3	why	why	SCONJ
taxlaw-12357	1869	4	this	this	DET
taxlaw-12357	1869	5	approach	approach	NOUN
taxlaw-12357	1869	6	is	be	AUX
taxlaw-12357	1869	7	better	well	ADJ
taxlaw-12357	1869	8	than	than	ADP
taxlaw-12357	1869	9	a	a	DET
taxlaw-12357	1869	10	simple	simple	ADJ
taxlaw-12357	1869	11	“	"	PUNCT
taxlaw-12357	1869	12	spread	spread	ADJ
taxlaw-12357	1869	13	test	test	NOUN
taxlaw-12357	1869	14	,	,	PUNCT
taxlaw-12357	1869	15	”	"	PUNCT
taxlaw-12357	1869	16	as	as	ADV
taxlaw-12357	1869	17	well	well	ADV
taxlaw-12357	1869	18	as	as	ADP
taxlaw-12357	1869	19	tests	test	NOUN
taxlaw-12357	1869	20	based	base	VERB
taxlaw-12357	1869	21	on	on	ADP
taxlaw-12357	1869	22	delta	delta	NOUN
taxlaw-12357	1869	23	and	and	CCONJ
taxlaw-12357	1869	24	probability	probability	NOUN
taxlaw-12357	1869	25	.	.	PUNCT
taxlaw-12357	1870	1	we	we	PRON
taxlaw-12357	1870	2	also	also	ADV
taxlaw-12357	1870	3	offer	offer	VERB
taxlaw-12357	1870	4	novel	novel	ADJ
taxlaw-12357	1870	5	insights	insight	NOUN
taxlaw-12357	1870	6	about	about	ADP
taxlaw-12357	1870	7	delta	delta	NOUN
taxlaw-12357	1870	8	tests	test	NOUN
taxlaw-12357	1870	9	,	,	PUNCT
taxlaw-12357	1870	10	showing	show	VERB
taxlaw-12357	1870	11	how	how	SCONJ
taxlaw-12357	1870	12	they	they	PRON
taxlaw-12357	1870	13	can	can	AUX
taxlaw-12357	1870	14	be	be	AUX
taxlaw-12357	1870	15	manipulated	manipulate	VERB
taxlaw-12357	1870	16	fairly	fairly	ADV
taxlaw-12357	1870	17	easily	easily	ADV
taxlaw-12357	1870	18	with	with	ADP
taxlaw-12357	1870	19	contingencies	contingency	NOUN
taxlaw-12357	1870	20	.	.	PUNCT
taxlaw-12357	1871	1	more	more	ADV
taxlaw-12357	1871	2	generally	generally	ADV
taxlaw-12357	1871	3	,	,	PUNCT
taxlaw-12357	1871	4	we	we	PRON
taxlaw-12357	1871	5	recommend	recommend	VERB
taxlaw-12357	1871	6	tests	test	NOUN
taxlaw-12357	1871	7	that	that	PRON
taxlaw-12357	1871	8	are	be	AUX
taxlaw-12357	1871	9	precise	precise	ADJ
taxlaw-12357	1871	10	and	and	CCONJ
taxlaw-12357	1871	11	rigorous	rigorous	ADJ
taxlaw-12357	1871	12	because	because	SCONJ
taxlaw-12357	1871	13	they	they	PRON
taxlaw-12357	1871	14	can	can	AUX
taxlaw-12357	1871	15	provide	provide	VERB
taxlaw-12357	1871	16	greater	great	ADJ
taxlaw-12357	1871	17	certainty	certainty	NOUN
taxlaw-12357	1871	18	,	,	PUNCT
taxlaw-12357	1871	19	while	while	SCONJ
taxlaw-12357	1871	20	also	also	ADV
taxlaw-12357	1871	21	limiting	limit	VERB
taxlaw-12357	1871	22	a	a	DET
taxlaw-12357	1871	23	taxpayer	taxpayer	NOUN
taxlaw-12357	1871	24	’s	’s	PART
taxlaw-12357	1871	25	ability	ability	NOUN
taxlaw-12357	1871	26	to	to	PART
taxlaw-12357	1871	27	use	use	VERB
taxlaw-12357	1871	28	new	new	ADJ
taxlaw-12357	1871	29	variations	variation	NOUN
taxlaw-12357	1871	30	of	of	ADP
taxlaw-12357	1871	31	the	the	DET
taxlaw-12357	1871	32	targeted	target	VERB
taxlaw-12357	1871	33	planning	planning	NOUN
taxlaw-12357	1871	34	strategy	strategy	NOUN
taxlaw-12357	1871	35	.	.	PUNCT
taxlaw-12357	1872	1	216	216	NUM
taxlaw-12357	1872	2	see	see	VERB
taxlaw-12357	1872	3	supra	supra	PROPN
taxlaw-12357	1872	4	part	part	PROPN
taxlaw-12357	1872	5	iv.b.2	iv.b.2	PROPN
taxlaw-12357	1872	6	.	.	PUNCT
taxlaw-12357	1872	7	2024	2024	NUM
taxlaw-12357	1872	8	]	]	PUNCT
taxlaw-12357	1872	9	transaction	transaction	NOUN
taxlaw-12357	1872	10	-	-	PUNCT
taxlaw-12357	1872	11	specific	specific	ADJ
taxlaw-12357	1872	12	tax	tax	NOUN
taxlaw-12357	1872	13	reform	reform	NOUN
taxlaw-12357	1872	14	in	in	ADP
taxlaw-12357	1872	15	three	three	NUM
taxlaw-12357	1872	16	steps	step	NOUN
taxlaw-12357	1872	17	69	69	NUM
taxlaw-12357	1872	18	ix	ix	ADV
taxlaw-12357	1872	19	.	.	PUNCT
taxlaw-12357	1873	1	appendix	appendix	VERB
taxlaw-12357	1873	2	a	a	DET
taxlaw-12357	1873	3	:	:	PUNCT
taxlaw-12357	1873	4	delta	delta	NOUN
taxlaw-12357	1873	5	and	and	CCONJ
taxlaw-12357	1873	6	the	the	DET
taxlaw-12357	1873	7	timing	timing	NOUN
taxlaw-12357	1873	8	of	of	ADP
taxlaw-12357	1873	9	payments	payment	NOUN
taxlaw-12357	1873	10	in	in	ADP
taxlaw-12357	1873	11	the	the	DET
taxlaw-12357	1873	12	gwa	gwa	NOUN
taxlaw-12357	1873	13	contract	contract	NOUN
taxlaw-12357	1873	14	as	as	SCONJ
taxlaw-12357	1873	15	discussed	discuss	VERB
taxlaw-12357	1873	16	in	in	ADP
taxlaw-12357	1873	17	part	part	NOUN
taxlaw-12357	1873	18	vi	vi	PROPN
taxlaw-12357	1873	19	,	,	PUNCT
taxlaw-12357	1873	20	the	the	DET
taxlaw-12357	1873	21	gwa	gwa	NOUN
taxlaw-12357	1873	22	contract	contract	NOUN
taxlaw-12357	1873	23	includes	include	VERB
taxlaw-12357	1873	24	a	a	DET
taxlaw-12357	1873	25	knock	knock	VERB
taxlaw-12357	1873	26	-	-	PUNCT
taxlaw-12357	1873	27	out	out	ADP
taxlaw-12357	1873	28	call	call	NOUN
taxlaw-12357	1873	29	,	,	PUNCT
taxlaw-12357	1873	30	as	as	ADV
taxlaw-12357	1873	31	well	well	ADV
taxlaw-12357	1873	32	as	as	ADP
taxlaw-12357	1873	33	a	a	DET
taxlaw-12357	1873	34	buy	buy	VERB
taxlaw-12357	1873	35	-	-	PUNCT
taxlaw-12357	1873	36	down	down	ADP
taxlaw-12357	1873	37	option	option	NOUN
taxlaw-12357	1873	38	.	.	PUNCT
taxlaw-12357	1874	1	unfortunately	unfortunately	ADV
taxlaw-12357	1874	2	,	,	PUNCT
taxlaw-12357	1874	3	the	the	DET
taxlaw-12357	1874	4	delta	delta	NOUN
taxlaw-12357	1874	5	test	test	NOUN
taxlaw-12357	1874	6	does	do	VERB
taxlaw-12357	1874	7	a	a	DET
taxlaw-12357	1874	8	poor	poor	ADJ
taxlaw-12357	1874	9	job	job	NOUN
taxlaw-12357	1874	10	of	of	ADP
taxlaw-12357	1874	11	dealing	deal	VERB
taxlaw-12357	1874	12	with	with	ADP
taxlaw-12357	1874	13	contingencies	contingency	NOUN
taxlaw-12357	1874	14	in	in	ADP
taxlaw-12357	1874	15	general	general	ADJ
taxlaw-12357	1874	16	,	,	PUNCT
taxlaw-12357	1874	17	as	as	SCONJ
taxlaw-12357	1874	18	noted	note	VERB
taxlaw-12357	1874	19	above.217	above.217	NOUN
taxlaw-12357	1874	20	as	as	ADP
taxlaw-12357	1874	21	a	a	DET
taxlaw-12357	1874	22	result	result	NOUN
taxlaw-12357	1874	23	,	,	PUNCT
taxlaw-12357	1874	24	this	this	DET
taxlaw-12357	1874	25	test	test	NOUN
taxlaw-12357	1874	26	is	be	AUX
taxlaw-12357	1874	27	not	not	PART
taxlaw-12357	1874	28	effective	effective	ADJ
taxlaw-12357	1874	29	in	in	ADP
taxlaw-12357	1874	30	analyzing	analyze	VERB
taxlaw-12357	1874	31	gwa	gwa	NOUN
taxlaw-12357	1874	32	’s	’s	PART
taxlaw-12357	1874	33	knock	knock	VERB
taxlaw-12357	1874	34	-	-	PUNCT
taxlaw-12357	1874	35	out	out	NOUN
taxlaw-12357	1874	36	call.218	call.218	NOUN
taxlaw-12357	1874	37	again	again	ADV
taxlaw-12357	1874	38	,	,	PUNCT
taxlaw-12357	1874	39	the	the	DET
taxlaw-12357	1874	40	problem	problem	NOUN
taxlaw-12357	1874	41	is	be	AUX
taxlaw-12357	1874	42	that	that	SCONJ
taxlaw-12357	1874	43	the	the	DET
taxlaw-12357	1874	44	delta	delta	NOUN
taxlaw-12357	1874	45	test	test	NOUN
taxlaw-12357	1874	46	is	be	AUX
taxlaw-12357	1874	47	overly	overly	ADV
taxlaw-12357	1874	48	focused	focused	ADJ
taxlaw-12357	1874	49	on	on	ADP
taxlaw-12357	1874	50	correlations	correlation	NOUN
taxlaw-12357	1874	51	at	at	ADP
taxlaw-12357	1874	52	a	a	DET
taxlaw-12357	1874	53	moment	moment	NOUN
taxlaw-12357	1874	54	in	in	ADP
taxlaw-12357	1874	55	time	time	NOUN
taxlaw-12357	1874	56	.	.	PUNCT
taxlaw-12357	1875	1	this	this	DET
taxlaw-12357	1875	2	appendix	appendix	NOUN
taxlaw-12357	1875	3	broadens	broaden	VERB
taxlaw-12357	1875	4	the	the	DET
taxlaw-12357	1875	5	analysis	analysis	NOUN
taxlaw-12357	1875	6	to	to	PART
taxlaw-12357	1875	7	include	include	VERB
taxlaw-12357	1875	8	two	two	NUM
taxlaw-12357	1875	9	other	other	ADJ
taxlaw-12357	1875	10	features	feature	NOUN
taxlaw-12357	1875	11	of	of	ADP
taxlaw-12357	1875	12	the	the	DET
taxlaw-12357	1875	13	gwa	gwa	NOUN
taxlaw-12357	1875	14	contract	contract	NOUN
taxlaw-12357	1875	15	:	:	PUNCT
taxlaw-12357	1875	16	first	first	ADV
taxlaw-12357	1875	17	,	,	PUNCT
taxlaw-12357	1875	18	the	the	DET
taxlaw-12357	1875	19	bank	bank	NOUN
taxlaw-12357	1875	20	’s	’s	PART
taxlaw-12357	1875	21	implicit	implicit	ADJ
taxlaw-12357	1875	22	loan	loan	NOUN
taxlaw-12357	1875	23	of	of	ADP
taxlaw-12357	1875	24	$	$	SYM
taxlaw-12357	1875	25	90	90	NUM
taxlaw-12357	1875	26	to	to	ADP
taxlaw-12357	1875	27	gwa	gwa	NOUN
taxlaw-12357	1875	28	;	;	PUNCT
taxlaw-12357	1875	29	and	and	CCONJ
taxlaw-12357	1875	30	,	,	PUNCT
taxlaw-12357	1875	31	second	second	ADJ
taxlaw-12357	1875	32	,	,	PUNCT
taxlaw-12357	1875	33	gwa	gwa	NOUN
taxlaw-12357	1875	34	’s	’s	PART
taxlaw-12357	1875	35	right	right	NOUN
taxlaw-12357	1875	36	to	to	PART
taxlaw-12357	1875	37	receive	receive	VERB
taxlaw-12357	1875	38	$	$	SYM
taxlaw-12357	1875	39	7	7	NUM
taxlaw-12357	1875	40	of	of	ADP
taxlaw-12357	1875	41	its	its	PRON
taxlaw-12357	1875	42	deposit	deposit	NOUN
taxlaw-12357	1875	43	when	when	SCONJ
taxlaw-12357	1875	44	the	the	DET
taxlaw-12357	1875	45	contract	contract	NOUN
taxlaw-12357	1875	46	terminates	terminate	VERB
taxlaw-12357	1875	47	.	.	PUNCT
taxlaw-12357	1876	1	as	as	SCONJ
taxlaw-12357	1876	2	it	it	PRON
taxlaw-12357	1876	3	turns	turn	VERB
taxlaw-12357	1876	4	out	out	ADP
taxlaw-12357	1876	5	,	,	PUNCT
taxlaw-12357	1876	6	these	these	DET
taxlaw-12357	1876	7	features	feature	NOUN
taxlaw-12357	1876	8	have	have	VERB
taxlaw-12357	1876	9	a	a	DET
taxlaw-12357	1876	10	somewhat	somewhat	ADV
taxlaw-12357	1876	11	unexpected	unexpected	ADJ
taxlaw-12357	1876	12	effect	effect	NOUN
taxlaw-12357	1876	13	on	on	ADP
taxlaw-12357	1876	14	delta	delta	NOUN
taxlaw-12357	1876	15	.	.	PUNCT
taxlaw-12357	1877	1	this	this	DET
taxlaw-12357	1877	2	appendix	appendix	NOUN
taxlaw-12357	1877	3	shows	show	VERB
taxlaw-12357	1877	4	that	that	SCONJ
taxlaw-12357	1877	5	if	if	SCONJ
taxlaw-12357	1877	6	these	these	DET
taxlaw-12357	1877	7	components	component	NOUN
taxlaw-12357	1877	8	are	be	AUX
taxlaw-12357	1877	9	precisely	precisely	ADV
taxlaw-12357	1877	10	calibrated	calibrate	VERB
taxlaw-12357	1877	11	,	,	PUNCT
taxlaw-12357	1877	12	they	they	PRON
taxlaw-12357	1877	13	actually	actually	ADV
taxlaw-12357	1877	14	can	can	AUX
taxlaw-12357	1877	15	bring	bring	VERB
taxlaw-12357	1877	16	delta	delta	NOUN
taxlaw-12357	1877	17	close	close	ADV
taxlaw-12357	1877	18	to	to	ADP
taxlaw-12357	1877	19	1.0	1.0	NUM
taxlaw-12357	1877	20	.	.	PUNCT
taxlaw-12357	1878	1	we	we	PRON
taxlaw-12357	1878	2	show	show	VERB
taxlaw-12357	1878	3	that	that	SCONJ
taxlaw-12357	1878	4	the	the	DET
taxlaw-12357	1878	5	sum	sum	NOUN
taxlaw-12357	1878	6	of	of	ADP
taxlaw-12357	1878	7	the	the	DET
taxlaw-12357	1878	8	deltas	delta	NOUN
taxlaw-12357	1878	9	of	of	ADP
taxlaw-12357	1878	10	gwa	gwa	NOUN
taxlaw-12357	1878	11	and	and	CCONJ
taxlaw-12357	1878	12	the	the	DET
taxlaw-12357	1878	13	bank	bank	NOUN
taxlaw-12357	1878	14	in	in	ADP
taxlaw-12357	1878	15	the	the	DET
taxlaw-12357	1878	16	various	various	ADJ
taxlaw-12357	1878	17	components	component	NOUN
taxlaw-12357	1878	18	of	of	ADP
taxlaw-12357	1878	19	the	the	DET
taxlaw-12357	1878	20	contract	contract	NOUN
taxlaw-12357	1878	21	is	be	AUX
taxlaw-12357	1878	22	1.0	1.0	NUM
taxlaw-12357	1878	23	.	.	PUNCT
taxlaw-12357	1879	1	this	this	PRON
taxlaw-12357	1879	2	is	be	AUX
taxlaw-12357	1879	3	not	not	PART
taxlaw-12357	1879	4	surprising	surprising	ADJ
taxlaw-12357	1879	5	.	.	PUNCT
taxlaw-12357	1880	1	at	at	ADP
taxlaw-12357	1880	2	the	the	DET
taxlaw-12357	1880	3	end	end	NOUN
taxlaw-12357	1880	4	of	of	ADP
taxlaw-12357	1880	5	the	the	DET
taxlaw-12357	1880	6	day	day	NOUN
taxlaw-12357	1880	7	,	,	PUNCT
taxlaw-12357	1880	8	the	the	DET
taxlaw-12357	1880	9	parties	party	NOUN
taxlaw-12357	1880	10	are	be	AUX
taxlaw-12357	1880	11	jointly	jointly	ADV
taxlaw-12357	1880	12	investing	invest	VERB
taxlaw-12357	1880	13	in	in	ADP
taxlaw-12357	1880	14	one	one	NUM
taxlaw-12357	1880	15	unit	unit	NOUN
taxlaw-12357	1880	16	of	of	ADP
taxlaw-12357	1880	17	underlying	underlie	VERB
taxlaw-12357	1880	18	.	.	PUNCT
taxlaw-12357	1881	1	through	through	ADP
taxlaw-12357	1881	2	the	the	DET
taxlaw-12357	1881	3	contract	contract	NOUN
taxlaw-12357	1881	4	,	,	PUNCT
taxlaw-12357	1881	5	they	they	PRON
taxlaw-12357	1881	6	divide	divide	VERB
taxlaw-12357	1881	7	the	the	DET
taxlaw-12357	1881	8	economic	economic	ADJ
taxlaw-12357	1881	9	return	return	NOUN
taxlaw-12357	1881	10	between	between	ADP
taxlaw-12357	1881	11	them	they	PRON
taxlaw-12357	1881	12	,	,	PUNCT
taxlaw-12357	1881	13	with	with	ADP
taxlaw-12357	1881	14	some	some	PRON
taxlaw-12357	1881	15	going	go	VERB
taxlaw-12357	1881	16	to	to	ADP
taxlaw-12357	1881	17	gwa	gwa	NOUN
taxlaw-12357	1881	18	and	and	CCONJ
taxlaw-12357	1881	19	some	some	PRON
taxlaw-12357	1881	20	staying	stay	VERB
taxlaw-12357	1881	21	with	with	ADP
taxlaw-12357	1881	22	the	the	DET
taxlaw-12357	1881	23	bank	bank	NOUN
taxlaw-12357	1881	24	.	.	PUNCT
taxlaw-12357	1882	1	on	on	ADP
taxlaw-12357	1882	2	net	net	NOUN
taxlaw-12357	1882	3	,	,	PUNCT
taxlaw-12357	1882	4	the	the	DET
taxlaw-12357	1882	5	sum	sum	NOUN
taxlaw-12357	1882	6	of	of	ADP
taxlaw-12357	1882	7	this	this	DET
taxlaw-12357	1882	8	exposure	exposure	NOUN
taxlaw-12357	1882	9	should	should	AUX
taxlaw-12357	1882	10	simply	simply	ADV
taxlaw-12357	1882	11	be	be	AUX
taxlaw-12357	1882	12	the	the	DET
taxlaw-12357	1882	13	underlying	underlie	VERB
taxlaw-12357	1882	14	–	–	PUNCT
taxlaw-12357	1882	15	that	that	ADV
taxlaw-12357	1882	16	is	be	AUX
taxlaw-12357	1882	17	,	,	PUNCT
taxlaw-12357	1882	18	delta	delta	NOUN
taxlaw-12357	1882	19	1	1	NUM
taxlaw-12357	1882	20	.	.	PUNCT
taxlaw-12357	1883	1	perhaps	perhaps	ADV
taxlaw-12357	1883	2	more	more	ADV
taxlaw-12357	1883	3	surprisingly	surprisingly	ADV
taxlaw-12357	1883	4	,	,	PUNCT
taxlaw-12357	1883	5	we	we	PRON
taxlaw-12357	1883	6	show	show	VERB
taxlaw-12357	1883	7	that	that	SCONJ
taxlaw-12357	1883	8	if	if	SCONJ
taxlaw-12357	1883	9	the	the	DET
taxlaw-12357	1883	10	bank	bank	NOUN
taxlaw-12357	1883	11	is	be	AUX
taxlaw-12357	1883	12	compensated	compensate	VERB
taxlaw-12357	1883	13	for	for	ADP
taxlaw-12357	1883	14	the	the	DET
taxlaw-12357	1883	15	time	time	NOUN
taxlaw-12357	1883	16	-	-	PUNCT
taxlaw-12357	1883	17	value	value	NOUN
taxlaw-12357	1883	18	of	of	ADP
taxlaw-12357	1883	19	money	money	NOUN
taxlaw-12357	1883	20	with	with	ADP
taxlaw-12357	1883	21	respect	respect	NOUN
taxlaw-12357	1883	22	to	to	ADP
taxlaw-12357	1883	23	its	its	PRON
taxlaw-12357	1883	24	loan	loan	NOUN
taxlaw-12357	1883	25	,	,	PUNCT
taxlaw-12357	1883	26	the	the	DET
taxlaw-12357	1883	27	bank	bank	NOUN
taxlaw-12357	1883	28	has	have	VERB
taxlaw-12357	1883	29	a	a	DET
taxlaw-12357	1883	30	delta	delta	NOUN
taxlaw-12357	1883	31	of	of	ADP
taxlaw-12357	1883	32	0	0	NUM
taxlaw-12357	1883	33	.	.	PUNCT
taxlaw-12357	1884	1	accordingly	accordingly	ADV
taxlaw-12357	1884	2	,	,	PUNCT
taxlaw-12357	1884	3	gwa	gwa	PROPN
taxlaw-12357	1884	4	has	have	VERB
taxlaw-12357	1884	5	a	a	DET
taxlaw-12357	1884	6	delta	delta	NOUN
taxlaw-12357	1884	7	of	of	ADP
taxlaw-12357	1884	8	1.0	1.0	NUM
taxlaw-12357	1884	9	in	in	ADP
taxlaw-12357	1884	10	this	this	DET
taxlaw-12357	1884	11	case	case	NOUN
taxlaw-12357	1884	12	.	.	PUNCT
taxlaw-12357	1885	1	we	we	PRON
taxlaw-12357	1885	2	show	show	VERB
taxlaw-12357	1885	3	how	how	SCONJ
taxlaw-12357	1885	4	multiple	multiple	ADJ
taxlaw-12357	1885	5	features	feature	NOUN
taxlaw-12357	1885	6	of	of	ADP
taxlaw-12357	1885	7	the	the	DET
taxlaw-12357	1885	8	contract	contract	NOUN
taxlaw-12357	1885	9	combine	combine	VERB
taxlaw-12357	1885	10	to	to	PART
taxlaw-12357	1885	11	yield	yield	VERB
taxlaw-12357	1885	12	this	this	DET
taxlaw-12357	1885	13	result	result	NOUN
taxlaw-12357	1885	14	.	.	PUNCT
taxlaw-12357	1886	1	this	this	DET
taxlaw-12357	1886	2	appendix	appendix	NOUN
taxlaw-12357	1886	3	begins	begin	VERB
taxlaw-12357	1886	4	by	by	ADP
taxlaw-12357	1886	5	analyzing	analyze	VERB
taxlaw-12357	1886	6	the	the	DET
taxlaw-12357	1886	7	contract	contract	NOUN
taxlaw-12357	1886	8	from	from	ADP
taxlaw-12357	1886	9	the	the	DET
taxlaw-12357	1886	10	perspective	perspective	NOUN
taxlaw-12357	1886	11	of	of	ADP
taxlaw-12357	1886	12	the	the	DET
taxlaw-12357	1886	13	bank	bank	NOUN
taxlaw-12357	1886	14	,	,	PUNCT
taxlaw-12357	1886	15	and	and	CCONJ
taxlaw-12357	1886	16	then	then	ADV
taxlaw-12357	1886	17	turns	turn	VERB
taxlaw-12357	1886	18	to	to	ADP
taxlaw-12357	1886	19	the	the	DET
taxlaw-12357	1886	20	perspective	perspective	NOUN
taxlaw-12357	1886	21	of	of	ADP
taxlaw-12357	1886	22	gwa	gwa	NOUN
taxlaw-12357	1886	23	.	.	PUNCT
taxlaw-12357	1887	1	as	as	ADP
taxlaw-12357	1887	2	before	before	ADV
taxlaw-12357	1887	3	,	,	PUNCT
taxlaw-12357	1887	4	we	we	PRON
taxlaw-12357	1887	5	base	base	VERB
taxlaw-12357	1887	6	our	our	PRON
taxlaw-12357	1887	7	analysis	analysis	NOUN
taxlaw-12357	1887	8	on	on	ADP
taxlaw-12357	1887	9	limited	limited	ADJ
taxlaw-12357	1887	10	information	information	NOUN
taxlaw-12357	1887	11	available	available	ADJ
taxlaw-12357	1887	12	from	from	ADP
taxlaw-12357	1887	13	joint	joint	ADJ
taxlaw-12357	1887	14	trial	trial	NOUN
taxlaw-12357	1887	15	exhibit	exhibit	VERB
taxlaw-12357	1887	16	23	23	NUM
taxlaw-12357	1887	17	-	-	SYM
taxlaw-12357	1887	18	j.	j.	NOUN
taxlaw-12357	1887	19	no	no	PROPN
taxlaw-12357	1887	20	.	.	PUNCT
taxlaw-12357	1888	1	6981	6981	NUM
taxlaw-12357	1888	2	-	-	SYM
taxlaw-12357	1888	3	19	19	NUM
taxlaw-12357	1888	4	(	(	PUNCT
taxlaw-12357	1888	5	u.s.t.c	u.s.t.c	PROPN
taxlaw-12357	1888	6	.	.	PROPN
taxlaw-12357	1888	7	filed	file	VERB
taxlaw-12357	1888	8	nov	nov	PROPN
taxlaw-12357	1888	9	.	.	PROPN
taxlaw-12357	1888	10	20	20	NUM
taxlaw-12357	1888	11	,	,	PUNCT
taxlaw-12357	1888	12	2020	2020	NUM
taxlaw-12357	1888	13	)	)	PUNCT
taxlaw-12357	1888	14	.	.	PUNCT
taxlaw-12357	1889	1	for	for	ADP
taxlaw-12357	1889	2	the	the	DET
taxlaw-12357	1889	3	sake	sake	NOUN
taxlaw-12357	1889	4	of	of	ADP
taxlaw-12357	1889	5	simplicity	simplicity	NOUN
taxlaw-12357	1889	6	,	,	PUNCT
taxlaw-12357	1889	7	we	we	PRON
taxlaw-12357	1889	8	also	also	ADV
taxlaw-12357	1889	9	assume	assume	VERB
taxlaw-12357	1889	10	that	that	SCONJ
taxlaw-12357	1889	11	the	the	DET
taxlaw-12357	1889	12	buy	buy	VERB
taxlaw-12357	1889	13	-	-	PUNCT
taxlaw-12357	1889	14	down	down	ADP
taxlaw-12357	1889	15	option	option	NOUN
taxlaw-12357	1889	16	is	be	AUX
taxlaw-12357	1889	17	not	not	PART
taxlaw-12357	1889	18	used	use	VERB
taxlaw-12357	1889	19	.	.	PUNCT
taxlaw-12357	1890	1	a.	a.	NOUN
taxlaw-12357	1890	2	the	the	DET
taxlaw-12357	1890	3	bank	bank	NOUN
taxlaw-12357	1890	4	’s	’s	PART
taxlaw-12357	1890	5	perspective	perspective	NOUN
taxlaw-12357	1890	6	let	let	VERB
taxlaw-12357	1890	7	’s	’s	NOUN
taxlaw-12357	1890	8	begin	begin	VERB
taxlaw-12357	1890	9	with	with	ADP
taxlaw-12357	1890	10	the	the	DET
taxlaw-12357	1890	11	delta	delta	NOUN
taxlaw-12357	1890	12	of	of	ADP
taxlaw-12357	1890	13	the	the	DET
taxlaw-12357	1890	14	bank	bank	NOUN
taxlaw-12357	1890	15	’s	’s	PART
taxlaw-12357	1890	16	position	position	NOUN
taxlaw-12357	1890	17	.	.	PUNCT
taxlaw-12357	1891	1	at	at	ADP
taxlaw-12357	1891	2	first	first	ADJ
taxlaw-12357	1891	3	blush	blush	NOUN
taxlaw-12357	1891	4	,	,	PUNCT
taxlaw-12357	1891	5	it	it	PRON
taxlaw-12357	1891	6	might	might	AUX
taxlaw-12357	1891	7	seem	seem	VERB
taxlaw-12357	1891	8	as	as	SCONJ
taxlaw-12357	1891	9	if	if	SCONJ
taxlaw-12357	1891	10	the	the	DET
taxlaw-12357	1891	11	bank	bank	NOUN
taxlaw-12357	1891	12	has	have	VERB
taxlaw-12357	1891	13	no	no	DET
taxlaw-12357	1891	14	exposure	exposure	NOUN
taxlaw-12357	1891	15	to	to	ADP
taxlaw-12357	1891	16	the	the	DET
taxlaw-12357	1891	17	underlying	underlie	VERB
taxlaw-12357	1891	18	,	,	PUNCT
taxlaw-12357	1891	19	so	so	CCONJ
taxlaw-12357	1891	20	its	its	PRON
taxlaw-12357	1891	21	delta	delta	NOUN
taxlaw-12357	1891	22	on	on	ADP
taxlaw-12357	1891	23	the	the	DET
taxlaw-12357	1891	24	contract	contract	NOUN
taxlaw-12357	1891	25	should	should	AUX
taxlaw-12357	1891	26	be	be	AUX
taxlaw-12357	1891	27	zero	zero	NUM
taxlaw-12357	1891	28	.	.	PUNCT
taxlaw-12357	1892	1	this	this	PRON
taxlaw-12357	1892	2	makes	make	VERB
taxlaw-12357	1892	3	sense	sense	NOUN
taxlaw-12357	1892	4	if	if	SCONJ
taxlaw-12357	1892	5	the	the	DET
taxlaw-12357	1892	6	bank	bank	NOUN
taxlaw-12357	1892	7	is	be	AUX
taxlaw-12357	1892	8	simply	simply	ADV
taxlaw-12357	1892	9	serving	serve	VERB
taxlaw-12357	1892	10	as	as	ADP
taxlaw-12357	1892	11	an	an	DET
taxlaw-12357	1892	12	intermediary	intermediary	NOUN
taxlaw-12357	1892	13	here	here	ADV
taxlaw-12357	1892	14	,	,	PUNCT
taxlaw-12357	1892	15	so	so	SCONJ
taxlaw-12357	1892	16	that	that	SCONJ
taxlaw-12357	1892	17	gwa	gwa	NOUN
taxlaw-12357	1892	18	–	–	PUNCT
taxlaw-12357	1892	19	not	not	PART
taxlaw-12357	1892	20	the	the	DET
taxlaw-12357	1892	21	bank	bank	NOUN
taxlaw-12357	1892	22	–	–	PUNCT
taxlaw-12357	1892	23	is	be	AUX
taxlaw-12357	1892	24	supposed	suppose	VERB
taxlaw-12357	1892	25	to	to	PART
taxlaw-12357	1892	26	get	get	VERB
taxlaw-12357	1892	27	the	the	DET
taxlaw-12357	1892	28	economics	economic	NOUN
taxlaw-12357	1892	29	of	of	ADP
taxlaw-12357	1892	30	investing	invest	VERB
taxlaw-12357	1892	31	in	in	ADP
taxlaw-12357	1892	32	underlying	underlie	VERB
taxlaw-12357	1892	33	.	.	PUNCT
taxlaw-12357	1893	1	but	but	CCONJ
taxlaw-12357	1893	2	this	this	PRON
taxlaw-12357	1893	3	is	be	AUX
taxlaw-12357	1893	4	not	not	PART
taxlaw-12357	1893	5	necessarily	necessarily	ADV
taxlaw-12357	1893	6	the	the	DET
taxlaw-12357	1893	7	case	case	NOUN
taxlaw-12357	1893	8	.	.	PUNCT
taxlaw-12357	1894	1	the	the	DET
taxlaw-12357	1894	2	bank	bank	NOUN
taxlaw-12357	1894	3	actually	actually	ADV
taxlaw-12357	1894	4	does	do	AUX
taxlaw-12357	1894	5	have	have	VERB
taxlaw-12357	1894	6	exposure	exposure	NOUN
taxlaw-12357	1894	7	to	to	ADP
taxlaw-12357	1894	8	changes	change	NOUN
taxlaw-12357	1894	9	in	in	ADP
taxlaw-12357	1894	10	underlying	underlie	VERB
taxlaw-12357	1894	11	’s	’s	PART
taxlaw-12357	1894	12	value	value	NOUN
taxlaw-12357	1894	13	,	,	PUNCT
taxlaw-12357	1894	14	which	which	PRON
taxlaw-12357	1894	15	comes	come	VERB
taxlaw-12357	1894	16	through	through	ADP
taxlaw-12357	1894	17	an	an	DET
taxlaw-12357	1894	18	implicit	implicit	ADJ
taxlaw-12357	1894	19	loan	loan	NOUN
taxlaw-12357	1894	20	to	to	ADP
taxlaw-12357	1894	21	gwa	gwa	PROPN
taxlaw-12357	1894	22	.	.	PUNCT
taxlaw-12357	1895	1	specifically	specifically	ADV
taxlaw-12357	1895	2	,	,	PUNCT
taxlaw-12357	1895	3	the	the	DET
taxlaw-12357	1895	4	bank	bank	NOUN
taxlaw-12357	1895	5	invests	invest	VERB
taxlaw-12357	1895	6	$	$	SYM
taxlaw-12357	1895	7	90	90	NUM
taxlaw-12357	1895	8	up	up	ADP
taxlaw-12357	1895	9	front	front	NOUN
taxlaw-12357	1895	10	(	(	PUNCT
taxlaw-12357	1895	11	to	to	PART
taxlaw-12357	1895	12	buy	buy	VERB
taxlaw-12357	1895	13	underlying	underlie	VERB
taxlaw-12357	1895	14	)	)	PUNCT
taxlaw-12357	1895	15	and	and	CCONJ
taxlaw-12357	1895	16	receives	receive	VERB
taxlaw-12357	1895	17	a	a	DET
taxlaw-12357	1895	18	final	final	ADJ
taxlaw-12357	1895	19	payment	payment	NOUN
taxlaw-12357	1895	20	of	of	ADP
taxlaw-12357	1895	21	$	$	SYM
taxlaw-12357	1895	22	90	90	NUM
taxlaw-12357	1895	23	when	when	SCONJ
taxlaw-12357	1895	24	the	the	DET
taxlaw-12357	1895	25	contract	contract	NOUN
taxlaw-12357	1895	26	ends	end	VERB
taxlaw-12357	1895	27	.	.	PUNCT
taxlaw-12357	1896	1	since	since	SCONJ
taxlaw-12357	1896	2	the	the	DET
taxlaw-12357	1896	3	bank	bank	NOUN
taxlaw-12357	1896	4	receives	receive	VERB
taxlaw-12357	1896	5	this	this	DET
taxlaw-12357	1896	6	payment	payment	NOUN
taxlaw-12357	1896	7	regardless	regardless	ADV
taxlaw-12357	1896	8	of	of	ADP
taxlaw-12357	1896	9	whether	whether	SCONJ
taxlaw-12357	1896	10	underlying	underlying	ADJ
taxlaw-12357	1896	11	appreciates	appreciate	NOUN
taxlaw-12357	1896	12	or	or	CCONJ
taxlaw-12357	1896	13	depreciates	depreciate	VERB
taxlaw-12357	1896	14	,	,	PUNCT
taxlaw-12357	1896	15	the	the	DET
taxlaw-12357	1896	16	payment	payment	NOUN
taxlaw-12357	1896	17	seems	seem	VERB
taxlaw-12357	1896	18	to	to	PART
taxlaw-12357	1896	19	have	have	VERB
taxlaw-12357	1896	20	no	no	DET
taxlaw-12357	1896	21	connection	connection	NOUN
taxlaw-12357	1896	22	to	to	ADP
taxlaw-12357	1896	23	underlying	underlie	VERB
taxlaw-12357	1896	24	.	.	PUNCT
taxlaw-12357	1897	1	if	if	SCONJ
taxlaw-12357	1897	2	this	this	PRON
taxlaw-12357	1897	3	were	be	AUX
taxlaw-12357	1897	4	true	true	ADJ
taxlaw-12357	1897	5	,	,	PUNCT
taxlaw-12357	1897	6	it	it	PRON
taxlaw-12357	1897	7	would	would	AUX
taxlaw-12357	1897	8	have	have	VERB
taxlaw-12357	1897	9	a	a	DET
taxlaw-12357	1897	10	delta	delta	NOUN
taxlaw-12357	1897	11	of	of	ADP
taxlaw-12357	1897	12	zero	zero	NUM
taxlaw-12357	1897	13	.	.	PUNCT
taxlaw-12357	1898	1	but	but	CCONJ
taxlaw-12357	1898	2	although	although	SCONJ
taxlaw-12357	1898	3	the	the	DET
taxlaw-12357	1898	4	amount	amount	NOUN
taxlaw-12357	1898	5	of	of	ADP
taxlaw-12357	1898	6	this	this	DET
taxlaw-12357	1898	7	payment	payment	NOUN
taxlaw-12357	1898	8	does	do	AUX
taxlaw-12357	1898	9	not	not	PART
taxlaw-12357	1898	10	turn	turn	VERB
taxlaw-12357	1898	11	on	on	ADP
taxlaw-12357	1898	12	underlying	underlie	VERB
taxlaw-12357	1898	13	’s	’s	PART
taxlaw-12357	1898	14	performance	performance	NOUN
taxlaw-12357	1898	15	,	,	PUNCT
taxlaw-12357	1898	16	the	the	DET
taxlaw-12357	1898	17	timing	timing	NOUN
taxlaw-12357	1898	18	actually	actually	ADV
taxlaw-12357	1898	19	does	do	VERB
taxlaw-12357	1898	20	.	.	PUNCT
taxlaw-12357	1899	1	for	for	ADP
taxlaw-12357	1899	2	instance	instance	NOUN
taxlaw-12357	1899	3	,	,	PUNCT
taxlaw-12357	1899	4	a	a	DET
taxlaw-12357	1899	5	decline	decline	NOUN
taxlaw-12357	1899	6	below	below	ADP
taxlaw-12357	1899	7	$	$	SYM
taxlaw-12357	1899	8	97	97	NUM
taxlaw-12357	1899	9	could	could	AUX
taxlaw-12357	1899	10	terminate	terminate	VERB
taxlaw-12357	1899	11	the	the	DET
taxlaw-12357	1899	12	contract	contract	NOUN
taxlaw-12357	1899	13	,	,	PUNCT
taxlaw-12357	1899	14	and	and	CCONJ
taxlaw-12357	1899	15	thus	thus	ADV
taxlaw-12357	1899	16	enable	enable	VERB
taxlaw-12357	1899	17	the	the	DET
taxlaw-12357	1899	18	bank	bank	NOUN
taxlaw-12357	1899	19	to	to	PART
taxlaw-12357	1899	20	receive	receive	VERB
taxlaw-12357	1899	21	its	its	PRON
taxlaw-12357	1899	22	$	$	SYM
taxlaw-12357	1899	23	90	90	NUM
taxlaw-12357	1899	24	sooner	soon	ADV
taxlaw-12357	1899	25	.	.	PUNCT
taxlaw-12357	1900	1	because	because	SCONJ
taxlaw-12357	1900	2	of	of	ADP
taxlaw-12357	1900	3	this	this	DET
taxlaw-12357	1900	4	linkage	linkage	NOUN
taxlaw-12357	1900	5	to	to	ADP
taxlaw-12357	1900	6	the	the	DET
taxlaw-12357	1900	7	price	price	NOUN
taxlaw-12357	1900	8	of	of	ADP
taxlaw-12357	1900	9	underlying	underlie	VERB
taxlaw-12357	1900	10	,	,	PUNCT
taxlaw-12357	1900	11	the	the	DET
taxlaw-12357	1900	12	bank	bank	NOUN
taxlaw-12357	1900	13	’s	’s	PART
taxlaw-12357	1900	14	claim	claim	NOUN
taxlaw-12357	1900	15	to	to	ADP
taxlaw-12357	1900	16	$	$	SYM
taxlaw-12357	1900	17	90	90	NUM
taxlaw-12357	1900	18	has	have	VERB
taxlaw-12357	1900	19	a	a	DET
taxlaw-12357	1900	20	negative	negative	ADJ
taxlaw-12357	1900	21	217	217	NUM
taxlaw-12357	1900	22	see	see	NOUN
taxlaw-12357	1900	23	supra	supra	PROPN
taxlaw-12357	1900	24	part	part	PROPN
taxlaw-12357	1900	25	vi.b.3.c	vi.b.3.c	PROPN
taxlaw-12357	1900	26	.	.	PROPN
taxlaw-12357	1900	27	218	218	NUM
taxlaw-12357	1900	28	see	see	VERB
taxlaw-12357	1900	29	supra	supra	ADJ
taxlaw-12357	1900	30	part	part	NOUN
taxlaw-12357	1900	31	vii.b.2	vii.b.2	PROPN
taxlaw-12357	1900	32	.	.	PUNCT
taxlaw-12357	1901	1	columbia	columbia	PROPN
taxlaw-12357	1901	2	journal	journal	PROPN
taxlaw-12357	1901	3	of	of	ADP
taxlaw-12357	1901	4	tax	tax	NOUN
taxlaw-12357	1901	5	law	law	NOUN
taxlaw-12357	1902	1	[	[	X
taxlaw-12357	1902	2	vol	vol	NOUN
taxlaw-12357	1902	3	15:1	15:1	NUM
taxlaw-12357	1902	4	70	70	NUM
taxlaw-12357	1902	5	delta	delta	NOUN
taxlaw-12357	1902	6	.	.	PUNCT
taxlaw-12357	1903	1	notably	notably	ADV
taxlaw-12357	1903	2	,	,	PUNCT
taxlaw-12357	1903	3	this	this	DET
taxlaw-12357	1903	4	effect	effect	NOUN
taxlaw-12357	1903	5	arises	arise	VERB
taxlaw-12357	1903	6	if	if	SCONJ
taxlaw-12357	1903	7	–	–	PUNCT
taxlaw-12357	1903	8	and	and	CCONJ
taxlaw-12357	1903	9	only	only	ADV
taxlaw-12357	1903	10	if	if	SCONJ
taxlaw-12357	1903	11	–	–	PUNCT
taxlaw-12357	1903	12	the	the	DET
taxlaw-12357	1903	13	bank	bank	NOUN
taxlaw-12357	1903	14	is	be	AUX
taxlaw-12357	1903	15	not	not	PART
taxlaw-12357	1903	16	receiving	receive	VERB
taxlaw-12357	1903	17	a	a	DET
taxlaw-12357	1903	18	marketrate	marketrate	NOUN
taxlaw-12357	1903	19	of	of	ADP
taxlaw-12357	1903	20	interest	interest	NOUN
taxlaw-12357	1903	21	on	on	ADP
taxlaw-12357	1903	22	the	the	DET
taxlaw-12357	1903	23	implicit	implicit	ADJ
taxlaw-12357	1903	24	loan	loan	NOUN
taxlaw-12357	1903	25	,	,	PUNCT
taxlaw-12357	1903	26	an	an	DET
taxlaw-12357	1903	27	issue	issue	NOUN
taxlaw-12357	1903	28	we	we	PRON
taxlaw-12357	1903	29	address	address	VERB
taxlaw-12357	1903	30	below	below	ADV
taxlaw-12357	1903	31	.	.	PUNCT
taxlaw-12357	1904	1	table	table	NOUN
taxlaw-12357	1904	2	a1	a1	NOUN
taxlaw-12357	1904	3	shows	show	VERB
taxlaw-12357	1904	4	the	the	DET
taxlaw-12357	1904	5	components	component	NOUN
taxlaw-12357	1904	6	of	of	ADP
taxlaw-12357	1904	7	delta	delta	NOUN
taxlaw-12357	1904	8	from	from	ADP
taxlaw-12357	1904	9	the	the	DET
taxlaw-12357	1904	10	bank	bank	NOUN
taxlaw-12357	1904	11	’s	’s	PART
taxlaw-12357	1904	12	point	point	NOUN
taxlaw-12357	1904	13	of	of	ADP
taxlaw-12357	1904	14	view	view	NOUN
taxlaw-12357	1904	15	.	.	PUNCT
taxlaw-12357	1905	1	volatility	volatility	NOUN
taxlaw-12357	1905	2	20	20	NUM
taxlaw-12357	1905	3	%	%	NOUN
taxlaw-12357	1905	4	60	60	NUM
taxlaw-12357	1905	5	%	%	NOUN
taxlaw-12357	1905	6	delta	delta	NOUN
taxlaw-12357	1905	7	of	of	ADP
taxlaw-12357	1905	8	$	$	SYM
taxlaw-12357	1905	9	90	90	NUM
taxlaw-12357	1905	10	cash	cash	NOUN
taxlaw-12357	1905	11	paid	pay	VERB
taxlaw-12357	1905	12	if	if	SCONJ
taxlaw-12357	1905	13	and	and	CCONJ
taxlaw-12357	1905	14	when	when	SCONJ
taxlaw-12357	1905	15	knock	knock	VERB
taxlaw-12357	1905	16	-	-	PUNCT
taxlaw-12357	1905	17	out	out	NOUN
taxlaw-12357	1905	18	occurs	occur	VERB
taxlaw-12357	1905	19	-2.22	-2.22	DET
taxlaw-12357	1905	20	-0.29	-0.29	ADJ
taxlaw-12357	1905	21	delta	delta	NOUN
taxlaw-12357	1905	22	of	of	ADP
taxlaw-12357	1905	23	$	$	SYM
taxlaw-12357	1905	24	90	90	NUM
taxlaw-12357	1905	25	cash	cash	NOUN
taxlaw-12357	1905	26	paid	pay	VERB
taxlaw-12357	1905	27	at	at	ADP
taxlaw-12357	1905	28	termination	termination	NOUN
taxlaw-12357	1905	29	if	if	SCONJ
taxlaw-12357	1905	30	no	no	DET
taxlaw-12357	1905	31	knock	knock	VERB
taxlaw-12357	1905	32	-	-	PUNCT
taxlaw-12357	1905	33	out	out	NOUN
taxlaw-12357	1905	34	occurs	occur	VERB
taxlaw-12357	1905	35	0.97	0.97	NUM
taxlaw-12357	1905	36	0.06	0.06	NUM
taxlaw-12357	1905	37	total	total	ADJ
taxlaw-12357	1905	38	delta	delta	NOUN
taxlaw-12357	1905	39	of	of	ADP
taxlaw-12357	1905	40	$	$	SYM
taxlaw-12357	1905	41	90	90	NUM
taxlaw-12357	1905	42	cash	cash	NOUN
taxlaw-12357	1905	43	paid	pay	VERB
taxlaw-12357	1905	44	-1.25	-1.25	NUM
taxlaw-12357	1905	45	-0.22	-0.22	NOUN
taxlaw-12357	1905	46	table	table	NOUN
taxlaw-12357	1905	47	a1	a1	NOUN
taxlaw-12357	1905	48	:	:	PUNCT
taxlaw-12357	1905	49	delta	delta	NOUN
taxlaw-12357	1905	50	for	for	ADP
taxlaw-12357	1905	51	bank	bank	NOUN
taxlaw-12357	1905	52	with	with	ADP
taxlaw-12357	1905	53	respect	respect	NOUN
taxlaw-12357	1905	54	to	to	ADP
taxlaw-12357	1905	55	$	$	SYM
taxlaw-12357	1905	56	90	90	NUM
taxlaw-12357	1905	57	payment	payment	NOUN
taxlaw-12357	1905	58	(	(	PUNCT
taxlaw-12357	1905	59	assuming	assume	VERB
taxlaw-12357	1905	60	no	no	DET
taxlaw-12357	1905	61	buy	buy	NOUN
taxlaw-12357	1905	62	-	-	PUNCT
taxlaw-12357	1905	63	downs	down	NOUN
taxlaw-12357	1905	64	)	)	PUNCT
taxlaw-12357	1905	65	there	there	PRON
taxlaw-12357	1905	66	are	be	VERB
taxlaw-12357	1905	67	two	two	NUM
taxlaw-12357	1905	68	different	different	ADJ
taxlaw-12357	1905	69	effects	effect	NOUN
taxlaw-12357	1905	70	here	here	ADV
taxlaw-12357	1905	71	.	.	PUNCT
taxlaw-12357	1906	1	first	first	ADV
taxlaw-12357	1906	2	,	,	PUNCT
taxlaw-12357	1906	3	as	as	SCONJ
taxlaw-12357	1906	4	noted	note	VERB
taxlaw-12357	1906	5	above	above	ADV
taxlaw-12357	1906	6	,	,	PUNCT
taxlaw-12357	1906	7	the	the	DET
taxlaw-12357	1906	8	bank	bank	NOUN
taxlaw-12357	1906	9	gets	get	VERB
taxlaw-12357	1906	10	its	its	PRON
taxlaw-12357	1906	11	$	$	SYM
taxlaw-12357	1906	12	90	90	NUM
taxlaw-12357	1906	13	back	back	ADV
taxlaw-12357	1906	14	if	if	SCONJ
taxlaw-12357	1906	15	the	the	DET
taxlaw-12357	1906	16	contract	contract	NOUN
taxlaw-12357	1906	17	knocks	knock	VERB
taxlaw-12357	1906	18	out	out	ADP
taxlaw-12357	1906	19	.	.	PUNCT
taxlaw-12357	1907	1	this	this	PRON
taxlaw-12357	1907	2	means	mean	VERB
taxlaw-12357	1907	3	that	that	SCONJ
taxlaw-12357	1907	4	the	the	DET
taxlaw-12357	1907	5	bank	bank	NOUN
taxlaw-12357	1907	6	does	do	VERB
taxlaw-12357	1907	7	better	well	ADV
taxlaw-12357	1907	8	as	as	ADP
taxlaw-12357	1907	9	underlying	underlie	VERB
taxlaw-12357	1907	10	’s	’s	PART
taxlaw-12357	1907	11	price	price	NOUN
taxlaw-12357	1907	12	falls	fall	VERB
taxlaw-12357	1907	13	–	–	PUNCT
taxlaw-12357	1907	14	so	so	SCONJ
taxlaw-12357	1907	15	the	the	DET
taxlaw-12357	1907	16	delta	delta	NOUN
taxlaw-12357	1907	17	of	of	ADP
taxlaw-12357	1907	18	this	this	DET
taxlaw-12357	1907	19	feature	feature	NOUN
taxlaw-12357	1907	20	is	be	AUX
taxlaw-12357	1907	21	negative	negative	ADJ
taxlaw-12357	1907	22	–	–	PUNCT
taxlaw-12357	1907	23	because	because	SCONJ
taxlaw-12357	1907	24	a	a	DET
taxlaw-12357	1907	25	decrease	decrease	NOUN
taxlaw-12357	1907	26	in	in	ADP
taxlaw-12357	1907	27	underlying	underlie	VERB
taxlaw-12357	1907	28	’s	’s	PART
taxlaw-12357	1907	29	value	value	NOUN
taxlaw-12357	1907	30	increases	increase	VERB
taxlaw-12357	1907	31	the	the	DET
taxlaw-12357	1907	32	likelihood	likelihood	NOUN
taxlaw-12357	1907	33	of	of	ADP
taxlaw-12357	1907	34	a	a	DET
taxlaw-12357	1907	35	knock	knock	NOUN
taxlaw-12357	1907	36	-	-	PUNCT
taxlaw-12357	1907	37	out	out	NOUN
taxlaw-12357	1907	38	.	.	PUNCT
taxlaw-12357	1908	1	in	in	ADP
taxlaw-12357	1908	2	other	other	ADJ
taxlaw-12357	1908	3	words	word	NOUN
taxlaw-12357	1908	4	,	,	PUNCT
taxlaw-12357	1908	5	the	the	DET
taxlaw-12357	1908	6	bank	bank	NOUN
taxlaw-12357	1908	7	’s	’s	PART
taxlaw-12357	1908	8	position	position	NOUN
taxlaw-12357	1908	9	improves	improve	VERB
taxlaw-12357	1908	10	as	as	ADP
taxlaw-12357	1908	11	the	the	DET
taxlaw-12357	1908	12	underlying	underlie	VERB
taxlaw-12357	1908	13	price	price	NOUN
taxlaw-12357	1908	14	falls	fall	NOUN
taxlaw-12357	1908	15	.	.	PUNCT
taxlaw-12357	1909	1	second	second	ADJ
taxlaw-12357	1909	2	,	,	PUNCT
taxlaw-12357	1909	3	there	there	PRON
taxlaw-12357	1909	4	is	be	VERB
taxlaw-12357	1909	5	also	also	ADV
taxlaw-12357	1909	6	a	a	DET
taxlaw-12357	1909	7	possibility	possibility	NOUN
taxlaw-12357	1909	8	that	that	SCONJ
taxlaw-12357	1909	9	the	the	DET
taxlaw-12357	1909	10	contract	contract	NOUN
taxlaw-12357	1909	11	never	never	ADV
taxlaw-12357	1909	12	knocks	knock	VERB
taxlaw-12357	1909	13	out	out	ADP
taxlaw-12357	1909	14	,	,	PUNCT
taxlaw-12357	1909	15	so	so	SCONJ
taxlaw-12357	1909	16	the	the	DET
taxlaw-12357	1909	17	bank	bank	NOUN
taxlaw-12357	1909	18	receives	receive	VERB
taxlaw-12357	1909	19	$	$	SYM
taxlaw-12357	1909	20	90	90	NUM
taxlaw-12357	1909	21	when	when	SCONJ
taxlaw-12357	1909	22	the	the	DET
taxlaw-12357	1909	23	contract	contract	NOUN
taxlaw-12357	1909	24	expires	expire	VERB
taxlaw-12357	1909	25	after	after	ADP
taxlaw-12357	1909	26	twelve	twelve	NUM
taxlaw-12357	1909	27	years	year	NOUN
taxlaw-12357	1909	28	.	.	PUNCT
taxlaw-12357	1910	1	since	since	SCONJ
taxlaw-12357	1910	2	increases	increase	NOUN
taxlaw-12357	1910	3	in	in	ADP
taxlaw-12357	1910	4	underlying	underlie	VERB
taxlaw-12357	1910	5	’s	’s	PART
taxlaw-12357	1910	6	price	price	NOUN
taxlaw-12357	1910	7	make	make	VERB
taxlaw-12357	1910	8	this	this	DET
taxlaw-12357	1910	9	outcome	outcome	NOUN
taxlaw-12357	1910	10	more	more	ADV
taxlaw-12357	1910	11	likely	likely	ADV
taxlaw-12357	1910	12	,	,	PUNCT
taxlaw-12357	1910	13	this	this	DET
taxlaw-12357	1910	14	scenario	scenario	NOUN
taxlaw-12357	1910	15	has	have	VERB
taxlaw-12357	1910	16	a	a	DET
taxlaw-12357	1910	17	positive	positive	ADJ
taxlaw-12357	1910	18	delta	delta	NOUN
taxlaw-12357	1910	19	,	,	PUNCT
taxlaw-12357	1910	20	as	as	ADP
taxlaw-12357	1910	21	the	the	DET
taxlaw-12357	1910	22	second	second	ADJ
taxlaw-12357	1910	23	line	line	NOUN
taxlaw-12357	1910	24	of	of	ADP
taxlaw-12357	1910	25	the	the	DET
taxlaw-12357	1910	26	table	table	NOUN
taxlaw-12357	1910	27	shows	show	NOUN
taxlaw-12357	1910	28	.	.	PUNCT
taxlaw-12357	1911	1	the	the	DET
taxlaw-12357	1911	2	bank	bank	NOUN
taxlaw-12357	1911	3	’s	’s	PART
taxlaw-12357	1911	4	overall	overall	ADJ
taxlaw-12357	1911	5	delta	delta	NOUN
taxlaw-12357	1911	6	is	be	AUX
taxlaw-12357	1911	7	the	the	DET
taxlaw-12357	1911	8	net	net	NOUN
taxlaw-12357	1911	9	of	of	ADP
taxlaw-12357	1911	10	these	these	DET
taxlaw-12357	1911	11	two	two	NUM
taxlaw-12357	1911	12	effects	effect	NOUN
taxlaw-12357	1911	13	.	.	PUNCT
taxlaw-12357	1912	1	as	as	ADP
taxlaw-12357	1912	2	table	table	NOUN
taxlaw-12357	1912	3	a1	a1	NOUN
taxlaw-12357	1912	4	shows	show	NOUN
taxlaw-12357	1912	5	,	,	PUNCT
taxlaw-12357	1912	6	it	it	PRON
taxlaw-12357	1912	7	is	be	AUX
taxlaw-12357	1912	8	negative	negative	ADJ
taxlaw-12357	1912	9	.	.	PUNCT
taxlaw-12357	1913	1	this	this	PRON
taxlaw-12357	1913	2	is	be	AUX
taxlaw-12357	1913	3	surprising	surprising	ADJ
taxlaw-12357	1913	4	if	if	SCONJ
taxlaw-12357	1913	5	one	one	PRON
taxlaw-12357	1913	6	thinks	think	VERB
taxlaw-12357	1913	7	that	that	SCONJ
taxlaw-12357	1913	8	the	the	DET
taxlaw-12357	1913	9	bank	bank	NOUN
taxlaw-12357	1913	10	does	do	AUX
taxlaw-12357	1913	11	not	not	PART
taxlaw-12357	1913	12	want	want	VERB
taxlaw-12357	1913	13	exposure	exposure	NOUN
taxlaw-12357	1913	14	to	to	ADP
taxlaw-12357	1913	15	the	the	DET
taxlaw-12357	1913	16	underlying	underlie	VERB
taxlaw-12357	1913	17	and	and	CCONJ
taxlaw-12357	1913	18	seeks	seek	VERB
taxlaw-12357	1913	19	to	to	PART
taxlaw-12357	1913	20	act	act	VERB
taxlaw-12357	1913	21	solely	solely	ADV
taxlaw-12357	1913	22	as	as	ADP
taxlaw-12357	1913	23	an	an	DET
taxlaw-12357	1913	24	intermediary	intermediary	NOUN
taxlaw-12357	1913	25	.	.	PUNCT
taxlaw-12357	1914	1	despite	despite	SCONJ
taxlaw-12357	1914	2	this	this	DET
taxlaw-12357	1914	3	intention	intention	NOUN
taxlaw-12357	1914	4	,	,	PUNCT
taxlaw-12357	1914	5	it	it	PRON
taxlaw-12357	1914	6	appears	appear	VERB
taxlaw-12357	1914	7	that	that	SCONJ
taxlaw-12357	1914	8	the	the	DET
taxlaw-12357	1914	9	bank	bank	NOUN
taxlaw-12357	1914	10	actually	actually	ADV
taxlaw-12357	1914	11	is	be	AUX
taxlaw-12357	1914	12	betting	bet	VERB
taxlaw-12357	1914	13	against	against	ADP
taxlaw-12357	1914	14	the	the	DET
taxlaw-12357	1914	15	performance	performance	NOUN
taxlaw-12357	1914	16	of	of	ADP
taxlaw-12357	1914	17	gwa	gwa	NOUN
taxlaw-12357	1914	18	’s	’s	PART
taxlaw-12357	1914	19	investment	investment	NOUN
taxlaw-12357	1914	20	strategy	strategy	NOUN
taxlaw-12357	1914	21	!	!	PUNCT
taxlaw-12357	1915	1	the	the	DET
taxlaw-12357	1915	2	picture	picture	NOUN
taxlaw-12357	1915	3	is	be	AUX
taxlaw-12357	1915	4	not	not	PART
taxlaw-12357	1915	5	yet	yet	ADV
taxlaw-12357	1915	6	complete	complete	ADJ
taxlaw-12357	1915	7	,	,	PUNCT
taxlaw-12357	1915	8	however	however	ADV
taxlaw-12357	1915	9	.	.	PUNCT
taxlaw-12357	1916	1	the	the	DET
taxlaw-12357	1916	2	bank	bank	NOUN
taxlaw-12357	1916	3	receives	receive	VERB
taxlaw-12357	1916	4	not	not	PART
taxlaw-12357	1916	5	only	only	ADV
taxlaw-12357	1916	6	the	the	DET
taxlaw-12357	1916	7	promised	promise	VERB
taxlaw-12357	1916	8	payment	payment	NOUN
taxlaw-12357	1916	9	of	of	ADP
taxlaw-12357	1916	10	$	$	SYM
taxlaw-12357	1916	11	90	90	NUM
taxlaw-12357	1916	12	,	,	PUNCT
taxlaw-12357	1916	13	but	but	CCONJ
taxlaw-12357	1916	14	also	also	ADV
taxlaw-12357	1916	15	interest	interest	NOUN
taxlaw-12357	1916	16	on	on	ADP
taxlaw-12357	1916	17	this	this	PRON
taxlaw-12357	1916	18	money.219	money.219	ADP
taxlaw-12357	1916	19	these	these	DET
taxlaw-12357	1916	20	interest	interest	NOUN
taxlaw-12357	1916	21	payments	payment	NOUN
taxlaw-12357	1916	22	depend	depend	VERB
taxlaw-12357	1916	23	upon	upon	SCONJ
taxlaw-12357	1916	24	the	the	DET
taxlaw-12357	1916	25	outstanding	outstanding	ADJ
taxlaw-12357	1916	26	loan	loan	NOUN
taxlaw-12357	1916	27	balance	balance	NOUN
taxlaw-12357	1916	28	,	,	PUNCT
taxlaw-12357	1916	29	which	which	PRON
taxlaw-12357	1916	30	in	in	ADP
taxlaw-12357	1916	31	turn	turn	NOUN
taxlaw-12357	1916	32	depends	depend	VERB
taxlaw-12357	1916	33	upon	upon	SCONJ
taxlaw-12357	1916	34	the	the	DET
taxlaw-12357	1916	35	performance	performance	NOUN
taxlaw-12357	1916	36	of	of	ADP
taxlaw-12357	1916	37	underlying	underlie	VERB
taxlaw-12357	1916	38	.	.	PUNCT
taxlaw-12357	1917	1	as	as	ADP
taxlaw-12357	1917	2	a	a	DET
taxlaw-12357	1917	3	result	result	NOUN
taxlaw-12357	1917	4	,	,	PUNCT
taxlaw-12357	1917	5	the	the	DET
taxlaw-12357	1917	6	interest	interest	NOUN
taxlaw-12357	1917	7	payments	payment	NOUN
taxlaw-12357	1917	8	also	also	ADV
taxlaw-12357	1917	9	have	have	VERB
taxlaw-12357	1917	10	a	a	DET
taxlaw-12357	1917	11	delta	delta	NOUN
taxlaw-12357	1917	12	of	of	ADP
taxlaw-12357	1917	13	their	their	PRON
taxlaw-12357	1917	14	own	own	ADJ
taxlaw-12357	1917	15	,	,	PUNCT
taxlaw-12357	1917	16	which	which	PRON
taxlaw-12357	1917	17	is	be	AUX
taxlaw-12357	1917	18	positive	positive	ADJ
taxlaw-12357	1917	19	:	:	PUNCT
taxlaw-12357	1917	20	if	if	SCONJ
taxlaw-12357	1917	21	the	the	DET
taxlaw-12357	1917	22	underlying	underlie	VERB
taxlaw-12357	1917	23	performs	perform	NOUN
taxlaw-12357	1917	24	well	well	ADV
taxlaw-12357	1917	25	–	–	PUNCT
taxlaw-12357	1917	26	further	far	ADV
taxlaw-12357	1917	27	deferring	defer	VERB
taxlaw-12357	1917	28	the	the	DET
taxlaw-12357	1917	29	$	$	SYM
taxlaw-12357	1917	30	90	90	NUM
taxlaw-12357	1917	31	payment	payment	NOUN
taxlaw-12357	1917	32	–	–	PUNCT
taxlaw-12357	1917	33	the	the	DET
taxlaw-12357	1917	34	bank	bank	NOUN
taxlaw-12357	1917	35	earns	earn	VERB
taxlaw-12357	1917	36	more	more	ADJ
taxlaw-12357	1917	37	interest	interest	NOUN
taxlaw-12357	1917	38	.	.	PUNCT
taxlaw-12357	1918	1	as	as	ADP
taxlaw-12357	1918	2	a	a	DET
taxlaw-12357	1918	3	result	result	NOUN
taxlaw-12357	1918	4	,	,	PUNCT
taxlaw-12357	1918	5	the	the	DET
taxlaw-12357	1918	6	interest	interest	NOUN
taxlaw-12357	1918	7	payments	payment	NOUN
taxlaw-12357	1918	8	increase	increase	VERB
taxlaw-12357	1918	9	with	with	ADP
taxlaw-12357	1918	10	the	the	DET
taxlaw-12357	1918	11	performance	performance	NOUN
taxlaw-12357	1918	12	of	of	ADP
taxlaw-12357	1918	13	the	the	DET
taxlaw-12357	1918	14	underlying	underlying	NOUN
taxlaw-12357	1918	15	.	.	PUNCT
taxlaw-12357	1919	1	calculating	calculate	VERB
taxlaw-12357	1919	2	the	the	DET
taxlaw-12357	1919	3	precise	precise	ADJ
taxlaw-12357	1919	4	delta	delta	NOUN
taxlaw-12357	1919	5	of	of	ADP
taxlaw-12357	1919	6	the	the	DET
taxlaw-12357	1919	7	interest	interest	NOUN
taxlaw-12357	1919	8	payments	payment	NOUN
taxlaw-12357	1919	9	is	be	AUX
taxlaw-12357	1919	10	quite	quite	ADV
taxlaw-12357	1919	11	complicated	complicated	ADJ
taxlaw-12357	1919	12	.	.	PUNCT
taxlaw-12357	1920	1	instead	instead	ADV
taxlaw-12357	1920	2	,	,	PUNCT
taxlaw-12357	1920	3	we	we	PRON
taxlaw-12357	1920	4	can	can	AUX
taxlaw-12357	1920	5	take	take	VERB
taxlaw-12357	1920	6	a	a	DET
taxlaw-12357	1920	7	short	short	ADJ
taxlaw-12357	1920	8	-	-	PUNCT
taxlaw-12357	1920	9	cut	cut	NOUN
taxlaw-12357	1920	10	:	:	PUNCT
taxlaw-12357	1920	11	if	if	SCONJ
taxlaw-12357	1920	12	we	we	PRON
taxlaw-12357	1920	13	assume	assume	VERB
taxlaw-12357	1920	14	that	that	SCONJ
taxlaw-12357	1920	15	the	the	DET
taxlaw-12357	1920	16	interest	interest	NOUN
taxlaw-12357	1920	17	perfectly	perfectly	ADV
taxlaw-12357	1920	18	compensates	compensate	VERB
taxlaw-12357	1920	19	for	for	ADP
taxlaw-12357	1920	20	the	the	DET
taxlaw-12357	1920	21	time	time	NOUN
taxlaw-12357	1920	22	-	-	PUNCT
taxlaw-12357	1920	23	value	value	NOUN
taxlaw-12357	1920	24	of	of	ADP
taxlaw-12357	1920	25	money	money	NOUN
taxlaw-12357	1920	26	,	,	PUNCT
taxlaw-12357	1920	27	then	then	ADV
taxlaw-12357	1920	28	the	the	DET
taxlaw-12357	1920	29	delta	delta	NOUN
taxlaw-12357	1920	30	of	of	ADP
taxlaw-12357	1920	31	the	the	DET
taxlaw-12357	1920	32	interest	interest	NOUN
taxlaw-12357	1920	33	payments	payment	NOUN
taxlaw-12357	1920	34	must	must	AUX
taxlaw-12357	1920	35	exactly	exactly	ADV
taxlaw-12357	1920	36	offset	offset	VERB
taxlaw-12357	1920	37	the	the	DET
taxlaw-12357	1920	38	delta	delta	NOUN
taxlaw-12357	1920	39	of	of	ADP
taxlaw-12357	1920	40	the	the	DET
taxlaw-12357	1920	41	promised	promise	VERB
taxlaw-12357	1920	42	payment	payment	NOUN
taxlaw-12357	1920	43	of	of	ADP
taxlaw-12357	1920	44	$	$	SYM
taxlaw-12357	1920	45	90	90	NUM
taxlaw-12357	1920	46	.	.	PUNCT
taxlaw-12357	1921	1	indeed	indeed	ADV
taxlaw-12357	1921	2	,	,	PUNCT
taxlaw-12357	1921	3	if	if	SCONJ
taxlaw-12357	1921	4	the	the	DET
taxlaw-12357	1921	5	bank	bank	NOUN
taxlaw-12357	1921	6	219	219	NUM
taxlaw-12357	1921	7	see	see	VERB
taxlaw-12357	1921	8	the	the	DET
taxlaw-12357	1921	9	definition	definition	NOUN
taxlaw-12357	1921	10	of	of	ADP
taxlaw-12357	1921	11	“	"	PUNCT
taxlaw-12357	1921	12	basket	basket	NOUN
taxlaw-12357	1921	13	base	base	NOUN
taxlaw-12357	1921	14	performance	performance	NOUN
taxlaw-12357	1921	15	”	"	PUNCT
taxlaw-12357	1921	16	on	on	ADP
taxlaw-12357	1921	17	page	page	NOUN
taxlaw-12357	1921	18	9	9	NUM
taxlaw-12357	1921	19	of	of	ADP
taxlaw-12357	1921	20	joint	joint	ADJ
taxlaw-12357	1921	21	exhibit	exhibit	NOUN
taxlaw-12357	1921	22	23	23	NUM
taxlaw-12357	1921	23	-	-	SYM
taxlaw-12357	1921	24	j	j	NOUN
taxlaw-12357	1921	25	,	,	PUNCT
taxlaw-12357	1921	26	reducing	reduce	VERB
taxlaw-12357	1921	27	performance	performance	NOUN
taxlaw-12357	1921	28	by	by	ADP
taxlaw-12357	1921	29	“	"	PUNCT
taxlaw-12357	1921	30	interest	interest	NOUN
taxlaw-12357	1921	31	expense	expense	NOUN
taxlaw-12357	1921	32	at	at	ADP
taxlaw-12357	1921	33	the	the	DET
taxlaw-12357	1921	34	specified	specify	VERB
taxlaw-12357	1921	35	rate	rate	NOUN
taxlaw-12357	1921	36	plus	plus	CCONJ
taxlaw-12357	1921	37	the	the	DET
taxlaw-12357	1921	38	applicable	applicable	ADJ
taxlaw-12357	1921	39	spread	spread	NOUN
taxlaw-12357	1921	40	…	…	PUNCT
taxlaw-12357	1921	41	on	on	ADP
taxlaw-12357	1921	42	the	the	DET
taxlaw-12357	1921	43	basket	basket	NOUN
taxlaw-12357	1921	44	debit	debit	NOUN
taxlaw-12357	1921	45	balance	balance	NOUN
taxlaw-12357	1921	46	.	.	PUNCT
taxlaw-12357	1921	47	”	"	PUNCT
taxlaw-12357	1922	1	gwa	gwa	PROPN
taxlaw-12357	1922	2	v.	v.	CCONJ
taxlaw-12357	1922	3	comm’r	comm’r	NOUN
taxlaw-12357	1922	4	,	,	PUNCT
taxlaw-12357	1922	5	no	no	NOUN
taxlaw-12357	1922	6	.	.	NOUN
taxlaw-12357	1922	7	6981	6981	NUM
taxlaw-12357	1922	8	-	-	SYM
taxlaw-12357	1922	9	19	19	NUM
taxlaw-12357	1922	10	(	(	PUNCT
taxlaw-12357	1922	11	u.s.t.c	u.s.t.c	PROPN
taxlaw-12357	1922	12	.	.	PROPN
taxlaw-12357	1922	13	filed	file	VERB
taxlaw-12357	1922	14	nov	nov	PROPN
taxlaw-12357	1922	15	.	.	PROPN
taxlaw-12357	1922	16	20	20	NUM
taxlaw-12357	1922	17	,	,	PUNCT
taxlaw-12357	1922	18	2020	2020	NUM
taxlaw-12357	1922	19	)	)	PUNCT
taxlaw-12357	1922	20	.	.	PUNCT
taxlaw-12357	1923	1	the	the	DET
taxlaw-12357	1923	2	basket	basket	NOUN
taxlaw-12357	1923	3	debit	debit	NOUN
taxlaw-12357	1923	4	balance	balance	NOUN
taxlaw-12357	1923	5	keeps	keep	VERB
taxlaw-12357	1923	6	track	track	NOUN
taxlaw-12357	1923	7	of	of	ADP
taxlaw-12357	1923	8	the	the	DET
taxlaw-12357	1923	9	net	net	ADJ
taxlaw-12357	1923	10	amount	amount	NOUN
taxlaw-12357	1923	11	owed	owe	VERB
taxlaw-12357	1923	12	to	to	ADP
taxlaw-12357	1923	13	the	the	DET
taxlaw-12357	1923	14	bank	bank	NOUN
taxlaw-12357	1923	15	.	.	PUNCT
taxlaw-12357	1924	1	a	a	DET
taxlaw-12357	1924	2	similar	similar	ADJ
taxlaw-12357	1924	3	interest	interest	NOUN
taxlaw-12357	1924	4	adjustment	adjustment	NOUN
taxlaw-12357	1924	5	is	be	AUX
taxlaw-12357	1924	6	made	make	VERB
taxlaw-12357	1924	7	in	in	ADP
taxlaw-12357	1924	8	the	the	DET
taxlaw-12357	1924	9	other	other	ADJ
taxlaw-12357	1924	10	direction	direction	NOUN
taxlaw-12357	1924	11	if	if	SCONJ
taxlaw-12357	1924	12	there	there	PRON
taxlaw-12357	1924	13	is	be	VERB
taxlaw-12357	1924	14	a	a	DET
taxlaw-12357	1924	15	basket	basket	NOUN
taxlaw-12357	1924	16	credit	credit	NOUN
taxlaw-12357	1924	17	balance	balance	NOUN
taxlaw-12357	1924	18	.	.	PUNCT
taxlaw-12357	1925	1	2024	2024	NUM
taxlaw-12357	1925	2	]	]	PUNCT
taxlaw-12357	1925	3	transaction	transaction	NOUN
taxlaw-12357	1925	4	-	-	PUNCT
taxlaw-12357	1925	5	specific	specific	ADJ
taxlaw-12357	1925	6	tax	tax	NOUN
taxlaw-12357	1925	7	reform	reform	NOUN
taxlaw-12357	1925	8	in	in	ADP
taxlaw-12357	1925	9	three	three	NUM
taxlaw-12357	1925	10	steps	step	NOUN
taxlaw-12357	1925	11	71	71	NUM
taxlaw-12357	1925	12	is	be	AUX
taxlaw-12357	1925	13	perfectly	perfectly	ADV
taxlaw-12357	1925	14	compensated	compensate	VERB
taxlaw-12357	1925	15	in	in	ADP
taxlaw-12357	1925	16	this	this	DET
taxlaw-12357	1925	17	way	way	NOUN
taxlaw-12357	1925	18	,	,	PUNCT
taxlaw-12357	1925	19	it	it	PRON
taxlaw-12357	1925	20	no	no	ADV
taxlaw-12357	1925	21	longer	long	ADV
taxlaw-12357	1925	22	cares	care	VERB
taxlaw-12357	1925	23	when	when	SCONJ
taxlaw-12357	1925	24	the	the	DET
taxlaw-12357	1925	25	$	$	SYM
taxlaw-12357	1925	26	90	90	NUM
taxlaw-12357	1925	27	is	be	AUX
taxlaw-12357	1925	28	repaid	repay	VERB
taxlaw-12357	1925	29	.	.	PUNCT
taxlaw-12357	1926	1	in	in	ADP
taxlaw-12357	1926	2	this	this	DET
taxlaw-12357	1926	3	situation	situation	NOUN
taxlaw-12357	1926	4	,	,	PUNCT
taxlaw-12357	1926	5	described	describe	VERB
taxlaw-12357	1926	6	below	below	ADP
taxlaw-12357	1926	7	in	in	ADP
taxlaw-12357	1926	8	table	table	NOUN
taxlaw-12357	1926	9	a2	a2	PROPN
taxlaw-12357	1926	10	,	,	PUNCT
taxlaw-12357	1926	11	the	the	DET
taxlaw-12357	1926	12	delta	delta	NOUN
taxlaw-12357	1926	13	of	of	ADP
taxlaw-12357	1926	14	the	the	DET
taxlaw-12357	1926	15	interest	interest	NOUN
taxlaw-12357	1926	16	perfectly	perfectly	ADV
taxlaw-12357	1926	17	offsets	offset	VERB
taxlaw-12357	1926	18	the	the	DET
taxlaw-12357	1926	19	delta	delta	NOUN
taxlaw-12357	1926	20	of	of	ADP
taxlaw-12357	1926	21	the	the	DET
taxlaw-12357	1926	22	$	$	SYM
taxlaw-12357	1926	23	90	90	NUM
taxlaw-12357	1926	24	payment	payment	NOUN
taxlaw-12357	1926	25	.	.	PUNCT
taxlaw-12357	1927	1	volatility	volatility	NOUN
taxlaw-12357	1927	2	20	20	NUM
taxlaw-12357	1927	3	%	%	NOUN
taxlaw-12357	1927	4	60	60	NUM
taxlaw-12357	1927	5	%	%	NOUN
taxlaw-12357	1927	6	delta	delta	NOUN
taxlaw-12357	1927	7	of	of	ADP
taxlaw-12357	1927	8	$	$	SYM
taxlaw-12357	1927	9	90	90	NUM
taxlaw-12357	1927	10	cash	cash	NOUN
taxlaw-12357	1927	11	paid	pay	VERB
taxlaw-12357	1927	12	-1.25	-1.25	NUM
taxlaw-12357	1927	13	-0.22	-0.22	NUM
taxlaw-12357	1927	14	delta	delta	NOUN
taxlaw-12357	1927	15	of	of	ADP
taxlaw-12357	1927	16	interest	interest	NOUN
taxlaw-12357	1927	17	payments	payment	NOUN
taxlaw-12357	1927	18	1.25	1.25	NUM
taxlaw-12357	1927	19	0.22	0.22	NUM
taxlaw-12357	1927	20	total	total	ADJ
taxlaw-12357	1927	21	delta	delta	NOUN
taxlaw-12357	1927	22	of	of	ADP
taxlaw-12357	1927	23	bank	bank	NOUN
taxlaw-12357	1927	24	0.00	0.00	NUM
taxlaw-12357	1927	25	0.00	0.00	NUM
taxlaw-12357	1927	26	table	table	NOUN
taxlaw-12357	1927	27	a2	a2	PROPN
taxlaw-12357	1927	28	:	:	PUNCT
taxlaw-12357	1927	29	delta	delta	NOUN
taxlaw-12357	1927	30	for	for	ADP
taxlaw-12357	1927	31	bank	bank	NOUN
taxlaw-12357	1927	32	with	with	ADP
taxlaw-12357	1927	33	respect	respect	NOUN
taxlaw-12357	1927	34	to	to	ADP
taxlaw-12357	1927	35	gwa	gwa	NOUN
taxlaw-12357	1927	36	contract	contract	NOUN
taxlaw-12357	1927	37	including	include	VERB
taxlaw-12357	1927	38	compensation	compensation	NOUN
taxlaw-12357	1927	39	for	for	ADP
taxlaw-12357	1927	40	time	time	NOUN
taxlaw-12357	1927	41	-	-	PUNCT
taxlaw-12357	1927	42	value	value	NOUN
taxlaw-12357	1927	43	of	of	ADP
taxlaw-12357	1927	44	money	money	NOUN
taxlaw-12357	1927	45	(	(	PUNCT
taxlaw-12357	1927	46	assuming	assume	VERB
taxlaw-12357	1927	47	no	no	DET
taxlaw-12357	1927	48	buy	buy	NOUN
taxlaw-12357	1927	49	-	-	PUNCT
taxlaw-12357	1927	50	downs	down	NOUN
taxlaw-12357	1927	51	)	)	PUNCT
taxlaw-12357	1927	52	b.	b.	PROPN
taxlaw-12357	1927	53	gwa	gwa	PROPN
taxlaw-12357	1927	54	’s	’s	PART
taxlaw-12357	1927	55	perspective	perspective	NOUN
taxlaw-12357	1927	56	now	now	ADV
taxlaw-12357	1927	57	that	that	SCONJ
taxlaw-12357	1927	58	we	we	PRON
taxlaw-12357	1927	59	have	have	AUX
taxlaw-12357	1927	60	analyzed	analyze	VERB
taxlaw-12357	1927	61	the	the	DET
taxlaw-12357	1927	62	bank	bank	NOUN
taxlaw-12357	1927	63	’s	’s	PART
taxlaw-12357	1927	64	exposure	exposure	NOUN
taxlaw-12357	1927	65	,	,	PUNCT
taxlaw-12357	1927	66	let	let	VERB
taxlaw-12357	1927	67	’s	’s	PRON
taxlaw-12357	1927	68	turn	turn	VERB
taxlaw-12357	1927	69	to	to	ADP
taxlaw-12357	1927	70	gwa	gwa	NOUN
taxlaw-12357	1927	71	.	.	PUNCT
taxlaw-12357	1928	1	in	in	ADP
taxlaw-12357	1928	2	part	part	NOUN
taxlaw-12357	1928	3	vii	vii	PROPN
taxlaw-12357	1928	4	,	,	PUNCT
taxlaw-12357	1928	5	we	we	PRON
taxlaw-12357	1928	6	focused	focus	VERB
taxlaw-12357	1928	7	on	on	ADP
taxlaw-12357	1928	8	the	the	DET
taxlaw-12357	1928	9	knock	knock	VERB
taxlaw-12357	1928	10	-	-	PUNCT
taxlaw-12357	1928	11	out	out	ADP
taxlaw-12357	1928	12	call	call	NOUN
taxlaw-12357	1928	13	.	.	PUNCT
taxlaw-12357	1929	1	to	to	PART
taxlaw-12357	1929	2	provide	provide	VERB
taxlaw-12357	1929	3	a	a	DET
taxlaw-12357	1929	4	fuller	full	ADJ
taxlaw-12357	1929	5	picture	picture	NOUN
taxlaw-12357	1929	6	,	,	PUNCT
taxlaw-12357	1929	7	we	we	PRON
taxlaw-12357	1929	8	now	now	ADV
taxlaw-12357	1929	9	include	include	VERB
taxlaw-12357	1929	10	two	two	NUM
taxlaw-12357	1929	11	other	other	ADJ
taxlaw-12357	1929	12	features	feature	NOUN
taxlaw-12357	1929	13	:	:	PUNCT
taxlaw-12357	1929	14	first	first	ADV
taxlaw-12357	1929	15	,	,	PUNCT
taxlaw-12357	1929	16	a	a	DET
taxlaw-12357	1929	17	knock	knock	NOUN
taxlaw-12357	1929	18	-	-	PUNCT
taxlaw-12357	1929	19	in	in	ADP
taxlaw-12357	1929	20	“	"	PUNCT
taxlaw-12357	1929	21	rebate	rebate	NOUN
taxlaw-12357	1929	22	”	"	PUNCT
taxlaw-12357	1929	23	;	;	PUNCT
taxlaw-12357	1929	24	and	and	CCONJ
taxlaw-12357	1929	25	,	,	PUNCT
taxlaw-12357	1929	26	second	second	ADJ
taxlaw-12357	1929	27	,	,	PUNCT
taxlaw-12357	1929	28	the	the	DET
taxlaw-12357	1929	29	interest	interest	NOUN
taxlaw-12357	1929	30	paid	pay	VERB
taxlaw-12357	1929	31	to	to	ADP
taxlaw-12357	1929	32	the	the	DET
taxlaw-12357	1929	33	bank	bank	NOUN
taxlaw-12357	1929	34	as	as	ADP
taxlaw-12357	1929	35	compensation	compensation	NOUN
taxlaw-12357	1929	36	for	for	ADP
taxlaw-12357	1929	37	the	the	DET
taxlaw-12357	1929	38	$	$	SYM
taxlaw-12357	1929	39	90	90	NUM
taxlaw-12357	1929	40	loan	loan	NOUN
taxlaw-12357	1929	41	.	.	PUNCT
taxlaw-12357	1930	1	let	let	VERB
taxlaw-12357	1930	2	’s	’s	NOUN
taxlaw-12357	1930	3	begin	begin	VERB
taxlaw-12357	1930	4	with	with	ADP
taxlaw-12357	1930	5	the	the	DET
taxlaw-12357	1930	6	knock	knock	VERB
taxlaw-12357	1930	7	-	-	PUNCT
taxlaw-12357	1930	8	in	in	NOUN
taxlaw-12357	1930	9	rebate	rebate	NOUN
taxlaw-12357	1930	10	.	.	PUNCT
taxlaw-12357	1931	1	when	when	SCONJ
taxlaw-12357	1931	2	the	the	DET
taxlaw-12357	1931	3	call	call	NOUN
taxlaw-12357	1931	4	option	option	NOUN
taxlaw-12357	1931	5	knocks	knock	VERB
taxlaw-12357	1931	6	-	-	PUNCT
taxlaw-12357	1931	7	out	out	NOUN
taxlaw-12357	1931	8	,	,	PUNCT
taxlaw-12357	1931	9	gwa	gwa	NOUN
taxlaw-12357	1931	10	loses	lose	VERB
taxlaw-12357	1931	11	the	the	DET
taxlaw-12357	1931	12	call	call	NOUN
taxlaw-12357	1931	13	option	option	NOUN
taxlaw-12357	1931	14	but	but	CCONJ
taxlaw-12357	1931	15	gets	get	VERB
taxlaw-12357	1931	16	a	a	DET
taxlaw-12357	1931	17	portion	portion	NOUN
taxlaw-12357	1931	18	of	of	ADP
taxlaw-12357	1931	19	its	its	PRON
taxlaw-12357	1931	20	“	"	PUNCT
taxlaw-12357	1931	21	premium	premium	NOUN
taxlaw-12357	1931	22	account	account	NOUN
taxlaw-12357	1931	23	”	"	PUNCT
taxlaw-12357	1931	24	back	back	ADV
taxlaw-12357	1931	25	.	.	PUNCT
taxlaw-12357	1932	1	we	we	PRON
taxlaw-12357	1932	2	call	call	VERB
taxlaw-12357	1932	3	this	this	DET
taxlaw-12357	1932	4	payment	payment	NOUN
taxlaw-12357	1932	5	of	of	ADP
taxlaw-12357	1932	6	$	$	SYM
taxlaw-12357	1932	7	7	7	NUM
taxlaw-12357	1932	8	a	a	DET
taxlaw-12357	1932	9	“	"	PUNCT
taxlaw-12357	1932	10	knock	knock	VERB
taxlaw-12357	1932	11	-	-	PUNCT
taxlaw-12357	1932	12	in	in	ADP
taxlaw-12357	1932	13	rebate	rebate	NOUN
taxlaw-12357	1932	14	.	.	PUNCT
taxlaw-12357	1932	15	”	"	PUNCT
taxlaw-12357	1933	1	gwa	gwa	PROPN
taxlaw-12357	1933	2	receives	receive	VERB
taxlaw-12357	1933	3	it	it	PRON
taxlaw-12357	1933	4	when	when	SCONJ
taxlaw-12357	1933	5	the	the	DET
taxlaw-12357	1933	6	underlying	underlie	VERB
taxlaw-12357	1933	7	price	price	NOUN
taxlaw-12357	1933	8	falls	fall	VERB
taxlaw-12357	1933	9	below	below	ADP
taxlaw-12357	1933	10	$	$	SYM
taxlaw-12357	1933	11	97.220	97.220	NUM
taxlaw-12357	1933	12	table	table	NOUN
taxlaw-12357	1933	13	a3	a3	NOUN
taxlaw-12357	1933	14	shows	show	VERB
taxlaw-12357	1933	15	the	the	DET
taxlaw-12357	1933	16	delta	delta	NOUN
taxlaw-12357	1933	17	values	value	NOUN
taxlaw-12357	1933	18	for	for	ADP
taxlaw-12357	1933	19	the	the	DET
taxlaw-12357	1933	20	knock	knock	VERB
taxlaw-12357	1933	21	-	-	PUNCT
taxlaw-12357	1933	22	out	out	ADP
taxlaw-12357	1933	23	call	call	NOUN
taxlaw-12357	1933	24	and	and	CCONJ
taxlaw-12357	1933	25	knock	knock	NOUN
taxlaw-12357	1933	26	-	-	PUNCT
taxlaw-12357	1933	27	in	in	ADP
taxlaw-12357	1933	28	rebate	rebate	NOUN
taxlaw-12357	1933	29	.	.	PUNCT
taxlaw-12357	1934	1	volatility	volatility	NOUN
taxlaw-12357	1934	2	20	20	NUM
taxlaw-12357	1934	3	%	%	NOUN
taxlaw-12357	1934	4	60	60	NUM
taxlaw-12357	1934	5	%	%	NOUN
taxlaw-12357	1934	6	delta	delta	NOUN
taxlaw-12357	1934	7	of	of	ADP
taxlaw-12357	1934	8	knock	knock	NOUN
taxlaw-12357	1934	9	-	-	PUNCT
taxlaw-12357	1934	10	out	out	NOUN
taxlaw-12357	1934	11	call	call	NOUN
taxlaw-12357	1934	12	2.42	2.42	NUM
taxlaw-12357	1934	13	1.24	1.24	NUM
taxlaw-12357	1934	14	delta	delta	NOUN
taxlaw-12357	1934	15	of	of	ADP
taxlaw-12357	1934	16	$	$	SYM
taxlaw-12357	1934	17	7	7	NUM
taxlaw-12357	1934	18	knock	knock	NOUN
taxlaw-12357	1934	19	-	-	PUNCT
taxlaw-12357	1934	20	in	in	NOUN
taxlaw-12357	1934	21	rebate	rebate	NOUN
taxlaw-12357	1934	22	-0.17	-0.17	PROPN
taxlaw-12357	1934	23	-0.02	-0.02	NUM
taxlaw-12357	1934	24	delta	delta	NOUN
taxlaw-12357	1934	25	of	of	ADP
taxlaw-12357	1934	26	knock	knock	NOUN
taxlaw-12357	1934	27	-	-	PUNCT
taxlaw-12357	1934	28	out	out	ADP
taxlaw-12357	1934	29	call	call	NOUN
taxlaw-12357	1934	30	and	and	CCONJ
taxlaw-12357	1934	31	$	$	SYM
taxlaw-12357	1934	32	7	7	NUM
taxlaw-12357	1934	33	knock	knock	NOUN
taxlaw-12357	1934	34	-	-	PUNCT
taxlaw-12357	1934	35	in	in	NOUN
taxlaw-12357	1934	36	rebate	rebate	NOUN
taxlaw-12357	1934	37	2.25	2.25	NUM
taxlaw-12357	1934	38	1.22	1.22	NUM
taxlaw-12357	1934	39	table	table	NOUN
taxlaw-12357	1934	40	a3	a3	NOUN
taxlaw-12357	1934	41	:	:	PUNCT
taxlaw-12357	1934	42	delta	delta	NOUN
taxlaw-12357	1934	43	for	for	ADP
taxlaw-12357	1934	44	gwa	gwa	PROPN
taxlaw-12357	1934	45	of	of	ADP
taxlaw-12357	1934	46	knock	knock	NOUN
taxlaw-12357	1934	47	-	-	PUNCT
taxlaw-12357	1934	48	out	out	ADP
taxlaw-12357	1934	49	call	call	NOUN
taxlaw-12357	1934	50	and	and	CCONJ
taxlaw-12357	1934	51	knock	knock	NOUN
taxlaw-12357	1934	52	-	-	PUNCT
taxlaw-12357	1934	53	in	in	NOUN
taxlaw-12357	1934	54	rebate	rebate	NOUN
taxlaw-12357	1934	55	(	(	PUNCT
taxlaw-12357	1934	56	assuming	assume	VERB
taxlaw-12357	1934	57	no	no	DET
taxlaw-12357	1934	58	buy	buy	NOUN
taxlaw-12357	1934	59	-	-	PUNCT
taxlaw-12357	1934	60	downs	down	NOUN
taxlaw-12357	1934	61	)	)	PUNCT
taxlaw-12357	1934	62	the	the	DET
taxlaw-12357	1934	63	delta	delta	NOUN
taxlaw-12357	1934	64	values	value	VERB
taxlaw-12357	1934	65	for	for	ADP
taxlaw-12357	1934	66	the	the	DET
taxlaw-12357	1934	67	knock	knock	VERB
taxlaw-12357	1934	68	-	-	PUNCT
taxlaw-12357	1934	69	out	out	ADP
taxlaw-12357	1934	70	call	call	NOUN
taxlaw-12357	1934	71	are	be	AUX
taxlaw-12357	1934	72	the	the	DET
taxlaw-12357	1934	73	same	same	ADJ
taxlaw-12357	1934	74	as	as	ADP
taxlaw-12357	1934	75	in	in	ADP
taxlaw-12357	1934	76	table	table	NOUN
taxlaw-12357	1934	77	8	8	NUM
taxlaw-12357	1934	78	.	.	PUNCT
taxlaw-12357	1935	1	the	the	DET
taxlaw-12357	1935	2	delta	delta	NOUN
taxlaw-12357	1935	3	of	of	ADP
taxlaw-12357	1935	4	the	the	DET
taxlaw-12357	1935	5	knock	knock	VERB
taxlaw-12357	1935	6	-	-	PUNCT
taxlaw-12357	1935	7	in	in	NOUN
taxlaw-12357	1935	8	rebate	rebate	NOUN
taxlaw-12357	1935	9	is	be	AUX
taxlaw-12357	1935	10	calculated	calculate	VERB
taxlaw-12357	1935	11	using	use	VERB
taxlaw-12357	1935	12	our	our	PRON
taxlaw-12357	1935	13	usual	usual	ADJ
taxlaw-12357	1935	14	pricing	pricing	NOUN
taxlaw-12357	1935	15	model	model	NOUN
taxlaw-12357	1935	16	.	.	PUNCT
taxlaw-12357	1936	1	this	this	DET
taxlaw-12357	1936	2	component	component	NOUN
taxlaw-12357	1936	3	of	of	ADP
taxlaw-12357	1936	4	delta	delta	NOUN
taxlaw-12357	1936	5	is	be	AUX
taxlaw-12357	1936	6	negative	negative	ADJ
taxlaw-12357	1936	7	because	because	SCONJ
taxlaw-12357	1936	8	an	an	DET
taxlaw-12357	1936	9	increase	increase	NOUN
taxlaw-12357	1936	10	in	in	ADP
taxlaw-12357	1936	11	the	the	DET
taxlaw-12357	1936	12	value	value	NOUN
taxlaw-12357	1936	13	of	of	ADP
taxlaw-12357	1936	14	the	the	DET
taxlaw-12357	1936	15	underlying	underlie	VERB
taxlaw-12357	1936	16	delays	delay	NOUN
taxlaw-12357	1936	17	payment	payment	NOUN
taxlaw-12357	1936	18	of	of	ADP
taxlaw-12357	1936	19	$	$	SYM
taxlaw-12357	1936	20	7	7	NUM
taxlaw-12357	1936	21	to	to	ADP
taxlaw-12357	1936	22	gwa	gwa	NOUN
taxlaw-12357	1936	23	,	,	PUNCT
taxlaw-12357	1936	24	and	and	CCONJ
taxlaw-12357	1936	25	there	there	PRON
taxlaw-12357	1936	26	is	be	VERB
taxlaw-12357	1936	27	no	no	DET
taxlaw-12357	1936	28	compensation	compensation	NOUN
taxlaw-12357	1936	29	for	for	ADP
taxlaw-12357	1936	30	the	the	DET
taxlaw-12357	1936	31	time	time	NOUN
taxlaw-12357	1936	32	-	-	PUNCT
taxlaw-12357	1936	33	value	value	NOUN
taxlaw-12357	1936	34	of	of	ADP
taxlaw-12357	1936	35	money	money	NOUN
taxlaw-12357	1936	36	220	220	NUM
taxlaw-12357	1936	37	the	the	DET
taxlaw-12357	1936	38	taxpayer	taxpayer	NOUN
taxlaw-12357	1936	39	also	also	ADV
taxlaw-12357	1936	40	receives	receive	VERB
taxlaw-12357	1936	41	$	$	SYM
taxlaw-12357	1936	42	7	7	NUM
taxlaw-12357	1936	43	as	as	ADP
taxlaw-12357	1936	44	part	part	NOUN
taxlaw-12357	1936	45	of	of	ADP
taxlaw-12357	1936	46	the	the	DET
taxlaw-12357	1936	47	value	value	NOUN
taxlaw-12357	1936	48	of	of	ADP
taxlaw-12357	1936	49	the	the	DET
taxlaw-12357	1936	50	surviving	survive	VERB
taxlaw-12357	1936	51	call	call	NOUN
taxlaw-12357	1936	52	option	option	NOUN
taxlaw-12357	1936	53	if	if	SCONJ
taxlaw-12357	1936	54	the	the	DET
taxlaw-12357	1936	55	barrier	barrier	NOUN
taxlaw-12357	1936	56	is	be	AUX
taxlaw-12357	1936	57	never	never	ADV
taxlaw-12357	1936	58	hit	hit	VERB
taxlaw-12357	1936	59	.	.	PUNCT
taxlaw-12357	1937	1	we	we	PRON
taxlaw-12357	1937	2	need	need	AUX
taxlaw-12357	1937	3	not	not	PART
taxlaw-12357	1937	4	separately	separately	ADV
taxlaw-12357	1937	5	account	account	VERB
taxlaw-12357	1937	6	for	for	ADP
taxlaw-12357	1937	7	this	this	PRON
taxlaw-12357	1937	8	–	–	PUNCT
taxlaw-12357	1937	9	it	it	PRON
taxlaw-12357	1937	10	is	be	AUX
taxlaw-12357	1937	11	already	already	ADV
taxlaw-12357	1937	12	incorporated	incorporate	VERB
taxlaw-12357	1937	13	into	into	ADP
taxlaw-12357	1937	14	our	our	PRON
taxlaw-12357	1937	15	analysis	analysis	NOUN
taxlaw-12357	1937	16	of	of	ADP
taxlaw-12357	1937	17	the	the	DET
taxlaw-12357	1937	18	knock	knock	VERB
taxlaw-12357	1937	19	-	-	PUNCT
taxlaw-12357	1937	20	out	out	ADP
taxlaw-12357	1937	21	call	call	NOUN
taxlaw-12357	1937	22	from	from	ADP
taxlaw-12357	1937	23	the	the	DET
taxlaw-12357	1937	24	main	main	ADJ
taxlaw-12357	1937	25	part	part	NOUN
taxlaw-12357	1937	26	of	of	ADP
taxlaw-12357	1937	27	this	this	DET
taxlaw-12357	1937	28	article	article	NOUN
taxlaw-12357	1937	29	.	.	PUNCT
taxlaw-12357	1938	1	columbia	columbia	PROPN
taxlaw-12357	1938	2	journal	journal	PROPN
taxlaw-12357	1938	3	of	of	ADP
taxlaw-12357	1938	4	tax	tax	NOUN
taxlaw-12357	1938	5	law	law	NOUN
taxlaw-12357	1939	1	[	[	X
taxlaw-12357	1939	2	vol	vol	NOUN
taxlaw-12357	1939	3	15:1	15:1	NUM
taxlaw-12357	1939	4	72	72	NUM
taxlaw-12357	1939	5	with	with	ADP
taxlaw-12357	1939	6	respect	respect	NOUN
taxlaw-12357	1939	7	to	to	ADP
taxlaw-12357	1939	8	this	this	DET
taxlaw-12357	1939	9	delay	delay	NOUN
taxlaw-12357	1939	10	.	.	PUNCT
taxlaw-12357	1940	1	as	as	SCONJ
taxlaw-12357	1940	2	the	the	DET
taxlaw-12357	1940	3	table	table	NOUN
taxlaw-12357	1940	4	indicates	indicate	VERB
taxlaw-12357	1940	5	,	,	PUNCT
taxlaw-12357	1940	6	the	the	DET
taxlaw-12357	1940	7	delta	delta	NOUN
taxlaw-12357	1940	8	values	value	VERB
taxlaw-12357	1940	9	for	for	ADP
taxlaw-12357	1940	10	the	the	DET
taxlaw-12357	1940	11	knock	knock	VERB
taxlaw-12357	1940	12	-	-	PUNCT
taxlaw-12357	1940	13	in	in	ADP
taxlaw-12357	1940	14	rebate	rebate	NOUN
taxlaw-12357	1940	15	are	be	AUX
taxlaw-12357	1940	16	modest	modest	ADJ
taxlaw-12357	1940	17	,	,	PUNCT
taxlaw-12357	1940	18	and	and	CCONJ
taxlaw-12357	1940	19	the	the	DET
taxlaw-12357	1940	20	delta	delta	NOUN
taxlaw-12357	1940	21	for	for	ADP
taxlaw-12357	1940	22	the	the	DET
taxlaw-12357	1940	23	knock	knock	VERB
taxlaw-12357	1940	24	-	-	PUNCT
taxlaw-12357	1940	25	out	out	ADP
taxlaw-12357	1940	26	call	call	NOUN
taxlaw-12357	1940	27	and	and	CCONJ
taxlaw-12357	1940	28	knock	knock	NOUN
taxlaw-12357	1940	29	-	-	PUNCT
taxlaw-12357	1940	30	in	in	ADP
taxlaw-12357	1940	31	rebate	rebate	NOUN
taxlaw-12357	1940	32	combined	combine	VERB
taxlaw-12357	1940	33	remains	remain	VERB
taxlaw-12357	1940	34	greater	great	ADJ
taxlaw-12357	1940	35	than	than	ADP
taxlaw-12357	1940	36	1.00	1.00	NUM
taxlaw-12357	1940	37	,	,	PUNCT
taxlaw-12357	1940	38	just	just	ADV
taxlaw-12357	1940	39	as	as	SCONJ
taxlaw-12357	1940	40	was	be	AUX
taxlaw-12357	1940	41	the	the	DET
taxlaw-12357	1940	42	case	case	NOUN
taxlaw-12357	1940	43	for	for	ADP
taxlaw-12357	1940	44	the	the	DET
taxlaw-12357	1940	45	knock	knock	VERB
taxlaw-12357	1940	46	-	-	PUNCT
taxlaw-12357	1940	47	out	out	ADP
taxlaw-12357	1940	48	call	call	NOUN
taxlaw-12357	1940	49	in	in	ADP
taxlaw-12357	1940	50	isolation	isolation	NOUN
taxlaw-12357	1940	51	.	.	PUNCT
taxlaw-12357	1941	1	we	we	PRON
taxlaw-12357	1941	2	can	can	AUX
taxlaw-12357	1941	3	also	also	ADV
taxlaw-12357	1941	4	add	add	VERB
taxlaw-12357	1941	5	the	the	DET
taxlaw-12357	1941	6	interest	interest	NOUN
taxlaw-12357	1941	7	that	that	PRON
taxlaw-12357	1941	8	we	we	PRON
taxlaw-12357	1941	9	discussed	discuss	VERB
taxlaw-12357	1941	10	in	in	ADP
taxlaw-12357	1941	11	part	part	NOUN
taxlaw-12357	1941	12	ix.a	ix.a	ADV
taxlaw-12357	1941	13	to	to	ADP
taxlaw-12357	1941	14	our	our	PRON
taxlaw-12357	1941	15	analysis	analysis	NOUN
taxlaw-12357	1941	16	.	.	PUNCT
taxlaw-12357	1942	1	the	the	DET
taxlaw-12357	1942	2	bank	bank	NOUN
taxlaw-12357	1942	3	receives	receive	VERB
taxlaw-12357	1942	4	its	its	PRON
taxlaw-12357	1942	5	interest	interest	NOUN
taxlaw-12357	1942	6	payments	payment	NOUN
taxlaw-12357	1942	7	from	from	ADP
taxlaw-12357	1942	8	gwa	gwa	NOUN
taxlaw-12357	1942	9	,	,	PUNCT
taxlaw-12357	1942	10	and	and	CCONJ
taxlaw-12357	1942	11	the	the	DET
taxlaw-12357	1942	12	two	two	NUM
taxlaw-12357	1942	13	parties	party	NOUN
taxlaw-12357	1942	14	thus	thus	ADV
taxlaw-12357	1942	15	have	have	VERB
taxlaw-12357	1942	16	opposite	opposite	ADJ
taxlaw-12357	1942	17	exposures	exposure	NOUN
taxlaw-12357	1942	18	with	with	ADP
taxlaw-12357	1942	19	respect	respect	NOUN
taxlaw-12357	1942	20	to	to	ADP
taxlaw-12357	1942	21	the	the	DET
taxlaw-12357	1942	22	risks	risk	NOUN
taxlaw-12357	1942	23	of	of	ADP
taxlaw-12357	1942	24	these	these	DET
taxlaw-12357	1942	25	payments	payment	NOUN
taxlaw-12357	1942	26	.	.	PUNCT
taxlaw-12357	1943	1	we	we	PRON
taxlaw-12357	1943	2	assume	assume	VERB
taxlaw-12357	1943	3	that	that	SCONJ
taxlaw-12357	1943	4	the	the	DET
taxlaw-12357	1943	5	interest	interest	NOUN
taxlaw-12357	1943	6	payment	payment	NOUN
taxlaw-12357	1943	7	precisely	precisely	ADV
taxlaw-12357	1943	8	compensates	compensate	VERB
taxlaw-12357	1943	9	the	the	DET
taxlaw-12357	1943	10	bank	bank	NOUN
taxlaw-12357	1943	11	for	for	ADP
taxlaw-12357	1943	12	the	the	DET
taxlaw-12357	1943	13	time	time	NOUN
taxlaw-12357	1943	14	-	-	PUNCT
taxlaw-12357	1943	15	value	value	NOUN
taxlaw-12357	1943	16	of	of	ADP
taxlaw-12357	1943	17	money	money	NOUN
taxlaw-12357	1943	18	,	,	PUNCT
taxlaw-12357	1943	19	as	as	SCONJ
taxlaw-12357	1943	20	explained	explain	VERB
taxlaw-12357	1943	21	in	in	ADP
taxlaw-12357	1943	22	part	part	NOUN
taxlaw-12357	1943	23	ix.a	ix.a	ADJ
taxlaw-12357	1943	24	.	.	PUNCT
taxlaw-12357	1943	25	,	,	PUNCT
taxlaw-12357	1943	26	and	and	CCONJ
taxlaw-12357	1943	27	we	we	PRON
taxlaw-12357	1943	28	use	use	VERB
taxlaw-12357	1943	29	our	our	PRON
taxlaw-12357	1943	30	prior	prior	ADJ
taxlaw-12357	1943	31	calculations	calculation	NOUN
taxlaw-12357	1943	32	to	to	PART
taxlaw-12357	1943	33	determine	determine	VERB
taxlaw-12357	1943	34	the	the	DET
taxlaw-12357	1943	35	delta	delta	NOUN
taxlaw-12357	1943	36	of	of	ADP
taxlaw-12357	1943	37	interest	interest	NOUN
taxlaw-12357	1943	38	for	for	ADP
taxlaw-12357	1943	39	gwa	gwa	PROPN
taxlaw-12357	1943	40	.	.	PUNCT
taxlaw-12357	1943	41	table	table	NOUN
taxlaw-12357	1943	42	a4	a4	PROPN
taxlaw-12357	1943	43	summarizes	summarize	VERB
taxlaw-12357	1943	44	the	the	DET
taxlaw-12357	1943	45	deltas	delta	NOUN
taxlaw-12357	1943	46	for	for	ADP
taxlaw-12357	1943	47	the	the	DET
taxlaw-12357	1943	48	knock	knock	VERB
taxlaw-12357	1943	49	-	-	PUNCT
taxlaw-12357	1943	50	out	out	ADP
taxlaw-12357	1943	51	call	call	NOUN
taxlaw-12357	1943	52	,	,	PUNCT
taxlaw-12357	1943	53	the	the	DET
taxlaw-12357	1943	54	knock	knock	VERB
taxlaw-12357	1943	55	-	-	PUNCT
taxlaw-12357	1943	56	in	in	NOUN
taxlaw-12357	1943	57	rebate	rebate	NOUN
taxlaw-12357	1943	58	,	,	PUNCT
taxlaw-12357	1943	59	and	and	CCONJ
taxlaw-12357	1943	60	the	the	DET
taxlaw-12357	1943	61	interest	interest	NOUN
taxlaw-12357	1943	62	,	,	PUNCT
taxlaw-12357	1943	63	together	together	ADV
taxlaw-12357	1943	64	with	with	ADP
taxlaw-12357	1943	65	the	the	DET
taxlaw-12357	1943	66	overall	overall	ADJ
taxlaw-12357	1943	67	effect	effect	NOUN
taxlaw-12357	1943	68	of	of	ADP
taxlaw-12357	1943	69	all	all	DET
taxlaw-12357	1943	70	three	three	NUM
taxlaw-12357	1943	71	components	component	NOUN
taxlaw-12357	1943	72	.	.	PUNCT
taxlaw-12357	1944	1	it	it	PRON
taxlaw-12357	1944	2	is	be	AUX
taxlaw-12357	1944	3	the	the	DET
taxlaw-12357	1944	4	same	same	ADJ
taxlaw-12357	1944	5	as	as	ADP
taxlaw-12357	1944	6	table	table	NOUN
taxlaw-12357	1944	7	a3	a3	NOUN
taxlaw-12357	1944	8	,	,	PUNCT
taxlaw-12357	1944	9	except	except	SCONJ
taxlaw-12357	1944	10	that	that	SCONJ
taxlaw-12357	1944	11	it	it	PRON
taxlaw-12357	1944	12	adds	add	VERB
taxlaw-12357	1944	13	the	the	DET
taxlaw-12357	1944	14	interest	interest	NOUN
taxlaw-12357	1944	15	component	component	NOUN
taxlaw-12357	1944	16	.	.	PUNCT
taxlaw-12357	1945	1	the	the	DET
taxlaw-12357	1945	2	delta	delta	NOUN
taxlaw-12357	1945	3	values	value	VERB
taxlaw-12357	1945	4	for	for	ADP
taxlaw-12357	1945	5	the	the	DET
taxlaw-12357	1945	6	interest	interest	NOUN
taxlaw-12357	1945	7	paid	pay	VERB
taxlaw-12357	1945	8	to	to	ADP
taxlaw-12357	1945	9	the	the	DET
taxlaw-12357	1945	10	bank	bank	NOUN
taxlaw-12357	1945	11	are	be	AUX
taxlaw-12357	1945	12	the	the	DET
taxlaw-12357	1945	13	negatives	negative	NOUN
taxlaw-12357	1945	14	of	of	ADP
taxlaw-12357	1945	15	the	the	DET
taxlaw-12357	1945	16	corresponding	corresponding	ADJ
taxlaw-12357	1945	17	deltas	delta	NOUN
taxlaw-12357	1945	18	for	for	ADP
taxlaw-12357	1945	19	the	the	DET
taxlaw-12357	1945	20	bank	bank	NOUN
taxlaw-12357	1945	21	in	in	ADP
taxlaw-12357	1945	22	table	table	NOUN
taxlaw-12357	1945	23	a2	a2	PROPN
taxlaw-12357	1945	24	.	.	PUNCT
taxlaw-12357	1946	1	volatility	volatility	NOUN
taxlaw-12357	1946	2	20	20	NUM
taxlaw-12357	1946	3	%	%	NOUN
taxlaw-12357	1946	4	60	60	NUM
taxlaw-12357	1946	5	%	%	NOUN
taxlaw-12357	1946	6	delta	delta	NOUN
taxlaw-12357	1946	7	of	of	ADP
taxlaw-12357	1946	8	knock	knock	NOUN
taxlaw-12357	1946	9	-	-	PUNCT
taxlaw-12357	1946	10	out	out	NOUN
taxlaw-12357	1946	11	call	call	NOUN
taxlaw-12357	1946	12	2.42	2.42	NUM
taxlaw-12357	1946	13	1.24	1.24	NUM
taxlaw-12357	1946	14	delta	delta	NOUN
taxlaw-12357	1946	15	of	of	ADP
taxlaw-12357	1946	16	$	$	SYM
taxlaw-12357	1946	17	7	7	NUM
taxlaw-12357	1946	18	knock	knock	NOUN
taxlaw-12357	1946	19	-	-	PUNCT
taxlaw-12357	1946	20	in	in	NOUN
taxlaw-12357	1946	21	rebate	rebate	NOUN
taxlaw-12357	1946	22	-0.17	-0.17	PROPN
taxlaw-12357	1946	23	-0.02	-0.02	NUM
taxlaw-12357	1946	24	delta	delta	NOUN
taxlaw-12357	1946	25	of	of	ADP
taxlaw-12357	1946	26	interest	interest	NOUN
taxlaw-12357	1946	27	paid	pay	VERB
taxlaw-12357	1946	28	to	to	ADP
taxlaw-12357	1946	29	bank	bank	NOUN
taxlaw-12357	1946	30	-1.25	-1.25	PROPN
taxlaw-12357	1946	31	-0.22	-0.22	NUM
taxlaw-12357	1946	32	total	total	ADJ
taxlaw-12357	1946	33	delta	delta	NOUN
taxlaw-12357	1946	34	1.00	1.00	NUM
taxlaw-12357	1946	35	1.00	1.00	NUM
taxlaw-12357	1946	36	table	table	NOUN
taxlaw-12357	1946	37	a4	a4	NOUN
taxlaw-12357	1946	38	:	:	PUNCT
taxlaw-12357	1946	39	delta	delta	NOUN
taxlaw-12357	1946	40	for	for	ADP
taxlaw-12357	1946	41	gwa	gwa	NOUN
taxlaw-12357	1946	42	with	with	ADP
taxlaw-12357	1946	43	respect	respect	NOUN
taxlaw-12357	1946	44	to	to	ADP
taxlaw-12357	1946	45	gwa	gwa	NOUN
taxlaw-12357	1946	46	contract	contract	NOUN
taxlaw-12357	1946	47	including	include	VERB
taxlaw-12357	1946	48	knock	knock	NOUN
taxlaw-12357	1946	49	-	-	PUNCT
taxlaw-12357	1946	50	out	out	ADP
taxlaw-12357	1946	51	call	call	NOUN
taxlaw-12357	1946	52	,	,	PUNCT
taxlaw-12357	1946	53	rebate	rebate	NOUN
taxlaw-12357	1946	54	,	,	PUNCT
taxlaw-12357	1946	55	and	and	CCONJ
taxlaw-12357	1946	56	interest	interest	NOUN
taxlaw-12357	1946	57	(	(	PUNCT
taxlaw-12357	1946	58	assuming	assume	VERB
taxlaw-12357	1946	59	no	no	DET
taxlaw-12357	1946	60	buy	buy	NOUN
taxlaw-12357	1946	61	-	-	PUNCT
taxlaw-12357	1946	62	downs	down	NOUN
taxlaw-12357	1946	63	)	)	PUNCT
taxlaw-12357	1946	64	notably	notably	ADV
taxlaw-12357	1946	65	,	,	PUNCT
taxlaw-12357	1946	66	the	the	DET
taxlaw-12357	1946	67	net	net	NOUN
taxlaw-12357	1946	68	of	of	ADP
taxlaw-12357	1946	69	all	all	DET
taxlaw-12357	1946	70	these	these	DET
taxlaw-12357	1946	71	effects	effect	NOUN
taxlaw-12357	1946	72	is	be	AUX
taxlaw-12357	1946	73	a	a	DET
taxlaw-12357	1946	74	delta	delta	NOUN
taxlaw-12357	1946	75	of	of	ADP
taxlaw-12357	1946	76	1.0	1.0	NUM
taxlaw-12357	1946	77	.	.	PUNCT
taxlaw-12357	1947	1	the	the	DET
taxlaw-12357	1947	2	bottom	bottom	ADJ
taxlaw-12357	1947	3	line	line	NOUN
taxlaw-12357	1947	4	,	,	PUNCT
taxlaw-12357	1947	5	then	then	ADV
taxlaw-12357	1947	6	,	,	PUNCT
taxlaw-12357	1947	7	is	be	AUX
taxlaw-12357	1947	8	that	that	SCONJ
taxlaw-12357	1947	9	the	the	DET
taxlaw-12357	1947	10	gwa	gwa	NOUN
taxlaw-12357	1947	11	contract	contract	NOUN
taxlaw-12357	1947	12	can	can	AUX
taxlaw-12357	1947	13	have	have	VERB
taxlaw-12357	1947	14	a	a	DET
taxlaw-12357	1947	15	delta	delta	NOUN
taxlaw-12357	1947	16	of	of	ADP
taxlaw-12357	1947	17	1.0	1.0	NUM
taxlaw-12357	1947	18	for	for	ADP
taxlaw-12357	1947	19	two	two	NUM
taxlaw-12357	1947	20	different	different	ADJ
taxlaw-12357	1947	21	reasons	reason	NOUN
taxlaw-12357	1947	22	.	.	PUNCT
taxlaw-12357	1948	1	first	first	ADV
taxlaw-12357	1948	2	,	,	PUNCT
taxlaw-12357	1948	3	as	as	SCONJ
taxlaw-12357	1948	4	we	we	PRON
taxlaw-12357	1948	5	discussed	discuss	VERB
taxlaw-12357	1948	6	in	in	ADP
taxlaw-12357	1948	7	part	part	NOUN
taxlaw-12357	1948	8	vii	vii	PROPN
taxlaw-12357	1948	9	,	,	PUNCT
taxlaw-12357	1948	10	this	this	PRON
taxlaw-12357	1948	11	is	be	AUX
taxlaw-12357	1948	12	true	true	ADJ
taxlaw-12357	1948	13	when	when	SCONJ
taxlaw-12357	1948	14	the	the	DET
taxlaw-12357	1948	15	buy	buy	VERB
taxlaw-12357	1948	16	-	-	PUNCT
taxlaw-12357	1948	17	down	down	ADP
taxlaw-12357	1948	18	feature	feature	NOUN
taxlaw-12357	1948	19	is	be	AUX
taxlaw-12357	1948	20	used	use	VERB
taxlaw-12357	1948	21	(	(	PUNCT
taxlaw-12357	1948	22	assuming	assume	VERB
taxlaw-12357	1948	23	appropriate	appropriate	ADJ
taxlaw-12357	1948	24	compensation	compensation	NOUN
taxlaw-12357	1948	25	for	for	ADP
taxlaw-12357	1948	26	the	the	DET
taxlaw-12357	1948	27	time	time	NOUN
taxlaw-12357	1948	28	-	-	PUNCT
taxlaw-12357	1948	29	value	value	NOUN
taxlaw-12357	1948	30	of	of	ADP
taxlaw-12357	1948	31	money	money	NOUN
taxlaw-12357	1948	32	)	)	PUNCT
taxlaw-12357	1948	33	.	.	PUNCT
taxlaw-12357	1949	1	second	second	ADJ
taxlaw-12357	1949	2	,	,	PUNCT
taxlaw-12357	1949	3	this	this	DET
taxlaw-12357	1949	4	appendix	appendix	NOUN
taxlaw-12357	1949	5	has	have	AUX
taxlaw-12357	1949	6	shown	show	VERB
taxlaw-12357	1949	7	another	another	DET
taxlaw-12357	1949	8	circumstance	circumstance	NOUN
taxlaw-12357	1949	9	in	in	ADP
taxlaw-12357	1949	10	which	which	PRON
taxlaw-12357	1949	11	delta	delta	NOUN
taxlaw-12357	1949	12	is	be	AUX
taxlaw-12357	1949	13	1.0	1.0	NUM
taxlaw-12357	1949	14	:	:	PUNCT
taxlaw-12357	1949	15	the	the	DET
taxlaw-12357	1949	16	key	key	NOUN
taxlaw-12357	1949	17	is	be	AUX
taxlaw-12357	1949	18	to	to	PART
taxlaw-12357	1949	19	account	account	VERB
taxlaw-12357	1949	20	for	for	ADP
taxlaw-12357	1949	21	all	all	DET
taxlaw-12357	1949	22	the	the	DET
taxlaw-12357	1949	23	features	feature	NOUN
taxlaw-12357	1949	24	of	of	ADP
taxlaw-12357	1949	25	the	the	DET
taxlaw-12357	1949	26	gwa	gwa	NOUN
taxlaw-12357	1949	27	account	account	NOUN
taxlaw-12357	1949	28	–	–	PUNCT
taxlaw-12357	1949	29	that	that	ADV
taxlaw-12357	1949	30	is	is	ADV
taxlaw-12357	1949	31	,	,	PUNCT
taxlaw-12357	1949	32	not	not	PART
taxlaw-12357	1949	33	just	just	ADV
taxlaw-12357	1949	34	the	the	DET
taxlaw-12357	1949	35	knock	knock	VERB
taxlaw-12357	1949	36	-	-	PUNCT
taxlaw-12357	1949	37	out	out	ADP
taxlaw-12357	1949	38	call	call	NOUN
taxlaw-12357	1949	39	,	,	PUNCT
taxlaw-12357	1949	40	but	but	CCONJ
taxlaw-12357	1949	41	also	also	ADV
taxlaw-12357	1949	42	the	the	DET
taxlaw-12357	1949	43	$	$	SYM
taxlaw-12357	1949	44	7	7	NUM
taxlaw-12357	1949	45	knock	knock	NOUN
taxlaw-12357	1949	46	-	-	PUNCT
taxlaw-12357	1949	47	in	in	ADP
taxlaw-12357	1949	48	rebate	rebate	NOUN
taxlaw-12357	1949	49	,	,	PUNCT
taxlaw-12357	1949	50	and	and	CCONJ
taxlaw-12357	1949	51	the	the	DET
taxlaw-12357	1949	52	interest	interest	NOUN
taxlaw-12357	1949	53	to	to	ADP
taxlaw-12357	1949	54	the	the	DET
taxlaw-12357	1949	55	bank	bank	NOUN
taxlaw-12357	1949	56	.	.	PUNCT
taxlaw-12357	1950	1	thus	thus	ADV
taxlaw-12357	1950	2	,	,	PUNCT
taxlaw-12357	1950	3	although	although	SCONJ
taxlaw-12357	1950	4	a	a	DET
taxlaw-12357	1950	5	knock	knock	VERB
taxlaw-12357	1950	6	-	-	PUNCT
taxlaw-12357	1950	7	in	in	ADP
taxlaw-12357	1950	8	call	call	NOUN
taxlaw-12357	1950	9	wreaks	wreak	VERB
taxlaw-12357	1950	10	havoc	havoc	NOUN
taxlaw-12357	1950	11	with	with	ADP
taxlaw-12357	1950	12	the	the	DET
taxlaw-12357	1950	13	delta	delta	NOUN
taxlaw-12357	1950	14	test	test	NOUN
taxlaw-12357	1950	15	in	in	ADP
taxlaw-12357	1950	16	the	the	DET
taxlaw-12357	1950	17	ways	way	NOUN
taxlaw-12357	1950	18	we	we	PRON
taxlaw-12357	1950	19	have	have	AUX
taxlaw-12357	1950	20	described	describe	VERB
taxlaw-12357	1950	21	,	,	PUNCT
taxlaw-12357	1950	22	the	the	DET
taxlaw-12357	1950	23	gwa	gwa	NOUN
taxlaw-12357	1950	24	contract	contract	NOUN
taxlaw-12357	1950	25	itself	itself	PRON
taxlaw-12357	1950	26	may	may	AUX
taxlaw-12357	1950	27	not	not	PART
taxlaw-12357	1950	28	.	.	PUNCT
taxlaw-12357	1951	1	the	the	DET
taxlaw-12357	1951	2	reason	reason	NOUN
taxlaw-12357	1951	3	is	be	AUX
taxlaw-12357	1951	4	that	that	SCONJ
taxlaw-12357	1951	5	the	the	DET
taxlaw-12357	1951	6	gwa	gwa	NOUN
taxlaw-12357	1951	7	contract	contract	NOUN
taxlaw-12357	1951	8	is	be	AUX
taxlaw-12357	1951	9	not	not	PART
taxlaw-12357	1951	10	simply	simply	ADV
taxlaw-12357	1951	11	a	a	DET
taxlaw-12357	1951	12	knock	knock	VERB
taxlaw-12357	1951	13	-	-	PUNCT
taxlaw-12357	1951	14	in	in	ADP
taxlaw-12357	1951	15	call	call	NOUN
taxlaw-12357	1951	16	but	but	CCONJ
taxlaw-12357	1951	17	has	have	VERB
taxlaw-12357	1951	18	additional	additional	ADJ
taxlaw-12357	1951	19	features	feature	NOUN
taxlaw-12357	1951	20	that	that	PRON
taxlaw-12357	1951	21	offset	offset	VERB
taxlaw-12357	1951	22	risk	risk	NOUN
taxlaw-12357	1951	23	exposures	exposure	NOUN
taxlaw-12357	1951	24	from	from	ADP
taxlaw-12357	1951	25	the	the	DET
taxlaw-12357	1951	26	knock	knock	NOUN
taxlaw-12357	1951	27	-	-	PUNCT
taxlaw-12357	1951	28	in	in	ADP
taxlaw-12357	1951	29	feature	feature	NOUN
taxlaw-12357	1951	30	,	,	PUNCT
taxlaw-12357	1951	31	including	include	VERB
taxlaw-12357	1951	32	both	both	DET
taxlaw-12357	1951	33	compensation	compensation	NOUN
taxlaw-12357	1951	34	to	to	ADP
taxlaw-12357	1951	35	the	the	DET
taxlaw-12357	1951	36	bank	bank	NOUN
taxlaw-12357	1951	37	for	for	ADP
taxlaw-12357	1951	38	the	the	DET
taxlaw-12357	1951	39	time	time	NOUN
taxlaw-12357	1951	40	-	-	PUNCT
taxlaw-12357	1951	41	value	value	NOUN
taxlaw-12357	1951	42	of	of	ADP
taxlaw-12357	1951	43	money	money	NOUN
taxlaw-12357	1951	44	and	and	CCONJ
taxlaw-12357	1951	45	the	the	DET
taxlaw-12357	1951	46	buy	buy	VERB
taxlaw-12357	1951	47	-	-	PUNCT
taxlaw-12357	1951	48	down	down	NOUN
taxlaw-12357	1951	49	right	right	NOUN
taxlaw-12357	1951	50	.	.	PUNCT
taxlaw-12357	1952	1	so	so	ADV
taxlaw-12357	1952	2	in	in	ADP
taxlaw-12357	1952	3	principle	principle	NOUN
taxlaw-12357	1952	4	,	,	PUNCT
taxlaw-12357	1952	5	the	the	DET
taxlaw-12357	1952	6	delta	delta	NOUN
taxlaw-12357	1952	7	test	test	NOUN
taxlaw-12357	1952	8	can	can	AUX
taxlaw-12357	1952	9	get	get	VERB
taxlaw-12357	1952	10	the	the	DET
taxlaw-12357	1952	11	right	right	ADJ
taxlaw-12357	1952	12	answer	answer	NOUN
taxlaw-12357	1952	13	,	,	PUNCT
taxlaw-12357	1952	14	but	but	CCONJ
taxlaw-12357	1952	15	only	only	ADV
taxlaw-12357	1952	16	with	with	ADP
taxlaw-12357	1952	17	a	a	DET
taxlaw-12357	1952	18	scrupulous	scrupulous	ADJ
taxlaw-12357	1952	19	accounting	accounting	NOUN
taxlaw-12357	1952	20	of	of	ADP
taxlaw-12357	1952	21	all	all	DET
taxlaw-12357	1952	22	the	the	DET
taxlaw-12357	1952	23	components	component	NOUN
taxlaw-12357	1952	24	of	of	ADP
taxlaw-12357	1952	25	the	the	DET
taxlaw-12357	1952	26	gwa	gwa	NOUN
taxlaw-12357	1952	27	contract	contract	NOUN
taxlaw-12357	1952	28	.	.	PUNCT
taxlaw-12357	1953	1	but	but	CCONJ
taxlaw-12357	1953	2	again	again	ADV
taxlaw-12357	1953	3	,	,	PUNCT
taxlaw-12357	1953	4	a	a	DET
taxlaw-12357	1953	5	taxpayer	taxpayer	NOUN
taxlaw-12357	1953	6	who	who	PRON
taxlaw-12357	1953	7	wants	want	VERB
taxlaw-12357	1953	8	delta	delta	NOUN
taxlaw-12357	1953	9	to	to	PART
taxlaw-12357	1953	10	be	be	AUX
taxlaw-12357	1953	11	very	very	ADV
taxlaw-12357	1953	12	different	different	ADJ
taxlaw-12357	1953	13	from	from	ADP
taxlaw-12357	1953	14	1.0	1.0	NUM
taxlaw-12357	1953	15	–	–	PUNCT
taxlaw-12357	1953	16	as	as	ADP
taxlaw-12357	1953	17	a	a	DET
taxlaw-12357	1953	18	way	way	NOUN
taxlaw-12357	1953	19	to	to	PART
taxlaw-12357	1953	20	defend	defend	VERB
taxlaw-12357	1953	21	their	their	PRON
taxlaw-12357	1953	22	tax	tax	NOUN
taxlaw-12357	1953	23	planning	planning	NOUN
taxlaw-12357	1953	24	strategy	strategy	NOUN
taxlaw-12357	1953	25	on	on	ADP
taxlaw-12357	1953	26	audit	audit	NOUN
taxlaw-12357	1953	27	–	–	PUNCT
taxlaw-12357	1953	28	might	might	AUX
taxlaw-12357	1953	29	instead	instead	ADV
taxlaw-12357	1953	30	focus	focus	VERB
taxlaw-12357	1953	31	only	only	ADV
taxlaw-12357	1953	32	on	on	ADP
taxlaw-12357	1953	33	the	the	DET
taxlaw-12357	1953	34	knock	knock	VERB
taxlaw-12357	1953	35	-	-	PUNCT
taxlaw-12357	1953	36	out	out	ADP
taxlaw-12357	1953	37	call	call	NOUN
taxlaw-12357	1953	38	,	,	PUNCT
taxlaw-12357	1953	39	and	and	CCONJ
taxlaw-12357	1953	40	thus	thus	ADV
taxlaw-12357	1953	41	generate	generate	VERB
taxlaw-12357	1953	42	a	a	DET
taxlaw-12357	1953	43	delta	delta	NOUN
taxlaw-12357	1953	44	very	very	ADV
taxlaw-12357	1953	45	different	different	ADJ
taxlaw-12357	1953	46	from	from	ADP
taxlaw-12357	1953	47	1.0	1.0	NUM
taxlaw-12357	1953	48	.	.	PUNCT
taxlaw-12357	1953	49	2024	2024	NUM
taxlaw-12357	1953	50	]	]	PUNCT
taxlaw-12357	1953	51	transaction	transaction	NOUN
taxlaw-12357	1953	52	-	-	PUNCT
taxlaw-12357	1953	53	specific	specific	ADJ
taxlaw-12357	1953	54	tax	tax	NOUN
taxlaw-12357	1953	55	reform	reform	NOUN
taxlaw-12357	1953	56	in	in	ADP
taxlaw-12357	1953	57	three	three	NUM
taxlaw-12357	1953	58	steps	step	NOUN
taxlaw-12357	1953	59	73	73	NUM
taxlaw-12357	1953	60	x.	x.	NOUN
taxlaw-12357	1953	61	appendix	appendix	VERB
taxlaw-12357	1953	62	b	b	NOUN
taxlaw-12357	1953	63	:	:	PUNCT
taxlaw-12357	1953	64	difference	difference	NOUN
taxlaw-12357	1953	65	value	value	NOUN
taxlaw-12357	1953	66	and	and	CCONJ
taxlaw-12357	1953	67	the	the	DET
taxlaw-12357	1953	68	timing	timing	NOUN
taxlaw-12357	1953	69	of	of	ADP
taxlaw-12357	1953	70	payments	payment	NOUN
taxlaw-12357	1953	71	in	in	ADP
taxlaw-12357	1953	72	the	the	DET
taxlaw-12357	1953	73	gwa	gwa	NOUN
taxlaw-12357	1953	74	contract	contract	NOUN
taxlaw-12357	1953	75	as	as	SCONJ
taxlaw-12357	1953	76	we	we	PRON
taxlaw-12357	1953	77	have	have	AUX
taxlaw-12357	1953	78	shown	show	VERB
taxlaw-12357	1953	79	above	above	ADV
taxlaw-12357	1953	80	,	,	PUNCT
taxlaw-12357	1953	81	the	the	DET
taxlaw-12357	1953	82	delta	delta	NOUN
taxlaw-12357	1953	83	test	test	NOUN
taxlaw-12357	1953	84	is	be	AUX
taxlaw-12357	1953	85	easily	easily	ADV
taxlaw-12357	1953	86	confused	confuse	VERB
taxlaw-12357	1953	87	by	by	ADP
taxlaw-12357	1953	88	contingencies	contingency	NOUN
taxlaw-12357	1953	89	.	.	PUNCT
taxlaw-12357	1954	1	in	in	ADP
taxlaw-12357	1954	2	appendix	appendix	NOUN
taxlaw-12357	1954	3	a	a	PRON
taxlaw-12357	1954	4	,	,	PUNCT
taxlaw-12357	1954	5	we	we	PRON
taxlaw-12357	1954	6	showed	show	VERB
taxlaw-12357	1954	7	that	that	SCONJ
taxlaw-12357	1954	8	there	there	PRON
taxlaw-12357	1954	9	are	be	VERB
taxlaw-12357	1954	10	other	other	ADJ
taxlaw-12357	1954	11	effects	effect	NOUN
taxlaw-12357	1954	12	,	,	PUNCT
taxlaw-12357	1954	13	aside	aside	ADV
taxlaw-12357	1954	14	from	from	ADP
taxlaw-12357	1954	15	the	the	DET
taxlaw-12357	1954	16	skewed	skewed	ADJ
taxlaw-12357	1954	17	result	result	NOUN
taxlaw-12357	1954	18	for	for	ADP
taxlaw-12357	1954	19	the	the	DET
taxlaw-12357	1954	20	knock	knock	VERB
taxlaw-12357	1954	21	-	-	PUNCT
taxlaw-12357	1954	22	out	out	ADP
taxlaw-12357	1954	23	call	call	NOUN
taxlaw-12357	1954	24	.	.	PUNCT
taxlaw-12357	1955	1	when	when	SCONJ
taxlaw-12357	1955	2	the	the	DET
taxlaw-12357	1955	3	contract	contract	NOUN
taxlaw-12357	1955	4	’s	’s	PART
taxlaw-12357	1955	5	other	other	ADJ
taxlaw-12357	1955	6	components	component	NOUN
taxlaw-12357	1955	7	are	be	AUX
taxlaw-12357	1955	8	evaluated	evaluate	VERB
taxlaw-12357	1955	9	,	,	PUNCT
taxlaw-12357	1955	10	their	their	PRON
taxlaw-12357	1955	11	deltas	delta	NOUN
taxlaw-12357	1955	12	can	can	AUX
taxlaw-12357	1955	13	offset	offset	VERB
taxlaw-12357	1955	14	the	the	DET
taxlaw-12357	1955	15	distorted	distorted	ADJ
taxlaw-12357	1955	16	delta	delta	NOUN
taxlaw-12357	1955	17	of	of	ADP
taxlaw-12357	1955	18	the	the	DET
taxlaw-12357	1955	19	knock	knock	VERB
taxlaw-12357	1955	20	-	-	PUNCT
taxlaw-12357	1955	21	out	out	ADP
taxlaw-12357	1955	22	call	call	NOUN
taxlaw-12357	1955	23	.	.	PUNCT
taxlaw-12357	1956	1	we	we	PRON
taxlaw-12357	1956	2	have	have	AUX
taxlaw-12357	1956	3	also	also	ADV
taxlaw-12357	1956	4	shown	show	VERB
taxlaw-12357	1956	5	that	that	SCONJ
taxlaw-12357	1956	6	the	the	DET
taxlaw-12357	1956	7	difference	difference	NOUN
taxlaw-12357	1956	8	-	-	PUNCT
taxlaw-12357	1956	9	value	value	NOUN
taxlaw-12357	1956	10	test	test	NOUN
taxlaw-12357	1956	11	is	be	AUX
taxlaw-12357	1956	12	more	more	ADV
taxlaw-12357	1956	13	reliable	reliable	ADJ
taxlaw-12357	1956	14	than	than	ADP
taxlaw-12357	1956	15	the	the	DET
taxlaw-12357	1956	16	delta	delta	NOUN
taxlaw-12357	1956	17	test	test	NOUN
taxlaw-12357	1956	18	in	in	ADP
taxlaw-12357	1956	19	evaluating	evaluate	VERB
taxlaw-12357	1956	20	contingencies	contingency	NOUN
taxlaw-12357	1956	21	.	.	PUNCT
taxlaw-12357	1957	1	its	its	PRON
taxlaw-12357	1957	2	analysis	analysis	NOUN
taxlaw-12357	1957	3	of	of	ADP
taxlaw-12357	1957	4	the	the	DET
taxlaw-12357	1957	5	knock	knock	VERB
taxlaw-12357	1957	6	-	-	PUNCT
taxlaw-12357	1957	7	out	out	ADP
taxlaw-12357	1957	8	call	call	NOUN
taxlaw-12357	1957	9	is	be	AUX
taxlaw-12357	1957	10	not	not	PART
taxlaw-12357	1957	11	skewed	skew	VERB
taxlaw-12357	1957	12	in	in	ADP
taxlaw-12357	1957	13	the	the	DET
taxlaw-12357	1957	14	same	same	ADJ
taxlaw-12357	1957	15	way	way	NOUN
taxlaw-12357	1957	16	.	.	PUNCT
taxlaw-12357	1958	1	but	but	CCONJ
taxlaw-12357	1958	2	what	what	PRON
taxlaw-12357	1958	3	about	about	ADP
taxlaw-12357	1958	4	the	the	DET
taxlaw-12357	1958	5	other	other	ADJ
taxlaw-12357	1958	6	components	component	NOUN
taxlaw-12357	1958	7	of	of	ADP
taxlaw-12357	1958	8	the	the	DET
taxlaw-12357	1958	9	contract	contract	NOUN
taxlaw-12357	1958	10	?	?	PUNCT
taxlaw-12357	1959	1	how	how	SCONJ
taxlaw-12357	1959	2	,	,	PUNCT
taxlaw-12357	1959	3	if	if	SCONJ
taxlaw-12357	1959	4	at	at	ADV
taxlaw-12357	1959	5	all	all	ADV
taxlaw-12357	1959	6	,	,	PUNCT
taxlaw-12357	1959	7	do	do	AUX
taxlaw-12357	1959	8	they	they	PRON
taxlaw-12357	1959	9	affect	affect	VERB
taxlaw-12357	1959	10	the	the	DET
taxlaw-12357	1959	11	difference	difference	NOUN
taxlaw-12357	1959	12	-	-	PUNCT
taxlaw-12357	1959	13	value	value	NOUN
taxlaw-12357	1959	14	analysis	analysis	NOUN
taxlaw-12357	1959	15	?	?	PUNCT
taxlaw-12357	1960	1	the	the	DET
taxlaw-12357	1960	2	answer	answer	NOUN
taxlaw-12357	1960	3	is	be	AUX
taxlaw-12357	1960	4	“	"	PUNCT
taxlaw-12357	1960	5	some	some	PRON
taxlaw-12357	1960	6	,	,	PUNCT
taxlaw-12357	1960	7	but	but	CCONJ
taxlaw-12357	1960	8	not	not	PART
taxlaw-12357	1960	9	very	very	ADV
taxlaw-12357	1960	10	much	much	ADV
taxlaw-12357	1960	11	.	.	PUNCT
taxlaw-12357	1960	12	”	"	PUNCT
taxlaw-12357	1961	1	as	as	SCONJ
taxlaw-12357	1961	2	this	this	DET
taxlaw-12357	1961	3	appendix	appendix	ADJ
taxlaw-12357	1961	4	shows	show	NOUN
taxlaw-12357	1961	5	,	,	PUNCT
taxlaw-12357	1961	6	when	when	SCONJ
taxlaw-12357	1961	7	the	the	DET
taxlaw-12357	1961	8	bank	bank	NOUN
taxlaw-12357	1961	9	implicitly	implicitly	ADV
taxlaw-12357	1961	10	loans	loan	VERB
taxlaw-12357	1961	11	money	money	NOUN
taxlaw-12357	1961	12	to	to	ADP
taxlaw-12357	1961	13	gwa	gwa	PROPN
taxlaw-12357	1961	14	,	,	PUNCT
taxlaw-12357	1961	15	the	the	DET
taxlaw-12357	1961	16	implicit	implicit	ADJ
taxlaw-12357	1961	17	interest	interest	NOUN
taxlaw-12357	1961	18	on	on	ADP
taxlaw-12357	1961	19	this	this	DET
taxlaw-12357	1961	20	loan	loan	NOUN
taxlaw-12357	1961	21	–	–	PUNCT
taxlaw-12357	1961	22	and	and	CCONJ
taxlaw-12357	1961	23	,	,	PUNCT
taxlaw-12357	1961	24	in	in	ADP
taxlaw-12357	1961	25	particular	particular	ADJ
taxlaw-12357	1961	26	,	,	PUNCT
taxlaw-12357	1961	27	the	the	DET
taxlaw-12357	1961	28	way	way	NOUN
taxlaw-12357	1961	29	this	this	DET
taxlaw-12357	1961	30	interest	interest	NOUN
taxlaw-12357	1961	31	charge	charge	NOUN
taxlaw-12357	1961	32	is	be	AUX
taxlaw-12357	1961	33	structured	structure	VERB
taxlaw-12357	1961	34	and	and	CCONJ
taxlaw-12357	1961	35	the	the	DET
taxlaw-12357	1961	36	assumptions	assumption	NOUN
taxlaw-12357	1961	37	we	we	PRON
taxlaw-12357	1961	38	make	make	VERB
taxlaw-12357	1961	39	about	about	ADP
taxlaw-12357	1961	40	it	it	PRON
taxlaw-12357	1961	41	–	–	PUNCT
taxlaw-12357	1961	42	can	can	AUX
taxlaw-12357	1961	43	have	have	VERB
taxlaw-12357	1961	44	modest	modest	ADJ
taxlaw-12357	1961	45	effects	effect	NOUN
taxlaw-12357	1961	46	on	on	ADP
taxlaw-12357	1961	47	the	the	DET
taxlaw-12357	1961	48	difference	difference	NOUN
taxlaw-12357	1961	49	value	value	NOUN
taxlaw-12357	1961	50	.	.	PUNCT
taxlaw-12357	1962	1	but	but	CCONJ
taxlaw-12357	1962	2	even	even	ADV
taxlaw-12357	1962	3	without	without	ADP
taxlaw-12357	1962	4	accounting	account	VERB
taxlaw-12357	1962	5	for	for	ADP
taxlaw-12357	1962	6	these	these	DET
taxlaw-12357	1962	7	effects	effect	NOUN
taxlaw-12357	1962	8	,	,	PUNCT
taxlaw-12357	1962	9	the	the	DET
taxlaw-12357	1962	10	difference	difference	NOUN
taxlaw-12357	1962	11	-	-	PUNCT
taxlaw-12357	1962	12	value	value	NOUN
taxlaw-12357	1962	13	test	test	NOUN
taxlaw-12357	1962	14	is	be	AUX
taxlaw-12357	1962	15	still	still	ADV
taxlaw-12357	1962	16	pretty	pretty	ADV
taxlaw-12357	1962	17	reliable	reliable	ADJ
taxlaw-12357	1962	18	.	.	PUNCT
taxlaw-12357	1963	1	to	to	PART
taxlaw-12357	1963	2	show	show	VERB
taxlaw-12357	1963	3	that	that	SCONJ
taxlaw-12357	1963	4	this	this	PRON
taxlaw-12357	1963	5	is	be	AUX
taxlaw-12357	1963	6	the	the	DET
taxlaw-12357	1963	7	case	case	NOUN
taxlaw-12357	1963	8	,	,	PUNCT
taxlaw-12357	1963	9	we	we	PRON
taxlaw-12357	1963	10	need	need	VERB
taxlaw-12357	1963	11	to	to	PART
taxlaw-12357	1963	12	identify	identify	VERB
taxlaw-12357	1963	13	and	and	CCONJ
taxlaw-12357	1963	14	value	value	VERB
taxlaw-12357	1963	15	the	the	DET
taxlaw-12357	1963	16	implicit	implicit	ADJ
taxlaw-12357	1963	17	interest	interest	NOUN
taxlaw-12357	1963	18	.	.	PUNCT
taxlaw-12357	1964	1	to	to	PART
taxlaw-12357	1964	2	do	do	VERB
taxlaw-12357	1964	3	so	so	ADV
taxlaw-12357	1964	4	,	,	PUNCT
taxlaw-12357	1964	5	we	we	PRON
taxlaw-12357	1964	6	consider	consider	VERB
taxlaw-12357	1964	7	the	the	DET
taxlaw-12357	1964	8	deal	deal	NOUN
taxlaw-12357	1964	9	first	first	ADV
taxlaw-12357	1964	10	from	from	ADP
taxlaw-12357	1964	11	the	the	DET
taxlaw-12357	1964	12	bank	bank	NOUN
taxlaw-12357	1964	13	’s	’s	PART
taxlaw-12357	1964	14	perspective	perspective	NOUN
taxlaw-12357	1964	15	,	,	PUNCT
taxlaw-12357	1964	16	and	and	CCONJ
taxlaw-12357	1964	17	then	then	ADV
taxlaw-12357	1964	18	from	from	ADP
taxlaw-12357	1964	19	gwa	gwa	PROPN
taxlaw-12357	1964	20	’s	’s	PART
taxlaw-12357	1964	21	perspective	perspective	NOUN
taxlaw-12357	1964	22	.	.	PUNCT
taxlaw-12357	1965	1	we	we	PRON
taxlaw-12357	1965	2	then	then	ADV
taxlaw-12357	1965	3	analyze	analyze	VERB
taxlaw-12357	1965	4	the	the	DET
taxlaw-12357	1965	5	effect	effect	NOUN
taxlaw-12357	1965	6	of	of	ADP
taxlaw-12357	1965	7	this	this	DET
taxlaw-12357	1965	8	interest	interest	NOUN
taxlaw-12357	1965	9	,	,	PUNCT
taxlaw-12357	1965	10	showing	show	VERB
taxlaw-12357	1965	11	how	how	SCONJ
taxlaw-12357	1965	12	its	its	PRON
taxlaw-12357	1965	13	structure	structure	NOUN
taxlaw-12357	1965	14	can	can	AUX
taxlaw-12357	1965	15	have	have	VERB
taxlaw-12357	1965	16	a	a	DET
taxlaw-12357	1965	17	modest	modest	ADJ
taxlaw-12357	1965	18	impact	impact	NOUN
taxlaw-12357	1965	19	on	on	ADP
taxlaw-12357	1965	20	the	the	DET
taxlaw-12357	1965	21	difference	difference	NOUN
taxlaw-12357	1965	22	value	value	NOUN
taxlaw-12357	1965	23	.	.	PUNCT
taxlaw-12357	1966	1	a.	a.	NOUN
taxlaw-12357	1967	1	the	the	DET
taxlaw-12357	1967	2	bank	bank	NOUN
taxlaw-12357	1967	3	’s	’s	PART
taxlaw-12357	1967	4	perspective	perspective	NOUN
taxlaw-12357	1967	5	as	as	SCONJ
taxlaw-12357	1967	6	discussed	discuss	VERB
taxlaw-12357	1967	7	in	in	ADP
taxlaw-12357	1967	8	part	part	NOUN
taxlaw-12357	1967	9	vii.a	vii.a	PROPN
taxlaw-12357	1967	10	,	,	PUNCT
taxlaw-12357	1967	11	the	the	DET
taxlaw-12357	1967	12	bank	bank	NOUN
taxlaw-12357	1967	13	gets	get	VERB
taxlaw-12357	1967	14	$	$	SYM
taxlaw-12357	1967	15	90	90	NUM
taxlaw-12357	1967	16	of	of	ADP
taxlaw-12357	1967	17	capital	capital	NOUN
taxlaw-12357	1967	18	back	back	ADV
taxlaw-12357	1967	19	when	when	SCONJ
taxlaw-12357	1967	20	the	the	DET
taxlaw-12357	1967	21	contract	contract	NOUN
taxlaw-12357	1967	22	either	either	CCONJ
taxlaw-12357	1967	23	terminates	terminate	VERB
taxlaw-12357	1967	24	early	early	ADJ
taxlaw-12357	1967	25	or	or	CCONJ
taxlaw-12357	1967	26	matures	mature	NOUN
taxlaw-12357	1967	27	after	after	ADP
taxlaw-12357	1967	28	twelve	twelve	NUM
taxlaw-12357	1967	29	years	year	NOUN
taxlaw-12357	1967	30	.	.	PUNCT
taxlaw-12357	1968	1	how	how	SCONJ
taxlaw-12357	1968	2	much	much	ADJ
taxlaw-12357	1968	3	interest	interest	NOUN
taxlaw-12357	1968	4	does	do	AUX
taxlaw-12357	1968	5	the	the	DET
taxlaw-12357	1968	6	contract	contract	NOUN
taxlaw-12357	1968	7	implicitly	implicitly	ADV
taxlaw-12357	1968	8	provide	provide	VERB
taxlaw-12357	1968	9	to	to	ADP
taxlaw-12357	1968	10	the	the	DET
taxlaw-12357	1968	11	bank	bank	NOUN
taxlaw-12357	1968	12	for	for	ADP
taxlaw-12357	1968	13	committing	commit	VERB
taxlaw-12357	1968	14	this	this	DET
taxlaw-12357	1968	15	capital	capital	NOUN
taxlaw-12357	1968	16	?	?	PUNCT
taxlaw-12357	1969	1	to	to	PART
taxlaw-12357	1969	2	get	get	VERB
taxlaw-12357	1969	3	the	the	DET
taxlaw-12357	1969	4	answer	answer	NOUN
taxlaw-12357	1969	5	,	,	PUNCT
taxlaw-12357	1969	6	we	we	PRON
taxlaw-12357	1969	7	need	need	VERB
taxlaw-12357	1969	8	to	to	PART
taxlaw-12357	1969	9	start	start	VERB
taxlaw-12357	1969	10	by	by	ADP
taxlaw-12357	1969	11	calculating	calculate	VERB
taxlaw-12357	1969	12	the	the	DET
taxlaw-12357	1969	13	initial	initial	ADJ
taxlaw-12357	1969	14	value	value	NOUN
taxlaw-12357	1969	15	of	of	ADP
taxlaw-12357	1969	16	this	this	DET
taxlaw-12357	1969	17	$	$	SYM
taxlaw-12357	1969	18	90	90	NUM
taxlaw-12357	1969	19	payment	payment	NOUN
taxlaw-12357	1969	20	in	in	ADP
taxlaw-12357	1969	21	each	each	PRON
taxlaw-12357	1969	22	of	of	ADP
taxlaw-12357	1969	23	the	the	DET
taxlaw-12357	1969	24	relevant	relevant	ADJ
taxlaw-12357	1969	25	scenarios	scenario	NOUN
taxlaw-12357	1969	26	–	–	PUNCT
taxlaw-12357	1969	27	that	that	ADV
taxlaw-12357	1969	28	is	be	AUX
taxlaw-12357	1969	29	,	,	PUNCT
taxlaw-12357	1969	30	when	when	SCONJ
taxlaw-12357	1969	31	there	there	PRON
taxlaw-12357	1969	32	is	be	VERB
taxlaw-12357	1969	33	a	a	DET
taxlaw-12357	1969	34	knock	knock	NOUN
taxlaw-12357	1969	35	-	-	PUNCT
taxlaw-12357	1969	36	out	out	NOUN
taxlaw-12357	1969	37	and	and	CCONJ
taxlaw-12357	1969	38	when	when	SCONJ
taxlaw-12357	1969	39	there	there	PRON
taxlaw-12357	1969	40	is	be	VERB
taxlaw-12357	1969	41	not	not	PART
taxlaw-12357	1969	42	.	.	PUNCT
taxlaw-12357	1970	1	table	table	NOUN
taxlaw-12357	1970	2	b1	b1	PROPN
taxlaw-12357	1970	3	shows	show	VERB
taxlaw-12357	1970	4	the	the	DET
taxlaw-12357	1970	5	price	price	NOUN
taxlaw-12357	1970	6	of	of	ADP
taxlaw-12357	1970	7	each	each	DET
taxlaw-12357	1970	8	possibility	possibility	NOUN
taxlaw-12357	1970	9	,	,	PUNCT
taxlaw-12357	1970	10	and	and	CCONJ
taxlaw-12357	1970	11	then	then	ADV
taxlaw-12357	1970	12	adds	add	VERB
taxlaw-12357	1970	13	them	they	PRON
taxlaw-12357	1970	14	together	together	ADV
taxlaw-12357	1970	15	to	to	PART
taxlaw-12357	1970	16	compute	compute	VERB
taxlaw-12357	1970	17	the	the	DET
taxlaw-12357	1970	18	overall	overall	ADJ
taxlaw-12357	1970	19	price	price	NOUN
taxlaw-12357	1970	20	.	.	PUNCT
taxlaw-12357	1971	1	volatility	volatility	NOUN
taxlaw-12357	1971	2	20	20	NUM
taxlaw-12357	1971	3	%	%	NOUN
taxlaw-12357	1971	4	60	60	NUM
taxlaw-12357	1971	5	%	%	NOUN
taxlaw-12357	1971	6	price	price	NOUN
taxlaw-12357	1971	7	of	of	ADP
taxlaw-12357	1971	8	right	right	NOUN
taxlaw-12357	1971	9	to	to	PART
taxlaw-12357	1971	10	$	$	SYM
taxlaw-12357	1971	11	90	90	NUM
taxlaw-12357	1971	12	cash	cash	NOUN
taxlaw-12357	1971	13	payment	payment	NOUN
taxlaw-12357	1971	14	if	if	SCONJ
taxlaw-12357	1971	15	and	and	CCONJ
taxlaw-12357	1971	16	when	when	SCONJ
taxlaw-12357	1971	17	knock	knock	VERB
taxlaw-12357	1971	18	-	-	PUNCT
taxlaw-12357	1971	19	out	out	NOUN
taxlaw-12357	1971	20	occurs	occur	VERB
taxlaw-12357	1971	21	82.98	82.98	NUM
taxlaw-12357	1971	22	89.13	89.13	NUM
taxlaw-12357	1971	23	price	price	NOUN
taxlaw-12357	1971	24	of	of	ADP
taxlaw-12357	1971	25	$	$	SYM
taxlaw-12357	1971	26	90	90	NUM
taxlaw-12357	1971	27	cash	cash	NOUN
taxlaw-12357	1971	28	paid	pay	VERB
taxlaw-12357	1971	29	at	at	ADP
taxlaw-12357	1971	30	termination	termination	NOUN
taxlaw-12357	1971	31	if	if	SCONJ
taxlaw-12357	1971	32	no	no	DET
taxlaw-12357	1971	33	knock	knock	VERB
taxlaw-12357	1971	34	-	-	PUNCT
taxlaw-12357	1971	35	out	out	NOUN
taxlaw-12357	1971	36	occurs	occur	VERB
taxlaw-12357	1971	37	3.02	3.02	NUM
taxlaw-12357	1971	38	0.19	0.19	NUM
taxlaw-12357	1971	39	price	price	NOUN
taxlaw-12357	1971	40	of	of	ADP
taxlaw-12357	1971	41	guaranteed	guarantee	VERB
taxlaw-12357	1971	42	$	$	SYM
taxlaw-12357	1971	43	90	90	NUM
taxlaw-12357	1971	44	payment	payment	NOUN
taxlaw-12357	1971	45	86.00	86.00	NUM
taxlaw-12357	1971	46	89.32	89.32	NUM
taxlaw-12357	1971	47	table	table	NOUN
taxlaw-12357	1971	48	b1	b1	NOUN
taxlaw-12357	1971	49	:	:	PUNCT
taxlaw-12357	1971	50	price	price	NOUN
taxlaw-12357	1971	51	for	for	ADP
taxlaw-12357	1971	52	bank	bank	NOUN
taxlaw-12357	1971	53	of	of	ADP
taxlaw-12357	1971	54	guaranteed	guarantee	VERB
taxlaw-12357	1971	55	$	$	SYM
taxlaw-12357	1971	56	90	90	NUM
taxlaw-12357	1971	57	payment	payment	NOUN
taxlaw-12357	1971	58	(	(	PUNCT
taxlaw-12357	1971	59	assuming	assume	VERB
taxlaw-12357	1971	60	no	no	DET
taxlaw-12357	1971	61	buy	buy	NOUN
taxlaw-12357	1971	62	-	-	PUNCT
taxlaw-12357	1971	63	downs	down	NOUN
taxlaw-12357	1971	64	)	)	PUNCT
taxlaw-12357	1971	65	notably	notably	ADV
taxlaw-12357	1971	66	,	,	PUNCT
taxlaw-12357	1971	67	the	the	DET
taxlaw-12357	1971	68	price	price	NOUN
taxlaw-12357	1971	69	of	of	ADP
taxlaw-12357	1971	70	the	the	DET
taxlaw-12357	1971	71	guaranteed	guarantee	VERB
taxlaw-12357	1971	72	payment	payment	NOUN
taxlaw-12357	1971	73	is	be	AUX
taxlaw-12357	1971	74	less	less	ADJ
taxlaw-12357	1971	75	than	than	ADP
taxlaw-12357	1971	76	$	$	SYM
taxlaw-12357	1971	77	90	90	NUM
taxlaw-12357	1971	78	.	.	PUNCT
taxlaw-12357	1972	1	this	this	PRON
taxlaw-12357	1972	2	is	be	AUX
taxlaw-12357	1972	3	not	not	PART
taxlaw-12357	1972	4	surprising	surprising	ADJ
taxlaw-12357	1972	5	.	.	PUNCT
taxlaw-12357	1973	1	after	after	ADV
taxlaw-12357	1973	2	all	all	ADV
taxlaw-12357	1973	3	,	,	PUNCT
taxlaw-12357	1973	4	the	the	DET
taxlaw-12357	1973	5	right	right	NOUN
taxlaw-12357	1973	6	to	to	PART
taxlaw-12357	1973	7	receive	receive	VERB
taxlaw-12357	1973	8	$	$	SYM
taxlaw-12357	1973	9	90	90	NUM
taxlaw-12357	1973	10	in	in	ADP
taxlaw-12357	1973	11	the	the	DET
taxlaw-12357	1973	12	future	future	NOUN
taxlaw-12357	1973	13	,	,	PUNCT
taxlaw-12357	1973	14	with	with	ADP
taxlaw-12357	1973	15	no	no	DET
taxlaw-12357	1973	16	compensation	compensation	NOUN
taxlaw-12357	1973	17	for	for	ADP
taxlaw-12357	1973	18	the	the	DET
taxlaw-12357	1973	19	time	time	NOUN
taxlaw-12357	1973	20	-	-	PUNCT
taxlaw-12357	1973	21	value	value	NOUN
taxlaw-12357	1973	22	of	of	ADP
taxlaw-12357	1973	23	money	money	NOUN
taxlaw-12357	1973	24	,	,	PUNCT
taxlaw-12357	1973	25	is	be	AUX
taxlaw-12357	1973	26	necessarily	necessarily	ADV
taxlaw-12357	1973	27	less	less	ADJ
taxlaw-12357	1973	28	than	than	ADP
taxlaw-12357	1973	29	$	$	SYM
taxlaw-12357	1973	30	90	90	NUM
taxlaw-12357	1973	31	today	today	NOUN
taxlaw-12357	1973	32	.	.	PUNCT
taxlaw-12357	1974	1	the	the	DET
taxlaw-12357	1974	2	difference	difference	NOUN
taxlaw-12357	1974	3	between	between	ADP
taxlaw-12357	1974	4	this	this	DET
taxlaw-12357	1974	5	price	price	NOUN
taxlaw-12357	1974	6	and	and	CCONJ
taxlaw-12357	1974	7	$	$	SYM
taxlaw-12357	1974	8	90	90	NUM
taxlaw-12357	1974	9	is	be	AUX
taxlaw-12357	1974	10	,	,	PUNCT
taxlaw-12357	1974	11	of	of	ADP
taxlaw-12357	1974	12	course	course	NOUN
taxlaw-12357	1974	13	,	,	PUNCT
taxlaw-12357	1974	14	the	the	DET
taxlaw-12357	1974	15	implicit	implicit	ADJ
taxlaw-12357	1974	16	interest	interest	NOUN
taxlaw-12357	1974	17	in	in	ADP
taxlaw-12357	1974	18	the	the	DET
taxlaw-12357	1974	19	contract	contract	NOUN
taxlaw-12357	1974	20	.	.	PUNCT
taxlaw-12357	1975	1	if	if	SCONJ
taxlaw-12357	1975	2	we	we	PRON
taxlaw-12357	1975	3	columbia	columbia	PROPN
taxlaw-12357	1975	4	journal	journal	PROPN
taxlaw-12357	1975	5	of	of	ADP
taxlaw-12357	1975	6	tax	tax	NOUN
taxlaw-12357	1975	7	law	law	NOUN
taxlaw-12357	1975	8	[	[	X
taxlaw-12357	1975	9	vol	vol	NOUN
taxlaw-12357	1975	10	15:1	15:1	NUM
taxlaw-12357	1975	11	74	74	NUM
taxlaw-12357	1975	12	assume	assume	VERB
taxlaw-12357	1975	13	that	that	SCONJ
taxlaw-12357	1975	14	this	this	DET
taxlaw-12357	1975	15	interest	interest	NOUN
taxlaw-12357	1975	16	is	be	AUX
taxlaw-12357	1975	17	sufficient	sufficient	ADJ
taxlaw-12357	1975	18	to	to	PART
taxlaw-12357	1975	19	make	make	VERB
taxlaw-12357	1975	20	the	the	DET
taxlaw-12357	1975	21	bank	bank	NOUN
taxlaw-12357	1975	22	whole,221	whole,221	NOUN
taxlaw-12357	1975	23	we	we	PRON
taxlaw-12357	1975	24	can	can	AUX
taxlaw-12357	1975	25	infer	infer	VERB
taxlaw-12357	1975	26	that	that	SCONJ
taxlaw-12357	1975	27	the	the	DET
taxlaw-12357	1975	28	interest	interest	NOUN
taxlaw-12357	1975	29	is	be	AUX
taxlaw-12357	1975	30	simply	simply	ADV
taxlaw-12357	1975	31	the	the	DET
taxlaw-12357	1975	32	difference	difference	NOUN
taxlaw-12357	1975	33	between	between	ADP
taxlaw-12357	1975	34	$	$	SYM
taxlaw-12357	1975	35	90	90	NUM
taxlaw-12357	1975	36	and	and	CCONJ
taxlaw-12357	1975	37	the	the	DET
taxlaw-12357	1975	38	total	total	ADJ
taxlaw-12357	1975	39	price	price	NOUN
taxlaw-12357	1975	40	in	in	ADP
taxlaw-12357	1975	41	table	table	NOUN
taxlaw-12357	1975	42	b1	b1	NOUN
taxlaw-12357	1975	43	.	.	PUNCT
taxlaw-12357	1976	1	we	we	PRON
taxlaw-12357	1976	2	calculate	calculate	VERB
taxlaw-12357	1976	3	this	this	DET
taxlaw-12357	1976	4	amount	amount	NOUN
taxlaw-12357	1976	5	and	and	CCONJ
taxlaw-12357	1976	6	summarize	summarize	VERB
taxlaw-12357	1976	7	the	the	DET
taxlaw-12357	1976	8	result	result	NOUN
taxlaw-12357	1976	9	in	in	ADP
taxlaw-12357	1976	10	table	table	NOUN
taxlaw-12357	1976	11	b2	b2	NOUN
taxlaw-12357	1976	12	.	.	PUNCT
taxlaw-12357	1977	1	volatility	volatility	NOUN
taxlaw-12357	1977	2	20	20	NUM
taxlaw-12357	1977	3	%	%	NOUN
taxlaw-12357	1977	4	60	60	NUM
taxlaw-12357	1977	5	%	%	NOUN
taxlaw-12357	1977	6	price	price	NOUN
taxlaw-12357	1977	7	to	to	ADP
taxlaw-12357	1977	8	bank	bank	PROPN
taxlaw-12357	1977	9	of	of	ADP
taxlaw-12357	1977	10	gwa	gwa	PROPN
taxlaw-12357	1977	11	contract	contract	VERB
taxlaw-12357	1977	12	90.00	90.00	NUM
taxlaw-12357	1977	13	90.00	90.00	NUM
taxlaw-12357	1977	14	price	price	NOUN
taxlaw-12357	1977	15	of	of	ADP
taxlaw-12357	1977	16	guaranteed	guarantee	VERB
taxlaw-12357	1977	17	$	$	SYM
taxlaw-12357	1977	18	90	90	NUM
taxlaw-12357	1977	19	payment	payment	NOUN
taxlaw-12357	1977	20	86.00	86.00	NUM
taxlaw-12357	1977	21	89.32	89.32	NUM
taxlaw-12357	1977	22	price	price	NOUN
taxlaw-12357	1977	23	of	of	ADP
taxlaw-12357	1977	24	interest	interest	NOUN
taxlaw-12357	1977	25	payments	payment	NOUN
taxlaw-12357	1977	26	4.00	4.00	NUM
taxlaw-12357	1977	27	0.68	0.68	NUM
taxlaw-12357	1977	28	table	table	NOUN
taxlaw-12357	1977	29	b2	b2	NOUN
taxlaw-12357	1977	30	:	:	PUNCT
taxlaw-12357	1977	31	price	price	NOUN
taxlaw-12357	1977	32	for	for	ADP
taxlaw-12357	1977	33	bank	bank	NOUN
taxlaw-12357	1977	34	of	of	ADP
taxlaw-12357	1977	35	gwa	gwa	PROPN
taxlaw-12357	1977	36	contract	contract	NOUN
taxlaw-12357	1977	37	(	(	PUNCT
taxlaw-12357	1977	38	assuming	assume	VERB
taxlaw-12357	1977	39	no	no	DET
taxlaw-12357	1977	40	buy	buy	NOUN
taxlaw-12357	1977	41	-	-	PUNCT
taxlaw-12357	1977	42	downs	down	NOUN
taxlaw-12357	1977	43	)	)	PUNCT
taxlaw-12357	1977	44	b.	b.	PROPN
taxlaw-12357	1977	45	gwa	gwa	PROPN
taxlaw-12357	1977	46	’s	’s	PART
taxlaw-12357	1977	47	perspective	perspective	NOUN
taxlaw-12357	1977	48	are	be	AUX
taxlaw-12357	1977	49	these	these	DET
taxlaw-12357	1977	50	estimates	estimate	NOUN
taxlaw-12357	1977	51	of	of	ADP
taxlaw-12357	1977	52	the	the	DET
taxlaw-12357	1977	53	implicit	implicit	ADJ
taxlaw-12357	1977	54	interest	interest	NOUN
taxlaw-12357	1977	55	correct	correct	ADJ
taxlaw-12357	1977	56	?	?	PUNCT
taxlaw-12357	1978	1	one	one	NUM
taxlaw-12357	1978	2	way	way	NOUN
taxlaw-12357	1978	3	to	to	PART
taxlaw-12357	1978	4	check	check	VERB
taxlaw-12357	1978	5	is	be	AUX
taxlaw-12357	1978	6	to	to	PART
taxlaw-12357	1978	7	analyze	analyze	VERB
taxlaw-12357	1978	8	the	the	DET
taxlaw-12357	1978	9	contract	contract	NOUN
taxlaw-12357	1978	10	from	from	ADP
taxlaw-12357	1978	11	gwa	gwa	NOUN
taxlaw-12357	1978	12	’s	’s	PART
taxlaw-12357	1978	13	perspective	perspective	NOUN
taxlaw-12357	1978	14	.	.	PUNCT
taxlaw-12357	1979	1	as	as	SCONJ
taxlaw-12357	1979	2	noted	note	VERB
taxlaw-12357	1979	3	above	above	ADV
taxlaw-12357	1979	4	,	,	PUNCT
taxlaw-12357	1979	5	the	the	DET
taxlaw-12357	1979	6	contract	contract	NOUN
taxlaw-12357	1979	7	offers	offer	VERB
taxlaw-12357	1979	8	gwa	gwa	NOUN
taxlaw-12357	1979	9	two	two	NUM
taxlaw-12357	1979	10	potentially	potentially	ADV
taxlaw-12357	1979	11	valuable	valuable	ADJ
taxlaw-12357	1979	12	rights	right	NOUN
taxlaw-12357	1979	13	:	:	PUNCT
taxlaw-12357	1979	14	first	first	ADV
taxlaw-12357	1979	15	,	,	PUNCT
taxlaw-12357	1979	16	a	a	DET
taxlaw-12357	1979	17	knock	knock	VERB
taxlaw-12357	1979	18	-	-	PUNCT
taxlaw-12357	1979	19	out	out	ADP
taxlaw-12357	1979	20	call	call	NOUN
taxlaw-12357	1979	21	;	;	PUNCT
taxlaw-12357	1979	22	and	and	CCONJ
taxlaw-12357	1979	23	,	,	PUNCT
taxlaw-12357	1979	24	second	second	ADJ
taxlaw-12357	1979	25	,	,	PUNCT
taxlaw-12357	1979	26	a	a	DET
taxlaw-12357	1979	27	knockin	knockin	NOUN
taxlaw-12357	1979	28	rebate	rebate	NOUN
taxlaw-12357	1979	29	(	(	PUNCT
taxlaw-12357	1979	30	i.e.	i.e.	X
taxlaw-12357	1979	31	,	,	PUNCT
taxlaw-12357	1979	32	a	a	DET
taxlaw-12357	1979	33	payment	payment	NOUN
taxlaw-12357	1979	34	of	of	ADP
taxlaw-12357	1979	35	$	$	SYM
taxlaw-12357	1979	36	7	7	NUM
taxlaw-12357	1979	37	when	when	SCONJ
taxlaw-12357	1979	38	the	the	DET
taxlaw-12357	1979	39	contract	contract	NOUN
taxlaw-12357	1979	40	terminates	terminate	VERB
taxlaw-12357	1979	41	)	)	PUNCT
taxlaw-12357	1979	42	.	.	PUNCT
taxlaw-12357	1980	1	what	what	PRON
taxlaw-12357	1980	2	are	be	AUX
taxlaw-12357	1980	3	these	these	DET
taxlaw-12357	1980	4	components	component	NOUN
taxlaw-12357	1980	5	worth	worth	ADJ
taxlaw-12357	1980	6	?	?	PUNCT
taxlaw-12357	1981	1	using	use	VERB
taxlaw-12357	1981	2	our	our	PRON
taxlaw-12357	1981	3	usual	usual	ADJ
taxlaw-12357	1981	4	pricing	pricing	NOUN
taxlaw-12357	1981	5	model	model	NOUN
taxlaw-12357	1981	6	,	,	PUNCT
taxlaw-12357	1981	7	table	table	NOUN
taxlaw-12357	1981	8	b3	b3	PROPN
taxlaw-12357	1981	9	values	value	VERB
taxlaw-12357	1981	10	them	they	PRON
taxlaw-12357	1981	11	:	:	PUNCT
taxlaw-12357	1981	12	volatility	volatility	NOUN
taxlaw-12357	1981	13	20	20	NUM
taxlaw-12357	1981	14	%	%	NOUN
taxlaw-12357	1981	15	60	60	NUM
taxlaw-12357	1981	16	%	%	NOUN
taxlaw-12357	1981	17	price	price	NOUN
taxlaw-12357	1981	18	of	of	ADP
taxlaw-12357	1981	19	knock	knock	NOUN
taxlaw-12357	1981	20	-	-	PUNCT
taxlaw-12357	1981	21	out	out	NOUN
taxlaw-12357	1981	22	call	call	NOUN
taxlaw-12357	1981	23	7.55	7.55	NUM
taxlaw-12357	1981	24	3.75	3.75	NUM
taxlaw-12357	1981	25	price	price	NOUN
taxlaw-12357	1981	26	of	of	ADP
taxlaw-12357	1981	27	knock	knock	NOUN
taxlaw-12357	1981	28	-	-	PUNCT
taxlaw-12357	1981	29	in	in	ADP
taxlaw-12357	1981	30	$	$	SYM
taxlaw-12357	1981	31	7	7	NUM
taxlaw-12357	1981	32	rebate	rebate	NOUN
taxlaw-12357	1981	33	6.45	6.45	NUM
taxlaw-12357	1981	34	6.93	6.93	NUM
taxlaw-12357	1981	35	price	price	NOUN
taxlaw-12357	1981	36	of	of	ADP
taxlaw-12357	1981	37	knock	knock	NOUN
taxlaw-12357	1981	38	-	-	PUNCT
taxlaw-12357	1981	39	out	out	ADP
taxlaw-12357	1981	40	call	call	NOUN
taxlaw-12357	1981	41	and	and	CCONJ
taxlaw-12357	1981	42	knock	knock	NOUN
taxlaw-12357	1981	43	-	-	PUNCT
taxlaw-12357	1981	44	in	in	ADP
taxlaw-12357	1981	45	$	$	SYM
taxlaw-12357	1981	46	7	7	NUM
taxlaw-12357	1981	47	rebate	rebate	NOUN
taxlaw-12357	1981	48	14.00	14.00	NUM
taxlaw-12357	1981	49	10.68	10.68	NUM
taxlaw-12357	1981	50	table	table	NOUN
taxlaw-12357	1981	51	b3	b3	NOUN
taxlaw-12357	1981	52	:	:	PUNCT
taxlaw-12357	1981	53	price	price	NOUN
taxlaw-12357	1981	54	for	for	ADP
taxlaw-12357	1981	55	gwa	gwa	NOUN
taxlaw-12357	1981	56	of	of	ADP
taxlaw-12357	1981	57	knock	knock	NOUN
taxlaw-12357	1981	58	-	-	PUNCT
taxlaw-12357	1981	59	out	out	ADP
taxlaw-12357	1981	60	call	call	NOUN
taxlaw-12357	1981	61	and	and	CCONJ
taxlaw-12357	1981	62	knock	knock	NOUN
taxlaw-12357	1981	63	-	-	PUNCT
taxlaw-12357	1981	64	in	in	NOUN
taxlaw-12357	1981	65	rebate	rebate	NOUN
taxlaw-12357	1981	66	(	(	PUNCT
taxlaw-12357	1981	67	assuming	assume	VERB
taxlaw-12357	1981	68	no	no	DET
taxlaw-12357	1981	69	buy	buy	NOUN
taxlaw-12357	1981	70	-	-	PUNCT
taxlaw-12357	1981	71	downs	down	NOUN
taxlaw-12357	1981	72	)	)	PUNCT
taxlaw-12357	1981	73	notably	notably	ADV
taxlaw-12357	1981	74	,	,	PUNCT
taxlaw-12357	1981	75	the	the	DET
taxlaw-12357	1981	76	total	total	ADJ
taxlaw-12357	1981	77	value	value	NOUN
taxlaw-12357	1981	78	of	of	ADP
taxlaw-12357	1981	79	these	these	DET
taxlaw-12357	1981	80	two	two	NUM
taxlaw-12357	1981	81	components	component	NOUN
taxlaw-12357	1981	82	is	be	AUX
taxlaw-12357	1981	83	greater	great	ADJ
taxlaw-12357	1981	84	than	than	ADP
taxlaw-12357	1981	85	$	$	SYM
taxlaw-12357	1981	86	10	10	NUM
taxlaw-12357	1981	87	(	(	PUNCT
taxlaw-12357	1981	88	whether	whether	SCONJ
taxlaw-12357	1981	89	the	the	DET
taxlaw-12357	1981	90	volatility	volatility	NOUN
taxlaw-12357	1981	91	is	be	AUX
taxlaw-12357	1981	92	20	20	NUM
taxlaw-12357	1981	93	%	%	NOUN
taxlaw-12357	1981	94	or	or	CCONJ
taxlaw-12357	1981	95	60	60	NUM
taxlaw-12357	1981	96	%	%	NOUN
taxlaw-12357	1981	97	)	)	PUNCT
taxlaw-12357	1981	98	.	.	PUNCT
taxlaw-12357	1982	1	at	at	ADP
taxlaw-12357	1982	2	first	first	ADJ
taxlaw-12357	1982	3	blush	blush	NOUN
taxlaw-12357	1982	4	,	,	PUNCT
taxlaw-12357	1982	5	this	this	PRON
taxlaw-12357	1982	6	is	be	AUX
taxlaw-12357	1982	7	odd	odd	ADJ
taxlaw-12357	1982	8	.	.	PUNCT
taxlaw-12357	1983	1	the	the	DET
taxlaw-12357	1983	2	problem	problem	NOUN
taxlaw-12357	1983	3	is	be	AUX
taxlaw-12357	1983	4	that	that	SCONJ
taxlaw-12357	1983	5	gwa	gwa	PROPN
taxlaw-12357	1983	6	is	be	AUX
taxlaw-12357	1983	7	paying	pay	VERB
taxlaw-12357	1983	8	only	only	ADV
taxlaw-12357	1983	9	$	$	SYM
taxlaw-12357	1983	10	10	10	NUM
taxlaw-12357	1983	11	to	to	PART
taxlaw-12357	1983	12	enter	enter	VERB
taxlaw-12357	1983	13	into	into	ADP
taxlaw-12357	1983	14	the	the	DET
taxlaw-12357	1983	15	contract	contract	NOUN
taxlaw-12357	1983	16	.	.	PUNCT
taxlaw-12357	1984	1	so	so	ADV
taxlaw-12357	1984	2	what	what	PRON
taxlaw-12357	1984	3	accounts	account	VERB
taxlaw-12357	1984	4	for	for	ADP
taxlaw-12357	1984	5	the	the	DET
taxlaw-12357	1984	6	difference	difference	NOUN
taxlaw-12357	1984	7	?	?	PUNCT
taxlaw-12357	1985	1	the	the	DET
taxlaw-12357	1985	2	answer	answer	NOUN
taxlaw-12357	1985	3	,	,	PUNCT
taxlaw-12357	1985	4	of	of	ADP
taxlaw-12357	1985	5	course	course	NOUN
taxlaw-12357	1985	6	,	,	PUNCT
taxlaw-12357	1985	7	is	be	AUX
taxlaw-12357	1985	8	the	the	DET
taxlaw-12357	1985	9	implicit	implicit	ADJ
taxlaw-12357	1985	10	interest	interest	NOUN
taxlaw-12357	1985	11	gwa	gwa	NOUN
taxlaw-12357	1985	12	must	must	AUX
taxlaw-12357	1985	13	pay	pay	VERB
taxlaw-12357	1985	14	the	the	DET
taxlaw-12357	1985	15	bank	bank	NOUN
taxlaw-12357	1985	16	.	.	PUNCT
taxlaw-12357	1986	1	table	table	NOUN
taxlaw-12357	1986	2	b4	b4	PROPN
taxlaw-12357	1986	3	adds	add	VERB
taxlaw-12357	1986	4	this	this	DET
taxlaw-12357	1986	5	interest	interest	NOUN
taxlaw-12357	1986	6	to	to	ADP
taxlaw-12357	1986	7	the	the	DET
taxlaw-12357	1986	8	mix	mix	NOUN
taxlaw-12357	1986	9	,	,	PUNCT
taxlaw-12357	1986	10	using	use	VERB
taxlaw-12357	1986	11	a	a	DET
taxlaw-12357	1986	12	negative	negative	ADJ
taxlaw-12357	1986	13	number	number	NOUN
taxlaw-12357	1986	14	because	because	SCONJ
taxlaw-12357	1986	15	–	–	PUNCT
taxlaw-12357	1986	16	unlike	unlike	ADP
taxlaw-12357	1986	17	the	the	DET
taxlaw-12357	1986	18	call	call	NOUN
taxlaw-12357	1986	19	and	and	CCONJ
taxlaw-12357	1986	20	rebate	rebate	NOUN
taxlaw-12357	1986	21	–	–	PUNCT
taxlaw-12357	1986	22	the	the	DET
taxlaw-12357	1986	23	interest	interest	NOUN
taxlaw-12357	1986	24	is	be	AUX
taxlaw-12357	1986	25	a	a	DET
taxlaw-12357	1986	26	liability	liability	NOUN
taxlaw-12357	1986	27	to	to	ADP
taxlaw-12357	1986	28	gwa	gwa	NOUN
taxlaw-12357	1986	29	,	,	PUNCT
taxlaw-12357	1986	30	instead	instead	ADV
taxlaw-12357	1986	31	of	of	ADP
taxlaw-12357	1986	32	an	an	DET
taxlaw-12357	1986	33	asset	asset	NOUN
taxlaw-12357	1986	34	.	.	PUNCT
taxlaw-12357	1987	1	in	in	ADP
taxlaw-12357	1987	2	other	other	ADJ
taxlaw-12357	1987	3	words	word	NOUN
taxlaw-12357	1987	4	,	,	PUNCT
taxlaw-12357	1987	5	gwa	gwa	NOUN
taxlaw-12357	1987	6	owes	owe	VERB
taxlaw-12357	1987	7	this	this	DET
taxlaw-12357	1987	8	interest	interest	NOUN
taxlaw-12357	1987	9	to	to	ADP
taxlaw-12357	1987	10	the	the	DET
taxlaw-12357	1987	11	bank	bank	NOUN
taxlaw-12357	1987	12	.	.	PUNCT
taxlaw-12357	1988	1	221	221	NUM
taxlaw-12357	1988	2	we	we	PRON
taxlaw-12357	1988	3	ignore	ignore	VERB
taxlaw-12357	1988	4	any	any	DET
taxlaw-12357	1988	5	additional	additional	ADJ
taxlaw-12357	1988	6	fees	fee	NOUN
taxlaw-12357	1988	7	that	that	PRON
taxlaw-12357	1988	8	may	may	AUX
taxlaw-12357	1988	9	be	be	AUX
taxlaw-12357	1988	10	paid	pay	VERB
taxlaw-12357	1988	11	to	to	ADP
taxlaw-12357	1988	12	the	the	DET
taxlaw-12357	1988	13	bank	bank	NOUN
taxlaw-12357	1988	14	above	above	ADV
taxlaw-12357	1988	15	and	and	CCONJ
taxlaw-12357	1988	16	beyond	beyond	ADP
taxlaw-12357	1988	17	pure	pure	ADJ
taxlaw-12357	1988	18	compensation	compensation	NOUN
taxlaw-12357	1988	19	for	for	ADP
taxlaw-12357	1988	20	the	the	DET
taxlaw-12357	1988	21	time	time	NOUN
taxlaw-12357	1988	22	-	-	PUNCT
taxlaw-12357	1988	23	value	value	NOUN
taxlaw-12357	1988	24	of	of	ADP
taxlaw-12357	1988	25	money	money	NOUN
taxlaw-12357	1988	26	.	.	PUNCT
taxlaw-12357	1989	1	2024	2024	NUM
taxlaw-12357	1989	2	]	]	PUNCT
taxlaw-12357	1989	3	transaction	transaction	NOUN
taxlaw-12357	1989	4	-	-	PUNCT
taxlaw-12357	1989	5	specific	specific	ADJ
taxlaw-12357	1989	6	tax	tax	NOUN
taxlaw-12357	1989	7	reform	reform	NOUN
taxlaw-12357	1989	8	in	in	ADP
taxlaw-12357	1989	9	three	three	NUM
taxlaw-12357	1989	10	steps	step	NOUN
taxlaw-12357	1989	11	75	75	NUM
taxlaw-12357	1989	12	volatility	volatility	NOUN
taxlaw-12357	1989	13	20	20	NUM
taxlaw-12357	1989	14	%	%	NOUN
taxlaw-12357	1989	15	60	60	NUM
taxlaw-12357	1989	16	%	%	NOUN
taxlaw-12357	1989	17	price	price	NOUN
taxlaw-12357	1989	18	of	of	ADP
taxlaw-12357	1989	19	knock	knock	NOUN
taxlaw-12357	1989	20	-	-	PUNCT
taxlaw-12357	1989	21	out	out	NOUN
taxlaw-12357	1989	22	call	call	NOUN
taxlaw-12357	1989	23	7.55	7.55	NUM
taxlaw-12357	1989	24	3.75	3.75	NUM
taxlaw-12357	1989	25	price	price	NOUN
taxlaw-12357	1989	26	of	of	ADP
taxlaw-12357	1989	27	knock	knock	NOUN
taxlaw-12357	1989	28	-	-	PUNCT
taxlaw-12357	1989	29	in	in	ADP
taxlaw-12357	1989	30	$	$	SYM
taxlaw-12357	1989	31	7	7	NUM
taxlaw-12357	1989	32	rebate	rebate	NOUN
taxlaw-12357	1989	33	6.45	6.45	NUM
taxlaw-12357	1989	34	6.93	6.93	NUM
taxlaw-12357	1989	35	price	price	NOUN
taxlaw-12357	1989	36	of	of	ADP
taxlaw-12357	1989	37	interest	interest	NOUN
taxlaw-12357	1989	38	payments	payment	NOUN
taxlaw-12357	1989	39	-4.00	-4.00	NUM
taxlaw-12357	1989	40	-0.68	-0.68	NOUN
taxlaw-12357	1989	41	price	price	NOUN
taxlaw-12357	1989	42	to	to	ADP
taxlaw-12357	1989	43	gwa	gwa	PROPN
taxlaw-12357	1989	44	of	of	ADP
taxlaw-12357	1989	45	gwa	gwa	PROPN
taxlaw-12357	1989	46	contract222	contract222	PROPN
taxlaw-12357	1989	47	10.00	10.00	NUM
taxlaw-12357	1989	48	10.00	10.00	NUM
taxlaw-12357	1989	49	table	table	NOUN
taxlaw-12357	1989	50	b4	b4	NOUN
taxlaw-12357	1989	51	:	:	PUNCT
taxlaw-12357	1989	52	price	price	NOUN
taxlaw-12357	1989	53	for	for	ADP
taxlaw-12357	1989	54	gwa	gwa	NOUN
taxlaw-12357	1989	55	of	of	ADP
taxlaw-12357	1989	56	components	component	NOUN
taxlaw-12357	1989	57	of	of	ADP
taxlaw-12357	1989	58	gwa	gwa	PROPN
taxlaw-12357	1989	59	contract	contract	NOUN
taxlaw-12357	1989	60	(	(	PUNCT
taxlaw-12357	1989	61	assuming	assume	VERB
taxlaw-12357	1989	62	no	no	DET
taxlaw-12357	1989	63	buy	buy	NOUN
taxlaw-12357	1989	64	-	-	PUNCT
taxlaw-12357	1989	65	downs	down	NOUN
taxlaw-12357	1989	66	)	)	PUNCT
taxlaw-12357	1989	67	as	as	ADP
taxlaw-12357	1989	68	table	table	NOUN
taxlaw-12357	1989	69	b4	b4	NOUN
taxlaw-12357	1989	70	shows	show	NOUN
taxlaw-12357	1989	71	,	,	PUNCT
taxlaw-12357	1989	72	once	once	SCONJ
taxlaw-12357	1989	73	we	we	PRON
taxlaw-12357	1989	74	account	account	VERB
taxlaw-12357	1989	75	for	for	ADP
taxlaw-12357	1989	76	the	the	DET
taxlaw-12357	1989	77	interest	interest	NOUN
taxlaw-12357	1989	78	,	,	PUNCT
taxlaw-12357	1989	79	the	the	DET
taxlaw-12357	1989	80	net	net	ADJ
taxlaw-12357	1989	81	value	value	NOUN
taxlaw-12357	1989	82	of	of	ADP
taxlaw-12357	1989	83	the	the	DET
taxlaw-12357	1989	84	contract	contract	NOUN
taxlaw-12357	1989	85	to	to	ADP
taxlaw-12357	1989	86	gwa	gwa	PROPN
taxlaw-12357	1989	87	is	be	AUX
taxlaw-12357	1989	88	,	,	PUNCT
taxlaw-12357	1989	89	indeed	indeed	ADV
taxlaw-12357	1989	90	,	,	PUNCT
taxlaw-12357	1989	91	$	$	SYM
taxlaw-12357	1989	92	10	10	NUM
taxlaw-12357	1989	93	.	.	PUNCT
taxlaw-12357	1990	1	in	in	ADP
taxlaw-12357	1990	2	other	other	ADJ
taxlaw-12357	1990	3	words	word	NOUN
taxlaw-12357	1990	4	,	,	PUNCT
taxlaw-12357	1990	5	the	the	DET
taxlaw-12357	1990	6	contract	contract	NOUN
taxlaw-12357	1990	7	actually	actually	ADV
taxlaw-12357	1990	8	is	be	AUX
taxlaw-12357	1990	9	worth	worth	ADJ
taxlaw-12357	1990	10	what	what	PRON
taxlaw-12357	1990	11	gwa	gwa	NOUN
taxlaw-12357	1990	12	pays	pay	VERB
taxlaw-12357	1990	13	for	for	ADP
taxlaw-12357	1990	14	it	it	PRON
taxlaw-12357	1990	15	.	.	PUNCT
taxlaw-12357	1991	1	c.	c.	NOUN
taxlaw-12357	1991	2	the	the	DET
taxlaw-12357	1991	3	difference	difference	NOUN
taxlaw-12357	1991	4	contract	contract	NOUN
taxlaw-12357	1991	5	now	now	ADV
taxlaw-12357	1991	6	that	that	SCONJ
taxlaw-12357	1991	7	we	we	PRON
taxlaw-12357	1991	8	have	have	AUX
taxlaw-12357	1991	9	calculated	calculate	VERB
taxlaw-12357	1991	10	this	this	DET
taxlaw-12357	1991	11	imputed	impute	VERB
taxlaw-12357	1991	12	interest–$4	interest–$4	NOUN
taxlaw-12357	1991	13	when	when	SCONJ
taxlaw-12357	1991	14	the	the	DET
taxlaw-12357	1991	15	volatility	volatility	NOUN
taxlaw-12357	1991	16	is	be	AUX
taxlaw-12357	1991	17	20	20	NUM
taxlaw-12357	1991	18	%	%	NOUN
taxlaw-12357	1991	19	and	and	CCONJ
taxlaw-12357	1991	20	$	$	SYM
taxlaw-12357	1991	21	.68	.68	NUM
taxlaw-12357	1991	22	when	when	SCONJ
taxlaw-12357	1991	23	the	the	DET
taxlaw-12357	1991	24	volatility	volatility	NOUN
taxlaw-12357	1991	25	is	be	AUX
taxlaw-12357	1991	26	60%--the	60%--the	DET
taxlaw-12357	1991	27	question	question	NOUN
taxlaw-12357	1991	28	is	be	AUX
taxlaw-12357	1991	29	:	:	PUNCT
taxlaw-12357	1991	30	what	what	DET
taxlaw-12357	1991	31	effect	effect	NOUN
taxlaw-12357	1991	32	,	,	PUNCT
taxlaw-12357	1991	33	if	if	SCONJ
taxlaw-12357	1991	34	any	any	PRON
taxlaw-12357	1991	35	,	,	PUNCT
taxlaw-12357	1991	36	does	do	AUX
taxlaw-12357	1991	37	this	this	DET
taxlaw-12357	1991	38	interest	interest	NOUN
taxlaw-12357	1991	39	have	have	VERB
taxlaw-12357	1991	40	on	on	ADP
taxlaw-12357	1991	41	the	the	DET
taxlaw-12357	1991	42	difference	difference	NOUN
taxlaw-12357	1991	43	value	value	NOUN
taxlaw-12357	1991	44	.	.	PUNCT
taxlaw-12357	1992	1	the	the	DET
taxlaw-12357	1992	2	answer	answer	NOUN
taxlaw-12357	1992	3	is	be	AUX
taxlaw-12357	1992	4	,	,	PUNCT
taxlaw-12357	1992	5	“	"	PUNCT
taxlaw-12357	1992	6	not	not	PART
taxlaw-12357	1992	7	much	much	ADJ
taxlaw-12357	1992	8	,	,	PUNCT
taxlaw-12357	1992	9	but	but	CCONJ
taxlaw-12357	1992	10	the	the	DET
taxlaw-12357	1992	11	precise	precise	ADJ
taxlaw-12357	1992	12	answer	answer	NOUN
taxlaw-12357	1992	13	depends	depend	VERB
taxlaw-12357	1992	14	on	on	ADP
taxlaw-12357	1992	15	how	how	SCONJ
taxlaw-12357	1992	16	the	the	DET
taxlaw-12357	1992	17	interest	interest	NOUN
taxlaw-12357	1992	18	is	be	AUX
taxlaw-12357	1992	19	structured	structure	VERB
taxlaw-12357	1992	20	.	.	PUNCT
taxlaw-12357	1992	21	”	"	PUNCT
taxlaw-12357	1993	1	since	since	SCONJ
taxlaw-12357	1993	2	the	the	DET
taxlaw-12357	1993	3	effect	effect	NOUN
taxlaw-12357	1993	4	is	be	AUX
taxlaw-12357	1993	5	modest	modest	ADJ
taxlaw-12357	1993	6	,	,	PUNCT
taxlaw-12357	1993	7	the	the	DET
taxlaw-12357	1993	8	difference	difference	NOUN
taxlaw-12357	1993	9	-	-	PUNCT
taxlaw-12357	1993	10	value	value	NOUN
taxlaw-12357	1993	11	test	test	NOUN
taxlaw-12357	1993	12	generally	generally	ADV
taxlaw-12357	1993	13	should	should	AUX
taxlaw-12357	1993	14	offer	offer	VERB
taxlaw-12357	1993	15	a	a	DET
taxlaw-12357	1993	16	reasonably	reasonably	ADV
taxlaw-12357	1993	17	accurate	accurate	ADJ
taxlaw-12357	1993	18	assessment	assessment	NOUN
taxlaw-12357	1993	19	even	even	ADV
taxlaw-12357	1993	20	if	if	SCONJ
taxlaw-12357	1993	21	we	we	PRON
taxlaw-12357	1993	22	do	do	AUX
taxlaw-12357	1993	23	n’t	not	PART
taxlaw-12357	1993	24	account	account	VERB
taxlaw-12357	1993	25	for	for	ADP
taxlaw-12357	1993	26	this	this	DET
taxlaw-12357	1993	27	interest	interest	NOUN
taxlaw-12357	1993	28	but	but	CCONJ
taxlaw-12357	1993	29	,	,	PUNCT
taxlaw-12357	1993	30	not	not	PART
taxlaw-12357	1993	31	surprisingly	surprisingly	ADV
taxlaw-12357	1993	32	,	,	PUNCT
taxlaw-12357	1993	33	the	the	DET
taxlaw-12357	1993	34	result	result	NOUN
taxlaw-12357	1993	35	is	be	AUX
taxlaw-12357	1993	36	even	even	ADV
taxlaw-12357	1993	37	more	more	ADV
taxlaw-12357	1993	38	accurate	accurate	ADJ
taxlaw-12357	1993	39	if	if	SCONJ
taxlaw-12357	1993	40	we	we	PRON
taxlaw-12357	1993	41	do	do	VERB
taxlaw-12357	1993	42	.	.	PUNCT
taxlaw-12357	1994	1	specifically	specifically	ADV
taxlaw-12357	1994	2	,	,	PUNCT
taxlaw-12357	1994	3	what	what	DET
taxlaw-12357	1994	4	difference	difference	NOUN
taxlaw-12357	1994	5	(	(	PUNCT
taxlaw-12357	1994	6	if	if	SCONJ
taxlaw-12357	1994	7	any	any	PRON
taxlaw-12357	1994	8	)	)	PUNCT
taxlaw-12357	1994	9	is	be	AUX
taxlaw-12357	1994	10	there	there	PRON
taxlaw-12357	1994	11	between	between	ADP
taxlaw-12357	1994	12	the	the	DET
taxlaw-12357	1994	13	contract	contract	NOUN
taxlaw-12357	1994	14	,	,	PUNCT
taxlaw-12357	1994	15	on	on	ADP
taxlaw-12357	1994	16	the	the	DET
taxlaw-12357	1994	17	one	one	NUM
taxlaw-12357	1994	18	hand	hand	NOUN
taxlaw-12357	1994	19	,	,	PUNCT
taxlaw-12357	1994	20	and	and	CCONJ
taxlaw-12357	1994	21	a	a	DET
taxlaw-12357	1994	22	leveraged	leveraged	ADJ
taxlaw-12357	1994	23	investment	investment	NOUN
taxlaw-12357	1994	24	in	in	ADP
taxlaw-12357	1994	25	the	the	DET
taxlaw-12357	1994	26	underlying	underlying	NOUN
taxlaw-12357	1994	27	,	,	PUNCT
taxlaw-12357	1994	28	on	on	ADP
taxlaw-12357	1994	29	the	the	DET
taxlaw-12357	1994	30	other	other	ADJ
taxlaw-12357	1994	31	?	?	PUNCT
taxlaw-12357	1995	1	if	if	SCONJ
taxlaw-12357	1995	2	we	we	PRON
taxlaw-12357	1995	3	ignore	ignore	VERB
taxlaw-12357	1995	4	financing	financing	NOUN
taxlaw-12357	1995	5	,	,	PUNCT
taxlaw-12357	1995	6	the	the	DET
taxlaw-12357	1995	7	payoff	payoff	NOUN
taxlaw-12357	1995	8	from	from	ADP
taxlaw-12357	1995	9	the	the	DET
taxlaw-12357	1995	10	knock	knock	VERB
taxlaw-12357	1995	11	-	-	PUNCT
taxlaw-12357	1995	12	out	out	ADP
taxlaw-12357	1995	13	call	call	NOUN
taxlaw-12357	1995	14	and	and	CCONJ
taxlaw-12357	1995	15	the	the	DET
taxlaw-12357	1995	16	knock	knock	VERB
taxlaw-12357	1995	17	-	-	PUNCT
taxlaw-12357	1995	18	in	in	NOUN
taxlaw-12357	1995	19	rebate	rebate	NOUN
taxlaw-12357	1995	20	give	give	VERB
taxlaw-12357	1995	21	gwa	gwa	NOUN
taxlaw-12357	1995	22	the	the	DET
taxlaw-12357	1995	23	same	same	ADJ
taxlaw-12357	1995	24	result	result	NOUN
taxlaw-12357	1995	25	as	as	SCONJ
taxlaw-12357	1995	26	it	it	PRON
taxlaw-12357	1995	27	would	would	AUX
taxlaw-12357	1995	28	get	get	VERB
taxlaw-12357	1995	29	from	from	ADP
taxlaw-12357	1995	30	owning	own	VERB
taxlaw-12357	1995	31	the	the	DET
taxlaw-12357	1995	32	underlying	underlying	ADJ
taxlaw-12357	1995	33	and	and	CCONJ
taxlaw-12357	1995	34	selling	sell	VERB
taxlaw-12357	1995	35	if	if	SCONJ
taxlaw-12357	1995	36	and	and	CCONJ
taxlaw-12357	1995	37	when	when	SCONJ
taxlaw-12357	1995	38	the	the	DET
taxlaw-12357	1995	39	price	price	NOUN
taxlaw-12357	1995	40	reaches	reach	VERB
taxlaw-12357	1995	41	$	$	SYM
taxlaw-12357	1995	42	97	97	NUM
taxlaw-12357	1995	43	.	.	PUNCT
taxlaw-12357	1996	1	the	the	DET
taxlaw-12357	1996	2	only	only	ADJ
taxlaw-12357	1996	3	difference	difference	NOUN
taxlaw-12357	1996	4	is	be	AUX
taxlaw-12357	1996	5	thus	thus	ADV
taxlaw-12357	1996	6	in	in	ADP
taxlaw-12357	1996	7	the	the	DET
taxlaw-12357	1996	8	financing	financing	NOUN
taxlaw-12357	1996	9	payments	payment	NOUN
taxlaw-12357	1996	10	.	.	PUNCT
taxlaw-12357	1997	1	when	when	SCONJ
taxlaw-12357	1997	2	we	we	PRON
taxlaw-12357	1997	3	incorporate	incorporate	VERB
taxlaw-12357	1997	4	the	the	DET
taxlaw-12357	1997	5	financing	financing	NOUN
taxlaw-12357	1997	6	,	,	PUNCT
taxlaw-12357	1997	7	the	the	DET
taxlaw-12357	1997	8	answer	answer	NOUN
taxlaw-12357	1997	9	might	might	AUX
taxlaw-12357	1997	10	not	not	PART
taxlaw-12357	1997	11	change	change	VERB
taxlaw-12357	1997	12	at	at	ADV
taxlaw-12357	1997	13	all	all	ADV
taxlaw-12357	1997	14	–	–	PUNCT
taxlaw-12357	1997	15	or	or	CCONJ
taxlaw-12357	1997	16	it	it	PRON
taxlaw-12357	1997	17	might	might	AUX
taxlaw-12357	1997	18	change	change	VERB
taxlaw-12357	1997	19	slightly	slightly	ADV
taxlaw-12357	1997	20	–	–	PUNCT
taxlaw-12357	1997	21	depending	depend	VERB
taxlaw-12357	1997	22	on	on	ADP
taxlaw-12357	1997	23	how	how	SCONJ
taxlaw-12357	1997	24	the	the	DET
taxlaw-12357	1997	25	interest	interest	NOUN
taxlaw-12357	1997	26	on	on	ADP
taxlaw-12357	1997	27	this	this	DET
taxlaw-12357	1997	28	leverage	leverage	NOUN
taxlaw-12357	1997	29	is	be	AUX
taxlaw-12357	1997	30	structured	structure	VERB
taxlaw-12357	1997	31	.	.	PUNCT
taxlaw-12357	1998	1	to	to	PART
taxlaw-12357	1998	2	show	show	VERB
taxlaw-12357	1998	3	that	that	SCONJ
taxlaw-12357	1998	4	this	this	PRON
taxlaw-12357	1998	5	is	be	AUX
taxlaw-12357	1998	6	the	the	DET
taxlaw-12357	1998	7	case	case	NOUN
taxlaw-12357	1998	8	,	,	PUNCT
taxlaw-12357	1998	9	table	table	NOUN
taxlaw-12357	1998	10	b5	b5	PROPN
taxlaw-12357	1998	11	considers	consider	VERB
taxlaw-12357	1998	12	two	two	NUM
taxlaw-12357	1998	13	scenarios	scenario	NOUN
taxlaw-12357	1998	14	.	.	PUNCT
taxlaw-12357	1999	1	first	first	ADV
taxlaw-12357	1999	2	,	,	PUNCT
taxlaw-12357	1999	3	assume	assume	VERB
taxlaw-12357	1999	4	that	that	SCONJ
taxlaw-12357	1999	5	when	when	SCONJ
taxlaw-12357	1999	6	we	we	PRON
taxlaw-12357	1999	7	compare	compare	VERB
taxlaw-12357	1999	8	the	the	DET
taxlaw-12357	1999	9	gwa	gwa	NOUN
taxlaw-12357	1999	10	contract	contract	NOUN
taxlaw-12357	1999	11	with	with	ADP
taxlaw-12357	1999	12	a	a	DET
taxlaw-12357	1999	13	leveraged	leveraged	ADJ
taxlaw-12357	1999	14	investment	investment	NOUN
taxlaw-12357	1999	15	in	in	ADP
taxlaw-12357	1999	16	the	the	DET
taxlaw-12357	1999	17	underlying	underlying	NOUN
taxlaw-12357	1999	18	,	,	PUNCT
taxlaw-12357	1999	19	we	we	PRON
taxlaw-12357	1999	20	assume	assume	VERB
taxlaw-12357	1999	21	that	that	SCONJ
taxlaw-12357	1999	22	the	the	DET
taxlaw-12357	1999	23	interest	interest	NOUN
taxlaw-12357	1999	24	on	on	ADP
taxlaw-12357	1999	25	the	the	DET
taxlaw-12357	1999	26	underlying	underlie	VERB
taxlaw-12357	1999	27	’s	’s	PART
taxlaw-12357	1999	28	financing	financing	NOUN
taxlaw-12357	1999	29	must	must	AUX
taxlaw-12357	1999	30	be	be	AUX
taxlaw-12357	1999	31	paid	pay	VERB
taxlaw-12357	1999	32	up	up	ADP
taxlaw-12357	1999	33	-	-	PUNCT
taxlaw-12357	1999	34	front	front	NOUN
taxlaw-12357	1999	35	as	as	ADP
taxlaw-12357	1999	36	a	a	DET
taxlaw-12357	1999	37	lump	lump	NOUN
taxlaw-12357	1999	38	sum.223	sum.223	NOUN
taxlaw-12357	1999	39	in	in	ADP
taxlaw-12357	1999	40	this	this	DET
taxlaw-12357	1999	41	scenario	scenario	NOUN
taxlaw-12357	1999	42	,	,	PUNCT
taxlaw-12357	1999	43	the	the	DET
taxlaw-12357	1999	44	difference	difference	NOUN
taxlaw-12357	1999	45	contract	contract	NOUN
taxlaw-12357	1999	46	has	have	VERB
taxlaw-12357	1999	47	a	a	DET
taxlaw-12357	1999	48	value	value	NOUN
taxlaw-12357	1999	49	equal	equal	ADJ
taxlaw-12357	1999	50	to	to	PART
taxlaw-12357	1999	51	double	double	VERB
taxlaw-12357	1999	52	this	this	DET
taxlaw-12357	1999	53	interest	interest	NOUN
taxlaw-12357	1999	54	payment	payment	NOUN
taxlaw-12357	1999	55	,	,	PUNCT
taxlaw-12357	1999	56	as	as	ADP
taxlaw-12357	1999	57	the	the	DET
taxlaw-12357	1999	58	first	first	ADJ
taxlaw-12357	1999	59	line	line	NOUN
taxlaw-12357	1999	60	of	of	ADP
taxlaw-12357	1999	61	table	table	NOUN
taxlaw-12357	1999	62	b5	b5	PROPN
taxlaw-12357	1999	63	shows	show	NOUN
taxlaw-12357	1999	64	:	:	PUNCT
taxlaw-12357	1999	65	notably	notably	ADV
taxlaw-12357	1999	66	,	,	PUNCT
taxlaw-12357	1999	67	the	the	DET
taxlaw-12357	1999	68	difference	difference	NOUN
taxlaw-12357	1999	69	contract	contract	NOUN
taxlaw-12357	1999	70	includes	include	VERB
taxlaw-12357	1999	71	the	the	DET
taxlaw-12357	1999	72	price	price	NOUN
taxlaw-12357	1999	73	of	of	ADP
taxlaw-12357	1999	74	the	the	DET
taxlaw-12357	1999	75	interest	interest	NOUN
taxlaw-12357	1999	76	twice	twice	ADV
taxlaw-12357	1999	77	–	–	PUNCT
taxlaw-12357	1999	78	that	that	ADV
taxlaw-12357	1999	79	is	is	ADV
taxlaw-12357	1999	80	,	,	PUNCT
taxlaw-12357	1999	81	once	once	ADV
taxlaw-12357	1999	82	for	for	ADP
taxlaw-12357	1999	83	the	the	DET
taxlaw-12357	1999	84	up	up	ADJ
taxlaw-12357	1999	85	-	-	PUNCT
taxlaw-12357	1999	86	front	front	NOUN
taxlaw-12357	1999	87	payment	payment	NOUN
taxlaw-12357	1999	88	(	(	PUNCT
taxlaw-12357	1999	89	which	which	PRON
taxlaw-12357	1999	90	appears	appear	VERB
taxlaw-12357	1999	91	in	in	ADP
taxlaw-12357	1999	92	the	the	DET
taxlaw-12357	1999	93	investment	investment	NOUN
taxlaw-12357	1999	94	in	in	ADP
taxlaw-12357	1999	95	the	the	DET
taxlaw-12357	1999	96	underlying	underlying	NOUN
taxlaw-12357	1999	97	,	,	PUNCT
taxlaw-12357	1999	98	but	but	CCONJ
taxlaw-12357	1999	99	not	not	PART
taxlaw-12357	1999	100	in	in	ADP
taxlaw-12357	1999	101	the	the	DET
taxlaw-12357	1999	102	contract	contract	NOUN
taxlaw-12357	1999	103	)	)	PUNCT
taxlaw-12357	1999	104	,	,	PUNCT
taxlaw-12357	1999	105	and	and	CCONJ
taxlaw-12357	1999	106	again	again	ADV
taxlaw-12357	1999	107	for	for	ADP
taxlaw-12357	1999	108	the	the	DET
taxlaw-12357	1999	109	alternative	alternative	NOUN
taxlaw-12357	1999	110	that	that	PRON
taxlaw-12357	1999	111	pays	pay	VERB
taxlaw-12357	1999	112	over	over	ADP
taxlaw-12357	1999	113	time	time	NOUN
taxlaw-12357	1999	114	with	with	ADP
taxlaw-12357	1999	115	the	the	DET
taxlaw-12357	1999	116	total	total	ADJ
taxlaw-12357	1999	117	amount	amount	NOUN
taxlaw-12357	1999	118	depending	depend	VERB
taxlaw-12357	1999	119	upon	upon	SCONJ
taxlaw-12357	1999	120	the	the	DET
taxlaw-12357	1999	121	performance	performance	NOUN
taxlaw-12357	1999	122	of	of	ADP
taxlaw-12357	1999	123	the	the	DET
taxlaw-12357	1999	124	underlying	underlie	VERB
taxlaw-12357	1999	125	(	(	PUNCT
taxlaw-12357	1999	126	which	which	PRON
taxlaw-12357	1999	127	appears	appear	VERB
taxlaw-12357	1999	128	in	in	ADP
taxlaw-12357	1999	129	the	the	DET
taxlaw-12357	1999	130	contract	contract	NOUN
taxlaw-12357	1999	131	,	,	PUNCT
taxlaw-12357	1999	132	but	but	CCONJ
taxlaw-12357	1999	133	not	not	PART
taxlaw-12357	1999	134	in	in	ADP
taxlaw-12357	1999	135	the	the	DET
taxlaw-12357	1999	136	investment	investment	NOUN
taxlaw-12357	1999	137	in	in	ADP
taxlaw-12357	1999	138	the	the	DET
taxlaw-12357	1999	139	underlying	underlying	NOUN
taxlaw-12357	1999	140	)	)	PUNCT
taxlaw-12357	1999	141	.	.	PUNCT
taxlaw-12357	2000	1	222	222	NUM
taxlaw-12357	2000	2	the	the	DET
taxlaw-12357	2000	3	sum	sum	NOUN
taxlaw-12357	2000	4	of	of	ADP
taxlaw-12357	2000	5	the	the	DET
taxlaw-12357	2000	6	components	component	NOUN
taxlaw-12357	2000	7	shown	show	VERB
taxlaw-12357	2000	8	may	may	AUX
taxlaw-12357	2000	9	be	be	AUX
taxlaw-12357	2000	10	slightly	slightly	ADV
taxlaw-12357	2000	11	different	different	ADJ
taxlaw-12357	2000	12	from	from	ADP
taxlaw-12357	2000	13	the	the	DET
taxlaw-12357	2000	14	total	total	NOUN
taxlaw-12357	2000	15	shown	show	VERB
taxlaw-12357	2000	16	because	because	SCONJ
taxlaw-12357	2000	17	of	of	ADP
taxlaw-12357	2000	18	rounding	round	VERB
taxlaw-12357	2000	19	errors	error	NOUN
taxlaw-12357	2000	20	.	.	PUNCT
taxlaw-12357	2001	1	223	223	NUM
taxlaw-12357	2001	2	in	in	ADP
taxlaw-12357	2001	3	terms	term	NOUN
taxlaw-12357	2001	4	of	of	ADP
taxlaw-12357	2001	5	our	our	PRON
taxlaw-12357	2001	6	example	example	NOUN
taxlaw-12357	2001	7	,	,	PUNCT
taxlaw-12357	2001	8	this	this	PRON
taxlaw-12357	2001	9	would	would	AUX
taxlaw-12357	2001	10	be	be	AUX
taxlaw-12357	2001	11	an	an	DET
taxlaw-12357	2001	12	amount	amount	NOUN
taxlaw-12357	2001	13	of	of	ADP
taxlaw-12357	2001	14	$	$	SYM
taxlaw-12357	2001	15	4.00	4.00	NUM
taxlaw-12357	2001	16	or	or	CCONJ
taxlaw-12357	2001	17	$	$	SYM
taxlaw-12357	2001	18	0.68	0.68	NUM
taxlaw-12357	2001	19	,	,	PUNCT
taxlaw-12357	2001	20	depending	depend	VERB
taxlaw-12357	2001	21	upon	upon	SCONJ
taxlaw-12357	2001	22	whether	whether	SCONJ
taxlaw-12357	2001	23	the	the	DET
taxlaw-12357	2001	24	underlying	underlie	VERB
taxlaw-12357	2001	25	volatility	volatility	NOUN
taxlaw-12357	2001	26	is	be	AUX
taxlaw-12357	2001	27	20	20	NUM
taxlaw-12357	2001	28	%	%	NOUN
taxlaw-12357	2001	29	or	or	CCONJ
taxlaw-12357	2001	30	60	60	NUM
taxlaw-12357	2001	31	%	%	NOUN
taxlaw-12357	2001	32	.	.	PUNCT
taxlaw-12357	2002	1	columbia	columbia	PROPN
taxlaw-12357	2002	2	journal	journal	PROPN
taxlaw-12357	2002	3	of	of	ADP
taxlaw-12357	2002	4	tax	tax	NOUN
taxlaw-12357	2002	5	law	law	NOUN
taxlaw-12357	2003	1	[	[	X
taxlaw-12357	2003	2	vol	vol	NOUN
taxlaw-12357	2003	3	15:1	15:1	NUM
taxlaw-12357	2003	4	76	76	NUM
taxlaw-12357	2003	5	second	second	ADJ
taxlaw-12357	2003	6	,	,	PUNCT
taxlaw-12357	2003	7	assume	assume	VERB
taxlaw-12357	2003	8	instead	instead	ADV
taxlaw-12357	2003	9	that	that	SCONJ
taxlaw-12357	2003	10	this	this	DET
taxlaw-12357	2003	11	difference	difference	NOUN
taxlaw-12357	2003	12	between	between	ADP
taxlaw-12357	2003	13	the	the	DET
taxlaw-12357	2003	14	financing	financing	NOUN
taxlaw-12357	2003	15	arrangements	arrangement	NOUN
taxlaw-12357	2003	16	is	be	AUX
taxlaw-12357	2003	17	eliminated	eliminate	VERB
taxlaw-12357	2003	18	.	.	PUNCT
taxlaw-12357	2004	1	in	in	ADP
taxlaw-12357	2004	2	other	other	ADJ
taxlaw-12357	2004	3	words	word	NOUN
taxlaw-12357	2004	4	,	,	PUNCT
taxlaw-12357	2004	5	the	the	DET
taxlaw-12357	2004	6	interest	interest	NOUN
taxlaw-12357	2004	7	payment	payment	NOUN
taxlaw-12357	2004	8	schedule	schedule	NOUN
taxlaw-12357	2004	9	is	be	AUX
taxlaw-12357	2004	10	the	the	DET
taxlaw-12357	2004	11	same	same	ADJ
taxlaw-12357	2004	12	for	for	ADP
taxlaw-12357	2004	13	both	both	CCONJ
taxlaw-12357	2004	14	the	the	DET
taxlaw-12357	2004	15	underlying	underlying	ADJ
taxlaw-12357	2004	16	and	and	CCONJ
taxlaw-12357	2004	17	the	the	DET
taxlaw-12357	2004	18	gwa	gwa	NOUN
taxlaw-12357	2004	19	contract	contract	NOUN
taxlaw-12357	2004	20	.	.	PUNCT
taxlaw-12357	2005	1	in	in	ADP
taxlaw-12357	2005	2	this	this	DET
taxlaw-12357	2005	3	scenario	scenario	NOUN
taxlaw-12357	2005	4	,	,	PUNCT
taxlaw-12357	2005	5	the	the	DET
taxlaw-12357	2005	6	absolute	absolute	ADJ
taxlaw-12357	2005	7	value	value	NOUN
taxlaw-12357	2005	8	of	of	ADP
taxlaw-12357	2005	9	the	the	DET
taxlaw-12357	2005	10	difference	difference	NOUN
taxlaw-12357	2005	11	contract	contract	NOUN
taxlaw-12357	2005	12	would	would	AUX
taxlaw-12357	2005	13	have	have	AUX
taxlaw-12357	2005	14	price	price	VERB
taxlaw-12357	2005	15	$	$	SYM
taxlaw-12357	2005	16	0	0	NUM
taxlaw-12357	2005	17	,	,	PUNCT
taxlaw-12357	2005	18	as	as	ADP
taxlaw-12357	2005	19	the	the	DET
taxlaw-12357	2005	20	second	second	ADJ
taxlaw-12357	2005	21	line	line	NOUN
taxlaw-12357	2005	22	of	of	ADP
taxlaw-12357	2005	23	table	table	NOUN
taxlaw-12357	2005	24	b5	b5	PROPN
taxlaw-12357	2005	25	shows	show	NOUN
taxlaw-12357	2005	26	.	.	PUNCT
taxlaw-12357	2006	1	this	this	PRON
taxlaw-12357	2006	2	is	be	AUX
taxlaw-12357	2006	3	because	because	SCONJ
taxlaw-12357	2006	4	there	there	PRON
taxlaw-12357	2006	5	is	be	VERB
taxlaw-12357	2006	6	no	no	DET
taxlaw-12357	2006	7	difference	difference	NOUN
taxlaw-12357	2006	8	between	between	ADP
taxlaw-12357	2006	9	the	the	DET
taxlaw-12357	2006	10	two	two	NUM
taxlaw-12357	2006	11	contracts	contract	NOUN
taxlaw-12357	2006	12	.	.	PUNCT
taxlaw-12357	2007	1	volatility	volatility	NOUN
taxlaw-12357	2007	2	20	20	NUM
taxlaw-12357	2007	3	%	%	NOUN
taxlaw-12357	2007	4	60	60	NUM
taxlaw-12357	2007	5	%	%	NOUN
taxlaw-12357	2007	6	price	price	NOUN
taxlaw-12357	2007	7	of	of	ADP
taxlaw-12357	2007	8	difference	difference	NOUN
taxlaw-12357	2007	9	contract	contract	NOUN
taxlaw-12357	2007	10	if	if	SCONJ
taxlaw-12357	2007	11	underlying	underlying	ADJ
taxlaw-12357	2007	12	comparison	comparison	NOUN
taxlaw-12357	2007	13	uses	use	VERB
taxlaw-12357	2007	14	up	up	ADP
taxlaw-12357	2007	15	-	-	PUNCT
taxlaw-12357	2007	16	front	front	NOUN
taxlaw-12357	2007	17	lump	lump	NOUN
taxlaw-12357	2007	18	sum	sum	NOUN
taxlaw-12357	2007	19	payment	payment	NOUN
taxlaw-12357	2007	20	of	of	ADP
taxlaw-12357	2007	21	interest	interest	NOUN
taxlaw-12357	2007	22	8.00	8.00	NUM
taxlaw-12357	2007	23	1.36	1.36	NUM
taxlaw-12357	2007	24	price	price	NOUN
taxlaw-12357	2007	25	of	of	ADP
taxlaw-12357	2007	26	difference	difference	NOUN
taxlaw-12357	2007	27	contract	contract	NOUN
taxlaw-12357	2007	28	if	if	SCONJ
taxlaw-12357	2007	29	underlying	underlying	ADJ
taxlaw-12357	2007	30	comparison	comparison	NOUN
taxlaw-12357	2007	31	uses	use	VERB
taxlaw-12357	2007	32	same	same	ADJ
taxlaw-12357	2007	33	interest	interest	NOUN
taxlaw-12357	2007	34	schedule	schedule	NOUN
taxlaw-12357	2007	35	as	as	ADP
taxlaw-12357	2007	36	contract	contract	NOUN
taxlaw-12357	2007	37	0.00	0.00	NUM
taxlaw-12357	2007	38	0.00	0.00	NUM
taxlaw-12357	2007	39	table	table	NOUN
taxlaw-12357	2007	40	b5	b5	NOUN
taxlaw-12357	2007	41	:	:	PUNCT
taxlaw-12357	2007	42	difference	difference	NOUN
taxlaw-12357	2007	43	contract	contract	NOUN
taxlaw-12357	2007	44	prices	price	NOUN
taxlaw-12357	2007	45	(	(	PUNCT
taxlaw-12357	2007	46	assuming	assume	VERB
taxlaw-12357	2007	47	no	no	DET
taxlaw-12357	2007	48	buy	buy	NOUN
taxlaw-12357	2007	49	-	-	PUNCT
taxlaw-12357	2007	50	downs	down	NOUN
taxlaw-12357	2007	51	)	)	PUNCT
taxlaw-12357	2007	52	the	the	DET
taxlaw-12357	2007	53	values	value	NOUN
taxlaw-12357	2007	54	in	in	ADP
taxlaw-12357	2007	55	table	table	NOUN
taxlaw-12357	2007	56	b5	b5	PROPN
taxlaw-12357	2007	57	may	may	AUX
taxlaw-12357	2007	58	be	be	AUX
taxlaw-12357	2007	59	divided	divide	VERB
taxlaw-12357	2007	60	by	by	ADP
taxlaw-12357	2007	61	the	the	DET
taxlaw-12357	2007	62	$	$	SYM
taxlaw-12357	2007	63	100	100	NUM
taxlaw-12357	2007	64	price	price	NOUN
taxlaw-12357	2007	65	of	of	ADP
taxlaw-12357	2007	66	the	the	DET
taxlaw-12357	2007	67	underlying	underlie	VERB
taxlaw-12357	2007	68	to	to	PART
taxlaw-12357	2007	69	arrive	arrive	VERB
taxlaw-12357	2007	70	at	at	ADP
taxlaw-12357	2007	71	the	the	DET
taxlaw-12357	2007	72	corresponding	corresponding	ADJ
taxlaw-12357	2007	73	difference	difference	NOUN
taxlaw-12357	2007	74	percentages	percentage	NOUN
taxlaw-12357	2007	75	.	.	PUNCT
taxlaw-12357	2008	1	the	the	DET
taxlaw-12357	2008	2	bottom	bottom	ADJ
taxlaw-12357	2008	3	line	line	NOUN
taxlaw-12357	2008	4	is	be	AUX
taxlaw-12357	2008	5	that	that	SCONJ
taxlaw-12357	2008	6	,	,	PUNCT
taxlaw-12357	2008	7	as	as	SCONJ
taxlaw-12357	2008	8	table	table	NOUN
taxlaw-12357	2008	9	b5	b5	PROPN
taxlaw-12357	2008	10	shows	show	NOUN
taxlaw-12357	2008	11	,	,	PUNCT
taxlaw-12357	2008	12	variations	variation	NOUN
taxlaw-12357	2008	13	in	in	ADP
taxlaw-12357	2008	14	the	the	DET
taxlaw-12357	2008	15	structure	structure	NOUN
taxlaw-12357	2008	16	of	of	ADP
taxlaw-12357	2008	17	the	the	DET
taxlaw-12357	2008	18	financing	financing	NOUN
taxlaw-12357	2008	19	can	can	AUX
taxlaw-12357	2008	20	yield	yield	VERB
taxlaw-12357	2008	21	somewhat	somewhat	ADV
taxlaw-12357	2008	22	different	different	ADJ
taxlaw-12357	2008	23	results	result	NOUN
taxlaw-12357	2008	24	,	,	PUNCT
taxlaw-12357	2008	25	but	but	CCONJ
taxlaw-12357	2008	26	our	our	PRON
taxlaw-12357	2008	27	difference	difference	NOUN
taxlaw-12357	2008	28	method	method	NOUN
taxlaw-12357	2008	29	still	still	ADV
taxlaw-12357	2008	30	treats	treat	VERB
taxlaw-12357	2008	31	the	the	DET
taxlaw-12357	2008	32	gwa	gwa	NOUN
taxlaw-12357	2008	33	contract	contract	NOUN
taxlaw-12357	2008	34	as	as	ADP
taxlaw-12357	2008	35	fairly	fairly	ADV
taxlaw-12357	2008	36	similar	similar	ADJ
taxlaw-12357	2008	37	to	to	ADP
taxlaw-12357	2008	38	the	the	DET
taxlaw-12357	2008	39	underlying	underlying	NOUN
taxlaw-12357	2008	40	in	in	ADP
taxlaw-12357	2008	41	either	either	DET
taxlaw-12357	2008	42	case	case	NOUN
taxlaw-12357	2008	43	.	.	PUNCT