id	sid	tid	token	lemma	pos
ftr-347	1	1	florida	florida	PROPN
ftr-347	1	2	tax	tax	PROPN
ftr-347	1	3	review	review	PROPN
ftr-347	1	4	florida	florida	PROPN
ftr-347	1	5	tax	tax	NOUN
ftr-347	1	6	review	review	NOUN
ftr-347	1	7	volume	volume	NOUN
ftr-347	1	8	11	11	NUM
ftr-347	1	9	2011	2011	NUM
ftr-347	1	10	number	number	NOUN
ftr-347	1	11	8	8	NUM
ftr-347	1	12	643	643	NUM
ftr-347	1	13	the	the	DET
ftr-347	1	14	global	global	ADJ
ftr-347	1	15	shadow	shadow	PROPN
ftr-347	1	16	bank	bank	PROPN
ftr-347	1	17	—	—	PUNCT
ftr-347	1	18	systemic	systemic	ADJ
ftr-347	1	19	risk	risk	NOUN
ftr-347	1	20	and	and	CCONJ
ftr-347	1	21	tax	tax	NOUN
ftr-347	1	22	policy	policy	NOUN
ftr-347	1	23	objectives	objective	NOUN
ftr-347	1	24	:	:	PUNCT
ftr-347	1	25	the	the	DET
ftr-347	1	26	uncertain	uncertain	ADJ
ftr-347	1	27	case	case	NOUN
ftr-347	1	28	of	of	ADP
ftr-347	1	29	foreign	foreign	ADJ
ftr-347	1	30	hedge	hedge	NOUN
ftr-347	1	31	fund	fund	NOUN
ftr-347	1	32	lending	lending	NOUN
ftr-347	1	33	to	to	ADP
ftr-347	1	34	u.s	u.s	PROPN
ftr-347	1	35	.	.	PROPN
ftr-347	1	36	borrowers	borrower	NOUN
ftr-347	1	37	and	and	CCONJ
ftr-347	1	38	transacting	transact	VERB
ftr-347	1	39	in	in	ADP
ftr-347	1	40	u.s	u.s	PROPN
ftr-347	1	41	.	.	PROPN
ftr-347	1	42	debt	debt	NOUN
ftr-347	1	43	securities	security	NOUN
ftr-347	1	44	by	by	ADP
ftr-347	1	45	julie	julie	PROPN
ftr-347	1	46	a.d	a.d	PROPN
ftr-347	1	47	.	.	PROPN
ftr-347	1	48	manasfi	manasfi	PROPN
ftr-347	1	49	*	*	PUNCT
ftr-347	1	50	i.	i.	NOUN
ftr-347	1	51	introduction	introduction	NOUN
ftr-347	1	52	....................................................................................	....................................................................................	PUNCT
ftr-347	1	53	644	644	NUM
ftr-347	1	54	ii	ii	NOUN
ftr-347	1	55	.	.	PUNCT
ftr-347	2	1	the	the	DET
ftr-347	2	2	tax	tax	NOUN
ftr-347	2	3	laws	law	NOUN
ftr-347	2	4	in	in	ADP
ftr-347	2	5	this	this	DET
ftr-347	2	6	area	area	NOUN
ftr-347	2	7	lag	lag	VERB
ftr-347	2	8	behind	behind	ADP
ftr-347	2	9	financial	financial	ADJ
ftr-347	2	10	innovation	innovation	NOUN
ftr-347	2	11	—	—	PUNCT
ftr-347	2	12	a	a	DET
ftr-347	2	13	look	look	NOUN
ftr-347	2	14	at	at	ADP
ftr-347	2	15	the	the	DET
ftr-347	2	16	taxation	taxation	NOUN
ftr-347	2	17	of	of	ADP
ftr-347	2	18	foreign	foreign	ADJ
ftr-347	2	19	hedge	hedge	NOUN
ftr-347	2	20	fund	fund	NOUN
ftr-347	2	21	lending	lending	NOUN
ftr-347	2	22	to	to	ADP
ftr-347	2	23	u.s	u.s	PROPN
ftr-347	2	24	.	.	PROPN
ftr-347	2	25	borrowers	borrower	NOUN
ftr-347	2	26	and	and	CCONJ
ftr-347	2	27	transacting	transact	VERB
ftr-347	2	28	in	in	ADP
ftr-347	2	29	u.s	u.s	PROPN
ftr-347	2	30	.	.	PROPN
ftr-347	2	31	debt	debt	NOUN
ftr-347	2	32	securities	security	NOUN
ftr-347	2	33	................................................................................	................................................................................	PUNCT
ftr-347	3	1	648	648	NUM
ftr-347	3	2	a.	a.	NOUN
ftr-347	3	3	hedge	hedge	NOUN
ftr-347	3	4	funds	fund	NOUN
ftr-347	3	5	generally	generally	ADV
ftr-347	3	6	................................................................	................................................................	PUNCT
ftr-347	3	7	648	648	NUM
ftr-347	3	8	b.	b.	NOUN
ftr-347	3	9	introduction	introduction	NOUN
ftr-347	3	10	to	to	PART
ftr-347	3	11	hedge	hedge	VERB
ftr-347	3	12	fund	fund	NOUN
ftr-347	3	13	structures	structure	NOUN
ftr-347	3	14	........................................	........................................	PUNCT
ftr-347	3	15	649	649	NUM
ftr-347	3	16	c.	c.	PROPN
ftr-347	3	17	foreign	foreign	ADJ
ftr-347	3	18	hedge	hedge	NOUN
ftr-347	3	19	fund	fund	NOUN
ftr-347	3	20	lending	lending	NOUN
ftr-347	3	21	to	to	ADP
ftr-347	3	22	u.s	u.s	PROPN
ftr-347	3	23	.	.	PROPN
ftr-347	3	24	borrowers	borrower	NOUN
ftr-347	3	25	and	and	CCONJ
ftr-347	3	26	transacting	transact	VERB
ftr-347	3	27	in	in	ADP
ftr-347	3	28	u.s	u.s	PROPN
ftr-347	3	29	.	.	PROPN
ftr-347	3	30	debt	debt	NOUN
ftr-347	3	31	securities	security	NOUN
ftr-347	3	32	..................................................................	..................................................................	PUNCT
ftr-347	4	1	651	651	NUM
ftr-347	4	2	d.	d.	PROPN
ftr-347	4	3	u.s	u.s	PROPN
ftr-347	4	4	.	.	PROPN
ftr-347	4	5	taxation	taxation	NOUN
ftr-347	4	6	of	of	ADP
ftr-347	4	7	foreign	foreign	ADJ
ftr-347	4	8	lending	lending	NOUN
ftr-347	4	9	to	to	ADP
ftr-347	4	10	u.s	u.s	PROPN
ftr-347	4	11	.	.	PROPN
ftr-347	4	12	borrowers	borrower	NOUN
ftr-347	4	13	and	and	CCONJ
ftr-347	4	14	transacting	transact	VERB
ftr-347	4	15	in	in	ADP
ftr-347	4	16	u.s	u.s	PROPN
ftr-347	4	17	.	.	PROPN
ftr-347	4	18	debt	debt	NOUN
ftr-347	4	19	securities	security	NOUN
ftr-347	4	20	.............................................	.............................................	PUNCT
ftr-347	4	21	654	654	NUM
ftr-347	4	22	e.	e.	NOUN
ftr-347	5	1	some	some	DET
ftr-347	5	2	examples	example	NOUN
ftr-347	5	3	of	of	ADP
ftr-347	5	4	how	how	SCONJ
ftr-347	5	5	the	the	DET
ftr-347	5	6	current	current	ADJ
ftr-347	5	7	law	law	NOUN
ftr-347	5	8	is	be	AUX
ftr-347	5	9	ill	ill	ADV
ftr-347	5	10	-	-	PUNCT
ftr-347	5	11	equipped	equip	VERB
ftr-347	5	12	to	to	PART
ftr-347	5	13	deal	deal	VERB
ftr-347	5	14	with	with	ADP
ftr-347	5	15	these	these	DET
ftr-347	5	16	shadow	shadow	NOUN
ftr-347	5	17	banking	banking	NOUN
ftr-347	5	18	transactions	transaction	NOUN
ftr-347	5	19	...................................	...................................	PUNCT
ftr-347	5	20	661	661	NUM
ftr-347	5	21	iii	iii	NOUN
ftr-347	5	22	.	.	PUNCT
ftr-347	6	1	we	we	PRON
ftr-347	6	2	should	should	AUX
ftr-347	6	3	consider	consider	VERB
ftr-347	6	4	whether	whether	SCONJ
ftr-347	6	5	the	the	DET
ftr-347	6	6	current	current	ADJ
ftr-347	6	7	uncertainty	uncertainty	NOUN
ftr-347	6	8	increases	increase	VERB
ftr-347	6	9	systemic	systemic	ADJ
ftr-347	6	10	risk	risk	NOUN
ftr-347	6	11	...............................................................	...............................................................	PUNCT
ftr-347	7	1	663	663	NUM
ftr-347	7	2	*	*	PUNCT
ftr-347	7	3	assistant	assistant	NOUN
ftr-347	7	4	professor	professor	NOUN
ftr-347	7	5	whittier	whittier	NOUN
ftr-347	7	6	law	law	NOUN
ftr-347	7	7	school	school	NOUN
ftr-347	7	8	,	,	PUNCT
ftr-347	7	9	2010	2010	NUM
ftr-347	7	10	–	–	PUNCT
ftr-347	7	11	present	present	ADJ
ftr-347	7	12	;	;	PUNCT
ftr-347	7	13	visiting	visit	VERB
ftr-347	7	14	assistant	assistant	ADJ
ftr-347	7	15	professor	professor	NOUN
ftr-347	7	16	in	in	ADP
ftr-347	7	17	taxation	taxation	NOUN
ftr-347	7	18	,	,	PUNCT
ftr-347	7	19	loyola	loyola	PROPN
ftr-347	7	20	law	law	NOUN
ftr-347	7	21	school	school	NOUN
ftr-347	7	22	,	,	PUNCT
ftr-347	7	23	los	los	PROPN
ftr-347	7	24	angeles	angeles	PROPN
ftr-347	7	25	2008–2010	2008–2010	NUM
ftr-347	7	26	;	;	PUNCT
ftr-347	7	27	associate	associate	ADJ
ftr-347	7	28	,	,	PUNCT
ftr-347	7	29	sidley	sidley	PROPN
ftr-347	7	30	austin	austin	PROPN
ftr-347	7	31	llp	llp	PROPN
ftr-347	7	32	,	,	PUNCT
ftr-347	7	33	2004–2008	2004–2008	PROPN
ftr-347	7	34	;	;	PUNCT
ftr-347	7	35	associate	associate	ADJ
ftr-347	7	36	,	,	PUNCT
ftr-347	7	37	white	white	PROPN
ftr-347	7	38	&	&	CCONJ
ftr-347	7	39	case	case	PROPN
ftr-347	7	40	llp	llp	PROPN
ftr-347	7	41	,	,	PUNCT
ftr-347	7	42	2004	2004	NUM
ftr-347	7	43	;	;	PUNCT
ftr-347	7	44	ll.m	ll.m	X
ftr-347	7	45	.	.	PUNCT
ftr-347	8	1	in	in	ADP
ftr-347	8	2	taxation	taxation	NOUN
ftr-347	8	3	,	,	PUNCT
ftr-347	8	4	new	new	PROPN
ftr-347	8	5	york	york	PROPN
ftr-347	8	6	university	university	PROPN
ftr-347	8	7	school	school	NOUN
ftr-347	8	8	of	of	ADP
ftr-347	8	9	law	law	NOUN
ftr-347	8	10	,	,	PUNCT
ftr-347	8	11	2004	2004	NUM
ftr-347	8	12	;	;	PUNCT
ftr-347	8	13	j.d	j.d	PROPN
ftr-347	8	14	.	.	PROPN
ftr-347	8	15	,	,	PUNCT
ftr-347	8	16	new	new	PROPN
ftr-347	8	17	york	york	PROPN
ftr-347	8	18	university	university	PROPN
ftr-347	8	19	school	school	NOUN
ftr-347	8	20	of	of	ADP
ftr-347	8	21	law	law	NOUN
ftr-347	8	22	,	,	PUNCT
ftr-347	8	23	2003	2003	NUM
ftr-347	8	24	;	;	PUNCT
ftr-347	8	25	b.a	b.a	PROPN
ftr-347	8	26	.	.	PROPN
ftr-347	8	27	,	,	PUNCT
ftr-347	8	28	university	university	PROPN
ftr-347	8	29	of	of	ADP
ftr-347	8	30	california	california	PROPN
ftr-347	8	31	los	los	PROPN
ftr-347	8	32	angeles	angeles	PROPN
ftr-347	8	33	,	,	PUNCT
ftr-347	8	34	2000	2000	NUM
ftr-347	8	35	.	.	PUNCT
ftr-347	9	1	i	i	PRON
ftr-347	9	2	would	would	AUX
ftr-347	9	3	like	like	VERB
ftr-347	9	4	to	to	PART
ftr-347	9	5	thank	thank	VERB
ftr-347	9	6	the	the	DET
ftr-347	9	7	following	follow	VERB
ftr-347	9	8	people	people	NOUN
ftr-347	9	9	for	for	ADP
ftr-347	9	10	their	their	PRON
ftr-347	9	11	helpful	helpful	ADJ
ftr-347	9	12	contributions	contribution	NOUN
ftr-347	9	13	and	and	CCONJ
ftr-347	9	14	comments	comment	NOUN
ftr-347	9	15	:	:	PUNCT
ftr-347	9	16	theodore	theodore	PROPN
ftr-347	9	17	seto	seto	VERB
ftr-347	9	18	,	,	PUNCT
ftr-347	9	19	katherine	katherine	PROPN
ftr-347	9	20	pratt	pratt	PROPN
ftr-347	9	21	,	,	PUNCT
ftr-347	9	22	jennifer	jennifer	PROPN
ftr-347	9	23	kowal	kowal	PROPN
ftr-347	9	24	,	,	PUNCT
ftr-347	9	25	ellen	ellen	PROPN
ftr-347	9	26	april	april	PROPN
ftr-347	9	27	,	,	PUNCT
ftr-347	9	28	joseph	joseph	PROPN
ftr-347	9	29	sliskovish	sliskovish	PROPN
ftr-347	9	30	,	,	PUNCT
ftr-347	9	31	the	the	DET
ftr-347	9	32	whittier	whittier	NOUN
ftr-347	9	33	law	law	NOUN
ftr-347	9	34	school	school	NOUN
ftr-347	9	35	faculty	faculty	NOUN
ftr-347	9	36	,	,	PUNCT
ftr-347	9	37	the	the	DET
ftr-347	9	38	loyola	loyola	PROPN
ftr-347	9	39	law	law	NOUN
ftr-347	9	40	school	school	NOUN
ftr-347	9	41	tax	tax	NOUN
ftr-347	9	42	policy	policy	NOUN
ftr-347	9	43	colloquium	colloquium	NOUN
ftr-347	9	44	class	class	NOUN
ftr-347	9	45	fall	fall	NOUN
ftr-347	9	46	2008	2008	NUM
ftr-347	9	47	,	,	PUNCT
ftr-347	9	48	michael	michael	PROPN
ftr-347	9	49	guttentag	guttentag	PROPN
ftr-347	9	50	,	,	PUNCT
ftr-347	9	51	eric	eric	PROPN
ftr-347	9	52	zolt	zolt	PROPN
ftr-347	9	53	,	,	PUNCT
ftr-347	9	54	kirk	kirk	PROPN
ftr-347	9	55	stark	stark	PROPN
ftr-347	9	56	,	,	PUNCT
ftr-347	9	57	martin	martin	PROPN
ftr-347	9	58	j.	j.	PROPN
ftr-347	9	59	mcmahon	mcmahon	PROPN
ftr-347	9	60	,	,	PUNCT
ftr-347	9	61	and	and	CCONJ
ftr-347	9	62	the	the	DET
ftr-347	9	63	participants	participant	NOUN
ftr-347	9	64	of	of	ADP
ftr-347	9	65	the	the	DET
ftr-347	9	66	southern	southern	PROPN
ftr-347	9	67	california	california	PROPN
ftr-347	9	68	junior	junior	ADJ
ftr-347	9	69	faculty	faculty	NOUN
ftr-347	9	70	conference	conference	NOUN
ftr-347	9	71	of	of	ADP
ftr-347	9	72	2009	2009	NUM
ftr-347	9	73	.	.	PUNCT
ftr-347	10	1	644	644	NUM
ftr-347	10	2	florida	florida	PROPN
ftr-347	10	3	tax	tax	NOUN
ftr-347	10	4	review	review	NOUN
ftr-347	10	5	[	[	X
ftr-347	10	6	vol	vol	NOUN
ftr-347	10	7	.	.	PUNCT
ftr-347	10	8	11:8	11:8	NUM
ftr-347	10	9	iv	iv	NOUN
ftr-347	10	10	.	.	PUNCT
ftr-347	11	1	the	the	DET
ftr-347	11	2	current	current	ADJ
ftr-347	11	3	uncertainty	uncertainty	NOUN
ftr-347	11	4	frustrates	frustrate	VERB
ftr-347	11	5	the	the	DET
ftr-347	11	6	very	very	ADV
ftr-347	11	7	international	international	ADJ
ftr-347	11	8	tax	tax	NOUN
ftr-347	11	9	policy	policy	NOUN
ftr-347	11	10	objectives	objective	NOUN
ftr-347	11	11	that	that	SCONJ
ftr-347	11	12	this	this	DET
ftr-347	11	13	regime	regime	NOUN
ftr-347	11	14	was	be	AUX
ftr-347	11	15	enacted	enact	VERB
ftr-347	11	16	to	to	PART
ftr-347	11	17	promote	promote	VERB
ftr-347	11	18	.............................................................	.............................................................	PUNCT
ftr-347	11	19	671	671	NUM
ftr-347	11	20	a.	a.	NOUN
ftr-347	11	21	the	the	DET
ftr-347	11	22	tax	tax	NOUN
ftr-347	11	23	policy	policy	NOUN
ftr-347	11	24	behind	behind	ADP
ftr-347	11	25	the	the	DET
ftr-347	11	26	exemption	exemption	NOUN
ftr-347	11	27	for	for	ADP
ftr-347	11	28	a	a	DET
ftr-347	11	29	foreign	foreign	ADJ
ftr-347	11	30	person	person	NOUN
ftr-347	11	31	’s	’s	PART
ftr-347	11	32	capital	capital	NOUN
ftr-347	11	33	gains	gain	NOUN
ftr-347	11	34	on	on	ADP
ftr-347	11	35	sale	sale	NOUN
ftr-347	11	36	that	that	PRON
ftr-347	11	37	are	be	AUX
ftr-347	11	38	not	not	PART
ftr-347	11	39	connected	connect	VERB
ftr-347	11	40	with	with	ADP
ftr-347	11	41	a	a	DET
ftr-347	11	42	u.s	u.s	PROPN
ftr-347	11	43	.	.	PROPN
ftr-347	11	44	trade	trade	NOUN
ftr-347	11	45	or	or	CCONJ
ftr-347	11	46	business	business	NOUN
ftr-347	11	47	.........................................................................	.........................................................................	PUNCT
ftr-347	12	1	672	672	NUM
ftr-347	12	2	b.	b.	NOUN
ftr-347	12	3	the	the	DET
ftr-347	12	4	tax	tax	NOUN
ftr-347	12	5	policy	policy	NOUN
ftr-347	12	6	behind	behind	ADP
ftr-347	12	7	the	the	DET
ftr-347	12	8	enactment	enactment	NOUN
ftr-347	12	9	of	of	ADP
ftr-347	12	10	the	the	DET
ftr-347	12	11	exemption	exemption	NOUN
ftr-347	12	12	for	for	ADP
ftr-347	12	13	“	"	PUNCT
ftr-347	12	14	portfolio	portfolio	NOUN
ftr-347	12	15	interest	interest	NOUN
ftr-347	12	16	”	"	PUNCT
ftr-347	12	17	received	receive	VERB
ftr-347	12	18	by	by	ADP
ftr-347	12	19	foreign	foreign	ADJ
ftr-347	12	20	persons	person	NOUN
ftr-347	12	21	that	that	PRON
ftr-347	12	22	is	be	AUX
ftr-347	12	23	not	not	PART
ftr-347	12	24	connected	connect	VERB
ftr-347	12	25	with	with	ADP
ftr-347	12	26	a	a	DET
ftr-347	12	27	u.s	u.s	PROPN
ftr-347	12	28	.	.	PROPN
ftr-347	12	29	trade	trade	NOUN
ftr-347	12	30	or	or	CCONJ
ftr-347	12	31	business	business	NOUN
ftr-347	12	32	....................................	....................................	PUNCT
ftr-347	12	33	672	672	NUM
ftr-347	12	34	c.	c.	NOUN
ftr-347	12	35	the	the	DET
ftr-347	12	36	tax	tax	NOUN
ftr-347	12	37	policy	policy	NOUN
ftr-347	12	38	behind	behind	ADP
ftr-347	12	39	the	the	DET
ftr-347	12	40	enactment	enactment	NOUN
ftr-347	12	41	of	of	ADP
ftr-347	12	42	the	the	DET
ftr-347	12	43	safe	safe	ADJ
ftr-347	12	44	harbor	harbor	NOUN
ftr-347	12	45	for	for	ADP
ftr-347	12	46	trading	trading	NOUN
ftr-347	12	47	in	in	ADP
ftr-347	12	48	securities	security	NOUN
ftr-347	12	49	for	for	ADP
ftr-347	12	50	one	one	NUM
ftr-347	12	51	’s	’s	PART
ftr-347	12	52	own	own	ADJ
ftr-347	12	53	account	account	NOUN
ftr-347	12	54	..............................	..............................	PUNCT
ftr-347	12	55	674	674	NUM
ftr-347	12	56	d.	d.	NOUN
ftr-347	12	57	the	the	DET
ftr-347	12	58	current	current	ADJ
ftr-347	12	59	uncertainty	uncertainty	NOUN
ftr-347	12	60	is	be	AUX
ftr-347	12	61	economically	economically	ADV
ftr-347	12	62	inefficient	inefficient	ADJ
ftr-347	12	63	,	,	PUNCT
ftr-347	12	64	adds	add	VERB
ftr-347	12	65	to	to	ADP
ftr-347	12	66	the	the	DET
ftr-347	12	67	deadweight	deadweight	NOUN
ftr-347	12	68	loss	loss	NOUN
ftr-347	12	69	of	of	ADP
ftr-347	12	70	taxation	taxation	NOUN
ftr-347	12	71	,	,	PUNCT
ftr-347	12	72	and	and	CCONJ
ftr-347	12	73	frustrates	frustrate	VERB
ftr-347	12	74	the	the	DET
ftr-347	12	75	tax	tax	NOUN
ftr-347	12	76	policy	policy	NOUN
ftr-347	12	77	objectives	objective	VERB
ftr-347	12	78	the	the	DET
ftr-347	12	79	regime	regime	NOUN
ftr-347	12	80	was	be	AUX
ftr-347	12	81	enacted	enact	VERB
ftr-347	12	82	to	to	PART
ftr-347	12	83	implement	implement	VERB
ftr-347	12	84	.......................	.......................	PUNCT
ftr-347	12	85	675	675	NUM
ftr-347	12	86	v.	v.	ADP
ftr-347	12	87	conclusions	conclusion	NOUN
ftr-347	12	88	,	,	PUNCT
ftr-347	12	89	suggestions	suggestion	NOUN
ftr-347	12	90	,	,	PUNCT
ftr-347	12	91	and	and	CCONJ
ftr-347	12	92	moving	move	VERB
ftr-347	12	93	forward	forward	ADV
ftr-347	12	94	................	................	PUNCT
ftr-347	12	95	677	677	NUM
ftr-347	12	96	i.	i.	NOUN
ftr-347	12	97	introduction	introduction	NOUN
ftr-347	12	98	the	the	DET
ftr-347	12	99	structure	structure	NOUN
ftr-347	12	100	of	of	ADP
ftr-347	12	101	the	the	DET
ftr-347	12	102	global	global	ADJ
ftr-347	12	103	financial	financial	ADJ
ftr-347	12	104	system	system	NOUN
ftr-347	12	105	has	have	AUX
ftr-347	12	106	drastically	drastically	ADV
ftr-347	12	107	changed	change	VERB
ftr-347	12	108	in	in	ADP
ftr-347	12	109	the	the	DET
ftr-347	12	110	last	last	ADJ
ftr-347	12	111	few	few	ADJ
ftr-347	12	112	decades	decade	NOUN
ftr-347	12	113	with	with	ADP
ftr-347	12	114	the	the	DET
ftr-347	12	115	rise	rise	NOUN
ftr-347	12	116	of	of	ADP
ftr-347	12	117	what	what	PRON
ftr-347	12	118	has	have	AUX
ftr-347	12	119	been	be	AUX
ftr-347	12	120	called	call	VERB
ftr-347	12	121	a	a	DET
ftr-347	12	122	shadow	shadow	NOUN
ftr-347	12	123	banking	banking	NOUN
ftr-347	12	124	system.1	system.1	NOUN
ftr-347	12	125	the	the	DET
ftr-347	12	126	term	term	NOUN
ftr-347	12	127	“	"	PUNCT
ftr-347	12	128	shadow	shadow	NOUN
ftr-347	12	129	banking	banking	NOUN
ftr-347	12	130	system	system	NOUN
ftr-347	12	131	”	"	PUNCT
ftr-347	12	132	refers	refer	VERB
ftr-347	12	133	to	to	ADP
ftr-347	12	134	the	the	DET
ftr-347	12	135	fact	fact	NOUN
ftr-347	12	136	that	that	SCONJ
ftr-347	12	137	financial	financial	ADJ
ftr-347	12	138	institutions	institution	NOUN
ftr-347	12	139	outside	outside	ADP
ftr-347	12	140	the	the	DET
ftr-347	12	141	traditional	traditional	ADJ
ftr-347	12	142	banking	banking	NOUN
ftr-347	12	143	system	system	NOUN
ftr-347	12	144	have	have	AUX
ftr-347	12	145	acted	act	VERB
ftr-347	12	146	as	as	ADP
ftr-347	12	147	1	1	NUM
ftr-347	12	148	.	.	PUNCT
ftr-347	13	1	see	see	VERB
ftr-347	13	2	paul	paul	PROPN
ftr-347	13	3	krugman	krugman	PROPN
ftr-347	13	4	,	,	PUNCT
ftr-347	13	5	the	the	DET
ftr-347	13	6	return	return	NOUN
ftr-347	13	7	of	of	ADP
ftr-347	13	8	depression	depression	NOUN
ftr-347	13	9	economics	economic	NOUN
ftr-347	13	10	and	and	CCONJ
ftr-347	13	11	the	the	DET
ftr-347	13	12	crisis	crisis	NOUN
ftr-347	13	13	of	of	ADP
ftr-347	13	14	2008	2008	NUM
ftr-347	13	15	163	163	NUM
ftr-347	13	16	(	(	PUNCT
ftr-347	13	17	2009	2009	NUM
ftr-347	13	18	)	)	PUNCT
ftr-347	13	19	(	(	PUNCT
ftr-347	13	20	“	"	PUNCT
ftr-347	13	21	[	[	X
ftr-347	13	22	t]he	t]he	ADV
ftr-347	13	23	shadow	shadow	NOUN
ftr-347	13	24	banking	banking	NOUN
ftr-347	13	25	system	system	NOUN
ftr-347	13	26	expanded	expand	VERB
ftr-347	13	27	to	to	ADP
ftr-347	13	28	rival	rival	ADJ
ftr-347	13	29	or	or	CCONJ
ftr-347	13	30	even	even	ADV
ftr-347	13	31	surpass	surpass	ADJ
ftr-347	13	32	conventional	conventional	ADJ
ftr-347	13	33	banking	banking	NOUN
ftr-347	13	34	in	in	ADP
ftr-347	13	35	importance	importance	NOUN
ftr-347	13	36	.	.	PUNCT
ftr-347	13	37	”	"	PUNCT
ftr-347	13	38	)	)	PUNCT
ftr-347	13	39	;	;	PUNCT
ftr-347	14	1	hedge	hedge	NOUN
ftr-347	14	2	funds	fund	NOUN
ftr-347	14	3	,	,	PUNCT
ftr-347	14	4	systemic	systemic	ADJ
ftr-347	14	5	risk	risk	NOUN
ftr-347	14	6	,	,	PUNCT
ftr-347	14	7	and	and	CCONJ
ftr-347	14	8	the	the	DET
ftr-347	14	9	financial	financial	ADJ
ftr-347	14	10	crisis	crisis	NOUN
ftr-347	14	11	of	of	ADP
ftr-347	14	12	2007–2008	2007–2008	NOUN
ftr-347	14	13	:	:	PUNCT
ftr-347	14	14	hearing	hear	VERB
ftr-347	14	15	before	before	ADP
ftr-347	14	16	the	the	DET
ftr-347	14	17	h.	h.	PROPN
ftr-347	14	18	oversight	oversight	PROPN
ftr-347	14	19	comm	comm	NOUN
ftr-347	14	20	.	.	PUNCT
ftr-347	15	1	on	on	ADP
ftr-347	15	2	hedge	hedge	NOUN
ftr-347	15	3	funds	fund	NOUN
ftr-347	15	4	,	,	PUNCT
ftr-347	15	5	111th	111th	ADJ
ftr-347	15	6	cong	cong	NOUN
ftr-347	15	7	.	.	PUNCT
ftr-347	16	1	(	(	PUNCT
ftr-347	16	2	2008	2008	NUM
ftr-347	16	3	)	)	PUNCT
ftr-347	16	4	(	(	PUNCT
ftr-347	16	5	statement	statement	NOUN
ftr-347	16	6	of	of	ADP
ftr-347	16	7	andrew	andrew	PROPN
ftr-347	16	8	lo	lo	PROPN
ftr-347	16	9	)	)	PUNCT
ftr-347	16	10	,	,	PUNCT
ftr-347	16	11	http://ssrn.com/	http://ssrn.com/	PROPN
ftr-347	16	12	abstract=1301217	abstract=1301217	X
ftr-347	16	13	(	(	PUNCT
ftr-347	16	14	“	"	PUNCT
ftr-347	16	15	in	in	ADP
ftr-347	16	16	particular	particular	ADJ
ftr-347	16	17	,	,	PUNCT
ftr-347	16	18	many	many	ADJ
ftr-347	16	19	financial	financial	ADJ
ftr-347	16	20	institutions	institution	NOUN
ftr-347	16	21	now	now	ADV
ftr-347	16	22	provide	provide	VERB
ftr-347	16	23	some	some	PRON
ftr-347	16	24	of	of	ADP
ftr-347	16	25	the	the	DET
ftr-347	16	26	same	same	ADJ
ftr-347	16	27	services	service	NOUN
ftr-347	16	28	that	that	PRON
ftr-347	16	29	banks	bank	NOUN
ftr-347	16	30	have	have	AUX
ftr-347	16	31	traditionally	traditionally	ADV
ftr-347	16	32	provided	provide	VERB
ftr-347	16	33	,	,	PUNCT
ftr-347	16	34	but	but	CCONJ
ftr-347	16	35	are	be	AUX
ftr-347	16	36	outside	outside	ADP
ftr-347	16	37	of	of	ADP
ftr-347	16	38	the	the	DET
ftr-347	16	39	banking	banking	NOUN
ftr-347	16	40	system	system	NOUN
ftr-347	16	41	.	.	PUNCT
ftr-347	16	42	”	"	PUNCT
ftr-347	16	43	)	)	PUNCT
ftr-347	16	44	;	;	PUNCT
ftr-347	16	45	bill	bill	PROPN
ftr-347	16	46	gross	gross	PROPN
ftr-347	16	47	,	,	PUNCT
ftr-347	16	48	beware	beware	VERB
ftr-347	16	49	our	our	PRON
ftr-347	16	50	shadow	shadow	NOUN
ftr-347	16	51	banking	banking	NOUN
ftr-347	16	52	system	system	NOUN
ftr-347	16	53	,	,	PUNCT
ftr-347	16	54	cnn.com	cnn.com	X
ftr-347	16	55	(	(	PUNCT
ftr-347	16	56	2007	2007	NUM
ftr-347	16	57	)	)	PUNCT
ftr-347	16	58	,	,	PUNCT
ftr-347	16	59	http://money.cnn.com/2007/11/27/news/newsmakers/gross_banking.fortune/	http://money.cnn.com/2007/11/27/news/newsmakers/gross_banking.fortune/	NOUN
ftr-347	16	60	(	(	PUNCT
ftr-347	16	61	“	"	PUNCT
ftr-347	16	62	my	my	PRON
ftr-347	16	63	pimco	pimco	PROPN
ftr-347	16	64	colleague	colleague	NOUN
ftr-347	16	65	paul	paul	PROPN
ftr-347	16	66	mcculley	mcculley	PROPN
ftr-347	16	67	has	have	AUX
ftr-347	16	68	labeled	label	VERB
ftr-347	16	69	it	it	PRON
ftr-347	16	70	the	the	DET
ftr-347	16	71	‘	'	PUNCT
ftr-347	16	72	shadow	shadow	NOUN
ftr-347	16	73	banking	banking	NOUN
ftr-347	16	74	system	system	NOUN
ftr-347	16	75	’	'	PUNCT
ftr-347	16	76	because	because	SCONJ
ftr-347	16	77	it	it	PRON
ftr-347	16	78	has	have	AUX
ftr-347	16	79	lain	lie	VERB
ftr-347	16	80	hidden	hide	VERB
ftr-347	16	81	for	for	ADP
ftr-347	16	82	years	year	NOUN
ftr-347	16	83	.	.	PUNCT
ftr-347	16	84	”	"	PUNCT
ftr-347	16	85	)	)	PUNCT
ftr-347	16	86	;	;	PUNCT
ftr-347	16	87	see	see	VERB
ftr-347	16	88	robin	robin	PROPN
ftr-347	16	89	blackburn	blackburn	PROPN
ftr-347	16	90	,	,	PUNCT
ftr-347	16	91	subprime	subprime	ADJ
ftr-347	16	92	crisis	crisis	NOUN
ftr-347	16	93	,	,	PUNCT
ftr-347	16	94	new	new	ADJ
ftr-347	16	95	left	left	ADJ
ftr-347	16	96	review	review	NOUN
ftr-347	16	97	,	,	PUNCT
ftr-347	16	98	mar.–apr	mar.–apr	VERB
ftr-347	16	99	.	.	PUNCT
ftr-347	17	1	2008	2008	NUM
ftr-347	17	2	,	,	PUNCT
ftr-347	17	3	at	at	ADP
ftr-347	17	4	50	50	NUM
ftr-347	17	5	,	,	PUNCT
ftr-347	17	6	68–69	68–69	NUM
ftr-347	17	7	(	(	PUNCT
ftr-347	17	8	“	"	PUNCT
ftr-347	17	9	this	this	DET
ftr-347	17	10	‘	'	PUNCT
ftr-347	17	11	hidden	hidden	ADJ
ftr-347	17	12	’	'	PUNCT
ftr-347	17	13	system	system	NOUN
ftr-347	17	14	had	have	AUX
ftr-347	17	15	expanded	expand	VERB
ftr-347	17	16	rapidly	rapidly	ADV
ftr-347	17	17	in	in	ADP
ftr-347	17	18	the	the	DET
ftr-347	17	19	1990s	1990	NOUN
ftr-347	17	20	and	and	CCONJ
ftr-347	17	21	2000s	2000	NOUN
ftr-347	17	22	as	as	ADP
ftr-347	17	23	a	a	DET
ftr-347	17	24	consequence	consequence	NOUN
ftr-347	17	25	of	of	ADP
ftr-347	17	26	deregulation	deregulation	NOUN
ftr-347	17	27	,	,	PUNCT
ftr-347	17	28	which	which	PRON
ftr-347	17	29	allowed	allow	VERB
ftr-347	17	30	many	many	ADJ
ftr-347	17	31	financial	financial	ADJ
ftr-347	17	32	institutions	institution	NOUN
ftr-347	17	33	to	to	PART
ftr-347	17	34	take	take	VERB
ftr-347	17	35	on	on	ADP
ftr-347	17	36	banking	banking	NOUN
ftr-347	17	37	functions	function	NOUN
ftr-347	17	38	and	and	CCONJ
ftr-347	17	39	loosened	loosen	VERB
ftr-347	17	40	the	the	DET
ftr-347	17	41	rules	rule	NOUN
ftr-347	17	42	that	that	PRON
ftr-347	17	43	govern	govern	VERB
ftr-347	17	44	borrowing	borrowing	NOUN
ftr-347	17	45	and	and	CCONJ
ftr-347	17	46	lending	lending	NOUN
ftr-347	17	47	.	.	PUNCT
ftr-347	17	48	”	"	PUNCT
ftr-347	17	49	)	)	PUNCT
ftr-347	17	50	;	;	PUNCT
ftr-347	17	51	gillian	gillian	PROPN
ftr-347	17	52	tett	tett	PROPN
ftr-347	17	53	&	&	CCONJ
ftr-347	17	54	paul	paul	PROPN
ftr-347	17	55	davies	davies	PROPN
ftr-347	17	56	,	,	PUNCT
ftr-347	17	57	out	out	ADP
ftr-347	17	58	of	of	ADP
ftr-347	17	59	the	the	DET
ftr-347	17	60	shadows	shadow	NOUN
ftr-347	17	61	:	:	PUNCT
ftr-347	17	62	how	how	SCONJ
ftr-347	17	63	banking	banking	NOUN
ftr-347	17	64	’s	’s	PART
ftr-347	17	65	secret	secret	ADJ
ftr-347	17	66	system	system	NOUN
ftr-347	17	67	broke	break	VERB
ftr-347	17	68	down	down	ADP
ftr-347	17	69	,	,	PUNCT
ftr-347	17	70	financial	financial	ADJ
ftr-347	17	71	times	time	NOUN
ftr-347	17	72	,	,	PUNCT
ftr-347	17	73	dec	dec	PROPN
ftr-347	17	74	.	.	PROPN
ftr-347	17	75	2007	2007	NUM
ftr-347	17	76	,	,	PUNCT
ftr-347	17	77	at	at	ADP
ftr-347	17	78	17	17	NUM
ftr-347	17	79	(	(	PUNCT
ftr-347	17	80	“	"	PUNCT
ftr-347	17	81	yet	yet	ADV
ftr-347	17	82	while	while	SCONJ
ftr-347	17	83	investors	investor	NOUN
ftr-347	17	84	are	be	AUX
ftr-347	17	85	scrutinizing	scrutinize	VERB
ftr-347	17	86	some	some	PRON
ftr-347	17	87	of	of	ADP
ftr-347	17	88	the	the	DET
ftr-347	17	89	industry	industry	NOUN
ftr-347	17	90	’s	’s	PART
ftr-347	17	91	best	well	ADV
ftr-347	17	92	-	-	PUNCT
ftr-347	17	93	known	know	VERB
ftr-347	17	94	names	name	NOUN
ftr-347	17	95	,	,	PUNCT
ftr-347	17	96	a	a	DET
ftr-347	17	97	spectre	spectre	NOUN
ftr-347	17	98	will	will	AUX
ftr-347	17	99	be	be	AUX
ftr-347	17	100	silently	silently	ADV
ftr-347	17	101	haunting	haunt	VERB
ftr-347	17	102	events	event	NOUN
ftr-347	17	103	:	:	PUNCT
ftr-347	17	104	the	the	DET
ftr-347	17	105	state	state	NOUN
ftr-347	17	106	of	of	ADP
ftr-347	17	107	the	the	DET
ftr-347	17	108	little	little	ADV
ftr-347	17	109	-	-	PUNCT
ftr-347	17	110	known	know	VERB
ftr-347	17	111	,	,	PUNCT
ftr-347	17	112	so	so	ADV
ftr-347	17	113	-	-	PUNCT
ftr-347	17	114	called	call	VERB
ftr-347	17	115	‘	'	PUNCT
ftr-347	17	116	shadow	shadow	NOUN
ftr-347	17	117	’	'	PUNCT
ftr-347	17	118	banking	banking	NOUN
ftr-347	17	119	system	system	NOUN
ftr-347	17	120	.	.	PUNCT
ftr-347	18	1	a	a	DET
ftr-347	18	2	plethora	plethora	NOUN
ftr-347	18	3	of	of	ADP
ftr-347	18	4	opaque	opaque	ADJ
ftr-347	18	5	institutions	institution	NOUN
ftr-347	18	6	and	and	CCONJ
ftr-347	18	7	vehicles	vehicle	NOUN
ftr-347	18	8	have	have	AUX
ftr-347	18	9	sprung	spring	VERB
ftr-347	18	10	up	up	ADP
ftr-347	18	11	in	in	ADP
ftr-347	18	12	american	american	ADJ
ftr-347	18	13	and	and	CCONJ
ftr-347	18	14	european	european	ADJ
ftr-347	18	15	markets	market	NOUN
ftr-347	18	16	this	this	DET
ftr-347	18	17	decade	decade	NOUN
ftr-347	18	18	,	,	PUNCT
ftr-347	18	19	and	and	CCONJ
ftr-347	18	20	they	they	PRON
ftr-347	18	21	have	have	AUX
ftr-347	18	22	come	come	VERB
ftr-347	18	23	to	to	PART
ftr-347	18	24	play	play	VERB
ftr-347	18	25	an	an	DET
ftr-347	18	26	important	important	ADJ
ftr-347	18	27	role	role	NOUN
ftr-347	18	28	in	in	ADP
ftr-347	18	29	providing	provide	VERB
ftr-347	18	30	credit	credit	NOUN
ftr-347	18	31	across	across	ADP
ftr-347	18	32	the	the	DET
ftr-347	18	33	financial	financial	ADJ
ftr-347	18	34	system	system	NOUN
ftr-347	18	35	.	.	PUNCT
ftr-347	18	36	”	"	PUNCT
ftr-347	18	37	)	)	PUNCT
ftr-347	18	38	.	.	PUNCT
ftr-347	19	1	2011	2011	NUM
ftr-347	19	2	]	]	PUNCT
ftr-347	19	3	the	the	DET
ftr-347	19	4	global	global	ADJ
ftr-347	19	5	shadow	shadow	PROPN
ftr-347	19	6	bank	bank	PROPN
ftr-347	19	7	645	645	NUM
ftr-347	19	8	intermediaries	intermediary	NOUN
ftr-347	19	9	between	between	ADP
ftr-347	19	10	investors	investor	NOUN
ftr-347	19	11	and	and	CCONJ
ftr-347	19	12	borrowers	borrower	NOUN
ftr-347	19	13	and	and	CCONJ
ftr-347	19	14	have	have	AUX
ftr-347	19	15	increasingly	increasingly	ADV
ftr-347	19	16	undertaken	undertake	VERB
ftr-347	19	17	roles	role	NOUN
ftr-347	19	18	traditionally	traditionally	ADV
ftr-347	19	19	played	play	VERB
ftr-347	19	20	by	by	ADP
ftr-347	19	21	banks	bank	NOUN
ftr-347	19	22	,	,	PUNCT
ftr-347	19	23	including	include	VERB
ftr-347	19	24	lending	lend	VERB
ftr-347	19	25	capital	capital	NOUN
ftr-347	19	26	to	to	ADP
ftr-347	19	27	u.s	u.s	PROPN
ftr-347	19	28	.	.	PROPN
ftr-347	19	29	businesses.2	businesses.2	VERB
ftr-347	19	30	these	these	DET
ftr-347	19	31	intermediaries	intermediary	NOUN
ftr-347	19	32	have	have	AUX
ftr-347	19	33	included	include	VERB
ftr-347	19	34	investment	investment	NOUN
ftr-347	19	35	banks	bank	NOUN
ftr-347	19	36	,	,	PUNCT
ftr-347	19	37	hedge	hedge	NOUN
ftr-347	19	38	funds	fund	NOUN
ftr-347	19	39	,	,	PUNCT
ftr-347	19	40	and	and	CCONJ
ftr-347	19	41	others	other	NOUN
ftr-347	19	42	that	that	PRON
ftr-347	19	43	have	have	AUX
ftr-347	19	44	expanded	expand	VERB
ftr-347	19	45	liquidity	liquidity	NOUN
ftr-347	19	46	in	in	ADP
ftr-347	19	47	many	many	ADJ
ftr-347	19	48	global	global	ADJ
ftr-347	19	49	financial	financial	ADJ
ftr-347	19	50	markets	market	NOUN
ftr-347	19	51	,	,	PUNCT
ftr-347	19	52	arguably	arguably	ADV
ftr-347	19	53	increasing	increase	VERB
ftr-347	19	54	market	market	NOUN
ftr-347	19	55	efficiency.3	efficiency.3	PROPN
ftr-347	19	56	with	with	ADP
ftr-347	19	57	the	the	DET
ftr-347	19	58	recent	recent	ADJ
ftr-347	19	59	financial	financial	ADJ
ftr-347	19	60	crisis	crisis	NOUN
ftr-347	19	61	in	in	ADP
ftr-347	19	62	the	the	DET
ftr-347	19	63	u.s	u.s	PROPN
ftr-347	19	64	.	.	PROPN
ftr-347	19	65	starting	start	VERB
ftr-347	19	66	in	in	ADP
ftr-347	19	67	2007	2007	NUM
ftr-347	19	68	,	,	PUNCT
ftr-347	19	69	much	much	ADJ
ftr-347	19	70	attention	attention	NOUN
ftr-347	19	71	has	have	AUX
ftr-347	19	72	been	be	AUX
ftr-347	19	73	drawn	draw	VERB
ftr-347	19	74	to	to	ADP
ftr-347	19	75	the	the	DET
ftr-347	19	76	issue	issue	NOUN
ftr-347	19	77	of	of	ADP
ftr-347	19	78	whether	whether	SCONJ
ftr-347	19	79	and	and	CCONJ
ftr-347	19	80	to	to	ADP
ftr-347	19	81	what	what	DET
ftr-347	19	82	extent	extent	NOUN
ftr-347	19	83	financial	financial	ADJ
ftr-347	19	84	regulation	regulation	NOUN
ftr-347	19	85	should	should	AUX
ftr-347	19	86	keep	keep	VERB
ftr-347	19	87	pace	pace	NOUN
ftr-347	19	88	with	with	ADP
ftr-347	19	89	financial	financial	ADJ
ftr-347	19	90	innovation	innovation	NOUN
ftr-347	19	91	and	and	CCONJ
ftr-347	19	92	the	the	DET
ftr-347	19	93	shadow	shadow	NOUN
ftr-347	19	94	banking	bank	VERB
ftr-347	19	95	system.4	system.4	NOUN
ftr-347	19	96	however	however	ADV
ftr-347	19	97	,	,	PUNCT
ftr-347	19	98	the	the	DET
ftr-347	19	99	internal	internal	ADJ
ftr-347	19	100	revenue	revenue	PROPN
ftr-347	19	101	code	code	PROPN
ftr-347	19	102	’s	’s	PART
ftr-347	19	103	failure	failure	NOUN
ftr-347	19	104	to	to	PART
ftr-347	19	105	adequately	adequately	ADV
ftr-347	19	106	keep	keep	VERB
ftr-347	19	107	pace	pace	NOUN
ftr-347	19	108	with	with	ADP
ftr-347	19	109	financial	financial	ADJ
ftr-347	19	110	innovation	innovation	NOUN
ftr-347	19	111	is	be	AUX
ftr-347	19	112	often	often	ADV
ftr-347	19	113	ignored	ignore	VERB
ftr-347	19	114	.	.	PUNCT
ftr-347	20	1	one	one	NUM
ftr-347	20	2	example	example	NOUN
ftr-347	20	3	of	of	ADP
ftr-347	20	4	how	how	SCONJ
ftr-347	20	5	the	the	DET
ftr-347	20	6	tax	tax	NOUN
ftr-347	20	7	laws	law	NOUN
ftr-347	20	8	lag	lag	VERB
ftr-347	20	9	behind	behind	ADP
ftr-347	20	10	financial	financial	ADJ
ftr-347	20	11	innovation	innovation	NOUN
ftr-347	20	12	can	can	AUX
ftr-347	20	13	be	be	AUX
ftr-347	20	14	found	find	VERB
ftr-347	20	15	in	in	ADP
ftr-347	20	16	the	the	DET
ftr-347	20	17	taxation	taxation	NOUN
ftr-347	20	18	of	of	ADP
ftr-347	20	19	foreign	foreign	ADJ
ftr-347	20	20	persons	person	NOUN
ftr-347	20	21	lending	lend	VERB
ftr-347	20	22	to	to	ADP
ftr-347	20	23	u.s	u.s	PROPN
ftr-347	20	24	.	.	PROPN
ftr-347	20	25	borrowers	borrower	NOUN
ftr-347	20	26	or	or	CCONJ
ftr-347	20	27	transacting	transact	VERB
ftr-347	20	28	in	in	ADP
ftr-347	20	29	u.s	u.s	PROPN
ftr-347	20	30	.	.	PROPN
ftr-347	20	31	debt	debt	NOUN
ftr-347	20	32	securities	security	NOUN
ftr-347	20	33	.	.	PUNCT
ftr-347	21	1	most	most	ADJ
ftr-347	21	2	of	of	ADP
ftr-347	21	3	the	the	DET
ftr-347	21	4	u.s	u.s	PROPN
ftr-347	21	5	.	.	PROPN
ftr-347	21	6	federal	federal	ADJ
ftr-347	21	7	income	income	NOUN
ftr-347	21	8	tax	tax	NOUN
ftr-347	21	9	law	law	NOUN
ftr-347	21	10	governing	govern	VERB
ftr-347	21	11	this	this	DET
ftr-347	21	12	area	area	NOUN
ftr-347	21	13	was	be	AUX
ftr-347	21	14	written	write	VERB
ftr-347	21	15	before	before	ADP
ftr-347	21	16	complex	complex	ADJ
ftr-347	21	17	shadow	shadow	NOUN
ftr-347	21	18	banking	banking	NOUN
ftr-347	21	19	transactions	transaction	NOUN
ftr-347	21	20	and	and	CCONJ
ftr-347	21	21	sophisticated	sophisticated	ADJ
ftr-347	21	22	debt	debt	NOUN
ftr-347	21	23	products	product	NOUN
ftr-347	21	24	were	be	AUX
ftr-347	21	25	even	even	ADV
ftr-347	21	26	contemplated.5	contemplated.5	PROPN
ftr-347	21	27	this	this	PRON
ftr-347	21	28	leaves	leave	VERB
ftr-347	21	29	a	a	DET
ftr-347	21	30	great	great	ADJ
ftr-347	21	31	2	2	NUM
ftr-347	21	32	.	.	PUNCT
ftr-347	21	33	hedge	hedge	NOUN
ftr-347	21	34	funds	fund	NOUN
ftr-347	21	35	,	,	PUNCT
ftr-347	21	36	systemic	systemic	ADJ
ftr-347	21	37	risk	risk	NOUN
ftr-347	21	38	,	,	PUNCT
ftr-347	21	39	and	and	CCONJ
ftr-347	21	40	the	the	DET
ftr-347	21	41	financial	financial	ADJ
ftr-347	21	42	crisis	crisis	NOUN
ftr-347	21	43	of	of	ADP
ftr-347	21	44	2007–2008	2007–2008	NOUN
ftr-347	21	45	:	:	PUNCT
ftr-347	21	46	hearing	hear	VERB
ftr-347	21	47	before	before	ADP
ftr-347	21	48	the	the	DET
ftr-347	21	49	h.	h.	PROPN
ftr-347	21	50	oversight	oversight	PROPN
ftr-347	21	51	comm	comm	NOUN
ftr-347	21	52	.	.	PUNCT
ftr-347	22	1	on	on	ADP
ftr-347	22	2	hedge	hedge	NOUN
ftr-347	22	3	funds	fund	NOUN
ftr-347	22	4	,	,	PUNCT
ftr-347	22	5	111th	111th	ADJ
ftr-347	22	6	cong	cong	NOUN
ftr-347	22	7	.	.	PUNCT
ftr-347	23	1	4	4	NUM
ftr-347	23	2	(	(	PUNCT
ftr-347	23	3	2008	2008	NUM
ftr-347	23	4	)	)	PUNCT
ftr-347	23	5	(	(	PUNCT
ftr-347	23	6	statement	statement	NOUN
ftr-347	23	7	of	of	ADP
ftr-347	23	8	andrew	andrew	PROPN
ftr-347	23	9	lo	lo	PROPN
ftr-347	23	10	)	)	PUNCT
ftr-347	23	11	,	,	PUNCT
ftr-347	23	12	http://ssrn.com/abstract=1301217	http://ssrn.com/abstract=1301217	NOUN
ftr-347	23	13	.	.	PUNCT
ftr-347	24	1	in	in	ADP
ftr-347	24	2	the	the	DET
ftr-347	24	3	lending	lending	NOUN
ftr-347	24	4	context	context	NOUN
ftr-347	24	5	,	,	PUNCT
ftr-347	24	6	this	this	DET
ftr-347	24	7	role	role	NOUN
ftr-347	24	8	may	may	AUX
ftr-347	24	9	consist	consist	VERB
ftr-347	24	10	of	of	ADP
ftr-347	24	11	being	be	AUX
ftr-347	24	12	an	an	DET
ftr-347	24	13	intermediary	intermediary	NOUN
ftr-347	24	14	between	between	ADP
ftr-347	24	15	investors	investor	NOUN
ftr-347	24	16	and	and	CCONJ
ftr-347	24	17	borrowers	borrower	NOUN
ftr-347	24	18	(	(	PUNCT
ftr-347	24	19	i.e.	i.e.	X
ftr-347	24	20	,	,	PUNCT
ftr-347	24	21	funneling	funnel	VERB
ftr-347	24	22	funds	fund	NOUN
ftr-347	24	23	from	from	ADP
ftr-347	24	24	the	the	DET
ftr-347	24	25	investor	investor	NOUN
ftr-347	24	26	to	to	ADP
ftr-347	24	27	the	the	DET
ftr-347	24	28	borrower	borrower	NOUN
ftr-347	24	29	)	)	PUNCT
ftr-347	24	30	.	.	PUNCT
ftr-347	25	1	the	the	DET
ftr-347	25	2	non	non	ADJ
ftr-347	25	3	-	-	ADJ
ftr-347	25	4	bank	bank	ADJ
ftr-347	25	5	institution	institution	NOUN
ftr-347	25	6	will	will	AUX
ftr-347	25	7	thereby	thereby	ADV
ftr-347	25	8	profit	profit	VERB
ftr-347	25	9	from	from	ADP
ftr-347	25	10	fees	fee	NOUN
ftr-347	25	11	and/or	and/or	CCONJ
ftr-347	25	12	the	the	DET
ftr-347	25	13	difference	difference	NOUN
ftr-347	25	14	in	in	ADP
ftr-347	25	15	interest	interest	NOUN
ftr-347	25	16	rates	rate	NOUN
ftr-347	25	17	that	that	PRON
ftr-347	25	18	it	it	PRON
ftr-347	25	19	pays	pay	VERB
ftr-347	25	20	the	the	DET
ftr-347	25	21	investors	investor	NOUN
ftr-347	25	22	and	and	CCONJ
ftr-347	25	23	what	what	PRON
ftr-347	25	24	it	it	PRON
ftr-347	25	25	receives	receive	VERB
ftr-347	25	26	from	from	ADP
ftr-347	25	27	the	the	DET
ftr-347	25	28	borrowers	borrower	NOUN
ftr-347	25	29	.	.	PUNCT
ftr-347	26	1	this	this	DET
ftr-347	26	2	role	role	NOUN
ftr-347	26	3	may	may	AUX
ftr-347	26	4	also	also	ADV
ftr-347	26	5	consist	consist	VERB
ftr-347	26	6	of	of	ADP
ftr-347	26	7	purchasing	purchase	VERB
ftr-347	26	8	debt	debt	NOUN
ftr-347	26	9	securities	security	NOUN
ftr-347	26	10	on	on	ADP
ftr-347	26	11	the	the	DET
ftr-347	26	12	secondary	secondary	ADJ
ftr-347	26	13	market	market	NOUN
ftr-347	26	14	.	.	PUNCT
ftr-347	27	1	for	for	ADP
ftr-347	27	2	further	further	ADJ
ftr-347	27	3	discussion	discussion	NOUN
ftr-347	27	4	specific	specific	ADJ
ftr-347	27	5	to	to	PART
ftr-347	27	6	hedge	hedge	VERB
ftr-347	27	7	funds	fund	NOUN
ftr-347	27	8	see	see	VERB
ftr-347	27	9	infra	infra	NOUN
ftr-347	27	10	part	part	PROPN
ftr-347	27	11	ii	ii	PROPN
ftr-347	27	12	.	.	PUNCT
ftr-347	28	1	these	these	DET
ftr-347	28	2	non	non	ADJ
ftr-347	28	3	-	-	ADJ
ftr-347	28	4	bank	bank	ADJ
ftr-347	28	5	institutions	institution	NOUN
ftr-347	28	6	may	may	AUX
ftr-347	28	7	include	include	VERB
ftr-347	28	8	hedge	hedge	NOUN
ftr-347	28	9	funds	fund	NOUN
ftr-347	28	10	,	,	PUNCT
ftr-347	28	11	investment	investment	NOUN
ftr-347	28	12	banks	bank	NOUN
ftr-347	28	13	,	,	PUNCT
ftr-347	28	14	structured	structure	VERB
ftr-347	28	15	investment	investment	NOUN
ftr-347	28	16	vehicles	vehicle	NOUN
ftr-347	28	17	,	,	PUNCT
ftr-347	28	18	and	and	CCONJ
ftr-347	28	19	other	other	ADJ
ftr-347	28	20	non	non	ADJ
ftr-347	28	21	-	-	ADJ
ftr-347	28	22	bank	bank	ADJ
ftr-347	28	23	entities	entity	NOUN
ftr-347	28	24	.	.	PUNCT
ftr-347	29	1	3	3	X
ftr-347	29	2	.	.	X
ftr-347	29	3	i	i	PRON
ftr-347	29	4	d.	d.	PROPN
ftr-347	29	5	(	(	PUNCT
ftr-347	29	6	description	description	NOUN
ftr-347	29	7	of	of	ADP
ftr-347	29	8	the	the	DET
ftr-347	29	9	financial	financial	ADJ
ftr-347	29	10	intermediaries	intermediary	NOUN
ftr-347	29	11	)	)	PUNCT
ftr-347	29	12	;	;	PUNCT
ftr-347	29	13	see	see	VERB
ftr-347	29	14	roger	roger	PROPN
ftr-347	29	15	ferguson	ferguson	PROPN
ftr-347	29	16	&	&	CCONJ
ftr-347	29	17	david	david	PROPN
ftr-347	29	18	laster	laster	PROPN
ftr-347	29	19	,	,	PUNCT
ftr-347	29	20	fin	fin	PROPN
ftr-347	29	21	.	.	PUNCT
ftr-347	30	1	stability	stability	PROPN
ftr-347	30	2	rev	rev	VERB
ftr-347	30	3	.	.	PROPN
ftr-347	30	4	,	,	PUNCT
ftr-347	30	5	apr	apr	PROPN
ftr-347	30	6	.	.	PROPN
ftr-347	30	7	2007	2007	NUM
ftr-347	30	8	,	,	PUNCT
ftr-347	30	9	at	at	ADP
ftr-347	30	10	45	45	NUM
ftr-347	30	11	,	,	PUNCT
ftr-347	30	12	47–48	47–48	NUM
ftr-347	30	13	(	(	PUNCT
ftr-347	30	14	hedge	hedge	NOUN
ftr-347	30	15	funds	fund	NOUN
ftr-347	30	16	have	have	AUX
ftr-347	30	17	contributed	contribute	VERB
ftr-347	30	18	to	to	ADP
ftr-347	30	19	market	market	NOUN
ftr-347	30	20	efficiency	efficiency	NOUN
ftr-347	30	21	and	and	CCONJ
ftr-347	30	22	financial	financial	ADJ
ftr-347	30	23	stability	stability	NOUN
ftr-347	30	24	by	by	ADP
ftr-347	30	25	expanding	expand	VERB
ftr-347	30	26	liquidity	liquidity	NOUN
ftr-347	30	27	and	and	CCONJ
ftr-347	30	28	thereby	thereby	ADV
ftr-347	30	29	lowering	lower	VERB
ftr-347	30	30	the	the	DET
ftr-347	30	31	cost	cost	NOUN
ftr-347	30	32	of	of	ADP
ftr-347	30	33	capital	capital	NOUN
ftr-347	30	34	)	)	PUNCT
ftr-347	30	35	.	.	PUNCT
ftr-347	31	1	4	4	X
ftr-347	31	2	.	.	X
ftr-347	31	3	james	james	PROPN
ftr-347	31	4	bullard	bullard	PROPN
ftr-347	31	5	,	,	PUNCT
ftr-347	31	6	christopher	christopher	PROPN
ftr-347	31	7	j.	j.	PROPN
ftr-347	31	8	neely	neely	PROPN
ftr-347	31	9	&	&	CCONJ
ftr-347	31	10	david	david	PROPN
ftr-347	31	11	c.	c.	PROPN
ftr-347	31	12	wheelock	wheelock	PROPN
ftr-347	31	13	,	,	PUNCT
ftr-347	31	14	systemic	systemic	ADJ
ftr-347	31	15	risk	risk	NOUN
ftr-347	31	16	and	and	CCONJ
ftr-347	31	17	the	the	DET
ftr-347	31	18	financial	financial	ADJ
ftr-347	31	19	crisis	crisis	NOUN
ftr-347	31	20	:	:	PUNCT
ftr-347	31	21	a	a	DET
ftr-347	31	22	primer	primer	NOUN
ftr-347	31	23	,	,	PUNCT
ftr-347	31	24	91	91	NUM
ftr-347	31	25	fed	feed	VERB
ftr-347	31	26	.	.	PUNCT
ftr-347	32	1	res	re	NOUN
ftr-347	32	2	.	.	PUNCT
ftr-347	32	3	bank	bank	PROPN
ftr-347	32	4	of	of	ADP
ftr-347	32	5	st	st	PROPN
ftr-347	32	6	.	.	PROPN
ftr-347	32	7	louis	louis	PROPN
ftr-347	32	8	rev	rev	PROPN
ftr-347	32	9	.	.	PROPN
ftr-347	32	10	403	403	NUM
ftr-347	32	11	(	(	PUNCT
ftr-347	32	12	2009	2009	NUM
ftr-347	32	13	)	)	PUNCT
ftr-347	32	14	;	;	PUNCT
ftr-347	32	15	benjamin	benjamin	PROPN
ftr-347	32	16	s.	s.	PROPN
ftr-347	32	17	bernanke	bernanke	PROPN
ftr-347	32	18	,	,	PUNCT
ftr-347	32	19	chairman	chairman	NOUN
ftr-347	32	20	,	,	PUNCT
ftr-347	32	21	u.s	u.s	PROPN
ftr-347	32	22	.	.	PROPN
ftr-347	32	23	federal	federal	PROPN
ftr-347	32	24	reserve	reserve	PROPN
ftr-347	32	25	,	,	PUNCT
ftr-347	32	26	speech	speech	NOUN
ftr-347	32	27	at	at	ADP
ftr-347	32	28	the	the	DET
ftr-347	32	29	federal	federal	PROPN
ftr-347	32	30	reserve	reserve	PROPN
ftr-347	32	31	bank	bank	PROPN
ftr-347	32	32	of	of	ADP
ftr-347	32	33	chicago	chicago	PROPN
ftr-347	32	34	’s	’s	PART
ftr-347	32	35	annual	annual	ADJ
ftr-347	32	36	conference	conference	NOUN
ftr-347	32	37	on	on	ADP
ftr-347	32	38	bank	bank	NOUN
ftr-347	32	39	structure	structure	NOUN
ftr-347	32	40	and	and	CCONJ
ftr-347	32	41	competition	competition	NOUN
ftr-347	32	42	:	:	PUNCT
ftr-347	32	43	risk	risk	NOUN
ftr-347	32	44	management	management	NOUN
ftr-347	32	45	in	in	ADP
ftr-347	32	46	financial	financial	ADJ
ftr-347	32	47	institutions	institution	NOUN
ftr-347	32	48	(	(	PUNCT
ftr-347	32	49	may	may	PROPN
ftr-347	32	50	15	15	NUM
ftr-347	32	51	,	,	PUNCT
ftr-347	32	52	2008	2008	NUM
ftr-347	32	53	)	)	PUNCT
ftr-347	32	54	;	;	PUNCT
ftr-347	32	55	benjamin	benjamin	PROPN
ftr-347	32	56	s.	s.	PROPN
ftr-347	32	57	bernanke	bernanke	PROPN
ftr-347	32	58	,	,	PUNCT
ftr-347	32	59	chairman	chairman	NOUN
ftr-347	32	60	,	,	PUNCT
ftr-347	32	61	u.s	u.s	PROPN
ftr-347	32	62	.	.	PROPN
ftr-347	32	63	federal	federal	PROPN
ftr-347	32	64	reserve	reserve	PROPN
ftr-347	32	65	,	,	PUNCT
ftr-347	32	66	speech	speech	NOUN
ftr-347	32	67	at	at	ADP
ftr-347	32	68	the	the	DET
ftr-347	32	69	federal	federal	ADJ
ftr-347	32	70	deposit	deposit	NOUN
ftr-347	32	71	insurance	insurance	NOUN
ftr-347	32	72	corporation	corporation	NOUN
ftr-347	32	73	’s	’s	PART
ftr-347	32	74	forum	forum	NOUN
ftr-347	32	75	on	on	ADP
ftr-347	32	76	mortgage	mortgage	NOUN
ftr-347	32	77	lending	lending	NOUN
ftr-347	32	78	for	for	ADP
ftr-347	32	79	low	low	ADJ
ftr-347	32	80	and	and	CCONJ
ftr-347	32	81	moderate	moderate	ADJ
ftr-347	32	82	income	income	NOUN
ftr-347	32	83	households	household	NOUN
ftr-347	32	84	:	:	PUNCT
ftr-347	32	85	financial	financial	ADJ
ftr-347	32	86	regulation	regulation	NOUN
ftr-347	32	87	and	and	CCONJ
ftr-347	32	88	financial	financial	ADJ
ftr-347	32	89	stability	stability	NOUN
ftr-347	32	90	(	(	PUNCT
ftr-347	32	91	july	july	PROPN
ftr-347	32	92	8	8	NUM
ftr-347	32	93	,	,	PUNCT
ftr-347	32	94	2008	2008	NUM
ftr-347	32	95	)	)	PUNCT
ftr-347	32	96	;	;	PUNCT
ftr-347	32	97	benjamin	benjamin	PROPN
ftr-347	32	98	s.	s.	PROPN
ftr-347	32	99	bernanke	bernanke	PROPN
ftr-347	32	100	,	,	PUNCT
ftr-347	32	101	chairman	chairman	NOUN
ftr-347	32	102	,	,	PUNCT
ftr-347	32	103	u.s	u.s	PROPN
ftr-347	32	104	.	.	PROPN
ftr-347	32	105	federal	federal	PROPN
ftr-347	32	106	reserve	reserve	PROPN
ftr-347	32	107	,	,	PUNCT
ftr-347	32	108	speech	speech	NOUN
ftr-347	32	109	at	at	ADP
ftr-347	32	110	the	the	DET
ftr-347	32	111	federal	federal	PROPN
ftr-347	32	112	reserve	reserve	PROPN
ftr-347	32	113	bank	bank	PROPN
ftr-347	32	114	of	of	ADP
ftr-347	32	115	kansas	kansas	PROPN
ftr-347	32	116	city	city	PROPN
ftr-347	32	117	’s	’s	PART
ftr-347	32	118	annual	annual	ADJ
ftr-347	32	119	economic	economic	ADJ
ftr-347	32	120	symposium	symposium	NOUN
ftr-347	32	121	:	:	PUNCT
ftr-347	32	122	reducing	reduce	VERB
ftr-347	32	123	systemic	systemic	ADJ
ftr-347	32	124	risk	risk	NOUN
ftr-347	32	125	(	(	PUNCT
ftr-347	32	126	aug	aug	PROPN
ftr-347	32	127	.	.	PROPN
ftr-347	32	128	22	22	NUM
ftr-347	32	129	,	,	PUNCT
ftr-347	32	130	2008	2008	NUM
ftr-347	32	131	)	)	PUNCT
ftr-347	32	132	;	;	PUNCT
ftr-347	32	133	cong	cong	NOUN
ftr-347	32	134	.	.	PUNCT
ftr-347	33	1	oversight	oversight	NOUN
ftr-347	33	2	panel	panel	NOUN
ftr-347	33	3	,	,	PUNCT
ftr-347	33	4	111th	111th	ADJ
ftr-347	33	5	cong	cong	NOUN
ftr-347	33	6	.	.	PROPN
ftr-347	33	7	,	,	PUNCT
ftr-347	33	8	special	special	ADJ
ftr-347	33	9	report	report	NOUN
ftr-347	33	10	on	on	ADP
ftr-347	33	11	regulatory	regulatory	ADJ
ftr-347	33	12	reform	reform	NOUN
ftr-347	33	13	(	(	PUNCT
ftr-347	33	14	2009	2009	NUM
ftr-347	33	15	)	)	PUNCT
ftr-347	33	16	;	;	PUNCT
ftr-347	33	17	garry	garry	PROPN
ftr-347	33	18	j.	j.	PROPN
ftr-347	33	19	schinasi	schinasi	PROPN
ftr-347	33	20	,	,	PUNCT
ftr-347	33	21	r.	r.	PROPN
ftr-347	33	22	sean	sean	PROPN
ftr-347	33	23	craig	craig	PROPN
ftr-347	33	24	,	,	PUNCT
ftr-347	33	25	burkhard	burkhard	PROPN
ftr-347	33	26	drees	drees	PROPN
ftr-347	33	27	&	&	CCONJ
ftr-347	33	28	charles	charles	PROPN
ftr-347	33	29	kramer	kramer	PROPN
ftr-347	33	30	,	,	PUNCT
ftr-347	33	31	modern	modern	ADJ
ftr-347	33	32	banking	banking	NOUN
ftr-347	33	33	and	and	CCONJ
ftr-347	33	34	otc	otc	PROPN
ftr-347	33	35	derivatives	derivative	NOUN
ftr-347	33	36	markets	market	NOUN
ftr-347	33	37	:	:	PUNCT
ftr-347	33	38	the	the	DET
ftr-347	33	39	transformation	transformation	NOUN
ftr-347	33	40	of	of	ADP
ftr-347	33	41	global	global	ADJ
ftr-347	33	42	finance	finance	NOUN
ftr-347	33	43	and	and	CCONJ
ftr-347	33	44	its	its	PRON
ftr-347	33	45	implications	implication	NOUN
ftr-347	33	46	for	for	ADP
ftr-347	33	47	systemic	systemic	ADJ
ftr-347	33	48	risk	risk	NOUN
ftr-347	33	49	,	,	PUNCT
ftr-347	33	50	203	203	NUM
ftr-347	33	51	int’l	int’l	NUM
ftr-347	33	52	monetary	monetary	ADJ
ftr-347	33	53	fund	fund	NOUN
ftr-347	33	54	occasional	occasional	ADJ
ftr-347	33	55	paper	paper	NOUN
ftr-347	33	56	1	1	NUM
ftr-347	33	57	(	(	PUNCT
ftr-347	33	58	2001	2001	NUM
ftr-347	33	59	)	)	PUNCT
ftr-347	33	60	.	.	PUNCT
ftr-347	34	1	5	5	X
ftr-347	34	2	.	.	X
ftr-347	34	3	e.g.	e.g.	ADV
ftr-347	34	4	,	,	PUNCT
ftr-347	34	5	the	the	DET
ftr-347	34	6	revenue	revenue	NOUN
ftr-347	34	7	act	act	NOUN
ftr-347	34	8	of	of	ADP
ftr-347	34	9	1936	1936	NUM
ftr-347	34	10	created	create	VERB
ftr-347	34	11	an	an	DET
ftr-347	34	12	early	early	ADJ
ftr-347	34	13	version	version	NOUN
ftr-347	34	14	of	of	ADP
ftr-347	34	15	the	the	DET
ftr-347	34	16	business	business	NOUN
ftr-347	34	17	versus	versus	ADP
ftr-347	34	18	passive	passive	ADJ
ftr-347	34	19	distinction	distinction	NOUN
ftr-347	34	20	that	that	PRON
ftr-347	34	21	will	will	AUX
ftr-347	34	22	be	be	AUX
ftr-347	34	23	discussed	discuss	VERB
ftr-347	34	24	infra	infra	NOUN
ftr-347	34	25	part	part	NOUN
ftr-347	34	26	iv	iv	NUM
ftr-347	34	27	and	and	CCONJ
ftr-347	34	28	established	establish	VERB
ftr-347	34	29	that	that	SCONJ
ftr-347	34	30	http://ssrn.com/abstract=1301217	http://ssrn.com/abstract=1301217	PROPN
ftr-347	34	31	646	646	NUM
ftr-347	34	32	florida	florida	PROPN
ftr-347	34	33	tax	tax	NOUN
ftr-347	34	34	review	review	NOUN
ftr-347	35	1	[	[	X
ftr-347	35	2	vol	vol	NOUN
ftr-347	35	3	.	.	PUNCT
ftr-347	36	1	11:8	11:8	NUM
ftr-347	36	2	deal	deal	NOUN
ftr-347	36	3	of	of	ADP
ftr-347	36	4	uncertainty	uncertainty	NOUN
ftr-347	36	5	about	about	ADP
ftr-347	36	6	how	how	SCONJ
ftr-347	36	7	the	the	DET
ftr-347	36	8	tax	tax	NOUN
ftr-347	36	9	laws	law	NOUN
ftr-347	36	10	should	should	AUX
ftr-347	36	11	be	be	AUX
ftr-347	36	12	interpreted	interpret	VERB
ftr-347	36	13	and	and	CCONJ
ftr-347	36	14	applied	apply	VERB
ftr-347	36	15	.	.	PUNCT
ftr-347	37	1	particularly	particularly	ADV
ftr-347	37	2	problematic	problematic	ADJ
ftr-347	37	3	is	be	AUX
ftr-347	37	4	that	that	SCONJ
ftr-347	37	5	the	the	DET
ftr-347	37	6	taxation	taxation	NOUN
ftr-347	37	7	outcome	outcome	NOUN
ftr-347	37	8	depends	depend	VERB
ftr-347	37	9	on	on	ADP
ftr-347	37	10	a	a	DET
ftr-347	37	11	mushy	mushy	ADJ
ftr-347	37	12	standard	standard	NOUN
ftr-347	37	13	of	of	ADP
ftr-347	37	14	whether	whether	SCONJ
ftr-347	37	15	a	a	DET
ftr-347	37	16	foreign	foreign	ADJ
ftr-347	37	17	person	person	NOUN
ftr-347	37	18	is	be	AUX
ftr-347	37	19	engaged	engage	VERB
ftr-347	37	20	in	in	ADP
ftr-347	37	21	a	a	DET
ftr-347	37	22	u.s	u.s	PROPN
ftr-347	37	23	.	.	PROPN
ftr-347	37	24	trade	trade	NOUN
ftr-347	37	25	or	or	CCONJ
ftr-347	37	26	business	business	NOUN
ftr-347	37	27	of	of	ADP
ftr-347	37	28	lending	lending	NOUN
ftr-347	37	29	.	.	PUNCT
ftr-347	38	1	in	in	ADP
ftr-347	38	2	order	order	NOUN
ftr-347	38	3	to	to	PART
ftr-347	38	4	analyze	analyze	VERB
ftr-347	38	5	these	these	DET
ftr-347	38	6	uncertainties	uncertainty	NOUN
ftr-347	38	7	and	and	CCONJ
ftr-347	38	8	their	their	PRON
ftr-347	38	9	potential	potential	ADJ
ftr-347	38	10	effects	effect	NOUN
ftr-347	38	11	in	in	ADP
ftr-347	38	12	more	more	ADJ
ftr-347	38	13	detail	detail	NOUN
ftr-347	38	14	,	,	PUNCT
ftr-347	38	15	i	i	PRON
ftr-347	38	16	will	will	AUX
ftr-347	38	17	concentrate	concentrate	VERB
ftr-347	38	18	on	on	ADP
ftr-347	38	19	financial	financial	ADJ
ftr-347	38	20	innovation	innovation	NOUN
ftr-347	38	21	in	in	ADP
ftr-347	38	22	the	the	DET
ftr-347	38	23	hedge	hedge	NOUN
ftr-347	38	24	fund	fund	NOUN
ftr-347	38	25	industry	industry	NOUN
ftr-347	38	26	,	,	PUNCT
ftr-347	38	27	focusing	focus	VERB
ftr-347	38	28	on	on	ADP
ftr-347	38	29	transactions	transaction	NOUN
ftr-347	38	30	in	in	ADP
ftr-347	38	31	which	which	PRON
ftr-347	38	32	foreign	foreign	ADJ
ftr-347	38	33	hedge	hedge	NOUN
ftr-347	38	34	funds	fund	NOUN
ftr-347	38	35	lend	lend	VERB
ftr-347	38	36	money	money	NOUN
ftr-347	38	37	into	into	ADP
ftr-347	38	38	the	the	DET
ftr-347	38	39	u.s	u.s	PROPN
ftr-347	38	40	.	.	PROPN
ftr-347	38	41	,	,	PUNCT
ftr-347	38	42	either	either	CCONJ
ftr-347	38	43	directly	directly	ADV
ftr-347	38	44	to	to	ADP
ftr-347	38	45	u.s	u.s	PROPN
ftr-347	38	46	.	.	PROPN
ftr-347	38	47	borrowers	borrower	NOUN
ftr-347	38	48	or	or	CCONJ
ftr-347	38	49	by	by	ADP
ftr-347	38	50	purchasing	purchase	VERB
ftr-347	38	51	debt	debt	NOUN
ftr-347	38	52	securities	security	NOUN
ftr-347	38	53	.	.	PUNCT
ftr-347	39	1	policymakers	policymaker	NOUN
ftr-347	39	2	must	must	AUX
ftr-347	39	3	choose	choose	VERB
ftr-347	39	4	where	where	SCONJ
ftr-347	39	5	the	the	DET
ftr-347	39	6	boundaries	boundary	NOUN
ftr-347	39	7	of	of	ADP
ftr-347	39	8	what	what	PRON
ftr-347	39	9	rises	rise	VERB
ftr-347	39	10	to	to	ADP
ftr-347	39	11	the	the	DET
ftr-347	39	12	level	level	NOUN
ftr-347	39	13	of	of	ADP
ftr-347	39	14	a	a	DET
ftr-347	39	15	u.s	u.s	PROPN
ftr-347	39	16	.	.	PROPN
ftr-347	39	17	trade	trade	NOUN
ftr-347	39	18	or	or	CCONJ
ftr-347	39	19	business	business	NOUN
ftr-347	39	20	should	should	AUX
ftr-347	39	21	be	be	AUX
ftr-347	39	22	drawn	draw	VERB
ftr-347	39	23	,	,	PUNCT
ftr-347	39	24	or	or	CCONJ
ftr-347	39	25	re	re	VERB
ftr-347	39	26	-	-	VERB
ftr-347	39	27	drawn	draw	VERB
ftr-347	39	28	,	,	PUNCT
ftr-347	39	29	given	give	VERB
ftr-347	39	30	the	the	DET
ftr-347	39	31	growth	growth	NOUN
ftr-347	39	32	of	of	ADP
ftr-347	39	33	complex	complex	ADJ
ftr-347	39	34	debt	debt	NOUN
ftr-347	39	35	transactions	transaction	NOUN
ftr-347	39	36	.	.	PUNCT
ftr-347	40	1	any	any	DET
ftr-347	40	2	particular	particular	ADJ
ftr-347	40	3	line	line	NOUN
ftr-347	40	4	drawn	draw	VERB
ftr-347	40	5	will	will	AUX
ftr-347	40	6	be	be	AUX
ftr-347	40	7	controversial	controversial	ADJ
ftr-347	40	8	.	.	PUNCT
ftr-347	41	1	in	in	ADP
ftr-347	41	2	fact	fact	NOUN
ftr-347	41	3	,	,	PUNCT
ftr-347	41	4	inefficiencies	inefficiency	NOUN
ftr-347	41	5	can	can	AUX
ftr-347	41	6	arise	arise	VERB
ftr-347	41	7	when	when	SCONJ
ftr-347	41	8	economically	economically	ADV
ftr-347	41	9	similar	similar	ADJ
ftr-347	41	10	transactions	transaction	NOUN
ftr-347	41	11	are	be	AUX
ftr-347	41	12	taxed	tax	VERB
ftr-347	41	13	differently.6	differently.6	PROPN
ftr-347	41	14	the	the	DET
ftr-347	41	15	taxpayer	taxpayer	NOUN
ftr-347	41	16	whose	whose	DET
ftr-347	41	17	transactions	transaction	NOUN
ftr-347	41	18	fall	fall	VERB
ftr-347	41	19	on	on	ADP
ftr-347	41	20	the	the	DET
ftr-347	41	21	business	business	NOUN
ftr-347	41	22	side	side	NOUN
ftr-347	41	23	of	of	ADP
ftr-347	41	24	the	the	DET
ftr-347	41	25	line	line	NOUN
ftr-347	41	26	will	will	AUX
ftr-347	41	27	argue	argue	VERB
ftr-347	41	28	that	that	SCONJ
ftr-347	41	29	the	the	DET
ftr-347	41	30	distinctions	distinction	NOUN
ftr-347	41	31	are	be	AUX
ftr-347	41	32	arbitrary	arbitrary	ADJ
ftr-347	41	33	and	and	CCONJ
ftr-347	41	34	their	their	PRON
ftr-347	41	35	transactions	transaction	NOUN
ftr-347	41	36	are	be	AUX
ftr-347	41	37	economically	economically	ADV
ftr-347	41	38	similar	similar	ADJ
ftr-347	41	39	to	to	ADP
ftr-347	41	40	those	those	DET
ftr-347	41	41	transactions	transaction	NOUN
ftr-347	41	42	that	that	PRON
ftr-347	41	43	just	just	ADV
ftr-347	41	44	barely	barely	ADV
ftr-347	41	45	fall	fall	VERB
ftr-347	41	46	on	on	ADP
ftr-347	41	47	the	the	DET
ftr-347	41	48	passive	passive	ADJ
ftr-347	41	49	investment	investment	NOUN
ftr-347	41	50	side	side	NOUN
ftr-347	41	51	of	of	ADP
ftr-347	41	52	the	the	DET
ftr-347	41	53	line	line	NOUN
ftr-347	41	54	.	.	PUNCT
ftr-347	42	1	there	there	PRON
ftr-347	42	2	will	will	AUX
ftr-347	42	3	undoubtedly	undoubtedly	ADV
ftr-347	42	4	be	be	AUX
ftr-347	42	5	room	room	NOUN
ftr-347	42	6	for	for	ADP
ftr-347	42	7	disagreement	disagreement	NOUN
ftr-347	42	8	about	about	ADP
ftr-347	42	9	any	any	DET
ftr-347	42	10	line	line	NOUN
ftr-347	42	11	drawn	draw	VERB
ftr-347	42	12	because	because	SCONJ
ftr-347	42	13	there	there	PRON
ftr-347	42	14	are	be	VERB
ftr-347	42	15	important	important	ADJ
ftr-347	42	16	and	and	CCONJ
ftr-347	42	17	competing	compete	VERB
ftr-347	42	18	tax	tax	NOUN
ftr-347	42	19	policy	policy	NOUN
ftr-347	42	20	considerations	consideration	NOUN
ftr-347	42	21	that	that	PRON
ftr-347	42	22	straddle	straddle	VERB
ftr-347	42	23	any	any	DET
ftr-347	42	24	line	line	NOUN
ftr-347	42	25	.	.	PUNCT
ftr-347	43	1	the	the	DET
ftr-347	43	2	goals	goal	NOUN
ftr-347	43	3	of	of	ADP
ftr-347	43	4	this	this	DET
ftr-347	43	5	article	article	NOUN
ftr-347	43	6	are	be	AUX
ftr-347	43	7	not	not	PART
ftr-347	43	8	to	to	PART
ftr-347	43	9	propose	propose	VERB
ftr-347	43	10	where	where	SCONJ
ftr-347	43	11	these	these	DET
ftr-347	43	12	lines	line	NOUN
ftr-347	43	13	should	should	AUX
ftr-347	43	14	be	be	AUX
ftr-347	43	15	drawn	draw	VERB
ftr-347	43	16	.	.	PUNCT
ftr-347	44	1	the	the	DET
ftr-347	44	2	goals	goal	NOUN
ftr-347	44	3	of	of	ADP
ftr-347	44	4	this	this	DET
ftr-347	44	5	article	article	NOUN
ftr-347	44	6	are	be	AUX
ftr-347	44	7	much	much	ADV
ftr-347	44	8	more	more	ADV
ftr-347	44	9	fundamental	fundamental	ADJ
ftr-347	44	10	.	.	PUNCT
ftr-347	45	1	first	first	ADV
ftr-347	45	2	,	,	PUNCT
ftr-347	45	3	part	part	NOUN
ftr-347	45	4	ii	ii	PROPN
ftr-347	45	5	will	will	AUX
ftr-347	45	6	identify	identify	VERB
ftr-347	45	7	how	how	SCONJ
ftr-347	45	8	certain	certain	ADJ
ftr-347	45	9	tax	tax	NOUN
ftr-347	45	10	laws	law	NOUN
ftr-347	45	11	lag	lag	VERB
ftr-347	45	12	behind	behind	ADP
ftr-347	45	13	shadow	shadow	PROPN
ftr-347	45	14	bank	bank	NOUN
ftr-347	45	15	transactions	transaction	NOUN
ftr-347	45	16	that	that	PRON
ftr-347	45	17	are	be	AUX
ftr-347	45	18	becoming	become	VERB
ftr-347	45	19	more	more	ADV
ftr-347	45	20	and	and	CCONJ
ftr-347	45	21	more	more	ADV
ftr-347	45	22	commonplace	commonplace	ADJ
ftr-347	45	23	.	.	PUNCT
ftr-347	46	1	i	i	PRON
ftr-347	46	2	will	will	AUX
ftr-347	46	3	explore	explore	VERB
ftr-347	46	4	typical	typical	ADJ
ftr-347	46	5	foreign	foreign	ADJ
ftr-347	46	6	hedge	hedge	NOUN
ftr-347	46	7	fund	fund	NOUN
ftr-347	46	8	lending	lending	NOUN
ftr-347	46	9	transactions	transaction	NOUN
ftr-347	46	10	and	and	CCONJ
ftr-347	46	11	demonstrate	demonstrate	VERB
ftr-347	46	12	how	how	SCONJ
ftr-347	46	13	the	the	DET
ftr-347	46	14	current	current	ADJ
ftr-347	46	15	law	law	NOUN
ftr-347	46	16	provides	provide	VERB
ftr-347	46	17	inadequate	inadequate	ADJ
ftr-347	46	18	guidance	guidance	NOUN
ftr-347	46	19	as	as	ADP
ftr-347	46	20	to	to	ADP
ftr-347	46	21	how	how	SCONJ
ftr-347	46	22	these	these	DET
ftr-347	46	23	transactions	transaction	NOUN
ftr-347	46	24	will	will	AUX
ftr-347	46	25	be	be	AUX
ftr-347	46	26	taxed	tax	VERB
ftr-347	46	27	.	.	PUNCT
ftr-347	47	1	part	part	NOUN
ftr-347	47	2	iii	iii	PRON
ftr-347	47	3	will	will	AUX
ftr-347	47	4	discuss	discuss	VERB
ftr-347	47	5	why	why	SCONJ
ftr-347	47	6	it	it	PRON
ftr-347	47	7	may	may	AUX
ftr-347	47	8	be	be	AUX
ftr-347	47	9	absolutely	absolutely	ADV
ftr-347	47	10	vital	vital	ADJ
ftr-347	47	11	to	to	PART
ftr-347	47	12	fix	fix	VERB
ftr-347	47	13	this	this	DET
ftr-347	47	14	problem	problem	NOUN
ftr-347	47	15	—	—	PUNCT
ftr-347	47	16	suggesting	suggest	VERB
ftr-347	47	17	that	that	SCONJ
ftr-347	47	18	we	we	PRON
ftr-347	47	19	should	should	AUX
ftr-347	47	20	consider	consider	VERB
ftr-347	47	21	the	the	DET
ftr-347	47	22	possibility	possibility	NOUN
ftr-347	47	23	that	that	SCONJ
ftr-347	47	24	this	this	DET
ftr-347	47	25	kind	kind	NOUN
ftr-347	47	26	of	of	ADP
ftr-347	47	27	uncertainty	uncertainty	NOUN
ftr-347	47	28	in	in	ADP
ftr-347	47	29	the	the	DET
ftr-347	47	30	taxation	taxation	NOUN
ftr-347	47	31	of	of	ADP
ftr-347	47	32	certain	certain	ADJ
ftr-347	47	33	shadow	shadow	PROPN
ftr-347	47	34	bank	bank	NOUN
ftr-347	47	35	transactions	transaction	NOUN
ftr-347	47	36	may	may	AUX
ftr-347	47	37	increase	increase	VERB
ftr-347	47	38	systemic	systemic	ADJ
ftr-347	47	39	risk	risk	NOUN
ftr-347	47	40	,	,	PUNCT
ftr-347	47	41	making	make	VERB
ftr-347	47	42	the	the	DET
ftr-347	47	43	u.s	u.s	PROPN
ftr-347	47	44	.	.	PROPN
ftr-347	47	45	financial	financial	ADJ
ftr-347	47	46	system	system	NOUN
ftr-347	47	47	more	more	ADV
ftr-347	47	48	fragile	fragile	ADJ
ftr-347	47	49	.	.	PUNCT
ftr-347	48	1	whether	whether	SCONJ
ftr-347	48	2	hedge	hedge	NOUN
ftr-347	48	3	funds	fund	NOUN
ftr-347	48	4	are	be	AUX
ftr-347	48	5	systemically	systemically	ADV
ftr-347	48	6	important	important	ADJ
ftr-347	48	7	because	because	SCONJ
ftr-347	48	8	of	of	ADP
ftr-347	48	9	their	their	PRON
ftr-347	48	10	interconnectedness	interconnectedness	NOUN
ftr-347	48	11	to	to	ADP
ftr-347	48	12	the	the	DET
ftr-347	48	13	financial	financial	ADJ
ftr-347	48	14	system	system	NOUN
ftr-347	48	15	and	and	CCONJ
ftr-347	48	16	credit	credit	NOUN
ftr-347	48	17	channels	channel	NOUN
ftr-347	48	18	is	be	AUX
ftr-347	48	19	currently	currently	ADV
ftr-347	48	20	foreign	foreign	ADJ
ftr-347	48	21	persons	person	NOUN
ftr-347	48	22	and	and	CCONJ
ftr-347	48	23	corporations	corporation	NOUN
ftr-347	48	24	selling	sell	VERB
ftr-347	48	25	their	their	PRON
ftr-347	48	26	passive	passive	ADJ
ftr-347	48	27	investment	investment	NOUN
ftr-347	48	28	would	would	AUX
ftr-347	48	29	not	not	PART
ftr-347	48	30	be	be	AUX
ftr-347	48	31	taxed	tax	VERB
ftr-347	48	32	on	on	ADP
ftr-347	48	33	the	the	DET
ftr-347	48	34	resulting	result	VERB
ftr-347	48	35	capital	capital	NOUN
ftr-347	48	36	gains	gain	NOUN
ftr-347	48	37	.	.	PUNCT
ftr-347	49	1	revenue	revenue	NOUN
ftr-347	49	2	act	act	NOUN
ftr-347	49	3	of	of	ADP
ftr-347	49	4	1936	1936	NUM
ftr-347	49	5	,	,	PUNCT
ftr-347	49	6	ch	ch	NOUN
ftr-347	49	7	.	.	PROPN
ftr-347	49	8	690	690	NUM
ftr-347	49	9	,	,	PUNCT
ftr-347	49	10	§	§	PROPN
ftr-347	49	11	§	§	PROPN
ftr-347	49	12	211	211	NUM
ftr-347	49	13	,	,	PUNCT
ftr-347	49	14	231	231	NUM
ftr-347	49	15	,	,	PUNCT
ftr-347	49	16	49	49	NUM
ftr-347	49	17	stat	stat	NOUN
ftr-347	49	18	.	.	PUNCT
ftr-347	50	1	1648	1648	NUM
ftr-347	50	2	(	(	PUNCT
ftr-347	50	3	codified	codify	VERB
ftr-347	50	4	as	as	SCONJ
ftr-347	50	5	amended	amend	VERB
ftr-347	50	6	in	in	ADP
ftr-347	50	7	scattered	scatter	VERB
ftr-347	50	8	sections	section	NOUN
ftr-347	50	9	of	of	ADP
ftr-347	50	10	26	26	NUM
ftr-347	50	11	u.s.c	u.s.c	ADJ
ftr-347	50	12	.	.	PUNCT
ftr-347	50	13	)	)	PUNCT
ftr-347	50	14	.	.	PUNCT
ftr-347	51	1	an	an	DET
ftr-347	51	2	early	early	ADJ
ftr-347	51	3	version	version	NOUN
ftr-347	51	4	of	of	ADP
ftr-347	51	5	the	the	DET
ftr-347	51	6	safe	safe	ADJ
ftr-347	51	7	harbor	harbor	NOUN
ftr-347	51	8	for	for	ADP
ftr-347	51	9	trading	trading	NOUN
ftr-347	51	10	in	in	ADP
ftr-347	51	11	stock	stock	NOUN
ftr-347	51	12	or	or	CCONJ
ftr-347	51	13	securities	security	NOUN
ftr-347	51	14	for	for	ADP
ftr-347	51	15	one	one	NUM
ftr-347	51	16	’s	’s	PART
ftr-347	51	17	own	own	ADJ
ftr-347	51	18	account	account	NOUN
ftr-347	51	19	(	(	PUNCT
ftr-347	51	20	which	which	PRON
ftr-347	51	21	will	will	AUX
ftr-347	51	22	also	also	ADV
ftr-347	51	23	be	be	AUX
ftr-347	51	24	discussed	discuss	VERB
ftr-347	51	25	)	)	PUNCT
ftr-347	51	26	was	be	AUX
ftr-347	51	27	enacted	enact	VERB
ftr-347	51	28	in	in	ADP
ftr-347	51	29	the	the	DET
ftr-347	51	30	1936	1936	NUM
ftr-347	51	31	act	act	NOUN
ftr-347	51	32	and	and	CCONJ
ftr-347	51	33	this	this	DET
ftr-347	51	34	safe	safe	ADJ
ftr-347	51	35	harbor	harbor	NOUN
ftr-347	51	36	was	be	AUX
ftr-347	51	37	revised	revise	VERB
ftr-347	51	38	in	in	ADP
ftr-347	51	39	the	the	DET
ftr-347	51	40	1966	1966	NUM
ftr-347	51	41	foreign	foreign	ADJ
ftr-347	51	42	investors	investor	NOUN
ftr-347	51	43	tax	tax	PROPN
ftr-347	51	44	act	act	PROPN
ftr-347	51	45	.	.	PUNCT
ftr-347	52	1	foreign	foreign	ADJ
ftr-347	52	2	investors	investor	NOUN
ftr-347	52	3	tax	tax	PROPN
ftr-347	52	4	act	act	NOUN
ftr-347	52	5	of	of	ADP
ftr-347	52	6	1966	1966	NUM
ftr-347	52	7	,	,	PUNCT
ftr-347	52	8	pub	pub	NOUN
ftr-347	52	9	.	.	PUNCT
ftr-347	53	1	l.	l.	PROPN
ftr-347	53	2	no	no	INTJ
ftr-347	53	3	.	.	PROPN
ftr-347	53	4	89	89	NUM
ftr-347	53	5	-	-	SYM
ftr-347	53	6	809	809	NUM
ftr-347	53	7	,	,	PUNCT
ftr-347	53	8	80	80	NUM
ftr-347	53	9	stat	stat	NOUN
ftr-347	53	10	.	.	PUNCT
ftr-347	54	1	1541	1541	NUM
ftr-347	54	2	(	(	PUNCT
ftr-347	54	3	codified	codify	VERB
ftr-347	54	4	as	as	SCONJ
ftr-347	54	5	amended	amend	VERB
ftr-347	54	6	in	in	ADP
ftr-347	54	7	scattered	scatter	VERB
ftr-347	54	8	sections	section	NOUN
ftr-347	54	9	of	of	ADP
ftr-347	54	10	26	26	NUM
ftr-347	54	11	u.s.c	u.s.c	ADJ
ftr-347	54	12	.	.	PUNCT
ftr-347	54	13	)	)	PUNCT
ftr-347	54	14	.	.	PUNCT
ftr-347	55	1	6	6	X
ftr-347	55	2	.	.	PUNCT
ftr-347	55	3	david	david	PROPN
ftr-347	55	4	a.	a.	PROPN
ftr-347	55	5	weisbach	weisbach	PROPN
ftr-347	55	6	,	,	PUNCT
ftr-347	55	7	an	an	DET
ftr-347	55	8	efficiency	efficiency	NOUN
ftr-347	55	9	analysis	analysis	NOUN
ftr-347	55	10	of	of	ADP
ftr-347	55	11	line	line	NOUN
ftr-347	55	12	drawing	draw	VERB
ftr-347	55	13	in	in	ADP
ftr-347	55	14	the	the	DET
ftr-347	55	15	tax	tax	NOUN
ftr-347	55	16	law	law	NOUN
ftr-347	55	17	,	,	PUNCT
ftr-347	55	18	29	29	NUM
ftr-347	55	19	j.	j.	PROPN
ftr-347	55	20	legal	legal	ADJ
ftr-347	55	21	stud	stud	NOUN
ftr-347	55	22	.	.	PUNCT
ftr-347	56	1	71	71	NUM
ftr-347	56	2	,	,	PUNCT
ftr-347	56	3	74	74	NUM
ftr-347	56	4	(	(	PUNCT
ftr-347	56	5	2000	2000	NUM
ftr-347	56	6	)	)	PUNCT
ftr-347	56	7	(	(	PUNCT
ftr-347	56	8	discussing	discuss	VERB
ftr-347	56	9	the	the	DET
ftr-347	56	10	“	"	PUNCT
ftr-347	56	11	line	line	NOUN
ftr-347	56	12	-	-	PUNCT
ftr-347	56	13	drawing	drawing	NOUN
ftr-347	56	14	problem	problem	NOUN
ftr-347	56	15	”	"	PUNCT
ftr-347	56	16	in	in	ADP
ftr-347	56	17	the	the	DET
ftr-347	56	18	context	context	NOUN
ftr-347	56	19	of	of	ADP
ftr-347	56	20	the	the	DET
ftr-347	56	21	realization	realization	NOUN
ftr-347	56	22	requirement	requirement	NOUN
ftr-347	56	23	,	,	PUNCT
ftr-347	56	24	debt	debt	NOUN
ftr-347	56	25	/	/	SYM
ftr-347	56	26	equity	equity	NOUN
ftr-347	56	27	distinction	distinction	NOUN
ftr-347	56	28	,	,	PUNCT
ftr-347	56	29	and	and	CCONJ
ftr-347	56	30	independent	independent	ADJ
ftr-347	56	31	contractor	contractor	NOUN
ftr-347	56	32	/	/	SYM
ftr-347	56	33	employee	employee	NOUN
ftr-347	56	34	distinction	distinction	NOUN
ftr-347	56	35	)	)	PUNCT
ftr-347	56	36	.	.	PUNCT
ftr-347	57	1	2011	2011	NUM
ftr-347	57	2	]	]	PUNCT
ftr-347	57	3	the	the	DET
ftr-347	57	4	global	global	ADJ
ftr-347	57	5	shadow	shadow	PROPN
ftr-347	57	6	bank	bank	PROPN
ftr-347	57	7	647	647	NUM
ftr-347	57	8	being	be	AUX
ftr-347	57	9	discussed	discuss	VERB
ftr-347	57	10	at	at	ADP
ftr-347	57	11	the	the	DET
ftr-347	57	12	highest	high	ADJ
ftr-347	57	13	levels	level	NOUN
ftr-347	57	14	of	of	ADP
ftr-347	57	15	our	our	PRON
ftr-347	57	16	government.7	government.7	PROPN
ftr-347	58	1	i	i	PRON
ftr-347	58	2	posit	posit	VERB
ftr-347	58	3	that	that	SCONJ
ftr-347	58	4	we	we	PRON
ftr-347	58	5	should	should	AUX
ftr-347	58	6	at	at	ADP
ftr-347	58	7	the	the	DET
ftr-347	58	8	very	very	ADV
ftr-347	58	9	least	least	ADJ
ftr-347	58	10	also	also	ADV
ftr-347	58	11	consider	consider	VERB
ftr-347	58	12	whether	whether	SCONJ
ftr-347	58	13	tax	tax	NOUN
ftr-347	58	14	uncertainty	uncertainty	NOUN
ftr-347	58	15	in	in	ADP
ftr-347	58	16	the	the	DET
ftr-347	58	17	transactions	transaction	NOUN
ftr-347	58	18	that	that	PRON
ftr-347	58	19	create	create	VERB
ftr-347	58	20	the	the	DET
ftr-347	58	21	interconnectedness	interconnectedness	NOUN
ftr-347	58	22	and	and	CCONJ
ftr-347	58	23	credit	credit	NOUN
ftr-347	58	24	channels	channel	NOUN
ftr-347	58	25	increases	increase	VERB
ftr-347	58	26	systemic	systemic	ADJ
ftr-347	58	27	risk	risk	NOUN
ftr-347	58	28	.	.	PUNCT
ftr-347	59	1	part	part	NOUN
ftr-347	59	2	iv	iv	PRON
ftr-347	59	3	will	will	AUX
ftr-347	59	4	look	look	VERB
ftr-347	59	5	at	at	ADP
ftr-347	59	6	the	the	DET
ftr-347	59	7	tax	tax	NOUN
ftr-347	59	8	policy	policy	NOUN
ftr-347	59	9	reasons	reason	NOUN
ftr-347	59	10	for	for	ADP
ftr-347	59	11	the	the	DET
ftr-347	59	12	current	current	ADJ
ftr-347	59	13	law	law	NOUN
ftr-347	59	14	’s	’s	PART
ftr-347	59	15	enactment	enactment	NOUN
ftr-347	59	16	and	and	CCONJ
ftr-347	59	17	will	will	AUX
ftr-347	59	18	posit	posit	VERB
ftr-347	59	19	that	that	SCONJ
ftr-347	59	20	the	the	DET
ftr-347	59	21	existing	exist	VERB
ftr-347	59	22	uncertainty	uncertainty	NOUN
ftr-347	59	23	frustrates	frustrate	VERB
ftr-347	59	24	these	these	DET
ftr-347	59	25	very	very	ADJ
ftr-347	59	26	tax	tax	NOUN
ftr-347	59	27	policy	policy	NOUN
ftr-347	59	28	goals	goal	NOUN
ftr-347	59	29	.	.	PUNCT
ftr-347	60	1	finally	finally	ADV
ftr-347	60	2	,	,	PUNCT
ftr-347	60	3	part	part	NOUN
ftr-347	60	4	v	v	NOUN
ftr-347	60	5	will	will	AUX
ftr-347	60	6	contend	contend	VERB
ftr-347	60	7	that	that	SCONJ
ftr-347	60	8	no	no	ADV
ftr-347	60	9	matter	matter	ADV
ftr-347	60	10	what	what	PRON
ftr-347	60	11	rules	rule	NOUN
ftr-347	60	12	or	or	CCONJ
ftr-347	60	13	standards	standard	NOUN
ftr-347	60	14	policymakers	policymaker	NOUN
ftr-347	60	15	adopt	adopt	VERB
ftr-347	60	16	to	to	PART
ftr-347	60	17	fix	fix	VERB
ftr-347	60	18	the	the	DET
ftr-347	60	19	problem	problem	NOUN
ftr-347	60	20	in	in	ADP
ftr-347	60	21	this	this	DET
ftr-347	60	22	area	area	NOUN
ftr-347	60	23	,	,	PUNCT
ftr-347	60	24	the	the	DET
ftr-347	60	25	rules	rule	NOUN
ftr-347	60	26	or	or	CCONJ
ftr-347	60	27	standards	standard	NOUN
ftr-347	60	28	should	should	AUX
ftr-347	60	29	get	get	VERB
ftr-347	60	30	to	to	ADP
ftr-347	60	31	the	the	DET
ftr-347	60	32	substance	substance	NOUN
ftr-347	60	33	of	of	ADP
ftr-347	60	34	the	the	DET
ftr-347	60	35	transactions	transaction	NOUN
ftr-347	60	36	and	and	CCONJ
ftr-347	60	37	not	not	PART
ftr-347	60	38	merely	merely	ADV
ftr-347	60	39	the	the	DET
ftr-347	60	40	form	form	NOUN
ftr-347	60	41	.	.	PUNCT
ftr-347	61	1	in	in	ADP
ftr-347	61	2	order	order	NOUN
ftr-347	61	3	to	to	PART
ftr-347	61	4	adopt	adopt	VERB
ftr-347	61	5	a	a	DET
ftr-347	61	6	substantive	substantive	ADJ
ftr-347	61	7	approach	approach	NOUN
ftr-347	61	8	,	,	PUNCT
ftr-347	61	9	the	the	DET
ftr-347	61	10	irs	irs	PROPN
ftr-347	61	11	needs	need	VERB
ftr-347	61	12	more	more	ADJ
ftr-347	61	13	information	information	NOUN
ftr-347	61	14	about	about	ADP
ftr-347	61	15	foreign	foreign	ADJ
ftr-347	61	16	funds	fund	NOUN
ftr-347	61	17	and	and	CCONJ
ftr-347	61	18	their	their	PRON
ftr-347	61	19	transactions	transaction	NOUN
ftr-347	61	20	.	.	PUNCT
ftr-347	62	1	we	we	PRON
ftr-347	62	2	should	should	AUX
ftr-347	62	3	at	at	ADV
ftr-347	62	4	least	least	ADJ
ftr-347	62	5	consider	consider	VERB
ftr-347	62	6	the	the	DET
ftr-347	62	7	use	use	NOUN
ftr-347	62	8	of	of	ADP
ftr-347	62	9	two	two	NUM
ftr-347	62	10	disclosure	disclosure	NOUN
ftr-347	62	11	regimes	regime	NOUN
ftr-347	62	12	currently	currently	ADV
ftr-347	62	13	being	be	AUX
ftr-347	62	14	fashioned	fashion	VERB
ftr-347	62	15	that	that	PRON
ftr-347	62	16	will	will	AUX
ftr-347	62	17	potentially	potentially	ADV
ftr-347	62	18	already	already	ADV
ftr-347	62	19	be	be	AUX
ftr-347	62	20	applied	apply	VERB
ftr-347	62	21	to	to	ADP
ftr-347	62	22	certain	certain	ADJ
ftr-347	62	23	foreign	foreign	ADJ
ftr-347	62	24	persons	person	NOUN
ftr-347	62	25	for	for	ADP
ftr-347	62	26	other	other	ADJ
ftr-347	62	27	purposes	purpose	NOUN
ftr-347	62	28	—	—	PUNCT
ftr-347	62	29	(	(	PUNCT
ftr-347	62	30	1	1	X
ftr-347	62	31	)	)	PUNCT
ftr-347	62	32	the	the	DET
ftr-347	62	33	fatca	fatca	ADJ
ftr-347	62	34	provisions8	provisions8	NOUN
ftr-347	62	35	of	of	ADP
ftr-347	62	36	the	the	DET
ftr-347	62	37	hiring	hiring	NOUN
ftr-347	62	38	incentives	incentive	NOUN
ftr-347	62	39	to	to	PART
ftr-347	62	40	restore	restore	VERB
ftr-347	62	41	employment	employment	NOUN
ftr-347	62	42	act	act	NOUN
ftr-347	62	43	of	of	ADP
ftr-347	62	44	2010	2010	NUM
ftr-347	62	45	(	(	PUNCT
ftr-347	62	46	the	the	DET
ftr-347	62	47	“	"	PUNCT
ftr-347	62	48	hire	hire	NOUN
ftr-347	62	49	act”)9	act”)9	NOUN
ftr-347	62	50	to	to	PART
ftr-347	62	51	capture	capture	VERB
ftr-347	62	52	u.s	u.s	PROPN
ftr-347	62	53	.	.	PROPN
ftr-347	62	54	persons	person	NOUN
ftr-347	62	55	attempting	attempt	VERB
ftr-347	62	56	to	to	PART
ftr-347	62	57	evade	evade	VERB
ftr-347	62	58	u.s	u.s	PROPN
ftr-347	62	59	.	.	PROPN
ftr-347	62	60	tax	tax	NOUN
ftr-347	62	61	via	via	ADP
ftr-347	62	62	foreign	foreign	ADJ
ftr-347	62	63	vehicles	vehicle	NOUN
ftr-347	62	64	,	,	PUNCT
ftr-347	62	65	and	and	CCONJ
ftr-347	62	66	(	(	PUNCT
ftr-347	62	67	2	2	X
ftr-347	62	68	)	)	PUNCT
ftr-347	62	69	the	the	DET
ftr-347	62	70	disclosure	disclosure	NOUN
ftr-347	62	71	and	and	CCONJ
ftr-347	62	72	reporting	report	VERB
ftr-347	62	73	provisions	provision	NOUN
ftr-347	62	74	applied	apply	VERB
ftr-347	62	75	to	to	ADP
ftr-347	62	76	certain	certain	ADJ
ftr-347	62	77	nonbank	nonbank	PROPN
ftr-347	62	78	financial	financial	ADJ
ftr-347	62	79	institutions	institution	NOUN
ftr-347	62	80	and	and	CCONJ
ftr-347	62	81	investment	investment	NOUN
ftr-347	62	82	advisors	advisor	NOUN
ftr-347	62	83	under	under	ADP
ftr-347	62	84	the	the	DET
ftr-347	62	85	dodd	dodd	NOUN
ftr-347	62	86	–	–	PUNCT
ftr-347	62	87	frank	frank	PROPN
ftr-347	62	88	wall	wall	PROPN
ftr-347	62	89	street	street	PROPN
ftr-347	62	90	reform	reform	PROPN
ftr-347	62	91	and	and	CCONJ
ftr-347	62	92	consumer	consumer	NOUN
ftr-347	62	93	protection	protection	NOUN
ftr-347	62	94	act	act	NOUN
ftr-347	62	95	(	(	PUNCT
ftr-347	62	96	hereinafter	hereinafter	VERB
ftr-347	62	97	the	the	DET
ftr-347	62	98	“	"	PUNCT
ftr-347	62	99	dodd	dodd	PROPN
ftr-347	62	100	–	–	PUNCT
ftr-347	62	101	frank	frank	PROPN
ftr-347	62	102	act	act	PROPN
ftr-347	62	103	”	"	PUNCT
ftr-347	62	104	)	)	PUNCT
ftr-347	62	105	in	in	ADP
ftr-347	62	106	the	the	DET
ftr-347	62	107	regulatory	regulatory	ADJ
ftr-347	62	108	arena.10	arena.10	NOUN
ftr-347	62	109	in	in	ADP
ftr-347	62	110	fact	fact	NOUN
ftr-347	62	111	,	,	PUNCT
ftr-347	62	112	these	these	DET
ftr-347	62	113	new	new	ADJ
ftr-347	62	114	tools	tool	NOUN
ftr-347	62	115	,	,	PUNCT
ftr-347	62	116	if	if	SCONJ
ftr-347	62	117	applied	apply	VERB
ftr-347	62	118	in	in	ADP
ftr-347	62	119	this	this	DET
ftr-347	62	120	area	area	NOUN
ftr-347	62	121	,	,	PUNCT
ftr-347	62	122	may	may	AUX
ftr-347	62	123	be	be	AUX
ftr-347	62	124	instrumental	instrumental	ADJ
ftr-347	62	125	not	not	PART
ftr-347	62	126	only	only	ADV
ftr-347	62	127	to	to	ADP
ftr-347	62	128	the	the	DET
ftr-347	62	129	implementation	implementation	NOUN
ftr-347	62	130	of	of	ADP
ftr-347	62	131	rules	rule	NOUN
ftr-347	62	132	or	or	CCONJ
ftr-347	62	133	standards	standard	NOUN
ftr-347	62	134	in	in	ADP
ftr-347	62	135	this	this	DET
ftr-347	62	136	area	area	NOUN
ftr-347	62	137	but	but	CCONJ
ftr-347	62	138	also	also	ADV
ftr-347	62	139	to	to	ADP
ftr-347	62	140	the	the	DET
ftr-347	62	141	issue	issue	NOUN
ftr-347	62	142	of	of	ADP
ftr-347	62	143	what	what	PRON
ftr-347	62	144	the	the	DET
ftr-347	62	145	rules	rule	NOUN
ftr-347	62	146	or	or	CCONJ
ftr-347	62	147	standards	standard	NOUN
ftr-347	62	148	should	should	AUX
ftr-347	62	149	be	be	AUX
ftr-347	62	150	,	,	PUNCT
ftr-347	62	151	based	base	VERB
ftr-347	62	152	on	on	ADP
ftr-347	62	153	what	what	PRON
ftr-347	62	154	has	have	AUX
ftr-347	62	155	the	the	DET
ftr-347	62	156	potential	potential	NOUN
ftr-347	62	157	to	to	PART
ftr-347	62	158	be	be	AUX
ftr-347	62	159	effectively	effectively	ADV
ftr-347	62	160	implemented	implement	VERB
ftr-347	62	161	.	.	PUNCT
ftr-347	63	1	7	7	X
ftr-347	63	2	.	.	X
ftr-347	63	3	under	under	ADP
ftr-347	63	4	the	the	DET
ftr-347	63	5	dodd	dodd	NOUN
ftr-347	63	6	–	–	PUNCT
ftr-347	63	7	frank	frank	ADJ
ftr-347	63	8	act	act	PROPN
ftr-347	63	9	,	,	PUNCT
ftr-347	63	10	infra	infra	NOUN
ftr-347	63	11	note	note	VERB
ftr-347	63	12	10	10	NUM
ftr-347	63	13	,	,	PUNCT
ftr-347	63	14	the	the	DET
ftr-347	63	15	financial	financial	ADJ
ftr-347	63	16	stability	stability	NOUN
ftr-347	63	17	oversight	oversight	NOUN
ftr-347	63	18	council	council	NOUN
ftr-347	63	19	has	have	AUX
ftr-347	63	20	been	be	AUX
ftr-347	63	21	delegated	delegate	VERB
ftr-347	63	22	the	the	DET
ftr-347	63	23	task	task	NOUN
ftr-347	63	24	of	of	ADP
ftr-347	63	25	designating	designate	VERB
ftr-347	63	26	nonbank	nonbank	NOUN
ftr-347	63	27	financial	financial	ADJ
ftr-347	63	28	institutions	institution	NOUN
ftr-347	63	29	that	that	PRON
ftr-347	63	30	are	be	AUX
ftr-347	63	31	systemically	systemically	ADV
ftr-347	63	32	important	important	ADJ
ftr-347	63	33	.	.	PUNCT
ftr-347	64	1	8	8	X
ftr-347	64	2	.	.	X
ftr-347	64	3	fatca	fatca	PROPN
ftr-347	64	4	refers	refer	VERB
ftr-347	64	5	to	to	ADP
ftr-347	64	6	the	the	DET
ftr-347	64	7	foreign	foreign	ADJ
ftr-347	64	8	account	account	NOUN
ftr-347	64	9	tax	tax	NOUN
ftr-347	64	10	compliance	compliance	NOUN
ftr-347	64	11	act	act	NOUN
ftr-347	64	12	of	of	ADP
ftr-347	64	13	2009	2009	NUM
ftr-347	64	14	,	,	PUNCT
ftr-347	64	15	h.r	h.r	PROPN
ftr-347	64	16	.	.	PROPN
ftr-347	64	17	3933	3933	NUM
ftr-347	64	18	,	,	PUNCT
ftr-347	64	19	111th	111th	ADJ
ftr-347	64	20	cong	cong	NOUN
ftr-347	64	21	.	.	PUNCT
ftr-347	65	1	(	(	PUNCT
ftr-347	65	2	1st	1st	ADJ
ftr-347	65	3	sess	sess	NOUN
ftr-347	65	4	.	.	PUNCT
ftr-347	66	1	2009	2009	NUM
ftr-347	66	2	)	)	PUNCT
ftr-347	66	3	,	,	PUNCT
ftr-347	66	4	which	which	PRON
ftr-347	66	5	was	be	AUX
ftr-347	66	6	never	never	ADV
ftr-347	66	7	enacted	enact	VERB
ftr-347	66	8	.	.	PUNCT
ftr-347	67	1	the	the	DET
ftr-347	67	2	provisions	provision	NOUN
ftr-347	67	3	discussed	discuss	VERB
ftr-347	67	4	in	in	ADP
ftr-347	67	5	this	this	DET
ftr-347	67	6	article	article	NOUN
ftr-347	67	7	were	be	AUX
ftr-347	67	8	introduced	introduce	VERB
ftr-347	67	9	in	in	ADP
ftr-347	67	10	fatca	fatca	NOUN
ftr-347	67	11	but	but	CCONJ
ftr-347	67	12	enacted	enact	VERB
ftr-347	67	13	as	as	ADP
ftr-347	67	14	part	part	NOUN
ftr-347	67	15	of	of	ADP
ftr-347	67	16	the	the	DET
ftr-347	67	17	hiring	hiring	NOUN
ftr-347	67	18	incentives	incentive	NOUN
ftr-347	67	19	to	to	PART
ftr-347	67	20	restore	restore	VERB
ftr-347	67	21	employment	employment	NOUN
ftr-347	67	22	(	(	PUNCT
ftr-347	67	23	hire	hire	NOUN
ftr-347	67	24	)	)	PUNCT
ftr-347	67	25	act	act	NOUN
ftr-347	67	26	of	of	ADP
ftr-347	67	27	2010	2010	NUM
ftr-347	67	28	,	,	PUNCT
ftr-347	67	29	infra	infra	NOUN
ftr-347	67	30	note	note	VERB
ftr-347	67	31	9	9	NUM
ftr-347	67	32	.	.	NOUN
ftr-347	67	33	9	9	NUM
ftr-347	67	34	.	.	X
ftr-347	68	1	pub	pub	NOUN
ftr-347	68	2	.	.	PUNCT
ftr-347	69	1	l.	l.	PROPN
ftr-347	69	2	no	no	INTJ
ftr-347	69	3	.	.	PROPN
ftr-347	70	1	111	111	NUM
ftr-347	70	2	-	-	SYM
ftr-347	70	3	147	147	NUM
ftr-347	70	4	,	,	PUNCT
ftr-347	70	5	124	124	NUM
ftr-347	70	6	stat	stat	NOUN
ftr-347	70	7	.	.	PUNCT
ftr-347	71	1	71	71	NUM
ftr-347	71	2	(	(	PUNCT
ftr-347	71	3	2010	2010	NUM
ftr-347	71	4	)	)	PUNCT
ftr-347	71	5	.	.	PUNCT
ftr-347	72	1	10	10	NUM
ftr-347	72	2	.	.	X
ftr-347	73	1	pub	pub	NOUN
ftr-347	73	2	.	.	PUNCT
ftr-347	74	1	l.	l.	PROPN
ftr-347	74	2	no	no	INTJ
ftr-347	74	3	.	.	PROPN
ftr-347	74	4	111	111	NUM
ftr-347	74	5	-	-	SYM
ftr-347	74	6	203	203	NUM
ftr-347	74	7	,	,	PUNCT
ftr-347	74	8	124	124	NUM
ftr-347	74	9	stat	stat	NOUN
ftr-347	74	10	.	.	PUNCT
ftr-347	75	1	1376	1376	NUM
ftr-347	75	2	(	(	PUNCT
ftr-347	75	3	2010	2010	NUM
ftr-347	75	4	)	)	PUNCT
ftr-347	75	5	.	.	PUNCT
ftr-347	76	1	this	this	PRON
ftr-347	76	2	was	be	AUX
ftr-347	76	3	signed	sign	VERB
ftr-347	76	4	into	into	ADP
ftr-347	76	5	law	law	NOUN
ftr-347	76	6	by	by	ADP
ftr-347	76	7	president	president	PROPN
ftr-347	76	8	obama	obama	PROPN
ftr-347	76	9	on	on	ADP
ftr-347	76	10	july	july	PROPN
ftr-347	76	11	21	21	NUM
ftr-347	76	12	,	,	PUNCT
ftr-347	76	13	2010	2010	NUM
ftr-347	76	14	.	.	PUNCT
ftr-347	77	1	the	the	DET
ftr-347	77	2	dodd	dodd	PROPN
ftr-347	77	3	–	–	PUNCT
ftr-347	77	4	frank	frank	ADJ
ftr-347	77	5	act	act	PROPN
ftr-347	77	6	was	be	AUX
ftr-347	77	7	passed	pass	VERB
ftr-347	77	8	in	in	ADP
ftr-347	77	9	response	response	NOUN
ftr-347	77	10	to	to	ADP
ftr-347	77	11	the	the	DET
ftr-347	77	12	financial	financial	ADJ
ftr-347	77	13	crisis	crisis	NOUN
ftr-347	77	14	of	of	ADP
ftr-347	77	15	2007–2010	2007–2010	NUM
ftr-347	77	16	and	and	CCONJ
ftr-347	77	17	generally	generally	ADV
ftr-347	77	18	,	,	PUNCT
ftr-347	77	19	among	among	ADP
ftr-347	77	20	other	other	ADJ
ftr-347	77	21	things	thing	NOUN
ftr-347	77	22	,	,	PUNCT
ftr-347	77	23	reforms	reform	VERB
ftr-347	77	24	the	the	DET
ftr-347	77	25	existing	exist	VERB
ftr-347	77	26	regulatory	regulatory	ADJ
ftr-347	77	27	structure	structure	NOUN
ftr-347	77	28	for	for	ADP
ftr-347	77	29	financial	financial	ADJ
ftr-347	77	30	institutions	institution	NOUN
ftr-347	77	31	,	,	PUNCT
ftr-347	77	32	increasing	increase	VERB
ftr-347	77	33	the	the	DET
ftr-347	77	34	oversight	oversight	NOUN
ftr-347	77	35	of	of	ADP
ftr-347	77	36	certain	certain	ADJ
ftr-347	77	37	nonbank	nonbank	PROPN
ftr-347	77	38	financial	financial	ADJ
ftr-347	77	39	institutions	institution	NOUN
ftr-347	77	40	regarded	regard	VERB
ftr-347	77	41	as	as	ADP
ftr-347	77	42	a	a	DET
ftr-347	77	43	systemically	systemically	ADV
ftr-347	77	44	important	important	ADJ
ftr-347	77	45	.	.	PUNCT
ftr-347	78	1	648	648	NUM
ftr-347	78	2	florida	florida	PROPN
ftr-347	78	3	tax	tax	NOUN
ftr-347	78	4	review	review	NOUN
ftr-347	78	5	[	[	X
ftr-347	78	6	vol	vol	NOUN
ftr-347	78	7	.	.	PUNCT
ftr-347	78	8	11:8	11:8	NUM
ftr-347	78	9	ii	ii	PROPN
ftr-347	78	10	.	.	PUNCT
ftr-347	79	1	the	the	DET
ftr-347	79	2	tax	tax	NOUN
ftr-347	79	3	laws	law	NOUN
ftr-347	79	4	in	in	ADP
ftr-347	79	5	this	this	DET
ftr-347	79	6	area	area	NOUN
ftr-347	79	7	lag	lag	VERB
ftr-347	79	8	behind	behind	ADP
ftr-347	79	9	financial	financial	ADJ
ftr-347	79	10	innovation	innovation	NOUN
ftr-347	79	11	—	—	PUNCT
ftr-347	79	12	a	a	DET
ftr-347	79	13	look	look	NOUN
ftr-347	79	14	at	at	ADP
ftr-347	79	15	the	the	DET
ftr-347	79	16	taxation	taxation	NOUN
ftr-347	79	17	of	of	ADP
ftr-347	79	18	foreign	foreign	ADJ
ftr-347	79	19	hedge	hedge	NOUN
ftr-347	79	20	fund	fund	NOUN
ftr-347	79	21	lending	lending	NOUN
ftr-347	79	22	to	to	ADP
ftr-347	79	23	u.s	u.s	PROPN
ftr-347	79	24	.	.	PROPN
ftr-347	79	25	borrowers	borrower	NOUN
ftr-347	79	26	and	and	CCONJ
ftr-347	79	27	transacting	transact	VERB
ftr-347	79	28	in	in	ADP
ftr-347	79	29	u.s	u.s	PROPN
ftr-347	79	30	.	.	PROPN
ftr-347	79	31	debt	debt	PROPN
ftr-347	79	32	securities	securities	PROPN
ftr-347	79	33	a.	a.	PROPN
ftr-347	79	34	hedge	hedge	PROPN
ftr-347	79	35	funds	fund	NOUN
ftr-347	79	36	generally	generally	ADV
ftr-347	79	37	“	"	PUNCT
ftr-347	79	38	hedge	hedge	ADJ
ftr-347	79	39	funds	fund	NOUN
ftr-347	79	40	”	"	PUNCT
ftr-347	79	41	are	be	AUX
ftr-347	79	42	private	private	ADJ
ftr-347	79	43	pools	pool	NOUN
ftr-347	79	44	of	of	ADP
ftr-347	79	45	capital	capital	NOUN
ftr-347	79	46	that	that	PRON
ftr-347	79	47	typically	typically	ADV
ftr-347	79	48	restrict	restrict	VERB
ftr-347	79	49	their	their	PRON
ftr-347	79	50	investors	investor	NOUN
ftr-347	79	51	to	to	ADP
ftr-347	79	52	high	high	ADJ
ftr-347	79	53	net	net	ADJ
ftr-347	79	54	worth	worth	ADJ
ftr-347	79	55	individuals	individual	NOUN
ftr-347	79	56	and	and	CCONJ
ftr-347	79	57	institutions	institution	NOUN
ftr-347	79	58	in	in	ADP
ftr-347	79	59	order	order	NOUN
ftr-347	79	60	to	to	PART
ftr-347	79	61	escape	escape	VERB
ftr-347	79	62	the	the	DET
ftr-347	79	63	types	type	NOUN
ftr-347	79	64	of	of	ADP
ftr-347	79	65	disclosure	disclosure	NOUN
ftr-347	79	66	and	and	CCONJ
ftr-347	79	67	regulations	regulation	NOUN
ftr-347	79	68	requirements	requirement	NOUN
ftr-347	79	69	that	that	PRON
ftr-347	79	70	currently	currently	ADV
ftr-347	79	71	apply	apply	VERB
ftr-347	79	72	to	to	ADP
ftr-347	79	73	banks	bank	NOUN
ftr-347	79	74	and	and	CCONJ
ftr-347	79	75	mutual	mutual	ADJ
ftr-347	79	76	funds.11	funds.11	NOUN
ftr-347	79	77	this	this	PRON
ftr-347	79	78	means	mean	VERB
ftr-347	79	79	that	that	SCONJ
ftr-347	79	80	hedge	hedge	NOUN
ftr-347	79	81	funds	fund	NOUN
ftr-347	79	82	have	have	VERB
ftr-347	79	83	flexibility	flexibility	NOUN
ftr-347	79	84	in	in	ADP
ftr-347	79	85	the	the	DET
ftr-347	79	86	investment	investment	NOUN
ftr-347	79	87	strategies	strategy	NOUN
ftr-347	79	88	and	and	CCONJ
ftr-347	79	89	financial	financial	ADJ
ftr-347	79	90	instruments	instrument	NOUN
ftr-347	79	91	that	that	PRON
ftr-347	79	92	they	they	PRON
ftr-347	79	93	employ	employ	VERB
ftr-347	79	94	.	.	PUNCT
ftr-347	80	1	this	this	PRON
ftr-347	80	2	also	also	ADV
ftr-347	80	3	means	mean	VERB
ftr-347	80	4	they	they	PRON
ftr-347	80	5	can	can	AUX
ftr-347	80	6	be	be	AUX
ftr-347	80	7	highly	highly	ADV
ftr-347	80	8	leveraged	leveraged	ADJ
ftr-347	80	9	.	.	PUNCT
ftr-347	81	1	the	the	DET
ftr-347	81	2	term	term	NOUN
ftr-347	81	3	“	"	PUNCT
ftr-347	81	4	hedge	hedge	NOUN
ftr-347	81	5	”	"	PUNCT
ftr-347	81	6	initially	initially	ADV
ftr-347	81	7	came	come	VERB
ftr-347	81	8	from	from	ADP
ftr-347	81	9	funds	fund	NOUN
ftr-347	81	10	’	'	PUNCT
ftr-347	81	11	tendencies	tendency	NOUN
ftr-347	81	12	to	to	PART
ftr-347	81	13	hedge	hedge	VERB
ftr-347	81	14	or	or	CCONJ
ftr-347	81	15	,	,	PUNCT
ftr-347	81	16	reduce	reduce	VERB
ftr-347	81	17	market	market	NOUN
ftr-347	81	18	risk	risk	NOUN
ftr-347	81	19	on	on	ADP
ftr-347	81	20	an	an	DET
ftr-347	81	21	investment	investment	NOUN
ftr-347	81	22	,	,	PUNCT
ftr-347	81	23	i.e.	i.e.	X
ftr-347	81	24	,	,	PUNCT
ftr-347	81	25	holding	hold	VERB
ftr-347	81	26	offsetting	offset	VERB
ftr-347	81	27	positions	position	NOUN
ftr-347	81	28	so	so	SCONJ
ftr-347	81	29	that	that	SCONJ
ftr-347	81	30	if	if	SCONJ
ftr-347	81	31	the	the	DET
ftr-347	81	32	market	market	NOUN
ftr-347	81	33	rose	rise	VERB
ftr-347	81	34	the	the	DET
ftr-347	81	35	funds	fund	NOUN
ftr-347	81	36	profited	profit	VERB
ftr-347	81	37	from	from	ADP
ftr-347	81	38	the	the	DET
ftr-347	81	39	increase	increase	NOUN
ftr-347	81	40	in	in	ADP
ftr-347	81	41	the	the	DET
ftr-347	81	42	long	long	ADJ
ftr-347	81	43	position	position	NOUN
ftr-347	81	44	over	over	ADP
ftr-347	81	45	the	the	DET
ftr-347	81	46	decrease	decrease	NOUN
ftr-347	81	47	in	in	ADP
ftr-347	81	48	the	the	DET
ftr-347	81	49	short	short	ADJ
ftr-347	81	50	position	position	NOUN
ftr-347	81	51	,	,	PUNCT
ftr-347	81	52	and	and	CCONJ
ftr-347	81	53	if	if	SCONJ
ftr-347	81	54	the	the	DET
ftr-347	81	55	market	market	NOUN
ftr-347	81	56	fell	fall	VERB
ftr-347	81	57	the	the	DET
ftr-347	81	58	funds	fund	NOUN
ftr-347	81	59	profited	profit	VERB
ftr-347	81	60	from	from	ADP
ftr-347	81	61	the	the	DET
ftr-347	81	62	increase	increase	NOUN
ftr-347	81	63	in	in	ADP
ftr-347	81	64	the	the	DET
ftr-347	81	65	short	short	ADJ
ftr-347	81	66	position	position	NOUN
ftr-347	81	67	over	over	ADP
ftr-347	81	68	the	the	DET
ftr-347	81	69	decrease	decrease	NOUN
ftr-347	81	70	in	in	ADP
ftr-347	81	71	the	the	DET
ftr-347	81	72	long	long	ADJ
ftr-347	81	73	position	position	NOUN
ftr-347	81	74	.	.	PUNCT
ftr-347	82	1	today	today	NOUN
ftr-347	82	2	’s	’s	PART
ftr-347	82	3	hedge	hedge	NOUN
ftr-347	82	4	funds	fund	NOUN
ftr-347	82	5	investment	investment	NOUN
ftr-347	82	6	strategies	strategy	NOUN
ftr-347	82	7	vary	vary	VERB
ftr-347	82	8	widely	widely	ADV
ftr-347	82	9	.	.	PUNCT
ftr-347	83	1	hedge	hedge	NOUN
ftr-347	83	2	fund	fund	NOUN
ftr-347	83	3	managers	manager	NOUN
ftr-347	83	4	often	often	ADV
ftr-347	83	5	receive	receive	VERB
ftr-347	83	6	a	a	DET
ftr-347	83	7	management	management	NOUN
ftr-347	83	8	fee	fee	NOUN
ftr-347	83	9	of	of	ADP
ftr-347	83	10	2	2	NUM
ftr-347	83	11	percent	percent	NOUN
ftr-347	83	12	of	of	ADP
ftr-347	83	13	the	the	DET
ftr-347	83	14	net	net	ADJ
ftr-347	83	15	asset	asset	NOUN
ftr-347	83	16	value	value	NOUN
ftr-347	83	17	of	of	ADP
ftr-347	83	18	the	the	DET
ftr-347	83	19	fund	fund	NOUN
ftr-347	83	20	and	and	CCONJ
ftr-347	83	21	20	20	NUM
ftr-347	83	22	percent	percent	NOUN
ftr-347	83	23	of	of	ADP
ftr-347	83	24	returns	return	NOUN
ftr-347	83	25	in	in	ADP
ftr-347	83	26	excess	excess	NOUN
ftr-347	83	27	of	of	ADP
ftr-347	83	28	some	some	DET
ftr-347	83	29	benchmark.12	benchmark.12	NOUN
ftr-347	83	30	this	this	PRON
ftr-347	83	31	may	may	AUX
ftr-347	83	32	create	create	VERB
ftr-347	83	33	an	an	DET
ftr-347	83	34	incentive	incentive	NOUN
ftr-347	83	35	for	for	ADP
ftr-347	83	36	hedge	hedge	NOUN
ftr-347	83	37	fund	fund	NOUN
ftr-347	83	38	managers	manager	NOUN
ftr-347	83	39	to	to	PART
ftr-347	83	40	take	take	VERB
ftr-347	83	41	on	on	ADP
ftr-347	83	42	risk	risk	NOUN
ftr-347	83	43	and	and	CCONJ
ftr-347	83	44	leverage	leverage	NOUN
ftr-347	83	45	in	in	ADP
ftr-347	83	46	order	order	NOUN
ftr-347	83	47	to	to	PART
ftr-347	83	48	maximize	maximize	VERB
ftr-347	83	49	returns.13	returns.13	NOUN
ftr-347	83	50	11	11	NUM
ftr-347	83	51	.	.	PUNCT
ftr-347	84	1	in	in	ADP
ftr-347	84	2	general	general	ADJ
ftr-347	84	3	hedge	hedge	NOUN
ftr-347	84	4	funds	fund	NOUN
ftr-347	84	5	are	be	AUX
ftr-347	84	6	currently	currently	ADV
ftr-347	84	7	largely	largely	ADV
ftr-347	84	8	unregulated	unregulated	ADJ
ftr-347	84	9	.	.	PUNCT
ftr-347	85	1	although	although	SCONJ
ftr-347	85	2	investing	invest	VERB
ftr-347	85	3	money	money	NOUN
ftr-347	85	4	through	through	ADP
ftr-347	85	5	a	a	DET
ftr-347	85	6	hedge	hedge	NOUN
ftr-347	85	7	fund	fund	NOUN
ftr-347	85	8	is	be	AUX
ftr-347	85	9	considered	consider	VERB
ftr-347	85	10	investing	invest	VERB
ftr-347	85	11	in	in	ADP
ftr-347	85	12	a	a	DET
ftr-347	85	13	security	security	NOUN
ftr-347	85	14	under	under	ADP
ftr-347	85	15	the	the	DET
ftr-347	85	16	securities	security	NOUN
ftr-347	85	17	act	act	NOUN
ftr-347	85	18	of	of	ADP
ftr-347	85	19	1933	1933	NUM
ftr-347	85	20	,	,	PUNCT
ftr-347	85	21	registration	registration	NOUN
ftr-347	85	22	is	be	AUX
ftr-347	85	23	not	not	PART
ftr-347	85	24	required	require	VERB
ftr-347	85	25	if	if	SCONJ
ftr-347	85	26	no	no	DET
ftr-347	85	27	public	public	ADJ
ftr-347	85	28	offering	offering	NOUN
ftr-347	85	29	is	be	AUX
ftr-347	85	30	made	make	VERB
ftr-347	85	31	and	and	CCONJ
ftr-347	85	32	only	only	ADV
ftr-347	85	33	accredited	accredited	ADJ
ftr-347	85	34	investors	investor	NOUN
ftr-347	85	35	are	be	AUX
ftr-347	85	36	permitted	permit	VERB
ftr-347	85	37	to	to	PART
ftr-347	85	38	invest	invest	VERB
ftr-347	85	39	.	.	PUNCT
ftr-347	86	1	regulation	regulation	NOUN
ftr-347	86	2	d	d	PROPN
ftr-347	86	3	of	of	ADP
ftr-347	86	4	the	the	DET
ftr-347	86	5	securities	security	NOUN
ftr-347	86	6	act	act	NOUN
ftr-347	86	7	of	of	ADP
ftr-347	86	8	1933	1933	NUM
ftr-347	86	9	governs	govern	VERB
ftr-347	86	10	what	what	PRON
ftr-347	86	11	constitutes	constitute	VERB
ftr-347	86	12	an	an	DET
ftr-347	86	13	accredited	accredited	ADJ
ftr-347	86	14	investor	investor	NOUN
ftr-347	86	15	for	for	ADP
ftr-347	86	16	that	that	DET
ftr-347	86	17	purpose	purpose	NOUN
ftr-347	86	18	.	.	PUNCT
ftr-347	87	1	in	in	ADP
ftr-347	87	2	addition	addition	NOUN
ftr-347	87	3	a	a	DET
ftr-347	87	4	hedge	hedge	NOUN
ftr-347	87	5	fund	fund	NOUN
ftr-347	87	6	is	be	AUX
ftr-347	87	7	an	an	DET
ftr-347	87	8	investment	investment	NOUN
ftr-347	87	9	company	company	NOUN
ftr-347	87	10	under	under	ADP
ftr-347	87	11	the	the	DET
ftr-347	87	12	investment	investment	NOUN
ftr-347	87	13	company	company	NOUN
ftr-347	87	14	act	act	NOUN
ftr-347	87	15	of	of	ADP
ftr-347	87	16	1940	1940	NUM
ftr-347	87	17	but	but	CCONJ
ftr-347	87	18	is	be	AUX
ftr-347	87	19	not	not	PART
ftr-347	87	20	required	require	VERB
ftr-347	87	21	to	to	PART
ftr-347	87	22	register	register	VERB
ftr-347	87	23	as	as	ADP
ftr-347	87	24	such	such	ADJ
ftr-347	87	25	if	if	SCONJ
ftr-347	87	26	an	an	DET
ftr-347	87	27	exemption	exemption	NOUN
ftr-347	87	28	applies	apply	VERB
ftr-347	87	29	.	.	PUNCT
ftr-347	88	1	many	many	ADJ
ftr-347	88	2	hedge	hedge	NOUN
ftr-347	88	3	funds	fund	NOUN
ftr-347	88	4	attempt	attempt	VERB
ftr-347	88	5	to	to	PART
ftr-347	88	6	meet	meet	VERB
ftr-347	88	7	the	the	DET
ftr-347	88	8	exemptions	exemption	NOUN
ftr-347	88	9	provided	provide	VERB
ftr-347	88	10	in	in	ADP
ftr-347	88	11	either	either	DET
ftr-347	88	12	section	section	NOUN
ftr-347	88	13	3(c)(1	3(c)(1	NUM
ftr-347	88	14	)	)	PUNCT
ftr-347	88	15	or	or	CCONJ
ftr-347	88	16	3(c)(7	3(c)(7	NUM
ftr-347	88	17	)	)	PUNCT
ftr-347	88	18	of	of	ADP
ftr-347	88	19	the	the	DET
ftr-347	88	20	investment	investment	NOUN
ftr-347	88	21	company	company	NOUN
ftr-347	88	22	act	act	NOUN
ftr-347	88	23	of	of	ADP
ftr-347	88	24	1940	1940	NUM
ftr-347	88	25	.	.	PUNCT
ftr-347	89	1	section	section	NOUN
ftr-347	89	2	3(c)(1	3(c)(1	NUM
ftr-347	89	3	)	)	PUNCT
ftr-347	89	4	exempts	exempt	VERB
ftr-347	89	5	any	any	DET
ftr-347	89	6	issuer	issuer	NOUN
ftr-347	89	7	of	of	ADP
ftr-347	89	8	securities	security	NOUN
ftr-347	89	9	whose	whose	DET
ftr-347	89	10	outstanding	outstanding	ADJ
ftr-347	89	11	securities	security	NOUN
ftr-347	89	12	are	be	AUX
ftr-347	89	13	not	not	PART
ftr-347	89	14	beneficially	beneficially	ADV
ftr-347	89	15	owned	own	VERB
ftr-347	89	16	by	by	ADP
ftr-347	89	17	more	more	ADJ
ftr-347	89	18	than	than	ADP
ftr-347	89	19	100	100	NUM
ftr-347	89	20	persons	person	NOUN
ftr-347	89	21	and	and	CCONJ
ftr-347	89	22	is	be	AUX
ftr-347	89	23	not	not	PART
ftr-347	89	24	making	make	VERB
ftr-347	89	25	and	and	CCONJ
ftr-347	89	26	does	do	AUX
ftr-347	89	27	not	not	PART
ftr-347	89	28	presently	presently	ADV
ftr-347	89	29	propose	propose	VERB
ftr-347	89	30	to	to	PART
ftr-347	89	31	make	make	VERB
ftr-347	89	32	a	a	DET
ftr-347	89	33	public	public	ADJ
ftr-347	89	34	offering	offering	NOUN
ftr-347	89	35	of	of	ADP
ftr-347	89	36	its	its	PRON
ftr-347	89	37	securities	security	NOUN
ftr-347	89	38	.	.	PUNCT
ftr-347	90	1	section	section	PROPN
ftr-347	90	2	3(c)(7	3(c)(7	NUM
ftr-347	90	3	)	)	PUNCT
ftr-347	90	4	of	of	ADP
ftr-347	90	5	the	the	DET
ftr-347	90	6	investment	investment	NOUN
ftr-347	90	7	company	company	NOUN
ftr-347	90	8	act	act	NOUN
ftr-347	90	9	of	of	ADP
ftr-347	90	10	1940	1940	NUM
ftr-347	90	11	exempts	exempt	VERB
ftr-347	90	12	issuers	issuer	NOUN
ftr-347	90	13	where	where	SCONJ
ftr-347	90	14	each	each	DET
ftr-347	90	15	investor	investor	NOUN
ftr-347	90	16	is	be	AUX
ftr-347	90	17	a	a	DET
ftr-347	90	18	qualified	qualified	ADJ
ftr-347	90	19	purchaser	purchaser	NOUN
ftr-347	90	20	and	and	CCONJ
ftr-347	90	21	no	no	DET
ftr-347	90	22	public	public	ADJ
ftr-347	90	23	offering	offering	NOUN
ftr-347	90	24	is	be	AUX
ftr-347	90	25	made	make	VERB
ftr-347	90	26	or	or	CCONJ
ftr-347	90	27	contemplated	contemplate	VERB
ftr-347	90	28	.	.	PUNCT
ftr-347	91	1	a	a	DET
ftr-347	91	2	qualified	qualified	ADJ
ftr-347	91	3	purchaser	purchaser	NOUN
ftr-347	91	4	for	for	ADP
ftr-347	91	5	this	this	DET
ftr-347	91	6	purpose	purpose	NOUN
ftr-347	91	7	is	be	AUX
ftr-347	91	8	generally	generally	ADV
ftr-347	91	9	intended	intend	VERB
ftr-347	91	10	to	to	PART
ftr-347	91	11	be	be	AUX
ftr-347	91	12	a	a	DET
ftr-347	91	13	sophisticated	sophisticated	ADJ
ftr-347	91	14	investor	investor	NOUN
ftr-347	91	15	as	as	SCONJ
ftr-347	91	16	determined	determine	VERB
ftr-347	91	17	by	by	ADP
ftr-347	91	18	the	the	DET
ftr-347	91	19	amount	amount	NOUN
ftr-347	91	20	of	of	ADP
ftr-347	91	21	money	money	NOUN
ftr-347	91	22	such	such	ADJ
ftr-347	91	23	purchaser	purchaser	NOUN
ftr-347	91	24	has	have	VERB
ftr-347	91	25	in	in	ADP
ftr-347	91	26	investments	investment	NOUN
ftr-347	91	27	in	in	ADP
ftr-347	91	28	general	general	ADJ
ftr-347	91	29	.	.	PUNCT
ftr-347	92	1	see	see	VERB
ftr-347	92	2	john	john	PROPN
ftr-347	92	3	kambhu	kambhu	PROPN
ftr-347	92	4	,	,	PUNCT
ftr-347	92	5	til	til	PROPN
ftr-347	92	6	schuermann	schuermann	PROPN
ftr-347	92	7	&	&	CCONJ
ftr-347	92	8	kevin	kevin	PROPN
ftr-347	92	9	j.	j.	PROPN
ftr-347	92	10	stiroh	stiroh	PROPN
ftr-347	92	11	,	,	PUNCT
ftr-347	92	12	hedge	hedge	NOUN
ftr-347	92	13	funds	fund	NOUN
ftr-347	92	14	,	,	PUNCT
ftr-347	92	15	financial	financial	ADJ
ftr-347	92	16	intermediation	intermediation	NOUN
ftr-347	92	17	,	,	PUNCT
ftr-347	92	18	and	and	CCONJ
ftr-347	92	19	systemic	systemic	ADJ
ftr-347	92	20	risk	risk	NOUN
ftr-347	92	21	,	,	PUNCT
ftr-347	92	22	291	291	NUM
ftr-347	92	23	fed	feed	VERB
ftr-347	92	24	.	.	PUNCT
ftr-347	93	1	res	re	NOUN
ftr-347	93	2	.	.	PUNCT
ftr-347	94	1	bank	bank	PROPN
ftr-347	94	2	of	of	ADP
ftr-347	94	3	new	new	PROPN
ftr-347	94	4	york	york	PROPN
ftr-347	94	5	staff	staff	PROPN
ftr-347	94	6	rep	rep	PROPN
ftr-347	94	7	.	.	PROPN
ftr-347	94	8	1	1	NUM
ftr-347	94	9	(	(	PUNCT
ftr-347	94	10	2007	2007	NUM
ftr-347	94	11	)	)	PUNCT
ftr-347	94	12	;	;	PUNCT
ftr-347	94	13	see	see	VERB
ftr-347	94	14	generally	generally	ADV
ftr-347	94	15	,	,	PUNCT
ftr-347	94	16	alan	alan	PROPN
ftr-347	94	17	l.	l.	PROPN
ftr-347	94	18	kennard	kennard	PROPN
ftr-347	94	19	,	,	PUNCT
ftr-347	94	20	the	the	DET
ftr-347	94	21	hedge	hedge	NOUN
ftr-347	94	22	fund	fund	NOUN
ftr-347	94	23	versus	versus	ADP
ftr-347	94	24	the	the	DET
ftr-347	94	25	mutual	mutual	ADJ
ftr-347	94	26	fund	fund	NOUN
ftr-347	94	27	,	,	PUNCT
ftr-347	94	28	57	57	NUM
ftr-347	94	29	tax	tax	NOUN
ftr-347	94	30	law	law	NOUN
ftr-347	94	31	.	.	PUNCT
ftr-347	95	1	133	133	NUM
ftr-347	95	2	(	(	PUNCT
ftr-347	95	3	2004	2004	NUM
ftr-347	95	4	)	)	PUNCT
ftr-347	95	5	.	.	PUNCT
ftr-347	96	1	in	in	ADP
ftr-347	96	2	addition	addition	NOUN
ftr-347	96	3	,	,	PUNCT
ftr-347	96	4	hedge	hedge	NOUN
ftr-347	96	5	fund	fund	NOUN
ftr-347	96	6	investment	investment	NOUN
ftr-347	96	7	advisors	advisor	NOUN
ftr-347	96	8	generally	generally	ADV
ftr-347	96	9	do	do	AUX
ftr-347	96	10	not	not	PART
ftr-347	96	11	register	register	VERB
ftr-347	96	12	as	as	ADP
ftr-347	96	13	such	such	ADJ
ftr-347	96	14	under	under	ADP
ftr-347	96	15	the	the	DET
ftr-347	96	16	investment	investment	NOUN
ftr-347	96	17	advisors	advisor	NOUN
ftr-347	96	18	act	act	VERB
ftr-347	96	19	of	of	ADP
ftr-347	96	20	1940	1940	NUM
ftr-347	96	21	because	because	SCONJ
ftr-347	96	22	they	they	PRON
ftr-347	96	23	have	have	VERB
ftr-347	96	24	15	15	NUM
ftr-347	96	25	or	or	CCONJ
ftr-347	96	26	fewer	few	ADJ
ftr-347	96	27	clients	client	NOUN
ftr-347	96	28	(	(	PUNCT
ftr-347	96	29	or	or	CCONJ
ftr-347	96	30	funds	fund	NOUN
ftr-347	96	31	)	)	PUNCT
ftr-347	96	32	.	.	PUNCT
ftr-347	97	1	12	12	NUM
ftr-347	97	2	.	.	PUNCT
ftr-347	98	1	victor	victor	PROPN
ftr-347	98	2	fleischer	fleischer	PROPN
ftr-347	98	3	,	,	PUNCT
ftr-347	98	4	two	two	NUM
ftr-347	98	5	and	and	CCONJ
ftr-347	98	6	twenty	twenty	NUM
ftr-347	98	7	:	:	PUNCT
ftr-347	98	8	taxing	tax	VERB
ftr-347	98	9	partnership	partnership	NOUN
ftr-347	98	10	profits	profit	NOUN
ftr-347	98	11	in	in	ADP
ftr-347	98	12	private	private	ADJ
ftr-347	98	13	equity	equity	NOUN
ftr-347	98	14	funds	fund	NOUN
ftr-347	98	15	,	,	PUNCT
ftr-347	98	16	83	83	NUM
ftr-347	98	17	n.y.u	n.y.u	NOUN
ftr-347	98	18	.	.	PUNCT
ftr-347	99	1	l.	l.	PROPN
ftr-347	99	2	rev	rev	PROPN
ftr-347	99	3	.	.	PROPN
ftr-347	99	4	1	1	NUM
ftr-347	99	5	,	,	PUNCT
ftr-347	99	6	3	3	NUM
ftr-347	99	7	(	(	PUNCT
ftr-347	99	8	2008	2008	NUM
ftr-347	99	9	)	)	PUNCT
ftr-347	99	10	.	.	PUNCT
ftr-347	100	1	13	13	X
ftr-347	100	2	.	.	X
ftr-347	100	3	see	see	VERB
ftr-347	100	4	kambhu	kambhu	NOUN
ftr-347	100	5	,	,	PUNCT
ftr-347	100	6	schuermann	schuermann	PROPN
ftr-347	100	7	&	&	CCONJ
ftr-347	100	8	stiroh	stiroh	PROPN
ftr-347	100	9	,	,	PUNCT
ftr-347	100	10	hedge	hedge	NOUN
ftr-347	100	11	funds	fund	NOUN
ftr-347	100	12	,	,	PUNCT
ftr-347	100	13	supra	supra	PROPN
ftr-347	100	14	note	note	PROPN
ftr-347	100	15	11	11	NUM
ftr-347	100	16	,	,	PUNCT
ftr-347	100	17	at	at	ADP
ftr-347	100	18	3	3	NUM
ftr-347	100	19	.	.	PUNCT
ftr-347	100	20	http://papers.ssrn.com/sol3/cf_dev/absbyauth.cfm?per_id=327126	http://papers.ssrn.com/sol3/cf_dev/absbyauth.cfm?per_id=327126	PUNCT
ftr-347	101	1	http://papers.ssrn.com/sol3/cf_dev/absbyauth.cfm?per_id=327126	http://papers.ssrn.com/sol3/cf_dev/absbyauth.cfm?per_id=327126	X
ftr-347	102	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=892440	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=892440	PROPN
ftr-347	102	2	2011	2011	NUM
ftr-347	102	3	]	]	PUNCT
ftr-347	102	4	the	the	DET
ftr-347	102	5	global	global	ADJ
ftr-347	102	6	shadow	shadow	PROPN
ftr-347	102	7	bank	bank	PROPN
ftr-347	102	8	649	649	NUM
ftr-347	102	9	b.	b.	PROPN
ftr-347	102	10	introduction	introduction	NOUN
ftr-347	102	11	to	to	PART
ftr-347	102	12	hedge	hedge	VERB
ftr-347	102	13	fund	fund	NOUN
ftr-347	102	14	structures	structure	NOUN
ftr-347	102	15	funds	fund	NOUN
ftr-347	102	16	that	that	PRON
ftr-347	102	17	solicit	solicit	VERB
ftr-347	102	18	capital	capital	NOUN
ftr-347	102	19	from	from	ADP
ftr-347	102	20	foreign	foreign	ADJ
ftr-347	102	21	investors	investor	NOUN
ftr-347	102	22	are	be	AUX
ftr-347	102	23	increasingly	increasingly	ADV
ftr-347	102	24	using	use	VERB
ftr-347	102	25	a	a	DET
ftr-347	102	26	“	"	PUNCT
ftr-347	102	27	master	master	NOUN
ftr-347	102	28	-	-	PUNCT
ftr-347	102	29	feeder	feeder	NOUN
ftr-347	102	30	”	"	PUNCT
ftr-347	102	31	structure.14	structure.14	NOUN
ftr-347	102	32	a	a	DET
ftr-347	102	33	“	"	PUNCT
ftr-347	102	34	master	master	NOUN
ftr-347	102	35	–	–	PUNCT
ftr-347	102	36	feeder	feeder	NOUN
ftr-347	102	37	”	"	PUNCT
ftr-347	102	38	structure	structure	NOUN
ftr-347	102	39	,	,	PUNCT
ftr-347	102	40	although	although	SCONJ
ftr-347	102	41	providing	provide	VERB
ftr-347	102	42	many	many	ADJ
ftr-347	102	43	tax	tax	NOUN
ftr-347	102	44	and	and	CCONJ
ftr-347	102	45	non	non	ADJ
ftr-347	102	46	-	-	ADJ
ftr-347	102	47	tax	tax	ADJ
ftr-347	102	48	benefits	benefit	NOUN
ftr-347	102	49	,	,	PUNCT
ftr-347	102	50	tends	tend	VERB
ftr-347	102	51	to	to	PART
ftr-347	102	52	amplify	amplify	VERB
ftr-347	102	53	the	the	DET
ftr-347	102	54	uncertainties	uncertainty	NOUN
ftr-347	102	55	in	in	ADP
ftr-347	102	56	the	the	DET
ftr-347	102	57	taxation	taxation	NOUN
ftr-347	102	58	of	of	ADP
ftr-347	102	59	foreign	foreign	ADJ
ftr-347	102	60	funds	fund	NOUN
ftr-347	102	61	lending	lend	VERB
ftr-347	102	62	to	to	ADP
ftr-347	102	63	u.s	u.s	PROPN
ftr-347	102	64	.	.	PROPN
ftr-347	102	65	borrowers	borrower	NOUN
ftr-347	102	66	and	and	CCONJ
ftr-347	102	67	transacting	transact	VERB
ftr-347	102	68	in	in	ADP
ftr-347	102	69	u.s	u.s	PROPN
ftr-347	102	70	.	.	PROPN
ftr-347	102	71	debt	debt	NOUN
ftr-347	102	72	securities	security	NOUN
ftr-347	102	73	.	.	PUNCT
ftr-347	103	1	in	in	ADP
ftr-347	103	2	a	a	DET
ftr-347	103	3	typical	typical	ADJ
ftr-347	103	4	“	"	PUNCT
ftr-347	103	5	master	master	NOUN
ftr-347	103	6	–	–	PUNCT
ftr-347	103	7	feeder	feeder	NOUN
ftr-347	103	8	”	"	PUNCT
ftr-347	103	9	structure	structure	NOUN
ftr-347	103	10	,	,	PUNCT
ftr-347	103	11	a	a	DET
ftr-347	103	12	u.s	u.s	PROPN
ftr-347	103	13	.	.	PROPN
ftr-347	103	14	limited	limited	PROPN
ftr-347	103	15	partnership	partnership	NOUN
ftr-347	103	16	(	(	PUNCT
ftr-347	103	17	see	see	VERB
ftr-347	103	18	#	#	SYM
ftr-347	103	19	1	1	NUM
ftr-347	103	20	in	in	ADP
ftr-347	103	21	figure	figure	NOUN
ftr-347	103	22	1	1	NUM
ftr-347	103	23	below	below	ADV
ftr-347	103	24	,	,	PUNCT
ftr-347	103	25	primarily	primarily	ADV
ftr-347	103	26	an	an	DET
ftr-347	103	27	investment	investment	NOUN
ftr-347	103	28	vehicle	vehicle	NOUN
ftr-347	103	29	for	for	ADP
ftr-347	103	30	u.s	u.s	PROPN
ftr-347	103	31	.	.	PROPN
ftr-347	103	32	taxable	taxable	ADJ
ftr-347	103	33	investors	investor	NOUN
ftr-347	103	34	)	)	PUNCT
ftr-347	103	35	and	and	CCONJ
ftr-347	103	36	a	a	DET
ftr-347	103	37	foreign	foreign	ADJ
ftr-347	103	38	corporation	corporation	NOUN
ftr-347	103	39	(	(	PUNCT
ftr-347	103	40	see	see	VERB
ftr-347	103	41	#	#	SYM
ftr-347	103	42	2	2	NUM
ftr-347	103	43	in	in	ADP
ftr-347	103	44	figure	figure	NOUN
ftr-347	103	45	1	1	NUM
ftr-347	103	46	below	below	ADV
ftr-347	103	47	,	,	PUNCT
ftr-347	103	48	primarily	primarily	ADV
ftr-347	103	49	an	an	DET
ftr-347	103	50	investment	investment	NOUN
ftr-347	103	51	vehicle	vehicle	NOUN
ftr-347	103	52	for	for	ADP
ftr-347	103	53	u.s	u.s	PROPN
ftr-347	103	54	.	.	PROPN
ftr-347	103	55	tax	tax	NOUN
ftr-347	103	56	-	-	PUNCT
ftr-347	103	57	exempt	exempt	ADJ
ftr-347	103	58	and	and	CCONJ
ftr-347	103	59	non	non	ADJ
ftr-347	103	60	-	-	ADJ
ftr-347	103	61	u.s	u.s	PROPN
ftr-347	103	62	.	.	PROPN
ftr-347	103	63	investors	investor	NOUN
ftr-347	103	64	)	)	PUNCT
ftr-347	103	65	invest	invest	VERB
ftr-347	103	66	in	in	ADP
ftr-347	103	67	parallel	parallel	NOUN
ftr-347	103	68	in	in	ADP
ftr-347	103	69	another	another	DET
ftr-347	103	70	entity	entity	NOUN
ftr-347	103	71	,	,	PUNCT
ftr-347	103	72	the	the	DET
ftr-347	103	73	“	"	PUNCT
ftr-347	103	74	master	master	NOUN
ftr-347	103	75	fund	fund	NOUN
ftr-347	103	76	,	,	PUNCT
ftr-347	103	77	”	"	PUNCT
ftr-347	103	78	which	which	PRON
ftr-347	103	79	is	be	AUX
ftr-347	103	80	a	a	DET
ftr-347	103	81	pass	pass	VERB
ftr-347	103	82	-	-	PUNCT
ftr-347	103	83	through	through	ADP
ftr-347	103	84	entity	entity	NOUN
ftr-347	103	85	for	for	ADP
ftr-347	103	86	u.s	u.s	PROPN
ftr-347	103	87	.	.	PROPN
ftr-347	103	88	tax	tax	NOUN
ftr-347	103	89	purposes	purpose	NOUN
ftr-347	103	90	(	(	PUNCT
ftr-347	103	91	see	see	VERB
ftr-347	103	92	#	#	SYM
ftr-347	103	93	3	3	NUM
ftr-347	103	94	in	in	ADP
ftr-347	103	95	figure	figure	NOUN
ftr-347	103	96	1	1	NUM
ftr-347	103	97	below	below	ADP
ftr-347	103	98	)	)	PUNCT
ftr-347	103	99	.	.	PUNCT
ftr-347	104	1	the	the	DET
ftr-347	104	2	u.s	u.s	PROPN
ftr-347	104	3	.	.	PROPN
ftr-347	104	4	limited	limited	PROPN
ftr-347	104	5	partnership	partnership	NOUN
ftr-347	104	6	and	and	CCONJ
ftr-347	104	7	the	the	DET
ftr-347	104	8	foreign	foreign	ADJ
ftr-347	104	9	corporation	corporation	NOUN
ftr-347	104	10	are	be	AUX
ftr-347	104	11	known	know	VERB
ftr-347	104	12	as	as	ADP
ftr-347	104	13	the	the	DET
ftr-347	104	14	feeder	feeder	NOUN
ftr-347	104	15	funds	fund	NOUN
ftr-347	104	16	.	.	PUNCT
ftr-347	105	1	figure	figure	VERB
ftr-347	105	2	1	1	NUM
ftr-347	105	3	:	:	PUNCT
ftr-347	105	4	master	master	NOUN
ftr-347	105	5	-	-	PUNCT
ftr-347	105	6	feeder	feeder	NOUN
ftr-347	105	7	structure	structure	NOUN
ftr-347	105	8	#	#	SYM
ftr-347	105	9	3	3	NUM
ftr-347	105	10	foreign	foreign	ADJ
ftr-347	105	11	master	master	NOUN
ftr-347	105	12	fund	fund	NOUN
ftr-347	105	13	‘	'	PUNCT
ftr-347	105	14	#	#	SYM
ftr-347	105	15	2	2	NUM
ftr-347	105	16	foreign	foreign	ADJ
ftr-347	105	17	corporation	corporation	NOUN
ftr-347	105	18	(	(	PUNCT
ftr-347	105	19	feeder	feeder	NOUN
ftr-347	105	20	fund	fund	PROPN
ftr-347	105	21	)	)	PUNCT
ftr-347	105	22	investments	investment	NOUN
ftr-347	105	23	limited	limit	VERB
ftr-347	105	24	partnerinvestment	partnerinvestment	NOUN
ftr-347	105	25	advisor	advisor	NOUN
ftr-347	105	26	(	(	PUNCT
ftr-347	105	27	gp	gp	NOUN
ftr-347	105	28	)	)	PUNCT
ftr-347	105	29	potential	potential	ADJ
ftr-347	105	30	performance	performance	NOUN
ftr-347	105	31	allocation	allocation	NOUN
ftr-347	105	32	(	(	PUNCT
ftr-347	105	33	20	20	NUM
ftr-347	105	34	%	%	NOUN
ftr-347	105	35	)	)	PUNCT
ftr-347	105	36	potential	potential	ADJ
ftr-347	105	37	management	management	NOUN
ftr-347	105	38	fee	fee	NOUN
ftr-347	105	39	(	(	PUNCT
ftr-347	105	40	2	2	NUM
ftr-347	105	41	%	%	NOUN
ftr-347	105	42	)	)	PUNCT
ftr-347	105	43	non	non	ADJ
ftr-347	105	44	-	-	ADJ
ftr-347	105	45	u.s	u.s	PROPN
ftr-347	105	46	.	.	PROPN
ftr-347	105	47	investors	investors	PROPN
ftr-347	105	48	u.s	u.s	PROPN
ftr-347	105	49	.	.	PROPN
ftr-347	105	50	investors	investors	PROPN
ftr-347	105	51	investment	investment	PROPN
ftr-347	105	52	advisor	advisor	NOUN
ftr-347	105	53	potential	potential	ADJ
ftr-347	105	54	management	management	NOUN
ftr-347	105	55	fee	fee	NOUN
ftr-347	105	56	2	2	NUM
ftr-347	105	57	%	%	NOUN
ftr-347	105	58	limited	limited	ADJ
ftr-347	105	59	partner	partner	NOUN
ftr-347	105	60	#	#	SYM
ftr-347	105	61	1	1	NUM
ftr-347	105	62	u.s	u.s	PROPN
ftr-347	105	63	.	.	PROPN
ftr-347	105	64	lp	lp	PROPN
ftr-347	105	65	(	(	PUNCT
ftr-347	105	66	feeder	feeder	PROPN
ftr-347	105	67	fund	fund	PROPN
ftr-347	105	68	)	)	PUNCT
ftr-347	105	69	u.s	u.s	PROPN
ftr-347	105	70	.	.	PROPN
ftr-347	105	71	tax	tax	NOUN
ftr-347	105	72	exempt	exempt	ADJ
ftr-347	105	73	investors	investor	NOUN
ftr-347	105	74	14	14	NUM
ftr-347	105	75	.	.	PUNCT
ftr-347	106	1	alternatives	alternative	NOUN
ftr-347	106	2	to	to	ADP
ftr-347	106	3	the	the	DET
ftr-347	106	4	master	master	NOUN
ftr-347	106	5	-	-	PUNCT
ftr-347	106	6	feeder	feeder	NOUN
ftr-347	106	7	structure	structure	NOUN
ftr-347	106	8	when	when	SCONJ
ftr-347	106	9	a	a	DET
ftr-347	106	10	fund	fund	NOUN
ftr-347	106	11	is	be	AUX
ftr-347	106	12	soliciting	solicit	VERB
ftr-347	106	13	capital	capital	NOUN
ftr-347	106	14	from	from	ADP
ftr-347	106	15	foreign	foreign	ADJ
ftr-347	106	16	investors	investor	NOUN
ftr-347	106	17	include	include	VERB
ftr-347	106	18	a	a	DET
ftr-347	106	19	parallel	parallel	ADJ
ftr-347	106	20	structure	structure	NOUN
ftr-347	106	21	in	in	ADP
ftr-347	106	22	which	which	PRON
ftr-347	106	23	a	a	DET
ftr-347	106	24	foreign	foreign	ADJ
ftr-347	106	25	corporation	corporation	NOUN
ftr-347	106	26	for	for	ADP
ftr-347	106	27	u.s	u.s	PROPN
ftr-347	106	28	.	.	PROPN
ftr-347	106	29	tax	tax	NOUN
ftr-347	106	30	purposes	purpose	NOUN
ftr-347	106	31	invests	invest	NOUN
ftr-347	106	32	in	in	ADP
ftr-347	106	33	tandem	tandem	NOUN
ftr-347	106	34	with	with	ADP
ftr-347	106	35	a	a	DET
ftr-347	106	36	domestic	domestic	ADJ
ftr-347	106	37	fund	fund	NOUN
ftr-347	106	38	(	(	PUNCT
ftr-347	106	39	although	although	SCONJ
ftr-347	106	40	not	not	PART
ftr-347	106	41	through	through	ADP
ftr-347	106	42	a	a	DET
ftr-347	106	43	master	master	NOUN
ftr-347	106	44	fund	fund	NOUN
ftr-347	106	45	)	)	PUNCT
ftr-347	106	46	.	.	PUNCT
ftr-347	107	1	in	in	ADP
ftr-347	107	2	another	another	DET
ftr-347	107	3	variation	variation	NOUN
ftr-347	107	4	,	,	PUNCT
ftr-347	107	5	the	the	DET
ftr-347	107	6	foreign	foreign	ADJ
ftr-347	107	7	corporation	corporation	NOUN
ftr-347	107	8	could	could	AUX
ftr-347	107	9	invest	invest	VERB
ftr-347	107	10	in	in	ADP
ftr-347	107	11	a	a	DET
ftr-347	107	12	flow	flow	NOUN
ftr-347	107	13	–	–	PUNCT
ftr-347	107	14	through	through	ADP
ftr-347	107	15	entity	entity	NOUN
ftr-347	107	16	for	for	ADP
ftr-347	107	17	u.s	u.s	PROPN
ftr-347	107	18	.	.	PROPN
ftr-347	107	19	federal	federal	ADJ
ftr-347	107	20	income	income	NOUN
ftr-347	107	21	tax	tax	NOUN
ftr-347	107	22	purposes	purpose	NOUN
ftr-347	107	23	with	with	ADP
ftr-347	107	24	the	the	DET
ftr-347	107	25	investment	investment	NOUN
ftr-347	107	26	advisor	advisor	NOUN
ftr-347	107	27	as	as	ADP
ftr-347	107	28	the	the	DET
ftr-347	107	29	general	general	ADJ
ftr-347	107	30	partner	partner	NOUN
ftr-347	107	31	of	of	ADP
ftr-347	107	32	the	the	DET
ftr-347	107	33	flow	flow	NOUN
ftr-347	107	34	-	-	PUNCT
ftr-347	107	35	through	through	ADP
ftr-347	107	36	entity	entity	NOUN
ftr-347	107	37	such	such	ADJ
ftr-347	107	38	that	that	SCONJ
ftr-347	107	39	the	the	DET
ftr-347	107	40	investment	investment	NOUN
ftr-347	107	41	advisor	advisor	NOUN
ftr-347	107	42	could	could	AUX
ftr-347	107	43	receive	receive	VERB
ftr-347	107	44	a	a	DET
ftr-347	107	45	profit	profit	NOUN
ftr-347	107	46	allocation	allocation	NOUN
ftr-347	107	47	instead	instead	ADV
ftr-347	107	48	of	of	ADP
ftr-347	107	49	a	a	DET
ftr-347	107	50	performance	performance	NOUN
ftr-347	107	51	fee	fee	NOUN
ftr-347	107	52	.	.	PUNCT
ftr-347	108	1	the	the	DET
ftr-347	108	2	difference	difference	NOUN
ftr-347	108	3	between	between	ADP
ftr-347	108	4	this	this	DET
ftr-347	108	5	alternative	alternative	NOUN
ftr-347	108	6	and	and	CCONJ
ftr-347	108	7	a	a	DET
ftr-347	108	8	“	"	PUNCT
ftr-347	108	9	master	master	NOUN
ftr-347	108	10	–	–	PUNCT
ftr-347	108	11	feeder	feeder	NOUN
ftr-347	108	12	”	"	PUNCT
ftr-347	108	13	structure	structure	NOUN
ftr-347	108	14	is	be	AUX
ftr-347	108	15	that	that	SCONJ
ftr-347	108	16	a	a	DET
ftr-347	108	17	domestic	domestic	ADJ
ftr-347	108	18	fund	fund	NOUN
ftr-347	108	19	does	do	AUX
ftr-347	108	20	not	not	PART
ftr-347	108	21	also	also	ADV
ftr-347	108	22	invest	invest	VERB
ftr-347	108	23	in	in	ADP
ftr-347	108	24	that	that	DET
ftr-347	108	25	lower	low	ADJ
ftr-347	108	26	tier	tier	NOUN
ftr-347	108	27	flow	flow	NOUN
ftr-347	108	28	-	-	PUNCT
ftr-347	108	29	through	through	ADP
ftr-347	108	30	entity	entity	NOUN
ftr-347	108	31	.	.	PUNCT
ftr-347	109	1	650	650	NUM
ftr-347	109	2	florida	florida	PROPN
ftr-347	109	3	tax	tax	NOUN
ftr-347	109	4	review	review	NOUN
ftr-347	109	5	[	[	X
ftr-347	109	6	vol	vol	NOUN
ftr-347	109	7	.	.	PUNCT
ftr-347	109	8	11:8	11:8	NUM
ftr-347	109	9	because	because	SCONJ
ftr-347	109	10	the	the	DET
ftr-347	109	11	master	master	NOUN
ftr-347	109	12	fund	fund	NOUN
ftr-347	109	13	is	be	AUX
ftr-347	109	14	taxed	tax	VERB
ftr-347	109	15	as	as	ADP
ftr-347	109	16	a	a	DET
ftr-347	109	17	partnership	partnership	NOUN
ftr-347	109	18	for	for	ADP
ftr-347	109	19	u.s	u.s	PROPN
ftr-347	109	20	.	.	PROPN
ftr-347	109	21	tax	tax	NOUN
ftr-347	109	22	purposes	purpose	NOUN
ftr-347	109	23	,	,	PUNCT
ftr-347	109	24	the	the	DET
ftr-347	109	25	investment	investment	NOUN
ftr-347	109	26	advisor	advisor	NOUN
ftr-347	109	27	can	can	AUX
ftr-347	109	28	be	be	AUX
ftr-347	109	29	the	the	DET
ftr-347	109	30	general	general	ADJ
ftr-347	109	31	partner	partner	NOUN
ftr-347	109	32	of	of	ADP
ftr-347	109	33	the	the	DET
ftr-347	109	34	master	master	NOUN
ftr-347	109	35	fund	fund	NOUN
ftr-347	109	36	.	.	PUNCT
ftr-347	110	1	therefore	therefore	ADV
ftr-347	110	2	the	the	DET
ftr-347	110	3	investment	investment	NOUN
ftr-347	110	4	advisor	advisor	NOUN
ftr-347	110	5	can	can	AUX
ftr-347	110	6	receive	receive	VERB
ftr-347	110	7	a	a	DET
ftr-347	110	8	special	special	ADJ
ftr-347	110	9	profit	profit	NOUN
ftr-347	110	10	allocation	allocation	NOUN
ftr-347	110	11	as	as	ADP
ftr-347	110	12	a	a	DET
ftr-347	110	13	partner	partner	NOUN
ftr-347	110	14	in	in	ADP
ftr-347	110	15	lieu	lieu	NOUN
ftr-347	110	16	of	of	ADP
ftr-347	110	17	all	all	PRON
ftr-347	110	18	or	or	CCONJ
ftr-347	110	19	a	a	DET
ftr-347	110	20	portion	portion	NOUN
ftr-347	110	21	of	of	ADP
ftr-347	110	22	a	a	DET
ftr-347	110	23	performance	performance	NOUN
ftr-347	110	24	fee	fee	NOUN
ftr-347	110	25	.	.	PUNCT
ftr-347	111	1	a	a	DET
ftr-347	111	2	performance	performance	NOUN
ftr-347	111	3	fee	fee	NOUN
ftr-347	111	4	is	be	AUX
ftr-347	111	5	generally	generally	ADV
ftr-347	111	6	characterized	characterize	VERB
ftr-347	111	7	as	as	ADP
ftr-347	111	8	ordinary	ordinary	ADJ
ftr-347	111	9	income	income	NOUN
ftr-347	111	10	,	,	PUNCT
ftr-347	111	11	which	which	PRON
ftr-347	111	12	is	be	AUX
ftr-347	111	13	taxed	tax	VERB
ftr-347	111	14	at	at	ADP
ftr-347	111	15	a	a	DET
ftr-347	111	16	higher	high	ADJ
ftr-347	111	17	rate	rate	NOUN
ftr-347	111	18	than	than	ADP
ftr-347	111	19	a	a	DET
ftr-347	111	20	special	special	ADJ
ftr-347	111	21	profit	profit	NOUN
ftr-347	111	22	allocation	allocation	NOUN
ftr-347	111	23	,	,	PUNCT
ftr-347	111	24	all	all	PRON
ftr-347	111	25	or	or	CCONJ
ftr-347	111	26	part	part	NOUN
ftr-347	111	27	of	of	ADP
ftr-347	111	28	which	which	PRON
ftr-347	111	29	will	will	AUX
ftr-347	111	30	be	be	AUX
ftr-347	111	31	treated	treat	VERB
ftr-347	111	32	as	as	ADP
ftr-347	111	33	capital	capital	NOUN
ftr-347	111	34	gain	gain	NOUN
ftr-347	111	35	,	,	PUNCT
ftr-347	111	36	depending	depend	VERB
ftr-347	111	37	on	on	ADP
ftr-347	111	38	the	the	DET
ftr-347	111	39	mix	mix	NOUN
ftr-347	111	40	of	of	ADP
ftr-347	111	41	income	income	NOUN
ftr-347	111	42	earned	earn	VERB
ftr-347	111	43	by	by	ADP
ftr-347	111	44	the	the	DET
ftr-347	111	45	master	master	PROPN
ftr-347	111	46	fund	fund	PROPN
ftr-347	111	47	’s	’s	PART
ftr-347	111	48	underlying	underlie	VERB
ftr-347	111	49	investments.15	investments.15	NOUN
ftr-347	111	50	a	a	DET
ftr-347	111	51	special	special	ADJ
ftr-347	111	52	profit	profit	NOUN
ftr-347	111	53	allocation	allocation	NOUN
ftr-347	111	54	,	,	PUNCT
ftr-347	111	55	however	however	ADV
ftr-347	111	56	,	,	PUNCT
ftr-347	111	57	does	do	AUX
ftr-347	111	58	not	not	PART
ftr-347	111	59	provide	provide	VERB
ftr-347	111	60	the	the	DET
ftr-347	111	61	same	same	ADJ
ftr-347	111	62	fee	fee	NOUN
ftr-347	111	63	deferral	deferral	ADJ
ftr-347	111	64	options	option	NOUN
ftr-347	111	65	for	for	ADP
ftr-347	111	66	federal	federal	ADJ
ftr-347	111	67	income	income	NOUN
ftr-347	111	68	tax	tax	NOUN
ftr-347	111	69	purposes.16	purposes.16	PROPN
ftr-347	111	70	the	the	DET
ftr-347	111	71	use	use	NOUN
ftr-347	111	72	of	of	ADP
ftr-347	111	73	master	master	NOUN
ftr-347	111	74	-	-	PUNCT
ftr-347	111	75	feeder	feeder	NOUN
ftr-347	111	76	structures	structure	NOUN
ftr-347	111	77	is	be	AUX
ftr-347	111	78	increasing	increase	VERB
ftr-347	111	79	because	because	SCONJ
ftr-347	111	80	of	of	ADP
ftr-347	111	81	the	the	DET
ftr-347	111	82	potential	potential	NOUN
ftr-347	111	83	for	for	SCONJ
ftr-347	111	84	the	the	DET
ftr-347	111	85	investment	investment	NOUN
ftr-347	111	86	advisor	advisor	NOUN
ftr-347	111	87	to	to	PART
ftr-347	111	88	convert	convert	VERB
ftr-347	111	89	all	all	PRON
ftr-347	111	90	or	or	CCONJ
ftr-347	111	91	a	a	DET
ftr-347	111	92	portion	portion	NOUN
ftr-347	111	93	of	of	ADP
ftr-347	111	94	the	the	DET
ftr-347	111	95	performance	performance	NOUN
ftr-347	111	96	fee	fee	NOUN
ftr-347	111	97	into	into	ADP
ftr-347	111	98	an	an	DET
ftr-347	111	99	incentive	incentive	NOUN
ftr-347	111	100	allocation	allocation	NOUN
ftr-347	111	101	and	and	CCONJ
ftr-347	111	102	for	for	ADP
ftr-347	111	103	other	other	ADJ
ftr-347	111	104	non	non	ADJ
ftr-347	111	105	-	-	ADJ
ftr-347	111	106	tax	tax	ADJ
ftr-347	111	107	reasons	reason	NOUN
ftr-347	111	108	.	.	PUNCT
ftr-347	112	1	these	these	DET
ftr-347	112	2	non	non	ADJ
ftr-347	112	3	-	-	ADJ
ftr-347	112	4	tax	tax	ADJ
ftr-347	112	5	reasons	reason	NOUN
ftr-347	112	6	include	include	VERB
ftr-347	112	7	(	(	PUNCT
ftr-347	112	8	1	1	X
ftr-347	112	9	)	)	PUNCT
ftr-347	112	10	achieving	achieve	VERB
ftr-347	112	11	a	a	DET
ftr-347	112	12	critical	critical	ADJ
ftr-347	112	13	mass	mass	NOUN
ftr-347	112	14	of	of	ADP
ftr-347	112	15	assets	asset	NOUN
ftr-347	112	16	in	in	ADP
ftr-347	112	17	the	the	DET
ftr-347	112	18	master	master	NOUN
ftr-347	112	19	fund,17	fund,17	NOUN
ftr-347	112	20	(	(	PUNCT
ftr-347	112	21	2	2	X
ftr-347	112	22	)	)	PUNCT
ftr-347	112	23	reducing	reduce	VERB
ftr-347	112	24	equalizing	equalizing	NOUN
ftr-347	112	25	trades	trade	NOUN
ftr-347	112	26	between	between	ADP
ftr-347	112	27	foreign	foreign	ADJ
ftr-347	112	28	and	and	CCONJ
ftr-347	112	29	domestic	domestic	ADJ
ftr-347	112	30	funds	fund	NOUN
ftr-347	112	31	investing	invest	VERB
ftr-347	112	32	in	in	ADP
ftr-347	112	33	parallel,18	parallel,18	PROPN
ftr-347	112	34	(	(	PUNCT
ftr-347	112	35	3	3	X
ftr-347	112	36	)	)	PUNCT
ftr-347	112	37	improving	improve	VERB
ftr-347	112	38	operating	operating	NOUN
ftr-347	112	39	efficiencies	efficiency	NOUN
ftr-347	112	40	15	15	NUM
ftr-347	112	41	.	.	PUNCT
ftr-347	113	1	see	see	VERB
ftr-347	113	2	i.r.c	i.r.c	NOUN
ftr-347	113	3	.	.	PUNCT
ftr-347	114	1	§	§	PROPN
ftr-347	114	2	61(a	61(a	NUM
ftr-347	114	3	)	)	PUNCT
ftr-347	114	4	(	(	PUNCT
ftr-347	114	5	“	"	PUNCT
ftr-347	114	6	except	except	SCONJ
ftr-347	114	7	as	as	ADV
ftr-347	114	8	otherwise	otherwise	ADV
ftr-347	114	9	provided	provide	VERB
ftr-347	114	10	[	[	PUNCT
ftr-347	114	11	in	in	ADP
ftr-347	114	12	subtitle	subtitle	NOUN
ftr-347	114	13	a	a	PRON
ftr-347	114	14	of	of	ADP
ftr-347	114	15	the	the	DET
ftr-347	114	16	i.r.c	i.r.c	NOUN
ftr-347	114	17	.	.	PUNCT
ftr-347	114	18	]	]	X
ftr-347	114	19	,	,	PUNCT
ftr-347	114	20	gross	gross	ADJ
ftr-347	114	21	income	income	NOUN
ftr-347	114	22	means	mean	VERB
ftr-347	114	23	all	all	DET
ftr-347	114	24	income	income	NOUN
ftr-347	114	25	from	from	ADP
ftr-347	114	26	whatever	whatever	DET
ftr-347	114	27	source	source	NOUN
ftr-347	114	28	derived	derive	VERB
ftr-347	114	29	.	.	PUNCT
ftr-347	114	30	”	"	PUNCT
ftr-347	114	31	)	)	PUNCT
ftr-347	114	32	;	;	PUNCT
ftr-347	114	33	i.r.c	i.r.c	NOUN
ftr-347	114	34	.	.	PUNCT
ftr-347	115	1	§	§	PROPN
ftr-347	115	2	702(b	702(b	PROPN
ftr-347	115	3	)	)	PUNCT
ftr-347	115	4	(	(	PUNCT
ftr-347	115	5	providing	provide	VERB
ftr-347	115	6	the	the	DET
ftr-347	115	7	character	character	NOUN
ftr-347	115	8	of	of	ADP
ftr-347	115	9	any	any	DET
ftr-347	115	10	items	item	NOUN
ftr-347	115	11	of	of	ADP
ftr-347	115	12	income	income	NOUN
ftr-347	115	13	in	in	ADP
ftr-347	115	14	a	a	DET
ftr-347	115	15	partner	partner	NOUN
ftr-347	115	16	’s	’s	PART
ftr-347	115	17	distributive	distributive	ADJ
ftr-347	115	18	share	share	NOUN
ftr-347	115	19	of	of	ADP
ftr-347	115	20	certain	certain	ADJ
ftr-347	115	21	items	item	NOUN
ftr-347	115	22	shall	shall	AUX
ftr-347	115	23	be	be	AUX
ftr-347	115	24	determined	determine	VERB
ftr-347	115	25	as	as	SCONJ
ftr-347	115	26	if	if	SCONJ
ftr-347	115	27	such	such	ADJ
ftr-347	115	28	item	item	NOUN
ftr-347	115	29	were	be	AUX
ftr-347	115	30	realized	realize	VERB
ftr-347	115	31	directly	directly	ADV
ftr-347	115	32	from	from	ADP
ftr-347	115	33	the	the	DET
ftr-347	115	34	source	source	NOUN
ftr-347	115	35	from	from	ADP
ftr-347	115	36	which	which	PRON
ftr-347	115	37	realized	realize	VERB
ftr-347	115	38	by	by	ADP
ftr-347	115	39	the	the	DET
ftr-347	115	40	partnership	partnership	NOUN
ftr-347	115	41	or	or	CCONJ
ftr-347	115	42	incurred	incur	VERB
ftr-347	115	43	in	in	ADP
ftr-347	115	44	the	the	DET
ftr-347	115	45	same	same	ADJ
ftr-347	115	46	manner	manner	NOUN
ftr-347	115	47	as	as	SCONJ
ftr-347	115	48	incurred	incur	VERB
ftr-347	115	49	by	by	ADP
ftr-347	115	50	the	the	DET
ftr-347	115	51	partnership	partnership	NOUN
ftr-347	115	52	)	)	PUNCT
ftr-347	115	53	.	.	PUNCT
ftr-347	116	1	see	see	VERB
ftr-347	116	2	also	also	ADV
ftr-347	116	3	fleischer	fleischer	PROPN
ftr-347	116	4	,	,	PUNCT
ftr-347	116	5	two	two	NUM
ftr-347	116	6	and	and	CCONJ
ftr-347	116	7	twenty	twenty	NUM
ftr-347	116	8	,	,	PUNCT
ftr-347	116	9	supra	supra	ADJ
ftr-347	116	10	note	note	NOUN
ftr-347	116	11	12	12	NUM
ftr-347	116	12	,	,	PUNCT
ftr-347	116	13	at	at	ADP
ftr-347	116	14	1	1	NUM
ftr-347	116	15	(	(	PUNCT
ftr-347	116	16	“	"	PUNCT
ftr-347	116	17	by	by	ADP
ftr-347	116	18	taking	take	VERB
ftr-347	116	19	a	a	DET
ftr-347	116	20	portion	portion	NOUN
ftr-347	116	21	of	of	ADP
ftr-347	116	22	their	their	PRON
ftr-347	116	23	pay	pay	NOUN
ftr-347	116	24	in	in	ADP
ftr-347	116	25	the	the	DET
ftr-347	116	26	form	form	NOUN
ftr-347	116	27	of	of	ADP
ftr-347	116	28	partnership	partnership	NOUN
ftr-347	116	29	profits	profit	NOUN
ftr-347	116	30	,	,	PUNCT
ftr-347	116	31	fund	fund	NOUN
ftr-347	116	32	managers	manager	NOUN
ftr-347	116	33	defer	defer	VERB
ftr-347	116	34	income	income	NOUN
ftr-347	116	35	derived	derive	VERB
ftr-347	116	36	from	from	ADP
ftr-347	116	37	their	their	PRON
ftr-347	116	38	labor	labor	NOUN
ftr-347	116	39	efforts	effort	NOUN
ftr-347	116	40	and	and	CCONJ
ftr-347	116	41	convert	convert	VERB
ftr-347	116	42	it	it	PRON
ftr-347	116	43	from	from	ADP
ftr-347	116	44	ordinary	ordinary	ADJ
ftr-347	116	45	income	income	NOUN
ftr-347	116	46	into	into	ADP
ftr-347	116	47	long	long	ADJ
ftr-347	116	48	-	-	PUNCT
ftr-347	116	49	term	term	NOUN
ftr-347	116	50	capital	capital	NOUN
ftr-347	116	51	gain	gain	NOUN
ftr-347	116	52	.	.	PUNCT
ftr-347	116	53	”	"	PUNCT
ftr-347	116	54	)	)	PUNCT
ftr-347	116	55	.	.	PUNCT
ftr-347	117	1	16	16	NUM
ftr-347	117	2	.	.	PUNCT
ftr-347	118	1	see	see	VERB
ftr-347	118	2	generally	generally	ADV
ftr-347	118	3	,	,	PUNCT
ftr-347	118	4	i.r.c	i.r.c	NOUN
ftr-347	118	5	.	.	PUNCT
ftr-347	119	1	§	§	PROPN
ftr-347	119	2	409a	409a	PROPN
ftr-347	119	3	(	(	PUNCT
ftr-347	119	4	allowing	allow	VERB
ftr-347	119	5	for	for	ADP
ftr-347	119	6	fee	fee	NOUN
ftr-347	119	7	deferral	deferral	NOUN
ftr-347	119	8	under	under	ADP
ftr-347	119	9	certain	certain	ADJ
ftr-347	119	10	circumstances	circumstance	NOUN
ftr-347	119	11	)	)	PUNCT
ftr-347	119	12	.	.	PUNCT
ftr-347	120	1	17	17	NUM
ftr-347	120	2	.	.	PUNCT
ftr-347	121	1	consolidating	consolidate	VERB
ftr-347	121	2	assets	asset	NOUN
ftr-347	121	3	among	among	ADP
ftr-347	121	4	the	the	DET
ftr-347	121	5	foreign	foreign	ADJ
ftr-347	121	6	and	and	CCONJ
ftr-347	121	7	domestic	domestic	ADJ
ftr-347	121	8	funds	fund	NOUN
ftr-347	121	9	into	into	ADP
ftr-347	121	10	the	the	DET
ftr-347	121	11	master	master	NOUN
ftr-347	121	12	fund	fund	NOUN
ftr-347	121	13	will	will	AUX
ftr-347	121	14	give	give	VERB
ftr-347	121	15	the	the	DET
ftr-347	121	16	master	master	NOUN
ftr-347	121	17	fund	fund	NOUN
ftr-347	121	18	a	a	DET
ftr-347	121	19	larger	large	ADJ
ftr-347	121	20	asset	asset	NOUN
ftr-347	121	21	base	base	NOUN
ftr-347	121	22	which	which	PRON
ftr-347	121	23	,	,	PUNCT
ftr-347	121	24	among	among	ADP
ftr-347	121	25	other	other	ADJ
ftr-347	121	26	benefits	benefit	NOUN
ftr-347	121	27	,	,	PUNCT
ftr-347	121	28	can	can	AUX
ftr-347	121	29	be	be	AUX
ftr-347	121	30	more	more	ADV
ftr-347	121	31	attractive	attractive	ADJ
ftr-347	121	32	to	to	ADP
ftr-347	121	33	lenders	lender	NOUN
ftr-347	121	34	and	and	CCONJ
ftr-347	121	35	investors	investor	NOUN
ftr-347	121	36	.	.	PUNCT
ftr-347	122	1	a	a	DET
ftr-347	122	2	single	single	ADJ
ftr-347	122	3	pool	pool	NOUN
ftr-347	122	4	of	of	ADP
ftr-347	122	5	assets	asset	NOUN
ftr-347	122	6	may	may	AUX
ftr-347	122	7	also	also	ADV
ftr-347	122	8	make	make	VERB
ftr-347	122	9	it	it	PRON
ftr-347	122	10	easier	easy	ADJ
ftr-347	122	11	for	for	SCONJ
ftr-347	122	12	a	a	DET
ftr-347	122	13	fund	fund	NOUN
ftr-347	122	14	to	to	PART
ftr-347	122	15	meet	meet	VERB
ftr-347	122	16	“	"	PUNCT
ftr-347	122	17	qualified	qualified	ADJ
ftr-347	122	18	institutional	institutional	ADJ
ftr-347	122	19	buyer	buyer	NOUN
ftr-347	122	20	”	"	PUNCT
ftr-347	122	21	or	or	CCONJ
ftr-347	122	22	other	other	ADJ
ftr-347	122	23	similar	similar	ADJ
ftr-347	122	24	asset	asset	NOUN
ftr-347	122	25	-	-	PUNCT
ftr-347	122	26	based	base	VERB
ftr-347	122	27	qualifying	qualifying	NOUN
ftr-347	122	28	status	status	NOUN
ftr-347	122	29	definitions	definition	NOUN
ftr-347	122	30	allowing	allow	VERB
ftr-347	122	31	access	access	NOUN
ftr-347	122	32	to	to	ADP
ftr-347	122	33	less	less	ADJ
ftr-347	122	34	regulations	regulation	NOUN
ftr-347	122	35	investments	investment	NOUN
ftr-347	122	36	(	(	PUNCT
ftr-347	122	37	such	such	ADJ
ftr-347	122	38	as	as	ADP
ftr-347	122	39	the	the	DET
ftr-347	122	40	rule	rule	NOUN
ftr-347	122	41	144a	144a	ADJ
ftr-347	122	42	market	market	NOUN
ftr-347	122	43	—	—	PUNCT
ftr-347	122	44	the	the	DET
ftr-347	122	45	private	private	ADJ
ftr-347	122	46	resales	resale	NOUN
ftr-347	122	47	of	of	ADP
ftr-347	122	48	securities	security	NOUN
ftr-347	122	49	to	to	ADP
ftr-347	122	50	institutions	institution	NOUN
ftr-347	122	51	)	)	PUNCT
ftr-347	122	52	while	while	SCONJ
ftr-347	122	53	the	the	DET
ftr-347	122	54	feeder	feeder	NOUN
ftr-347	122	55	funds	fund	NOUN
ftr-347	122	56	may	may	AUX
ftr-347	122	57	not	not	PART
ftr-347	122	58	qualify	qualify	VERB
ftr-347	122	59	on	on	ADP
ftr-347	122	60	their	their	PRON
ftr-347	122	61	own	own	ADJ
ftr-347	122	62	.	.	PUNCT
ftr-347	123	1	18	18	NUM
ftr-347	123	2	.	.	PUNCT
ftr-347	124	1	in	in	ADP
ftr-347	124	2	addition	addition	NOUN
ftr-347	124	3	,	,	PUNCT
ftr-347	124	4	trading	trading	NOUN
ftr-347	124	5	is	be	AUX
ftr-347	124	6	done	do	VERB
ftr-347	124	7	at	at	ADP
ftr-347	124	8	the	the	DET
ftr-347	124	9	master	master	NOUN
ftr-347	124	10	fund	fund	NOUN
ftr-347	124	11	level	level	NOUN
ftr-347	124	12	,	,	PUNCT
ftr-347	124	13	resulting	result	VERB
ftr-347	124	14	in	in	ADP
ftr-347	124	15	one	one	NUM
ftr-347	124	16	portfolio	portfolio	NOUN
ftr-347	124	17	.	.	PUNCT
ftr-347	125	1	therefore	therefore	ADV
ftr-347	125	2	,	,	PUNCT
ftr-347	125	3	the	the	DET
ftr-347	125	4	need	need	NOUN
ftr-347	125	5	to	to	PART
ftr-347	125	6	split	split	VERB
ftr-347	125	7	tickets	ticket	NOUN
ftr-347	125	8	or	or	CCONJ
ftr-347	125	9	engage	engage	VERB
ftr-347	125	10	in	in	ADP
ftr-347	125	11	equalizing	equalize	VERB
ftr-347	125	12	trades	trade	NOUN
ftr-347	125	13	between	between	ADP
ftr-347	125	14	funds	fund	NOUN
ftr-347	125	15	of	of	ADP
ftr-347	125	16	like	like	INTJ
ftr-347	125	17	strategy	strategy	NOUN
ftr-347	125	18	is	be	AUX
ftr-347	125	19	avoided	avoid	VERB
ftr-347	125	20	.	.	PUNCT
ftr-347	126	1	this	this	DET
ftr-347	126	2	simplifies	simplify	VERB
ftr-347	126	3	the	the	DET
ftr-347	126	4	day	day	NOUN
ftr-347	126	5	-	-	PUNCT
ftr-347	126	6	to	to	ADP
ftr-347	126	7	-	-	PUNCT
ftr-347	126	8	day	day	NOUN
ftr-347	126	9	operations	operation	NOUN
ftr-347	126	10	of	of	ADP
ftr-347	126	11	the	the	DET
ftr-347	126	12	investment	investment	NOUN
ftr-347	126	13	manager	manager	NOUN
ftr-347	126	14	.	.	PUNCT
ftr-347	127	1	2011	2011	NUM
ftr-347	127	2	]	]	PUNCT
ftr-347	127	3	the	the	DET
ftr-347	127	4	global	global	ADJ
ftr-347	127	5	shadow	shadow	PROPN
ftr-347	127	6	bank	bank	PROPN
ftr-347	127	7	651	651	NUM
ftr-347	127	8	for	for	ADP
ftr-347	127	9	the	the	DET
ftr-347	127	10	investment	investment	NOUN
ftr-347	127	11	advisors,19	advisors,19	NOUN
ftr-347	127	12	(	(	PUNCT
ftr-347	127	13	4	4	X
ftr-347	127	14	)	)	PUNCT
ftr-347	127	15	providing	provide	VERB
ftr-347	127	16	the	the	DET
ftr-347	127	17	flexibility	flexibility	NOUN
ftr-347	127	18	to	to	PART
ftr-347	127	19	customize	customize	VERB
ftr-347	127	20	the	the	DET
ftr-347	127	21	feeder	feeder	NOUN
ftr-347	127	22	funds,20	funds,20	ADJ
ftr-347	127	23	and	and	CCONJ
ftr-347	127	24	(	(	PUNCT
ftr-347	127	25	5	5	NUM
ftr-347	127	26	)	)	PUNCT
ftr-347	127	27	providing	provide	VERB
ftr-347	127	28	a	a	DET
ftr-347	127	29	uniform	uniform	ADJ
ftr-347	127	30	performance	performance	NOUN
ftr-347	127	31	record.21	record.21	NOUN
ftr-347	127	32	with	with	ADP
ftr-347	127	33	the	the	DET
ftr-347	127	34	rise	rise	NOUN
ftr-347	127	35	of	of	ADP
ftr-347	127	36	the	the	DET
ftr-347	127	37	“	"	PUNCT
ftr-347	127	38	master	master	NOUN
ftr-347	127	39	-	-	PUNCT
ftr-347	127	40	feeder	feeder	NOUN
ftr-347	127	41	”	"	PUNCT
ftr-347	127	42	structure	structure	NOUN
ftr-347	127	43	,	,	PUNCT
ftr-347	127	44	the	the	DET
ftr-347	127	45	u.s	u.s	PROPN
ftr-347	127	46	.	.	PROPN
ftr-347	127	47	federal	federal	ADJ
ftr-347	127	48	income	income	NOUN
ftr-347	127	49	tax	tax	NOUN
ftr-347	127	50	uncertainties	uncertainty	NOUN
ftr-347	127	51	as	as	ADP
ftr-347	127	52	to	to	ADP
ftr-347	127	53	whether	whether	SCONJ
ftr-347	127	54	or	or	CCONJ
ftr-347	127	55	not	not	PART
ftr-347	127	56	the	the	DET
ftr-347	127	57	foreign	foreign	ADJ
ftr-347	127	58	master	master	NOUN
ftr-347	127	59	fund	fund	NOUN
ftr-347	127	60	,	,	PUNCT
ftr-347	127	61	and	and	CCONJ
ftr-347	127	62	thereby	thereby	ADV
ftr-347	127	63	the	the	DET
ftr-347	127	64	foreign	foreign	ADJ
ftr-347	127	65	feeder	feeder	NOUN
ftr-347	127	66	fund	fund	NOUN
ftr-347	127	67	,	,	PUNCT
ftr-347	127	68	is	be	AUX
ftr-347	127	69	considered	consider	VERB
ftr-347	127	70	engaged	engaged	ADJ
ftr-347	127	71	in	in	ADP
ftr-347	127	72	u.s	u.s	PROPN
ftr-347	127	73	.	.	PROPN
ftr-347	127	74	business	business	NOUN
ftr-347	127	75	for	for	ADP
ftr-347	127	76	u.s	u.s	PROPN
ftr-347	127	77	.	.	PROPN
ftr-347	127	78	federal	federal	ADJ
ftr-347	127	79	tax	tax	NOUN
ftr-347	127	80	purposes	purpose	NOUN
ftr-347	127	81	are	be	AUX
ftr-347	127	82	even	even	ADV
ftr-347	127	83	more	more	ADV
ftr-347	127	84	pronounced	pronounced	ADJ
ftr-347	127	85	.	.	PUNCT
ftr-347	128	1	since	since	SCONJ
ftr-347	128	2	the	the	DET
ftr-347	128	3	master	master	NOUN
ftr-347	128	4	fund	fund	NOUN
ftr-347	128	5	also	also	ADV
ftr-347	128	6	has	have	VERB
ftr-347	128	7	a	a	DET
ftr-347	128	8	domestic	domestic	ADJ
ftr-347	128	9	feeder	feeder	NOUN
ftr-347	128	10	fund	fund	NOUN
ftr-347	128	11	and	and	CCONJ
ftr-347	128	12	thereby	thereby	ADV
ftr-347	128	13	u.s	u.s	PROPN
ftr-347	128	14	.	.	PROPN
ftr-347	128	15	investors	investor	NOUN
ftr-347	128	16	,	,	PUNCT
ftr-347	128	17	the	the	DET
ftr-347	128	18	investment	investment	NOUN
ftr-347	128	19	advisor	advisor	NOUN
ftr-347	128	20	may	may	AUX
ftr-347	128	21	be	be	AUX
ftr-347	128	22	tempted	tempt	VERB
ftr-347	128	23	to	to	PART
ftr-347	128	24	have	have	VERB
ftr-347	128	25	the	the	DET
ftr-347	128	26	master	master	NOUN
ftr-347	128	27	fund	fund	NOUN
ftr-347	128	28	invest	invest	VERB
ftr-347	128	29	in	in	ADP
ftr-347	128	30	the	the	DET
ftr-347	128	31	u.s	u.s	PROPN
ftr-347	128	32	.	.	PROPN
ftr-347	128	33	to	to	ADP
ftr-347	128	34	a	a	DET
ftr-347	128	35	point	point	NOUN
ftr-347	128	36	which	which	PRON
ftr-347	128	37	would	would	AUX
ftr-347	128	38	cause	cause	VERB
ftr-347	128	39	the	the	DET
ftr-347	128	40	master	master	NOUN
ftr-347	128	41	fund	fund	NOUN
ftr-347	128	42	to	to	PART
ftr-347	128	43	be	be	AUX
ftr-347	128	44	engaged	engage	VERB
ftr-347	128	45	in	in	ADP
ftr-347	128	46	a	a	DET
ftr-347	128	47	u.s	u.s	PROPN
ftr-347	128	48	.	.	PROPN
ftr-347	128	49	business.22	business.22	PROPN
ftr-347	128	50	the	the	DET
ftr-347	128	51	increased	increase	VERB
ftr-347	128	52	use	use	NOUN
ftr-347	128	53	of	of	ADP
ftr-347	128	54	the	the	DET
ftr-347	128	55	master	master	NOUN
ftr-347	128	56	-	-	PUNCT
ftr-347	128	57	fund	fund	NOUN
ftr-347	128	58	structure	structure	NOUN
ftr-347	128	59	actually	actually	ADV
ftr-347	128	60	heightens	heighten	VERB
ftr-347	128	61	the	the	DET
ftr-347	128	62	potential	potential	NOUN
ftr-347	128	63	for	for	ADP
ftr-347	128	64	these	these	DET
ftr-347	128	65	issues	issue	NOUN
ftr-347	128	66	since	since	SCONJ
ftr-347	128	67	there	there	PRON
ftr-347	128	68	is	be	VERB
ftr-347	128	69	one	one	NUM
ftr-347	128	70	master	master	NOUN
ftr-347	128	71	fund	fund	NOUN
ftr-347	128	72	investing	invest	VERB
ftr-347	128	73	for	for	ADP
ftr-347	128	74	both	both	DET
ftr-347	128	75	u.s	u.s	PROPN
ftr-347	128	76	.	.	PROPN
ftr-347	128	77	and	and	CCONJ
ftr-347	128	78	foreign	foreign	ADJ
ftr-347	128	79	persons.23	persons.23	NOUN
ftr-347	128	80	if	if	SCONJ
ftr-347	128	81	the	the	DET
ftr-347	128	82	master	master	NOUN
ftr-347	128	83	-	-	PUNCT
ftr-347	128	84	fund	fund	NOUN
ftr-347	128	85	were	be	AUX
ftr-347	128	86	considered	consider	VERB
ftr-347	128	87	to	to	PART
ftr-347	128	88	be	be	AUX
ftr-347	128	89	engaged	engage	VERB
ftr-347	128	90	in	in	ADP
ftr-347	128	91	a	a	DET
ftr-347	128	92	u.s	u.s	PROPN
ftr-347	128	93	.	.	PROPN
ftr-347	128	94	business	business	NOUN
ftr-347	128	95	,	,	PUNCT
ftr-347	128	96	the	the	DET
ftr-347	128	97	foreign	foreign	ADJ
ftr-347	128	98	feeder	feeder	NOUN
ftr-347	128	99	corporation	corporation	NOUN
ftr-347	128	100	would	would	AUX
ftr-347	128	101	also	also	ADV
ftr-347	128	102	be	be	AUX
ftr-347	128	103	considered	consider	VERB
ftr-347	128	104	to	to	PART
ftr-347	128	105	be	be	AUX
ftr-347	128	106	engaged	engage	VERB
ftr-347	128	107	in	in	ADP
ftr-347	128	108	a	a	DET
ftr-347	128	109	u.s	u.s	PROPN
ftr-347	128	110	.	.	PROPN
ftr-347	128	111	business.24	business.24	VERB
ftr-347	128	112	the	the	DET
ftr-347	128	113	consequences	consequence	NOUN
ftr-347	128	114	of	of	ADP
ftr-347	128	115	being	be	AUX
ftr-347	128	116	considered	consider	VERB
ftr-347	128	117	to	to	PART
ftr-347	128	118	be	be	AUX
ftr-347	128	119	engaged	engage	VERB
ftr-347	128	120	in	in	ADP
ftr-347	128	121	a	a	DET
ftr-347	128	122	u.s	u.s	PROPN
ftr-347	128	123	.	.	PROPN
ftr-347	128	124	business	business	NOUN
ftr-347	128	125	for	for	ADP
ftr-347	128	126	this	this	DET
ftr-347	128	127	purpose	purpose	NOUN
ftr-347	128	128	will	will	AUX
ftr-347	128	129	be	be	AUX
ftr-347	128	130	discussed	discuss	VERB
ftr-347	128	131	below	below	ADV
ftr-347	128	132	.	.	PUNCT
ftr-347	129	1	c.	c.	PROPN
ftr-347	129	2	foreign	foreign	ADJ
ftr-347	129	3	hedge	hedge	PROPN
ftr-347	129	4	fund	fund	NOUN
ftr-347	129	5	lending	lending	NOUN
ftr-347	129	6	to	to	ADP
ftr-347	129	7	u.s	u.s	PROPN
ftr-347	129	8	.	.	PROPN
ftr-347	129	9	borrowers	borrower	NOUN
ftr-347	129	10	and	and	CCONJ
ftr-347	129	11	transacting	transact	VERB
ftr-347	129	12	in	in	ADP
ftr-347	129	13	u.s	u.s	PROPN
ftr-347	129	14	.	.	PROPN
ftr-347	129	15	debt	debt	NOUN
ftr-347	129	16	securities	security	NOUN
ftr-347	129	17	lending	lending	NOUN
ftr-347	129	18	directly	directly	ADV
ftr-347	129	19	to	to	ADP
ftr-347	129	20	borrowers	borrower	NOUN
ftr-347	129	21	is	be	AUX
ftr-347	129	22	called	call	VERB
ftr-347	129	23	loan	loan	NOUN
ftr-347	129	24	origination	origination	NOUN
ftr-347	129	25	.	.	PUNCT
ftr-347	130	1	loan	loan	NOUN
ftr-347	130	2	origination	origination	NOUN
ftr-347	130	3	by	by	ADP
ftr-347	130	4	foreign	foreign	ADJ
ftr-347	130	5	funds	fund	NOUN
ftr-347	130	6	to	to	ADP
ftr-347	130	7	u.s	u.s	PROPN
ftr-347	130	8	.	.	PROPN
ftr-347	130	9	borrowers	borrower	NOUN
ftr-347	130	10	is	be	AUX
ftr-347	130	11	uncommon	uncommon	ADJ
ftr-347	130	12	because	because	SCONJ
ftr-347	130	13	these	these	DET
ftr-347	130	14	19	19	NUM
ftr-347	130	15	.	.	PUNCT
ftr-347	131	1	the	the	DET
ftr-347	131	2	total	total	ADJ
ftr-347	131	3	number	number	NOUN
ftr-347	131	4	of	of	ADP
ftr-347	131	5	funds	fund	NOUN
ftr-347	131	6	investing	invest	VERB
ftr-347	131	7	is	be	AUX
ftr-347	131	8	consolidated	consolidate	VERB
ftr-347	131	9	since	since	SCONJ
ftr-347	131	10	a	a	DET
ftr-347	131	11	foreign	foreign	ADJ
ftr-347	131	12	feeder	feeder	NOUN
ftr-347	131	13	fund	fund	NOUN
ftr-347	131	14	and	and	CCONJ
ftr-347	131	15	a	a	DET
ftr-347	131	16	domestic	domestic	ADJ
ftr-347	131	17	feeder	feeder	NOUN
ftr-347	131	18	fund	fund	NOUN
ftr-347	131	19	invest	invest	VERB
ftr-347	131	20	in	in	ADP
ftr-347	131	21	a	a	DET
ftr-347	131	22	master	master	NOUN
ftr-347	131	23	fund	fund	NOUN
ftr-347	131	24	and	and	CCONJ
ftr-347	131	25	the	the	DET
ftr-347	131	26	master	master	NOUN
ftr-347	131	27	fund	fund	NOUN
ftr-347	131	28	procures	procure	VERB
ftr-347	131	29	the	the	DET
ftr-347	131	30	investments	investment	NOUN
ftr-347	131	31	.	.	PUNCT
ftr-347	132	1	this	this	PRON
ftr-347	132	2	creates	create	VERB
ftr-347	132	3	operating	operating	NOUN
ftr-347	132	4	efficiencies	efficiency	NOUN
ftr-347	132	5	for	for	ADP
ftr-347	132	6	the	the	DET
ftr-347	132	7	investment	investment	NOUN
ftr-347	132	8	advisor	advisor	NOUN
ftr-347	132	9	,	,	PUNCT
ftr-347	132	10	such	such	ADJ
ftr-347	132	11	as	as	ADP
ftr-347	132	12	simplifying	simplify	VERB
ftr-347	132	13	and	and	CCONJ
ftr-347	132	14	facilitating	facilitate	VERB
ftr-347	132	15	monitoring	monitoring	NOUN
ftr-347	132	16	,	,	PUNCT
ftr-347	132	17	risk	risk	NOUN
ftr-347	132	18	management	management	NOUN
ftr-347	132	19	and	and	CCONJ
ftr-347	132	20	the	the	DET
ftr-347	132	21	other	other	ADJ
ftr-347	132	22	investments	investment	NOUN
ftr-347	132	23	strategy	strategy	NOUN
ftr-347	132	24	analyses	analysis	NOUN
ftr-347	132	25	performed	perform	VERB
ftr-347	132	26	by	by	ADP
ftr-347	132	27	the	the	DET
ftr-347	132	28	investment	investment	NOUN
ftr-347	132	29	advisor	advisor	NOUN
ftr-347	132	30	.	.	PUNCT
ftr-347	133	1	it	it	PRON
ftr-347	133	2	also	also	ADV
ftr-347	133	3	avoids	avoid	VERB
ftr-347	133	4	the	the	DET
ftr-347	133	5	need	need	NOUN
ftr-347	133	6	to	to	PART
ftr-347	133	7	enter	enter	VERB
ftr-347	133	8	into	into	ADP
ftr-347	133	9	more	more	ADJ
ftr-347	133	10	than	than	ADP
ftr-347	133	11	one	one	NUM
ftr-347	133	12	set	set	NOUN
ftr-347	133	13	of	of	ADP
ftr-347	133	14	documents	document	NOUN
ftr-347	133	15	with	with	ADP
ftr-347	133	16	counterparties	counterpartie	NOUN
ftr-347	133	17	.	.	PUNCT
ftr-347	134	1	20	20	NUM
ftr-347	134	2	.	.	PUNCT
ftr-347	135	1	there	there	PRON
ftr-347	135	2	is	be	VERB
ftr-347	135	3	flexibility	flexibility	NOUN
ftr-347	135	4	in	in	ADP
ftr-347	135	5	customizing	customize	VERB
ftr-347	135	6	the	the	DET
ftr-347	135	7	feeder	feeder	NOUN
ftr-347	135	8	funds	fund	NOUN
ftr-347	135	9	to	to	ADP
ftr-347	135	10	the	the	DET
ftr-347	135	11	needs	need	NOUN
ftr-347	135	12	of	of	ADP
ftr-347	135	13	specific	specific	ADJ
ftr-347	135	14	groups	group	NOUN
ftr-347	135	15	of	of	ADP
ftr-347	135	16	investors	investor	NOUN
ftr-347	135	17	(	(	PUNCT
ftr-347	135	18	e.g.	e.g.	ADV
ftr-347	135	19	,	,	PUNCT
ftr-347	135	20	feeder	feeder	NOUN
ftr-347	135	21	funds	fund	NOUN
ftr-347	135	22	may	may	AUX
ftr-347	135	23	have	have	VERB
ftr-347	135	24	different	different	ADJ
ftr-347	135	25	term	term	NOUN
ftr-347	135	26	arrangements	arrangement	NOUN
ftr-347	135	27	,	,	PUNCT
ftr-347	135	28	fee	fee	NOUN
ftr-347	135	29	structures	structure	NOUN
ftr-347	135	30	,	,	PUNCT
ftr-347	135	31	or	or	CCONJ
ftr-347	135	32	they	they	PRON
ftr-347	135	33	may	may	AUX
ftr-347	135	34	accept	accept	VERB
ftr-347	135	35	subscriptions	subscription	NOUN
ftr-347	135	36	in	in	ADP
ftr-347	135	37	different	different	ADJ
ftr-347	135	38	currencies	currency	NOUN
ftr-347	135	39	)	)	PUNCT
ftr-347	135	40	.	.	PUNCT
ftr-347	136	1	21	21	NUM
ftr-347	136	2	.	.	PUNCT
ftr-347	136	3	funds	fund	NOUN
ftr-347	136	4	with	with	ADP
ftr-347	136	5	the	the	DET
ftr-347	136	6	same	same	ADJ
ftr-347	136	7	strategies	strategy	NOUN
ftr-347	136	8	will	will	AUX
ftr-347	136	9	have	have	VERB
ftr-347	136	10	a	a	DET
ftr-347	136	11	uniform	uniform	ADJ
ftr-347	136	12	performance	performance	NOUN
ftr-347	136	13	record	record	NOUN
ftr-347	136	14	in	in	ADP
ftr-347	136	15	the	the	DET
ftr-347	136	16	master	master	NOUN
ftr-347	136	17	fund	fund	NOUN
ftr-347	136	18	.	.	PUNCT
ftr-347	137	1	22	22	NUM
ftr-347	137	2	.	.	PUNCT
ftr-347	138	1	in	in	ADP
ftr-347	138	2	fact	fact	NOUN
ftr-347	138	3	,	,	PUNCT
ftr-347	138	4	many	many	ADJ
ftr-347	138	5	of	of	ADP
ftr-347	138	6	the	the	DET
ftr-347	138	7	u.s	u.s	PROPN
ftr-347	138	8	.	.	PROPN
ftr-347	138	9	investors	investor	NOUN
ftr-347	138	10	may	may	AUX
ftr-347	138	11	even	even	ADV
ftr-347	138	12	prefer	prefer	VERB
ftr-347	138	13	the	the	DET
ftr-347	138	14	characterization	characterization	NOUN
ftr-347	138	15	of	of	ADP
ftr-347	138	16	the	the	DET
ftr-347	138	17	master	master	NOUN
ftr-347	138	18	fund	fund	NOUN
ftr-347	138	19	as	as	ADP
ftr-347	138	20	engaging	engage	VERB
ftr-347	138	21	in	in	ADP
ftr-347	138	22	a	a	DET
ftr-347	138	23	financing	financing	NOUN
ftr-347	138	24	business	business	NOUN
ftr-347	138	25	because	because	SCONJ
ftr-347	138	26	then	then	ADV
ftr-347	138	27	section	section	NOUN
ftr-347	138	28	162	162	NUM
ftr-347	138	29	(	(	PUNCT
ftr-347	138	30	which	which	PRON
ftr-347	138	31	applies	apply	VERB
ftr-347	138	32	to	to	ADP
ftr-347	138	33	trading	trading	NOUN
ftr-347	138	34	but	but	CCONJ
ftr-347	138	35	not	not	PART
ftr-347	138	36	investing	invest	VERB
ftr-347	138	37	)	)	PUNCT
ftr-347	138	38	could	could	AUX
ftr-347	138	39	apply	apply	VERB
ftr-347	138	40	instead	instead	ADV
ftr-347	138	41	of	of	ADP
ftr-347	138	42	section	section	NOUN
ftr-347	138	43	212	212	NUM
ftr-347	138	44	(	(	PUNCT
ftr-347	138	45	whereby	whereby	SCONJ
ftr-347	138	46	the	the	DET
ftr-347	138	47	general	general	ADJ
ftr-347	138	48	itemized	itemize	VERB
ftr-347	138	49	deduction	deduction	NOUN
ftr-347	138	50	limits	limit	NOUN
ftr-347	138	51	apply	apply	VERB
ftr-347	138	52	)	)	PUNCT
ftr-347	138	53	to	to	PART
ftr-347	138	54	deduct	deduct	VERB
ftr-347	138	55	relevant	relevant	ADJ
ftr-347	138	56	expenses	expense	NOUN
ftr-347	138	57	.	.	PUNCT
ftr-347	139	1	23	23	NUM
ftr-347	139	2	.	.	PUNCT
ftr-347	140	1	many	many	ADJ
ftr-347	140	2	foreign	foreign	ADJ
ftr-347	140	3	hedge	hedge	NOUN
ftr-347	140	4	fund	fund	NOUN
ftr-347	140	5	offering	offer	VERB
ftr-347	140	6	memoranda	memoranda	NOUN
ftr-347	140	7	state	state	NOUN
ftr-347	140	8	that	that	SCONJ
ftr-347	140	9	the	the	DET
ftr-347	140	10	fund	fund	NOUN
ftr-347	140	11	or	or	CCONJ
ftr-347	140	12	the	the	DET
ftr-347	140	13	investment	investment	NOUN
ftr-347	140	14	advisor	advisor	NOUN
ftr-347	140	15	believes	believe	VERB
ftr-347	140	16	that	that	SCONJ
ftr-347	140	17	the	the	DET
ftr-347	140	18	fund	fund	NOUN
ftr-347	140	19	should	should	AUX
ftr-347	140	20	not	not	PART
ftr-347	140	21	be	be	AUX
ftr-347	140	22	considered	consider	VERB
ftr-347	140	23	to	to	PART
ftr-347	140	24	be	be	AUX
ftr-347	140	25	in	in	ADP
ftr-347	140	26	a	a	DET
ftr-347	140	27	u.s	u.s	PROPN
ftr-347	140	28	.	.	PROPN
ftr-347	140	29	trade	trade	NOUN
ftr-347	140	30	or	or	CCONJ
ftr-347	140	31	business	business	NOUN
ftr-347	140	32	of	of	ADP
ftr-347	140	33	lending	lending	NOUN
ftr-347	140	34	but	but	CCONJ
ftr-347	140	35	that	that	SCONJ
ftr-347	140	36	it	it	PRON
ftr-347	140	37	can	can	AUX
ftr-347	140	38	not	not	PART
ftr-347	140	39	give	give	VERB
ftr-347	140	40	complete	complete	ADJ
ftr-347	140	41	assurance	assurance	NOUN
ftr-347	140	42	of	of	ADP
ftr-347	140	43	that	that	DET
ftr-347	140	44	conclusion	conclusion	NOUN
ftr-347	140	45	.	.	PUNCT
ftr-347	141	1	in	in	ADP
ftr-347	141	2	addition	addition	NOUN
ftr-347	141	3	,	,	PUNCT
ftr-347	141	4	many	many	ADJ
ftr-347	141	5	investment	investment	NOUN
ftr-347	141	6	advisors	advisor	NOUN
ftr-347	141	7	leave	leave	VERB
ftr-347	141	8	themselves	themselves	PRON
ftr-347	141	9	the	the	DET
ftr-347	141	10	room	room	NOUN
ftr-347	141	11	to	to	PART
ftr-347	141	12	attempt	attempt	VERB
ftr-347	141	13	to	to	PART
ftr-347	141	14	structure	structure	VERB
ftr-347	141	15	around	around	ADP
ftr-347	141	16	these	these	DET
ftr-347	141	17	issues	issue	NOUN
ftr-347	141	18	by	by	ADP
ftr-347	141	19	forming	form	VERB
ftr-347	141	20	a	a	DET
ftr-347	141	21	u.s	u.s	PROPN
ftr-347	141	22	.	.	PROPN
ftr-347	141	23	corporation	corporation	NOUN
ftr-347	141	24	or	or	CCONJ
ftr-347	141	25	a	a	DET
ftr-347	141	26	limited	limited	ADJ
ftr-347	141	27	liability	liability	NOUN
ftr-347	141	28	company	company	NOUN
ftr-347	141	29	to	to	PART
ftr-347	141	30	hold	hold	VERB
ftr-347	141	31	the	the	DET
ftr-347	141	32	offending	offending	ADJ
ftr-347	141	33	investment	investment	NOUN
ftr-347	141	34	or	or	CCONJ
ftr-347	141	35	to	to	PART
ftr-347	141	36	invest	invest	VERB
ftr-347	141	37	through	through	ADP
ftr-347	141	38	affiliated	affiliate	VERB
ftr-347	141	39	or	or	CCONJ
ftr-347	141	40	non	non	ADJ
ftr-347	141	41	affiliated	affiliated	ADJ
ftr-347	141	42	companies	company	NOUN
ftr-347	141	43	formed	form	VERB
ftr-347	141	44	in	in	ADP
ftr-347	141	45	the	the	DET
ftr-347	141	46	caymans	cayman	NOUN
ftr-347	141	47	or	or	CCONJ
ftr-347	141	48	elsewhere	elsewhere	ADV
ftr-347	141	49	.	.	PUNCT
ftr-347	142	1	24	24	NUM
ftr-347	142	2	.	.	PUNCT
ftr-347	142	3	i.r.c	i.r.c	NOUN
ftr-347	142	4	.	.	PUNCT
ftr-347	143	1	§	§	PROPN
ftr-347	143	2	875	875	NUM
ftr-347	143	3	.	.	PUNCT
ftr-347	143	4	652	652	NUM
ftr-347	143	5	florida	florida	PROPN
ftr-347	143	6	tax	tax	NOUN
ftr-347	143	7	review	review	NOUN
ftr-347	144	1	[	[	X
ftr-347	144	2	vol	vol	NOUN
ftr-347	144	3	.	.	PUNCT
ftr-347	145	1	11:8	11:8	NUM
ftr-347	145	2	funds	fund	NOUN
ftr-347	145	3	typically	typically	ADV
ftr-347	145	4	do	do	AUX
ftr-347	145	5	not	not	PART
ftr-347	145	6	want	want	VERB
ftr-347	145	7	to	to	PART
ftr-347	145	8	be	be	AUX
ftr-347	145	9	considered	consider	VERB
ftr-347	145	10	to	to	PART
ftr-347	145	11	be	be	AUX
ftr-347	145	12	engaged	engage	VERB
ftr-347	145	13	in	in	ADP
ftr-347	145	14	a	a	DET
ftr-347	145	15	u.s	u.s	PROPN
ftr-347	145	16	.	.	PROPN
ftr-347	145	17	lending	lending	NOUN
ftr-347	145	18	business	business	NOUN
ftr-347	145	19	for	for	ADP
ftr-347	145	20	u.s	u.s	PROPN
ftr-347	145	21	.	.	PROPN
ftr-347	145	22	federal	federal	ADJ
ftr-347	145	23	income	income	NOUN
ftr-347	145	24	tax	tax	NOUN
ftr-347	145	25	purposes	purpose	NOUN
ftr-347	145	26	.	.	PUNCT
ftr-347	146	1	therefore	therefore	ADV
ftr-347	146	2	,	,	PUNCT
ftr-347	146	3	many	many	ADJ
ftr-347	146	4	foreign	foreign	ADJ
ftr-347	146	5	funds	fund	NOUN
ftr-347	146	6	purchase	purchase	VERB
ftr-347	146	7	debt	debt	NOUN
ftr-347	146	8	securities	security	NOUN
ftr-347	146	9	,	,	PUNCT
ftr-347	146	10	either	either	CCONJ
ftr-347	146	11	from	from	ADP
ftr-347	146	12	the	the	DET
ftr-347	146	13	secondary	secondary	ADJ
ftr-347	146	14	debt	debt	NOUN
ftr-347	146	15	market	market	NOUN
ftr-347	146	16	(	(	PUNCT
ftr-347	146	17	exchanges	exchange	NOUN
ftr-347	146	18	or	or	CCONJ
ftr-347	146	19	on	on	ADP
ftr-347	146	20	the	the	DET
ftr-347	146	21	over	over	ADP
ftr-347	146	22	-	-	PUNCT
ftr-347	146	23	the	the	DET
ftr-347	146	24	-	-	PUNCT
ftr-347	146	25	counter	counter	NOUN
ftr-347	146	26	market	market	NOUN
ftr-347	146	27	)	)	PUNCT
ftr-347	146	28	or	or	CCONJ
ftr-347	146	29	on	on	ADP
ftr-347	146	30	the	the	DET
ftr-347	146	31	primary	primary	ADJ
ftr-347	146	32	market	market	NOUN
ftr-347	146	33	(	(	PUNCT
ftr-347	146	34	where	where	SCONJ
ftr-347	146	35	debt	debt	NOUN
ftr-347	146	36	securities	security	NOUN
ftr-347	146	37	are	be	AUX
ftr-347	146	38	first	first	ADV
ftr-347	146	39	sold	sell	VERB
ftr-347	146	40	to	to	ADP
ftr-347	146	41	the	the	DET
ftr-347	146	42	public	public	NOUN
ftr-347	146	43	)	)	PUNCT
ftr-347	146	44	.	.	PUNCT
ftr-347	147	1	a	a	DET
ftr-347	147	2	primary	primary	ADJ
ftr-347	147	3	market	market	NOUN
ftr-347	147	4	debt	debt	NOUN
ftr-347	147	5	securities	security	NOUN
ftr-347	147	6	purchase	purchase	NOUN
ftr-347	147	7	is	be	AUX
ftr-347	147	8	often	often	ADV
ftr-347	147	9	accomplished	accomplish	VERB
ftr-347	147	10	via	via	ADP
ftr-347	147	11	a	a	DET
ftr-347	147	12	large	large	ADJ
ftr-347	147	13	loan	loan	NOUN
ftr-347	147	14	“	"	PUNCT
ftr-347	147	15	syndication	syndication	NOUN
ftr-347	147	16	.	.	PUNCT
ftr-347	147	17	”	"	PUNCT
ftr-347	148	1	in	in	ADP
ftr-347	148	2	addition	addition	NOUN
ftr-347	148	3	,	,	PUNCT
ftr-347	148	4	debt	debt	NOUN
ftr-347	148	5	securities	security	NOUN
ftr-347	148	6	may	may	AUX
ftr-347	148	7	be	be	AUX
ftr-347	148	8	packaged	package	VERB
ftr-347	148	9	together	together	ADV
ftr-347	148	10	.	.	PUNCT
ftr-347	149	1	in	in	ADP
ftr-347	149	2	a	a	DET
ftr-347	149	3	typical	typical	ADJ
ftr-347	149	4	syndication	syndication	NOUN
ftr-347	149	5	,	,	PUNCT
ftr-347	149	6	a	a	DET
ftr-347	149	7	group	group	NOUN
ftr-347	149	8	of	of	ADP
ftr-347	149	9	lenders	lender	NOUN
ftr-347	149	10	will	will	AUX
ftr-347	149	11	fund	fund	VERB
ftr-347	149	12	a	a	DET
ftr-347	149	13	very	very	ADV
ftr-347	149	14	large	large	ADJ
ftr-347	149	15	loan	loan	NOUN
ftr-347	149	16	.	.	PUNCT
ftr-347	150	1	there	there	PRON
ftr-347	150	2	will	will	AUX
ftr-347	150	3	be	be	AUX
ftr-347	150	4	a	a	DET
ftr-347	150	5	lead	lead	ADJ
ftr-347	150	6	lender	lender	NOUN
ftr-347	150	7	in	in	ADP
ftr-347	150	8	the	the	DET
ftr-347	150	9	position	position	NOUN
ftr-347	150	10	of	of	ADP
ftr-347	150	11	an	an	DET
ftr-347	150	12	administrative	administrative	ADJ
ftr-347	150	13	agent	agent	NOUN
ftr-347	150	14	that	that	PRON
ftr-347	150	15	typically	typically	ADV
ftr-347	150	16	negotiates	negotiate	VERB
ftr-347	150	17	the	the	DET
ftr-347	150	18	loan	loan	NOUN
ftr-347	150	19	as	as	ADP
ftr-347	150	20	an	an	DET
ftr-347	150	21	agent	agent	NOUN
ftr-347	150	22	for	for	ADP
ftr-347	150	23	the	the	DET
ftr-347	150	24	others	other	NOUN
ftr-347	150	25	in	in	ADP
ftr-347	150	26	the	the	DET
ftr-347	150	27	syndicate	syndicate	NOUN
ftr-347	150	28	.	.	PUNCT
ftr-347	151	1	there	there	PRON
ftr-347	151	2	are	be	VERB
ftr-347	151	3	usually	usually	ADV
ftr-347	151	4	two	two	NUM
ftr-347	151	5	tranches	tranche	NOUN
ftr-347	151	6	of	of	ADP
ftr-347	151	7	money	money	NOUN
ftr-347	151	8	:	:	PUNCT
ftr-347	151	9	(	(	PUNCT
ftr-347	151	10	1	1	X
ftr-347	151	11	)	)	PUNCT
ftr-347	151	12	one	one	NUM
ftr-347	151	13	tranche	tranche	NOUN
ftr-347	151	14	immediately	immediately	ADV
ftr-347	151	15	put	put	VERB
ftr-347	151	16	up	up	ADP
ftr-347	151	17	by	by	ADP
ftr-347	151	18	the	the	DET
ftr-347	151	19	syndicate	syndicate	NOUN
ftr-347	151	20	members	member	NOUN
ftr-347	151	21	,	,	PUNCT
ftr-347	151	22	and	and	CCONJ
ftr-347	151	23	(	(	PUNCT
ftr-347	151	24	2	2	X
ftr-347	151	25	)	)	PUNCT
ftr-347	151	26	another	another	DET
ftr-347	151	27	tranche	tranche	NOUN
ftr-347	151	28	that	that	PRON
ftr-347	151	29	is	be	AUX
ftr-347	151	30	“	"	PUNCT
ftr-347	151	31	warehoused	warehouse	VERB
ftr-347	151	32	”	"	PUNCT
ftr-347	151	33	by	by	ADP
ftr-347	151	34	the	the	DET
ftr-347	151	35	lead	lead	ADJ
ftr-347	151	36	lender	lender	NOUN
ftr-347	151	37	,	,	PUNCT
ftr-347	151	38	meaning	mean	VERB
ftr-347	151	39	the	the	DET
ftr-347	151	40	lead	lead	ADJ
ftr-347	151	41	lender	lender	NOUN
ftr-347	151	42	advances	advance	VERB
ftr-347	151	43	the	the	DET
ftr-347	151	44	funds	fund	NOUN
ftr-347	151	45	and	and	CCONJ
ftr-347	151	46	then	then	ADV
ftr-347	151	47	finds	find	VERB
ftr-347	151	48	investors	investor	NOUN
ftr-347	151	49	later	later	ADV
ftr-347	151	50	to	to	PART
ftr-347	151	51	take	take	VERB
ftr-347	151	52	the	the	DET
ftr-347	151	53	credit	credit	NOUN
ftr-347	151	54	risk	risk	NOUN
ftr-347	151	55	and/or	and/or	CCONJ
ftr-347	151	56	buy	buy	VERB
ftr-347	151	57	it	it	PRON
ftr-347	151	58	.	.	PUNCT
ftr-347	152	1	the	the	DET
ftr-347	152	2	lead	lead	ADJ
ftr-347	152	3	lender	lender	NOUN
ftr-347	152	4	may	may	AUX
ftr-347	152	5	earn	earn	VERB
ftr-347	152	6	its	its	PRON
ftr-347	152	7	primary	primary	ADJ
ftr-347	152	8	return	return	NOUN
ftr-347	152	9	in	in	ADP
ftr-347	152	10	the	the	DET
ftr-347	152	11	form	form	NOUN
ftr-347	152	12	of	of	ADP
ftr-347	152	13	fees	fee	NOUN
ftr-347	152	14	for	for	ADP
ftr-347	152	15	arranging	arrange	VERB
ftr-347	152	16	the	the	DET
ftr-347	152	17	loan	loan	NOUN
ftr-347	152	18	and	and	CCONJ
ftr-347	152	19	negotiating	negotiate	VERB
ftr-347	152	20	the	the	DET
ftr-347	152	21	terms	term	NOUN
ftr-347	152	22	.	.	PUNCT
ftr-347	153	1	one	one	NUM
ftr-347	153	2	form	form	NOUN
ftr-347	153	3	of	of	ADP
ftr-347	153	4	such	such	DET
ftr-347	153	5	a	a	DET
ftr-347	153	6	loan	loan	NOUN
ftr-347	153	7	syndication	syndication	NOUN
ftr-347	153	8	is	be	AUX
ftr-347	153	9	shown	show	VERB
ftr-347	153	10	in	in	ADP
ftr-347	153	11	figure	figure	NOUN
ftr-347	153	12	2	2	NUM
ftr-347	153	13	below.25	below.25	ADJ
ftr-347	153	14	figure	figure	NOUN
ftr-347	153	15	2	2	NUM
ftr-347	153	16	:	:	PUNCT
ftr-347	153	17	loan	loan	NOUN
ftr-347	153	18	syndicates	syndicate	NOUN
ftr-347	153	19	us	us	PROPN
ftr-347	153	20	borrowers	borrower	NOUN
ftr-347	153	21	loan	loan	NOUN
ftr-347	153	22	syndicate	syndicate	NOUN
ftr-347	153	23	foreign	foreign	ADJ
ftr-347	153	24	hedge	hedge	NOUN
ftr-347	153	25	funds	fund	NOUN
ftr-347	153	26	syndicate	syndicate	NOUN
ftr-347	153	27	loan	loan	VERB
ftr-347	153	28	$	$	SYM
ftr-347	153	29	lead	lead	NOUN
ftr-347	153	30	lender	lender	NOUN
ftr-347	153	31	$	$	SYM
ftr-347	153	32	borrower	borrower	NOUN
ftr-347	153	33	’s	’s	PART
ftr-347	153	34	note	note	NOUN
ftr-347	153	35	lead	lead	NOUN
ftr-347	153	36	lenderpurchase	lenderpurchase	NOUN
ftr-347	153	37	price	price	NOUN
ftr-347	153	38	$	$	SYM
ftr-347	153	39	participation	participation	NOUN
ftr-347	153	40	or	or	CCONJ
ftr-347	153	41	assignment	assignment	NOUN
ftr-347	153	42	of	of	ADP
ftr-347	153	43	debt	debt	NOUN
ftr-347	153	44	securities	security	NOUN
ftr-347	153	45	non	non	ADJ
ftr-347	153	46	-	-	ADJ
ftr-347	153	47	syndicate	syndicate	ADJ
ftr-347	153	48	members	member	NOUN
ftr-347	153	49	,	,	PUNCT
ftr-347	153	50	such	such	ADJ
ftr-347	153	51	as	as	ADP
ftr-347	153	52	foreign	foreign	ADJ
ftr-347	153	53	hedge	hedge	NOUN
ftr-347	153	54	funds	fund	NOUN
ftr-347	153	55	,	,	PUNCT
ftr-347	153	56	acquire	acquire	VERB
ftr-347	153	57	portions	portion	NOUN
ftr-347	153	58	of	of	ADP
ftr-347	153	59	the	the	DET
ftr-347	153	60	loan	loan	NOUN
ftr-347	153	61	,	,	PUNCT
ftr-347	153	62	in	in	ADP
ftr-347	153	63	many	many	ADJ
ftr-347	153	64	cases	case	NOUN
ftr-347	153	65	within	within	ADP
ftr-347	153	66	24	24	NUM
ftr-347	153	67	or	or	CCONJ
ftr-347	153	68	48	48	NUM
ftr-347	153	69	hours	hour	NOUN
ftr-347	153	70	of	of	ADP
ftr-347	153	71	the	the	DET
ftr-347	153	72	original	original	ADJ
ftr-347	153	73	funding	funding	NOUN
ftr-347	153	74	.	.	PUNCT
ftr-347	154	1	these	these	DET
ftr-347	154	2	hedge	hedge	NOUN
ftr-347	154	3	funds	fund	NOUN
ftr-347	154	4	even	even	ADV
ftr-347	154	5	may	may	AUX
ftr-347	154	6	have	have	AUX
ftr-347	154	7	committed	commit	VERB
ftr-347	154	8	to	to	ADP
ftr-347	154	9	purchasing	purchase	VERB
ftr-347	154	10	the	the	DET
ftr-347	154	11	interest	interest	NOUN
ftr-347	154	12	prior	prior	ADV
ftr-347	154	13	to	to	ADP
ftr-347	154	14	the	the	DET
ftr-347	154	15	original	original	ADJ
ftr-347	154	16	funding	funding	NOUN
ftr-347	154	17	(	(	PUNCT
ftr-347	154	18	a	a	DET
ftr-347	154	19	“	"	PUNCT
ftr-347	154	20	forward	forward	ADJ
ftr-347	154	21	commitment	commitment	NOUN
ftr-347	154	22	”	"	PUNCT
ftr-347	154	23	)	)	PUNCT
ftr-347	154	24	.	.	PUNCT
ftr-347	155	1	this	this	DET
ftr-347	155	2	forward	forward	ADV
ftr-347	155	3	25	25	NUM
ftr-347	155	4	.	.	PUNCT
ftr-347	156	1	see	see	VERB
ftr-347	156	2	generally	generally	ADV
ftr-347	156	3	,	,	PUNCT
ftr-347	156	4	victoria	victoria	PROPN
ftr-347	156	5	ivashina	ivashina	PROPN
ftr-347	156	6	&	&	CCONJ
ftr-347	156	7	david	david	PROPN
ftr-347	156	8	scharfstein	scharfstein	PROPN
ftr-347	156	9	,	,	PUNCT
ftr-347	156	10	loan	loan	NOUN
ftr-347	156	11	syndication	syndication	NOUN
ftr-347	156	12	and	and	CCONJ
ftr-347	156	13	credit	credit	NOUN
ftr-347	156	14	cycles	cycle	NOUN
ftr-347	156	15	,	,	PUNCT
ftr-347	156	16	100	100	NUM
ftr-347	156	17	amer	amer	PROPN
ftr-347	156	18	.	.	PUNCT
ftr-347	157	1	econ	econ	PROPN
ftr-347	157	2	.	.	PUNCT
ftr-347	158	1	rev	rev	PROPN
ftr-347	158	2	.	.	PROPN
ftr-347	158	3	57	57	NUM
ftr-347	158	4	(	(	PUNCT
ftr-347	158	5	2010	2010	NUM
ftr-347	158	6	)	)	PUNCT
ftr-347	158	7	(	(	PUNCT
ftr-347	158	8	for	for	ADP
ftr-347	158	9	a	a	DET
ftr-347	158	10	general	general	ADJ
ftr-347	158	11	description	description	NOUN
ftr-347	158	12	of	of	ADP
ftr-347	158	13	loan	loan	NOUN
ftr-347	158	14	syndication	syndication	NOUN
ftr-347	158	15	)	)	PUNCT
ftr-347	158	16	.	.	PUNCT
ftr-347	159	1	2011	2011	NUM
ftr-347	159	2	]	]	PUNCT
ftr-347	159	3	the	the	DET
ftr-347	159	4	global	global	ADJ
ftr-347	159	5	shadow	shadow	PROPN
ftr-347	159	6	bank	bank	NOUN
ftr-347	159	7	653	653	NUM
ftr-347	159	8	commitment	commitment	NOUN
ftr-347	159	9	may	may	AUX
ftr-347	159	10	or	or	CCONJ
ftr-347	159	11	may	may	AUX
ftr-347	159	12	not	not	PART
ftr-347	159	13	contain	contain	VERB
ftr-347	159	14	a	a	DET
ftr-347	159	15	material	material	ADJ
ftr-347	159	16	adverse	adverse	ADJ
ftr-347	159	17	change	change	NOUN
ftr-347	159	18	(	(	PUNCT
ftr-347	159	19	mac	mac	NOUN
ftr-347	159	20	)	)	PUNCT
ftr-347	159	21	clause	clause	NOUN
ftr-347	159	22	allowing	allow	VERB
ftr-347	159	23	the	the	DET
ftr-347	159	24	hedge	hedge	NOUN
ftr-347	159	25	fund	fund	NOUN
ftr-347	159	26	to	to	PART
ftr-347	159	27	back	back	VERB
ftr-347	159	28	out	out	ADP
ftr-347	159	29	if	if	SCONJ
ftr-347	159	30	there	there	PRON
ftr-347	159	31	is	be	VERB
ftr-347	159	32	a	a	DET
ftr-347	159	33	major	major	ADJ
ftr-347	159	34	change	change	NOUN
ftr-347	159	35	in	in	ADP
ftr-347	159	36	the	the	DET
ftr-347	159	37	borrower	borrower	NOUN
ftr-347	159	38	’s	’s	PART
ftr-347	159	39	financial	financial	ADJ
ftr-347	159	40	status	status	NOUN
ftr-347	159	41	.	.	PUNCT
ftr-347	160	1	foreign	foreign	ADJ
ftr-347	160	2	hedge	hedge	NOUN
ftr-347	160	3	funds	fund	NOUN
ftr-347	160	4	typically	typically	ADV
ftr-347	160	5	do	do	AUX
ftr-347	160	6	not	not	PART
ftr-347	160	7	provide	provide	VERB
ftr-347	160	8	the	the	DET
ftr-347	160	9	money	money	NOUN
ftr-347	160	10	directly	directly	ADV
ftr-347	160	11	to	to	ADP
ftr-347	160	12	the	the	DET
ftr-347	160	13	borrower	borrower	NOUN
ftr-347	160	14	,	,	PUNCT
ftr-347	160	15	but	but	CCONJ
ftr-347	160	16	this	this	PRON
ftr-347	160	17	becomes	become	VERB
ftr-347	160	18	complicated	complicated	ADJ
ftr-347	160	19	when	when	SCONJ
ftr-347	160	20	the	the	DET
ftr-347	160	21	loan	loan	NOUN
ftr-347	160	22	itself	itself	PRON
ftr-347	160	23	is	be	AUX
ftr-347	160	24	a	a	DET
ftr-347	160	25	revolving	revolve	VERB
ftr-347	160	26	line	line	NOUN
ftr-347	160	27	of	of	ADP
ftr-347	160	28	credit	credit	NOUN
ftr-347	160	29	.	.	PUNCT
ftr-347	161	1	in	in	ADP
ftr-347	161	2	addition	addition	NOUN
ftr-347	161	3	,	,	PUNCT
ftr-347	161	4	the	the	DET
ftr-347	161	5	hedge	hedge	NOUN
ftr-347	161	6	fund	fund	NOUN
ftr-347	161	7	may	may	AUX
ftr-347	161	8	or	or	CCONJ
ftr-347	161	9	may	may	AUX
ftr-347	161	10	not	not	PART
ftr-347	161	11	have	have	AUX
ftr-347	161	12	been	be	AUX
ftr-347	161	13	involved	involve	VERB
ftr-347	161	14	with	with	ADP
ftr-347	161	15	the	the	DET
ftr-347	161	16	lead	lead	ADJ
ftr-347	161	17	lender	lender	NOUN
ftr-347	161	18	’s	’s	PART
ftr-347	161	19	negotiation	negotiation	NOUN
ftr-347	161	20	with	with	ADP
ftr-347	161	21	the	the	DET
ftr-347	161	22	borrower	borrower	NOUN
ftr-347	161	23	.	.	PUNCT
ftr-347	162	1	in	in	ADP
ftr-347	162	2	many	many	ADJ
ftr-347	162	3	cases	case	NOUN
ftr-347	162	4	the	the	DET
ftr-347	162	5	fund	fund	NOUN
ftr-347	162	6	will	will	AUX
ftr-347	162	7	not	not	PART
ftr-347	162	8	negotiate	negotiate	VERB
ftr-347	162	9	terms	term	NOUN
ftr-347	162	10	with	with	ADP
ftr-347	162	11	the	the	DET
ftr-347	162	12	borrower	borrower	NOUN
ftr-347	162	13	directly	directly	ADV
ftr-347	162	14	,	,	PUNCT
ftr-347	162	15	but	but	CCONJ
ftr-347	162	16	will	will	AUX
ftr-347	162	17	keep	keep	VERB
ftr-347	162	18	tabs	tab	NOUN
ftr-347	162	19	on	on	ADP
ftr-347	162	20	those	those	DET
ftr-347	162	21	negotiations	negotiation	NOUN
ftr-347	162	22	through	through	ADP
ftr-347	162	23	the	the	DET
ftr-347	162	24	lead	lead	ADJ
ftr-347	162	25	lender	lender	NOUN
ftr-347	162	26	or	or	CCONJ
ftr-347	162	27	syndicate	syndicate	NOUN
ftr-347	162	28	member	member	NOUN
ftr-347	162	29	and	and	CCONJ
ftr-347	162	30	indicate	indicate	VERB
ftr-347	162	31	to	to	ADP
ftr-347	162	32	the	the	DET
ftr-347	162	33	lead	lead	ADJ
ftr-347	162	34	lender	lender	NOUN
ftr-347	162	35	or	or	CCONJ
ftr-347	162	36	syndicate	syndicate	NOUN
ftr-347	162	37	member	member	NOUN
ftr-347	162	38	terms	term	NOUN
ftr-347	162	39	it	it	PRON
ftr-347	162	40	will	will	AUX
ftr-347	162	41	or	or	CCONJ
ftr-347	162	42	will	will	AUX
ftr-347	162	43	not	not	PART
ftr-347	162	44	be	be	AUX
ftr-347	162	45	willing	willing	ADJ
ftr-347	162	46	to	to	PART
ftr-347	162	47	accept	accept	VERB
ftr-347	162	48	.	.	PUNCT
ftr-347	163	1	this	this	PRON
ftr-347	163	2	may	may	AUX
ftr-347	163	3	influence	influence	VERB
ftr-347	163	4	or	or	CCONJ
ftr-347	163	5	perhaps	perhaps	ADV
ftr-347	163	6	even	even	ADV
ftr-347	163	7	dictate	dictate	VERB
ftr-347	163	8	the	the	DET
ftr-347	163	9	deal	deal	NOUN
ftr-347	163	10	terms	term	NOUN
ftr-347	163	11	with	with	ADP
ftr-347	163	12	the	the	DET
ftr-347	163	13	borrower	borrower	NOUN
ftr-347	163	14	.	.	PUNCT
ftr-347	164	1	the	the	DET
ftr-347	164	2	foreign	foreign	ADJ
ftr-347	164	3	hedge	hedge	NOUN
ftr-347	164	4	fund	fund	NOUN
ftr-347	164	5	may	may	AUX
ftr-347	164	6	purchase	purchase	VERB
ftr-347	164	7	from	from	ADP
ftr-347	164	8	the	the	DET
ftr-347	164	9	syndicate	syndicate	NOUN
ftr-347	164	10	a	a	DET
ftr-347	164	11	“	"	PUNCT
ftr-347	164	12	participation	participation	NOUN
ftr-347	164	13	”	"	PUNCT
ftr-347	164	14	with	with	ADP
ftr-347	164	15	the	the	DET
ftr-347	164	16	lead	lead	ADJ
ftr-347	164	17	bank	bank	NOUN
ftr-347	164	18	or	or	CCONJ
ftr-347	164	19	syndicate	syndicate	NOUN
ftr-347	164	20	member	member	NOUN
ftr-347	164	21	,	,	PUNCT
ftr-347	164	22	whereby	whereby	SCONJ
ftr-347	164	23	the	the	DET
ftr-347	164	24	lead	lead	ADJ
ftr-347	164	25	bank	bank	NOUN
ftr-347	164	26	or	or	CCONJ
ftr-347	164	27	syndicate	syndicate	NOUN
ftr-347	164	28	member	member	NOUN
ftr-347	164	29	remains	remain	VERB
ftr-347	164	30	involved	involve	VERB
ftr-347	164	31	and	and	CCONJ
ftr-347	164	32	passes	pass	VERB
ftr-347	164	33	on	on	ADP
ftr-347	164	34	interest	interest	NOUN
ftr-347	164	35	and	and	CCONJ
ftr-347	164	36	other	other	ADJ
ftr-347	164	37	payments	payment	NOUN
ftr-347	164	38	from	from	ADP
ftr-347	164	39	the	the	DET
ftr-347	164	40	borrower	borrower	NOUN
ftr-347	164	41	to	to	ADP
ftr-347	164	42	the	the	DET
ftr-347	164	43	participant	participant	NOUN
ftr-347	164	44	.	.	PUNCT
ftr-347	165	1	the	the	DET
ftr-347	165	2	foreign	foreign	ADJ
ftr-347	165	3	hedge	hedge	NOUN
ftr-347	165	4	fund	fund	NOUN
ftr-347	165	5	may	may	AUX
ftr-347	165	6	also	also	ADV
ftr-347	165	7	acquire	acquire	VERB
ftr-347	165	8	a	a	DET
ftr-347	165	9	portion	portion	NOUN
ftr-347	165	10	of	of	ADP
ftr-347	165	11	the	the	DET
ftr-347	165	12	loan	loan	NOUN
ftr-347	165	13	through	through	ADP
ftr-347	165	14	an	an	DET
ftr-347	165	15	assignment	assignment	NOUN
ftr-347	165	16	,	,	PUNCT
ftr-347	165	17	whereby	whereby	SCONJ
ftr-347	165	18	the	the	DET
ftr-347	165	19	fund	fund	NOUN
ftr-347	165	20	actually	actually	ADV
ftr-347	165	21	steps	step	VERB
ftr-347	165	22	into	into	ADP
ftr-347	165	23	the	the	DET
ftr-347	165	24	shoes	shoe	NOUN
ftr-347	165	25	of	of	ADP
ftr-347	165	26	the	the	DET
ftr-347	165	27	lead	lead	ADJ
ftr-347	165	28	bank	bank	NOUN
ftr-347	165	29	or	or	CCONJ
ftr-347	165	30	the	the	DET
ftr-347	165	31	syndicate	syndicate	NOUN
ftr-347	165	32	member	member	NOUN
ftr-347	165	33	with	with	ADP
ftr-347	165	34	respect	respect	NOUN
ftr-347	165	35	to	to	ADP
ftr-347	165	36	the	the	DET
ftr-347	165	37	loan	loan	NOUN
ftr-347	165	38	documents	document	NOUN
ftr-347	165	39	for	for	ADP
ftr-347	165	40	that	that	DET
ftr-347	165	41	portion	portion	NOUN
ftr-347	165	42	of	of	ADP
ftr-347	165	43	the	the	DET
ftr-347	165	44	loan.26	loan.26	NOUN
ftr-347	165	45	a	a	DET
ftr-347	165	46	hedge	hedge	NOUN
ftr-347	165	47	fund	fund	NOUN
ftr-347	165	48	may	may	AUX
ftr-347	165	49	also	also	ADV
ftr-347	165	50	enter	enter	VERB
ftr-347	165	51	into	into	ADP
ftr-347	165	52	a	a	DET
ftr-347	165	53	derivative	derivative	ADJ
ftr-347	165	54	contract	contract	NOUN
ftr-347	165	55	with	with	ADP
ftr-347	165	56	a	a	DET
ftr-347	165	57	syndicate	syndicate	NOUN
ftr-347	165	58	member	member	NOUN
ftr-347	165	59	.	.	PUNCT
ftr-347	166	1	to	to	PART
ftr-347	166	2	complicate	complicate	VERB
ftr-347	166	3	matters	matter	NOUN
ftr-347	166	4	,	,	PUNCT
ftr-347	166	5	foreign	foreign	ADJ
ftr-347	166	6	hedge	hedge	NOUN
ftr-347	166	7	funds	fund	NOUN
ftr-347	166	8	may	may	AUX
ftr-347	166	9	use	use	VERB
ftr-347	166	10	related	related	ADJ
ftr-347	166	11	u.s	u.s	PROPN
ftr-347	166	12	.	.	PROPN
ftr-347	166	13	hedge	hedge	PROPN
ftr-347	166	14	funds	fund	NOUN
ftr-347	166	15	,	,	PUNCT
ftr-347	166	16	or	or	CCONJ
ftr-347	166	17	hedge	hedge	NOUN
ftr-347	166	18	funds	fund	NOUN
ftr-347	166	19	controlled	control	VERB
ftr-347	166	20	by	by	ADP
ftr-347	166	21	the	the	DET
ftr-347	166	22	same	same	ADJ
ftr-347	166	23	investment	investment	NOUN
ftr-347	166	24	advisor	advisor	NOUN
ftr-347	166	25	,	,	PUNCT
ftr-347	166	26	to	to	PART
ftr-347	166	27	get	get	VERB
ftr-347	166	28	closer	close	ADJ
ftr-347	166	29	to	to	ADP
ftr-347	166	30	the	the	DET
ftr-347	166	31	loan	loan	NOUN
ftr-347	166	32	origination	origination	NOUN
ftr-347	166	33	.	.	PUNCT
ftr-347	167	1	a	a	DET
ftr-347	167	2	related	relate	VERB
ftr-347	167	3	u.s	u.s	PROPN
ftr-347	167	4	.	.	PROPN
ftr-347	167	5	hedge	hedge	PROPN
ftr-347	167	6	fund	fund	PROPN
ftr-347	167	7	may	may	AUX
ftr-347	167	8	acquire	acquire	VERB
ftr-347	167	9	a	a	DET
ftr-347	167	10	larger	large	ADJ
ftr-347	167	11	portion	portion	NOUN
ftr-347	167	12	of	of	ADP
ftr-347	167	13	the	the	DET
ftr-347	167	14	loan	loan	NOUN
ftr-347	167	15	than	than	SCONJ
ftr-347	167	16	it	it	PRON
ftr-347	167	17	actually	actually	ADV
ftr-347	167	18	plans	plan	VERB
ftr-347	167	19	to	to	PART
ftr-347	167	20	hold	hold	VERB
ftr-347	167	21	as	as	ADP
ftr-347	167	22	a	a	DET
ftr-347	167	23	syndicate	syndicate	NOUN
ftr-347	167	24	member	member	NOUN
ftr-347	167	25	or	or	CCONJ
ftr-347	167	26	from	from	ADP
ftr-347	167	27	a	a	DET
ftr-347	167	28	syndicate	syndicate	NOUN
ftr-347	167	29	member	member	NOUN
ftr-347	167	30	,	,	PUNCT
ftr-347	167	31	intending	intend	VERB
ftr-347	167	32	to	to	ADP
ftr-347	167	33	“	"	PUNCT
ftr-347	167	34	warehouse	warehouse	VERB
ftr-347	167	35	”	"	PUNCT
ftr-347	167	36	the	the	DET
ftr-347	167	37	excess	excess	ADJ
ftr-347	167	38	amount	amount	NOUN
ftr-347	167	39	for	for	ADP
ftr-347	167	40	future	future	ADJ
ftr-347	167	41	resale	resale	NOUN
ftr-347	167	42	to	to	ADP
ftr-347	167	43	a	a	DET
ftr-347	167	44	foreign	foreign	ADJ
ftr-347	167	45	affiliate	affiliate	NOUN
ftr-347	167	46	.	.	PUNCT
ftr-347	168	1	in	in	ADP
ftr-347	168	2	fact	fact	NOUN
ftr-347	168	3	,	,	PUNCT
ftr-347	168	4	because	because	SCONJ
ftr-347	168	5	of	of	ADP
ftr-347	168	6	the	the	DET
ftr-347	168	7	fast	fast	ADV
ftr-347	168	8	moving	move	VERB
ftr-347	168	9	nature	nature	NOUN
ftr-347	168	10	of	of	ADP
ftr-347	168	11	these	these	DET
ftr-347	168	12	investments	investment	NOUN
ftr-347	168	13	and	and	CCONJ
ftr-347	168	14	commitments	commitment	NOUN
ftr-347	168	15	some	some	DET
ftr-347	168	16	investment	investment	NOUN
ftr-347	168	17	advisors	advisor	NOUN
ftr-347	168	18	initially	initially	ADV
ftr-347	168	19	commit	commit	VERB
ftr-347	168	20	to	to	PART
ftr-347	168	21	purchase	purchase	VERB
ftr-347	168	22	these	these	DET
ftr-347	168	23	debt	debt	NOUN
ftr-347	168	24	securities	security	NOUN
ftr-347	168	25	through	through	ADP
ftr-347	168	26	a	a	DET
ftr-347	168	27	u.s	u.s	PROPN
ftr-347	168	28	.	.	PROPN
ftr-347	168	29	hedge	hedge	PROPN
ftr-347	168	30	fund	fund	NOUN
ftr-347	168	31	or	or	CCONJ
ftr-347	168	32	entity	entity	NOUN
ftr-347	168	33	that	that	PRON
ftr-347	168	34	never	never	ADV
ftr-347	168	35	intends	intend	VERB
ftr-347	168	36	to	to	PART
ftr-347	168	37	hold	hold	VERB
ftr-347	168	38	the	the	DET
ftr-347	168	39	investment	investment	NOUN
ftr-347	168	40	very	very	ADV
ftr-347	168	41	long	long	ADV
ftr-347	168	42	,	,	PUNCT
ftr-347	168	43	and	and	CCONJ
ftr-347	168	44	they	they	PRON
ftr-347	168	45	then	then	ADV
ftr-347	168	46	later	later	ADV
ftr-347	168	47	decide	decide	VERB
ftr-347	168	48	how	how	SCONJ
ftr-347	168	49	to	to	PART
ftr-347	168	50	allocate	allocate	VERB
ftr-347	168	51	the	the	DET
ftr-347	168	52	investment	investment	NOUN
ftr-347	168	53	amongst	amongst	ADP
ftr-347	168	54	their	their	PRON
ftr-347	168	55	various	various	ADJ
ftr-347	168	56	managed	manage	VERB
ftr-347	168	57	or	or	CCONJ
ftr-347	168	58	affiliated	affiliate	VERB
ftr-347	168	59	foreign	foreign	ADJ
ftr-347	168	60	funds	fund	NOUN
ftr-347	168	61	.	.	PUNCT
ftr-347	169	1	in	in	ADP
ftr-347	169	2	an	an	DET
ftr-347	169	3	attempt	attempt	NOUN
ftr-347	169	4	to	to	PART
ftr-347	169	5	circumvent	circumvent	VERB
ftr-347	169	6	the	the	DET
ftr-347	169	7	argument	argument	NOUN
ftr-347	169	8	that	that	SCONJ
ftr-347	169	9	such	such	DET
ftr-347	169	10	a	a	DET
ftr-347	169	11	u.s	u.s	PROPN
ftr-347	169	12	.	.	PROPN
ftr-347	169	13	hedge	hedge	PROPN
ftr-347	169	14	fund	fund	NOUN
ftr-347	169	15	is	be	AUX
ftr-347	169	16	merely	merely	ADV
ftr-347	169	17	an	an	DET
ftr-347	169	18	agent	agent	NOUN
ftr-347	169	19	for	for	ADP
ftr-347	169	20	the	the	DET
ftr-347	169	21	foreign	foreign	ADJ
ftr-347	169	22	funds	fund	NOUN
ftr-347	169	23	and	and	CCONJ
ftr-347	169	24	to	to	PART
ftr-347	169	25	put	put	VERB
ftr-347	169	26	some	some	DET
ftr-347	169	27	distance	distance	NOUN
ftr-347	169	28	between	between	ADP
ftr-347	169	29	the	the	DET
ftr-347	169	30	original	original	ADJ
ftr-347	169	31	loan	loan	NOUN
ftr-347	169	32	origination	origination	NOUN
ftr-347	169	33	and	and	CCONJ
ftr-347	169	34	the	the	DET
ftr-347	169	35	foreign	foreign	ADJ
ftr-347	169	36	funds	fund	NOUN
ftr-347	169	37	,	,	PUNCT
ftr-347	169	38	some	some	DET
ftr-347	169	39	u.s	u.s	PROPN
ftr-347	169	40	.	.	PROPN
ftr-347	169	41	funds	fund	NOUN
ftr-347	169	42	“	"	PUNCT
ftr-347	169	43	season	season	NOUN
ftr-347	169	44	”	"	PUNCT
ftr-347	169	45	the	the	DET
ftr-347	169	46	debt	debt	NOUN
ftr-347	169	47	securities	security	NOUN
ftr-347	169	48	.	.	PUNCT
ftr-347	170	1	this	this	PRON
ftr-347	170	2	means	mean	VERB
ftr-347	170	3	that	that	SCONJ
ftr-347	170	4	the	the	DET
ftr-347	170	5	u.s	u.s	PROPN
ftr-347	170	6	.	.	PROPN
ftr-347	170	7	fund	fund	NOUN
ftr-347	170	8	does	do	AUX
ftr-347	170	9	not	not	PART
ftr-347	170	10	sell	sell	VERB
ftr-347	170	11	interest	interest	NOUN
ftr-347	170	12	to	to	ADP
ftr-347	170	13	its	its	PRON
ftr-347	170	14	foreign	foreign	ADJ
ftr-347	170	15	affiliates	affiliate	NOUN
ftr-347	170	16	until	until	SCONJ
ftr-347	170	17	after	after	SCONJ
ftr-347	170	18	it	it	PRON
ftr-347	170	19	has	have	AUX
ftr-347	170	20	held	hold	VERB
ftr-347	170	21	the	the	DET
ftr-347	170	22	loan	loan	NOUN
ftr-347	170	23	for	for	ADP
ftr-347	170	24	a	a	DET
ftr-347	170	25	fixed	fix	VERB
ftr-347	170	26	period	period	NOUN
ftr-347	170	27	of	of	ADP
ftr-347	170	28	time	time	NOUN
ftr-347	170	29	,	,	PUNCT
ftr-347	170	30	often	often	ADV
ftr-347	170	31	3	3	NUM
ftr-347	170	32	months	month	NOUN
ftr-347	170	33	or	or	CCONJ
ftr-347	170	34	so	so	ADV
ftr-347	170	35	.	.	PUNCT
ftr-347	171	1	however	however	ADV
ftr-347	171	2	,	,	PUNCT
ftr-347	171	3	the	the	DET
ftr-347	171	4	offering	offering	NOUN
ftr-347	171	5	memoranda	memorandum	NOUN
ftr-347	171	6	of	of	ADP
ftr-347	171	7	many	many	ADJ
ftr-347	171	8	of	of	ADP
ftr-347	171	9	these	these	DET
ftr-347	171	10	parallel	parallel	ADJ
ftr-347	171	11	funds	fund	NOUN
ftr-347	171	12	disclose	disclose	VERB
ftr-347	171	13	that	that	SCONJ
ftr-347	171	14	many	many	ADJ
ftr-347	171	15	of	of	ADP
ftr-347	171	16	these	these	DET
ftr-347	171	17	affiliated	affiliate	VERB
ftr-347	171	18	funds	fund	NOUN
ftr-347	171	19	intend	intend	VERB
ftr-347	171	20	to	to	PART
ftr-347	171	21	invest	invest	VERB
ftr-347	171	22	in	in	ADP
ftr-347	171	23	“	"	PUNCT
ftr-347	171	24	lockstep	lockstep	NOUN
ftr-347	171	25	.	.	PUNCT
ftr-347	171	26	”	"	PUNCT
ftr-347	172	1	this	this	PRON
ftr-347	172	2	means	mean	VERB
ftr-347	172	3	the	the	DET
ftr-347	172	4	u.s	u.s	PROPN
ftr-347	172	5	.	.	PROPN
ftr-347	172	6	fund	fund	PROPN
ftr-347	172	7	and	and	CCONJ
ftr-347	172	8	affiliated	affiliate	VERB
ftr-347	172	9	foreign	foreign	ADJ
ftr-347	172	10	hedge	hedge	NOUN
ftr-347	172	11	fund	fund	NOUN
ftr-347	172	12	intend	intend	VERB
ftr-347	172	13	to	to	PART
ftr-347	172	14	make	make	VERB
ftr-347	172	15	the	the	DET
ftr-347	172	16	same	same	ADJ
ftr-347	172	17	or	or	CCONJ
ftr-347	172	18	similar	similar	ADJ
ftr-347	172	19	investments	investment	NOUN
ftr-347	172	20	(	(	PUNCT
ftr-347	172	21	perhaps	perhaps	ADV
ftr-347	172	22	in	in	ADP
ftr-347	172	23	different	different	ADJ
ftr-347	172	24	proportions	proportion	NOUN
ftr-347	172	25	)	)	PUNCT
ftr-347	172	26	.	.	PUNCT
ftr-347	173	1	in	in	ADP
ftr-347	173	2	addition	addition	NOUN
ftr-347	173	3	,	,	PUNCT
ftr-347	173	4	sometimes	sometimes	ADV
ftr-347	173	5	these	these	DET
ftr-347	173	6	affiliated	affiliate	VERB
ftr-347	173	7	hedge	hedge	NOUN
ftr-347	173	8	funds	fund	NOUN
ftr-347	173	9	26	26	NUM
ftr-347	173	10	.	.	PUNCT
ftr-347	174	1	although	although	SCONJ
ftr-347	174	2	outside	outside	ADP
ftr-347	174	3	the	the	DET
ftr-347	174	4	scope	scope	NOUN
ftr-347	174	5	of	of	ADP
ftr-347	174	6	this	this	DET
ftr-347	174	7	article	article	NOUN
ftr-347	174	8	,	,	PUNCT
ftr-347	174	9	the	the	DET
ftr-347	174	10	“	"	PUNCT
ftr-347	174	11	participation	participation	NOUN
ftr-347	174	12	”	"	PUNCT
ftr-347	174	13	versus	versus	ADP
ftr-347	174	14	“	"	PUNCT
ftr-347	174	15	assignment	assignment	NOUN
ftr-347	174	16	”	"	PUNCT
ftr-347	174	17	distinction	distinction	NOUN
ftr-347	174	18	can	can	AUX
ftr-347	174	19	produce	produce	VERB
ftr-347	174	20	very	very	ADV
ftr-347	174	21	different	different	ADJ
ftr-347	174	22	results	result	NOUN
ftr-347	174	23	with	with	ADP
ftr-347	174	24	respect	respect	NOUN
ftr-347	174	25	to	to	ADP
ftr-347	174	26	u.s	u.s	PROPN
ftr-347	174	27	.	.	PROPN
ftr-347	174	28	and	and	CCONJ
ftr-347	174	29	other	other	ADJ
ftr-347	174	30	countries	country	NOUN
ftr-347	174	31	withholding	withhold	VERB
ftr-347	174	32	taxes	taxis	NOUN
ftr-347	174	33	on	on	ADP
ftr-347	174	34	foreign	foreign	ADJ
ftr-347	174	35	persons	person	NOUN
ftr-347	174	36	.	.	PUNCT
ftr-347	175	1	654	654	NUM
ftr-347	175	2	florida	florida	PROPN
ftr-347	175	3	tax	tax	NOUN
ftr-347	175	4	review	review	NOUN
ftr-347	176	1	[	[	X
ftr-347	176	2	vol	vol	NOUN
ftr-347	176	3	.	.	PUNCT
ftr-347	176	4	11:8	11:8	NUM
ftr-347	176	5	perform	perform	VERB
ftr-347	176	6	equalizing	equalize	VERB
ftr-347	176	7	trades	trade	NOUN
ftr-347	176	8	of	of	ADP
ftr-347	176	9	other	other	ADJ
ftr-347	176	10	securities	security	NOUN
ftr-347	176	11	during	during	ADP
ftr-347	176	12	the	the	DET
ftr-347	176	13	seasoning	seasoning	NOUN
ftr-347	176	14	period	period	NOUN
ftr-347	176	15	.	.	PUNCT
ftr-347	177	1	a	a	DET
ftr-347	177	2	hedge	hedge	NOUN
ftr-347	177	3	fund	fund	NOUN
ftr-347	177	4	may	may	AUX
ftr-347	177	5	or	or	CCONJ
ftr-347	177	6	may	may	AUX
ftr-347	177	7	not	not	PART
ftr-347	177	8	price	price	VERB
ftr-347	177	9	such	such	DET
ftr-347	177	10	a	a	DET
ftr-347	177	11	seasoned	season	VERB
ftr-347	177	12	sale	sale	NOUN
ftr-347	177	13	based	base	VERB
ftr-347	177	14	on	on	ADP
ftr-347	177	15	the	the	DET
ftr-347	177	16	market	market	NOUN
ftr-347	177	17	conditions	condition	NOUN
ftr-347	177	18	at	at	ADP
ftr-347	177	19	the	the	DET
ftr-347	177	20	time	time	NOUN
ftr-347	177	21	of	of	ADP
ftr-347	177	22	the	the	DET
ftr-347	177	23	sale	sale	NOUN
ftr-347	177	24	(	(	PUNCT
ftr-347	177	25	as	as	SCONJ
ftr-347	177	26	opposed	oppose	VERB
ftr-347	177	27	to	to	ADP
ftr-347	177	28	the	the	DET
ftr-347	177	29	time	time	NOUN
ftr-347	177	30	of	of	ADP
ftr-347	177	31	the	the	DET
ftr-347	177	32	origination	origination	NOUN
ftr-347	177	33	or	or	CCONJ
ftr-347	177	34	the	the	DET
ftr-347	177	35	time	time	NOUN
ftr-347	177	36	when	when	SCONJ
ftr-347	177	37	u.s	u.s	PROPN
ftr-347	177	38	.	.	PROPN
ftr-347	177	39	affiliate	affiliate	NOUN
ftr-347	177	40	purchased	purchase	VERB
ftr-347	177	41	the	the	DET
ftr-347	177	42	debt	debt	NOUN
ftr-347	177	43	security	security	NOUN
ftr-347	177	44	)	)	PUNCT
ftr-347	177	45	.	.	PUNCT
ftr-347	178	1	in	in	ADP
ftr-347	178	2	addition	addition	NOUN
ftr-347	178	3	,	,	PUNCT
ftr-347	178	4	some	some	DET
ftr-347	178	5	foreign	foreign	ADJ
ftr-347	178	6	funds	fund	NOUN
ftr-347	178	7	have	have	VERB
ftr-347	178	8	the	the	DET
ftr-347	178	9	right	right	NOUN
ftr-347	178	10	to	to	PART
ftr-347	178	11	reject	reject	VERB
ftr-347	178	12	an	an	DET
ftr-347	178	13	assignment	assignment	NOUN
ftr-347	178	14	from	from	ADP
ftr-347	178	15	a	a	DET
ftr-347	178	16	u.s	u.s	PROPN
ftr-347	178	17	.	.	PROPN
ftr-347	178	18	affiliate	affiliate	NOUN
ftr-347	178	19	and	and	CCONJ
ftr-347	178	20	some	some	PRON
ftr-347	178	21	occasionally	occasionally	ADV
ftr-347	178	22	do	do	VERB
ftr-347	178	23	.	.	PUNCT
ftr-347	179	1	some	some	DET
ftr-347	179	2	affiliated	affiliated	ADJ
ftr-347	179	3	funds	fund	NOUN
ftr-347	179	4	are	be	AUX
ftr-347	179	5	completely	completely	ADV
ftr-347	179	6	under	under	ADP
ftr-347	179	7	the	the	DET
ftr-347	179	8	control	control	NOUN
ftr-347	179	9	of	of	ADP
ftr-347	179	10	a	a	DET
ftr-347	179	11	common	common	ADJ
ftr-347	179	12	investment	investment	NOUN
ftr-347	179	13	advisor	advisor	NOUN
ftr-347	179	14	,	,	PUNCT
ftr-347	179	15	while	while	SCONJ
ftr-347	179	16	others	other	NOUN
ftr-347	179	17	intentionally	intentionally	ADV
ftr-347	179	18	vest	vest	VERB
ftr-347	179	19	the	the	DET
ftr-347	179	20	rejection	rejection	NOUN
ftr-347	179	21	right	right	ADV
ftr-347	179	22	in	in	ADP
ftr-347	179	23	someone	someone	PRON
ftr-347	179	24	not	not	PART
ftr-347	179	25	under	under	ADP
ftr-347	179	26	the	the	DET
ftr-347	179	27	control	control	NOUN
ftr-347	179	28	of	of	ADP
ftr-347	179	29	the	the	DET
ftr-347	179	30	investment	investment	NOUN
ftr-347	179	31	advisor	advisor	NOUN
ftr-347	179	32	.	.	PUNCT
ftr-347	180	1	another	another	DET
ftr-347	180	2	complicating	complicate	VERB
ftr-347	180	3	factor	factor	NOUN
ftr-347	180	4	is	be	AUX
ftr-347	180	5	that	that	SCONJ
ftr-347	180	6	hedge	hedge	NOUN
ftr-347	180	7	funds	fund	NOUN
ftr-347	180	8	often	often	ADV
ftr-347	180	9	invest	invest	VERB
ftr-347	180	10	in	in	ADP
ftr-347	180	11	many	many	ADJ
ftr-347	180	12	different	different	ADJ
ftr-347	180	13	positions	position	NOUN
ftr-347	180	14	in	in	ADP
ftr-347	180	15	the	the	DET
ftr-347	180	16	same	same	ADJ
ftr-347	180	17	borrower	borrower	NOUN
ftr-347	180	18	.	.	PUNCT
ftr-347	181	1	some	some	PRON
ftr-347	181	2	invest	invest	VERB
ftr-347	181	3	in	in	ADP
ftr-347	181	4	pipes	pipe	NOUN
ftr-347	181	5	(	(	PUNCT
ftr-347	181	6	private	private	ADJ
ftr-347	181	7	investment	investment	NOUN
ftr-347	181	8	in	in	ADP
ftr-347	181	9	public	public	ADJ
ftr-347	181	10	equity	equity	NOUN
ftr-347	181	11	)	)	PUNCT
ftr-347	181	12	in	in	ADP
ftr-347	181	13	the	the	DET
ftr-347	181	14	form	form	NOUN
ftr-347	181	15	of	of	ADP
ftr-347	181	16	short	short	ADJ
ftr-347	181	17	-	-	PUNCT
ftr-347	181	18	term	term	NOUN
ftr-347	181	19	loans	loan	NOUN
ftr-347	181	20	paid	pay	VERB
ftr-347	181	21	in	in	ADP
ftr-347	181	22	stock	stock	NOUN
ftr-347	181	23	,	,	PUNCT
ftr-347	181	24	notes	note	VERB
ftr-347	181	25	convertible	convertible	ADJ
ftr-347	181	26	into	into	ADP
ftr-347	181	27	stock	stock	NOUN
ftr-347	181	28	,	,	PUNCT
ftr-347	181	29	and	and	CCONJ
ftr-347	181	30	non	non	ADJ
ftr-347	181	31	-	-	ADJ
ftr-347	181	32	convertible	convertible	ADJ
ftr-347	181	33	notes	note	NOUN
ftr-347	181	34	or	or	CCONJ
ftr-347	181	35	warrants	warrant	NOUN
ftr-347	181	36	for	for	ADP
ftr-347	181	37	stock	stock	NOUN
ftr-347	181	38	.	.	PUNCT
ftr-347	182	1	the	the	DET
ftr-347	182	2	idea	idea	NOUN
ftr-347	182	3	is	be	AUX
ftr-347	182	4	that	that	SCONJ
ftr-347	182	5	the	the	DET
ftr-347	182	6	debt	debt	NOUN
ftr-347	182	7	component	component	NOUN
ftr-347	182	8	will	will	AUX
ftr-347	182	9	protect	protect	VERB
ftr-347	182	10	the	the	DET
ftr-347	182	11	downside	downside	NOUN
ftr-347	182	12	while	while	SCONJ
ftr-347	182	13	the	the	DET
ftr-347	182	14	equity	equity	NOUN
ftr-347	182	15	component	component	NOUN
ftr-347	182	16	gives	give	VERB
ftr-347	182	17	the	the	DET
ftr-347	182	18	fund	fund	NOUN
ftr-347	182	19	the	the	DET
ftr-347	182	20	upside	upside	NOUN
ftr-347	182	21	.	.	PUNCT
ftr-347	183	1	certain	certain	ADJ
ftr-347	183	2	foreign	foreign	ADJ
ftr-347	183	3	hedge	hedge	NOUN
ftr-347	183	4	funds	fund	NOUN
ftr-347	183	5	specialize	specialize	VERB
ftr-347	183	6	in	in	ADP
ftr-347	183	7	the	the	DET
ftr-347	183	8	debt	debt	NOUN
ftr-347	183	9	securities	security	NOUN
ftr-347	183	10	of	of	ADP
ftr-347	183	11	companies	company	NOUN
ftr-347	183	12	in	in	ADP
ftr-347	183	13	financial	financial	ADJ
ftr-347	183	14	trouble	trouble	NOUN
ftr-347	183	15	.	.	PUNCT
ftr-347	184	1	these	these	DET
ftr-347	184	2	debt	debt	NOUN
ftr-347	184	3	securities	security	NOUN
ftr-347	184	4	tend	tend	VERB
ftr-347	184	5	to	to	PART
ftr-347	184	6	be	be	AUX
ftr-347	184	7	significantly	significantly	ADV
ftr-347	184	8	discounted	discount	VERB
ftr-347	184	9	to	to	PART
ftr-347	184	10	reflect	reflect	VERB
ftr-347	184	11	the	the	DET
ftr-347	184	12	default	default	NOUN
ftr-347	184	13	risk	risk	NOUN
ftr-347	184	14	.	.	PUNCT
ftr-347	185	1	this	this	DET
ftr-347	185	2	type	type	NOUN
ftr-347	185	3	of	of	ADP
ftr-347	185	4	debt	debt	NOUN
ftr-347	185	5	is	be	AUX
ftr-347	185	6	thought	think	VERB
ftr-347	185	7	of	of	ADP
ftr-347	185	8	as	as	ADP
ftr-347	185	9	“	"	PUNCT
ftr-347	185	10	loaning	loan	VERB
ftr-347	185	11	to	to	PART
ftr-347	185	12	own	own	VERB
ftr-347	185	13	,	,	PUNCT
ftr-347	185	14	”	"	PUNCT
ftr-347	185	15	or	or	CCONJ
ftr-347	185	16	seeking	seek	VERB
ftr-347	185	17	to	to	PART
ftr-347	185	18	acquire	acquire	VERB
ftr-347	185	19	an	an	DET
ftr-347	185	20	equity	equity	NOUN
ftr-347	185	21	interest	interest	NOUN
ftr-347	185	22	in	in	ADP
ftr-347	185	23	a	a	DET
ftr-347	185	24	business	business	NOUN
ftr-347	185	25	by	by	ADP
ftr-347	185	26	first	first	ADV
ftr-347	185	27	acquiring	acquire	VERB
ftr-347	185	28	the	the	DET
ftr-347	185	29	outstanding	outstanding	ADJ
ftr-347	185	30	debt	debt	NOUN
ftr-347	185	31	securities	security	NOUN
ftr-347	185	32	.	.	PUNCT
ftr-347	186	1	d.	d.	PROPN
ftr-347	186	2	u.s	u.s	PROPN
ftr-347	186	3	.	.	PROPN
ftr-347	186	4	taxation	taxation	NOUN
ftr-347	186	5	of	of	ADP
ftr-347	186	6	foreign	foreign	ADJ
ftr-347	186	7	lending	lending	NOUN
ftr-347	186	8	to	to	ADP
ftr-347	186	9	u.s	u.s	PROPN
ftr-347	186	10	.	.	PROPN
ftr-347	186	11	borrowers	borrower	NOUN
ftr-347	186	12	and	and	CCONJ
ftr-347	186	13	transacting	transact	VERB
ftr-347	186	14	in	in	ADP
ftr-347	186	15	u.s	u.s	PROPN
ftr-347	186	16	.	.	PROPN
ftr-347	186	17	debt	debt	NOUN
ftr-347	186	18	securities	security	NOUN
ftr-347	186	19	the	the	DET
ftr-347	186	20	united	united	PROPN
ftr-347	186	21	states	states	PROPN
ftr-347	186	22	taxes	tax	VERB
ftr-347	186	23	foreign	foreign	ADJ
ftr-347	186	24	lending	lending	NOUN
ftr-347	186	25	to	to	ADP
ftr-347	186	26	u.s	u.s	PROPN
ftr-347	186	27	.	.	PROPN
ftr-347	186	28	borrowers	borrower	NOUN
ftr-347	186	29	and	and	CCONJ
ftr-347	186	30	transacting	transact	VERB
ftr-347	186	31	in	in	ADP
ftr-347	186	32	u.s	u.s	PROPN
ftr-347	186	33	.	.	PROPN
ftr-347	186	34	debt	debt	NOUN
ftr-347	186	35	securities	security	NOUN
ftr-347	186	36	in	in	ADP
ftr-347	186	37	a	a	DET
ftr-347	186	38	manner	manner	NOUN
ftr-347	186	39	that	that	PRON
ftr-347	186	40	,	,	PUNCT
ftr-347	186	41	at	at	ADP
ftr-347	186	42	first	first	ADJ
ftr-347	186	43	blush	blush	NOUN
ftr-347	186	44	,	,	PUNCT
ftr-347	186	45	may	may	AUX
ftr-347	186	46	seem	seem	VERB
ftr-347	186	47	very	very	ADV
ftr-347	186	48	generous.27	generous.27	PROPN
ftr-347	186	49	a	a	DET
ftr-347	186	50	foreign	foreign	ADJ
ftr-347	186	51	person	person	NOUN
ftr-347	186	52	’s	’s	PART
ftr-347	186	53	interest	interest	NOUN
ftr-347	186	54	income	income	NOUN
ftr-347	186	55	and	and	CCONJ
ftr-347	186	56	profit	profit	NOUN
ftr-347	186	57	on	on	ADP
ftr-347	186	58	the	the	DET
ftr-347	186	59	sale	sale	NOUN
ftr-347	186	60	of	of	ADP
ftr-347	186	61	u.s	u.s	PROPN
ftr-347	186	62	.	.	PROPN
ftr-347	186	63	debt	debt	NOUN
ftr-347	186	64	instruments	instrument	NOUN
ftr-347	186	65	are	be	AUX
ftr-347	186	66	generally	generally	ADV
ftr-347	186	67	exempt	exempt	ADJ
ftr-347	186	68	from	from	ADP
ftr-347	186	69	u.s	u.s	PROPN
ftr-347	186	70	.	.	PROPN
ftr-347	186	71	federal	federal	ADJ
ftr-347	186	72	income	income	NOUN
ftr-347	186	73	tax	tax	NOUN
ftr-347	186	74	if	if	SCONJ
ftr-347	186	75	the	the	DET
ftr-347	186	76	income	income	NOUN
ftr-347	186	77	is	be	AUX
ftr-347	186	78	not	not	PART
ftr-347	186	79	effectively	effectively	ADV
ftr-347	186	80	connected	connect	VERB
ftr-347	186	81	to	to	ADP
ftr-347	186	82	a	a	DET
ftr-347	186	83	trade	trade	NOUN
ftr-347	186	84	or	or	CCONJ
ftr-347	186	85	business	business	NOUN
ftr-347	186	86	in	in	ADP
ftr-347	186	87	the	the	DET
ftr-347	186	88	united	united	PROPN
ftr-347	186	89	states.28	states.28	PROPN
ftr-347	186	90	the	the	DET
ftr-347	186	91	key	key	NOUN
ftr-347	186	92	to	to	ADP
ftr-347	186	93	unlocking	unlock	VERB
ftr-347	186	94	this	this	DET
ftr-347	186	95	“	"	PUNCT
ftr-347	186	96	generosity	generosity	NOUN
ftr-347	186	97	”	"	PUNCT
ftr-347	186	98	is	be	AUX
ftr-347	186	99	for	for	SCONJ
ftr-347	186	100	the	the	DET
ftr-347	186	101	income	income	NOUN
ftr-347	186	102	to	to	PART
ftr-347	186	103	be	be	AUX
ftr-347	186	104	characterized	characterize	VERB
ftr-347	186	105	as	as	ADP
ftr-347	186	106	passive	passive	ADJ
ftr-347	186	107	investment	investment	NOUN
ftr-347	186	108	income	income	NOUN
ftr-347	186	109	instead	instead	ADV
ftr-347	186	110	of	of	ADP
ftr-347	186	111	income	income	NOUN
ftr-347	186	112	connected	connect	VERB
ftr-347	186	113	with	with	ADP
ftr-347	186	114	a	a	DET
ftr-347	186	115	u.s	u.s	PROPN
ftr-347	186	116	.	.	PROPN
ftr-347	186	117	business.29	business.29	PROPN
ftr-347	186	118	if	if	SCONJ
ftr-347	186	119	nonresident	nonresident	ADJ
ftr-347	186	120	aliens	alien	NOUN
ftr-347	186	121	or	or	CCONJ
ftr-347	186	122	foreign	foreign	ADJ
ftr-347	186	123	corporations	corporation	NOUN
ftr-347	186	124	27	27	NUM
ftr-347	186	125	.	.	PUNCT
ftr-347	187	1	see	see	VERB
ftr-347	187	2	lee	lee	PROPN
ftr-347	187	3	a.	a.	PROPN
ftr-347	187	4	sheppard	sheppard	PROPN
ftr-347	187	5	,	,	PUNCT
ftr-347	187	6	news	news	NOUN
ftr-347	187	7	analysis	analysis	NOUN
ftr-347	187	8	—	—	PUNCT
ftr-347	187	9	neither	neither	CCONJ
ftr-347	187	10	a	a	DET
ftr-347	187	11	dealer	dealer	NOUN
ftr-347	187	12	nor	nor	CCONJ
ftr-347	187	13	a	a	DET
ftr-347	187	14	lender	lender	NOUN
ftr-347	187	15	be	be	AUX
ftr-347	187	16	,	,	PUNCT
ftr-347	187	17	part	part	NOUN
ftr-347	187	18	2	2	NUM
ftr-347	187	19	:	:	PUNCT
ftr-347	187	20	hedge	hedge	NOUN
ftr-347	187	21	fund	fund	PROPN
ftr-347	187	22	lending	lending	NOUN
ftr-347	187	23	,	,	PUNCT
ftr-347	187	24	108	108	NUM
ftr-347	187	25	tax	tax	NOUN
ftr-347	187	26	notes	note	NOUN
ftr-347	187	27	729	729	NUM
ftr-347	187	28	(	(	PUNCT
ftr-347	187	29	2005	2005	NUM
ftr-347	187	30	)	)	PUNCT
ftr-347	187	31	.	.	PUNCT
ftr-347	188	1	28	28	NUM
ftr-347	188	2	.	.	PUNCT
ftr-347	189	1	this	this	PRON
ftr-347	189	2	assumes	assume	VERB
ftr-347	189	3	that	that	SCONJ
ftr-347	189	4	with	with	ADP
ftr-347	189	5	respect	respect	NOUN
ftr-347	189	6	to	to	ADP
ftr-347	189	7	the	the	DET
ftr-347	189	8	interest	interest	NOUN
ftr-347	189	9	,	,	PUNCT
ftr-347	189	10	the	the	DET
ftr-347	189	11	portfolio	portfolio	NOUN
ftr-347	189	12	interest	interest	NOUN
ftr-347	189	13	exemption	exemption	NOUN
ftr-347	189	14	applies	apply	VERB
ftr-347	189	15	.	.	PUNCT
ftr-347	190	1	see	see	VERB
ftr-347	190	2	i.r.c	i.r.c	NOUN
ftr-347	190	3	.	.	PUNCT
ftr-347	191	1	§	§	PROPN
ftr-347	191	2	881(c)(1	881(c)(1	PROPN
ftr-347	191	3	)	)	PUNCT
ftr-347	191	4	.	.	PUNCT
ftr-347	192	1	note	note	VERB
ftr-347	192	2	however	however	ADV
ftr-347	192	3	the	the	DET
ftr-347	192	4	portfolio	portfolio	NOUN
ftr-347	192	5	interest	interest	NOUN
ftr-347	192	6	exception	exception	NOUN
ftr-347	192	7	does	do	AUX
ftr-347	192	8	not	not	PART
ftr-347	192	9	apply	apply	VERB
ftr-347	192	10	to	to	ADP
ftr-347	192	11	a	a	DET
ftr-347	192	12	“	"	PUNCT
ftr-347	192	13	bank	bank	NOUN
ftr-347	192	14	.	.	PUNCT
ftr-347	192	15	”	"	PUNCT
ftr-347	192	16	i.r.c	i.r.c	NOUN
ftr-347	192	17	.	.	PUNCT
ftr-347	193	1	§	§	PROPN
ftr-347	193	2	881(c)(3)(a	881(c)(3)(a	NUM
ftr-347	193	3	)	)	PUNCT
ftr-347	193	4	.	.	PUNCT
ftr-347	194	1	a	a	DET
ftr-347	194	2	hedge	hedge	NOUN
ftr-347	194	3	fund	fund	NOUN
ftr-347	194	4	should	should	AUX
ftr-347	194	5	not	not	PART
ftr-347	194	6	be	be	AUX
ftr-347	194	7	considered	consider	VERB
ftr-347	194	8	a	a	DET
ftr-347	194	9	“	"	PUNCT
ftr-347	194	10	bank	bank	NOUN
ftr-347	194	11	”	"	PUNCT
ftr-347	194	12	for	for	ADP
ftr-347	194	13	this	this	DET
ftr-347	194	14	purpose	purpose	NOUN
ftr-347	194	15	since	since	SCONJ
ftr-347	194	16	it	it	PRON
ftr-347	194	17	is	be	AUX
ftr-347	194	18	not	not	PART
ftr-347	194	19	regulated	regulate	VERB
ftr-347	194	20	as	as	ADP
ftr-347	194	21	a	a	DET
ftr-347	194	22	bank	bank	NOUN
ftr-347	194	23	under	under	ADP
ftr-347	194	24	i.r.c	i.r.c	NOUN
ftr-347	194	25	.	.	PUNCT
ftr-347	195	1	§	§	PROPN
ftr-347	195	2	58	58	NUM
ftr-347	195	3	.	.	PUNCT
ftr-347	196	1	priv	priv	NOUN
ftr-347	196	2	.	.	PUNCT
ftr-347	197	1	ltr	ltr	PROPN
ftr-347	197	2	.	.	PUNCT
ftr-347	197	3	rul	rul	PROPN
ftr-347	197	4	.	.	PUNCT
ftr-347	198	1	98	98	NUM
ftr-347	198	2	-	-	SYM
ftr-347	198	3	22	22	NUM
ftr-347	198	4	-	-	SYM
ftr-347	198	5	007	007	NUM
ftr-347	198	6	(	(	PUNCT
ftr-347	198	7	feb	feb	X
ftr-347	198	8	.	.	PROPN
ftr-347	198	9	10	10	NUM
ftr-347	198	10	,	,	PUNCT
ftr-347	198	11	1998	1998	NUM
ftr-347	198	12	)	)	PUNCT
ftr-347	198	13	.	.	PUNCT
ftr-347	199	1	with	with	ADP
ftr-347	199	2	respect	respect	NOUN
ftr-347	199	3	to	to	ADP
ftr-347	199	4	capital	capital	NOUN
ftr-347	199	5	gains	gain	NOUN
ftr-347	199	6	see	see	VERB
ftr-347	199	7	infra	infra	NOUN
ftr-347	199	8	note	note	VERB
ftr-347	199	9	30	30	NUM
ftr-347	199	10	.	.	PUNCT
ftr-347	200	1	29	29	NUM
ftr-347	200	2	.	.	PUNCT
ftr-347	201	1	the	the	DET
ftr-347	201	2	u.s	u.s	PROPN
ftr-347	201	3	.	.	PROPN
ftr-347	201	4	generally	generally	ADV
ftr-347	201	5	taxes	tax	VERB
ftr-347	201	6	nonresident	nonresident	ADJ
ftr-347	201	7	aliens	alien	NOUN
ftr-347	201	8	and	and	CCONJ
ftr-347	201	9	foreign	foreign	ADJ
ftr-347	201	10	corporations	corporation	NOUN
ftr-347	201	11	on	on	ADP
ftr-347	201	12	two	two	NUM
ftr-347	201	13	types	type	NOUN
ftr-347	201	14	of	of	ADP
ftr-347	201	15	income	income	NOUN
ftr-347	201	16	:	:	PUNCT
ftr-347	201	17	(	(	PUNCT
ftr-347	201	18	1	1	X
ftr-347	201	19	)	)	PUNCT
ftr-347	201	20	income	income	NOUN
ftr-347	201	21	that	that	PRON
ftr-347	201	22	is	be	AUX
ftr-347	201	23	effectively	effectively	ADV
ftr-347	201	24	connected	connect	VERB
ftr-347	201	25	with	with	ADP
ftr-347	201	26	the	the	DET
ftr-347	201	27	conduct	conduct	NOUN
ftr-347	201	28	of	of	ADP
ftr-347	201	29	a	a	DET
ftr-347	201	30	trade	trade	NOUN
ftr-347	201	31	or	or	CCONJ
ftr-347	201	32	business	business	NOUN
ftr-347	201	33	in	in	ADP
ftr-347	201	34	the	the	DET
ftr-347	201	35	u.s	u.s	PROPN
ftr-347	201	36	.	.	PROPN
ftr-347	201	37	(	(	PUNCT
ftr-347	201	38	“	"	PUNCT
ftr-347	201	39	eci	eci	PROPN
ftr-347	201	40	”	"	PUNCT
ftr-347	201	41	)	)	PUNCT
ftr-347	201	42	and	and	CCONJ
ftr-347	201	43	(	(	PUNCT
ftr-347	201	44	2	2	X
ftr-347	201	45	)	)	PUNCT
ftr-347	201	46	fixed	fix	VERB
ftr-347	201	47	,	,	PUNCT
ftr-347	201	48	determinable	determinable	ADJ
ftr-347	201	49	,	,	PUNCT
ftr-347	201	50	annual	annual	ADJ
ftr-347	201	51	or	or	CCONJ
ftr-347	201	52	periodical	periodical	ADJ
ftr-347	201	53	income	income	NOUN
ftr-347	201	54	from	from	ADP
ftr-347	201	55	u.s	u.s	PROPN
ftr-347	201	56	.	.	PROPN
ftr-347	201	57	sources	source	NOUN
ftr-347	201	58	that	that	PRON
ftr-347	201	59	is	be	AUX
ftr-347	201	60	not	not	PART
ftr-347	201	61	eci	eci	PROPN
ftr-347	201	62	(	(	PUNCT
ftr-347	201	63	“	"	PUNCT
ftr-347	201	64	fdap	fdap	NOUN
ftr-347	201	65	”	"	PUNCT
ftr-347	201	66	)	)	PUNCT
ftr-347	201	67	.	.	PUNCT
ftr-347	202	1	i.r.c	i.r.c	NOUN
ftr-347	202	2	.	.	PUNCT
ftr-347	203	1	§	§	PROPN
ftr-347	203	2	§	§	PROPN
ftr-347	203	3	871(b	871(b	PROPN
ftr-347	203	4	)	)	PUNCT
ftr-347	203	5	and	and	CCONJ
ftr-347	203	6	882(a	882(a	NOUN
ftr-347	203	7	)	)	PUNCT
ftr-347	203	8	.	.	PUNCT
ftr-347	204	1	capital	capital	NOUN
ftr-347	204	2	gains	gain	NOUN
ftr-347	204	3	are	be	AUX
ftr-347	204	4	not	not	PART
ftr-347	204	5	fdap	fdap	ADJ
ftr-347	204	6	so	so	SCONJ
ftr-347	204	7	if	if	SCONJ
ftr-347	204	8	capital	capital	NOUN
ftr-347	204	9	gains	gain	NOUN
ftr-347	204	10	are	be	AUX
ftr-347	204	11	not	not	PART
ftr-347	204	12	eci	eci	PROPN
ftr-347	204	13	they	they	PRON
ftr-347	204	14	are	be	AUX
ftr-347	204	15	not	not	PART
ftr-347	204	16	taxed	tax	VERB
ftr-347	204	17	.	.	PUNCT
ftr-347	205	1	2011	2011	NUM
ftr-347	205	2	]	]	PUNCT
ftr-347	205	3	the	the	DET
ftr-347	205	4	global	global	ADJ
ftr-347	205	5	shadow	shadow	PROPN
ftr-347	205	6	bank	bank	PROPN
ftr-347	205	7	655	655	NUM
ftr-347	205	8	(	(	PUNCT
ftr-347	205	9	hereinafter	hereinafter	NOUN
ftr-347	205	10	“	"	PUNCT
ftr-347	205	11	foreign	foreign	ADJ
ftr-347	205	12	persons	person	NOUN
ftr-347	205	13	”	"	PUNCT
ftr-347	205	14	)	)	PUNCT
ftr-347	205	15	have	have	VERB
ftr-347	205	16	income	income	NOUN
ftr-347	205	17	that	that	PRON
ftr-347	205	18	is	be	AUX
ftr-347	205	19	connected	connect	VERB
ftr-347	205	20	with	with	ADP
ftr-347	205	21	a	a	DET
ftr-347	205	22	u.s	u.s	PROPN
ftr-347	205	23	.	.	PROPN
ftr-347	205	24	business	business	NOUN
ftr-347	205	25	,	,	PUNCT
ftr-347	205	26	that	that	DET
ftr-347	205	27	income	income	NOUN
ftr-347	205	28	will	will	AUX
ftr-347	205	29	be	be	AUX
ftr-347	205	30	taxed	tax	VERB
ftr-347	205	31	at	at	ADP
ftr-347	205	32	the	the	DET
ftr-347	205	33	regular	regular	ADJ
ftr-347	205	34	graduated	graduate	VERB
ftr-347	205	35	tax	tax	NOUN
ftr-347	205	36	rates	rate	NOUN
ftr-347	205	37	applicable	applicable	ADJ
ftr-347	205	38	to	to	ADP
ftr-347	205	39	u.s	u.s	PROPN
ftr-347	205	40	.	.	PROPN
ftr-347	205	41	persons	person	NOUN
ftr-347	205	42	and	and	CCONJ
ftr-347	205	43	corporations.30	corporations.30	VERB
ftr-347	205	44	a	a	DET
ftr-347	205	45	foreign	foreign	ADJ
ftr-347	205	46	person	person	NOUN
ftr-347	205	47	engaged	engage	VERB
ftr-347	205	48	in	in	ADP
ftr-347	205	49	a	a	DET
ftr-347	205	50	u.s	u.s	PROPN
ftr-347	205	51	.	.	PROPN
ftr-347	205	52	business	business	NOUN
ftr-347	205	53	will	will	AUX
ftr-347	205	54	also	also	ADV
ftr-347	205	55	generally	generally	ADV
ftr-347	205	56	have	have	VERB
ftr-347	205	57	to	to	PART
ftr-347	205	58	file	file	VERB
ftr-347	205	59	a	a	DET
ftr-347	205	60	u.s	u.s	PROPN
ftr-347	205	61	.	.	PROPN
ftr-347	205	62	tax	tax	NOUN
ftr-347	205	63	return.31	return.31	VERB
ftr-347	205	64	certain	certain	ADJ
ftr-347	205	65	lending	lending	NOUN
ftr-347	205	66	activities	activity	NOUN
ftr-347	205	67	will	will	AUX
ftr-347	205	68	certainly	certainly	ADV
ftr-347	205	69	rise	rise	VERB
ftr-347	205	70	to	to	ADP
ftr-347	205	71	the	the	DET
ftr-347	205	72	level	level	NOUN
ftr-347	205	73	of	of	ADP
ftr-347	205	74	a	a	DET
ftr-347	205	75	lending	lending	NOUN
ftr-347	205	76	or	or	CCONJ
ftr-347	205	77	financing	financing	NOUN
ftr-347	205	78	business	business	NOUN
ftr-347	205	79	in	in	ADP
ftr-347	205	80	the	the	DET
ftr-347	205	81	united	united	PROPN
ftr-347	205	82	states	states	PROPN
ftr-347	205	83	,	,	PUNCT
ftr-347	205	84	such	such	ADJ
ftr-347	205	85	as	as	ADP
ftr-347	205	86	a	a	DET
ftr-347	205	87	frequent	frequent	ADJ
ftr-347	205	88	loan	loan	NOUN
ftr-347	205	89	origination	origination	NOUN
ftr-347	205	90	to	to	ADP
ftr-347	205	91	u.s	u.s	PROPN
ftr-347	205	92	.	.	PROPN
ftr-347	205	93	borrowers	borrower	NOUN
ftr-347	205	94	.	.	PUNCT
ftr-347	206	1	other	other	ADJ
ftr-347	206	2	lending	lending	NOUN
ftr-347	206	3	activities	activity	NOUN
ftr-347	206	4	seem	seem	VERB
ftr-347	206	5	to	to	PART
ftr-347	206	6	clearly	clearly	ADV
ftr-347	206	7	constitute	constitute	VERB
ftr-347	206	8	passive	passive	ADJ
ftr-347	206	9	investing	investing	NOUN
ftr-347	206	10	,	,	PUNCT
ftr-347	206	11	such	such	ADJ
ftr-347	206	12	as	as	ADP
ftr-347	206	13	the	the	DET
ftr-347	206	14	long	long	ADJ
ftr-347	206	15	-	-	PUNCT
ftr-347	206	16	term	term	NOUN
ftr-347	206	17	holding	holding	NOUN
ftr-347	206	18	of	of	ADP
ftr-347	206	19	debt	debt	NOUN
ftr-347	206	20	securities	security	NOUN
ftr-347	206	21	purchased	purchase	VERB
ftr-347	206	22	on	on	ADP
ftr-347	206	23	the	the	DET
ftr-347	206	24	secondary	secondary	ADJ
ftr-347	206	25	market	market	NOUN
ftr-347	206	26	.	.	PUNCT
ftr-347	207	1	however	however	ADV
ftr-347	207	2	,	,	PUNCT
ftr-347	207	3	there	there	PRON
ftr-347	207	4	is	be	VERB
ftr-347	207	5	a	a	DET
ftr-347	207	6	broad	broad	ADJ
ftr-347	207	7	range	range	NOUN
ftr-347	207	8	of	of	ADP
ftr-347	207	9	activities	activity	NOUN
ftr-347	207	10	in	in	ADP
ftr-347	207	11	between	between	ADP
ftr-347	207	12	these	these	DET
ftr-347	207	13	two	two	NUM
ftr-347	207	14	extremes	extreme	NOUN
ftr-347	207	15	,	,	PUNCT
ftr-347	207	16	and	and	CCONJ
ftr-347	207	17	precedent	precedent	NOUN
ftr-347	207	18	in	in	ADP
ftr-347	207	19	the	the	DET
ftr-347	207	20	middle	middle	NOUN
ftr-347	207	21	is	be	AUX
ftr-347	207	22	quite	quite	ADV
ftr-347	207	23	uncertain	uncertain	ADJ
ftr-347	207	24	.	.	PUNCT
ftr-347	208	1	the	the	DET
ftr-347	208	2	stakes	stake	NOUN
ftr-347	208	3	are	be	AUX
ftr-347	208	4	high	high	ADJ
ftr-347	208	5	for	for	ADP
ftr-347	208	6	the	the	DET
ftr-347	208	7	proper	proper	ADJ
ftr-347	208	8	characterization	characterization	NOUN
ftr-347	208	9	of	of	ADP
ftr-347	208	10	what	what	PRON
ftr-347	208	11	constitutes	constitute	VERB
ftr-347	208	12	a	a	DET
ftr-347	208	13	u.s	u.s	PROPN
ftr-347	208	14	.	.	PROPN
ftr-347	208	15	trade	trade	NOUN
ftr-347	208	16	or	or	CCONJ
ftr-347	208	17	business	business	NOUN
ftr-347	208	18	,	,	PUNCT
ftr-347	208	19	because	because	SCONJ
ftr-347	208	20	if	if	SCONJ
ftr-347	208	21	the	the	DET
ftr-347	208	22	foreign	foreign	ADJ
ftr-347	208	23	person	person	NOUN
ftr-347	208	24	is	be	AUX
ftr-347	208	25	not	not	PART
ftr-347	208	26	engaged	engage	VERB
ftr-347	208	27	in	in	ADP
ftr-347	208	28	a	a	DET
ftr-347	208	29	u.s	u.s	PROPN
ftr-347	208	30	.	.	PROPN
ftr-347	208	31	business	business	NOUN
ftr-347	208	32	,	,	PUNCT
ftr-347	208	33	interest	interest	NOUN
ftr-347	208	34	income	income	NOUN
ftr-347	208	35	and	and	CCONJ
ftr-347	208	36	capital	capital	NOUN
ftr-347	208	37	gains	gain	NOUN
ftr-347	208	38	on	on	ADP
ftr-347	208	39	the	the	DET
ftr-347	208	40	sale	sale	NOUN
ftr-347	208	41	of	of	ADP
ftr-347	208	42	a	a	DET
ftr-347	208	43	u.s	u.s	PROPN
ftr-347	208	44	.	.	PROPN
ftr-347	208	45	debt	debt	NOUN
ftr-347	208	46	instrument	instrument	NOUN
ftr-347	208	47	are	be	AUX
ftr-347	208	48	generally	generally	ADV
ftr-347	208	49	exempted	exempt	VERB
ftr-347	208	50	from	from	ADP
ftr-347	208	51	u.s	u.s	PROPN
ftr-347	208	52	.	.	PROPN
ftr-347	208	53	federal	federal	ADJ
ftr-347	208	54	income	income	NOUN
ftr-347	208	55	tax.32	tax.32	VERB
ftr-347	208	56	the	the	DET
ftr-347	208	57	code	code	PROPN
ftr-347	208	58	and	and	CCONJ
ftr-347	208	59	treasury	treasury	PROPN
ftr-347	208	60	regulations	regulation	NOUN
ftr-347	208	61	do	do	AUX
ftr-347	208	62	not	not	PART
ftr-347	208	63	provide	provide	VERB
ftr-347	208	64	a	a	DET
ftr-347	208	65	thorough	thorough	ADJ
ftr-347	208	66	definition	definition	NOUN
ftr-347	208	67	of	of	ADP
ftr-347	208	68	what	what	PRON
ftr-347	208	69	constitutes	constitute	VERB
ftr-347	208	70	being	be	AUX
ftr-347	208	71	engaged	engage	VERB
ftr-347	208	72	in	in	ADP
ftr-347	208	73	a	a	DET
ftr-347	208	74	u.s	u.s	PROPN
ftr-347	208	75	.	.	PROPN
ftr-347	208	76	business	business	NOUN
ftr-347	208	77	for	for	ADP
ftr-347	208	78	this	this	DET
ftr-347	208	79	purpose.33	purpose.33	NOUN
ftr-347	208	80	however	however	ADV
ftr-347	208	81	,	,	PUNCT
ftr-347	208	82	there	there	PRON
ftr-347	208	83	is	be	VERB
ftr-347	208	84	a	a	DET
ftr-347	208	85	safe	safe	ADJ
ftr-347	208	86	harbor	harbor	NOUN
ftr-347	208	87	for	for	ADP
ftr-347	208	88	foreign	foreign	ADJ
ftr-347	208	89	persons	person	NOUN
ftr-347	208	90	trading	trading	NOUN
ftr-347	208	91	(	(	PUNCT
ftr-347	208	92	and	and	CCONJ
ftr-347	208	93	not	not	PART
ftr-347	208	94	dealing	deal	VERB
ftr-347	208	95	)	)	PUNCT
ftr-347	208	96	in	in	ADP
ftr-347	208	97	stock	stock	NOUN
ftr-347	208	98	and	and	CCONJ
ftr-347	208	99	securities	security	NOUN
ftr-347	208	100	,	,	PUNCT
ftr-347	208	101	including	include	VERB
ftr-347	208	102	debt	debt	NOUN
ftr-347	208	103	securities	security	NOUN
ftr-347	208	104	,	,	PUNCT
ftr-347	208	105	for	for	ADP
ftr-347	208	106	their	their	PRON
ftr-347	208	107	own	own	ADJ
ftr-347	208	108	account.34	account.34	NOUN
ftr-347	208	109	situations	situation	NOUN
ftr-347	208	110	that	that	PRON
ftr-347	208	111	do	do	AUX
ftr-347	208	112	not	not	PART
ftr-347	208	113	fall	fall	VERB
ftr-347	208	114	squarely	squarely	ADV
ftr-347	208	115	within	within	ADP
ftr-347	208	116	the	the	DET
ftr-347	208	117	limited	limited	ADJ
ftr-347	208	118	statutory	statutory	ADJ
ftr-347	208	119	interest	interest	NOUN
ftr-347	208	120	is	be	AUX
ftr-347	208	121	fdap	fdap	ADJ
ftr-347	208	122	but	but	CCONJ
ftr-347	208	123	may	may	AUX
ftr-347	208	124	be	be	AUX
ftr-347	208	125	exempt	exempt	ADJ
ftr-347	208	126	from	from	ADP
ftr-347	208	127	u.s	u.s	PROPN
ftr-347	208	128	.	.	PROPN
ftr-347	208	129	federal	federal	ADJ
ftr-347	208	130	income	income	NOUN
ftr-347	208	131	tax	tax	NOUN
ftr-347	208	132	if	if	SCONJ
ftr-347	208	133	it	it	PRON
ftr-347	208	134	qualifies	qualify	VERB
ftr-347	208	135	as	as	ADP
ftr-347	208	136	“	"	PUNCT
ftr-347	208	137	portfolio	portfolio	NOUN
ftr-347	208	138	interest	interest	NOUN
ftr-347	208	139	”	"	PUNCT
ftr-347	208	140	or	or	CCONJ
ftr-347	208	141	if	if	SCONJ
ftr-347	208	142	there	there	PRON
ftr-347	208	143	is	be	VERB
ftr-347	208	144	a	a	DET
ftr-347	208	145	reduction	reduction	NOUN
ftr-347	208	146	or	or	CCONJ
ftr-347	208	147	elimination	elimination	NOUN
ftr-347	208	148	of	of	ADP
ftr-347	208	149	the	the	DET
ftr-347	208	150	tax	tax	NOUN
ftr-347	208	151	under	under	ADP
ftr-347	208	152	a	a	DET
ftr-347	208	153	double	double	ADJ
ftr-347	208	154	taxation	taxation	NOUN
ftr-347	208	155	treaty	treaty	NOUN
ftr-347	208	156	.	.	PUNCT
ftr-347	209	1	30	30	NUM
ftr-347	209	2	.	.	PUNCT
ftr-347	210	1	i	i	PRON
ftr-347	210	2	d.	d.	PROPN
ftr-347	210	3	such	such	ADJ
ftr-347	210	4	business	business	NOUN
ftr-347	210	5	income	income	NOUN
ftr-347	210	6	may	may	AUX
ftr-347	210	7	also	also	ADV
ftr-347	210	8	be	be	AUX
ftr-347	210	9	subject	subject	ADJ
ftr-347	210	10	to	to	ADP
ftr-347	210	11	a	a	DET
ftr-347	210	12	“	"	PUNCT
ftr-347	210	13	branch	branch	NOUN
ftr-347	210	14	profits	profit	NOUN
ftr-347	210	15	tax	tax	NOUN
ftr-347	210	16	”	"	PUNCT
ftr-347	210	17	at	at	ADP
ftr-347	210	18	a	a	DET
ftr-347	210	19	rate	rate	NOUN
ftr-347	210	20	of	of	ADP
ftr-347	210	21	30	30	NUM
ftr-347	210	22	percent	percent	NOUN
ftr-347	210	23	.	.	PUNCT
ftr-347	211	1	i.r.c	i.r.c	NOUN
ftr-347	211	2	.	.	PUNCT
ftr-347	212	1	§	§	PROPN
ftr-347	212	2	884	884	NUM
ftr-347	212	3	.	.	PUNCT
ftr-347	212	4	31	31	NUM
ftr-347	212	5	.	.	PUNCT
ftr-347	213	1	see	see	VERB
ftr-347	213	2	i.r.c	i.r.c	NOUN
ftr-347	213	3	.	.	PUNCT
ftr-347	214	1	§	§	PROPN
ftr-347	214	2	6012	6012	NUM
ftr-347	214	3	.	.	PUNCT
ftr-347	215	1	32	32	NUM
ftr-347	215	2	.	.	PUNCT
ftr-347	216	1	see	see	VERB
ftr-347	216	2	supra	supra	PROPN
ftr-347	216	3	note	note	PROPN
ftr-347	216	4	30	30	NUM
ftr-347	216	5	.	.	PUNCT
ftr-347	217	1	33	33	NUM
ftr-347	217	2	.	.	PUNCT
ftr-347	218	1	see	see	VERB
ftr-347	218	2	i.r.c	i.r.c	NOUN
ftr-347	218	3	.	.	PUNCT
ftr-347	219	1	§	§	PROPN
ftr-347	219	2	864(b	864(b	PROPN
ftr-347	219	3	)	)	PUNCT
ftr-347	219	4	(	(	PUNCT
ftr-347	219	5	the	the	DET
ftr-347	219	6	definition	definition	NOUN
ftr-347	219	7	of	of	ADP
ftr-347	219	8	“	"	PUNCT
ftr-347	219	9	trade	trade	NOUN
ftr-347	219	10	or	or	CCONJ
ftr-347	219	11	business	business	NOUN
ftr-347	219	12	in	in	ADP
ftr-347	219	13	the	the	DET
ftr-347	219	14	united	united	PROPN
ftr-347	219	15	states	states	PROPN
ftr-347	219	16	”	"	PUNCT
ftr-347	219	17	includes	include	VERB
ftr-347	219	18	the	the	DET
ftr-347	219	19	performance	performance	NOUN
ftr-347	219	20	of	of	ADP
ftr-347	219	21	personal	personal	ADJ
ftr-347	219	22	services	service	NOUN
ftr-347	219	23	within	within	ADP
ftr-347	219	24	the	the	DET
ftr-347	219	25	u.s	u.s	PROPN
ftr-347	219	26	.	.	PROPN
ftr-347	219	27	)	)	PUNCT
ftr-347	219	28	.	.	PUNCT
ftr-347	220	1	34	34	NUM
ftr-347	220	2	.	.	PUNCT
ftr-347	220	3	i.r.c	i.r.c	NOUN
ftr-347	220	4	.	.	PUNCT
ftr-347	221	1	§	§	PROPN
ftr-347	221	2	864(b)(2)(a)(i	864(b)(2)(a)(i	NUM
ftr-347	221	3	)	)	PUNCT
ftr-347	221	4	,	,	PUNCT
ftr-347	221	5	(	(	PUNCT
ftr-347	221	6	ii	ii	NOUN
ftr-347	221	7	)	)	PUNCT
ftr-347	221	8	.	.	PUNCT
ftr-347	222	1	note	note	VERB
ftr-347	222	2	that	that	DET
ftr-347	222	3	prop	prop	NOUN
ftr-347	222	4	.	.	PUNCT
ftr-347	223	1	reg	reg	PROPN
ftr-347	223	2	.	.	PUNCT
ftr-347	224	1	§	§	PROPN
ftr-347	224	2	1.864(b)-1	1.864(b)-1	PROPN
ftr-347	224	3	provides	provide	VERB
ftr-347	224	4	that	that	SCONJ
ftr-347	224	5	the	the	DET
ftr-347	224	6	term	term	NOUN
ftr-347	224	7	“	"	PUNCT
ftr-347	224	8	engaged	engage	VERB
ftr-347	224	9	in	in	ADP
ftr-347	224	10	a	a	DET
ftr-347	224	11	trade	trade	NOUN
ftr-347	224	12	or	or	CCONJ
ftr-347	224	13	business	business	NOUN
ftr-347	224	14	in	in	ADP
ftr-347	224	15	the	the	DET
ftr-347	224	16	united	united	PROPN
ftr-347	224	17	states	states	PROPN
ftr-347	224	18	”	"	PUNCT
ftr-347	224	19	(	(	PUNCT
ftr-347	224	20	“	"	PUNCT
ftr-347	224	21	etb	etb	PROPN
ftr-347	224	22	”	"	PUNCT
ftr-347	224	23	)	)	PUNCT
ftr-347	224	24	does	do	AUX
ftr-347	224	25	not	not	PART
ftr-347	224	26	include	include	VERB
ftr-347	224	27	effecting	effect	VERB
ftr-347	224	28	transactions	transaction	NOUN
ftr-347	224	29	in	in	ADP
ftr-347	224	30	derivatives	derivative	NOUN
ftr-347	224	31	(	(	PUNCT
ftr-347	224	32	including	include	VERB
ftr-347	224	33	certain	certain	ADJ
ftr-347	224	34	hedging	hedging	NOUN
ftr-347	224	35	transactions	transaction	NOUN
ftr-347	224	36	)	)	PUNCT
ftr-347	224	37	and	and	CCONJ
ftr-347	224	38	does	do	AUX
ftr-347	224	39	not	not	PART
ftr-347	224	40	apply	apply	VERB
ftr-347	224	41	,	,	PUNCT
ftr-347	224	42	however	however	ADV
ftr-347	224	43	,	,	PUNCT
ftr-347	224	44	to	to	ADP
ftr-347	224	45	any	any	DET
ftr-347	224	46	foreign	foreign	ADJ
ftr-347	224	47	person	person	NOUN
ftr-347	224	48	who	who	PRON
ftr-347	224	49	is	be	AUX
ftr-347	224	50	a	a	DET
ftr-347	224	51	dealer	dealer	NOUN
ftr-347	224	52	in	in	ADP
ftr-347	224	53	stocks	stock	NOUN
ftr-347	224	54	,	,	PUNCT
ftr-347	224	55	securities	security	NOUN
ftr-347	224	56	,	,	PUNCT
ftr-347	224	57	commodities	commodity	NOUN
ftr-347	224	58	,	,	PUNCT
ftr-347	224	59	or	or	CCONJ
ftr-347	224	60	derivatives	derivative	NOUN
ftr-347	224	61	.	.	PUNCT
ftr-347	225	1	“	"	PUNCT
ftr-347	225	2	trading	trading	NOUN
ftr-347	225	3	”	"	PUNCT
ftr-347	225	4	is	be	AUX
ftr-347	225	5	defined	define	VERB
ftr-347	225	6	in	in	ADP
ftr-347	225	7	treasury	treasury	NOUN
ftr-347	225	8	regulations	regulation	NOUN
ftr-347	225	9	as	as	ADP
ftr-347	225	10	“	"	PUNCT
ftr-347	225	11	effecting	effecting	NOUN
ftr-347	225	12	of	of	ADP
ftr-347	225	13	transactions	transaction	NOUN
ftr-347	225	14	”	"	PUNCT
ftr-347	225	15	in	in	ADP
ftr-347	225	16	stocks	stock	NOUN
ftr-347	225	17	or	or	CCONJ
ftr-347	225	18	securities	security	NOUN
ftr-347	225	19	which	which	PRON
ftr-347	225	20	includes	include	VERB
ftr-347	225	21	“	"	PUNCT
ftr-347	225	22	buying	buying	NOUN
ftr-347	225	23	,	,	PUNCT
ftr-347	225	24	selling	sell	VERB
ftr-347	225	25	.	.	PUNCT
ftr-347	225	26	.	.	PUNCT
ftr-347	226	1	.	.	PUNCT
ftr-347	227	1	,	,	PUNCT
ftr-347	227	2	or	or	CCONJ
ftr-347	227	3	trading	trading	NOUN
ftr-347	227	4	in	in	ADP
ftr-347	227	5	stocks	stock	NOUN
ftr-347	227	6	,	,	PUNCT
ftr-347	227	7	securities	security	NOUN
ftr-347	227	8	,	,	PUNCT
ftr-347	227	9	or	or	CCONJ
ftr-347	227	10	contracts	contract	NOUN
ftr-347	227	11	or	or	CCONJ
ftr-347	227	12	options	option	NOUN
ftr-347	227	13	to	to	PART
ftr-347	227	14	buy	buy	VERB
ftr-347	227	15	or	or	CCONJ
ftr-347	227	16	sell	sell	VERB
ftr-347	227	17	stocks	stock	NOUN
ftr-347	227	18	or	or	CCONJ
ftr-347	227	19	securities	security	NOUN
ftr-347	227	20	,	,	PUNCT
ftr-347	227	21	on	on	ADP
ftr-347	227	22	margin	margin	NOUN
ftr-347	227	23	or	or	CCONJ
ftr-347	227	24	otherwise	otherwise	ADV
ftr-347	227	25	,	,	PUNCT
ftr-347	227	26	.	.	PUNCT
ftr-347	228	1	.	.	PUNCT
ftr-347	229	1	.	.	PUNCT
ftr-347	230	1	and	and	CCONJ
ftr-347	230	2	any	any	DET
ftr-347	230	3	other	other	ADJ
ftr-347	230	4	activity	activity	NOUN
ftr-347	230	5	closely	closely	ADV
ftr-347	230	6	related	relate	VERB
ftr-347	230	7	thereto	thereto	VERB
ftr-347	230	8	(	(	PUNCT
ftr-347	230	9	such	such	ADJ
ftr-347	230	10	as	as	ADP
ftr-347	230	11	obtaining	obtain	VERB
ftr-347	230	12	credit	credit	NOUN
ftr-347	230	13	for	for	ADP
ftr-347	230	14	the	the	DET
ftr-347	230	15	purpose	purpose	NOUN
ftr-347	230	16	of	of	ADP
ftr-347	230	17	effectuating	effectuate	VERB
ftr-347	230	18	such	such	ADJ
ftr-347	230	19	buying	buying	NOUN
ftr-347	230	20	,	,	PUNCT
ftr-347	230	21	selling	selling	NOUN
ftr-347	230	22	,	,	PUNCT
ftr-347	230	23	or	or	CCONJ
ftr-347	230	24	trading	trading	NOUN
ftr-347	230	25	)	)	PUNCT
ftr-347	230	26	.	.	PUNCT
ftr-347	230	27	”	"	PUNCT
ftr-347	231	1	reg	reg	NOUN
ftr-347	231	2	.	.	PUNCT
ftr-347	232	1	§	§	PROPN
ftr-347	232	2	1.864	1.864	NUM
ftr-347	232	3	-	-	SYM
ftr-347	232	4	2(c)(1	2(c)(1	NUM
ftr-347	232	5	)	)	PUNCT
ftr-347	232	6	,	,	PUNCT
ftr-347	232	7	(	(	PUNCT
ftr-347	232	8	2)(i	2)(i	NUM
ftr-347	232	9	)	)	PUNCT
ftr-347	232	10	.	.	PUNCT
ftr-347	233	1	the	the	DET
ftr-347	233	2	securities	security	NOUN
ftr-347	233	3	trading	trade	VERB
ftr-347	233	4	safe	safe	ADJ
ftr-347	233	5	harbor	harbor	NOUN
ftr-347	233	6	does	do	AUX
ftr-347	233	7	not	not	PART
ftr-347	233	8	apply	apply	VERB
ftr-347	233	9	to	to	ADP
ftr-347	233	10	dealers	dealer	NOUN
ftr-347	233	11	.	.	PUNCT
ftr-347	234	1	treasury	treasury	PROPN
ftr-347	234	2	regulations	regulation	NOUN
ftr-347	234	3	define	define	VERB
ftr-347	234	4	a	a	DET
ftr-347	234	5	“	"	PUNCT
ftr-347	234	6	dealer	dealer	NOUN
ftr-347	234	7	”	"	PUNCT
ftr-347	234	8	for	for	ADP
ftr-347	234	9	this	this	DET
ftr-347	234	10	purpose	purpose	NOUN
ftr-347	234	11	as	as	ADP
ftr-347	234	12	“	"	PUNCT
ftr-347	234	13	a	a	DET
ftr-347	234	14	merchant	merchant	NOUN
ftr-347	234	15	of	of	ADP
ftr-347	234	16	stocks	stock	NOUN
ftr-347	234	17	or	or	CCONJ
ftr-347	234	18	securities	security	NOUN
ftr-347	234	19	,	,	PUNCT
ftr-347	234	20	with	with	ADP
ftr-347	234	21	an	an	DET
ftr-347	234	22	established	establish	VERB
ftr-347	234	23	place	place	NOUN
ftr-347	234	24	of	of	ADP
ftr-347	234	25	business	business	NOUN
ftr-347	234	26	,	,	PUNCT
ftr-347	234	27	regularly	regularly	ADV
ftr-347	234	28	engaged	engage	VERB
ftr-347	234	29	as	as	ADP
ftr-347	234	30	a	a	DET
ftr-347	234	31	merchant	merchant	NOUN
ftr-347	234	32	in	in	ADP
ftr-347	234	33	purchasing	purchase	VERB
ftr-347	234	34	stocks	stock	NOUN
ftr-347	234	35	or	or	CCONJ
ftr-347	234	36	securities	security	NOUN
ftr-347	234	37	and	and	CCONJ
ftr-347	234	38	selling	sell	VERB
ftr-347	234	39	them	they	PRON
ftr-347	234	40	to	to	ADP
ftr-347	234	41	customers	customer	NOUN
ftr-347	234	42	with	with	ADP
ftr-347	234	43	a	a	DET
ftr-347	234	44	view	view	NOUN
ftr-347	234	45	to	to	ADP
ftr-347	234	46	the	the	DET
ftr-347	234	47	gains	gain	NOUN
ftr-347	234	48	and	and	CCONJ
ftr-347	234	49	profits	profit	NOUN
ftr-347	234	50	that	that	PRON
ftr-347	234	51	may	may	AUX
ftr-347	234	52	be	be	AUX
ftr-347	234	53	derived	derive	VERB
ftr-347	234	54	therefrom	therefrom	NOUN
ftr-347	234	55	.	.	PUNCT
ftr-347	234	56	”	"	PUNCT
ftr-347	234	57	i.r.c	i.r.c	NOUN
ftr-347	234	58	.	.	PUNCT
ftr-347	235	1	§	§	PROPN
ftr-347	235	2	864(b)(2)(a)(ii	864(b)(2)(a)(ii	PROPN
ftr-347	235	3	)	)	PUNCT
ftr-347	235	4	;	;	PUNCT
ftr-347	236	1	reg	reg	NOUN
ftr-347	236	2	.	.	PUNCT
ftr-347	237	1	§	§	PROPN
ftr-347	237	2	1.864	1.864	NUM
ftr-347	237	3	-	-	PUNCT
ftr-347	237	4	2(c)(2)(iii	2(c)(2)(iii	NOUN
ftr-347	237	5	)	)	PUNCT
ftr-347	237	6	.	.	PUNCT
ftr-347	238	1	this	this	PRON
ftr-347	238	2	is	be	AUX
ftr-347	238	3	distinguished	distinguish	VERB
ftr-347	238	4	from	from	ADP
ftr-347	238	5	buying	buying	NOUN
ftr-347	238	6	,	,	PUNCT
ftr-347	238	7	selling	selling	NOUN
ftr-347	238	8	,	,	PUNCT
ftr-347	238	9	or	or	CCONJ
ftr-347	238	10	holding	hold	VERB
ftr-347	238	11	stocks	stock	NOUN
ftr-347	238	12	or	or	CCONJ
ftr-347	238	13	securities	security	NOUN
ftr-347	238	14	for	for	ADP
ftr-347	238	15	investment	investment	NOUN
ftr-347	238	16	or	or	CCONJ
ftr-347	238	17	speculation	speculation	NOUN
ftr-347	238	18	.	.	PUNCT
ftr-347	239	1	in	in	ADP
ftr-347	239	2	making	make	VERB
ftr-347	239	3	this	this	DET
ftr-347	239	4	determination	determination	NOUN
ftr-347	239	5	,	,	PUNCT
ftr-347	239	6	all	all	PRON
ftr-347	239	7	of	of	ADP
ftr-347	239	8	the	the	DET
ftr-347	239	9	foreign	foreign	ADJ
ftr-347	239	10	persons	person	NOUN
ftr-347	239	11	’	'	PUNCT
ftr-347	239	12	stock	stock	NOUN
ftr-347	239	13	and	and	CCONJ
ftr-347	239	14	securities	security	NOUN
ftr-347	239	15	transactions	transaction	NOUN
ftr-347	239	16	will	will	AUX
ftr-347	239	17	be	be	AUX
ftr-347	239	18	656	656	NUM
ftr-347	239	19	florida	florida	PROPN
ftr-347	239	20	tax	tax	NOUN
ftr-347	239	21	review	review	NOUN
ftr-347	240	1	[	[	X
ftr-347	240	2	vol	vol	NOUN
ftr-347	240	3	.	.	PUNCT
ftr-347	241	1	11:8	11:8	NUM
ftr-347	241	2	definition	definition	NOUN
ftr-347	241	3	of	of	ADP
ftr-347	241	4	a	a	DET
ftr-347	241	5	u.s	u.s	PROPN
ftr-347	241	6	.	.	PROPN
ftr-347	241	7	business	business	NOUN
ftr-347	241	8	or	or	CCONJ
ftr-347	241	9	within	within	ADP
ftr-347	241	10	a	a	DET
ftr-347	241	11	safe	safe	ADJ
ftr-347	241	12	harbor	harbor	NOUN
ftr-347	241	13	are	be	AUX
ftr-347	241	14	left	leave	VERB
ftr-347	241	15	to	to	ADP
ftr-347	241	16	the	the	DET
ftr-347	241	17	principles	principle	NOUN
ftr-347	241	18	in	in	ADP
ftr-347	241	19	the	the	DET
ftr-347	241	20	applicable	applicable	ADJ
ftr-347	241	21	code	code	NOUN
ftr-347	241	22	and	and	CCONJ
ftr-347	241	23	treasury	treasury	NOUN
ftr-347	241	24	regulation	regulation	NOUN
ftr-347	241	25	sections	section	NOUN
ftr-347	241	26	and	and	CCONJ
ftr-347	241	27	varied	varied	ADJ
ftr-347	241	28	case	case	NOUN
ftr-347	241	29	law.35	law.35	VERB
ftr-347	241	30	a	a	DET
ftr-347	241	31	treasury	treasury	NOUN
ftr-347	241	32	regulation	regulation	NOUN
ftr-347	241	33	lists	list	VERB
ftr-347	241	34	factors	factor	NOUN
ftr-347	241	35	for	for	ADP
ftr-347	241	36	determining	determine	VERB
ftr-347	241	37	whether	whether	SCONJ
ftr-347	241	38	or	or	CCONJ
ftr-347	241	39	not	not	PART
ftr-347	241	40	a	a	DET
ftr-347	241	41	foreign	foreign	ADJ
ftr-347	241	42	person	person	NOUN
ftr-347	241	43	’s	’s	PART
ftr-347	241	44	income	income	NOUN
ftr-347	241	45	is	be	AUX
ftr-347	241	46	effectively	effectively	ADV
ftr-347	241	47	connected	connect	VERB
ftr-347	241	48	with	with	ADP
ftr-347	241	49	a	a	DET
ftr-347	241	50	banking	banking	NOUN
ftr-347	241	51	,	,	PUNCT
ftr-347	241	52	finance	finance	NOUN
ftr-347	241	53	,	,	PUNCT
ftr-347	241	54	or	or	CCONJ
ftr-347	241	55	similar	similar	ADJ
ftr-347	241	56	u.s	u.s	PROPN
ftr-347	241	57	.	.	PROPN
ftr-347	241	58	business.36	business.36	NOUN
ftr-347	241	59	the	the	DET
ftr-347	241	60	treasury	treasury	NOUN
ftr-347	241	61	regulation	regulation	NOUN
ftr-347	241	62	factors	factor	NOUN
ftr-347	241	63	include	include	VERB
ftr-347	241	64	:	:	PUNCT
ftr-347	241	65	[	[	X
ftr-347	241	66	r]eceiving	r]eceive	VERB
ftr-347	241	67	deposits	deposit	NOUN
ftr-347	241	68	of	of	ADP
ftr-347	241	69	funds	fund	NOUN
ftr-347	241	70	from	from	ADP
ftr-347	241	71	the	the	DET
ftr-347	241	72	public	public	NOUN
ftr-347	241	73	,	,	PUNCT
ftr-347	241	74	[	[	X
ftr-347	241	75	m]aking	m]ake	VERB
ftr-347	241	76	personal	personal	ADJ
ftr-347	241	77	,	,	PUNCT
ftr-347	241	78	mortgage	mortgage	NOUN
ftr-347	241	79	,	,	PUNCT
ftr-347	241	80	industrial	industrial	ADJ
ftr-347	241	81	,	,	PUNCT
ftr-347	241	82	or	or	CCONJ
ftr-347	241	83	other	other	ADJ
ftr-347	241	84	loans	loan	NOUN
ftr-347	241	85	to	to	ADP
ftr-347	241	86	the	the	DET
ftr-347	241	87	public	public	NOUN
ftr-347	241	88	,	,	PUNCT
ftr-347	241	89	[	[	X
ftr-347	241	90	p]urchasing	p]urchasing	NOUN
ftr-347	241	91	,	,	PUNCT
ftr-347	241	92	selling	selling	NOUN
ftr-347	241	93	,	,	PUNCT
ftr-347	241	94	discounting	discount	VERB
ftr-347	241	95	,	,	PUNCT
ftr-347	241	96	or	or	CCONJ
ftr-347	241	97	negotiating	negotiate	VERB
ftr-347	241	98	for	for	ADP
ftr-347	241	99	the	the	DET
ftr-347	241	100	public	public	NOUN
ftr-347	241	101	on	on	ADP
ftr-347	241	102	a	a	DET
ftr-347	241	103	regular	regular	ADJ
ftr-347	241	104	basis	basis	NOUN
ftr-347	241	105	,	,	PUNCT
ftr-347	241	106	notes	note	NOUN
ftr-347	241	107	,	,	PUNCT
ftr-347	241	108	drafts	draft	NOUN
ftr-347	241	109	,	,	PUNCT
ftr-347	241	110	checks	check	NOUN
ftr-347	241	111	,	,	PUNCT
ftr-347	241	112	bills	bill	NOUN
ftr-347	241	113	of	of	ADP
ftr-347	241	114	exchange	exchange	NOUN
ftr-347	241	115	,	,	PUNCT
ftr-347	241	116	acceptances	acceptance	NOUN
ftr-347	241	117	,	,	PUNCT
ftr-347	241	118	or	or	CCONJ
ftr-347	241	119	other	other	ADJ
ftr-347	241	120	evidences	evidence	NOUN
ftr-347	241	121	of	of	ADP
ftr-347	241	122	indebtedness	indebtedness	NOUN
ftr-347	241	123	,	,	PUNCT
ftr-347	241	124	[	[	X
ftr-347	241	125	i]ssuing	i]ssue	VERB
ftr-347	241	126	letters	letter	NOUN
ftr-347	241	127	of	of	ADP
ftr-347	241	128	credit	credit	NOUN
ftr-347	241	129	to	to	ADP
ftr-347	241	130	the	the	DET
ftr-347	241	131	public	public	NOUN
ftr-347	241	132	and	and	CCONJ
ftr-347	241	133	negotiating	negotiate	VERB
ftr-347	241	134	drafts	draft	NOUN
ftr-347	241	135	drawn	draw	VERB
ftr-347	241	136	thereunder	thereunder	NOUN
ftr-347	241	137	,	,	PUNCT
ftr-347	241	138	[	[	X
ftr-347	241	139	p]roviding	p]rovide	VERB
ftr-347	241	140	trust	trust	NOUN
ftr-347	241	141	services	service	NOUN
ftr-347	241	142	for	for	ADP
ftr-347	241	143	the	the	DET
ftr-347	241	144	public	public	NOUN
ftr-347	241	145	,	,	PUNCT
ftr-347	241	146	or	or	CCONJ
ftr-347	241	147	[	[	X
ftr-347	241	148	f]inancing	f]inance	VERB
ftr-347	241	149	foreign	foreign	ADJ
ftr-347	241	150	exchange	exchange	NOUN
ftr-347	241	151	transactions	transaction	NOUN
ftr-347	241	152	for	for	ADP
ftr-347	241	153	the	the	DET
ftr-347	241	154	public.37	public.37	NOUN
ftr-347	241	155	by	by	ADP
ftr-347	241	156	its	its	PRON
ftr-347	241	157	terms	term	NOUN
ftr-347	241	158	this	this	DET
ftr-347	241	159	regulation	regulation	NOUN
ftr-347	241	160	assumes	assume	VERB
ftr-347	241	161	that	that	SCONJ
ftr-347	241	162	the	the	DET
ftr-347	241	163	foreign	foreign	ADJ
ftr-347	241	164	person	person	NOUN
ftr-347	241	165	is	be	AUX
ftr-347	241	166	engaged	engage	VERB
ftr-347	241	167	in	in	ADP
ftr-347	241	168	a	a	DET
ftr-347	241	169	u.s	u.s	PROPN
ftr-347	241	170	.	.	PROPN
ftr-347	241	171	business	business	NOUN
ftr-347	241	172	and	and	CCONJ
ftr-347	241	173	applies	apply	VERB
ftr-347	241	174	whether	whether	SCONJ
ftr-347	241	175	or	or	CCONJ
ftr-347	241	176	not	not	PART
ftr-347	241	177	income	income	NOUN
ftr-347	241	178	is	be	AUX
ftr-347	241	179	connected	connect	VERB
ftr-347	241	180	to	to	ADP
ftr-347	241	181	that	that	DET
ftr-347	241	182	u.s	u.s	PROPN
ftr-347	241	183	.	.	PROPN
ftr-347	241	184	business.38	business.38	NOUN
ftr-347	241	185	the	the	DET
ftr-347	241	186	tax	tax	NOUN
ftr-347	241	187	court	court	NOUN
ftr-347	241	188	has	have	AUX
ftr-347	241	189	said	say	VERB
ftr-347	241	190	that	that	SCONJ
ftr-347	241	191	these	these	DET
ftr-347	241	192	factors	factor	NOUN
ftr-347	241	193	also	also	ADV
ftr-347	241	194	provide	provide	VERB
ftr-347	241	195	a	a	DET
ftr-347	241	196	“	"	PUNCT
ftr-347	241	197	useful	useful	ADJ
ftr-347	241	198	framework	framework	NOUN
ftr-347	241	199	”	"	PUNCT
ftr-347	241	200	for	for	ADP
ftr-347	241	201	determining	determine	VERB
ftr-347	241	202	whether	whether	SCONJ
ftr-347	241	203	a	a	DET
ftr-347	241	204	foreign	foreign	ADJ
ftr-347	241	205	person	person	NOUN
ftr-347	241	206	or	or	CCONJ
ftr-347	241	207	corporation	corporation	NOUN
ftr-347	241	208	is	be	AUX
ftr-347	241	209	engaged	engage	VERB
ftr-347	241	210	in	in	ADP
ftr-347	241	211	a	a	DET
ftr-347	241	212	u.s	u.s	PROPN
ftr-347	241	213	.	.	PROPN
ftr-347	241	214	business.39	business.39	NOUN
ftr-347	241	215	only	only	ADV
ftr-347	241	216	a	a	DET
ftr-347	241	217	few	few	ADJ
ftr-347	241	218	cases	case	NOUN
ftr-347	241	219	provide	provide	VERB
ftr-347	241	220	any	any	DET
ftr-347	241	221	guidance	guidance	NOUN
ftr-347	241	222	on	on	ADP
ftr-347	241	223	what	what	PRON
ftr-347	241	224	constitutes	constitute	VERB
ftr-347	241	225	an	an	DET
ftr-347	241	226	active	active	ADJ
ftr-347	241	227	lending	lending	NOUN
ftr-347	241	228	business	business	NOUN
ftr-347	241	229	for	for	ADP
ftr-347	241	230	this	this	DET
ftr-347	241	231	purpose	purpose	NOUN
ftr-347	241	232	.	.	PUNCT
ftr-347	242	1	in	in	ADP
ftr-347	242	2	1953	1953	NUM
ftr-347	242	3	the	the	DET
ftr-347	242	4	tax	tax	NOUN
ftr-347	242	5	court	court	NOUN
ftr-347	242	6	looked	look	VERB
ftr-347	242	7	at	at	ADP
ftr-347	242	8	the	the	DET
ftr-347	242	9	issue	issue	NOUN
ftr-347	242	10	in	in	ADP
ftr-347	242	11	pasquel	pasquel	NOUN
ftr-347	242	12	v.	v.	PROPN
ftr-347	242	13	commissioner	commissioner	NOUN
ftr-347	242	14	,	,	PUNCT
ftr-347	242	15	40	40	NUM
ftr-347	242	16	but	but	CCONJ
ftr-347	242	17	pasquel	pasquel	NOUN
ftr-347	242	18	provides	provide	VERB
ftr-347	242	19	limited	limited	ADJ
ftr-347	242	20	guidance	guidance	NOUN
ftr-347	242	21	since	since	SCONJ
ftr-347	242	22	the	the	DET
ftr-347	242	23	foreign	foreign	ADJ
ftr-347	242	24	person	person	NOUN
ftr-347	242	25	made	make	VERB
ftr-347	242	26	only	only	ADV
ftr-347	242	27	one	one	NUM
ftr-347	242	28	loan	loan	NOUN
ftr-347	242	29	.	.	PUNCT
ftr-347	243	1	also	also	ADV
ftr-347	243	2	,	,	PUNCT
ftr-347	243	3	based	base	VERB
ftr-347	243	4	on	on	ADP
ftr-347	243	5	general	general	ADJ
ftr-347	243	6	case	case	NOUN
ftr-347	243	7	law	law	NOUN
ftr-347	243	8	,	,	PUNCT
ftr-347	243	9	if	if	SCONJ
ftr-347	243	10	the	the	DET
ftr-347	243	11	activities	activity	NOUN
ftr-347	243	12	are	be	AUX
ftr-347	243	13	“	"	PUNCT
ftr-347	243	14	considerable	considerable	ADJ
ftr-347	243	15	,	,	PUNCT
ftr-347	243	16	continuous	continuous	ADJ
ftr-347	243	17	,	,	PUNCT
ftr-347	243	18	and	and	CCONJ
ftr-347	243	19	regular	regular	ADJ
ftr-347	243	20	”	"	PUNCT
ftr-347	243	21	a	a	DET
ftr-347	243	22	u.s	u.s	PROPN
ftr-347	243	23	.	.	PROPN
ftr-347	243	24	trade	trade	PROPN
ftr-347	243	25	or	or	CCONJ
ftr-347	243	26	business	business	NOUN
ftr-347	243	27	will	will	AUX
ftr-347	243	28	exist.41	exist.41	VERB
ftr-347	243	29	for	for	SCONJ
ftr-347	243	30	there	there	PRON
ftr-347	243	31	to	to	PART
ftr-347	243	32	be	be	AUX
ftr-347	243	33	a	a	DET
ftr-347	243	34	u.s	u.s	PROPN
ftr-347	243	35	.	.	PROPN
ftr-347	243	36	business	business	NOUN
ftr-347	243	37	,	,	PUNCT
ftr-347	243	38	the	the	DET
ftr-347	243	39	foreign	foreign	ADJ
ftr-347	243	40	person	person	NOUN
ftr-347	243	41	’s	’s	AUX
ftr-347	243	42	taken	take	VERB
ftr-347	243	43	into	into	ADP
ftr-347	243	44	account	account	NOUN
ftr-347	243	45	,	,	PUNCT
ftr-347	243	46	even	even	ADV
ftr-347	243	47	those	those	PRON
ftr-347	243	48	that	that	PRON
ftr-347	243	49	occur	occur	VERB
ftr-347	243	50	outside	outside	ADP
ftr-347	243	51	of	of	ADP
ftr-347	243	52	the	the	DET
ftr-347	243	53	u.s	u.s	PROPN
ftr-347	243	54	.	.	PROPN
ftr-347	243	55	being	be	AUX
ftr-347	243	56	characterized	characterize	VERB
ftr-347	243	57	as	as	ADP
ftr-347	243	58	a	a	DET
ftr-347	243	59	“	"	PUNCT
ftr-347	243	60	dealer	dealer	NOUN
ftr-347	243	61	”	"	PUNCT
ftr-347	243	62	for	for	ADP
ftr-347	243	63	this	this	DET
ftr-347	243	64	purpose	purpose	NOUN
ftr-347	243	65	means	mean	VERB
ftr-347	243	66	that	that	SCONJ
ftr-347	243	67	the	the	DET
ftr-347	243	68	securities	security	NOUN
ftr-347	243	69	trading	trade	VERB
ftr-347	243	70	safe	safe	ADJ
ftr-347	243	71	harbor	harbor	NOUN
ftr-347	243	72	will	will	AUX
ftr-347	243	73	not	not	PART
ftr-347	243	74	apply	apply	VERB
ftr-347	243	75	and	and	CCONJ
ftr-347	243	76	the	the	DET
ftr-347	243	77	foreign	foreign	ADJ
ftr-347	243	78	person	person	NOUN
ftr-347	243	79	is	be	AUX
ftr-347	243	80	may	may	AUX
ftr-347	243	81	be	be	AUX
ftr-347	243	82	considered	consider	VERB
ftr-347	243	83	engaged	engage	VERB
ftr-347	243	84	in	in	ADP
ftr-347	243	85	a	a	DET
ftr-347	243	86	u.s	u.s	PROPN
ftr-347	243	87	.	.	PROPN
ftr-347	243	88	business	business	NOUN
ftr-347	243	89	under	under	ADP
ftr-347	243	90	common	common	ADJ
ftr-347	243	91	law	law	NOUN
ftr-347	243	92	principles	principle	NOUN
ftr-347	243	93	unless	unless	SCONJ
ftr-347	243	94	another	another	DET
ftr-347	243	95	safe	safe	ADJ
ftr-347	243	96	harbor	harbor	NOUN
ftr-347	243	97	applies	apply	VERB
ftr-347	243	98	.	.	PUNCT
ftr-347	244	1	reg	reg	NOUN
ftr-347	244	2	.	.	PUNCT
ftr-347	245	1	§	§	PROPN
ftr-347	245	2	1.864	1.864	NUM
ftr-347	245	3	-	-	SYM
ftr-347	245	4	2(c)(2)(iv	2(c)(2)(iv	NUM
ftr-347	245	5	)	)	PUNCT
ftr-347	245	6	.	.	PUNCT
ftr-347	246	1	35	35	NUM
ftr-347	246	2	.	.	PUNCT
ftr-347	247	1	see	see	VERB
ftr-347	247	2	rev	rev	PROPN
ftr-347	247	3	.	.	PROPN
ftr-347	248	1	rul	rul	PROPN
ftr-347	248	2	.	.	PUNCT
ftr-347	249	1	88	88	NUM
ftr-347	249	2	-	-	SYM
ftr-347	249	3	3	3	NUM
ftr-347	249	4	,	,	PUNCT
ftr-347	249	5	1988	1988	NUM
ftr-347	249	6	-	-	SYM
ftr-347	249	7	1	1	NUM
ftr-347	249	8	c.b	c.b	PROPN
ftr-347	249	9	.	.	PROPN
ftr-347	249	10	268	268	NUM
ftr-347	249	11	(	(	PUNCT
ftr-347	249	12	must	must	AUX
ftr-347	249	13	apply	apply	VERB
ftr-347	249	14	applicable	applicable	ADJ
ftr-347	249	15	treasury	treasury	NOUN
ftr-347	249	16	regulations	regulation	NOUN
ftr-347	249	17	to	to	ADP
ftr-347	249	18	the	the	DET
ftr-347	249	19	“	"	PUNCT
ftr-347	249	20	facts	fact	NOUN
ftr-347	249	21	and	and	CCONJ
ftr-347	249	22	circumstances	circumstance	NOUN
ftr-347	249	23	”	"	PUNCT
ftr-347	249	24	)	)	PUNCT
ftr-347	249	25	.	.	PUNCT
ftr-347	250	1	36	36	NUM
ftr-347	250	2	.	.	PUNCT
ftr-347	251	1	reg	reg	NOUN
ftr-347	251	2	.	.	PUNCT
ftr-347	252	1	§	§	PROPN
ftr-347	252	2	1.864	1.864	NUM
ftr-347	252	3	-	-	SYM
ftr-347	252	4	5(b)(2)(i	5(b)(2)(i	NUM
ftr-347	252	5	)	)	PUNCT
ftr-347	252	6	.	.	PUNCT
ftr-347	253	1	37	37	NUM
ftr-347	253	2	.	.	PUNCT
ftr-347	254	1	i	i	PRON
ftr-347	254	2	d.	d.	PROPN
ftr-347	254	3	38	38	NUM
ftr-347	254	4	.	.	PUNCT
ftr-347	255	1	i	i	PRON
ftr-347	255	2	d.	d.	PROPN
ftr-347	255	3	this	this	PRON
ftr-347	255	4	makes	make	VERB
ftr-347	255	5	sense	sense	NOUN
ftr-347	255	6	since	since	SCONJ
ftr-347	255	7	this	this	DET
ftr-347	255	8	regulation	regulation	NOUN
ftr-347	255	9	was	be	AUX
ftr-347	255	10	promulgated	promulgate	VERB
ftr-347	255	11	under	under	ADP
ftr-347	255	12	the	the	DET
ftr-347	255	13	authority	authority	NOUN
ftr-347	255	14	of	of	ADP
ftr-347	255	15	code	code	NOUN
ftr-347	255	16	section	section	NOUN
ftr-347	255	17	864(c	864(c	NUM
ftr-347	255	18	)	)	PUNCT
ftr-347	255	19	which	which	PRON
ftr-347	255	20	addresses	address	VERB
ftr-347	255	21	eci	eci	PROPN
ftr-347	255	22	not	not	PART
ftr-347	255	23	etb	etb	PROPN
ftr-347	255	24	.	.	PROPN
ftr-347	255	25	39	39	NUM
ftr-347	255	26	.	.	PUNCT
ftr-347	256	1	inverworld	inverworld	PROPN
ftr-347	256	2	,	,	PUNCT
ftr-347	256	3	inc	inc	PROPN
ftr-347	256	4	.	.	PROPN
ftr-347	257	1	v.	v.	ADP
ftr-347	257	2	commissionner	commissionner	NOUN
ftr-347	257	3	,	,	PUNCT
ftr-347	257	4	71	71	NUM
ftr-347	257	5	t.c.m	t.c.m	NOUN
ftr-347	257	6	.	.	PUNCT
ftr-347	258	1	(	(	PUNCT
ftr-347	258	2	cch	cch	NOUN
ftr-347	258	3	)	)	PUNCT
ftr-347	258	4	3231	3231	NUM
ftr-347	258	5	(	(	PUNCT
ftr-347	258	6	1996	1996	NUM
ftr-347	258	7	)	)	PUNCT
ftr-347	258	8	.	.	PUNCT
ftr-347	259	1	40	40	NUM
ftr-347	259	2	.	.	PUNCT
ftr-347	259	3	12	12	NUM
ftr-347	259	4	t.c.m	t.c.m	NOUN
ftr-347	259	5	.	.	PUNCT
ftr-347	260	1	(	(	PUNCT
ftr-347	260	2	cch	cch	NOUN
ftr-347	260	3	)	)	PUNCT
ftr-347	260	4	1431	1431	NUM
ftr-347	260	5	(	(	PUNCT
ftr-347	260	6	1953	1953	NUM
ftr-347	260	7	)	)	PUNCT
ftr-347	260	8	;	;	PUNCT
ftr-347	260	9	41	41	NUM
ftr-347	260	10	.	.	PUNCT
ftr-347	261	1	see	see	VERB
ftr-347	261	2	pinchot	pinchot	PROPN
ftr-347	261	3	v.	v.	PROPN
ftr-347	261	4	commissioner	commissioner	PROPN
ftr-347	261	5	,	,	PUNCT
ftr-347	261	6	113	113	NUM
ftr-347	261	7	f.2d	f.2d	NUM
ftr-347	261	8	718	718	NUM
ftr-347	261	9	,	,	PUNCT
ftr-347	261	10	719	719	NUM
ftr-347	261	11	(	(	PUNCT
ftr-347	261	12	2d	2d	NUM
ftr-347	261	13	cir	cir	NOUN
ftr-347	261	14	.	.	PUNCT
ftr-347	261	15	1940	1940	NUM
ftr-347	261	16	)	)	PUNCT
ftr-347	261	17	(	(	PUNCT
ftr-347	261	18	a	a	DET
ftr-347	261	19	nonresident	nonresident	ADJ
ftr-347	261	20	alien	alien	NOUN
ftr-347	261	21	was	be	AUX
ftr-347	261	22	engaged	engage	VERB
ftr-347	261	23	in	in	ADP
ftr-347	261	24	a	a	DET
ftr-347	261	25	u.s	u.s	PROPN
ftr-347	261	26	.	.	PROPN
ftr-347	261	27	trade	trade	NOUN
ftr-347	261	28	or	or	CCONJ
ftr-347	261	29	business	business	NOUN
ftr-347	261	30	because	because	SCONJ
ftr-347	261	31	real	real	ADJ
ftr-347	261	32	estate	estate	NOUN
ftr-347	261	33	management	management	NOUN
ftr-347	261	34	required	require	VERB
ftr-347	261	35	“	"	PUNCT
ftr-347	261	36	regular	regular	ADJ
ftr-347	261	37	and	and	CCONJ
ftr-347	261	38	continuous	continuous	ADJ
ftr-347	261	39	”	"	PUNCT
ftr-347	261	40	activity	activity	NOUN
ftr-347	261	41	including	include	VERB
ftr-347	261	42	purchasing	purchase	VERB
ftr-347	261	43	materials	material	NOUN
ftr-347	261	44	and	and	CCONJ
ftr-347	261	45	making	make	VERB
ftr-347	261	46	contracts	contract	NOUN
ftr-347	261	47	)	)	PUNCT
ftr-347	261	48	;	;	PUNCT
ftr-347	261	49	de	de	X
ftr-347	261	50	amodio	amodio	NOUN
ftr-347	261	51	v.	v.	ADP
ftr-347	261	52	commissioner	commissioner	NOUN
ftr-347	261	53	,	,	PUNCT
ftr-347	261	54	34	34	NUM
ftr-347	261	55	t.c	t.c	PROPN
ftr-347	261	56	.	.	PROPN
ftr-347	261	57	894	894	NUM
ftr-347	261	58	,	,	PUNCT
ftr-347	261	59	906	906	NUM
ftr-347	261	60	(	(	PUNCT
ftr-347	261	61	1960	1960	NUM
ftr-347	261	62	)	)	PUNCT
ftr-347	261	63	,	,	PUNCT
ftr-347	261	64	aff’d	aff’d	VERB
ftr-347	261	65	,	,	PUNCT
ftr-347	261	66	299	299	NUM
ftr-347	261	67	f.2d	f.2d	SYM
ftr-347	261	68	623	623	NUM
ftr-347	261	69	(	(	PUNCT
ftr-347	261	70	3d	3d	PROPN
ftr-347	261	71	cir	cir	NOUN
ftr-347	261	72	.	.	PROPN
ftr-347	261	73	1962	1962	NUM
ftr-347	261	74	)	)	PUNCT
ftr-347	261	75	(	(	PUNCT
ftr-347	261	76	the	the	DET
ftr-347	261	77	negotiation	negotiation	NOUN
ftr-347	261	78	of	of	ADP
ftr-347	261	79	leases	lease	NOUN
ftr-347	261	80	,	,	PUNCT
ftr-347	261	81	collection	collection	NOUN
ftr-347	261	82	of	of	ADP
ftr-347	261	83	2011	2011	NUM
ftr-347	261	84	]	]	PUNCT
ftr-347	261	85	the	the	DET
ftr-347	261	86	global	global	ADJ
ftr-347	261	87	shadow	shadow	PROPN
ftr-347	261	88	bank	bank	PROPN
ftr-347	261	89	657	657	NUM
ftr-347	261	90	activities	activity	NOUN
ftr-347	261	91	generally	generally	ADV
ftr-347	261	92	must	must	AUX
ftr-347	261	93	go	go	VERB
ftr-347	261	94	beyond	beyond	ADP
ftr-347	261	95	simple	simple	ADJ
ftr-347	261	96	passive	passive	ADJ
ftr-347	261	97	investment	investment	NOUN
ftr-347	261	98	or	or	CCONJ
ftr-347	261	99	ownership	ownership	NOUN
ftr-347	261	100	of	of	ADP
ftr-347	261	101	property.42	property.42	NOUN
ftr-347	261	102	in	in	ADP
ftr-347	261	103	addition	addition	NOUN
ftr-347	261	104	,	,	PUNCT
ftr-347	261	105	the	the	DET
ftr-347	261	106	activities	activity	NOUN
ftr-347	261	107	must	must	AUX
ftr-347	261	108	relate	relate	VERB
ftr-347	261	109	to	to	ADP
ftr-347	261	110	earning	earn	VERB
ftr-347	261	111	profit	profit	NOUN
ftr-347	261	112	,	,	PUNCT
ftr-347	261	113	although	although	SCONJ
ftr-347	261	114	no	no	DET
ftr-347	261	115	profit	profit	NOUN
ftr-347	261	116	need	need	NOUN
ftr-347	261	117	be	be	AUX
ftr-347	261	118	generated.43	generated.43	ADJ
ftr-347	261	119	nevertheless	nevertheless	ADV
ftr-347	261	120	,	,	PUNCT
ftr-347	261	121	simply	simply	ADV
ftr-347	261	122	receiving	receive	VERB
ftr-347	261	123	profits	profit	NOUN
ftr-347	261	124	is	be	AUX
ftr-347	261	125	not	not	PART
ftr-347	261	126	enough	enough	ADJ
ftr-347	261	127	to	to	PART
ftr-347	261	128	find	find	VERB
ftr-347	261	129	that	that	SCONJ
ftr-347	261	130	a	a	DET
ftr-347	261	131	foreign	foreign	ADJ
ftr-347	261	132	person	person	NOUN
ftr-347	261	133	is	be	AUX
ftr-347	261	134	engaged	engage	VERB
ftr-347	261	135	in	in	ADP
ftr-347	261	136	a	a	DET
ftr-347	261	137	u.s	u.s	PROPN
ftr-347	261	138	.	.	PROPN
ftr-347	261	139	business.44	business.44	NOUN
ftr-347	261	140	isolated	isolate	VERB
ftr-347	261	141	activity	activity	NOUN
ftr-347	261	142	,	,	PUNCT
ftr-347	261	143	without	without	ADP
ftr-347	261	144	“	"	PUNCT
ftr-347	261	145	sustained	sustained	ADJ
ftr-347	261	146	activity	activity	NOUN
ftr-347	261	147	,	,	PUNCT
ftr-347	261	148	”	"	PUNCT
ftr-347	261	149	also	also	ADV
ftr-347	261	150	generally	generally	ADV
ftr-347	261	151	is	be	AUX
ftr-347	261	152	not	not	PART
ftr-347	261	153	enough	enough	ADJ
ftr-347	261	154	to	to	PART
ftr-347	261	155	find	find	VERB
ftr-347	261	156	a	a	DET
ftr-347	261	157	trade	trade	NOUN
ftr-347	261	158	or	or	CCONJ
ftr-347	261	159	business.45	business.45	VERB
ftr-347	261	160	similarly	similarly	ADV
ftr-347	261	161	,	,	PUNCT
ftr-347	261	162	clerical	clerical	ADJ
ftr-347	261	163	and	and	CCONJ
ftr-347	261	164	ministerial	ministerial	ADJ
ftr-347	261	165	activity	activity	NOUN
ftr-347	261	166	is	be	AUX
ftr-347	261	167	generally	generally	ADV
ftr-347	261	168	not	not	PART
ftr-347	261	169	enough	enough	ADJ
ftr-347	261	170	to	to	PART
ftr-347	261	171	find	find	VERB
ftr-347	261	172	a	a	DET
ftr-347	261	173	trade	trade	NOUN
ftr-347	261	174	or	or	CCONJ
ftr-347	261	175	business.46	business.46	VERB
ftr-347	261	176	the	the	DET
ftr-347	261	177	tax	tax	NOUN
ftr-347	261	178	court	court	NOUN
ftr-347	261	179	has	have	AUX
ftr-347	261	180	held	hold	VERB
ftr-347	261	181	that	that	SCONJ
ftr-347	261	182	the	the	DET
ftr-347	261	183	words	word	NOUN
ftr-347	261	184	“	"	PUNCT
ftr-347	261	185	trade	trade	NOUN
ftr-347	261	186	or	or	CCONJ
ftr-347	261	187	business	business	NOUN
ftr-347	261	188	”	"	PUNCT
ftr-347	261	189	for	for	ADP
ftr-347	261	190	this	this	DET
ftr-347	261	191	purpose	purpose	NOUN
ftr-347	261	192	should	should	AUX
ftr-347	261	193	be	be	AUX
ftr-347	261	194	“	"	PUNCT
ftr-347	261	195	interpreted	interpret	VERB
ftr-347	261	196	consistently	consistently	ADV
ftr-347	261	197	with	with	ADP
ftr-347	261	198	the	the	DET
ftr-347	261	199	general	general	ADJ
ftr-347	261	200	body	body	NOUN
ftr-347	261	201	of	of	ADP
ftr-347	261	202	law	law	NOUN
ftr-347	261	203	on	on	ADP
ftr-347	261	204	this	this	DET
ftr-347	261	205	subject	subject	NOUN
ftr-347	261	206	.	.	PUNCT
ftr-347	262	1	”47	”47	NOUN
ftr-347	262	2	this	this	PRON
ftr-347	262	3	suggests	suggest	VERB
ftr-347	262	4	that	that	SCONJ
ftr-347	262	5	other	other	ADJ
ftr-347	262	6	contexts	context	NOUN
ftr-347	262	7	in	in	ADP
ftr-347	262	8	the	the	DET
ftr-347	262	9	code	code	NOUN
ftr-347	262	10	in	in	ADP
ftr-347	262	11	which	which	PRON
ftr-347	262	12	the	the	DET
ftr-347	262	13	rent	rent	NOUN
ftr-347	262	14	,	,	PUNCT
ftr-347	262	15	and	and	CCONJ
ftr-347	262	16	payment	payment	NOUN
ftr-347	262	17	of	of	ADP
ftr-347	262	18	taxes	taxis	NOUN
ftr-347	262	19	and	and	CCONJ
ftr-347	262	20	insurance	insurance	NOUN
ftr-347	262	21	amounted	amount	VERB
ftr-347	262	22	to	to	ADP
ftr-347	262	23	a	a	DET
ftr-347	262	24	u.s	u.s	PROPN
ftr-347	262	25	.	.	PROPN
ftr-347	262	26	trade	trade	NOUN
ftr-347	262	27	or	or	CCONJ
ftr-347	262	28	business	business	NOUN
ftr-347	262	29	)	)	PUNCT
ftr-347	262	30	;	;	PUNCT
ftr-347	262	31	spermacet	spermacet	ADJ
ftr-347	262	32	whaling	whaling	NOUN
ftr-347	262	33	&	&	CCONJ
ftr-347	262	34	shipping	shipping	PROPN
ftr-347	262	35	co.	co.	PROPN
ftr-347	263	1	v.	v.	PROPN
ftr-347	263	2	commissioner	commissioner	PROPN
ftr-347	263	3	,	,	PUNCT
ftr-347	263	4	30	30	NUM
ftr-347	263	5	t.c	t.c	PROPN
ftr-347	263	6	.	.	PROPN
ftr-347	263	7	618	618	NUM
ftr-347	263	8	,	,	PUNCT
ftr-347	263	9	634	634	NUM
ftr-347	263	10	(	(	PUNCT
ftr-347	263	11	1958	1958	NUM
ftr-347	263	12	)	)	PUNCT
ftr-347	263	13	,	,	PUNCT
ftr-347	263	14	aff’d	aff’d	VERB
ftr-347	263	15	,	,	PUNCT
ftr-347	263	16	281	281	NUM
ftr-347	263	17	f.2d	f.2d	SYM
ftr-347	263	18	646	646	NUM
ftr-347	263	19	(	(	PUNCT
ftr-347	263	20	6th	6th	ADJ
ftr-347	263	21	cir	cir	NOUN
ftr-347	263	22	.	.	PUNCT
ftr-347	263	23	1960	1960	NUM
ftr-347	263	24	)	)	PUNCT
ftr-347	263	25	.	.	PUNCT
ftr-347	264	1	42	42	NUM
ftr-347	264	2	.	.	PUNCT
ftr-347	265	1	see	see	VERB
ftr-347	265	2	continental	continental	ADJ
ftr-347	265	3	trading	trading	PROPN
ftr-347	265	4	,	,	PUNCT
ftr-347	265	5	inc	inc	PROPN
ftr-347	265	6	.	.	PROPN
ftr-347	266	1	v.	v.	PROPN
ftr-347	266	2	commissioner	commissioner	NOUN
ftr-347	266	3	,	,	PUNCT
ftr-347	266	4	265	265	NUM
ftr-347	266	5	f.2d	f.2d	NUM
ftr-347	266	6	40	40	NUM
ftr-347	266	7	,	,	PUNCT
ftr-347	266	8	43	43	NUM
ftr-347	266	9	(	(	PUNCT
ftr-347	266	10	9th	9th	ADJ
ftr-347	266	11	cir	cir	NOUN
ftr-347	266	12	.	.	PUNCT
ftr-347	266	13	1959	1959	NUM
ftr-347	266	14	)	)	PUNCT
ftr-347	266	15	,	,	PUNCT
ftr-347	266	16	cert	cert	PROPN
ftr-347	266	17	.	.	PUNCT
ftr-347	267	1	denied	deny	VERB
ftr-347	267	2	,	,	PUNCT
ftr-347	267	3	361	361	NUM
ftr-347	267	4	u.s	u.s	PROPN
ftr-347	267	5	.	.	PROPN
ftr-347	267	6	827	827	NUM
ftr-347	267	7	(	(	PUNCT
ftr-347	267	8	1959	1959	NUM
ftr-347	267	9	)	)	PUNCT
ftr-347	267	10	;	;	PUNCT
ftr-347	267	11	see	see	VERB
ftr-347	267	12	also	also	ADV
ftr-347	267	13	gen	gen	PROPN
ftr-347	267	14	.	.	PROPN
ftr-347	267	15	couns	couns	PROPN
ftr-347	267	16	.	.	PUNCT
ftr-347	268	1	mem	mem	PROPN
ftr-347	268	2	.	.	X
ftr-347	268	3	18,835	18,835	NUM
ftr-347	268	4	,	,	PUNCT
ftr-347	268	5	1937	1937	NUM
ftr-347	268	6	-	-	SYM
ftr-347	268	7	2	2	NUM
ftr-347	268	8	c.b	c.b	PROPN
ftr-347	268	9	.	.	PROPN
ftr-347	268	10	141	141	NUM
ftr-347	268	11	(	(	PUNCT
ftr-347	268	12	mere	mere	ADJ
ftr-347	268	13	management	management	NOUN
ftr-347	268	14	of	of	ADP
ftr-347	268	15	investments	investment	NOUN
ftr-347	268	16	was	be	AUX
ftr-347	268	17	insufficient	insufficient	ADJ
ftr-347	268	18	to	to	PART
ftr-347	268	19	constitute	constitute	VERB
ftr-347	268	20	carrying	carry	VERB
ftr-347	268	21	on	on	ADP
ftr-347	268	22	a	a	DET
ftr-347	268	23	trade	trade	NOUN
ftr-347	268	24	or	or	CCONJ
ftr-347	268	25	business	business	NOUN
ftr-347	268	26	)	)	PUNCT
ftr-347	268	27	;	;	PUNCT
ftr-347	268	28	neill	neill	PROPN
ftr-347	268	29	v.	v.	PROPN
ftr-347	268	30	commissioner	commissioner	PROPN
ftr-347	268	31	,	,	PUNCT
ftr-347	268	32	46	46	NUM
ftr-347	268	33	b.t.a	b.t.a	NOUN
ftr-347	268	34	.	.	PROPN
ftr-347	268	35	197	197	NUM
ftr-347	268	36	(	(	PUNCT
ftr-347	268	37	1942	1942	NUM
ftr-347	268	38	)	)	PUNCT
ftr-347	268	39	(	(	PUNCT
ftr-347	268	40	mere	mere	ADJ
ftr-347	268	41	ownership	ownership	NOUN
ftr-347	268	42	of	of	ADP
ftr-347	268	43	property	property	NOUN
ftr-347	268	44	in	in	ADP
ftr-347	268	45	the	the	DET
ftr-347	268	46	form	form	NOUN
ftr-347	268	47	of	of	ADP
ftr-347	268	48	a	a	DET
ftr-347	268	49	single	single	ADJ
ftr-347	268	50	building	building	NOUN
ftr-347	268	51	did	do	AUX
ftr-347	268	52	not	not	PART
ftr-347	268	53	constitute	constitute	VERB
ftr-347	268	54	the	the	DET
ftr-347	268	55	carrying	carrying	NOUN
ftr-347	268	56	on	on	ADP
ftr-347	268	57	of	of	ADP
ftr-347	268	58	a	a	DET
ftr-347	268	59	business	business	NOUN
ftr-347	268	60	)	)	PUNCT
ftr-347	268	61	;	;	PUNCT
ftr-347	268	62	higgins	higgins	PROPN
ftr-347	268	63	v.	v.	PROPN
ftr-347	268	64	commissioner	commissioner	PROPN
ftr-347	268	65	,	,	PUNCT
ftr-347	268	66	312	312	NUM
ftr-347	268	67	u.s	u.s	PROPN
ftr-347	268	68	.	.	PROPN
ftr-347	268	69	475	475	NUM
ftr-347	268	70	,	,	PUNCT
ftr-347	268	71	478	478	NUM
ftr-347	268	72	(	(	PUNCT
ftr-347	268	73	1941	1941	NUM
ftr-347	268	74	)	)	PUNCT
ftr-347	268	75	(	(	PUNCT
ftr-347	268	76	no	no	DET
ftr-347	268	77	amount	amount	NOUN
ftr-347	268	78	of	of	ADP
ftr-347	268	79	activity	activity	NOUN
ftr-347	268	80	can	can	AUX
ftr-347	268	81	convert	convert	VERB
ftr-347	268	82	investment	investment	NOUN
ftr-347	268	83	into	into	ADP
ftr-347	268	84	a	a	DET
ftr-347	268	85	trade	trade	NOUN
ftr-347	268	86	or	or	CCONJ
ftr-347	268	87	business	business	NOUN
ftr-347	268	88	)	)	PUNCT
ftr-347	268	89	.	.	PUNCT
ftr-347	269	1	43	43	NUM
ftr-347	269	2	.	.	PUNCT
ftr-347	270	1	see	see	VERB
ftr-347	270	2	,	,	PUNCT
ftr-347	270	3	e.g.	e.g.	ADV
ftr-347	270	4	,	,	PUNCT
ftr-347	270	5	investors	investor	NOUN
ftr-347	270	6	’	'	PUNCT
ftr-347	270	7	mortg	mortg	NOUN
ftr-347	270	8	.	.	PUNCT
ftr-347	271	1	sec	sec	PROPN
ftr-347	271	2	.	.	PROPN
ftr-347	271	3	co.	co.	PROPN
ftr-347	272	1	v.	v.	PROPN
ftr-347	272	2	commissioner	commissioner	PROPN
ftr-347	272	3	,	,	PUNCT
ftr-347	272	4	4	4	NUM
ftr-347	272	5	t.c.m	t.c.m	NOUN
ftr-347	272	6	.	.	PUNCT
ftr-347	273	1	(	(	PUNCT
ftr-347	273	2	cch	cch	NOUN
ftr-347	273	3	)	)	PUNCT
ftr-347	273	4	45	45	NUM
ftr-347	273	5	,	,	PUNCT
ftr-347	273	6	47	47	NUM
ftr-347	273	7	(	(	PUNCT
ftr-347	273	8	1945	1945	NUM
ftr-347	273	9	)	)	PUNCT
ftr-347	273	10	;	;	PUNCT
ftr-347	273	11	pinchot	pinchot	PROPN
ftr-347	273	12	v.	v.	PROPN
ftr-347	273	13	commissioner	commissioner	PROPN
ftr-347	273	14	,	,	PUNCT
ftr-347	273	15	113	113	NUM
ftr-347	273	16	f.2d	f.2d	NUM
ftr-347	273	17	718	718	NUM
ftr-347	273	18	,	,	PUNCT
ftr-347	273	19	719	719	NUM
ftr-347	273	20	(	(	PUNCT
ftr-347	273	21	2d	2d	NUM
ftr-347	273	22	cir	cir	NOUN
ftr-347	273	23	.	.	PUNCT
ftr-347	273	24	1940	1940	NUM
ftr-347	273	25	)	)	PUNCT
ftr-347	273	26	;	;	PUNCT
ftr-347	273	27	lewenhaupt	lewenhaupt	PROPN
ftr-347	273	28	v.	v.	PROPN
ftr-347	273	29	commissioner	commissioner	NOUN
ftr-347	273	30	,	,	PUNCT
ftr-347	274	1	20	20	NUM
ftr-347	274	2	t.c	t.c	PROPN
ftr-347	274	3	.	.	PROPN
ftr-347	274	4	151	151	NUM
ftr-347	274	5	,	,	PUNCT
ftr-347	274	6	162	162	NUM
ftr-347	274	7	(	(	PUNCT
ftr-347	274	8	1953	1953	NUM
ftr-347	274	9	)	)	PUNCT
ftr-347	274	10	,	,	PUNCT
ftr-347	274	11	aff’d	aff’d	VERB
ftr-347	274	12	,	,	PUNCT
ftr-347	274	13	221	221	NUM
ftr-347	274	14	f.2d	f.2d	NOUN
ftr-347	274	15	227	227	NUM
ftr-347	274	16	(	(	PUNCT
ftr-347	274	17	9th	9th	ADJ
ftr-347	274	18	cir	cir	NOUN
ftr-347	274	19	.	.	PUNCT
ftr-347	274	20	1955	1955	NUM
ftr-347	274	21	)	)	PUNCT
ftr-347	274	22	;	;	PUNCT
ftr-347	274	23	gen	gen	PROPN
ftr-347	274	24	.	.	PROPN
ftr-347	274	25	couns	couns	PROPN
ftr-347	274	26	.	.	PUNCT
ftr-347	275	1	mem	mem	PROPN
ftr-347	275	2	.	.	X
ftr-347	275	3	18,835	18,835	NUM
ftr-347	275	4	,	,	PUNCT
ftr-347	275	5	1937	1937	NUM
ftr-347	275	6	-	-	SYM
ftr-347	275	7	2	2	NUM
ftr-347	275	8	c.b	c.b	PROPN
ftr-347	275	9	.	.	PROPN
ftr-347	275	10	141	141	NUM
ftr-347	275	11	,	,	PUNCT
ftr-347	275	12	143	143	NUM
ftr-347	275	13	(	(	PUNCT
ftr-347	275	14	the	the	DET
ftr-347	275	15	taxpayer	taxpayer	NOUN
ftr-347	275	16	(	(	PUNCT
ftr-347	275	17	through	through	ADP
ftr-347	275	18	his	his	PRON
ftr-347	275	19	agent	agent	NOUN
ftr-347	275	20	)	)	PUNCT
ftr-347	275	21	executed	execute	VERB
ftr-347	275	22	leases	lease	NOUN
ftr-347	275	23	,	,	PUNCT
ftr-347	275	24	rented	rent	VERB
ftr-347	275	25	property	property	NOUN
ftr-347	275	26	,	,	PUNCT
ftr-347	275	27	collected	collect	VERB
ftr-347	275	28	rents	rent	NOUN
ftr-347	275	29	,	,	PUNCT
ftr-347	275	30	kept	keep	VERB
ftr-347	275	31	books	book	NOUN
ftr-347	275	32	of	of	ADP
ftr-347	275	33	account	account	NOUN
ftr-347	275	34	,	,	PUNCT
ftr-347	275	35	supervised	supervised	ADJ
ftr-347	275	36	repairs	repair	NOUN
ftr-347	275	37	,	,	PUNCT
ftr-347	275	38	paid	pay	VERB
ftr-347	275	39	taxes	taxis	NOUN
ftr-347	275	40	and	and	CCONJ
ftr-347	275	41	mortgage	mortgage	NOUN
ftr-347	275	42	interest	interest	NOUN
ftr-347	275	43	,	,	PUNCT
ftr-347	275	44	insured	insured	ADJ
ftr-347	275	45	property	property	NOUN
ftr-347	275	46	,	,	PUNCT
ftr-347	275	47	and	and	CCONJ
ftr-347	275	48	purchased	purchase	VERB
ftr-347	275	49	and	and	CCONJ
ftr-347	275	50	sold	sell	VERB
ftr-347	275	51	property	property	NOUN
ftr-347	275	52	and	and	CCONJ
ftr-347	275	53	this	this	PRON
ftr-347	275	54	was	be	AUX
ftr-347	275	55	“	"	PUNCT
ftr-347	275	56	beyond	beyond	ADP
ftr-347	275	57	the	the	DET
ftr-347	275	58	scope	scope	NOUN
ftr-347	275	59	of	of	ADP
ftr-347	275	60	mere	mere	ADJ
ftr-347	275	61	ownership	ownership	NOUN
ftr-347	275	62	of	of	ADP
ftr-347	275	63	real	real	ADJ
ftr-347	275	64	property	property	NOUN
ftr-347	275	65	,	,	PUNCT
ftr-347	275	66	or	or	CCONJ
ftr-347	275	67	the	the	DET
ftr-347	275	68	receipt	receipt	NOUN
ftr-347	275	69	of	of	ADP
ftr-347	275	70	income	income	NOUN
ftr-347	275	71	from	from	ADP
ftr-347	275	72	real	real	ADJ
ftr-347	275	73	property	property	NOUN
ftr-347	275	74	”	"	PUNCT
ftr-347	275	75	)	)	PUNCT
ftr-347	275	76	.	.	PUNCT
ftr-347	276	1	44	44	NUM
ftr-347	276	2	.	.	PUNCT
ftr-347	277	1	see	see	VERB
ftr-347	277	2	snell	snell	PROPN
ftr-347	277	3	v.	v.	PROPN
ftr-347	277	4	commissioner	commissioner	PROPN
ftr-347	277	5	,	,	PUNCT
ftr-347	277	6	97	97	NUM
ftr-347	277	7	f.2d	f.2d	NOUN
ftr-347	277	8	891	891	NUM
ftr-347	277	9	,	,	PUNCT
ftr-347	277	10	892	892	NUM
ftr-347	277	11	(	(	PUNCT
ftr-347	277	12	5th	5th	ADJ
ftr-347	277	13	cir	cir	NOUN
ftr-347	277	14	.	.	PUNCT
ftr-347	277	15	1938	1938	NUM
ftr-347	277	16	)	)	PUNCT
ftr-347	277	17	.	.	PUNCT
ftr-347	278	1	45	45	NUM
ftr-347	278	2	.	.	PUNCT
ftr-347	278	3	linen	linen	PROPN
ftr-347	278	4	thread	thread	PROPN
ftr-347	278	5	co.	co.	PROPN
ftr-347	279	1	v.	v.	CCONJ
ftr-347	279	2	commissioner	commissioner	PROPN
ftr-347	279	3	,	,	PUNCT
ftr-347	279	4	14	14	NUM
ftr-347	279	5	t.c	t.c	PROPN
ftr-347	279	6	.	.	PROPN
ftr-347	280	1	725	725	NUM
ftr-347	280	2	(	(	PUNCT
ftr-347	280	3	1950	1950	NUM
ftr-347	280	4	)	)	PUNCT
ftr-347	280	5	(	(	PUNCT
ftr-347	280	6	two	two	NUM
ftr-347	280	7	isolated	isolated	ADJ
ftr-347	280	8	sales	sale	NOUN
ftr-347	280	9	in	in	ADP
ftr-347	280	10	the	the	DET
ftr-347	280	11	u.s	u.s	PROPN
ftr-347	280	12	.	.	PROPN
ftr-347	280	13	did	do	AUX
ftr-347	280	14	not	not	PART
ftr-347	280	15	constitute	constitute	VERB
ftr-347	280	16	a	a	DET
ftr-347	280	17	trade	trade	NOUN
ftr-347	280	18	or	or	CCONJ
ftr-347	280	19	business	business	NOUN
ftr-347	280	20	in	in	ADP
ftr-347	280	21	the	the	DET
ftr-347	280	22	u.s	u.s	PROPN
ftr-347	280	23	.	.	PROPN
ftr-347	280	24	)	)	PUNCT
ftr-347	280	25	;	;	PUNCT
ftr-347	281	1	cf	cf	X
ftr-347	281	2	.	.	PUNCT
ftr-347	282	1	johansson	johansson	PROPN
ftr-347	282	2	v.	v.	PROPN
ftr-347	282	3	united	united	PROPN
ftr-347	282	4	states	states	PROPN
ftr-347	282	5	,	,	PUNCT
ftr-347	282	6	336	336	NUM
ftr-347	282	7	f.2d	f.2d	NOUN
ftr-347	282	8	809	809	NUM
ftr-347	282	9	(	(	PUNCT
ftr-347	282	10	5th	5th	ADJ
ftr-347	282	11	cir	cir	NOUN
ftr-347	282	12	.	.	PUNCT
ftr-347	282	13	1964	1964	NUM
ftr-347	282	14	)	)	PUNCT
ftr-347	282	15	(	(	PUNCT
ftr-347	282	16	a	a	DET
ftr-347	282	17	nonresident	nonresident	ADJ
ftr-347	282	18	alien	alien	ADJ
ftr-347	282	19	prize	prize	NOUN
ftr-347	282	20	fighter	fighter	NOUN
ftr-347	282	21	in	in	ADP
ftr-347	282	22	one	one	NUM
ftr-347	282	23	world	world	NOUN
ftr-347	282	24	championship	championship	NOUN
ftr-347	282	25	fight	fight	NOUN
ftr-347	282	26	in	in	ADP
ftr-347	282	27	the	the	DET
ftr-347	282	28	united	united	PROPN
ftr-347	282	29	sates	sates	PROPN
ftr-347	282	30	was	be	AUX
ftr-347	282	31	held	hold	VERB
ftr-347	282	32	to	to	PART
ftr-347	282	33	be	be	AUX
ftr-347	282	34	a	a	DET
ftr-347	282	35	u.s	u.s	PROPN
ftr-347	282	36	.	.	PROPN
ftr-347	282	37	trade	trade	NOUN
ftr-347	282	38	or	or	CCONJ
ftr-347	282	39	business	business	NOUN
ftr-347	282	40	)	)	PUNCT
ftr-347	282	41	.	.	PUNCT
ftr-347	283	1	46	46	NUM
ftr-347	283	2	.	.	PUNCT
ftr-347	284	1	scottish	scottish	PROPN
ftr-347	284	2	am	be	AUX
ftr-347	284	3	.	.	PUNCT
ftr-347	285	1	inv	inv	PROPN
ftr-347	285	2	.	.	PUNCT
ftr-347	285	3	co.	co.	PROPN
ftr-347	286	1	v.	v.	PROPN
ftr-347	286	2	commissioner	commissioner	PROPN
ftr-347	286	3	,	,	PUNCT
ftr-347	286	4	12	12	NUM
ftr-347	286	5	t.c	t.c	PROPN
ftr-347	286	6	.	.	PROPN
ftr-347	286	7	45	45	NUM
ftr-347	286	8	,	,	PUNCT
ftr-347	286	9	59	59	NUM
ftr-347	286	10	(	(	PUNCT
ftr-347	286	11	1949	1949	NUM
ftr-347	286	12	)	)	PUNCT
ftr-347	286	13	(	(	PUNCT
ftr-347	286	14	activities	activity	NOUN
ftr-347	286	15	of	of	ADP
ftr-347	286	16	u.s	u.s	PROPN
ftr-347	286	17	.	.	PROPN
ftr-347	286	18	office	office	NOUN
ftr-347	286	19	of	of	ADP
ftr-347	286	20	foreign	foreign	ADJ
ftr-347	286	21	trusts	trust	NOUN
ftr-347	286	22	did	do	AUX
ftr-347	286	23	not	not	PART
ftr-347	286	24	constitute	constitute	VERB
ftr-347	286	25	a	a	DET
ftr-347	286	26	trade	trade	NOUN
ftr-347	286	27	or	or	CCONJ
ftr-347	286	28	business	business	NOUN
ftr-347	286	29	and	and	CCONJ
ftr-347	286	30	the	the	DET
ftr-347	286	31	u.s	u.s	PROPN
ftr-347	286	32	.	.	PROPN
ftr-347	286	33	office	office	NOUN
ftr-347	286	34	was	be	AUX
ftr-347	286	35	merely	merely	ADV
ftr-347	286	36	a	a	DET
ftr-347	286	37	helpful	helpful	ADJ
ftr-347	286	38	adjunct	adjunct	NOUN
ftr-347	286	39	to	to	ADP
ftr-347	286	40	the	the	DET
ftr-347	286	41	foreign	foreign	ADJ
ftr-347	286	42	trusts	trust	NOUN
ftr-347	286	43	)	)	PUNCT
ftr-347	286	44	;	;	PUNCT
ftr-347	286	45	spermacet	spermacet	ADJ
ftr-347	286	46	whaling	whaling	NOUN
ftr-347	286	47	&	&	CCONJ
ftr-347	286	48	shipping	shipping	PROPN
ftr-347	286	49	co.	co.	PROPN
ftr-347	286	50	,	,	PUNCT
ftr-347	286	51	30	30	NUM
ftr-347	286	52	t.c	t.c	PROPN
ftr-347	286	53	.	.	PUNCT
ftr-347	287	1	at	at	ADP
ftr-347	287	2	634	634	NUM
ftr-347	287	3	,	,	PUNCT
ftr-347	287	4	(	(	PUNCT
ftr-347	287	5	receiving	receive	VERB
ftr-347	287	6	monthly	monthly	ADJ
ftr-347	287	7	statements	statement	NOUN
ftr-347	287	8	and	and	CCONJ
ftr-347	287	9	correspondence	correspondence	NOUN
ftr-347	287	10	and	and	CCONJ
ftr-347	287	11	making	make	VERB
ftr-347	287	12	certain	certain	ADJ
ftr-347	287	13	payments	payment	NOUN
ftr-347	287	14	were	be	AUX
ftr-347	287	15	“	"	PUNCT
ftr-347	287	16	ministerial	ministerial	ADJ
ftr-347	287	17	and	and	CCONJ
ftr-347	287	18	clerical	clerical	ADJ
ftr-347	287	19	in	in	ADP
ftr-347	287	20	nature	nature	NOUN
ftr-347	287	21	”	"	PUNCT
ftr-347	287	22	and	and	CCONJ
ftr-347	287	23	involved	involve	VERB
ftr-347	287	24	little	little	ADJ
ftr-347	287	25	exercise	exercise	NOUN
ftr-347	287	26	of	of	ADP
ftr-347	287	27	the	the	DET
ftr-347	287	28	discretion	discretion	NOUN
ftr-347	287	29	or	or	CCONJ
ftr-347	287	30	business	business	NOUN
ftr-347	287	31	judgment	judgment	NOUN
ftr-347	287	32	“	"	PUNCT
ftr-347	287	33	necessary	necessary	ADJ
ftr-347	287	34	to	to	ADP
ftr-347	287	35	the	the	DET
ftr-347	287	36	production	production	NOUN
ftr-347	287	37	of	of	ADP
ftr-347	287	38	the	the	DET
ftr-347	287	39	income	income	NOUN
ftr-347	287	40	in	in	ADP
ftr-347	287	41	question	question	NOUN
ftr-347	287	42	”	"	PUNCT
ftr-347	287	43	)	)	PUNCT
ftr-347	287	44	;	;	PUNCT
ftr-347	287	45	linen	linen	NOUN
ftr-347	287	46	thread	thread	PROPN
ftr-347	287	47	co.	co.	PROPN
ftr-347	287	48	,	,	PUNCT
ftr-347	287	49	14	14	NUM
ftr-347	287	50	t.c	t.c	PROPN
ftr-347	287	51	.	.	PROPN
ftr-347	288	1	736	736	NUM
ftr-347	288	2	(	(	PUNCT
ftr-347	288	3	delivery	delivery	NOUN
ftr-347	288	4	of	of	ADP
ftr-347	288	5	goods	good	NOUN
ftr-347	288	6	,	,	PUNCT
ftr-347	288	7	handling	handling	NOUN
ftr-347	288	8	of	of	ADP
ftr-347	288	9	paperwork	paperwork	NOUN
ftr-347	288	10	and	and	CCONJ
ftr-347	288	11	collection	collection	NOUN
ftr-347	288	12	of	of	ADP
ftr-347	288	13	payment	payment	NOUN
ftr-347	288	14	by	by	ADP
ftr-347	288	15	the	the	DET
ftr-347	288	16	u.s	u.s	PROPN
ftr-347	288	17	.	.	PROPN
ftr-347	288	18	office	office	NOUN
ftr-347	288	19	was	be	AUX
ftr-347	288	20	not	not	PART
ftr-347	288	21	enough	enough	ADJ
ftr-347	288	22	to	to	PART
ftr-347	288	23	constitute	constitute	VERB
ftr-347	288	24	a	a	DET
ftr-347	288	25	u.s	u.s	PROPN
ftr-347	288	26	.	.	PROPN
ftr-347	288	27	trade	trade	NOUN
ftr-347	288	28	or	or	CCONJ
ftr-347	288	29	business	business	NOUN
ftr-347	288	30	where	where	SCONJ
ftr-347	288	31	the	the	DET
ftr-347	288	32	profit	profit	NOUN
ftr-347	288	33	generating	generating	NOUN
ftr-347	288	34	activity	activity	NOUN
ftr-347	288	35	occurred	occur	VERB
ftr-347	288	36	abroad	abroad	ADV
ftr-347	288	37	)	)	PUNCT
ftr-347	288	38	.	.	PUNCT
ftr-347	289	1	47	47	NUM
ftr-347	289	2	.	.	PUNCT
ftr-347	290	1	dekrause	dekrause	NOUN
ftr-347	290	2	v.	v.	PROPN
ftr-347	290	3	commissioner	commissioner	PROPN
ftr-347	290	4	,	,	PUNCT
ftr-347	290	5	33	33	NUM
ftr-347	290	6	t.c.m	t.c.m	NOUN
ftr-347	290	7	.	.	PUNCT
ftr-347	291	1	(	(	PUNCT
ftr-347	291	2	cch	cch	NOUN
ftr-347	291	3	)	)	PUNCT
ftr-347	291	4	1362	1362	NUM
ftr-347	291	5	,	,	PUNCT
ftr-347	291	6	1364	1364	NUM
ftr-347	291	7	(	(	PUNCT
ftr-347	291	8	1974	1974	NUM
ftr-347	291	9	)	)	PUNCT
ftr-347	291	10	;	;	PUNCT
ftr-347	291	11	whipple	whipple	PROPN
ftr-347	291	12	v.	v.	PROPN
ftr-347	291	13	commissioner	commissioner	PROPN
ftr-347	291	14	,	,	PUNCT
ftr-347	291	15	373	373	NUM
ftr-347	291	16	u.s	u.s	PROPN
ftr-347	291	17	.	.	PROPN
ftr-347	291	18	193	193	NUM
ftr-347	291	19	,	,	PUNCT
ftr-347	291	20	201	201	NUM
ftr-347	291	21	(	(	PUNCT
ftr-347	291	22	1963	1963	NUM
ftr-347	291	23	)	)	PUNCT
ftr-347	291	24	;	;	PUNCT
ftr-347	291	25	see	see	VERB
ftr-347	291	26	also	also	ADV
ftr-347	291	27	folker	folker	PROPN
ftr-347	291	28	v.	v.	PROPN
ftr-347	291	29	johnson	johnson	PROPN
ftr-347	291	30	,	,	PUNCT
ftr-347	292	1	658	658	NUM
ftr-347	292	2	florida	florida	PROPN
ftr-347	292	3	tax	tax	NOUN
ftr-347	292	4	review	review	NOUN
ftr-347	292	5	[	[	X
ftr-347	292	6	vol	vol	NOUN
ftr-347	292	7	.	.	PUNCT
ftr-347	293	1	11:8	11:8	NOUN
ftr-347	293	2	business	business	NOUN
ftr-347	293	3	concept	concept	NOUN
ftr-347	293	4	is	be	AUX
ftr-347	293	5	used	use	VERB
ftr-347	293	6	may	may	AUX
ftr-347	293	7	be	be	AUX
ftr-347	293	8	helpful	helpful	ADJ
ftr-347	293	9	.	.	PUNCT
ftr-347	294	1	analogous	analogous	ADJ
ftr-347	294	2	authorities	authority	NOUN
ftr-347	294	3	suggest	suggest	VERB
ftr-347	294	4	that	that	SCONJ
ftr-347	294	5	the	the	DET
ftr-347	294	6	number	number	NOUN
ftr-347	294	7	and	and	CCONJ
ftr-347	294	8	amount	amount	NOUN
ftr-347	294	9	of	of	ADP
ftr-347	294	10	loans	loan	NOUN
ftr-347	294	11	is	be	AUX
ftr-347	294	12	important	important	ADJ
ftr-347	294	13	in	in	ADP
ftr-347	294	14	the	the	DET
ftr-347	294	15	determination	determination	NOUN
ftr-347	294	16	of	of	ADP
ftr-347	294	17	whether	whether	SCONJ
ftr-347	294	18	or	or	CCONJ
ftr-347	294	19	not	not	PART
ftr-347	294	20	a	a	DET
ftr-347	294	21	lending	lending	NOUN
ftr-347	294	22	trade	trade	NOUN
ftr-347	294	23	or	or	CCONJ
ftr-347	294	24	business	business	NOUN
ftr-347	294	25	exists.48	exists.48	ADJ
ftr-347	294	26	these	these	DET
ftr-347	294	27	authorities	authority	NOUN
ftr-347	294	28	seem	seem	VERB
ftr-347	294	29	to	to	PART
ftr-347	294	30	indicate	indicate	VERB
ftr-347	294	31	that	that	SCONJ
ftr-347	294	32	foreign	foreign	ADJ
ftr-347	294	33	persons	person	NOUN
ftr-347	294	34	may	may	AUX
ftr-347	294	35	be	be	AUX
ftr-347	294	36	able	able	ADJ
ftr-347	294	37	to	to	PART
ftr-347	294	38	make	make	VERB
ftr-347	294	39	a	a	DET
ftr-347	294	40	limited	limited	ADJ
ftr-347	294	41	number	number	NOUN
ftr-347	294	42	of	of	ADP
ftr-347	294	43	loans	loan	NOUN
ftr-347	294	44	and	and	CCONJ
ftr-347	294	45	not	not	PART
ftr-347	294	46	be	be	AUX
ftr-347	294	47	considered	consider	VERB
ftr-347	294	48	to	to	PART
ftr-347	294	49	be	be	AUX
ftr-347	294	50	in	in	ADP
ftr-347	294	51	an	an	DET
ftr-347	294	52	active	active	ADJ
ftr-347	294	53	lending	lending	NOUN
ftr-347	294	54	business	business	NOUN
ftr-347	294	55	in	in	ADP
ftr-347	294	56	the	the	DET
ftr-347	294	57	united	united	PROPN
ftr-347	294	58	states.49	states.49	PROPN
ftr-347	294	59	analogous	analogous	ADJ
ftr-347	294	60	authorities	authority	NOUN
ftr-347	294	61	have	have	AUX
ftr-347	294	62	also	also	ADV
ftr-347	294	63	looked	look	VERB
ftr-347	294	64	at	at	ADP
ftr-347	294	65	the	the	DET
ftr-347	294	66	time	time	NOUN
ftr-347	294	67	and	and	CCONJ
ftr-347	294	68	effort	effort	NOUN
ftr-347	294	69	devoted	devote	VERB
ftr-347	294	70	to	to	ADP
ftr-347	294	71	lending	lend	VERB
ftr-347	294	72	activities,50	activities,50	NOUN
ftr-347	294	73	the	the	DET
ftr-347	294	74	maintenance	maintenance	NOUN
ftr-347	294	75	of	of	ADP
ftr-347	294	76	an	an	DET
ftr-347	294	77	office	office	NOUN
ftr-347	294	78	for	for	ADP
ftr-347	294	79	the	the	DET
ftr-347	294	80	lending	lending	NOUN
ftr-347	294	81	activity,51	activity,51	VERB
ftr-347	294	82	promoting	promote	VERB
ftr-347	294	83	oneself	oneself	PRON
ftr-347	294	84	as	as	ADP
ftr-347	294	85	a	a	DET
ftr-347	294	86	lender,52	lender,52	ADJ
ftr-347	294	87	maintenance	maintenance	NOUN
ftr-347	294	88	of	of	ADP
ftr-347	294	89	books	book	NOUN
ftr-347	294	90	and	and	CCONJ
ftr-347	294	91	records	record	NOUN
ftr-347	294	92	for	for	ADP
ftr-347	294	93	lending	lend	VERB
ftr-347	294	94	activities,53	activities,53	NOUN
ftr-347	294	95	and	and	CCONJ
ftr-347	294	96	the	the	DET
ftr-347	294	97	presence	presence	NOUN
ftr-347	294	98	of	of	ADP
ftr-347	294	99	employees	employee	NOUN
ftr-347	294	100	or	or	CCONJ
ftr-347	294	101	other	other	ADJ
ftr-347	294	102	dependent	dependent	ADJ
ftr-347	294	103	agents.54	agents.54	NOUN
ftr-347	294	104	in	in	ADP
ftr-347	294	105	the	the	DET
ftr-347	294	106	context	context	NOUN
ftr-347	294	107	of	of	ADP
ftr-347	294	108	writing	write	VERB
ftr-347	294	109	off	off	ADP
ftr-347	294	110	business	business	NOUN
ftr-347	294	111	debt	debt	NOUN
ftr-347	294	112	,	,	PUNCT
ftr-347	294	113	there	there	PRON
ftr-347	294	114	is	be	VERB
ftr-347	294	115	some	some	DET
ftr-347	294	116	authority	authority	NOUN
ftr-347	294	117	for	for	ADP
ftr-347	294	118	the	the	DET
ftr-347	294	119	proposition	proposition	NOUN
ftr-347	294	120	that	that	SCONJ
ftr-347	294	121	a	a	DET
ftr-347	294	122	loan	loan	NOUN
ftr-347	294	123	made	make	VERB
ftr-347	294	124	to	to	PART
ftr-347	294	125	acquire	acquire	VERB
ftr-347	294	126	,	,	PUNCT
ftr-347	294	127	protect	protect	VERB
ftr-347	294	128	,	,	PUNCT
ftr-347	294	129	or	or	CCONJ
ftr-347	294	130	enhance	enhance	VERB
ftr-347	294	131	an	an	DET
ftr-347	294	132	investment	investment	NOUN
ftr-347	294	133	where	where	SCONJ
ftr-347	294	134	the	the	DET
ftr-347	294	135	dominant	dominant	ADJ
ftr-347	294	136	motive	motive	NOUN
ftr-347	294	137	is	be	AUX
ftr-347	294	138	to	to	PART
ftr-347	294	139	earn	earn	VERB
ftr-347	294	140	a	a	DET
ftr-347	294	141	return	return	NOUN
ftr-347	294	142	from	from	ADP
ftr-347	294	143	the	the	DET
ftr-347	294	144	230	230	NUM
ftr-347	294	145	f.2d	f.2d	NOUN
ftr-347	294	146	906	906	NUM
ftr-347	294	147	(	(	PUNCT
ftr-347	294	148	2nd	2nd	ADJ
ftr-347	294	149	cir	cir	NOUN
ftr-347	294	150	.	.	PROPN
ftr-347	294	151	1956	1956	NUM
ftr-347	294	152	)	)	PUNCT
ftr-347	294	153	.	.	PUNCT
ftr-347	295	1	with	with	ADP
ftr-347	295	2	respect	respect	NOUN
ftr-347	295	3	to	to	ADP
ftr-347	295	4	other	other	ADJ
ftr-347	295	5	areas	area	NOUN
ftr-347	295	6	of	of	ADP
ftr-347	295	7	the	the	DET
ftr-347	295	8	code	code	NOUN
ftr-347	295	9	,	,	PUNCT
ftr-347	295	10	the	the	DET
ftr-347	295	11	irs	irs	PROPN
ftr-347	295	12	has	have	AUX
ftr-347	295	13	recognized	recognize	VERB
ftr-347	295	14	that	that	SCONJ
ftr-347	295	15	rules	rule	NOUN
ftr-347	295	16	in	in	ADP
ftr-347	295	17	the	the	DET
ftr-347	295	18	etb	etb	PROPN
ftr-347	295	19	context	context	NOUN
ftr-347	295	20	may	may	AUX
ftr-347	295	21	“	"	PUNCT
ftr-347	295	22	differ	differ	VERB
ftr-347	295	23	in	in	ADP
ftr-347	295	24	some	some	DET
ftr-347	295	25	respects	respect	NOUN
ftr-347	295	26	from	from	ADP
ftr-347	295	27	those	those	PRON
ftr-347	295	28	used	use	VERB
ftr-347	295	29	in	in	ADP
ftr-347	295	30	determining	determine	VERB
ftr-347	295	31	whether	whether	SCONJ
ftr-347	295	32	a	a	DET
ftr-347	295	33	taxpayer	taxpayer	NOUN
ftr-347	295	34	is	be	AUX
ftr-347	295	35	engaged	engage	VERB
ftr-347	295	36	in	in	ADP
ftr-347	295	37	a	a	DET
ftr-347	295	38	trade	trade	NOUN
ftr-347	295	39	or	or	CCONJ
ftr-347	295	40	business	business	NOUN
ftr-347	295	41	under	under	ADP
ftr-347	295	42	other	other	ADJ
ftr-347	295	43	sections	section	NOUN
ftr-347	295	44	of	of	ADP
ftr-347	295	45	the	the	DET
ftr-347	295	46	code	code	NOUN
ftr-347	295	47	.	.	PUNCT
ftr-347	295	48	”	"	PUNCT
ftr-347	295	49	rev	rev	PROPN
ftr-347	295	50	.	.	PROPN
ftr-347	296	1	rul	rul	PROPN
ftr-347	296	2	.	.	PUNCT
ftr-347	297	1	88	88	NUM
ftr-347	297	2	-	-	SYM
ftr-347	297	3	3	3	NUM
ftr-347	297	4	,	,	PUNCT
ftr-347	297	5	1988	1988	NUM
ftr-347	297	6	-	-	SYM
ftr-347	297	7	1	1	NUM
ftr-347	297	8	c.b	c.b	PROPN
ftr-347	297	9	.	.	PROPN
ftr-347	297	10	268	268	NUM
ftr-347	297	11	.	.	X
ftr-347	298	1	48	48	NUM
ftr-347	298	2	.	.	PUNCT
ftr-347	298	3	see	see	VERB
ftr-347	298	4	serot	serot	NOUN
ftr-347	298	5	v.	v.	ADP
ftr-347	298	6	commissioner	commissioner	NOUN
ftr-347	298	7	,	,	PUNCT
ftr-347	298	8	68	68	NUM
ftr-347	298	9	t.c.m	t.c.m	NOUN
ftr-347	298	10	.	.	PUNCT
ftr-347	299	1	(	(	PUNCT
ftr-347	299	2	cch	cch	NOUN
ftr-347	299	3	)	)	PUNCT
ftr-347	299	4	1015	1015	NUM
ftr-347	299	5	,	,	PUNCT
ftr-347	299	6	1022–23	1022–23	NUM
ftr-347	299	7	(	(	PUNCT
ftr-347	299	8	1994	1994	NUM
ftr-347	299	9	)	)	PUNCT
ftr-347	299	10	;	;	PUNCT
ftr-347	299	11	mccrackin	mccrackin	PROPN
ftr-347	299	12	v.	v.	PROPN
ftr-347	299	13	commissioner	commissioner	PROPN
ftr-347	299	14	,	,	PUNCT
ftr-347	299	15	48	48	NUM
ftr-347	299	16	t.c.m	t.c.m	NOUN
ftr-347	299	17	.	.	PUNCT
ftr-347	300	1	(	(	PUNCT
ftr-347	300	2	cch	cch	NOUN
ftr-347	300	3	)	)	PUNCT
ftr-347	300	4	248	248	NUM
ftr-347	300	5	,	,	PUNCT
ftr-347	300	6	251	251	NUM
ftr-347	300	7	(	(	PUNCT
ftr-347	300	8	1984	1984	NUM
ftr-347	300	9	)	)	PUNCT
ftr-347	300	10	(	(	PUNCT
ftr-347	300	11	taxpayer	taxpayer	NOUN
ftr-347	300	12	was	be	AUX
ftr-347	300	13	engaged	engage	VERB
ftr-347	300	14	in	in	ADP
ftr-347	300	15	lending	lending	NOUN
ftr-347	300	16	trade	trade	NOUN
ftr-347	300	17	or	or	CCONJ
ftr-347	300	18	business	business	NOUN
ftr-347	300	19	,	,	PUNCT
ftr-347	300	20	where	where	SCONJ
ftr-347	300	21	taxpayer	taxpayer	NOUN
ftr-347	300	22	made	make	VERB
ftr-347	300	23	sixty	sixty	NUM
ftr-347	300	24	-	-	PUNCT
ftr-347	300	25	six	six	NUM
ftr-347	300	26	loans	loan	NOUN
ftr-347	300	27	to	to	ADP
ftr-347	300	28	twelve	twelve	NUM
ftr-347	300	29	unrelated	unrelated	ADJ
ftr-347	300	30	borrowers	borrower	NOUN
ftr-347	300	31	over	over	ADP
ftr-347	300	32	fifteen	fifteen	NUM
ftr-347	300	33	years	year	NOUN
ftr-347	300	34	)	)	PUNCT
ftr-347	300	35	;	;	PUNCT
ftr-347	300	36	jessup	jessup	PROPN
ftr-347	300	37	v.	v.	PROPN
ftr-347	300	38	commissioner	commissioner	PROPN
ftr-347	300	39	,	,	PUNCT
ftr-347	300	40	36	36	NUM
ftr-347	300	41	t.c.m	t.c.m	NOUN
ftr-347	300	42	.	.	PUNCT
ftr-347	301	1	(	(	PUNCT
ftr-347	301	2	cch	cch	NOUN
ftr-347	301	3	)	)	PUNCT
ftr-347	301	4	1145	1145	NUM
ftr-347	301	5	,	,	PUNCT
ftr-347	301	6	1150	1150	NUM
ftr-347	301	7	(	(	PUNCT
ftr-347	301	8	1977	1977	NUM
ftr-347	301	9	)	)	PUNCT
ftr-347	301	10	(	(	PUNCT
ftr-347	301	11	trade	trade	NOUN
ftr-347	301	12	or	or	CCONJ
ftr-347	301	13	business	business	NOUN
ftr-347	301	14	of	of	ADP
ftr-347	301	15	lending	lending	NOUN
ftr-347	301	16	existed	exist	VERB
ftr-347	301	17	where	where	SCONJ
ftr-347	301	18	taxpayer	taxpayer	NOUN
ftr-347	301	19	engaged	engage	VERB
ftr-347	301	20	in	in	ADP
ftr-347	301	21	thirty	thirty	NUM
ftr-347	301	22	-	-	PUNCT
ftr-347	301	23	one	one	NUM
ftr-347	301	24	loan	loan	NOUN
ftr-347	301	25	,	,	PUNCT
ftr-347	301	26	endorsement	endorsement	NOUN
ftr-347	301	27	,	,	PUNCT
ftr-347	301	28	or	or	CCONJ
ftr-347	301	29	guarantee	guarantee	VERB
ftr-347	301	30	transactions	transaction	NOUN
ftr-347	301	31	with	with	ADP
ftr-347	301	32	seventeen	seventeen	NUM
ftr-347	301	33	unrelated	unrelated	ADJ
ftr-347	301	34	persons	person	NOUN
ftr-347	301	35	over	over	ADP
ftr-347	301	36	ten	ten	NUM
ftr-347	301	37	years	year	NOUN
ftr-347	301	38	)	)	PUNCT
ftr-347	301	39	;	;	PUNCT
ftr-347	302	1	cushman	cushman	PROPN
ftr-347	302	2	v.	v.	PROPN
ftr-347	302	3	united	united	PROPN
ftr-347	302	4	states	states	PROPN
ftr-347	302	5	,	,	PUNCT
ftr-347	302	6	148	148	NUM
ftr-347	302	7	f.supp	f.supp	NOUN
ftr-347	302	8	.	.	PROPN
ftr-347	302	9	880	880	NUM
ftr-347	302	10	(	(	PUNCT
ftr-347	302	11	d.c	d.c	PROPN
ftr-347	302	12	.	.	PROPN
ftr-347	302	13	ariz	ariz	PROPN
ftr-347	302	14	.	.	PUNCT
ftr-347	302	15	1956	1956	NUM
ftr-347	302	16	)	)	PUNCT
ftr-347	302	17	;	;	PUNCT
ftr-347	302	18	minkoff	minkoff	PROPN
ftr-347	302	19	v.	v.	PROPN
ftr-347	302	20	commissioner	commissioner	PROPN
ftr-347	302	21	,	,	PUNCT
ftr-347	302	22	15	15	NUM
ftr-347	302	23	t.c.m	t.c.m	NOUN
ftr-347	302	24	.	.	PUNCT
ftr-347	303	1	(	(	PUNCT
ftr-347	303	2	cch	cch	NOUN
ftr-347	303	3	)	)	PUNCT
ftr-347	303	4	1404	1404	NUM
ftr-347	303	5	(	(	PUNCT
ftr-347	303	6	1956	1956	NUM
ftr-347	303	7	)	)	PUNCT
ftr-347	303	8	.	.	PUNCT
ftr-347	304	1	49	49	NUM
ftr-347	304	2	.	.	PUNCT
ftr-347	305	1	for	for	ADP
ftr-347	305	2	example	example	NOUN
ftr-347	305	3	,	,	PUNCT
ftr-347	305	4	in	in	ADP
ftr-347	305	5	imel	imel	PROPN
ftr-347	305	6	v.	v.	PROPN
ftr-347	305	7	commissioner	commissioner	NOUN
ftr-347	305	8	,	,	PUNCT
ftr-347	305	9	61	61	NUM
ftr-347	305	10	t.c	t.c	PROPN
ftr-347	305	11	.	.	PROPN
ftr-347	305	12	318	318	NUM
ftr-347	305	13	,	,	PUNCT
ftr-347	305	14	(	(	PUNCT
ftr-347	305	15	1973	1973	NUM
ftr-347	305	16	)	)	PUNCT
ftr-347	305	17	,	,	PUNCT
ftr-347	305	18	the	the	DET
ftr-347	305	19	tax	tax	NOUN
ftr-347	305	20	court	court	NOUN
ftr-347	305	21	held	hold	VERB
ftr-347	305	22	that	that	SCONJ
ftr-347	305	23	eight	eight	NUM
ftr-347	305	24	or	or	CCONJ
ftr-347	305	25	nine	nine	NUM
ftr-347	305	26	loans	loan	NOUN
ftr-347	305	27	made	make	VERB
ftr-347	305	28	over	over	ADP
ftr-347	305	29	the	the	DET
ftr-347	305	30	course	course	NOUN
ftr-347	305	31	of	of	ADP
ftr-347	305	32	four	four	NUM
ftr-347	305	33	years	year	NOUN
ftr-347	305	34	was	be	AUX
ftr-347	305	35	not	not	PART
ftr-347	305	36	a	a	DET
ftr-347	305	37	trade	trade	NOUN
ftr-347	305	38	or	or	CCONJ
ftr-347	305	39	business	business	NOUN
ftr-347	305	40	for	for	ADP
ftr-347	305	41	purposes	purpose	NOUN
ftr-347	305	42	of	of	ADP
ftr-347	305	43	allowing	allow	VERB
ftr-347	305	44	a	a	DET
ftr-347	305	45	deduction	deduction	NOUN
ftr-347	305	46	for	for	ADP
ftr-347	305	47	business	business	NOUN
ftr-347	305	48	bad	bad	ADJ
ftr-347	305	49	debts	debt	NOUN
ftr-347	305	50	.	.	PUNCT
ftr-347	306	1	the	the	DET
ftr-347	306	2	irs	irs	PROPN
ftr-347	306	3	also	also	ADV
ftr-347	306	4	issued	issue	VERB
ftr-347	306	5	a	a	DET
ftr-347	306	6	private	private	ADJ
ftr-347	306	7	letter	letter	NOUN
ftr-347	306	8	ruling	rule	VERB
ftr-347	306	9	holding	hold	VERB
ftr-347	306	10	that	that	SCONJ
ftr-347	306	11	a	a	DET
ftr-347	306	12	partnership	partnership	NOUN
ftr-347	306	13	that	that	PRON
ftr-347	306	14	represented	represent	VERB
ftr-347	306	15	that	that	SCONJ
ftr-347	306	16	it	it	PRON
ftr-347	306	17	would	would	AUX
ftr-347	306	18	not	not	PART
ftr-347	306	19	originate	originate	VERB
ftr-347	306	20	on	on	ADP
ftr-347	306	21	average	average	ADJ
ftr-347	306	22	more	more	ADJ
ftr-347	306	23	than	than	ADP
ftr-347	306	24	five	five	NUM
ftr-347	306	25	new	new	ADJ
ftr-347	306	26	mortgages	mortgage	NOUN
ftr-347	306	27	a	a	DET
ftr-347	306	28	year	year	NOUN
ftr-347	306	29	over	over	ADP
ftr-347	306	30	any	any	DET
ftr-347	306	31	five	five	NUM
ftr-347	306	32	year	year	NOUN
ftr-347	306	33	period	period	NOUN
ftr-347	306	34	was	be	AUX
ftr-347	306	35	deemed	deem	VERB
ftr-347	306	36	to	to	PART
ftr-347	306	37	not	not	PART
ftr-347	306	38	be	be	AUX
ftr-347	306	39	engaged	engage	VERB
ftr-347	306	40	in	in	ADP
ftr-347	306	41	a	a	DET
ftr-347	306	42	trade	trade	NOUN
ftr-347	306	43	or	or	CCONJ
ftr-347	306	44	business	business	NOUN
ftr-347	306	45	for	for	ADP
ftr-347	306	46	purposes	purpose	NOUN
ftr-347	306	47	of	of	ADP
ftr-347	306	48	treating	treat	VERB
ftr-347	306	49	the	the	DET
ftr-347	306	50	partnership	partnership	NOUN
ftr-347	306	51	as	as	ADP
ftr-347	306	52	a	a	DET
ftr-347	306	53	corporation	corporation	NOUN
ftr-347	306	54	.	.	PUNCT
ftr-347	307	1	priv	priv	NOUN
ftr-347	307	2	.	.	PUNCT
ftr-347	308	1	ltr	ltr	PROPN
ftr-347	308	2	.	.	PUNCT
ftr-347	309	1	rul	rul	PROPN
ftr-347	309	2	.	.	PUNCT
ftr-347	310	1	97	97	NUM
ftr-347	310	2	-	-	SYM
ftr-347	310	3	01	01	NUM
ftr-347	310	4	-	-	PUNCT
ftr-347	310	5	006	006	NUM
ftr-347	310	6	(	(	PUNCT
ftr-347	310	7	jan	jan	PROPN
ftr-347	310	8	.	.	PROPN
ftr-347	310	9	3	3	NUM
ftr-347	310	10	,	,	PUNCT
ftr-347	310	11	1997	1997	NUM
ftr-347	310	12	)	)	PUNCT
ftr-347	310	13	.	.	PUNCT
ftr-347	311	1	it	it	PRON
ftr-347	311	2	should	should	AUX
ftr-347	311	3	be	be	AUX
ftr-347	311	4	noted	note	VERB
ftr-347	311	5	that	that	SCONJ
ftr-347	311	6	that	that	DET
ftr-347	311	7	private	private	ADJ
ftr-347	311	8	letter	letter	NOUN
ftr-347	311	9	rulings	ruling	NOUN
ftr-347	311	10	are	be	AUX
ftr-347	311	11	taxpayer	taxpayer	NOUN
ftr-347	311	12	specific	specific	ADJ
ftr-347	311	13	rulings	ruling	NOUN
ftr-347	311	14	furnished	furnish	VERB
ftr-347	311	15	by	by	ADP
ftr-347	311	16	the	the	DET
ftr-347	311	17	irs	irs	PROPN
ftr-347	311	18	in	in	ADP
ftr-347	311	19	response	response	NOUN
ftr-347	311	20	to	to	ADP
ftr-347	311	21	requests	request	NOUN
ftr-347	311	22	made	make	VERB
ftr-347	311	23	by	by	ADP
ftr-347	311	24	taxpayers	taxpayer	NOUN
ftr-347	311	25	and	and	CCONJ
ftr-347	311	26	can	can	AUX
ftr-347	311	27	not	not	PART
ftr-347	311	28	be	be	AUX
ftr-347	311	29	used	use	VERB
ftr-347	311	30	as	as	ADP
ftr-347	311	31	precedent	precedent	NOUN
ftr-347	311	32	.	.	PUNCT
ftr-347	312	1	in	in	ADP
ftr-347	312	2	addition	addition	NOUN
ftr-347	312	3	this	this	DET
ftr-347	312	4	particular	particular	ADJ
ftr-347	312	5	ruling	ruling	NOUN
ftr-347	312	6	was	be	AUX
ftr-347	312	7	interpreting	interpret	VERB
ftr-347	312	8	the	the	DET
ftr-347	312	9	legislative	legislative	ADJ
ftr-347	312	10	history	history	NOUN
ftr-347	312	11	specific	specific	ADJ
ftr-347	312	12	to	to	ADP
ftr-347	312	13	section	section	NOUN
ftr-347	312	14	7704(d	7704(d	NUM
ftr-347	312	15	)	)	PUNCT
ftr-347	312	16	(	(	PUNCT
ftr-347	312	17	treating	treat	VERB
ftr-347	312	18	certain	certain	ADJ
ftr-347	312	19	publicly	publicly	ADV
ftr-347	312	20	traded	trade	VERB
ftr-347	312	21	partnerships	partnership	NOUN
ftr-347	312	22	as	as	ADP
ftr-347	312	23	corporations	corporation	NOUN
ftr-347	312	24	)	)	PUNCT
ftr-347	312	25	.	.	PUNCT
ftr-347	313	1	see	see	VERB
ftr-347	313	2	also	also	ADV
ftr-347	313	3	stuart	stuart	PROPN
ftr-347	313	4	leblang	leblang	PROPN
ftr-347	313	5	&	&	CCONJ
ftr-347	313	6	rebecca	rebecca	PROPN
ftr-347	313	7	rosenbert	rosenbert	PROPN
ftr-347	313	8	,	,	PUNCT
ftr-347	313	9	toward	toward	ADP
ftr-347	313	10	an	an	DET
ftr-347	313	11	active	active	ADJ
ftr-347	313	12	finance	finance	NOUN
ftr-347	313	13	standard	standard	NOUN
ftr-347	313	14	for	for	ADP
ftr-347	313	15	inbound	inbound	ADJ
ftr-347	313	16	lenders	lender	NOUN
ftr-347	313	17	,	,	PUNCT
ftr-347	313	18	31	31	NUM
ftr-347	313	19	tax	tax	NOUN
ftr-347	313	20	mgm’t	mgm’t	PROPN
ftr-347	313	21	int’l	int’l	NUM
ftr-347	313	22	j.	j.	PROPN
ftr-347	313	23	131	131	NUM
ftr-347	313	24	,	,	PUNCT
ftr-347	313	25	141	141	NUM
ftr-347	313	26	(	(	PUNCT
ftr-347	313	27	2002	2002	NUM
ftr-347	313	28	)	)	PUNCT
ftr-347	313	29	.	.	PUNCT
ftr-347	314	1	50	50	NUM
ftr-347	314	2	.	.	PUNCT
ftr-347	314	3	united	united	PROPN
ftr-347	314	4	states	states	PROPN
ftr-347	314	5	v.	v.	PROPN
ftr-347	314	6	henderson	henderson	PROPN
ftr-347	314	7	,	,	PUNCT
ftr-347	314	8	375	375	NUM
ftr-347	314	9	f.2d	f.2d	NUM
ftr-347	314	10	36	36	NUM
ftr-347	314	11	,	,	PUNCT
ftr-347	314	12	41	41	NUM
ftr-347	314	13	(	(	PUNCT
ftr-347	314	14	5th	5th	ADJ
ftr-347	314	15	cir	cir	NOUN
ftr-347	314	16	.	.	PROPN
ftr-347	314	17	1967	1967	NUM
ftr-347	314	18	)	)	PUNCT
ftr-347	314	19	;	;	PUNCT
ftr-347	314	20	ruppel	ruppel	NOUN
ftr-347	314	21	v.	v.	PROPN
ftr-347	314	22	commissioner	commissioner	NOUN
ftr-347	314	23	,	,	PUNCT
ftr-347	314	24	53	53	NUM
ftr-347	314	25	t.c.m	t.c.m	NOUN
ftr-347	314	26	.	.	PUNCT
ftr-347	315	1	(	(	PUNCT
ftr-347	315	2	cch	cch	PROPN
ftr-347	315	3	)	)	PUNCT
ftr-347	315	4	829	829	NUM
ftr-347	315	5	,	,	PUNCT
ftr-347	315	6	832	832	NUM
ftr-347	315	7	,	,	PUNCT
ftr-347	315	8	834	834	NUM
ftr-347	315	9	(	(	PUNCT
ftr-347	315	10	1987	1987	NUM
ftr-347	315	11	)	)	PUNCT
ftr-347	315	12	;	;	PUNCT
ftr-347	316	1	jessup	jessup	PROPN
ftr-347	316	2	,	,	PUNCT
ftr-347	316	3	36	36	NUM
ftr-347	316	4	t.c.m	t.c.m	NOUN
ftr-347	316	5	.	.	PUNCT
ftr-347	317	1	(	(	PUNCT
ftr-347	317	2	cch	cch	NOUN
ftr-347	317	3	)	)	PUNCT
ftr-347	317	4	at	at	ADP
ftr-347	317	5	1150	1150	NUM
ftr-347	317	6	.	.	PUNCT
ftr-347	318	1	51	51	NUM
ftr-347	318	2	.	.	PUNCT
ftr-347	318	3	henderson	henderson	PROPN
ftr-347	318	4	,	,	PUNCT
ftr-347	318	5	375	375	NUM
ftr-347	318	6	f.2d	f.2d	NOUN
ftr-347	318	7	at	at	ADP
ftr-347	318	8	41	41	NUM
ftr-347	318	9	;	;	PUNCT
ftr-347	318	10	cushman	cushman	NOUN
ftr-347	318	11	,	,	PUNCT
ftr-347	318	12	148	148	NUM
ftr-347	318	13	f.	f.	PROPN
ftr-347	318	14	supp	supp	PROPN
ftr-347	318	15	.	.	PUNCT
ftr-347	318	16	880	880	NUM
ftr-347	318	17	)	)	PUNCT
ftr-347	318	18	.	.	PUNCT
ftr-347	319	1	52	52	NUM
ftr-347	319	2	.	.	PUNCT
ftr-347	320	1	henderson	henderson	PROPN
ftr-347	320	2	,	,	PUNCT
ftr-347	320	3	375	375	NUM
ftr-347	320	4	f.2d	f.2d	NOUN
ftr-347	320	5	at	at	ADP
ftr-347	320	6	41	41	NUM
ftr-347	320	7	.	.	PUNCT
ftr-347	321	1	53	53	NUM
ftr-347	321	2	.	.	PUNCT
ftr-347	322	1	i	i	PRON
ftr-347	322	2	d.	d.	PROPN
ftr-347	322	3	,	,	PUNCT
ftr-347	322	4	see	see	VERB
ftr-347	322	5	also	also	ADV
ftr-347	322	6	ruppel	ruppel	VERB
ftr-347	322	7	,	,	PUNCT
ftr-347	322	8	53	53	NUM
ftr-347	322	9	t.c.m	t.c.m	NOUN
ftr-347	322	10	.	.	PUNCT
ftr-347	323	1	at	at	ADP
ftr-347	323	2	832	832	NUM
ftr-347	323	3	;	;	PUNCT
ftr-347	323	4	serot	serot	NOUN
ftr-347	323	5	,	,	PUNCT
ftr-347	323	6	68	68	NUM
ftr-347	323	7	t.c.m	t.c.m	NOUN
ftr-347	323	8	.	.	PUNCT
ftr-347	324	1	(	(	PUNCT
ftr-347	324	2	cch	cch	NOUN
ftr-347	324	3	)	)	PUNCT
ftr-347	324	4	at	at	ADP
ftr-347	324	5	1022–23	1022–23	NUM
ftr-347	324	6	(	(	PUNCT
ftr-347	324	7	1994	1994	NUM
ftr-347	324	8	)	)	PUNCT
ftr-347	324	9	;	;	PUNCT
ftr-347	324	10	carraway	carraway	PROPN
ftr-347	324	11	v.	v.	PROPN
ftr-347	324	12	commissioner	commissioner	PROPN
ftr-347	324	13	,	,	PUNCT
ftr-347	324	14	67	67	NUM
ftr-347	324	15	t.c.m	t.c.m	NOUN
ftr-347	324	16	.	.	PUNCT
ftr-347	325	1	(	(	PUNCT
ftr-347	325	2	cch	cch	NOUN
ftr-347	325	3	)	)	PUNCT
ftr-347	325	4	3139	3139	NUM
ftr-347	325	5	(	(	PUNCT
ftr-347	325	6	1994	1994	NUM
ftr-347	325	7	)	)	PUNCT
ftr-347	325	8	.	.	PUNCT
ftr-347	326	1	54	54	NUM
ftr-347	326	2	.	.	PUNCT
ftr-347	327	1	cushman	cushman	NOUN
ftr-347	327	2	,	,	PUNCT
ftr-347	327	3	148	148	NUM
ftr-347	327	4	f.	f.	PROPN
ftr-347	327	5	supp	supp	PROPN
ftr-347	327	6	.	.	PUNCT
ftr-347	328	1	at	at	ADP
ftr-347	328	2	880	880	NUM
ftr-347	328	3	.	.	PUNCT
ftr-347	329	1	2011	2011	NUM
ftr-347	329	2	]	]	PUNCT
ftr-347	329	3	the	the	DET
ftr-347	329	4	global	global	ADJ
ftr-347	329	5	shadow	shadow	PROPN
ftr-347	329	6	bank	bank	PROPN
ftr-347	329	7	659	659	NUM
ftr-347	329	8	investment	investment	NOUN
ftr-347	329	9	can	can	AUX
ftr-347	329	10	not	not	PART
ftr-347	329	11	lead	lead	VERB
ftr-347	329	12	to	to	ADP
ftr-347	329	13	a	a	DET
ftr-347	329	14	“	"	PUNCT
ftr-347	329	15	business	business	NOUN
ftr-347	329	16	”	"	PUNCT
ftr-347	329	17	debt	debt	NOUN
ftr-347	329	18	because	because	SCONJ
ftr-347	329	19	the	the	DET
ftr-347	329	20	loan	loan	NOUN
ftr-347	329	21	is	be	AUX
ftr-347	329	22	related	relate	VERB
ftr-347	329	23	to	to	ADP
ftr-347	329	24	the	the	DET
ftr-347	329	25	investing	investing	NOUN
ftr-347	329	26	activities	activity	NOUN
ftr-347	329	27	rather	rather	ADV
ftr-347	329	28	than	than	ADP
ftr-347	329	29	to	to	ADP
ftr-347	329	30	a	a	DET
ftr-347	329	31	lending	lending	NOUN
ftr-347	329	32	business.55	business.55	NOUN
ftr-347	329	33	in	in	ADP
ftr-347	329	34	the	the	DET
ftr-347	329	35	context	context	NOUN
ftr-347	329	36	of	of	ADP
ftr-347	329	37	business	business	NOUN
ftr-347	329	38	deductions	deduction	NOUN
ftr-347	329	39	,	,	PUNCT
ftr-347	329	40	the	the	DET
ftr-347	329	41	supreme	supreme	PROPN
ftr-347	329	42	court	court	PROPN
ftr-347	329	43	in	in	ADP
ftr-347	329	44	higgins	higgins	PROPN
ftr-347	329	45	v.	v.	ADP
ftr-347	329	46	commissioner56	commissioner56	PROPN
ftr-347	329	47	rejected	reject	VERB
ftr-347	329	48	the	the	DET
ftr-347	329	49	proposition	proposition	NOUN
ftr-347	329	50	that	that	SCONJ
ftr-347	329	51	management	management	NOUN
ftr-347	329	52	of	of	ADP
ftr-347	329	53	one	one	NUM
ftr-347	329	54	’s	’s	PART
ftr-347	329	55	own	own	ADJ
ftr-347	329	56	securities	security	NOUN
ftr-347	329	57	could	could	AUX
ftr-347	329	58	constitute	constitute	VERB
ftr-347	329	59	a	a	DET
ftr-347	329	60	business	business	NOUN
ftr-347	329	61	given	give	VERB
ftr-347	329	62	“	"	PUNCT
ftr-347	329	63	sufficient	sufficient	ADJ
ftr-347	329	64	extent	extent	NOUN
ftr-347	329	65	,	,	PUNCT
ftr-347	329	66	continuity	continuity	NOUN
ftr-347	329	67	,	,	PUNCT
ftr-347	329	68	variety	variety	NOUN
ftr-347	329	69	and	and	CCONJ
ftr-347	329	70	regularity	regularity	NOUN
ftr-347	329	71	”	"	PUNCT
ftr-347	329	72	finding	find	VERB
ftr-347	329	73	that	that	SCONJ
ftr-347	329	74	“	"	PUNCT
ftr-347	329	75	no	no	DET
ftr-347	329	76	amount	amount	NOUN
ftr-347	329	77	of	of	ADP
ftr-347	329	78	personal	personal	ADJ
ftr-347	329	79	investment	investment	NOUN
ftr-347	329	80	management	management	NOUN
ftr-347	329	81	would	would	AUX
ftr-347	329	82	turn	turn	VERB
ftr-347	329	83	those	those	DET
ftr-347	329	84	activities	activity	NOUN
ftr-347	329	85	into	into	ADP
ftr-347	329	86	a	a	DET
ftr-347	329	87	business	business	NOUN
ftr-347	329	88	.	.	PUNCT
ftr-347	329	89	”	"	PUNCT
ftr-347	330	1	although	although	SCONJ
ftr-347	330	2	higgins	higgin	NOUN
ftr-347	330	3	dealt	deal	VERB
ftr-347	330	4	with	with	ADP
ftr-347	330	5	business	business	NOUN
ftr-347	330	6	deductions	deduction	NOUN
ftr-347	330	7	,	,	PUNCT
ftr-347	330	8	courts	court	NOUN
ftr-347	330	9	have	have	AUX
ftr-347	330	10	consistently	consistently	ADV
ftr-347	330	11	held	hold	VERB
ftr-347	330	12	that	that	SCONJ
ftr-347	330	13	the	the	DET
ftr-347	330	14	higgins	higgins	PROPN
ftr-347	330	15	reasoning	reasoning	NOUN
ftr-347	330	16	applied	apply	VERB
ftr-347	330	17	in	in	ADP
ftr-347	330	18	this	this	DET
ftr-347	330	19	context.57	context.57	PROPN
ftr-347	330	20	rulings	ruling	NOUN
ftr-347	330	21	in	in	ADP
ftr-347	330	22	this	this	DET
ftr-347	330	23	area	area	NOUN
ftr-347	330	24	have	have	AUX
ftr-347	330	25	been	be	AUX
ftr-347	330	26	unhelpful.58	unhelpful.58	ADJ
ftr-347	330	27	further	far	ADV
ftr-347	330	28	,	,	PUNCT
ftr-347	330	29	the	the	DET
ftr-347	330	30	irs	irs	PROPN
ftr-347	330	31	will	will	AUX
ftr-347	330	32	not	not	PART
ftr-347	330	33	“	"	PUNCT
ftr-347	330	34	ordinarily	ordinarily	ADV
ftr-347	330	35	”	"	PUNCT
ftr-347	330	36	issue	issue	NOUN
ftr-347	330	37	rulings	ruling	NOUN
ftr-347	330	38	or	or	CCONJ
ftr-347	330	39	determination	determination	NOUN
ftr-347	330	40	letters	letter	NOUN
ftr-347	330	41	regarding	regard	VERB
ftr-347	330	42	whether	whether	SCONJ
ftr-347	330	43	a	a	DET
ftr-347	330	44	taxpayer	taxpayer	NOUN
ftr-347	330	45	is	be	AUX
ftr-347	330	46	engaged	engage	VERB
ftr-347	330	47	in	in	ADP
ftr-347	330	48	a	a	DET
ftr-347	330	49	trade	trade	NOUN
ftr-347	330	50	or	or	CCONJ
ftr-347	330	51	business	business	NOUN
ftr-347	330	52	within	within	ADP
ftr-347	330	53	the	the	DET
ftr-347	330	54	united	united	PROPN
ftr-347	330	55	states	states	PROPN
ftr-347	330	56	and	and	CCONJ
ftr-347	330	57	whether	whether	SCONJ
ftr-347	330	58	income	income	NOUN
ftr-347	330	59	is	be	AUX
ftr-347	330	60	effectively	effectively	ADV
ftr-347	330	61	connected	connect	VERB
ftr-347	330	62	with	with	ADP
ftr-347	330	63	the	the	DET
ftr-347	330	64	conduct	conduct	NOUN
ftr-347	330	65	of	of	ADP
ftr-347	330	66	a	a	DET
ftr-347	330	67	trade	trade	NOUN
ftr-347	330	68	or	or	CCONJ
ftr-347	330	69	business	business	NOUN
ftr-347	330	70	within	within	ADP
ftr-347	330	71	the	the	DET
ftr-347	330	72	united	united	PROPN
ftr-347	330	73	states.59	states.59	PROPN
ftr-347	330	74	agency	agency	PROPN
ftr-347	330	75	issues	issue	NOUN
ftr-347	330	76	further	far	ADV
ftr-347	330	77	complicate	complicate	VERB
ftr-347	330	78	this	this	DET
ftr-347	330	79	area	area	NOUN
ftr-347	330	80	.	.	PUNCT
ftr-347	331	1	activities	activity	NOUN
ftr-347	331	2	of	of	ADP
ftr-347	331	3	agents	agent	NOUN
ftr-347	331	4	can	can	AUX
ftr-347	331	5	be	be	AUX
ftr-347	331	6	imputed	impute	VERB
ftr-347	331	7	to	to	ADP
ftr-347	331	8	foreign	foreign	ADJ
ftr-347	331	9	persons	person	NOUN
ftr-347	331	10	.	.	PUNCT
ftr-347	332	1	the	the	DET
ftr-347	332	2	precedent	precedent	NOUN
ftr-347	332	3	in	in	ADP
ftr-347	332	4	this	this	DET
ftr-347	332	5	regard	regard	NOUN
ftr-347	332	6	is	be	AUX
ftr-347	332	7	somewhat	somewhat	ADV
ftr-347	332	8	mixed	mixed	ADJ
ftr-347	332	9	with	with	ADP
ftr-347	332	10	the	the	DET
ftr-347	332	11	irs	irs	PROPN
ftr-347	332	12	and	and	CCONJ
ftr-347	332	13	courts	court	NOUN
ftr-347	332	14	taking	take	VERB
ftr-347	332	15	aggressive	aggressive	ADJ
ftr-347	332	16	positions	position	NOUN
ftr-347	332	17	on	on	ADP
ftr-347	332	18	imputation	imputation	NOUN
ftr-347	332	19	at	at	ADP
ftr-347	332	20	times	time	NOUN
ftr-347	332	21	and	and	CCONJ
ftr-347	332	22	at	at	ADP
ftr-347	332	23	other	other	ADJ
ftr-347	332	24	times	time	NOUN
ftr-347	332	25	being	be	AUX
ftr-347	332	26	reluctant	reluctant	ADJ
ftr-347	332	27	to	to	PART
ftr-347	332	28	impute	impute	VERB
ftr-347	332	29	actions	action	NOUN
ftr-347	332	30	of	of	ADP
ftr-347	332	31	an	an	DET
ftr-347	332	32	agent	agent	NOUN
ftr-347	332	33	to	to	ADP
ftr-347	332	34	a	a	DET
ftr-347	332	35	55	55	NUM
ftr-347	332	36	.	.	PUNCT
ftr-347	333	1	see	see	VERB
ftr-347	333	2	whipple	whipple	PROPN
ftr-347	333	3	,	,	PUNCT
ftr-347	333	4	373	373	NUM
ftr-347	333	5	u.s	u.s	PROPN
ftr-347	333	6	.	.	PROPN
ftr-347	333	7	at	at	ADP
ftr-347	333	8	197	197	NUM
ftr-347	333	9	,	,	PUNCT
ftr-347	333	10	202	202	NUM
ftr-347	333	11	(	(	PUNCT
ftr-347	333	12	1963	1963	NUM
ftr-347	333	13	)	)	PUNCT
ftr-347	333	14	;	;	PUNCT
ftr-347	333	15	german	german	NOUN
ftr-347	333	16	v.	v.	PROPN
ftr-347	333	17	commissioner	commissioner	PROPN
ftr-347	333	18	,	,	PUNCT
ftr-347	333	19	7	7	NUM
ftr-347	333	20	t.c.m	t.c.m	NOUN
ftr-347	333	21	.	.	PUNCT
ftr-347	334	1	(	(	PUNCT
ftr-347	334	2	cch	cch	NOUN
ftr-347	334	3	)	)	PUNCT
ftr-347	334	4	1738	1738	NUM
ftr-347	334	5	(	(	PUNCT
ftr-347	334	6	1999	1999	NUM
ftr-347	334	7	)	)	PUNCT
ftr-347	335	1	(	(	PUNCT
ftr-347	335	2	petitioner	petitioner	NOUN
ftr-347	335	3	was	be	AUX
ftr-347	335	4	not	not	PART
ftr-347	335	5	entitled	entitle	VERB
ftr-347	335	6	to	to	ADP
ftr-347	335	7	a	a	DET
ftr-347	335	8	bad	bad	ADJ
ftr-347	335	9	debt	debt	NOUN
ftr-347	335	10	deduction	deduction	NOUN
ftr-347	335	11	because	because	SCONJ
ftr-347	335	12	the	the	DET
ftr-347	335	13	petitioner	petitioner	NOUN
ftr-347	335	14	was	be	AUX
ftr-347	335	15	not	not	PART
ftr-347	335	16	engaged	engage	VERB
ftr-347	335	17	in	in	ADP
ftr-347	335	18	the	the	DET
ftr-347	335	19	trade	trade	NOUN
ftr-347	335	20	or	or	CCONJ
ftr-347	335	21	business	business	NOUN
ftr-347	335	22	of	of	ADP
ftr-347	335	23	lending	lend	VERB
ftr-347	335	24	money	money	NOUN
ftr-347	335	25	)	)	PUNCT
ftr-347	335	26	.	.	PUNCT
ftr-347	336	1	56	56	NUM
ftr-347	336	2	.	.	X
ftr-347	336	3	312	312	NUM
ftr-347	336	4	u.s	u.s	PROPN
ftr-347	336	5	.	.	PROPN
ftr-347	336	6	at	at	ADP
ftr-347	336	7	218	218	NUM
ftr-347	336	8	(	(	PUNCT
ftr-347	336	9	no	no	DET
ftr-347	336	10	amount	amount	NOUN
ftr-347	336	11	of	of	ADP
ftr-347	336	12	activity	activity	NOUN
ftr-347	336	13	can	can	AUX
ftr-347	336	14	convert	convert	VERB
ftr-347	336	15	investment	investment	NOUN
ftr-347	336	16	into	into	ADP
ftr-347	336	17	a	a	DET
ftr-347	336	18	trade	trade	NOUN
ftr-347	336	19	or	or	CCONJ
ftr-347	336	20	business	business	NOUN
ftr-347	336	21	)	)	PUNCT
ftr-347	336	22	.	.	PUNCT
ftr-347	337	1	57	57	NUM
ftr-347	337	2	.	.	X
ftr-347	337	3	dekrause	dekrause	NOUN
ftr-347	337	4	,	,	PUNCT
ftr-347	337	5	33	33	NUM
ftr-347	337	6	t.c.m	t.c.m	NOUN
ftr-347	337	7	.	.	PUNCT
ftr-347	338	1	(	(	PUNCT
ftr-347	338	2	cch	cch	NOUN
ftr-347	338	3	)	)	PUNCT
ftr-347	338	4	at	at	ADP
ftr-347	338	5	1364	1364	NUM
ftr-347	338	6	,	,	PUNCT
ftr-347	338	7	74	74	NUM
ftr-347	338	8	-	-	SYM
ftr-347	338	9	1290	1290	NUM
ftr-347	338	10	;	;	PUNCT
ftr-347	338	11	liang	liang	PROPN
ftr-347	338	12	v.	v.	PROPN
ftr-347	338	13	commissioner	commissioner	PROPN
ftr-347	338	14	,	,	PUNCT
ftr-347	338	15	23	23	NUM
ftr-347	338	16	t.c	t.c	PROPN
ftr-347	338	17	.	.	PROPN
ftr-347	338	18	1040	1040	NUM
ftr-347	338	19	(	(	PUNCT
ftr-347	338	20	1955	1955	NUM
ftr-347	338	21	)	)	PUNCT
ftr-347	338	22	;	;	PUNCT
ftr-347	339	1	cont	cont	NOUN
ftr-347	339	2	.	.	PUNCT
ftr-347	340	1	trading	trading	PROPN
ftr-347	340	2	,	,	PUNCT
ftr-347	340	3	inc	inc	PROPN
ftr-347	340	4	.	.	PROPN
ftr-347	341	1	v.	v.	PROPN
ftr-347	341	2	commissioner	commissioner	NOUN
ftr-347	341	3	,	,	PUNCT
ftr-347	341	4	265	265	NUM
ftr-347	341	5	f.2d	f.2d	NUM
ftr-347	341	6	40	40	NUM
ftr-347	341	7	,	,	PUNCT
ftr-347	341	8	43	43	NUM
ftr-347	341	9	(	(	PUNCT
ftr-347	341	10	9th	9th	ADJ
ftr-347	341	11	cir	cir	NOUN
ftr-347	341	12	.	.	PUNCT
ftr-347	341	13	1959	1959	NUM
ftr-347	341	14	)	)	PUNCT
ftr-347	341	15	,	,	PUNCT
ftr-347	341	16	cert	cert	PROPN
ftr-347	341	17	.	.	PUNCT
ftr-347	342	1	denied	deny	VERB
ftr-347	342	2	,	,	PUNCT
ftr-347	342	3	361	361	NUM
ftr-347	342	4	(	(	PUNCT
ftr-347	342	5	1959	1959	NUM
ftr-347	342	6	)	)	PUNCT
ftr-347	342	7	.	.	PUNCT
ftr-347	343	1	58	58	NUM
ftr-347	343	2	.	.	PUNCT
ftr-347	344	1	in	in	ADP
ftr-347	344	2	rev	rev	PROPN
ftr-347	344	3	.	.	PUNCT
ftr-347	344	4	rul	rul	NOUN
ftr-347	344	5	.	.	PUNCT
ftr-347	345	1	73	73	NUM
ftr-347	345	2	-	-	SYM
ftr-347	345	3	227	227	NUM
ftr-347	345	4	,	,	PUNCT
ftr-347	345	5	1973	1973	NUM
ftr-347	345	6	-	-	SYM
ftr-347	345	7	1	1	NUM
ftr-347	345	8	c.b	c.b	PROPN
ftr-347	345	9	.	.	PROPN
ftr-347	345	10	338	338	NUM
ftr-347	345	11	,	,	PUNCT
ftr-347	345	12	the	the	DET
ftr-347	345	13	irs	irs	PROPN
ftr-347	345	14	determined	determine	VERB
ftr-347	345	15	that	that	SCONJ
ftr-347	345	16	u.s	u.s	PROPN
ftr-347	345	17	.	.	PROPN
ftr-347	345	18	source	source	NOUN
ftr-347	345	19	interest	interest	NOUN
ftr-347	345	20	income	income	NOUN
ftr-347	345	21	of	of	ADP
ftr-347	345	22	a	a	DET
ftr-347	345	23	foreign	foreign	ADJ
ftr-347	345	24	subsidiary	subsidiary	NOUN
ftr-347	345	25	of	of	ADP
ftr-347	345	26	a	a	DET
ftr-347	345	27	u.s	u.s	PROPN
ftr-347	345	28	.	.	PROPN
ftr-347	345	29	parent	parent	NOUN
ftr-347	345	30	was	be	AUX
ftr-347	345	31	effectively	effectively	ADV
ftr-347	345	32	connected	connect	VERB
ftr-347	345	33	with	with	ADP
ftr-347	345	34	a	a	DET
ftr-347	345	35	u.s	u.s	PROPN
ftr-347	345	36	.	.	PROPN
ftr-347	345	37	trade	trade	NOUN
ftr-347	345	38	or	or	CCONJ
ftr-347	345	39	business	business	NOUN
ftr-347	345	40	.	.	PUNCT
ftr-347	346	1	rev	rev	PROPN
ftr-347	346	2	.	.	PUNCT
ftr-347	347	1	rul	rul	PROPN
ftr-347	347	2	.	.	PUNCT
ftr-347	348	1	73	73	NUM
ftr-347	348	2	-	-	SYM
ftr-347	348	3	227	227	NUM
ftr-347	348	4	provided	provide	VERB
ftr-347	348	5	minimal	minimal	ADJ
ftr-347	348	6	analysis	analysis	NOUN
ftr-347	348	7	on	on	ADP
ftr-347	348	8	the	the	DET
ftr-347	348	9	etb	etb	PROPN
ftr-347	348	10	issue	issue	NOUN
ftr-347	348	11	and	and	CCONJ
ftr-347	348	12	was	be	AUX
ftr-347	348	13	subsequently	subsequently	ADV
ftr-347	348	14	revoked	revoke	VERB
ftr-347	348	15	by	by	ADP
ftr-347	348	16	rev	rev	PROPN
ftr-347	348	17	.	.	PROPN
ftr-347	348	18	rul	rul	PROPN
ftr-347	348	19	.	.	PUNCT
ftr-347	348	20	88	88	NUM
ftr-347	348	21	-	-	SYM
ftr-347	348	22	3	3	NUM
ftr-347	348	23	,	,	PUNCT
ftr-347	348	24	1988	1988	NUM
ftr-347	348	25	-	-	SYM
ftr-347	348	26	1	1	NUM
ftr-347	348	27	c.b	c.b	PROPN
ftr-347	348	28	.	.	PROPN
ftr-347	348	29	268	268	NUM
ftr-347	348	30	.	.	PUNCT
ftr-347	349	1	the	the	DET
ftr-347	349	2	later	later	ADJ
ftr-347	349	3	ruling	ruling	NOUN
ftr-347	349	4	stated	state	VERB
ftr-347	349	5	that	that	SCONJ
ftr-347	349	6	the	the	DET
ftr-347	349	7	conclusion	conclusion	NOUN
ftr-347	349	8	in	in	ADP
ftr-347	349	9	ruling	rule	VERB
ftr-347	349	10	73	73	NUM
ftr-347	349	11	-	-	SYM
ftr-347	349	12	227	227	NUM
ftr-347	349	13	“	"	PUNCT
ftr-347	349	14	may	may	AUX
ftr-347	349	15	be	be	AUX
ftr-347	349	16	unsound	unsound	ADJ
ftr-347	349	17	”	"	PUNCT
ftr-347	349	18	because	because	SCONJ
ftr-347	349	19	it	it	PRON
ftr-347	349	20	simply	simply	ADV
ftr-347	349	21	concluded	conclude	VERB
ftr-347	349	22	without	without	ADP
ftr-347	349	23	discussion	discussion	NOUN
ftr-347	349	24	that	that	SCONJ
ftr-347	349	25	the	the	DET
ftr-347	349	26	foreign	foreign	ADJ
ftr-347	349	27	person	person	NOUN
ftr-347	349	28	is	be	AUX
ftr-347	349	29	etb	etb	PROPN
ftr-347	349	30	.	.	PUNCT
ftr-347	350	1	the	the	DET
ftr-347	350	2	later	later	ADJ
ftr-347	350	3	ruling	ruling	NOUN
ftr-347	350	4	provides	provide	VERB
ftr-347	350	5	that	that	SCONJ
ftr-347	350	6	this	this	DET
ftr-347	350	7	determination	determination	NOUN
ftr-347	350	8	should	should	AUX
ftr-347	350	9	be	be	AUX
ftr-347	350	10	made	make	VERB
ftr-347	350	11	applying	apply	VERB
ftr-347	350	12	the	the	DET
ftr-347	350	13	rules	rule	NOUN
ftr-347	350	14	to	to	ADP
ftr-347	350	15	the	the	DET
ftr-347	350	16	facts	fact	NOUN
ftr-347	350	17	.	.	PUNCT
ftr-347	351	1	i	i	PRON
ftr-347	351	2	d.	d.	PROPN
ftr-347	351	3	59	59	NUM
ftr-347	351	4	.	.	PUNCT
ftr-347	351	5	rev	rev	PROPN
ftr-347	351	6	.	.	PROPN
ftr-347	351	7	proc	proc	PROPN
ftr-347	351	8	.	.	PUNCT
ftr-347	351	9	2008	2008	NUM
ftr-347	351	10	-	-	SYM
ftr-347	351	11	7	7	NUM
ftr-347	351	12	,	,	PUNCT
ftr-347	351	13	2008	2008	NUM
ftr-347	351	14	-	-	SYM
ftr-347	351	15	1	1	NUM
ftr-347	351	16	c.b	c.b	PROPN
ftr-347	351	17	.	.	PROPN
ftr-347	351	18	229	229	NUM
ftr-347	351	19	,	,	PUNCT
ftr-347	351	20	230	230	NUM
ftr-347	351	21	(	(	PUNCT
ftr-347	351	22	listed	list	VERB
ftr-347	351	23	as	as	ADP
ftr-347	351	24	“	"	PUNCT
ftr-347	351	25	areas	area	NOUN
ftr-347	351	26	in	in	ADP
ftr-347	351	27	which	which	PRON
ftr-347	351	28	ruling	ruling	NOUN
ftr-347	351	29	or	or	CCONJ
ftr-347	351	30	determination	determination	NOUN
ftr-347	351	31	letters	letter	NOUN
ftr-347	351	32	will	will	AUX
ftr-347	351	33	not	not	PART
ftr-347	351	34	ordinarily	ordinarily	ADV
ftr-347	351	35	be	be	AUX
ftr-347	351	36	issued	issue	VERB
ftr-347	351	37	:	:	PUNCT
ftr-347	351	38	whether	whether	SCONJ
ftr-347	351	39	a	a	DET
ftr-347	351	40	taxpayer	taxpayer	NOUN
ftr-347	351	41	is	be	AUX
ftr-347	351	42	engaged	engage	VERB
ftr-347	351	43	in	in	ADP
ftr-347	351	44	a	a	DET
ftr-347	351	45	trade	trade	NOUN
ftr-347	351	46	or	or	CCONJ
ftr-347	351	47	business	business	NOUN
ftr-347	351	48	within	within	ADP
ftr-347	351	49	the	the	DET
ftr-347	351	50	u.s	u.s	PROPN
ftr-347	351	51	.	.	PROPN
ftr-347	351	52	,	,	PUNCT
ftr-347	351	53	and	and	CCONJ
ftr-347	351	54	whether	whether	SCONJ
ftr-347	351	55	income	income	NOUN
ftr-347	351	56	is	be	AUX
ftr-347	351	57	effectively	effectively	ADV
ftr-347	351	58	connected	connect	VERB
ftr-347	351	59	with	with	ADP
ftr-347	351	60	the	the	DET
ftr-347	351	61	conduct	conduct	NOUN
ftr-347	351	62	of	of	ADP
ftr-347	351	63	a	a	DET
ftr-347	351	64	trade	trade	NOUN
ftr-347	351	65	or	or	CCONJ
ftr-347	351	66	business	business	NOUN
ftr-347	351	67	within	within	ADP
ftr-347	351	68	the	the	DET
ftr-347	351	69	u.s	u.s	PROPN
ftr-347	351	70	.	.	PROPN
ftr-347	351	71	;	;	PUNCT
ftr-347	351	72	whether	whether	SCONJ
ftr-347	351	73	an	an	DET
ftr-347	351	74	instrument	instrument	NOUN
ftr-347	351	75	is	be	AUX
ftr-347	351	76	a	a	DET
ftr-347	351	77	security	security	NOUN
ftr-347	351	78	as	as	ADP
ftr-347	351	79	defined	define	VERB
ftr-347	351	80	in	in	ADP
ftr-347	351	81	[	[	X
ftr-347	351	82	reg	reg	NOUN
ftr-347	351	83	.	.	PUNCT
ftr-347	351	84	]	]	PUNCT
ftr-347	352	1	§	§	VERB
ftr-347	352	2	1.864	1.864	NUM
ftr-347	352	3	-	-	SYM
ftr-347	352	4	2(c)(2	2(c)(2	NUM
ftr-347	352	5	)	)	PUNCT
ftr-347	352	6	;	;	PUNCT
ftr-347	352	7	whether	whether	SCONJ
ftr-347	352	8	a	a	DET
ftr-347	352	9	taxpayer	taxpayer	NOUN
ftr-347	352	10	effects	effect	NOUN
ftr-347	352	11	transactions	transaction	NOUN
ftr-347	352	12	in	in	ADP
ftr-347	352	13	the	the	DET
ftr-347	352	14	u.s	u.s	PROPN
ftr-347	352	15	.	.	PROPN
ftr-347	352	16	in	in	ADP
ftr-347	352	17	stocks	stock	NOUN
ftr-347	352	18	or	or	CCONJ
ftr-347	352	19	securities	security	NOUN
ftr-347	352	20	under	under	ADP
ftr-347	352	21	[	[	X
ftr-347	352	22	reg	reg	NOUN
ftr-347	352	23	.	.	PUNCT
ftr-347	352	24	]	]	PUNCT
ftr-347	353	1	§	§	VERB
ftr-347	353	2	1.864	1.864	NUM
ftr-347	353	3	-	-	SYM
ftr-347	353	4	2(c)(2	2(c)(2	NUM
ftr-347	353	5	)	)	PUNCT
ftr-347	353	6	;	;	PUNCT
ftr-347	353	7	whether	whether	SCONJ
ftr-347	353	8	an	an	DET
ftr-347	353	9	instrument	instrument	NOUN
ftr-347	353	10	or	or	CCONJ
ftr-347	353	11	item	item	NOUN
ftr-347	353	12	is	be	AUX
ftr-347	353	13	a	a	DET
ftr-347	353	14	commodity	commodity	NOUN
ftr-347	353	15	as	as	SCONJ
ftr-347	353	16	defined	define	VERB
ftr-347	353	17	in	in	ADP
ftr-347	353	18	[	[	X
ftr-347	353	19	reg	reg	NOUN
ftr-347	353	20	.	.	PUNCT
ftr-347	353	21	]	]	PUNCT
ftr-347	354	1	§	§	VERB
ftr-347	354	2	1.864	1.864	NUM
ftr-347	354	3	-	-	SYM
ftr-347	354	4	2(d)(3	2(d)(3	NUM
ftr-347	354	5	)	)	PUNCT
ftr-347	354	6	;	;	PUNCT
ftr-347	354	7	and	and	CCONJ
ftr-347	354	8	for	for	ADP
ftr-347	354	9	purposes	purpose	NOUN
ftr-347	354	10	of	of	ADP
ftr-347	354	11	[	[	X
ftr-347	354	12	reg	reg	NOUN
ftr-347	354	13	.	.	PUNCT
ftr-347	354	14	]	]	PUNCT
ftr-347	355	1	§	§	VERB
ftr-347	355	2	1.864	1.864	NUM
ftr-347	355	3	-	-	SYM
ftr-347	355	4	2(d)(1	2(d)(1	NUM
ftr-347	355	5	)	)	PUNCT
ftr-347	355	6	and	and	CCONJ
ftr-347	355	7	(	(	PUNCT
ftr-347	355	8	2	2	NUM
ftr-347	355	9	)	)	PUNCT
ftr-347	355	10	,	,	PUNCT
ftr-347	355	11	whether	whether	SCONJ
ftr-347	355	12	a	a	DET
ftr-347	355	13	commodity	commodity	NOUN
ftr-347	355	14	is	be	AUX
ftr-347	355	15	of	of	ADP
ftr-347	355	16	a	a	DET
ftr-347	355	17	kind	kind	NOUN
ftr-347	355	18	customarily	customarily	ADV
ftr-347	355	19	dealt	deal	VERB
ftr-347	355	20	in	in	ADP
ftr-347	355	21	on	on	ADP
ftr-347	355	22	an	an	DET
ftr-347	355	23	organized	organize	VERB
ftr-347	355	24	commodity	commodity	NOUN
ftr-347	355	25	exchange	exchange	NOUN
ftr-347	355	26	,	,	PUNCT
ftr-347	355	27	and	and	CCONJ
ftr-347	355	28	whether	whether	SCONJ
ftr-347	355	29	a	a	DET
ftr-347	355	30	transaction	transaction	NOUN
ftr-347	355	31	is	be	AUX
ftr-347	355	32	of	of	ADP
ftr-347	355	33	a	a	DET
ftr-347	355	34	kind	kind	NOUN
ftr-347	355	35	customarily	customarily	ADV
ftr-347	355	36	consummated	consummate	VERB
ftr-347	355	37	at	at	ADP
ftr-347	355	38	such	such	ADJ
ftr-347	355	39	place	place	NOUN
ftr-347	355	40	.	.	PUNCT
ftr-347	355	41	”	"	PUNCT
ftr-347	355	42	)	)	PUNCT
ftr-347	355	43	.	.	PUNCT
ftr-347	356	1	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=780&serialnum=1959202531&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=780&serialnum=1959202531&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	PROPN
ftr-347	356	2	http://riacheckpoint.com/getdoc?docid=t0rulings:50240.1&pinpnt=	http://riacheckpoint.com/getdoc?docid=t0rulings:50240.1&pinpnt=	PROPN
ftr-347	356	3	660	660	NUM
ftr-347	356	4	florida	florida	PROPN
ftr-347	356	5	tax	tax	NOUN
ftr-347	356	6	review	review	NOUN
ftr-347	357	1	[	[	X
ftr-347	357	2	vol	vol	NOUN
ftr-347	357	3	.	.	PUNCT
ftr-347	358	1	11:8	11:8	NUM
ftr-347	358	2	foreign	foreign	ADJ
ftr-347	358	3	person.60	person.60	PROPN
ftr-347	358	4	courts	court	NOUN
ftr-347	358	5	have	have	AUX
ftr-347	358	6	generally	generally	ADV
ftr-347	358	7	taken	take	VERB
ftr-347	358	8	an	an	DET
ftr-347	358	9	expansive	expansive	ADJ
ftr-347	358	10	view	view	NOUN
ftr-347	358	11	on	on	ADP
ftr-347	358	12	imputation	imputation	NOUN
ftr-347	358	13	when	when	SCONJ
ftr-347	358	14	the	the	DET
ftr-347	358	15	relationship	relationship	NOUN
ftr-347	358	16	between	between	ADP
ftr-347	358	17	the	the	DET
ftr-347	358	18	agent	agent	NOUN
ftr-347	358	19	and	and	CCONJ
ftr-347	358	20	the	the	DET
ftr-347	358	21	foreign	foreign	ADJ
ftr-347	358	22	person	person	NOUN
ftr-347	358	23	is	be	AUX
ftr-347	358	24	“	"	PUNCT
ftr-347	358	25	regular	regular	ADJ
ftr-347	358	26	”	"	PUNCT
ftr-347	358	27	or	or	CCONJ
ftr-347	358	28	“	"	PUNCT
ftr-347	358	29	continuous	continuous	ADJ
ftr-347	358	30	”	"	PUNCT
ftr-347	358	31	rather	rather	ADV
ftr-347	358	32	than	than	ADP
ftr-347	358	33	“	"	PUNCT
ftr-347	358	34	casual	casual	ADJ
ftr-347	358	35	”	"	PUNCT
ftr-347	358	36	or	or	CCONJ
ftr-347	358	37	“	"	PUNCT
ftr-347	358	38	isolated	isolate	VERB
ftr-347	358	39	.	.	PUNCT
ftr-347	359	1	”61	”61	NOUN
ftr-347	359	2	one	one	NUM
ftr-347	359	3	commentator	commentator	NOUN
ftr-347	359	4	summed	sum	VERB
ftr-347	359	5	up	up	ADP
ftr-347	359	6	the	the	DET
ftr-347	359	7	mixed	mixed	ADJ
ftr-347	359	8	character	character	NOUN
ftr-347	359	9	of	of	ADP
ftr-347	359	10	the	the	DET
ftr-347	359	11	precedent	precedent	NOUN
ftr-347	359	12	in	in	ADP
ftr-347	359	13	this	this	DET
ftr-347	359	14	area	area	NOUN
ftr-347	359	15	by	by	ADP
ftr-347	359	16	stating	state	VERB
ftr-347	359	17	that	that	SCONJ
ftr-347	359	18	“	"	PUNCT
ftr-347	359	19	questions	question	NOUN
ftr-347	359	20	of	of	ADP
ftr-347	359	21	imputation	imputation	NOUN
ftr-347	359	22	can	can	AUX
ftr-347	359	23	be	be	AUX
ftr-347	359	24	answered	answer	VERB
ftr-347	359	25	only	only	ADV
ftr-347	359	26	with	with	ADP
ftr-347	359	27	the	the	DET
ftr-347	359	28	help	help	NOUN
ftr-347	359	29	of	of	ADP
ftr-347	359	30	considerable	considerable	ADJ
ftr-347	359	31	intuition	intuition	NOUN
ftr-347	359	32	.	.	PUNCT
ftr-347	360	1	”62	”62	NOUN
ftr-347	360	2	in	in	ADP
ftr-347	360	3	a	a	DET
ftr-347	360	4	general	general	ADJ
ftr-347	360	5	legal	legal	ADJ
ftr-347	360	6	advice	advice	NOUN
ftr-347	360	7	memorandum	memorandum	NOUN
ftr-347	360	8	,	,	PUNCT
ftr-347	360	9	which	which	PRON
ftr-347	360	10	is	be	AUX
ftr-347	360	11	non	non	ADJ
ftr-347	360	12	-	-	ADJ
ftr-347	360	13	binding	binding	ADJ
ftr-347	360	14	authority	authority	NOUN
ftr-347	360	15	,	,	PUNCT
ftr-347	360	16	the	the	DET
ftr-347	360	17	irs	irs	PROPN
ftr-347	360	18	concluded	conclude	VERB
ftr-347	360	19	that	that	SCONJ
ftr-347	360	20	if	if	SCONJ
ftr-347	360	21	a	a	DET
ftr-347	360	22	u.s	u.s	PROPN
ftr-347	360	23	.	.	PROPN
ftr-347	360	24	agent	agent	NOUN
ftr-347	360	25	performed	perform	VERB
ftr-347	360	26	lending	lending	NOUN
ftr-347	360	27	activities	activity	NOUN
ftr-347	360	28	on	on	ADP
ftr-347	360	29	behalf	behalf	NOUN
ftr-347	360	30	of	of	ADP
ftr-347	360	31	a	a	DET
ftr-347	360	32	foreign	foreign	ADJ
ftr-347	360	33	corporation	corporation	NOUN
ftr-347	360	34	pursuant	pursuant	ADJ
ftr-347	360	35	to	to	ADP
ftr-347	360	36	a	a	DET
ftr-347	360	37	service	service	NOUN
ftr-347	360	38	contract	contract	NOUN
ftr-347	360	39	—	—	PUNCT
ftr-347	360	40	such	such	ADJ
ftr-347	360	41	as	as	ADP
ftr-347	360	42	locating	locate	VERB
ftr-347	360	43	borrowers	borrower	NOUN
ftr-347	360	44	,	,	PUNCT
ftr-347	360	45	performing	perform	VERB
ftr-347	360	46	credit	credit	NOUN
ftr-347	360	47	analysis	analysis	NOUN
ftr-347	360	48	,	,	PUNCT
ftr-347	360	49	and	and	CCONJ
ftr-347	360	50	negotiating	negotiate	VERB
ftr-347	360	51	borrowing	borrowing	NOUN
ftr-347	360	52	terms	term	NOUN
ftr-347	360	53	,	,	PUNCT
ftr-347	360	54	the	the	DET
ftr-347	360	55	foreign	foreign	ADJ
ftr-347	360	56	corporation	corporation	NOUN
ftr-347	360	57	had	have	VERB
ftr-347	360	58	a	a	DET
ftr-347	360	59	u.s	u.s	PROPN
ftr-347	360	60	.	.	PROPN
ftr-347	360	61	lending	lending	NOUN
ftr-347	360	62	business	business	NOUN
ftr-347	360	63	even	even	ADV
ftr-347	360	64	if	if	SCONJ
ftr-347	360	65	the	the	DET
ftr-347	360	66	agent	agent	NOUN
ftr-347	360	67	lacked	lack	VERB
ftr-347	360	68	authority	authority	NOUN
ftr-347	360	69	to	to	PART
ftr-347	360	70	conclude	conclude	VERB
ftr-347	360	71	contracts	contract	NOUN
ftr-347	360	72	on	on	ADP
ftr-347	360	73	behalf	behalf	NOUN
ftr-347	360	74	of	of	ADP
ftr-347	360	75	the	the	DET
ftr-347	360	76	foreign	foreign	ADJ
ftr-347	360	77	corporation.63	corporation.63	NOUN
ftr-347	360	78	in	in	ADP
ftr-347	360	79	practice	practice	NOUN
ftr-347	360	80	,	,	PUNCT
ftr-347	360	81	these	these	DET
ftr-347	360	82	determinations	determination	NOUN
ftr-347	360	83	are	be	AUX
ftr-347	360	84	made	make	VERB
ftr-347	360	85	by	by	ADP
ftr-347	360	86	the	the	DET
ftr-347	360	87	investors	investor	NOUN
ftr-347	360	88	themselves	themselves	PRON
ftr-347	360	89	,	,	PUNCT
ftr-347	360	90	practitioners	practitioner	NOUN
ftr-347	360	91	,	,	PUNCT
ftr-347	360	92	the	the	DET
ftr-347	360	93	irs	irs	PROPN
ftr-347	360	94	,	,	PUNCT
ftr-347	360	95	and	and	CCONJ
ftr-347	360	96	courts.64	courts.64	VERB
ftr-347	360	97	many	many	ADJ
ftr-347	360	98	different	different	ADJ
ftr-347	360	99	practitioner	practitioner	NOUN
ftr-347	360	100	and	and	CCONJ
ftr-347	360	101	industry	industry	NOUN
ftr-347	360	102	-	-	PUNCT
ftr-347	360	103	developed	develop	VERB
ftr-347	360	104	standards	standard	NOUN
ftr-347	360	105	interpreting	interpret	VERB
ftr-347	360	106	uncertainties	uncertainty	NOUN
ftr-347	360	107	have	have	VERB
ftr-347	360	108	arisen.65	arisen.65	NOUN
ftr-347	360	109	lawyers	lawyer	NOUN
ftr-347	360	110	,	,	PUNCT
ftr-347	360	111	accountants	accountant	NOUN
ftr-347	360	112	,	,	PUNCT
ftr-347	360	113	and	and	CCONJ
ftr-347	360	114	other	other	ADJ
ftr-347	360	115	service	service	NOUN
ftr-347	360	116	providers	provider	NOUN
ftr-347	360	117	advise	advise	VERB
ftr-347	360	118	of	of	ADP
ftr-347	360	119	particular	particular	ADJ
ftr-347	360	120	applications	application	NOUN
ftr-347	360	121	of	of	ADP
ftr-347	360	122	uncertainties	uncertainty	NOUN
ftr-347	360	123	in	in	ADP
ftr-347	360	124	order	order	NOUN
ftr-347	360	125	to	to	PART
ftr-347	360	126	reach	reach	VERB
ftr-347	360	127	a	a	DET
ftr-347	360	128	“	"	PUNCT
ftr-347	360	129	should	should	AUX
ftr-347	360	130	”	"	PUNCT
ftr-347	360	131	or	or	CCONJ
ftr-347	360	132	“	"	PUNCT
ftr-347	360	133	will	will	AUX
ftr-347	360	134	”	"	PUNCT
ftr-347	360	135	opinion	opinion	NOUN
ftr-347	360	136	.	.	PUNCT
ftr-347	361	1	60	60	NUM
ftr-347	361	2	.	.	PUNCT
ftr-347	362	1	see	see	VERB
ftr-347	362	2	tech	tech	NOUN
ftr-347	362	3	.	.	PUNCT
ftr-347	363	1	adv	adv	PROPN
ftr-347	363	2	.	.	PUNCT
ftr-347	363	3	mem	mem	PROPN
ftr-347	363	4	.	.	PUNCT
ftr-347	363	5	80	80	NUM
ftr-347	363	6	-	-	SYM
ftr-347	363	7	29	29	NUM
ftr-347	363	8	-	-	SYM
ftr-347	363	9	005	005	NUM
ftr-347	363	10	(	(	PUNCT
ftr-347	363	11	mar	mar	PROPN
ftr-347	363	12	.	.	PROPN
ftr-347	363	13	27	27	NUM
ftr-347	363	14	,	,	PUNCT
ftr-347	363	15	1980	1980	NUM
ftr-347	363	16	)	)	PUNCT
ftr-347	363	17	(	(	PUNCT
ftr-347	363	18	the	the	DET
ftr-347	363	19	irs	irs	PROPN
ftr-347	363	20	imputed	impute	VERB
ftr-347	363	21	the	the	DET
ftr-347	363	22	actions	action	NOUN
ftr-347	363	23	of	of	ADP
ftr-347	363	24	an	an	DET
ftr-347	363	25	operator	operator	NOUN
ftr-347	363	26	of	of	ADP
ftr-347	363	27	oil	oil	NOUN
ftr-347	363	28	property	property	NOUN
ftr-347	363	29	to	to	ADP
ftr-347	363	30	the	the	DET
ftr-347	363	31	foreign	foreign	ADJ
ftr-347	363	32	owner	owner	NOUN
ftr-347	363	33	of	of	ADP
ftr-347	363	34	the	the	DET
ftr-347	363	35	properties	property	NOUN
ftr-347	363	36	on	on	ADP
ftr-347	363	37	the	the	DET
ftr-347	363	38	basis	basis	NOUN
ftr-347	363	39	of	of	ADP
ftr-347	363	40	the	the	DET
ftr-347	363	41	foreign	foreign	ADJ
ftr-347	363	42	person	person	NOUN
ftr-347	363	43	’s	’s	PART
ftr-347	363	44	ownership	ownership	NOUN
ftr-347	363	45	of	of	ADP
ftr-347	363	46	assets	asset	NOUN
ftr-347	363	47	)	)	PUNCT
ftr-347	363	48	;	;	PUNCT
ftr-347	363	49	see	see	VERB
ftr-347	363	50	also	also	ADV
ftr-347	363	51	,	,	PUNCT
ftr-347	363	52	rev	rev	PROPN
ftr-347	363	53	.	.	PROPN
ftr-347	363	54	rul	rul	NOUN
ftr-347	363	55	.	.	PUNCT
ftr-347	364	1	55	55	NUM
ftr-347	364	2	-	-	SYM
ftr-347	364	3	617	617	NUM
ftr-347	364	4	1955	1955	NUM
ftr-347	364	5	-	-	SYM
ftr-347	364	6	2	2	NUM
ftr-347	364	7	c.b	c.b	PROPN
ftr-347	364	8	.	.	PROPN
ftr-347	364	9	774	774	NUM
ftr-347	364	10	(	(	PUNCT
ftr-347	364	11	holding	hold	VERB
ftr-347	364	12	that	that	SCONJ
ftr-347	364	13	sales	sale	NOUN
ftr-347	364	14	of	of	ADP
ftr-347	364	15	an	an	DET
ftr-347	364	16	independent	independent	ADJ
ftr-347	364	17	commission	commission	NOUN
ftr-347	364	18	agent	agent	NOUN
ftr-347	364	19	were	be	AUX
ftr-347	364	20	imputable	imputable	ADJ
ftr-347	364	21	)	)	PUNCT
ftr-347	364	22	;	;	PUNCT
ftr-347	364	23	see	see	VERB
ftr-347	364	24	also	also	ADV
ftr-347	364	25	,	,	PUNCT
ftr-347	364	26	de	de	X
ftr-347	364	27	amodio	amodio	NOUN
ftr-347	364	28	v.	v.	ADP
ftr-347	364	29	commissioner	commissioner	NOUN
ftr-347	364	30	,	,	PUNCT
ftr-347	364	31	34	34	NUM
ftr-347	364	32	t.c	t.c	PROPN
ftr-347	364	33	.	.	PROPN
ftr-347	364	34	894	894	NUM
ftr-347	364	35	,	,	PUNCT
ftr-347	364	36	906	906	NUM
ftr-347	364	37	(	(	PUNCT
ftr-347	364	38	1960	1960	NUM
ftr-347	364	39	)	)	PUNCT
ftr-347	364	40	,	,	PUNCT
ftr-347	364	41	aff’d	aff’d	VERB
ftr-347	364	42	,	,	PUNCT
ftr-347	364	43	299	299	NUM
ftr-347	364	44	f.2d	f.2d	SYM
ftr-347	364	45	623	623	NUM
ftr-347	364	46	(	(	PUNCT
ftr-347	364	47	3d	3d	PROPN
ftr-347	364	48	cir	cir	NOUN
ftr-347	364	49	.	.	PROPN
ftr-347	364	50	1962	1962	NUM
ftr-347	364	51	)	)	PUNCT
ftr-347	365	1	(	(	PUNCT
ftr-347	365	2	the	the	DET
ftr-347	365	3	purchase	purchase	NOUN
ftr-347	365	4	and	and	CCONJ
ftr-347	365	5	management	management	NOUN
ftr-347	365	6	of	of	ADP
ftr-347	365	7	real	real	ADJ
ftr-347	365	8	estate	estate	NOUN
ftr-347	365	9	by	by	ADP
ftr-347	365	10	“	"	PUNCT
ftr-347	365	11	independent	independent	ADJ
ftr-347	365	12	”	"	PUNCT
ftr-347	365	13	real	real	ADJ
ftr-347	365	14	estate	estate	NOUN
ftr-347	365	15	agents	agent	NOUN
ftr-347	365	16	cause	cause	VERB
ftr-347	365	17	the	the	DET
ftr-347	365	18	foreign	foreign	ADJ
ftr-347	365	19	taxpayer	taxpayer	NOUN
ftr-347	365	20	to	to	PART
ftr-347	365	21	be	be	AUX
ftr-347	365	22	etb	etb	PROPN
ftr-347	365	23	)	)	PUNCT
ftr-347	365	24	;	;	PUNCT
ftr-347	366	1	cf	cf	X
ftr-347	366	2	.	.	PUNCT
ftr-347	366	3	tech	tech	NOUN
ftr-347	366	4	.	.	PUNCT
ftr-347	367	1	adv	adv	PROPN
ftr-347	367	2	.	.	PUNCT
ftr-347	367	3	mem	mem	PROPN
ftr-347	367	4	.	.	PROPN
ftr-347	367	5	81	81	NUM
ftr-347	367	6	-	-	SYM
ftr-347	367	7	47	47	NUM
ftr-347	367	8	-	-	PUNCT
ftr-347	367	9	001	001	NUM
ftr-347	367	10	(	(	PUNCT
ftr-347	367	11	jan	jan	PROPN
ftr-347	367	12	.	.	PROPN
ftr-347	367	13	3	3	NUM
ftr-347	367	14	,	,	PUNCT
ftr-347	367	15	1970	1970	NUM
ftr-347	367	16	)	)	PUNCT
ftr-347	367	17	(	(	PUNCT
ftr-347	367	18	no	no	DET
ftr-347	367	19	u.s	u.s	PROPN
ftr-347	367	20	.	.	PROPN
ftr-347	367	21	trade	trade	PROPN
ftr-347	367	22	or	or	CCONJ
ftr-347	367	23	business	business	NOUN
ftr-347	367	24	found	find	VERB
ftr-347	367	25	because	because	SCONJ
ftr-347	367	26	independent	independent	ADJ
ftr-347	367	27	agent	agent	NOUN
ftr-347	367	28	used	use	VERB
ftr-347	367	29	)	)	PUNCT
ftr-347	367	30	;	;	PUNCT
ftr-347	368	1	cf	cf	X
ftr-347	368	2	.	.	PUNCT
ftr-347	368	3	amalgamated	amalgamate	VERB
ftr-347	368	4	dental	dental	PROPN
ftr-347	368	5	co.	co.	PROPN
ftr-347	369	1	v.	v.	PROPN
ftr-347	369	2	commissioner	commissioner	PROPN
ftr-347	369	3	,	,	PUNCT
ftr-347	369	4	6	6	NUM
ftr-347	369	5	t.c	t.c	PROPN
ftr-347	369	6	.	.	PROPN
ftr-347	369	7	1009	1009	NUM
ftr-347	369	8	(	(	PUNCT
ftr-347	369	9	1946	1946	NUM
ftr-347	369	10	)	)	PUNCT
ftr-347	369	11	(	(	PUNCT
ftr-347	369	12	actions	action	NOUN
ftr-347	369	13	of	of	ADP
ftr-347	369	14	a	a	DET
ftr-347	369	15	u.s	u.s	PROPN
ftr-347	369	16	.	.	PROPN
ftr-347	369	17	supplier	supplier	NOUN
ftr-347	369	18	not	not	PART
ftr-347	369	19	imputed	impute	VERB
ftr-347	369	20	to	to	ADP
ftr-347	369	21	a	a	DET
ftr-347	369	22	foreign	foreign	ADJ
ftr-347	369	23	corporation	corporation	NOUN
ftr-347	369	24	because	because	SCONJ
ftr-347	369	25	of	of	ADP
ftr-347	369	26	an	an	DET
ftr-347	369	27	independent	independent	ADJ
ftr-347	369	28	agency	agency	NOUN
ftr-347	369	29	relationship	relationship	NOUN
ftr-347	369	30	)	)	PUNCT
ftr-347	369	31	.	.	PUNCT
ftr-347	370	1	61	61	NUM
ftr-347	370	2	.	.	PUNCT
ftr-347	371	1	see	see	VERB
ftr-347	371	2	de	de	ADP
ftr-347	371	3	amodio	amodio	NOUN
ftr-347	371	4	,	,	PUNCT
ftr-347	371	5	34	34	NUM
ftr-347	371	6	t.c	t.c	PROPN
ftr-347	371	7	.	.	PUNCT
ftr-347	372	1	at	at	ADP
ftr-347	372	2	906	906	NUM
ftr-347	372	3	(	(	PUNCT
ftr-347	372	4	the	the	DET
ftr-347	372	5	purchase	purchase	NOUN
ftr-347	372	6	and	and	CCONJ
ftr-347	372	7	management	management	NOUN
ftr-347	372	8	of	of	ADP
ftr-347	372	9	real	real	ADJ
ftr-347	372	10	estate	estate	NOUN
ftr-347	372	11	by	by	ADP
ftr-347	372	12	“	"	PUNCT
ftr-347	372	13	independent	independent	ADJ
ftr-347	372	14	”	"	PUNCT
ftr-347	372	15	real	real	ADJ
ftr-347	372	16	estate	estate	NOUN
ftr-347	372	17	agents	agent	NOUN
ftr-347	372	18	cause	cause	VERB
ftr-347	372	19	the	the	DET
ftr-347	372	20	foreign	foreign	ADJ
ftr-347	372	21	taxpayer	taxpayer	NOUN
ftr-347	372	22	to	to	PART
ftr-347	372	23	be	be	AUX
ftr-347	372	24	etb	etb	PROPN
ftr-347	372	25	)	)	PUNCT
ftr-347	372	26	;	;	PUNCT
ftr-347	372	27	handfield	handfield	NOUN
ftr-347	372	28	v.	v.	PROPN
ftr-347	372	29	commissioner	commissioner	NOUN
ftr-347	372	30	,	,	PUNCT
ftr-347	372	31	23	23	NUM
ftr-347	372	32	t.c	t.c	PROPN
ftr-347	372	33	.	.	PROPN
ftr-347	373	1	633	633	NUM
ftr-347	373	2	(	(	PUNCT
ftr-347	373	3	1955	1955	NUM
ftr-347	373	4	)	)	PUNCT
ftr-347	373	5	(	(	PUNCT
ftr-347	373	6	sales	sale	NOUN
ftr-347	373	7	by	by	ADP
ftr-347	373	8	a	a	DET
ftr-347	373	9	u.s	u.s	PROPN
ftr-347	373	10	.	.	PROPN
ftr-347	373	11	distributor	distributor	NOUN
ftr-347	373	12	were	be	AUX
ftr-347	373	13	attributable	attributable	ADJ
ftr-347	373	14	to	to	ADP
ftr-347	373	15	a	a	DET
ftr-347	373	16	foreign	foreign	ADJ
ftr-347	373	17	person	person	NOUN
ftr-347	373	18	)	)	PUNCT
ftr-347	373	19	.	.	PUNCT
ftr-347	374	1	62	62	NUM
ftr-347	374	2	.	.	PUNCT
ftr-347	375	1	see	see	VERB
ftr-347	375	2	joseph	joseph	PROPN
ftr-347	375	3	isenbergh	isenbergh	PROPN
ftr-347	375	4	,	,	PUNCT
ftr-347	375	5	international	international	ADJ
ftr-347	375	6	taxation	taxation	NOUN
ftr-347	375	7	–	–	PUNCT
ftr-347	375	8	u.s	u.s	PROPN
ftr-347	375	9	.	.	PROPN
ftr-347	375	10	taxation	taxation	NOUN
ftr-347	375	11	of	of	ADP
ftr-347	375	12	foreign	foreign	ADJ
ftr-347	375	13	persons	person	NOUN
ftr-347	375	14	and	and	CCONJ
ftr-347	375	15	foreign	foreign	ADJ
ftr-347	375	16	income	income	NOUN
ftr-347	375	17	21:15	21:15	NUM
ftr-347	375	18	(	(	PUNCT
ftr-347	375	19	1997	1997	NUM
ftr-347	375	20	)	)	PUNCT
ftr-347	375	21	.	.	PUNCT
ftr-347	376	1	63	63	NUM
ftr-347	376	2	.	.	PUNCT
ftr-347	376	3	chief	chief	ADJ
ftr-347	376	4	couns	coun	NOUN
ftr-347	376	5	.	.	PUNCT
ftr-347	377	1	mem	mem	ADJ
ftr-347	377	2	.	.	PUNCT
ftr-347	378	1	preno-119800	preno-119800	NOUN
ftr-347	378	2	-	-	PUNCT
ftr-347	378	3	09	09	NUM
ftr-347	378	4	(	(	PUNCT
ftr-347	378	5	sept	sept	PROPN
ftr-347	378	6	.	.	PROPN
ftr-347	378	7	22	22	NUM
ftr-347	378	8	,	,	PUNCT
ftr-347	378	9	2009	2009	NUM
ftr-347	378	10	)	)	PUNCT
ftr-347	378	11	;	;	PUNCT
ftr-347	378	12	i.r.c	i.r.c	NOUN
ftr-347	378	13	.	.	PUNCT
ftr-347	379	1	§	§	PROPN
ftr-347	379	2	6110(k)(3	6110(k)(3	NOUN
ftr-347	379	3	)	)	PUNCT
ftr-347	379	4	.	.	PUNCT
ftr-347	380	1	the	the	DET
ftr-347	380	2	memorandum	memorandum	NOUN
ftr-347	380	3	notes	note	VERB
ftr-347	380	4	that	that	SCONJ
ftr-347	380	5	the	the	DET
ftr-347	380	6	u.s	u.s	PROPN
ftr-347	380	7	.	.	PROPN
ftr-347	380	8	corporation	corporation	PROPN
ftr-347	380	9	’s	’s	PART
ftr-347	380	10	activities	activity	NOUN
ftr-347	380	11	relating	relate	VERB
ftr-347	380	12	to	to	ADP
ftr-347	380	13	loan	loan	NOUN
ftr-347	380	14	origination	origination	NOUN
ftr-347	380	15	were	be	AUX
ftr-347	380	16	conducted	conduct	VERB
ftr-347	380	17	on	on	ADP
ftr-347	380	18	a	a	DET
ftr-347	380	19	considerable	considerable	ADJ
ftr-347	380	20	,	,	PUNCT
ftr-347	380	21	continuous	continuous	ADJ
ftr-347	380	22	,	,	PUNCT
ftr-347	380	23	and	and	CCONJ
ftr-347	380	24	regular	regular	ADJ
ftr-347	380	25	basis	basis	NOUN
ftr-347	380	26	from	from	ADP
ftr-347	380	27	its	its	PRON
ftr-347	380	28	u.s	u.s	PROPN
ftr-347	380	29	.	.	PROPN
ftr-347	380	30	office	office	NOUN
ftr-347	380	31	.	.	PUNCT
ftr-347	381	1	64	64	NUM
ftr-347	381	2	.	.	PUNCT
ftr-347	382	1	david	david	PROPN
ftr-347	382	2	r.	r.	PROPN
ftr-347	382	3	sicular	sicular	PROPN
ftr-347	382	4	&	&	CCONJ
ftr-347	382	5	emma	emma	PROPN
ftr-347	382	6	q.	q.	PROPN
ftr-347	382	7	sobol	sobol	PROPN
ftr-347	382	8	,	,	PUNCT
ftr-347	382	9	selected	select	VERB
ftr-347	382	10	current	current	ADJ
ftr-347	382	11	effectively	effectively	ADV
ftr-347	382	12	connected	connect	VERB
ftr-347	382	13	income	income	NOUN
ftr-347	382	14	issues	issue	NOUN
ftr-347	382	15	for	for	ADP
ftr-347	382	16	investment	investment	NOUN
ftr-347	382	17	funds	fund	NOUN
ftr-347	382	18	,	,	PUNCT
ftr-347	382	19	56	56	NUM
ftr-347	382	20	tax	tax	NOUN
ftr-347	382	21	law	law	NOUN
ftr-347	382	22	.	.	PUNCT
ftr-347	383	1	719	719	NUM
ftr-347	383	2	(	(	PUNCT
ftr-347	383	3	2003	2003	NUM
ftr-347	383	4	)	)	PUNCT
ftr-347	383	5	(	(	PUNCT
ftr-347	383	6	“	"	PUNCT
ftr-347	383	7	practitioner	practitioner	NOUN
ftr-347	383	8	-	-	PUNCT
ftr-347	383	9	developed	develop	VERB
ftr-347	383	10	rules	rule	NOUN
ftr-347	383	11	”	"	PUNCT
ftr-347	383	12	)	)	PUNCT
ftr-347	383	13	;	;	PUNCT
ftr-347	383	14	see	see	VERB
ftr-347	383	15	also	also	ADV
ftr-347	383	16	,	,	PUNCT
ftr-347	383	17	joel	joel	PROPN
ftr-347	383	18	kuntz	kuntz	PROPN
ftr-347	383	19	&	&	CCONJ
ftr-347	383	20	robert	robert	PROPN
ftr-347	383	21	peroni	peroni	PROPN
ftr-347	383	22	,	,	PUNCT
ftr-347	383	23	u.s	u.s	PROPN
ftr-347	383	24	.	.	PROPN
ftr-347	383	25	international	international	ADJ
ftr-347	383	26	taxation	taxation	NOUN
ftr-347	383	27	1.04	1.04	NUM
ftr-347	383	28	(	(	PUNCT
ftr-347	383	29	“	"	PUNCT
ftr-347	383	30	all	all	DET
ftr-347	383	31	cases	case	NOUN
ftr-347	383	32	not	not	PART
ftr-347	383	33	governed	govern	VERB
ftr-347	383	34	by	by	ADP
ftr-347	383	35	section	section	NOUN
ftr-347	383	36	864(b	864(b	PROPN
ftr-347	383	37	)	)	PUNCT
ftr-347	383	38	are	be	AUX
ftr-347	383	39	left	leave	VERB
ftr-347	383	40	to	to	ADP
ftr-347	383	41	the	the	DET
ftr-347	383	42	courts	court	NOUN
ftr-347	383	43	and	and	CCONJ
ftr-347	383	44	the	the	DET
ftr-347	383	45	service	service	NOUN
ftr-347	383	46	.	.	PUNCT
ftr-347	383	47	”	"	PUNCT
ftr-347	383	48	)	)	PUNCT
ftr-347	383	49	.	.	PUNCT
ftr-347	384	1	65	65	NUM
ftr-347	384	2	.	.	PUNCT
ftr-347	385	1	see	see	VERB
ftr-347	385	2	sicular	sicular	ADJ
ftr-347	385	3	&	&	CCONJ
ftr-347	385	4	sobol	sobol	NOUN
ftr-347	385	5	,	,	PUNCT
ftr-347	385	6	effectively	effectively	ADV
ftr-347	385	7	connected	connected	ADJ
ftr-347	385	8	income	income	NOUN
ftr-347	385	9	,	,	PUNCT
ftr-347	385	10	supra	supra	PROPN
ftr-347	385	11	note	note	NOUN
ftr-347	385	12	64	64	NUM
ftr-347	385	13	,	,	PUNCT
ftr-347	385	14	at	at	ADP
ftr-347	385	15	722	722	NUM
ftr-347	385	16	.	.	PUNCT
ftr-347	386	1	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	PROPN
ftr-347	386	2	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	NOUN
ftr-347	386	3	2011	2011	NUM
ftr-347	386	4	]	]	PUNCT
ftr-347	386	5	the	the	DET
ftr-347	386	6	global	global	ADJ
ftr-347	386	7	shadow	shadow	PROPN
ftr-347	386	8	bank	bank	PROPN
ftr-347	386	9	661	661	NUM
ftr-347	386	10	without	without	ADP
ftr-347	386	11	further	further	ADJ
ftr-347	386	12	legislative	legislative	ADJ
ftr-347	386	13	guidance	guidance	NOUN
ftr-347	386	14	,	,	PUNCT
ftr-347	386	15	these	these	PRON
ftr-347	386	16	constantly	constantly	ADV
ftr-347	386	17	shifting	shift	VERB
ftr-347	386	18	,	,	PUNCT
ftr-347	386	19	non	non	ADJ
ftr-347	386	20	-	-	ADJ
ftr-347	386	21	uniform	uniform	ADJ
ftr-347	386	22	standards	standard	NOUN
ftr-347	386	23	often	often	ADV
ftr-347	386	24	quickly	quickly	ADV
ftr-347	386	25	become	become	VERB
ftr-347	386	26	industry	industry	NOUN
ftr-347	386	27	benchmarks	benchmark	NOUN
ftr-347	386	28	for	for	ADP
ftr-347	386	29	transaction	transaction	NOUN
ftr-347	386	30	after	after	SCONJ
ftr-347	386	31	transaction.66	transaction.66	PROPN
ftr-347	386	32	e.	e.	PROPN
ftr-347	386	33	some	some	DET
ftr-347	386	34	examples	example	NOUN
ftr-347	386	35	of	of	ADP
ftr-347	386	36	how	how	SCONJ
ftr-347	386	37	the	the	DET
ftr-347	386	38	current	current	ADJ
ftr-347	386	39	law	law	NOUN
ftr-347	386	40	is	be	AUX
ftr-347	386	41	ill	ill	ADV
ftr-347	386	42	-	-	PUNCT
ftr-347	386	43	equipped	equip	VERB
ftr-347	386	44	to	to	PART
ftr-347	386	45	deal	deal	VERB
ftr-347	386	46	with	with	ADP
ftr-347	386	47	these	these	DET
ftr-347	386	48	shadow	shadow	NOUN
ftr-347	386	49	banking	banking	NOUN
ftr-347	386	50	transactions	transaction	NOUN
ftr-347	386	51	many	many	ADJ
ftr-347	386	52	investment	investment	NOUN
ftr-347	386	53	advisors	advisor	NOUN
ftr-347	386	54	argue	argue	VERB
ftr-347	386	55	that	that	SCONJ
ftr-347	386	56	most	most	ADJ
ftr-347	386	57	of	of	ADP
ftr-347	386	58	the	the	DET
ftr-347	386	59	debt	debt	NOUN
ftr-347	386	60	-	-	PUNCT
ftr-347	386	61	related	relate	VERB
ftr-347	386	62	transactions	transaction	NOUN
ftr-347	386	63	described	describe	VERB
ftr-347	386	64	above	above	ADP
ftr-347	386	65	fall	fall	NOUN
ftr-347	386	66	within	within	ADP
ftr-347	386	67	the	the	DET
ftr-347	386	68	securities	security	NOUN
ftr-347	386	69	trading	trade	VERB
ftr-347	386	70	safe	safe	ADJ
ftr-347	386	71	harbor	harbor	NOUN
ftr-347	386	72	,	,	PUNCT
ftr-347	386	73	or	or	CCONJ
ftr-347	386	74	that	that	SCONJ
ftr-347	386	75	the	the	DET
ftr-347	386	76	foreign	foreign	ADJ
ftr-347	386	77	hedge	hedge	NOUN
ftr-347	386	78	fund	fund	NOUN
ftr-347	386	79	is	be	AUX
ftr-347	386	80	not	not	PART
ftr-347	386	81	engaged	engage	VERB
ftr-347	386	82	in	in	ADP
ftr-347	386	83	an	an	DET
ftr-347	386	84	active	active	ADJ
ftr-347	386	85	financing	financing	NOUN
ftr-347	386	86	business	business	NOUN
ftr-347	386	87	.	.	PUNCT
ftr-347	387	1	imbedded	imbed	VERB
ftr-347	387	2	in	in	ADP
ftr-347	387	3	these	these	DET
ftr-347	387	4	positions	position	NOUN
ftr-347	387	5	are	be	AUX
ftr-347	387	6	the	the	DET
ftr-347	387	7	following	follow	VERB
ftr-347	387	8	contentions	contention	NOUN
ftr-347	387	9	:	:	PUNCT
ftr-347	387	10	(	(	PUNCT
ftr-347	387	11	1	1	X
ftr-347	387	12	)	)	PUNCT
ftr-347	387	13	the	the	DET
ftr-347	387	14	relevant	relevant	ADJ
ftr-347	387	15	activities	activity	NOUN
ftr-347	387	16	constitute	constitute	VERB
ftr-347	387	17	trading	trading	NOUN
ftr-347	387	18	and	and	CCONJ
ftr-347	387	19	not	not	PART
ftr-347	387	20	dealing	deal	VERB
ftr-347	387	21	in	in	ADP
ftr-347	387	22	debt	debt	NOUN
ftr-347	387	23	securities	security	NOUN
ftr-347	387	24	,	,	PUNCT
ftr-347	387	25	so	so	SCONJ
ftr-347	387	26	the	the	DET
ftr-347	387	27	securities	security	NOUN
ftr-347	387	28	trading	trade	VERB
ftr-347	387	29	safe	safe	ADJ
ftr-347	387	30	harbor	harbor	NOUN
ftr-347	387	31	applies	apply	VERB
ftr-347	387	32	;	;	PUNCT
ftr-347	387	33	(	(	PUNCT
ftr-347	387	34	2	2	X
ftr-347	387	35	)	)	PUNCT
ftr-347	387	36	the	the	DET
ftr-347	387	37	relevant	relevant	ADJ
ftr-347	387	38	activities	activity	NOUN
ftr-347	387	39	do	do	AUX
ftr-347	387	40	not	not	PART
ftr-347	387	41	rise	rise	VERB
ftr-347	387	42	to	to	ADP
ftr-347	387	43	the	the	DET
ftr-347	387	44	level	level	NOUN
ftr-347	387	45	of	of	ADP
ftr-347	387	46	an	an	DET
ftr-347	387	47	active	active	ADJ
ftr-347	387	48	financing	financing	NOUN
ftr-347	387	49	business	business	NOUN
ftr-347	387	50	in	in	ADP
ftr-347	387	51	that	that	PRON
ftr-347	387	52	either	either	CCONJ
ftr-347	387	53	(	(	PUNCT
ftr-347	387	54	a	a	X
ftr-347	387	55	)	)	PUNCT
ftr-347	387	56	there	there	PRON
ftr-347	387	57	is	be	VERB
ftr-347	387	58	no	no	DET
ftr-347	387	59	loan	loan	NOUN
ftr-347	387	60	origination	origination	NOUN
ftr-347	387	61	so	so	SCONJ
ftr-347	387	62	these	these	DET
ftr-347	387	63	activities	activity	NOUN
ftr-347	387	64	are	be	AUX
ftr-347	387	65	not	not	PART
ftr-347	387	66	thrown	throw	VERB
ftr-347	387	67	out	out	ADP
ftr-347	387	68	of	of	ADP
ftr-347	387	69	the	the	DET
ftr-347	387	70	securities	security	NOUN
ftr-347	387	71	trading	trade	VERB
ftr-347	387	72	safe	safe	ADJ
ftr-347	387	73	harbor	harbor	NOUN
ftr-347	387	74	;	;	PUNCT
ftr-347	387	75	or	or	CCONJ
ftr-347	387	76	(	(	PUNCT
ftr-347	387	77	b	b	NOUN
ftr-347	387	78	)	)	PUNCT
ftr-347	387	79	in	in	ADP
ftr-347	387	80	the	the	DET
ftr-347	387	81	alternative	alternative	NOUN
ftr-347	387	82	,	,	PUNCT
ftr-347	387	83	limited	limited	ADJ
ftr-347	387	84	loan	loan	NOUN
ftr-347	387	85	origination	origination	NOUN
ftr-347	387	86	does	do	AUX
ftr-347	387	87	not	not	PART
ftr-347	387	88	rise	rise	VERB
ftr-347	387	89	to	to	ADP
ftr-347	387	90	the	the	DET
ftr-347	387	91	level	level	NOUN
ftr-347	387	92	of	of	ADP
ftr-347	387	93	an	an	DET
ftr-347	387	94	active	active	ADJ
ftr-347	387	95	financing	financing	NOUN
ftr-347	387	96	business	business	NOUN
ftr-347	387	97	;	;	PUNCT
ftr-347	387	98	and	and	CCONJ
ftr-347	387	99	(	(	PUNCT
ftr-347	387	100	3	3	X
ftr-347	387	101	)	)	PUNCT
ftr-347	387	102	even	even	ADV
ftr-347	387	103	if	if	SCONJ
ftr-347	387	104	certain	certain	ADJ
ftr-347	387	105	hedge	hedge	NOUN
ftr-347	387	106	funds	fund	NOUN
ftr-347	387	107	are	be	AUX
ftr-347	387	108	engaged	engage	VERB
ftr-347	387	109	in	in	ADP
ftr-347	387	110	an	an	DET
ftr-347	387	111	active	active	ADJ
ftr-347	387	112	financing	financing	NOUN
ftr-347	387	113	business	business	NOUN
ftr-347	387	114	,	,	PUNCT
ftr-347	387	115	income	income	NOUN
ftr-347	387	116	from	from	ADP
ftr-347	387	117	other	other	ADJ
ftr-347	387	118	securities	security	NOUN
ftr-347	387	119	trading	trading	NOUN
ftr-347	387	120	activities	activity	NOUN
ftr-347	387	121	are	be	AUX
ftr-347	387	122	not	not	PART
ftr-347	387	123	connected	connect	VERB
ftr-347	387	124	to	to	ADP
ftr-347	387	125	such	such	ADJ
ftr-347	387	126	financing	financing	NOUN
ftr-347	387	127	business	business	NOUN
ftr-347	387	128	(	(	PUNCT
ftr-347	387	129	in	in	ADP
ftr-347	387	130	other	other	ADJ
ftr-347	387	131	words	word	NOUN
ftr-347	387	132	,	,	PUNCT
ftr-347	387	133	securities	security	NOUN
ftr-347	387	134	trading	trading	NOUN
ftr-347	387	135	can	can	AUX
ftr-347	387	136	be	be	AUX
ftr-347	387	137	segregated	segregate	VERB
ftr-347	387	138	and	and	CCONJ
ftr-347	387	139	still	still	ADV
ftr-347	387	140	fall	fall	VERB
ftr-347	387	141	under	under	ADP
ftr-347	387	142	the	the	DET
ftr-347	387	143	securities	security	NOUN
ftr-347	387	144	trading	trade	VERB
ftr-347	387	145	safe	safe	ADJ
ftr-347	387	146	harbor	harbor	NOUN
ftr-347	387	147	even	even	ADV
ftr-347	387	148	if	if	SCONJ
ftr-347	387	149	a	a	DET
ftr-347	387	150	foreign	foreign	ADJ
ftr-347	387	151	hedge	hedge	NOUN
ftr-347	387	152	fund	fund	NOUN
ftr-347	387	153	is	be	AUX
ftr-347	387	154	otherwise	otherwise	ADV
ftr-347	387	155	engaged	engage	VERB
ftr-347	387	156	in	in	ADP
ftr-347	387	157	an	an	DET
ftr-347	387	158	active	active	ADJ
ftr-347	387	159	financing	financing	NOUN
ftr-347	387	160	business).67	business).67	PROPN
ftr-347	387	161	below	below	ADV
ftr-347	387	162	,	,	PUNCT
ftr-347	387	163	i	i	PRON
ftr-347	387	164	will	will	AUX
ftr-347	387	165	explore	explore	VERB
ftr-347	387	166	below	below	ADP
ftr-347	387	167	some	some	PRON
ftr-347	387	168	of	of	ADP
ftr-347	387	169	the	the	DET
ftr-347	387	170	uncertainty	uncertainty	NOUN
ftr-347	387	171	that	that	PRON
ftr-347	387	172	relates	relate	VERB
ftr-347	387	173	to	to	ADP
ftr-347	387	174	these	these	DET
ftr-347	387	175	positions	position	NOUN
ftr-347	387	176	.	.	PUNCT
ftr-347	388	1	with	with	ADP
ftr-347	388	2	respect	respect	NOUN
ftr-347	388	3	to	to	ADP
ftr-347	388	4	the	the	DET
ftr-347	388	5	securities	security	NOUN
ftr-347	388	6	safe	safe	ADJ
ftr-347	388	7	harbor	harbor	NOUN
ftr-347	388	8	,	,	PUNCT
ftr-347	388	9	the	the	DET
ftr-347	388	10	distinction	distinction	NOUN
ftr-347	388	11	between	between	ADP
ftr-347	388	12	trading	trading	NOUN
ftr-347	388	13	and	and	CCONJ
ftr-347	388	14	dealing	dealing	NOUN
ftr-347	388	15	is	be	AUX
ftr-347	388	16	unclear	unclear	ADJ
ftr-347	388	17	.	.	PUNCT
ftr-347	389	1	trading	trading	NOUN
ftr-347	389	2	is	be	AUX
ftr-347	389	3	defined	define	VERB
ftr-347	389	4	in	in	ADP
ftr-347	389	5	the	the	DET
ftr-347	389	6	regulations	regulation	NOUN
ftr-347	389	7	merely	merely	ADV
ftr-347	389	8	as	as	ADP
ftr-347	389	9	“	"	PUNCT
ftr-347	389	10	effecting	effect	VERB
ftr-347	389	11	of	of	ADP
ftr-347	389	12	transactions	transaction	NOUN
ftr-347	389	13	in	in	ADP
ftr-347	389	14	stocks	stock	NOUN
ftr-347	389	15	or	or	CCONJ
ftr-347	389	16	securities	security	NOUN
ftr-347	389	17	,	,	PUNCT
ftr-347	389	18	”	"	PUNCT
ftr-347	389	19	which	which	PRON
ftr-347	389	20	includes	include	VERB
ftr-347	389	21	“	"	PUNCT
ftr-347	389	22	buying	buying	NOUN
ftr-347	389	23	,	,	PUNCT
ftr-347	389	24	selling	sell	VERB
ftr-347	389	25	.	.	PUNCT
ftr-347	389	26	.	.	PUNCT
ftr-347	390	1	.	.	PUNCT
ftr-347	391	1	,	,	PUNCT
ftr-347	391	2	or	or	CCONJ
ftr-347	391	3	trading	trading	NOUN
ftr-347	391	4	in	in	ADP
ftr-347	391	5	stocks	stock	NOUN
ftr-347	391	6	,	,	PUNCT
ftr-347	391	7	securities	security	NOUN
ftr-347	391	8	,	,	PUNCT
ftr-347	391	9	”	"	PUNCT
ftr-347	391	10	.	.	PUNCT
ftr-347	392	1	.	.	PUNCT
ftr-347	393	1	.	.	PUNCT
ftr-347	394	1	and	and	CCONJ
ftr-347	394	2	any	any	DET
ftr-347	394	3	other	other	ADJ
ftr-347	394	4	activity	activity	NOUN
ftr-347	394	5	closely	closely	ADV
ftr-347	394	6	related	relate	VERB
ftr-347	394	7	thereto	thereto	VERB
ftr-347	394	8	(	(	PUNCT
ftr-347	394	9	such	such	ADJ
ftr-347	394	10	as	as	ADP
ftr-347	394	11	obtaining	obtain	VERB
ftr-347	394	12	credit	credit	NOUN
ftr-347	394	13	for	for	ADP
ftr-347	394	14	the	the	DET
ftr-347	394	15	purpose	purpose	NOUN
ftr-347	394	16	of	of	ADP
ftr-347	394	17	effectuating	effectuate	VERB
ftr-347	394	18	such	such	ADJ
ftr-347	394	19	buying	buying	NOUN
ftr-347	394	20	,	,	PUNCT
ftr-347	394	21	selling	selling	NOUN
ftr-347	394	22	,	,	PUNCT
ftr-347	394	23	or	or	CCONJ
ftr-347	394	24	trading).”68	trading).”68	ADP
ftr-347	394	25	a	a	DET
ftr-347	394	26	“	"	PUNCT
ftr-347	394	27	dealer	dealer	NOUN
ftr-347	394	28	”	"	PUNCT
ftr-347	394	29	is	be	AUX
ftr-347	394	30	defined	define	VERB
ftr-347	394	31	in	in	ADP
ftr-347	394	32	the	the	DET
ftr-347	394	33	regulations	regulation	NOUN
ftr-347	394	34	for	for	ADP
ftr-347	394	35	this	this	DET
ftr-347	394	36	purpose	purpose	NOUN
ftr-347	394	37	as	as	ADP
ftr-347	394	38	“	"	PUNCT
ftr-347	394	39	a	a	DET
ftr-347	394	40	merchant	merchant	NOUN
ftr-347	394	41	of	of	ADP
ftr-347	394	42	stocks	stock	NOUN
ftr-347	394	43	or	or	CCONJ
ftr-347	394	44	securities	security	NOUN
ftr-347	394	45	,	,	PUNCT
ftr-347	394	46	with	with	ADP
ftr-347	394	47	an	an	DET
ftr-347	394	48	established	establish	VERB
ftr-347	394	49	place	place	NOUN
ftr-347	394	50	of	of	ADP
ftr-347	394	51	business	business	NOUN
ftr-347	394	52	,	,	PUNCT
ftr-347	394	53	regularly	regularly	ADV
ftr-347	394	54	engaged	engage	VERB
ftr-347	394	55	as	as	ADP
ftr-347	394	56	a	a	DET
ftr-347	394	57	merchant	merchant	NOUN
ftr-347	394	58	in	in	ADP
ftr-347	394	59	purchasing	purchase	VERB
ftr-347	394	60	stocks	stock	NOUN
ftr-347	394	61	or	or	CCONJ
ftr-347	394	62	securities	security	NOUN
ftr-347	394	63	and	and	CCONJ
ftr-347	394	64	selling	sell	VERB
ftr-347	394	65	them	they	PRON
ftr-347	394	66	to	to	ADP
ftr-347	394	67	customers	customer	NOUN
ftr-347	394	68	with	with	ADP
ftr-347	394	69	a	a	DET
ftr-347	394	70	view	view	NOUN
ftr-347	394	71	to	to	ADP
ftr-347	394	72	the	the	DET
ftr-347	394	73	gains	gain	NOUN
ftr-347	394	74	and	and	CCONJ
ftr-347	394	75	profits	profit	NOUN
ftr-347	394	76	that	that	PRON
ftr-347	394	77	may	may	AUX
ftr-347	394	78	be	be	AUX
ftr-347	394	79	derived	derive	VERB
ftr-347	394	80	therefrom	therefrom	NOUN
ftr-347	394	81	.	.	PUNCT
ftr-347	395	1	”69	”69	NOUN
ftr-347	395	2	this	this	PRON
ftr-347	395	3	is	be	AUX
ftr-347	395	4	distinguished	distinguish	VERB
ftr-347	395	5	from	from	ADP
ftr-347	395	6	buying	buying	NOUN
ftr-347	395	7	,	,	PUNCT
ftr-347	395	8	selling	selling	NOUN
ftr-347	395	9	,	,	PUNCT
ftr-347	395	10	or	or	CCONJ
ftr-347	395	11	holding	hold	VERB
ftr-347	395	12	stocks	stock	NOUN
ftr-347	395	13	or	or	CCONJ
ftr-347	395	14	securities	security	NOUN
ftr-347	395	15	for	for	ADP
ftr-347	395	16	investment	investment	NOUN
ftr-347	395	17	or	or	CCONJ
ftr-347	395	18	speculation.70	speculation.70	ADV
ftr-347	395	19	distinguishing	distinguish	VERB
ftr-347	395	20	66	66	NUM
ftr-347	395	21	.	.	PUNCT
ftr-347	396	1	see	see	VERB
ftr-347	396	2	supra	supra	PROPN
ftr-347	396	3	note	note	PROPN
ftr-347	396	4	59	59	NUM
ftr-347	396	5	.	.	NOUN
ftr-347	396	6	67	67	NUM
ftr-347	396	7	.	.	PUNCT
ftr-347	397	1	note	note	VERB
ftr-347	397	2	that	that	SCONJ
ftr-347	397	3	there	there	ADV
ftr-347	397	4	substantial	substantial	ADJ
ftr-347	397	5	issues	issue	NOUN
ftr-347	397	6	concerning	concern	VERB
ftr-347	397	7	whether	whether	SCONJ
ftr-347	397	8	activities	activity	NOUN
ftr-347	397	9	related	relate	VERB
ftr-347	397	10	to	to	ADP
ftr-347	397	11	restructuring	restructure	VERB
ftr-347	397	12	distressed	distressed	ADJ
ftr-347	397	13	debt	debt	NOUN
ftr-347	397	14	amount	amount	NOUN
ftr-347	397	15	to	to	ADP
ftr-347	397	16	loan	loan	NOUN
ftr-347	397	17	origination	origination	NOUN
ftr-347	397	18	which	which	PRON
ftr-347	397	19	are	be	AUX
ftr-347	397	20	outside	outside	ADP
ftr-347	397	21	the	the	DET
ftr-347	397	22	scope	scope	NOUN
ftr-347	397	23	of	of	ADP
ftr-347	397	24	this	this	DET
ftr-347	397	25	article	article	NOUN
ftr-347	397	26	.	.	PUNCT
ftr-347	398	1	68	68	NUM
ftr-347	398	2	.	.	PUNCT
ftr-347	399	1	reg	reg	NOUN
ftr-347	399	2	.	.	PUNCT
ftr-347	400	1	1.864	1.864	NUM
ftr-347	400	2	-	-	SYM
ftr-347	400	3	2(c)(1	2(c)(1	NUM
ftr-347	400	4	)	)	PUNCT
ftr-347	400	5	,	,	PUNCT
ftr-347	400	6	(	(	PUNCT
ftr-347	400	7	2)(i	2)(i	NUM
ftr-347	400	8	)	)	PUNCT
ftr-347	400	9	.	.	PUNCT
ftr-347	401	1	69	69	NUM
ftr-347	401	2	.	.	PUNCT
ftr-347	401	3	i.r.c	i.r.c	NOUN
ftr-347	401	4	.	.	PUNCT
ftr-347	402	1	§	§	PROPN
ftr-347	402	2	864(b)(2)(a)(ii	864(b)(2)(a)(ii	PROPN
ftr-347	402	3	)	)	PUNCT
ftr-347	402	4	;	;	PUNCT
ftr-347	403	1	treas	treas	PROPN
ftr-347	403	2	.	.	PUNCT
ftr-347	404	1	reg	reg	PROPN
ftr-347	404	2	.	.	PUNCT
ftr-347	405	1	§	§	PROPN
ftr-347	405	2	1.864	1.864	NUM
ftr-347	405	3	-	-	PUNCT
ftr-347	405	4	2(c)(2)(iii	2(c)(2)(iii	NOUN
ftr-347	405	5	)	)	PUNCT
ftr-347	405	6	.	.	PUNCT
ftr-347	406	1	70	70	X
ftr-347	406	2	.	.	PUNCT
ftr-347	407	1	in	in	ADP
ftr-347	407	2	making	make	VERB
ftr-347	407	3	this	this	DET
ftr-347	407	4	determination	determination	NOUN
ftr-347	407	5	,	,	PUNCT
ftr-347	407	6	all	all	PRON
ftr-347	407	7	of	of	ADP
ftr-347	407	8	the	the	DET
ftr-347	407	9	foreign	foreign	ADJ
ftr-347	407	10	persons	person	NOUN
ftr-347	407	11	’	'	PUNCT
ftr-347	407	12	stock	stock	NOUN
ftr-347	407	13	and	and	CCONJ
ftr-347	407	14	securities	security	NOUN
ftr-347	407	15	transactions	transaction	NOUN
ftr-347	407	16	will	will	AUX
ftr-347	407	17	be	be	AUX
ftr-347	407	18	taken	take	VERB
ftr-347	407	19	into	into	ADP
ftr-347	407	20	account	account	NOUN
ftr-347	407	21	,	,	PUNCT
ftr-347	407	22	even	even	ADV
ftr-347	407	23	those	those	PRON
ftr-347	407	24	that	that	PRON
ftr-347	407	25	occur	occur	VERB
ftr-347	407	26	outside	outside	ADP
ftr-347	407	27	of	of	ADP
ftr-347	407	28	the	the	DET
ftr-347	407	29	u.s	u.s	PROPN
ftr-347	407	30	.	.	PROPN
ftr-347	407	31	being	be	AUX
ftr-347	407	32	characterized	characterize	VERB
ftr-347	407	33	as	as	ADP
ftr-347	407	34	a	a	DET
ftr-347	407	35	“	"	PUNCT
ftr-347	407	36	dealer	dealer	NOUN
ftr-347	407	37	”	"	PUNCT
ftr-347	407	38	for	for	ADP
ftr-347	407	39	this	this	DET
ftr-347	407	40	purpose	purpose	NOUN
ftr-347	407	41	means	mean	VERB
ftr-347	407	42	that	that	SCONJ
ftr-347	407	43	the	the	DET
ftr-347	407	44	securities	security	NOUN
ftr-347	407	45	trading	trade	VERB
ftr-347	407	46	safe	safe	ADJ
ftr-347	407	47	harbor	harbor	NOUN
ftr-347	407	48	will	will	AUX
ftr-347	407	49	not	not	PART
ftr-347	407	50	apply	apply	VERB
ftr-347	407	51	and	and	CCONJ
ftr-347	407	52	the	the	DET
ftr-347	407	53	foreign	foreign	ADJ
ftr-347	407	54	person	person	NOUN
ftr-347	407	55	may	may	AUX
ftr-347	407	56	be	be	AUX
ftr-347	407	57	considered	consider	VERB
ftr-347	407	58	engaged	engage	VERB
ftr-347	408	1	662	662	NUM
ftr-347	408	2	florida	florida	PROPN
ftr-347	408	3	tax	tax	NOUN
ftr-347	408	4	review	review	NOUN
ftr-347	409	1	[	[	X
ftr-347	409	2	vol	vol	NOUN
ftr-347	409	3	.	.	PUNCT
ftr-347	409	4	11:8	11:8	NUM
ftr-347	409	5	between	between	ADP
ftr-347	409	6	trading	trading	NOUN
ftr-347	409	7	and	and	CCONJ
ftr-347	409	8	dealing	deal	VERB
ftr-347	409	9	to	to	PART
ftr-347	409	10	determine	determine	VERB
ftr-347	409	11	whether	whether	SCONJ
ftr-347	409	12	or	or	CCONJ
ftr-347	409	13	not	not	PART
ftr-347	409	14	the	the	DET
ftr-347	409	15	safe	safe	ADJ
ftr-347	409	16	harbor	harbor	NOUN
ftr-347	409	17	applies	apply	VERB
ftr-347	409	18	has	have	AUX
ftr-347	409	19	been	be	AUX
ftr-347	409	20	as	as	ADV
ftr-347	409	21	elusive	elusive	ADJ
ftr-347	409	22	as	as	ADP
ftr-347	409	23	the	the	DET
ftr-347	409	24	trade	trade	NOUN
ftr-347	409	25	or	or	CCONJ
ftr-347	409	26	business	business	NOUN
ftr-347	409	27	concept	concept	NOUN
ftr-347	409	28	itself	itself	PRON
ftr-347	409	29	.	.	PUNCT
ftr-347	410	1	what	what	PRON
ftr-347	410	2	rises	rise	VERB
ftr-347	410	3	to	to	ADP
ftr-347	410	4	the	the	DET
ftr-347	410	5	level	level	NOUN
ftr-347	410	6	of	of	ADP
ftr-347	410	7	“	"	PUNCT
ftr-347	410	8	loan	loan	NOUN
ftr-347	410	9	origination	origination	NOUN
ftr-347	410	10	”	"	PUNCT
ftr-347	410	11	is	be	AUX
ftr-347	410	12	also	also	ADV
ftr-347	410	13	unclear	unclear	ADJ
ftr-347	410	14	in	in	ADP
ftr-347	410	15	this	this	DET
ftr-347	410	16	context	context	NOUN
ftr-347	410	17	.	.	PUNCT
ftr-347	411	1	although	although	SCONJ
ftr-347	411	2	the	the	DET
ftr-347	411	3	foreign	foreign	ADJ
ftr-347	411	4	funds	fund	NOUN
ftr-347	411	5	may	may	AUX
ftr-347	411	6	not	not	PART
ftr-347	411	7	be	be	AUX
ftr-347	411	8	lending	lend	VERB
ftr-347	411	9	directly	directly	ADV
ftr-347	411	10	to	to	ADP
ftr-347	411	11	u.s	u.s	PROPN
ftr-347	411	12	.	.	PROPN
ftr-347	411	13	borrowers	borrower	NOUN
ftr-347	411	14	in	in	ADP
ftr-347	411	15	form	form	NOUN
ftr-347	411	16	,	,	PUNCT
ftr-347	411	17	in	in	ADP
ftr-347	411	18	substance	substance	NOUN
ftr-347	411	19	the	the	DET
ftr-347	411	20	foreign	foreign	ADJ
ftr-347	411	21	funds	fund	NOUN
ftr-347	411	22	may	may	AUX
ftr-347	411	23	be	be	AUX
ftr-347	411	24	driving	drive	VERB
ftr-347	411	25	the	the	DET
ftr-347	411	26	loan	loan	NOUN
ftr-347	411	27	terms	term	NOUN
ftr-347	411	28	with	with	ADP
ftr-347	411	29	forward	forward	ADJ
ftr-347	411	30	commitments	commitment	NOUN
ftr-347	411	31	and	and	CCONJ
ftr-347	411	32	pre	pre	ADJ
ftr-347	411	33	-	-	ADJ
ftr-347	411	34	closing	closing	ADJ
ftr-347	411	35	understandings	understanding	NOUN
ftr-347	411	36	with	with	ADP
ftr-347	411	37	the	the	DET
ftr-347	411	38	syndicate	syndicate	NOUN
ftr-347	411	39	members	member	NOUN
ftr-347	411	40	.	.	PUNCT
ftr-347	412	1	there	there	PRON
ftr-347	412	2	is	be	VERB
ftr-347	412	3	no	no	DET
ftr-347	412	4	clear	clear	ADJ
ftr-347	412	5	authority	authority	NOUN
ftr-347	412	6	for	for	ADP
ftr-347	412	7	distinguishing	distinguish	VERB
ftr-347	412	8	between	between	ADP
ftr-347	412	9	an	an	DET
ftr-347	412	10	alleged	alleged	ADJ
ftr-347	412	11	“	"	PUNCT
ftr-347	412	12	old	old	ADJ
ftr-347	412	13	and	and	CCONJ
ftr-347	412	14	cold	cold	ADJ
ftr-347	412	15	”	"	PUNCT
ftr-347	412	16	debt	debt	NOUN
ftr-347	412	17	security	security	NOUN
ftr-347	412	18	bought	buy	VERB
ftr-347	412	19	on	on	ADP
ftr-347	412	20	the	the	DET
ftr-347	412	21	secondary	secondary	ADJ
ftr-347	412	22	market	market	NOUN
ftr-347	412	23	and	and	CCONJ
ftr-347	412	24	what	what	PRON
ftr-347	412	25	constitutes	constitute	VERB
ftr-347	412	26	loan	loan	NOUN
ftr-347	412	27	origination	origination	NOUN
ftr-347	412	28	in	in	ADP
ftr-347	412	29	this	this	DET
ftr-347	412	30	context	context	NOUN
ftr-347	412	31	.	.	PUNCT
ftr-347	413	1	does	do	AUX
ftr-347	413	2	a	a	DET
ftr-347	413	3	forward	forward	ADJ
ftr-347	413	4	commitment	commitment	NOUN
ftr-347	413	5	to	to	PART
ftr-347	413	6	purchase	purchase	VERB
ftr-347	413	7	a	a	DET
ftr-347	413	8	portion	portion	NOUN
ftr-347	413	9	of	of	ADP
ftr-347	413	10	the	the	DET
ftr-347	413	11	loan	loan	NOUN
ftr-347	413	12	before	before	SCONJ
ftr-347	413	13	the	the	DET
ftr-347	413	14	original	original	ADJ
ftr-347	413	15	loan	loan	NOUN
ftr-347	413	16	transaction	transaction	NOUN
ftr-347	413	17	closes	closes	AUX
ftr-347	413	18	put	put	VERB
ftr-347	413	19	a	a	DET
ftr-347	413	20	foreign	foreign	ADJ
ftr-347	413	21	fund	fund	NOUN
ftr-347	413	22	in	in	ADP
ftr-347	413	23	an	an	DET
ftr-347	413	24	origination	origination	NOUN
ftr-347	413	25	position	position	NOUN
ftr-347	413	26	?	?	PUNCT
ftr-347	414	1	does	do	AUX
ftr-347	414	2	a	a	DET
ftr-347	414	3	mac	mac	PROPN
ftr-347	414	4	clause	clause	NOUN
ftr-347	414	5	,	,	PUNCT
ftr-347	414	6	a	a	DET
ftr-347	414	7	provision	provision	NOUN
ftr-347	414	8	giving	give	VERB
ftr-347	414	9	the	the	DET
ftr-347	414	10	foreign	foreign	ADJ
ftr-347	414	11	fund	fund	NOUN
ftr-347	414	12	an	an	DET
ftr-347	414	13	out	out	NOUN
ftr-347	414	14	if	if	SCONJ
ftr-347	414	15	there	there	PRON
ftr-347	414	16	is	be	VERB
ftr-347	414	17	a	a	DET
ftr-347	414	18	material	material	ADJ
ftr-347	414	19	adverse	adverse	ADJ
ftr-347	414	20	change	change	NOUN
ftr-347	414	21	,	,	PUNCT
ftr-347	414	22	make	make	VERB
ftr-347	414	23	us	we	PRON
ftr-347	414	24	feel	feel	VERB
ftr-347	414	25	more	more	ADV
ftr-347	414	26	comfortable	comfortable	ADJ
ftr-347	414	27	about	about	ADP
ftr-347	414	28	the	the	DET
ftr-347	414	29	position	position	NOUN
ftr-347	414	30	that	that	PRON
ftr-347	414	31	a	a	DET
ftr-347	414	32	forward	forward	ADJ
ftr-347	414	33	commitment	commitment	NOUN
ftr-347	414	34	does	do	AUX
ftr-347	414	35	not	not	PART
ftr-347	414	36	translate	translate	VERB
ftr-347	414	37	into	into	ADP
ftr-347	414	38	an	an	DET
ftr-347	414	39	origination	origination	NOUN
ftr-347	414	40	position	position	NOUN
ftr-347	414	41	?	?	PUNCT
ftr-347	415	1	how	how	SCONJ
ftr-347	415	2	long	long	ADV
ftr-347	415	3	must	must	AUX
ftr-347	415	4	the	the	DET
ftr-347	415	5	foreign	foreign	ADJ
ftr-347	415	6	hedge	hedge	NOUN
ftr-347	415	7	fund	fund	NOUN
ftr-347	415	8	wait	wait	VERB
ftr-347	415	9	after	after	ADP
ftr-347	415	10	the	the	DET
ftr-347	415	11	original	original	ADJ
ftr-347	415	12	loan	loan	NOUN
ftr-347	415	13	closing	closing	NOUN
ftr-347	415	14	to	to	PART
ftr-347	415	15	purchase	purchase	VERB
ftr-347	415	16	debt	debt	NOUN
ftr-347	415	17	securities	security	NOUN
ftr-347	415	18	on	on	ADP
ftr-347	415	19	the	the	DET
ftr-347	415	20	secondary	secondary	ADJ
ftr-347	415	21	market	market	NOUN
ftr-347	415	22	without	without	ADP
ftr-347	415	23	risk	risk	NOUN
ftr-347	415	24	of	of	ADP
ftr-347	415	25	being	be	AUX
ftr-347	415	26	accused	accuse	VERB
ftr-347	415	27	of	of	ADP
ftr-347	415	28	loan	loan	NOUN
ftr-347	415	29	origination	origination	NOUN
ftr-347	415	30	?	?	PUNCT
ftr-347	416	1	many	many	ADJ
ftr-347	416	2	funds	fund	NOUN
ftr-347	416	3	wait	wait	VERB
ftr-347	416	4	only	only	ADV
ftr-347	416	5	24	24	NUM
ftr-347	416	6	or	or	CCONJ
ftr-347	416	7	48	48	NUM
ftr-347	416	8	hours	hour	NOUN
ftr-347	416	9	.	.	PUNCT
ftr-347	417	1	is	be	AUX
ftr-347	417	2	this	this	PRON
ftr-347	417	3	enough	enough	ADV
ftr-347	417	4	?	?	PUNCT
ftr-347	418	1	what	what	PRON
ftr-347	418	2	if	if	SCONJ
ftr-347	418	3	there	there	PRON
ftr-347	418	4	are	be	VERB
ftr-347	418	5	equalizing	equalize	VERB
ftr-347	418	6	trades	trade	NOUN
ftr-347	418	7	between	between	ADP
ftr-347	418	8	a	a	DET
ftr-347	418	9	u.s	u.s	PROPN
ftr-347	418	10	.	.	PROPN
ftr-347	418	11	affiliate	affiliate	NOUN
ftr-347	418	12	who	who	PRON
ftr-347	418	13	purchased	purchase	VERB
ftr-347	418	14	the	the	DET
ftr-347	418	15	debt	debt	NOUN
ftr-347	418	16	securities	security	NOUN
ftr-347	418	17	at	at	ADP
ftr-347	418	18	closing	closing	NOUN
ftr-347	418	19	and	and	CCONJ
ftr-347	418	20	a	a	DET
ftr-347	418	21	foreign	foreign	ADJ
ftr-347	418	22	fund	fund	NOUN
ftr-347	418	23	for	for	ADP
ftr-347	418	24	any	any	DET
ftr-347	418	25	value	value	NOUN
ftr-347	418	26	shifts	shift	NOUN
ftr-347	418	27	during	during	ADP
ftr-347	418	28	that	that	DET
ftr-347	418	29	time	time	NOUN
ftr-347	418	30	?	?	PUNCT
ftr-347	419	1	sometimes	sometimes	ADV
ftr-347	419	2	a	a	DET
ftr-347	419	3	u.s	u.s	PROPN
ftr-347	419	4	.	.	PROPN
ftr-347	419	5	affiliate	affiliate	NOUN
ftr-347	419	6	does	do	AUX
ftr-347	419	7	not	not	PART
ftr-347	419	8	sell	sell	VERB
ftr-347	419	9	debt	debt	NOUN
ftr-347	419	10	securities	security	NOUN
ftr-347	419	11	to	to	ADP
ftr-347	419	12	its	its	PRON
ftr-347	419	13	foreign	foreign	ADJ
ftr-347	419	14	affiliate	affiliate	NOUN
ftr-347	419	15	until	until	SCONJ
ftr-347	419	16	after	after	SCONJ
ftr-347	419	17	the	the	DET
ftr-347	419	18	u.s	u.s	PROPN
ftr-347	419	19	.	.	PROPN
ftr-347	419	20	affiliate	affiliate	NOUN
ftr-347	419	21	has	have	AUX
ftr-347	419	22	held	hold	VERB
ftr-347	419	23	the	the	DET
ftr-347	419	24	loan	loan	NOUN
ftr-347	419	25	for	for	ADP
ftr-347	419	26	a	a	DET
ftr-347	419	27	fixed	fix	VERB
ftr-347	419	28	period	period	NOUN
ftr-347	419	29	of	of	ADP
ftr-347	419	30	time	time	NOUN
ftr-347	419	31	,	,	PUNCT
ftr-347	419	32	often	often	ADV
ftr-347	419	33	3	3	NUM
ftr-347	419	34	months	month	NOUN
ftr-347	419	35	or	or	CCONJ
ftr-347	419	36	so	so	ADV
ftr-347	419	37	.	.	PUNCT
ftr-347	420	1	this	this	DET
ftr-347	420	2	strategy	strategy	NOUN
ftr-347	420	3	is	be	AUX
ftr-347	420	4	often	often	ADV
ftr-347	420	5	called	call	VERB
ftr-347	420	6	“	"	PUNCT
ftr-347	420	7	seasoning	season	VERB
ftr-347	420	8	”	"	PUNCT
ftr-347	420	9	the	the	DET
ftr-347	420	10	debt	debt	NOUN
ftr-347	420	11	securities	security	NOUN
ftr-347	420	12	.	.	PUNCT
ftr-347	421	1	what	what	PRON
ftr-347	421	2	if	if	SCONJ
ftr-347	421	3	the	the	DET
ftr-347	421	4	affiliated	affiliate	VERB
ftr-347	421	5	funds	fund	NOUN
ftr-347	421	6	invest	invest	VERB
ftr-347	421	7	in	in	ADP
ftr-347	421	8	“	"	PUNCT
ftr-347	421	9	lockstep	lockstep	NOUN
ftr-347	421	10	”	"	PUNCT
ftr-347	421	11	with	with	ADP
ftr-347	421	12	the	the	DET
ftr-347	421	13	foreign	foreign	ADJ
ftr-347	421	14	funds	fund	NOUN
ftr-347	421	15	and	and	CCONJ
ftr-347	421	16	provide	provide	VERB
ftr-347	421	17	equalizing	equalizing	NOUN
ftr-347	421	18	trades	trade	NOUN
ftr-347	421	19	during	during	ADP
ftr-347	421	20	the	the	DET
ftr-347	421	21	seasoning	seasoning	NOUN
ftr-347	421	22	period	period	NOUN
ftr-347	421	23	?	?	PUNCT
ftr-347	422	1	agency	agency	NOUN
ftr-347	422	2	issues	issue	NOUN
ftr-347	422	3	further	far	ADV
ftr-347	422	4	complicate	complicate	VERB
ftr-347	422	5	matters	matter	NOUN
ftr-347	422	6	.	.	PUNCT
ftr-347	423	1	perhaps	perhaps	ADV
ftr-347	423	2	the	the	DET
ftr-347	423	3	lead	lead	ADJ
ftr-347	423	4	lender	lender	NOUN
ftr-347	423	5	or	or	CCONJ
ftr-347	423	6	syndicate	syndicate	NOUN
ftr-347	423	7	member	member	NOUN
ftr-347	423	8	is	be	AUX
ftr-347	423	9	an	an	DET
ftr-347	423	10	agent	agent	NOUN
ftr-347	423	11	for	for	ADP
ftr-347	423	12	the	the	DET
ftr-347	423	13	foreign	foreign	ADJ
ftr-347	423	14	fund	fund	NOUN
ftr-347	423	15	.	.	PUNCT
ftr-347	424	1	often	often	ADV
ftr-347	424	2	the	the	DET
ftr-347	424	3	foreign	foreign	ADJ
ftr-347	424	4	hedge	hedge	NOUN
ftr-347	424	5	fund	fund	NOUN
ftr-347	424	6	is	be	AUX
ftr-347	424	7	on	on	ADP
ftr-347	424	8	the	the	DET
ftr-347	424	9	syndicate	syndicate	NOUN
ftr-347	424	10	member	member	NOUN
ftr-347	424	11	’s	’s	PART
ftr-347	424	12	speed	speed	NOUN
ftr-347	424	13	dial	dial	NOUN
ftr-347	424	14	for	for	ADP
ftr-347	424	15	transaction	transaction	NOUN
ftr-347	424	16	after	after	ADP
ftr-347	424	17	transaction	transaction	NOUN
ftr-347	424	18	.	.	PUNCT
ftr-347	425	1	in	in	ADP
ftr-347	425	2	addition	addition	NOUN
ftr-347	425	3	,	,	PUNCT
ftr-347	425	4	to	to	ADP
ftr-347	425	5	what	what	DET
ftr-347	425	6	extent	extent	NOUN
ftr-347	425	7	can	can	AUX
ftr-347	425	8	the	the	DET
ftr-347	425	9	foreign	foreign	ADJ
ftr-347	425	10	fund	fund	NOUN
ftr-347	425	11	or	or	CCONJ
ftr-347	425	12	its	its	PRON
ftr-347	425	13	investment	investment	NOUN
ftr-347	425	14	advisor	advisor	NOUN
ftr-347	425	15	formally	formally	ADV
ftr-347	425	16	or	or	CCONJ
ftr-347	425	17	informally	informally	ADV
ftr-347	425	18	participate	participate	VERB
ftr-347	425	19	in	in	ADP
ftr-347	425	20	the	the	DET
ftr-347	425	21	original	original	ADJ
ftr-347	425	22	loan	loan	NOUN
ftr-347	425	23	negotiations	negotiation	NOUN
ftr-347	425	24	?	?	PUNCT
ftr-347	425	25	is	be	AUX
ftr-347	425	26	it	it	PRON
ftr-347	425	27	a	a	DET
ftr-347	425	28	problem	problem	NOUN
ftr-347	425	29	if	if	SCONJ
ftr-347	425	30	the	the	DET
ftr-347	425	31	foreign	foreign	ADJ
ftr-347	425	32	fund	fund	NOUN
ftr-347	425	33	provides	provide	VERB
ftr-347	425	34	loan	loan	NOUN
ftr-347	425	35	document	document	NOUN
ftr-347	425	36	comments	comment	NOUN
ftr-347	425	37	to	to	ADP
ftr-347	425	38	the	the	DET
ftr-347	425	39	borrower	borrower	NOUN
ftr-347	425	40	(	(	PUNCT
ftr-347	425	41	or	or	CCONJ
ftr-347	425	42	to	to	ADP
ftr-347	425	43	the	the	DET
ftr-347	425	44	syndicate	syndicate	NOUN
ftr-347	425	45	member	member	NOUN
ftr-347	425	46	)	)	PUNCT
ftr-347	425	47	?	?	PUNCT
ftr-347	426	1	finally	finally	ADV
ftr-347	426	2	,	,	PUNCT
ftr-347	426	3	if	if	SCONJ
ftr-347	426	4	there	there	PRON
ftr-347	426	5	is	be	VERB
ftr-347	426	6	loan	loan	NOUN
ftr-347	426	7	origination	origination	NOUN
ftr-347	426	8	or	or	CCONJ
ftr-347	426	9	deemed	deem	VERB
ftr-347	426	10	loan	loan	NOUN
ftr-347	426	11	origination	origination	NOUN
ftr-347	426	12	,	,	PUNCT
ftr-347	426	13	how	how	SCONJ
ftr-347	426	14	much	much	ADJ
ftr-347	426	15	loan	loan	NOUN
ftr-347	426	16	origination	origination	NOUN
ftr-347	426	17	is	be	AUX
ftr-347	426	18	required	require	VERB
ftr-347	426	19	before	before	SCONJ
ftr-347	426	20	the	the	DET
ftr-347	426	21	foreign	foreign	ADJ
ftr-347	426	22	fund	fund	NOUN
ftr-347	426	23	will	will	AUX
ftr-347	426	24	be	be	AUX
ftr-347	426	25	considered	consider	VERB
ftr-347	426	26	engaged	engage	VERB
ftr-347	426	27	in	in	ADP
ftr-347	426	28	a	a	DET
ftr-347	426	29	u.s	u.s	PROPN
ftr-347	426	30	.	.	PROPN
ftr-347	426	31	trade	trade	NOUN
ftr-347	426	32	or	or	CCONJ
ftr-347	426	33	business	business	NOUN
ftr-347	426	34	is	be	AUX
ftr-347	426	35	unclear	unclear	ADJ
ftr-347	426	36	in	in	ADP
ftr-347	426	37	this	this	DET
ftr-347	426	38	context.71	context.71	NOUN
ftr-347	426	39	in	in	ADP
ftr-347	426	40	a	a	DET
ftr-347	426	41	u.s	u.s	PROPN
ftr-347	426	42	.	.	PROPN
ftr-347	426	43	business	business	NOUN
ftr-347	426	44	under	under	ADP
ftr-347	426	45	common	common	ADJ
ftr-347	426	46	law	law	NOUN
ftr-347	426	47	principles	principle	NOUN
ftr-347	426	48	unless	unless	SCONJ
ftr-347	426	49	another	another	DET
ftr-347	426	50	safe	safe	ADJ
ftr-347	426	51	harbor	harbor	NOUN
ftr-347	426	52	applies	apply	VERB
ftr-347	426	53	.	.	PUNCT
ftr-347	427	1	reg	reg	NOUN
ftr-347	427	2	.	.	PUNCT
ftr-347	428	1	§	§	PROPN
ftr-347	428	2	1.864	1.864	NUM
ftr-347	428	3	-	-	SYM
ftr-347	428	4	2(c)(2)(iv	2(c)(2)(iv	NUM
ftr-347	428	5	)	)	PUNCT
ftr-347	428	6	.	.	PUNCT
ftr-347	429	1	71	71	NUM
ftr-347	429	2	.	.	X
ftr-347	429	3	pasquel	pasquel	PROPN
ftr-347	429	4	v.	v.	ADP
ftr-347	429	5	commissionner	commissionner	NOUN
ftr-347	429	6	,	,	PUNCT
ftr-347	429	7	12	12	NUM
ftr-347	429	8	t.c.m	t.c.m	NOUN
ftr-347	429	9	.	.	PUNCT
ftr-347	430	1	(	(	PUNCT
ftr-347	430	2	cch	cch	NOUN
ftr-347	430	3	)	)	PUNCT
ftr-347	430	4	1431	1431	NUM
ftr-347	430	5	(	(	PUNCT
ftr-347	430	6	1953	1953	NUM
ftr-347	430	7	)	)	PUNCT
ftr-347	430	8	;	;	PUNCT
ftr-347	430	9	see	see	VERB
ftr-347	430	10	also	also	ADV
ftr-347	430	11	pinchot	pinchot	PROPN
ftr-347	430	12	v.	v.	PROPN
ftr-347	430	13	commissioner	commissioner	PROPN
ftr-347	430	14	,	,	PUNCT
ftr-347	430	15	113	113	NUM
ftr-347	430	16	f.2d	f.2d	NUM
ftr-347	430	17	718	718	NUM
ftr-347	430	18	,	,	PUNCT
ftr-347	430	19	719	719	NUM
ftr-347	430	20	(	(	PUNCT
ftr-347	430	21	2d	2d	NOUN
ftr-347	430	22	cir.1940	cir.1940	NUM
ftr-347	430	23	)	)	PUNCT
ftr-347	430	24	(	(	PUNCT
ftr-347	430	25	a	a	DET
ftr-347	430	26	nonresident	nonresident	ADJ
ftr-347	430	27	alien	alien	NOUN
ftr-347	430	28	was	be	AUX
ftr-347	430	29	engaged	engage	VERB
ftr-347	430	30	in	in	ADP
ftr-347	430	31	a	a	DET
ftr-347	430	32	u.s	u.s	PROPN
ftr-347	430	33	.	.	PROPN
ftr-347	430	34	trade	trade	NOUN
ftr-347	430	35	or	or	CCONJ
ftr-347	430	36	business	business	NOUN
ftr-347	430	37	because	because	SCONJ
ftr-347	430	38	real	real	ADJ
ftr-347	430	39	estate	estate	NOUN
ftr-347	430	40	management	management	NOUN
ftr-347	430	41	required	require	VERB
ftr-347	430	42	“	"	PUNCT
ftr-347	430	43	regular	regular	ADJ
ftr-347	430	44	and	and	CCONJ
ftr-347	430	45	continuous	continuous	ADJ
ftr-347	430	46	”	"	PUNCT
ftr-347	430	47	activity	activity	NOUN
ftr-347	430	48	including	include	VERB
ftr-347	430	49	purchasing	purchase	VERB
ftr-347	430	50	materials	material	NOUN
ftr-347	430	51	and	and	CCONJ
ftr-347	430	52	making	make	VERB
ftr-347	430	53	contracts	contract	NOUN
ftr-347	430	54	)	)	PUNCT
ftr-347	430	55	;	;	PUNCT
ftr-347	430	56	de	de	X
ftr-347	430	57	amodio	amodio	NOUN
ftr-347	430	58	v.	v.	ADP
ftr-347	430	59	commissioner	commissioner	NOUN
ftr-347	430	60	,	,	PUNCT
ftr-347	430	61	34	34	NUM
ftr-347	430	62	t.c	t.c	PROPN
ftr-347	430	63	.	.	PROPN
ftr-347	430	64	894	894	NUM
ftr-347	430	65	,	,	PUNCT
ftr-347	430	66	906	906	NUM
ftr-347	430	67	(	(	PUNCT
ftr-347	430	68	1960	1960	NUM
ftr-347	430	69	)	)	PUNCT
ftr-347	430	70	,	,	PUNCT
ftr-347	430	71	aff’d	aff’d	VERB
ftr-347	430	72	,	,	PUNCT
ftr-347	430	73	299	299	NUM
ftr-347	430	74	f.2d	f.2d	SYM
ftr-347	430	75	623	623	NUM
ftr-347	430	76	(	(	PUNCT
ftr-347	430	77	3d	3d	PROPN
ftr-347	430	78	cir	cir	NOUN
ftr-347	430	79	.	.	PROPN
ftr-347	430	80	1962	1962	NUM
ftr-347	430	81	)	)	PUNCT
ftr-347	430	82	(	(	PUNCT
ftr-347	430	83	the	the	DET
ftr-347	430	84	negotiation	negotiation	NOUN
ftr-347	430	85	of	of	ADP
ftr-347	430	86	leases	lease	NOUN
ftr-347	430	87	,	,	PUNCT
ftr-347	430	88	collection	collection	NOUN
ftr-347	430	89	of	of	ADP
ftr-347	430	90	rent	rent	NOUN
ftr-347	430	91	,	,	PUNCT
ftr-347	430	92	and	and	CCONJ
ftr-347	430	93	payment	payment	NOUN
ftr-347	430	94	of	of	ADP
ftr-347	430	95	taxes	taxis	NOUN
ftr-347	430	96	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	VERB
ftr-347	430	97	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=350&serialnum=1962113891&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	NOUN
ftr-347	430	98	2011	2011	NUM
ftr-347	430	99	]	]	PUNCT
ftr-347	430	100	the	the	DET
ftr-347	430	101	global	global	ADJ
ftr-347	430	102	shadow	shadow	PROPN
ftr-347	430	103	bank	bank	PROPN
ftr-347	430	104	663	663	NUM
ftr-347	430	105	whether	whether	SCONJ
ftr-347	430	106	or	or	CCONJ
ftr-347	430	107	not	not	PART
ftr-347	430	108	the	the	DET
ftr-347	430	109	securities	security	NOUN
ftr-347	430	110	trading	trade	VERB
ftr-347	430	111	safe	safe	ADJ
ftr-347	430	112	harbor	harbor	NOUN
ftr-347	430	113	can	can	AUX
ftr-347	430	114	apply	apply	VERB
ftr-347	430	115	to	to	PART
ftr-347	430	116	segregate	segregate	VERB
ftr-347	430	117	securities	security	NOUN
ftr-347	430	118	trading	trading	NOUN
ftr-347	430	119	from	from	ADP
ftr-347	430	120	an	an	DET
ftr-347	430	121	active	active	ADJ
ftr-347	430	122	financing	financing	NOUN
ftr-347	430	123	business	business	NOUN
ftr-347	430	124	is	be	AUX
ftr-347	430	125	unclear	unclear	ADJ
ftr-347	430	126	in	in	ADP
ftr-347	430	127	this	this	DET
ftr-347	430	128	context	context	NOUN
ftr-347	430	129	.	.	PUNCT
ftr-347	431	1	at	at	ADV
ftr-347	431	2	least	least	ADV
ftr-347	431	3	one	one	NUM
ftr-347	431	4	commentator	commentator	NOUN
ftr-347	431	5	,	,	PUNCT
ftr-347	431	6	lee	lee	PROPN
ftr-347	431	7	sheppard	sheppard	PROPN
ftr-347	431	8	,	,	PUNCT
ftr-347	431	9	contends	contend	VERB
ftr-347	431	10	that	that	SCONJ
ftr-347	431	11	the	the	DET
ftr-347	431	12	safe	safe	ADJ
ftr-347	431	13	harbor	harbor	NOUN
ftr-347	431	14	itself	itself	PRON
ftr-347	431	15	assumes	assume	VERB
ftr-347	431	16	that	that	SCONJ
ftr-347	431	17	trading	trading	NOUN
ftr-347	431	18	is	be	AUX
ftr-347	431	19	the	the	DET
ftr-347	431	20	taxpayer	taxpayer	NOUN
ftr-347	431	21	’s	’s	PART
ftr-347	431	22	only	only	ADJ
ftr-347	431	23	contact	contact	NOUN
ftr-347	431	24	with	with	ADP
ftr-347	431	25	the	the	DET
ftr-347	431	26	united	united	PROPN
ftr-347	431	27	states	states	PROPN
ftr-347	431	28	.	.	PUNCT
ftr-347	432	1	sheppard	sheppard	PROPN
ftr-347	432	2	argues	argue	VERB
ftr-347	432	3	that	that	SCONJ
ftr-347	432	4	once	once	SCONJ
ftr-347	432	5	the	the	DET
ftr-347	432	6	taxpayer	taxpayer	NOUN
ftr-347	432	7	is	be	AUX
ftr-347	432	8	in	in	ADP
ftr-347	432	9	some	some	DET
ftr-347	432	10	other	other	ADJ
ftr-347	432	11	business	business	NOUN
ftr-347	432	12	in	in	ADP
ftr-347	432	13	the	the	DET
ftr-347	432	14	united	united	PROPN
ftr-347	432	15	states	states	PROPN
ftr-347	432	16	(	(	PUNCT
ftr-347	432	17	i.e.	i.e.	X
ftr-347	432	18	lending	lending	NOUN
ftr-347	432	19	)	)	PUNCT
ftr-347	432	20	,	,	PUNCT
ftr-347	432	21	then	then	ADV
ftr-347	432	22	the	the	DET
ftr-347	432	23	securities	security	NOUN
ftr-347	432	24	trading	trading	NOUN
ftr-347	432	25	income	income	NOUN
ftr-347	432	26	would	would	AUX
ftr-347	432	27	be	be	AUX
ftr-347	432	28	effectively	effectively	ADV
ftr-347	432	29	connected	connect	VERB
ftr-347	432	30	with	with	ADP
ftr-347	432	31	that	that	DET
ftr-347	432	32	other	other	ADJ
ftr-347	432	33	business.72	business.72	NOUN
ftr-347	432	34	in	in	ADP
ftr-347	432	35	other	other	ADJ
ftr-347	432	36	words	word	NOUN
ftr-347	432	37	,	,	PUNCT
ftr-347	432	38	only	only	ADV
ftr-347	432	39	securities	security	NOUN
ftr-347	432	40	trading	trading	NOUN
ftr-347	432	41	standing	stand	VERB
ftr-347	432	42	alone	alone	ADV
ftr-347	432	43	is	be	AUX
ftr-347	432	44	eligible	eligible	ADJ
ftr-347	432	45	for	for	ADP
ftr-347	432	46	the	the	DET
ftr-347	432	47	securities	security	NOUN
ftr-347	432	48	trading	trade	VERB
ftr-347	432	49	safe	safe	ADJ
ftr-347	432	50	harbor	harbor	NOUN
ftr-347	432	51	.	.	PUNCT
ftr-347	433	1	but	but	CCONJ
ftr-347	433	2	even	even	ADV
ftr-347	433	3	sheppard	sheppard	NOUN
ftr-347	433	4	calls	call	VERB
ftr-347	433	5	for	for	ADP
ftr-347	433	6	guidance	guidance	NOUN
ftr-347	433	7	on	on	ADP
ftr-347	433	8	this	this	DET
ftr-347	433	9	point.73	point.73	NOUN
ftr-347	433	10	other	other	ADJ
ftr-347	433	11	commentators	commentator	NOUN
ftr-347	433	12	contend	contend	VERB
ftr-347	433	13	segregation	segregation	NOUN
ftr-347	433	14	is	be	AUX
ftr-347	433	15	possible.74	possible.74	PROPN
ftr-347	433	16	iii	iii	NOUN
ftr-347	433	17	.	.	PUNCT
ftr-347	434	1	we	we	PRON
ftr-347	434	2	should	should	AUX
ftr-347	434	3	consider	consider	VERB
ftr-347	434	4	whether	whether	SCONJ
ftr-347	434	5	the	the	DET
ftr-347	434	6	current	current	ADJ
ftr-347	434	7	uncertainty	uncertainty	NOUN
ftr-347	434	8	increases	increase	VERB
ftr-347	434	9	systemic	systemic	ADJ
ftr-347	434	10	risk	risk	NOUN
ftr-347	434	11	what	what	PRON
ftr-347	434	12	is	be	AUX
ftr-347	434	13	“	"	PUNCT
ftr-347	434	14	systemic	systemic	ADJ
ftr-347	434	15	risk	risk	NOUN
ftr-347	434	16	?	?	PUNCT
ftr-347	434	17	”	"	PUNCT
ftr-347	435	1	it	it	PRON
ftr-347	435	2	is	be	AUX
ftr-347	435	3	difficult	difficult	ADJ
ftr-347	435	4	to	to	PART
ftr-347	435	5	concisely	concisely	ADV
ftr-347	435	6	define	define	VERB
ftr-347	435	7	.	.	PUNCT
ftr-347	436	1	“	"	PUNCT
ftr-347	436	2	but	but	CCONJ
ftr-347	436	3	i	i	PRON
ftr-347	436	4	know	know	VERB
ftr-347	436	5	it	it	PRON
ftr-347	436	6	when	when	SCONJ
ftr-347	436	7	i	i	PRON
ftr-347	436	8	see	see	VERB
ftr-347	436	9	it	it	PRON
ftr-347	436	10	”	"	PUNCT
ftr-347	436	11	—	—	PUNCT
ftr-347	436	12	justice	justice	PROPN
ftr-347	436	13	potter	potter	PROPN
ftr-347	436	14	stewart	stewart	PROPN
ftr-347	436	15	,	,	PUNCT
ftr-347	436	16	concurring	concur	VERB
ftr-347	436	17	opinion	opinion	NOUN
ftr-347	436	18	in	in	ADP
ftr-347	436	19	jacobellis	jacobellis	PROPN
ftr-347	436	20	v.	v.	ADP
ftr-347	436	21	ohio	ohio	PROPN
ftr-347	436	22	,	,	PUNCT
ftr-347	436	23	378	378	NUM
ftr-347	436	24	u.s	u.s	PROPN
ftr-347	436	25	.	.	PROPN
ftr-347	436	26	184	184	NUM
ftr-347	436	27	,	,	PUNCT
ftr-347	436	28	197	197	NUM
ftr-347	436	29	(	(	PUNCT
ftr-347	436	30	1964	1964	NUM
ftr-347	436	31	)	)	PUNCT
ftr-347	436	32	(	(	PUNCT
ftr-347	436	33	regarding	regard	VERB
ftr-347	436	34	possible	possible	ADJ
ftr-347	436	35	obscenity	obscenity	NOUN
ftr-347	436	36	in	in	ADP
ftr-347	436	37	the	the	DET
ftr-347	436	38	the	the	DET
ftr-347	436	39	lovers	lover	NOUN
ftr-347	436	40	.	.	PUNCT
ftr-347	436	41	)	)	PUNCT
ftr-347	437	1	there	there	PRON
ftr-347	437	2	is	be	VERB
ftr-347	437	3	no	no	DET
ftr-347	437	4	widely	widely	ADV
ftr-347	437	5	accepted	accept	VERB
ftr-347	437	6	uniform	uniform	ADJ
ftr-347	437	7	definition	definition	NOUN
ftr-347	437	8	of	of	ADP
ftr-347	437	9	systemic	systemic	PROPN
ftr-347	437	10	risk.75	risk.75	PROPN
ftr-347	437	11	one	one	NUM
ftr-347	437	12	way	way	NOUN
ftr-347	437	13	to	to	PART
ftr-347	437	14	define	define	VERB
ftr-347	437	15	systemic	systemic	ADJ
ftr-347	437	16	risk	risk	NOUN
ftr-347	437	17	is	be	AUX
ftr-347	437	18	that	that	SCONJ
ftr-347	437	19	it	it	PRON
ftr-347	437	20	is	be	AUX
ftr-347	437	21	the	the	DET
ftr-347	437	22	risk	risk	NOUN
ftr-347	437	23	of	of	ADP
ftr-347	437	24	collapse	collapse	NOUN
ftr-347	437	25	of	of	ADP
ftr-347	437	26	an	an	DET
ftr-347	437	27	entire	entire	ADJ
ftr-347	437	28	and	and	CCONJ
ftr-347	437	29	insurance	insurance	NOUN
ftr-347	437	30	amounted	amount	VERB
ftr-347	437	31	to	to	ADP
ftr-347	437	32	a	a	DET
ftr-347	437	33	u.s	u.s	PROPN
ftr-347	437	34	.	.	PROPN
ftr-347	437	35	trade	trade	NOUN
ftr-347	437	36	or	or	CCONJ
ftr-347	437	37	business	business	NOUN
ftr-347	437	38	)	)	PUNCT
ftr-347	437	39	;	;	PUNCT
ftr-347	438	1	spermacet	spermacet	ADJ
ftr-347	438	2	whaling	whaling	NOUN
ftr-347	438	3	&	&	CCONJ
ftr-347	438	4	shipping	shipping	PROPN
ftr-347	438	5	co.	co.	PROPN
ftr-347	438	6	v.	v.	PROPN
ftr-347	438	7	commissioner	commissioner	PROPN
ftr-347	438	8	,	,	PUNCT
ftr-347	438	9	30	30	NUM
ftr-347	438	10	t.c	t.c	PROPN
ftr-347	438	11	.	.	PROPN
ftr-347	438	12	618	618	NUM
ftr-347	438	13	,	,	PUNCT
ftr-347	438	14	634	634	NUM
ftr-347	438	15	(	(	PUNCT
ftr-347	438	16	1958	1958	NUM
ftr-347	438	17	)	)	PUNCT
ftr-347	438	18	,	,	PUNCT
ftr-347	438	19	aff’d	aff’d	VERB
ftr-347	438	20	,	,	PUNCT
ftr-347	438	21	281	281	NUM
ftr-347	438	22	f.2d	f.2d	SYM
ftr-347	438	23	646	646	NUM
ftr-347	438	24	(	(	PUNCT
ftr-347	438	25	6th	6th	ADJ
ftr-347	438	26	cir	cir	NOUN
ftr-347	438	27	.	.	PUNCT
ftr-347	438	28	1960	1960	NUM
ftr-347	438	29	)	)	PUNCT
ftr-347	438	30	;	;	PUNCT
ftr-347	438	31	cont	cont	NOUN
ftr-347	438	32	.	.	PUNCT
ftr-347	438	33	trading	trading	PROPN
ftr-347	438	34	,	,	PUNCT
ftr-347	438	35	inc	inc	PROPN
ftr-347	438	36	.	.	PROPN
ftr-347	438	37	v.	v.	PROPN
ftr-347	438	38	commissioner	commissioner	NOUN
ftr-347	438	39	,	,	PUNCT
ftr-347	438	40	265	265	NUM
ftr-347	438	41	f.2d	f.2d	NUM
ftr-347	438	42	40	40	NUM
ftr-347	438	43	,	,	PUNCT
ftr-347	438	44	43	43	NUM
ftr-347	438	45	(	(	PUNCT
ftr-347	438	46	9th	9th	ADJ
ftr-347	438	47	cir	cir	NOUN
ftr-347	438	48	.	.	PUNCT
ftr-347	438	49	1959	1959	NUM
ftr-347	438	50	)	)	PUNCT
ftr-347	438	51	,	,	PUNCT
ftr-347	438	52	cert	cert	PROPN
ftr-347	438	53	.	.	PUNCT
ftr-347	438	54	denied	deny	VERB
ftr-347	438	55	,	,	PUNCT
ftr-347	438	56	361	361	NUM
ftr-347	438	57	u.s	u.s	PROPN
ftr-347	438	58	.	.	PROPN
ftr-347	438	59	827	827	NUM
ftr-347	438	60	(	(	PUNCT
ftr-347	438	61	1959	1959	NUM
ftr-347	438	62	)	)	PUNCT
ftr-347	438	63	;	;	PUNCT
ftr-347	438	64	gen	gen	PROPN
ftr-347	438	65	.	.	PROPN
ftr-347	438	66	couns	couns	PROPN
ftr-347	438	67	.	.	PUNCT
ftr-347	439	1	mem	mem	PROPN
ftr-347	439	2	.	.	X
ftr-347	439	3	18,835	18,835	NUM
ftr-347	439	4	,	,	PUNCT
ftr-347	439	5	1937	1937	NUM
ftr-347	439	6	-	-	SYM
ftr-347	439	7	2	2	NUM
ftr-347	439	8	c.b	c.b	PROPN
ftr-347	439	9	.	.	PROPN
ftr-347	439	10	141	141	NUM
ftr-347	439	11	(	(	PUNCT
ftr-347	439	12	mere	mere	ADJ
ftr-347	439	13	management	management	NOUN
ftr-347	439	14	of	of	ADP
ftr-347	439	15	investments	investment	NOUN
ftr-347	439	16	was	be	AUX
ftr-347	439	17	insufficient	insufficient	ADJ
ftr-347	439	18	to	to	PART
ftr-347	439	19	constitute	constitute	VERB
ftr-347	439	20	carrying	carry	VERB
ftr-347	439	21	on	on	ADP
ftr-347	439	22	a	a	DET
ftr-347	439	23	trade	trade	NOUN
ftr-347	439	24	or	or	CCONJ
ftr-347	439	25	business	business	NOUN
ftr-347	439	26	)	)	PUNCT
ftr-347	439	27	;	;	PUNCT
ftr-347	439	28	neill	neill	PROPN
ftr-347	439	29	v.	v.	PROPN
ftr-347	439	30	commissioner	commissioner	PROPN
ftr-347	439	31	,	,	PUNCT
ftr-347	439	32	46	46	NUM
ftr-347	439	33	b.t.a	b.t.a	NOUN
ftr-347	439	34	.	.	PROPN
ftr-347	439	35	197	197	NUM
ftr-347	439	36	(	(	PUNCT
ftr-347	439	37	1942	1942	NUM
ftr-347	439	38	)	)	PUNCT
ftr-347	439	39	(	(	PUNCT
ftr-347	439	40	mere	mere	ADJ
ftr-347	439	41	ownership	ownership	NOUN
ftr-347	439	42	of	of	ADP
ftr-347	439	43	property	property	NOUN
ftr-347	439	44	in	in	ADP
ftr-347	439	45	the	the	DET
ftr-347	439	46	form	form	NOUN
ftr-347	439	47	of	of	ADP
ftr-347	439	48	a	a	DET
ftr-347	439	49	single	single	ADJ
ftr-347	439	50	building	building	NOUN
ftr-347	439	51	did	do	AUX
ftr-347	439	52	not	not	PART
ftr-347	439	53	constitute	constitute	VERB
ftr-347	439	54	the	the	DET
ftr-347	439	55	carrying	carrying	NOUN
ftr-347	439	56	on	on	ADP
ftr-347	439	57	of	of	ADP
ftr-347	439	58	a	a	DET
ftr-347	439	59	business	business	NOUN
ftr-347	439	60	)	)	PUNCT
ftr-347	439	61	;	;	PUNCT
ftr-347	439	62	higgins	higgins	PROPN
ftr-347	439	63	v.	v.	PROPN
ftr-347	439	64	commissioner	commissioner	PROPN
ftr-347	439	65	,	,	PUNCT
ftr-347	439	66	312	312	NUM
ftr-347	439	67	u.s	u.s	PROPN
ftr-347	439	68	.	.	PROPN
ftr-347	439	69	475	475	NUM
ftr-347	439	70	,	,	PUNCT
ftr-347	439	71	478	478	NUM
ftr-347	439	72	(	(	PUNCT
ftr-347	439	73	1941	1941	NUM
ftr-347	439	74	)	)	PUNCT
ftr-347	439	75	(	(	PUNCT
ftr-347	439	76	no	no	DET
ftr-347	439	77	amount	amount	NOUN
ftr-347	439	78	of	of	ADP
ftr-347	439	79	activity	activity	NOUN
ftr-347	439	80	can	can	AUX
ftr-347	439	81	convert	convert	VERB
ftr-347	439	82	investment	investment	NOUN
ftr-347	439	83	into	into	ADP
ftr-347	439	84	a	a	DET
ftr-347	439	85	trade	trade	NOUN
ftr-347	439	86	or	or	CCONJ
ftr-347	439	87	business	business	NOUN
ftr-347	439	88	)	)	PUNCT
ftr-347	439	89	.	.	PUNCT
ftr-347	440	1	72	72	NUM
ftr-347	440	2	.	.	PUNCT
ftr-347	440	3	lee	lee	PROPN
ftr-347	440	4	a.	a.	PROPN
ftr-347	440	5	sheppard	sheppard	PROPN
ftr-347	440	6	,	,	PUNCT
ftr-347	440	7	news	news	NOUN
ftr-347	440	8	analysis	analysis	NOUN
ftr-347	440	9	—	—	PUNCT
ftr-347	440	10	neither	neither	CCONJ
ftr-347	440	11	a	a	DET
ftr-347	440	12	dealer	dealer	NOUN
ftr-347	440	13	nor	nor	CCONJ
ftr-347	440	14	a	a	DET
ftr-347	440	15	lender	lender	NOUN
ftr-347	440	16	be	be	AUX
ftr-347	440	17	,	,	PUNCT
ftr-347	440	18	part	part	NOUN
ftr-347	440	19	2	2	NUM
ftr-347	440	20	:	:	PUNCT
ftr-347	440	21	hedge	hedge	NOUN
ftr-347	440	22	fund	fund	PROPN
ftr-347	440	23	lending	lending	NOUN
ftr-347	440	24	,	,	PUNCT
ftr-347	440	25	108	108	NUM
ftr-347	440	26	tax	tax	NOUN
ftr-347	440	27	notes	note	NOUN
ftr-347	440	28	729	729	NUM
ftr-347	440	29	(	(	PUNCT
ftr-347	440	30	2005	2005	NUM
ftr-347	440	31	)	)	PUNCT
ftr-347	440	32	.	.	PUNCT
ftr-347	441	1	73	73	NUM
ftr-347	441	2	.	.	PUNCT
ftr-347	442	1	i	i	PRON
ftr-347	442	2	d.	d.	PROPN
ftr-347	442	3	74	74	NUM
ftr-347	442	4	.	.	PUNCT
ftr-347	443	1	leblang	leblang	PROPN
ftr-347	443	2	&	&	CCONJ
ftr-347	443	3	rosenberg	rosenberg	PROPN
ftr-347	443	4	,	,	PUNCT
ftr-347	443	5	toward	toward	ADP
ftr-347	443	6	an	an	DET
ftr-347	443	7	active	active	ADJ
ftr-347	443	8	finance	finance	NOUN
ftr-347	443	9	standard	standard	NOUN
ftr-347	443	10	,	,	PUNCT
ftr-347	443	11	supra	supra	PROPN
ftr-347	443	12	note	note	NOUN
ftr-347	443	13	49	49	NUM
ftr-347	443	14	.	.	PUNCT
ftr-347	444	1	75	75	NUM
ftr-347	444	2	.	.	PUNCT
ftr-347	445	1	see	see	VERB
ftr-347	445	2	steven	steven	PROPN
ftr-347	445	3	l.	l.	PROPN
ftr-347	445	4	schwarcz	schwarcz	PROPN
ftr-347	445	5	and	and	CCONJ
ftr-347	445	6	imen	iman	NOUN
ftr-347	445	7	anabtawi	anabtawi	PROPN
ftr-347	445	8	,	,	PUNCT
ftr-347	445	9	regulating	regulate	VERB
ftr-347	445	10	systemic	systemic	ADJ
ftr-347	445	11	risk	risk	NOUN
ftr-347	445	12	,	,	PUNCT
ftr-347	445	13	85	85	NUM
ftr-347	445	14	notre	notre	PROPN
ftr-347	445	15	dame	dame	PROPN
ftr-347	445	16	l.	l.	PROPN
ftr-347	445	17	rev	rev	PROPN
ftr-347	445	18	.	.	PUNCT
ftr-347	446	1	(	(	PUNCT
ftr-347	446	2	forthcoming	forthcoming	ADJ
ftr-347	446	3	2011	2011	NUM
ftr-347	446	4	)	)	PUNCT
ftr-347	446	5	(	(	PUNCT
ftr-347	446	6	recognizing	recognize	VERB
ftr-347	446	7	that	that	SCONJ
ftr-347	446	8	the	the	DET
ftr-347	446	9	“	"	PUNCT
ftr-347	446	10	term	term	NOUN
ftr-347	446	11	‘	'	PUNCT
ftr-347	446	12	systemic	systemic	ADJ
ftr-347	446	13	risk	risk	NOUN
ftr-347	446	14	’	'	PUNCT
ftr-347	446	15	has	have	AUX
ftr-347	446	16	been	be	AUX
ftr-347	446	17	used	use	VERB
ftr-347	446	18	in	in	ADP
ftr-347	446	19	various	various	ADJ
ftr-347	446	20	ways	way	NOUN
ftr-347	446	21	,	,	PUNCT
ftr-347	446	22	sometimes	sometimes	ADV
ftr-347	446	23	inconsistently	inconsistently	ADV
ftr-347	446	24	.	.	PUNCT
ftr-347	446	25	”	"	PUNCT
ftr-347	446	26	)	)	PUNCT
ftr-347	446	27	;	;	PUNCT
ftr-347	446	28	see	see	VERB
ftr-347	446	29	also	also	ADV
ftr-347	446	30	steven	steven	PROPN
ftr-347	446	31	l.	l.	PROPN
ftr-347	446	32	shwarcz	shwarcz	PROPN
ftr-347	446	33	,	,	PUNCT
ftr-347	446	34	systemic	systemic	ADJ
ftr-347	446	35	risk	risk	NOUN
ftr-347	446	36	,	,	PUNCT
ftr-347	446	37	97	97	NUM
ftr-347	446	38	geo	geo	PROPN
ftr-347	446	39	.	.	PUNCT
ftr-347	447	1	l.j	l.j	PROPN
ftr-347	447	2	.	.	PROPN
ftr-347	447	3	193	193	NUM
ftr-347	447	4	,	,	PUNCT
ftr-347	447	5	196–97	196–97	NUM
ftr-347	447	6	,	,	PUNCT
ftr-347	447	7	247–48	247–48	NUM
ftr-347	447	8	(	(	PUNCT
ftr-347	447	9	2008	2008	NUM
ftr-347	447	10	)	)	PUNCT
ftr-347	447	11	.	.	PUNCT
ftr-347	448	1	alan	alan	PROPN
ftr-347	448	2	greenspan	greenspan	PROPN
ftr-347	448	3	stated	state	VERB
ftr-347	448	4	that	that	SCONJ
ftr-347	448	5	the	the	DET
ftr-347	448	6	“	"	PUNCT
ftr-347	448	7	very	very	ADJ
ftr-347	448	8	definition	definition	NOUN
ftr-347	448	9	[	[	X
ftr-347	448	10	of	of	ADP
ftr-347	448	11	systemic	systemic	ADJ
ftr-347	448	12	risk	risk	NOUN
ftr-347	448	13	]	]	PUNCT
ftr-347	448	14	is	be	AUX
ftr-347	448	15	still	still	ADV
ftr-347	448	16	somewhat	somewhat	ADV
ftr-347	448	17	unsettled	unsettled	ADJ
ftr-347	448	18	.	.	PUNCT
ftr-347	448	19	”	"	PUNCT
ftr-347	449	1	george	george	PROPN
ftr-347	449	2	g.	g.	PROPN
ftr-347	449	3	kaufman	kaufman	PROPN
ftr-347	449	4	,	,	PUNCT
ftr-347	449	5	bank	bank	NOUN
ftr-347	449	6	failures	failure	NOUN
ftr-347	449	7	,	,	PUNCT
ftr-347	449	8	systemic	systemic	ADJ
ftr-347	449	9	risk	risk	NOUN
ftr-347	449	10	,	,	PUNCT
ftr-347	449	11	and	and	CCONJ
ftr-347	449	12	bank	bank	NOUN
ftr-347	449	13	regulation	regulation	NOUN
ftr-347	449	14	,	,	PUNCT
ftr-347	449	15	16	16	NUM
ftr-347	449	16	cato	cato	PROPN
ftr-347	449	17	j.	j.	PROPN
ftr-347	449	18	17	17	PROPN
ftr-347	449	19	,	,	PUNCT
ftr-347	449	20	21	21	NUM
ftr-347	449	21	n.5	n.5	X
ftr-347	449	22	(	(	PUNCT
ftr-347	449	23	1996	1996	NUM
ftr-347	449	24	)	)	PUNCT
ftr-347	449	25	(	(	PUNCT
ftr-347	449	26	quoting	quote	VERB
ftr-347	449	27	alan	alan	PROPN
ftr-347	449	28	greenspan	greenspan	PROPN
ftr-347	449	29	,	,	PUNCT
ftr-347	449	30	remarks	remark	VERB
ftr-347	449	31	at	at	ADP
ftr-347	449	32	a	a	DET
ftr-347	449	33	conference	conference	NOUN
ftr-347	449	34	on	on	ADP
ftr-347	449	35	risk	risk	NOUN
ftr-347	449	36	measurement	measurement	NOUN
ftr-347	449	37	and	and	CCONJ
ftr-347	449	38	systemic	systemic	ADJ
ftr-347	449	39	risk	risk	NOUN
ftr-347	449	40	,	,	PUNCT
ftr-347	449	41	board	board	NOUN
ftr-347	449	42	of	of	ADP
ftr-347	449	43	governors	governor	NOUN
ftr-347	449	44	of	of	ADP
ftr-347	449	45	the	the	DET
ftr-347	449	46	federal	federal	PROPN
ftr-347	449	47	reserve	reserve	PROPN
ftr-347	449	48	system	system	NOUN
ftr-347	449	49	(	(	PUNCT
ftr-347	449	50	nov	nov	PROPN
ftr-347	449	51	.	.	PROPN
ftr-347	449	52	16	16	NUM
ftr-347	449	53	,	,	PUNCT
ftr-347	449	54	1995	1995	NUM
ftr-347	449	55	)	)	PUNCT
ftr-347	449	56	)	)	PUNCT
ftr-347	449	57	.	.	PUNCT
ftr-347	450	1	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=780&serialnum=1959202531&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	http://web2.westlaw.com/find/default.wl?vc=0&ordoc=0303774087&rp=%2ffind%2fdefault.wl&db=780&serialnum=1959202531&findtype=y&ap=&fn=_top&rs=wlw9.01&ifm=notset&mt=tax&vr=2.0&sv=split	PROPN
ftr-347	450	2	664	664	NUM
ftr-347	450	3	florida	florida	PROPN
ftr-347	450	4	tax	tax	NOUN
ftr-347	450	5	review	review	NOUN
ftr-347	450	6	[	[	X
ftr-347	450	7	vol	vol	NOUN
ftr-347	450	8	.	.	PUNCT
ftr-347	451	1	11:8	11:8	NUM
ftr-347	451	2	financial	financial	ADJ
ftr-347	451	3	system	system	NOUN
ftr-347	451	4	or	or	CCONJ
ftr-347	451	5	market	market	NOUN
ftr-347	451	6	“	"	PUNCT
ftr-347	451	7	serious	serious	ADJ
ftr-347	451	8	enough	enough	ADV
ftr-347	451	9	to	to	PART
ftr-347	451	10	quite	quite	ADV
ftr-347	451	11	probably	probably	ADV
ftr-347	451	12	have	have	VERB
ftr-347	451	13	significant	significant	ADJ
ftr-347	451	14	adverse	adverse	ADJ
ftr-347	451	15	effects	effect	NOUN
ftr-347	451	16	on	on	ADP
ftr-347	451	17	the	the	DET
ftr-347	451	18	real	real	ADJ
ftr-347	451	19	economy	economy	NOUN
ftr-347	451	20	.	.	PUNCT
ftr-347	452	1	”76	”76	VERB
ftr-347	452	2	the	the	DET
ftr-347	452	3	“	"	PUNCT
ftr-347	452	4	real	real	ADJ
ftr-347	452	5	economy	economy	NOUN
ftr-347	452	6	”	"	PUNCT
ftr-347	452	7	simply	simply	ADV
ftr-347	452	8	refers	refer	VERB
ftr-347	452	9	to	to	ADP
ftr-347	452	10	the	the	DET
ftr-347	452	11	goods	good	NOUN
ftr-347	452	12	,	,	PUNCT
ftr-347	452	13	services	service	NOUN
ftr-347	452	14	,	,	PUNCT
ftr-347	452	15	and	and	CCONJ
ftr-347	452	16	resources	resource	NOUN
ftr-347	452	17	aspects	aspect	NOUN
ftr-347	452	18	of	of	ADP
ftr-347	452	19	the	the	DET
ftr-347	452	20	economy	economy	NOUN
ftr-347	452	21	,	,	PUNCT
ftr-347	452	22	as	as	SCONJ
ftr-347	452	23	opposed	oppose	VERB
ftr-347	452	24	to	to	ADP
ftr-347	452	25	financial	financial	ADJ
ftr-347	452	26	markets.77	markets.77	NOUN
ftr-347	452	27	essentially	essentially	ADV
ftr-347	452	28	systemic	systemic	ADJ
ftr-347	452	29	risk	risk	NOUN
ftr-347	452	30	involves	involve	VERB
ftr-347	452	31	a	a	DET
ftr-347	452	32	potential	potential	ADJ
ftr-347	452	33	cascading	cascade	VERB
ftr-347	452	34	failure	failure	NOUN
ftr-347	452	35	in	in	ADP
ftr-347	452	36	a	a	DET
ftr-347	452	37	system	system	NOUN
ftr-347	452	38	or	or	CCONJ
ftr-347	452	39	market	market	NOUN
ftr-347	452	40	due	due	ADP
ftr-347	452	41	to	to	ADP
ftr-347	452	42	interlinkages	interlinkage	NOUN
ftr-347	452	43	and	and	CCONJ
ftr-347	452	44	interdependencies.78	interdependencies.78	VERB
ftr-347	452	45	this	this	DET
ftr-347	452	46	chain	chain	NOUN
ftr-347	452	47	reaction	reaction	NOUN
ftr-347	452	48	is	be	AUX
ftr-347	452	49	often	often	ADV
ftr-347	452	50	likened	liken	VERB
ftr-347	452	51	to	to	ADP
ftr-347	452	52	the	the	DET
ftr-347	452	53	quintessential	quintessential	ADJ
ftr-347	452	54	example	example	NOUN
ftr-347	452	55	of	of	ADP
ftr-347	452	56	a	a	DET
ftr-347	452	57	banking	banking	NOUN
ftr-347	452	58	panic.79	panic.79	VERB
ftr-347	452	59	banking	banking	NOUN
ftr-347	452	60	panics	panic	NOUN
ftr-347	452	61	historically	historically	ADV
ftr-347	452	62	have	have	AUX
ftr-347	452	63	occurred	occur	VERB
ftr-347	452	64	when	when	SCONJ
ftr-347	452	65	customers	customer	NOUN
ftr-347	452	66	withdrew	withdraw	VERB
ftr-347	452	67	their	their	PRON
ftr-347	452	68	deposits	deposit	NOUN
ftr-347	452	69	from	from	ADP
ftr-347	452	70	a	a	DET
ftr-347	452	71	bank	bank	NOUN
ftr-347	452	72	in	in	ADP
ftr-347	452	73	fear	fear	NOUN
ftr-347	452	74	that	that	SCONJ
ftr-347	452	75	the	the	DET
ftr-347	452	76	bank	bank	NOUN
ftr-347	452	77	would	would	AUX
ftr-347	452	78	become	become	VERB
ftr-347	452	79	insolvent	insolvent	ADJ
ftr-347	452	80	,	,	PUNCT
ftr-347	452	81	causing	cause	VERB
ftr-347	452	82	a	a	DET
ftr-347	452	83	chain	chain	NOUN
ftr-347	452	84	reaction	reaction	NOUN
ftr-347	452	85	of	of	ADP
ftr-347	452	86	runs	run	NOUN
ftr-347	452	87	on	on	ADP
ftr-347	452	88	other	other	ADJ
ftr-347	452	89	banks.80	banks.80	NOUN
ftr-347	452	90	the	the	DET
ftr-347	452	91	chain	chain	NOUN
ftr-347	452	92	reaction	reaction	NOUN
ftr-347	452	93	may	may	AUX
ftr-347	452	94	have	have	AUX
ftr-347	452	95	occurred	occur	VERB
ftr-347	452	96	because	because	SCONJ
ftr-347	452	97	other	other	ADJ
ftr-347	452	98	banks	bank	NOUN
ftr-347	452	99	were	be	AUX
ftr-347	452	100	owed	owe	VERB
ftr-347	452	101	money	money	NOUN
ftr-347	452	102	by	by	ADP
ftr-347	452	103	the	the	DET
ftr-347	452	104	troubled	troubled	ADJ
ftr-347	452	105	bank	bank	NOUN
ftr-347	452	106	or	or	CCONJ
ftr-347	452	107	simply	simply	ADV
ftr-347	452	108	because	because	SCONJ
ftr-347	452	109	general	general	ADJ
ftr-347	452	110	populous	populous	ADJ
ftr-347	452	111	fear	fear	NOUN
ftr-347	453	1	spread.81	spread.81	PROPN
ftr-347	453	2	it	it	PRON
ftr-347	453	3	is	be	AUX
ftr-347	453	4	thought	think	VERB
ftr-347	453	5	that	that	SCONJ
ftr-347	453	6	much	much	ADJ
ftr-347	453	7	of	of	ADP
ftr-347	453	8	the	the	DET
ftr-347	453	9	great	great	ADJ
ftr-347	453	10	depression	depression	NOUN
ftr-347	453	11	’s	’s	PART
ftr-347	453	12	economic	economic	ADJ
ftr-347	453	13	damage	damage	NOUN
ftr-347	453	14	was	be	AUX
ftr-347	453	15	caused	cause	VERB
ftr-347	453	16	by	by	ADP
ftr-347	453	17	bank	bank	NOUN
ftr-347	453	18	runs.82	runs.82	NOUN
ftr-347	453	19	while	while	SCONJ
ftr-347	453	20	regulators	regulator	NOUN
ftr-347	453	21	have	have	AUX
ftr-347	453	22	typically	typically	ADV
ftr-347	453	23	looked	look	VERB
ftr-347	453	24	at	at	ADP
ftr-347	453	25	banks	bank	NOUN
ftr-347	453	26	as	as	ADP
ftr-347	453	27	sources	source	NOUN
ftr-347	453	28	of	of	ADP
ftr-347	453	29	systemic	systemic	ADJ
ftr-347	453	30	risk	risk	NOUN
ftr-347	453	31	,	,	PUNCT
ftr-347	453	32	because	because	SCONJ
ftr-347	453	33	of	of	ADP
ftr-347	453	34	the	the	DET
ftr-347	453	35	shadow	shadow	NOUN
ftr-347	453	36	bank	bank	NOUN
ftr-347	453	37	system	system	NOUN
ftr-347	453	38	,	,	PUNCT
ftr-347	453	39	we	we	PRON
ftr-347	453	40	must	must	AUX
ftr-347	453	41	look	look	VERB
ftr-347	453	42	at	at	ADP
ftr-347	453	43	the	the	DET
ftr-347	453	44	linkages	linkage	NOUN
ftr-347	453	45	or	or	CCONJ
ftr-347	453	46	connectedness	connectedness	NOUN
ftr-347	453	47	of	of	ADP
ftr-347	453	48	the	the	DET
ftr-347	453	49	entire	entire	ADJ
ftr-347	453	50	financial	financial	ADJ
ftr-347	453	51	system	system	NOUN
ftr-347	453	52	,	,	PUNCT
ftr-347	453	53	76	76	NUM
ftr-347	453	54	.	.	PUNCT
ftr-347	454	1	the	the	DET
ftr-347	454	2	2001	2001	NUM
ftr-347	454	3	g10	g10	PROPN
ftr-347	454	4	report	report	NOUN
ftr-347	454	5	on	on	ADP
ftr-347	454	6	consolidation	consolidation	NOUN
ftr-347	454	7	in	in	ADP
ftr-347	454	8	the	the	DET
ftr-347	454	9	financial	financial	ADJ
ftr-347	454	10	sector	sector	NOUN
ftr-347	454	11	suggested	suggest	VERB
ftr-347	454	12	a	a	DET
ftr-347	454	13	working	work	VERB
ftr-347	454	14	definition	definition	NOUN
ftr-347	454	15	:	:	PUNCT
ftr-347	454	16	“	"	PUNCT
ftr-347	454	17	systemic	systemic	ADJ
ftr-347	454	18	financial	financial	ADJ
ftr-347	454	19	risk	risk	NOUN
ftr-347	454	20	is	be	AUX
ftr-347	454	21	the	the	DET
ftr-347	454	22	risk	risk	NOUN
ftr-347	454	23	that	that	SCONJ
ftr-347	454	24	an	an	DET
ftr-347	454	25	event	event	NOUN
ftr-347	454	26	will	will	AUX
ftr-347	454	27	trigger	trigger	VERB
ftr-347	454	28	a	a	DET
ftr-347	454	29	loss	loss	NOUN
ftr-347	454	30	of	of	ADP
ftr-347	454	31	economic	economic	ADJ
ftr-347	454	32	value	value	NOUN
ftr-347	454	33	or	or	CCONJ
ftr-347	454	34	confidence	confidence	NOUN
ftr-347	454	35	in	in	ADP
ftr-347	454	36	,	,	PUNCT
ftr-347	454	37	and	and	CCONJ
ftr-347	454	38	attendant	attendant	ADJ
ftr-347	454	39	increases	increase	NOUN
ftr-347	454	40	in	in	ADP
ftr-347	454	41	uncertainly	uncertainly	ADV
ftr-347	454	42	about	about	ADP
ftr-347	454	43	,	,	PUNCT
ftr-347	454	44	a	a	DET
ftr-347	454	45	substantial	substantial	ADJ
ftr-347	454	46	portion	portion	NOUN
ftr-347	454	47	of	of	ADP
ftr-347	454	48	the	the	DET
ftr-347	454	49	financial	financial	ADJ
ftr-347	454	50	system	system	NOUN
ftr-347	454	51	that	that	PRON
ftr-347	454	52	is	be	AUX
ftr-347	454	53	serious	serious	ADJ
ftr-347	454	54	enough	enough	ADV
ftr-347	454	55	to	to	PART
ftr-347	454	56	quite	quite	ADV
ftr-347	454	57	probably	probably	ADV
ftr-347	454	58	have	have	VERB
ftr-347	454	59	significant	significant	ADJ
ftr-347	454	60	adverse	adverse	ADJ
ftr-347	454	61	effects	effect	NOUN
ftr-347	454	62	on	on	ADP
ftr-347	454	63	the	the	DET
ftr-347	454	64	real	real	ADJ
ftr-347	454	65	economy	economy	NOUN
ftr-347	454	66	.	.	PUNCT
ftr-347	454	67	”	"	PUNCT
ftr-347	455	1	the	the	DET
ftr-347	455	2	g10	g10	PROPN
ftr-347	455	3	report	report	PROPN
ftr-347	455	4	on	on	ADP
ftr-347	455	5	consolidation	consolidation	NOUN
ftr-347	455	6	in	in	ADP
ftr-347	455	7	the	the	DET
ftr-347	455	8	financial	financial	ADJ
ftr-347	455	9	sector	sector	NOUN
ftr-347	455	10	,	,	PUNCT
ftr-347	455	11	http://www	http://www	PROPN
ftr-347	455	12	.	.	PUNCT
ftr-347	455	13	oecd.org/document/60/0,3343,end_2649_34593_1895868_1_1_1_1,00.html	oecd.org/document/60/0,3343,end_2649_34593_1895868_1_1_1_1,00.html	PROPN
ftr-347	455	14	.	.	PUNCT
ftr-347	456	1	george	george	PROPN
ftr-347	456	2	kaufman	kaufman	PROPN
ftr-347	456	3	,	,	PUNCT
ftr-347	456	4	&	&	CCONJ
ftr-347	456	5	kenneth	kenneth	PROPN
ftr-347	456	6	scott	scott	PROPN
ftr-347	456	7	,	,	PUNCT
ftr-347	456	8	what	what	PRON
ftr-347	456	9	is	be	AUX
ftr-347	456	10	systemic	systemic	ADJ
ftr-347	456	11	risk	risk	NOUN
ftr-347	456	12	,	,	PUNCT
ftr-347	456	13	and	and	CCONJ
ftr-347	456	14	do	do	VERB
ftr-347	456	15	bank	bank	NOUN
ftr-347	456	16	regulators	regulator	NOUN
ftr-347	456	17	retard	retard	VERB
ftr-347	456	18	or	or	CCONJ
ftr-347	456	19	contribute	contribute	VERB
ftr-347	456	20	to	to	ADP
ftr-347	456	21	it	it	PRON
ftr-347	456	22	?	?	PUNCT
ftr-347	457	1	7	7	NUM
ftr-347	457	2	indep	indep	NOUN
ftr-347	457	3	.	.	PUNCT
ftr-347	458	1	rev	rev	PROPN
ftr-347	458	2	.	.	PROPN
ftr-347	458	3	371	371	NUM
ftr-347	458	4	(	(	PUNCT
ftr-347	458	5	2003	2003	NUM
ftr-347	458	6	)	)	PUNCT
ftr-347	458	7	(	(	PUNCT
ftr-347	458	8	“	"	PUNCT
ftr-347	458	9	systemic	systemic	ADJ
ftr-347	458	10	risk	risk	NOUN
ftr-347	458	11	refers	refer	VERB
ftr-347	458	12	to	to	ADP
ftr-347	458	13	the	the	DET
ftr-347	458	14	risk	risk	NOUN
ftr-347	458	15	or	or	CCONJ
ftr-347	458	16	probability	probability	NOUN
ftr-347	458	17	of	of	ADP
ftr-347	458	18	breakdowns	breakdown	NOUN
ftr-347	458	19	in	in	ADP
ftr-347	458	20	an	an	DET
ftr-347	458	21	entire	entire	ADJ
ftr-347	458	22	system	system	NOUN
ftr-347	458	23	,	,	PUNCT
ftr-347	458	24	as	as	SCONJ
ftr-347	458	25	opposed	oppose	VERB
ftr-347	458	26	to	to	ADP
ftr-347	458	27	breakdowns	breakdown	NOUN
ftr-347	458	28	in	in	ADP
ftr-347	458	29	individual	individual	ADJ
ftr-347	458	30	parts	part	NOUN
ftr-347	458	31	or	or	CCONJ
ftr-347	458	32	components	component	NOUN
ftr-347	458	33	,	,	PUNCT
ftr-347	458	34	and	and	CCONJ
ftr-347	458	35	is	be	AUX
ftr-347	458	36	evidenced	evidence	VERB
ftr-347	458	37	by	by	ADP
ftr-347	458	38	comovements	comovement	NOUN
ftr-347	458	39	(	(	PUNCT
ftr-347	458	40	correlation	correlation	NOUN
ftr-347	458	41	)	)	PUNCT
ftr-347	458	42	among	among	ADP
ftr-347	458	43	most	most	ADJ
ftr-347	458	44	or	or	CCONJ
ftr-347	458	45	all	all	DET
ftr-347	458	46	the	the	DET
ftr-347	458	47	parts	part	NOUN
ftr-347	458	48	.	.	PUNCT
ftr-347	458	49	”	"	PUNCT
ftr-347	458	50	)	)	PUNCT
ftr-347	458	51	.	.	PUNCT
ftr-347	459	1	77	77	NUM
ftr-347	459	2	.	.	PUNCT
ftr-347	460	1	financial	financial	ADJ
ftr-347	460	2	times	times	PROPN
ftr-347	460	3	lexicon	lexicon	PROPN
ftr-347	460	4	,	,	PUNCT
ftr-347	460	5	http://lexicon.ft.com/term?term=realeconomy	http://lexicon.ft.com/term?term=realeconomy	NOUN
ftr-347	460	6	(	(	PUNCT
ftr-347	460	7	last	last	ADV
ftr-347	460	8	visited	visit	VERB
ftr-347	460	9	sept	sept	PROPN
ftr-347	460	10	.	.	PROPN
ftr-347	460	11	9	9	NUM
ftr-347	460	12	,	,	PUNCT
ftr-347	460	13	2011	2011	NUM
ftr-347	460	14	)	)	PUNCT
ftr-347	460	15	.	.	PUNCT
ftr-347	461	1	78	78	NUM
ftr-347	461	2	.	.	PUNCT
ftr-347	462	1	see	see	VERB
ftr-347	462	2	schwarcz	schwarcz	NOUN
ftr-347	462	3	,	,	PUNCT
ftr-347	462	4	systemic	systemic	ADJ
ftr-347	462	5	risk	risk	NOUN
ftr-347	462	6	,	,	PUNCT
ftr-347	462	7	supra	supra	PROPN
ftr-347	462	8	note	note	NOUN
ftr-347	462	9	75	75	NUM
ftr-347	462	10	;	;	PUNCT
ftr-347	462	11	see	see	VERB
ftr-347	462	12	also	also	ADV
ftr-347	462	13	,	,	PUNCT
ftr-347	462	14	monetary	monetary	ADJ
ftr-347	462	15	policy	policy	NOUN
ftr-347	462	16	and	and	CCONJ
ftr-347	462	17	systemic	systemic	ADJ
ftr-347	462	18	risk	risk	NOUN
ftr-347	462	19	regulation	regulation	NOUN
ftr-347	462	20	:	:	PUNCT
ftr-347	462	21	hearing	hear	VERB
ftr-347	462	22	before	before	ADP
ftr-347	462	23	the	the	DET
ftr-347	462	24	subcomm	subcomm	NOUN
ftr-347	462	25	.	.	PUNCT
ftr-347	463	1	on	on	ADP
ftr-347	463	2	domestic	domestic	ADJ
ftr-347	463	3	monetary	monetary	ADJ
ftr-347	463	4	policy	policy	NOUN
ftr-347	463	5	and	and	CCONJ
ftr-347	463	6	technology	technology	NOUN
ftr-347	463	7	of	of	ADP
ftr-347	463	8	the	the	DET
ftr-347	463	9	h.	h.	PROPN
ftr-347	463	10	committee	committee	PROPN
ftr-347	463	11	on	on	ADP
ftr-347	463	12	financial	financial	ADJ
ftr-347	463	13	services	service	NOUN
ftr-347	463	14	,	,	PUNCT
ftr-347	463	15	111th	111th	ADJ
ftr-347	463	16	cong	cong	NOUN
ftr-347	463	17	.	.	PUNCT
ftr-347	464	1	(	(	PUNCT
ftr-347	464	2	2009	2009	NUM
ftr-347	464	3	)	)	PUNCT
ftr-347	464	4	(	(	PUNCT
ftr-347	464	5	testimony	testimony	NOUN
ftr-347	464	6	of	of	ADP
ftr-347	464	7	john	john	PROPN
ftr-347	464	8	taylor	taylor	PROPN
ftr-347	464	9	)	)	PUNCT
ftr-347	464	10	(	(	PUNCT
ftr-347	464	11	“	"	PUNCT
ftr-347	464	12	by	by	ADP
ftr-347	464	13	definition	definition	NOUN
ftr-347	464	14	a	a	DET
ftr-347	464	15	systemic	systemic	ADJ
ftr-347	464	16	risk	risk	NOUN
ftr-347	464	17	in	in	ADP
ftr-347	464	18	the	the	DET
ftr-347	464	19	financial	financial	ADJ
ftr-347	464	20	sector	sector	NOUN
ftr-347	464	21	is	be	AUX
ftr-347	464	22	a	a	DET
ftr-347	464	23	risk	risk	NOUN
ftr-347	464	24	that	that	PRON
ftr-347	464	25	impacts	impact	VERB
ftr-347	464	26	the	the	DET
ftr-347	464	27	entire	entire	ADJ
ftr-347	464	28	financial	financial	ADJ
ftr-347	464	29	system	system	NOUN
ftr-347	464	30	and	and	CCONJ
ftr-347	464	31	real	real	ADJ
ftr-347	464	32	economy	economy	NOUN
ftr-347	464	33	,	,	PUNCT
ftr-347	464	34	through	through	ADP
ftr-347	464	35	cascading	cascade	VERB
ftr-347	464	36	,	,	PUNCT
ftr-347	464	37	contagion	contagion	NOUN
ftr-347	464	38	,	,	PUNCT
ftr-347	464	39	and	and	CCONJ
ftr-347	464	40	chain	chain	NOUN
ftr-347	464	41	-	-	PUNCT
ftr-347	464	42	reaction	reaction	NOUN
ftr-347	464	43	effects	effect	NOUN
ftr-347	464	44	.	.	PUNCT
ftr-347	464	45	”	"	PUNCT
ftr-347	464	46	)	)	PUNCT
ftr-347	464	47	.	.	PUNCT
ftr-347	465	1	79	79	NUM
ftr-347	465	2	.	.	PUNCT
ftr-347	466	1	see	see	VERB
ftr-347	466	2	generally	generally	ADV
ftr-347	466	3	george	george	PROPN
ftr-347	466	4	g.	g.	PROPN
ftr-347	466	5	kaufman	kaufman	PROPN
ftr-347	466	6	,	,	PUNCT
ftr-347	466	7	banking	banking	NOUN
ftr-347	466	8	and	and	CCONJ
ftr-347	466	9	currency	currency	NOUN
ftr-347	466	10	crisis	crisis	NOUN
ftr-347	466	11	and	and	CCONJ
ftr-347	466	12	systemic	systemic	ADJ
ftr-347	466	13	risk	risk	NOUN
ftr-347	466	14	:	:	PUNCT
ftr-347	466	15	lessons	lesson	NOUN
ftr-347	466	16	from	from	ADP
ftr-347	466	17	recent	recent	ADJ
ftr-347	466	18	events	event	NOUN
ftr-347	466	19	,	,	PUNCT
ftr-347	466	20	econ	econ	NOUN
ftr-347	466	21	.	.	PUNCT
ftr-347	467	1	perspectives	perspective	NOUN
ftr-347	467	2	,	,	PUNCT
ftr-347	467	3	federal	federal	PROPN
ftr-347	467	4	reserve	reserve	PROPN
ftr-347	467	5	bank	bank	PROPN
ftr-347	467	6	of	of	ADP
ftr-347	467	7	chicago	chicago	PROPN
ftr-347	467	8	,	,	PUNCT
ftr-347	467	9	issue	issue	VERB
ftr-347	467	10	q	q	PROPN
ftr-347	467	11	iii	iii	NOUN
ftr-347	467	12	at	at	ADP
ftr-347	467	13	9–28	9–28	PROPN
ftr-347	467	14	(	(	PUNCT
ftr-347	467	15	2000	2000	NUM
ftr-347	467	16	)	)	PUNCT
ftr-347	467	17	.	.	PUNCT
ftr-347	468	1	80	80	NUM
ftr-347	468	2	.	.	PUNCT
ftr-347	468	3	rajkamal	rajkamal	PROPN
ftr-347	468	4	iyer	iyer	PROPN
ftr-347	468	5	&	&	CCONJ
ftr-347	468	6	manju	manju	PROPN
ftr-347	468	7	puri	puri	PROPN
ftr-347	468	8	,	,	PUNCT
ftr-347	468	9	understanding	understand	VERB
ftr-347	468	10	bank	bank	NOUN
ftr-347	468	11	runs	run	NOUN
ftr-347	468	12	:	:	PUNCT
ftr-347	468	13	the	the	DET
ftr-347	468	14	importance	importance	NOUN
ftr-347	468	15	of	of	ADP
ftr-347	468	16	depositor	depositor	NOUN
ftr-347	468	17	-	-	PUNCT
ftr-347	468	18	bank	bank	NOUN
ftr-347	468	19	relationships	relationship	NOUN
ftr-347	468	20	and	and	CCONJ
ftr-347	468	21	networks	network	NOUN
ftr-347	468	22	(	(	PUNCT
ftr-347	468	23	nber	nber	PROPN
ftr-347	468	24	working	working	PROPN
ftr-347	468	25	paper	paper	PROPN
ftr-347	468	26	no	no	PROPN
ftr-347	468	27	.	.	PROPN
ftr-347	468	28	14280	14280	NUM
ftr-347	468	29	,	,	PUNCT
ftr-347	468	30	2008	2008	NUM
ftr-347	468	31	,	,	PUNCT
ftr-347	468	32	http://www.nber.org/papers/w14280	http://www.nber.org/papers/w14280	PROPN
ftr-347	468	33	;	;	PUNCT
ftr-347	468	34	gary	gary	PROPN
ftr-347	468	35	gorton	gorton	PROPN
ftr-347	468	36	,	,	PUNCT
ftr-347	468	37	banking	banking	NOUN
ftr-347	468	38	panics	panic	NOUN
ftr-347	468	39	and	and	CCONJ
ftr-347	468	40	business	business	NOUN
ftr-347	468	41	cycles¸	cycles¸	NOUN
ftr-347	468	42	oxford	oxford	PROPN
ftr-347	468	43	econ	econ	X
ftr-347	468	44	.	.	PUNCT
ftr-347	469	1	papers	paper	NOUN
ftr-347	469	2	40	40	NUM
ftr-347	469	3	,	,	PUNCT
ftr-347	469	4	751–781	751–781	NUM
ftr-347	469	5	(	(	PUNCT
ftr-347	469	6	1988	1988	NUM
ftr-347	469	7	)	)	PUNCT
ftr-347	469	8	.	.	PUNCT
ftr-347	470	1	81	81	NUM
ftr-347	470	2	.	.	PUNCT
ftr-347	471	1	gorton	gorton	PROPN
ftr-347	471	2	,	,	PUNCT
ftr-347	471	3	banking	banking	NOUN
ftr-347	471	4	panics	panic	NOUN
ftr-347	471	5	,	,	PUNCT
ftr-347	471	6	supra	supra	PROPN
ftr-347	471	7	note	note	PROPN
ftr-347	471	8	80	80	NUM
ftr-347	471	9	,	,	PUNCT
ftr-347	471	10	at	at	ADP
ftr-347	471	11	760	760	NUM
ftr-347	471	12	.	.	PROPN
ftr-347	471	13	82	82	NUM
ftr-347	471	14	.	.	PUNCT
ftr-347	472	1	benjamin	benjamin	PROPN
ftr-347	472	2	bernanke	bernanke	PROPN
ftr-347	472	3	,	,	PUNCT
ftr-347	472	4	nonmonetary	nonmonetary	ADJ
ftr-347	472	5	effects	effect	NOUN
ftr-347	472	6	of	of	ADP
ftr-347	472	7	the	the	DET
ftr-347	472	8	financial	financial	ADJ
ftr-347	472	9	crisis	crisis	NOUN
ftr-347	472	10	in	in	ADP
ftr-347	472	11	the	the	DET
ftr-347	472	12	propagation	propagation	NOUN
ftr-347	472	13	of	of	ADP
ftr-347	472	14	the	the	DET
ftr-347	472	15	great	great	ADJ
ftr-347	472	16	depression	depression	NOUN
ftr-347	472	17	,	,	PUNCT
ftr-347	472	18	3	3	NUM
ftr-347	472	19	am	am	NOUN
ftr-347	472	20	.	.	PUNCT
ftr-347	473	1	econ	econ	PROPN
ftr-347	473	2	.	.	PUNCT
ftr-347	474	1	rev	rev	PROPN
ftr-347	474	2	.	.	PROPN
ftr-347	474	3	73	73	NUM
ftr-347	474	4	,	,	PUNCT
ftr-347	474	5	257–76	257–76	NUM
ftr-347	474	6	(	(	PUNCT
ftr-347	474	7	1983	1983	NUM
ftr-347	474	8	)	)	PUNCT
ftr-347	474	9	.	.	PUNCT
ftr-347	475	1	http://www.oecd.org/document/60/0,3343,end_2649_34593_1895868_1_1_1_1,00.html	http://www.oecd.org/document/60/0,3343,end_2649_34593_1895868_1_1_1_1,00.html	NOUN
ftr-347	475	2	2011	2011	NUM
ftr-347	475	3	]	]	PUNCT
ftr-347	475	4	the	the	DET
ftr-347	475	5	global	global	ADJ
ftr-347	475	6	shadow	shadow	PROPN
ftr-347	475	7	bank	bank	PROPN
ftr-347	475	8	665	665	NUM
ftr-347	475	9	including	include	VERB
ftr-347	475	10	non	non	ADJ
ftr-347	475	11	-	-	ADJ
ftr-347	475	12	bank	bank	ADJ
ftr-347	475	13	financial	financial	ADJ
ftr-347	475	14	institutions	institution	NOUN
ftr-347	475	15	,	,	PUNCT
ftr-347	475	16	not	not	PART
ftr-347	475	17	only	only	ADV
ftr-347	475	18	those	those	PRON
ftr-347	475	19	of	of	ADP
ftr-347	475	20	the	the	DET
ftr-347	475	21	traditional	traditional	ADJ
ftr-347	475	22	banking	banking	NOUN
ftr-347	475	23	system	system	NOUN
ftr-347	475	24	.	.	PUNCT
ftr-347	476	1	some	some	DET
ftr-347	476	2	scholars	scholar	NOUN
ftr-347	476	3	contend	contend	VERB
ftr-347	476	4	that	that	SCONJ
ftr-347	476	5	the	the	DET
ftr-347	476	6	recent	recent	ADJ
ftr-347	476	7	economic	economic	ADJ
ftr-347	476	8	crisis	crisis	NOUN
ftr-347	476	9	of	of	ADP
ftr-347	476	10	2007	2007	NUM
ftr-347	476	11	-	-	SYM
ftr-347	476	12	2010	2010	NUM
ftr-347	476	13	was	be	AUX
ftr-347	476	14	a	a	DET
ftr-347	476	15	run	run	NOUN
ftr-347	476	16	by	by	ADP
ftr-347	476	17	investors	investor	NOUN
ftr-347	476	18	on	on	ADP
ftr-347	476	19	the	the	DET
ftr-347	476	20	shadow	shadow	NOUN
ftr-347	476	21	banking	bank	VERB
ftr-347	476	22	system.83	system.83	PROPN
ftr-347	476	23	folks	folk	NOUN
ftr-347	476	24	in	in	ADP
ftr-347	476	25	the	the	DET
ftr-347	476	26	hedge	hedge	NOUN
ftr-347	476	27	fund	fund	NOUN
ftr-347	476	28	industry	industry	NOUN
ftr-347	476	29	have	have	AUX
ftr-347	476	30	long	long	ADV
ftr-347	476	31	argued	argue	VERB
ftr-347	476	32	against	against	ADP
ftr-347	476	33	hedge	hedge	NOUN
ftr-347	476	34	funds	fund	NOUN
ftr-347	476	35	’	'	PUNCT
ftr-347	476	36	systemic	systemic	ADJ
ftr-347	476	37	importance	importance	NOUN
ftr-347	476	38	on	on	ADP
ftr-347	476	39	the	the	DET
ftr-347	476	40	grounds	ground	NOUN
ftr-347	476	41	that	that	SCONJ
ftr-347	476	42	their	their	PRON
ftr-347	476	43	transactions	transaction	NOUN
ftr-347	476	44	are	be	AUX
ftr-347	476	45	only	only	ADV
ftr-347	476	46	a	a	DET
ftr-347	476	47	small	small	ADJ
ftr-347	476	48	piece	piece	NOUN
ftr-347	476	49	of	of	ADP
ftr-347	476	50	the	the	DET
ftr-347	476	51	overall	overall	ADJ
ftr-347	476	52	market.84	market.84	NOUN
ftr-347	476	53	however	however	ADV
ftr-347	476	54	,	,	PUNCT
ftr-347	476	55	systemic	systemic	ADJ
ftr-347	476	56	risk	risk	NOUN
ftr-347	476	57	does	do	AUX
ftr-347	476	58	not	not	PART
ftr-347	476	59	only	only	ADV
ftr-347	476	60	stem	stem	VERB
ftr-347	476	61	from	from	ADP
ftr-347	476	62	being	be	AUX
ftr-347	476	63	“	"	PUNCT
ftr-347	476	64	too	too	ADV
ftr-347	476	65	big	big	ADJ
ftr-347	476	66	to	to	PART
ftr-347	476	67	fail	fail	VERB
ftr-347	476	68	”	"	PUNCT
ftr-347	476	69	in	in	ADP
ftr-347	476	70	terms	term	NOUN
ftr-347	476	71	of	of	ADP
ftr-347	476	72	market	market	NOUN
ftr-347	476	73	share.85	share.85	NOUN
ftr-347	476	74	the	the	DET
ftr-347	476	75	dodd	dodd	NOUN
ftr-347	476	76	–	–	PUNCT
ftr-347	476	77	frank	frank	ADJ
ftr-347	476	78	act	act	NOUN
ftr-347	476	79	recently	recently	ADV
ftr-347	476	80	created	create	VERB
ftr-347	476	81	the	the	DET
ftr-347	476	82	financial	financial	ADJ
ftr-347	476	83	stability	stability	NOUN
ftr-347	476	84	oversight	oversight	NOUN
ftr-347	476	85	council	council	PROPN
ftr-347	476	86	(	(	PUNCT
ftr-347	476	87	the	the	DET
ftr-347	476	88	“	"	PUNCT
ftr-347	476	89	fsoc	fsoc	NOUN
ftr-347	476	90	”	"	PUNCT
ftr-347	476	91	)	)	PUNCT
ftr-347	476	92	,	,	PUNCT
ftr-347	476	93	in	in	ADP
ftr-347	476	94	part	part	NOUN
ftr-347	476	95	to	to	PART
ftr-347	476	96	identify	identify	VERB
ftr-347	476	97	,	,	PUNCT
ftr-347	476	98	monitor	monitor	NOUN
ftr-347	476	99	,	,	PUNCT
ftr-347	476	100	and	and	CCONJ
ftr-347	476	101	respond	respond	VERB
ftr-347	476	102	to	to	ADP
ftr-347	476	103	risks	risk	NOUN
ftr-347	476	104	to	to	ADP
ftr-347	476	105	the	the	DET
ftr-347	476	106	financial	financial	ADJ
ftr-347	476	107	stability	stability	NOUN
ftr-347	476	108	of	of	ADP
ftr-347	476	109	the	the	DET
ftr-347	476	110	united	united	PROPN
ftr-347	476	111	states.86	states.86	NOUN
ftr-347	476	112	the	the	DET
ftr-347	476	113	fsoc	fsoc	NOUN
ftr-347	476	114	is	be	AUX
ftr-347	476	115	to	to	PART
ftr-347	476	116	designate	designate	VERB
ftr-347	476	117	certain	certain	ADJ
ftr-347	476	118	nonbank	nonbank	NOUN
ftr-347	476	119	financial	financial	ADJ
ftr-347	476	120	companies	company	NOUN
ftr-347	476	121	to	to	PART
ftr-347	476	122	be	be	AUX
ftr-347	476	123	supervised	supervise	VERB
ftr-347	476	124	by	by	ADP
ftr-347	476	125	the	the	DET
ftr-347	476	126	federal	federal	PROPN
ftr-347	476	127	reserve	reserve	PROPN
ftr-347	476	128	’s	’s	PART
ftr-347	476	129	board	board	NOUN
ftr-347	476	130	of	of	ADP
ftr-347	476	131	governors	governor	NOUN
ftr-347	476	132	,	,	PUNCT
ftr-347	476	133	considering	consider	VERB
ftr-347	476	134	among	among	ADP
ftr-347	476	135	other	other	ADJ
ftr-347	476	136	things	thing	NOUN
ftr-347	476	137	“	"	PUNCT
ftr-347	476	138	the	the	DET
ftr-347	476	139	extent	extent	NOUN
ftr-347	476	140	and	and	CCONJ
ftr-347	476	141	nature	nature	NOUN
ftr-347	476	142	of	of	ADP
ftr-347	476	143	the	the	DET
ftr-347	476	144	transactions	transaction	NOUN
ftr-347	476	145	and	and	CCONJ
ftr-347	476	146	relationships	relationship	NOUN
ftr-347	476	147	of	of	ADP
ftr-347	476	148	the	the	DET
ftr-347	476	149	company	company	NOUN
ftr-347	476	150	with	with	ADP
ftr-347	476	151	other	other	ADJ
ftr-347	476	152	significant	significant	ADJ
ftr-347	476	153	nonbank	nonbank	NOUN
ftr-347	476	154	financial	financial	ADJ
ftr-347	476	155	companies	company	NOUN
ftr-347	476	156	and	and	CCONJ
ftr-347	476	157	significant	significant	ADJ
ftr-347	476	158	bank	bank	NOUN
ftr-347	476	159	holding	hold	VERB
ftr-347	476	160	companies,”87	companies,”87	NOUN
ftr-347	476	161	“	"	PUNCT
ftr-347	476	162	the	the	DET
ftr-347	476	163	important	important	ADJ
ftr-347	476	164	of	of	ADP
ftr-347	476	165	the	the	DET
ftr-347	476	166	company	company	NOUN
ftr-347	476	167	as	as	ADP
ftr-347	476	168	a	a	DET
ftr-347	476	169	source	source	NOUN
ftr-347	476	170	of	of	ADP
ftr-347	476	171	credit	credit	NOUN
ftr-347	476	172	.	.	PUNCT
ftr-347	476	173	.	.	PUNCT
ftr-347	477	1	.	.	PUNCT
ftr-347	478	1	and	and	CCONJ
ftr-347	478	2	as	as	ADP
ftr-347	478	3	a	a	DET
ftr-347	478	4	source	source	NOUN
ftr-347	478	5	of	of	ADP
ftr-347	478	6	liquidity	liquidity	NOUN
ftr-347	478	7	for	for	ADP
ftr-347	478	8	the	the	DET
ftr-347	478	9	united	united	PROPN
ftr-347	478	10	states	states	PROPN
ftr-347	478	11	financial	financial	ADJ
ftr-347	478	12	system,”88	system,”88	PROPN
ftr-347	478	13	and	and	CCONJ
ftr-347	478	14	the	the	DET
ftr-347	478	15	“	"	PUNCT
ftr-347	478	16	interconnectedness	interconnectedness	NOUN
ftr-347	478	17	of	of	ADP
ftr-347	478	18	the	the	DET
ftr-347	478	19	company	company	NOUN
ftr-347	478	20	.	.	PUNCT
ftr-347	479	1	”89	”89	PROPN
ftr-347	479	2	clearly	clearly	ADV
ftr-347	479	3	congress	congress	PROPN
ftr-347	479	4	felt	feel	VERB
ftr-347	479	5	that	that	SCONJ
ftr-347	479	6	there	there	PRON
ftr-347	479	7	were	be	VERB
ftr-347	479	8	83	83	NUM
ftr-347	479	9	.	.	PUNCT
ftr-347	480	1	gary	gary	PROPN
ftr-347	480	2	gorton	gorton	PROPN
ftr-347	480	3	,	,	PUNCT
ftr-347	480	4	questions	question	NOUN
ftr-347	480	5	and	and	CCONJ
ftr-347	480	6	answers	answer	NOUN
ftr-347	480	7	about	about	ADP
ftr-347	480	8	the	the	DET
ftr-347	480	9	financial	financial	ADJ
ftr-347	480	10	crisis	crisis	NOUN
ftr-347	480	11	prepared	prepare	VERB
ftr-347	480	12	for	for	ADP
ftr-347	480	13	the	the	DET
ftr-347	480	14	u.s	u.s	PROPN
ftr-347	480	15	.	.	PROPN
ftr-347	480	16	financial	financial	ADJ
ftr-347	480	17	crisis	crisis	NOUN
ftr-347	480	18	inquiry	inquiry	NOUN
ftr-347	480	19	commission	commission	NOUN
ftr-347	480	20	(	(	PUNCT
ftr-347	480	21	2010	2010	NUM
ftr-347	480	22	)	)	PUNCT
ftr-347	480	23	,	,	PUNCT
ftr-347	480	24	wall	wall	PROPN
ftr-347	480	25	st	st	PROPN
ftr-347	480	26	.	.	PROPN
ftr-347	480	27	j.	j.	PROPN
ftr-347	480	28	online	online	PROPN
ftr-347	480	29	,	,	PUNCT
ftr-347	480	30	http://online.wsj.com/public/resources/documents/crisisqa0210.pdf	http://online.wsj.com/public/resources/documents/crisisqa0210.pdf	PROPN
ftr-347	480	31	.	.	PROPN
ftr-347	480	32	84	84	NUM
ftr-347	480	33	.	.	PUNCT
ftr-347	481	1	gregory	gregory	PROPN
ftr-347	481	2	brown	brown	PROPN
ftr-347	481	3	,	,	PUNCT
ftr-347	481	4	jeremiah	jeremiah	PROPN
ftr-347	481	5	green	green	PROPN
ftr-347	481	6	&	&	CCONJ
ftr-347	481	7	john	john	PROPN
ftr-347	481	8	hand	hand	PROPN
ftr-347	481	9	,	,	PUNCT
ftr-347	481	10	are	be	AUX
ftr-347	481	11	hedge	hedge	NOUN
ftr-347	481	12	funds	fund	NOUN
ftr-347	481	13	systemically	systemically	ADV
ftr-347	481	14	important	important	ADJ
ftr-347	481	15	?	?	PUNCT
ftr-347	482	1	(	(	PUNCT
ftr-347	482	2	2010	2010	NUM
ftr-347	482	3	)	)	PUNCT
ftr-347	482	4	,	,	PUNCT
ftr-347	482	5	http://papers.ssrn.com/sol3/papers.cfm?abstract_id	http://papers.ssrn.com/sol3/papers.cfm?abstract_id	PROPN
ftr-347	482	6	=	=	SYM
ftr-347	482	7	1689079	1689079	NUM
ftr-347	482	8	(	(	PUNCT
ftr-347	482	9	“	"	PUNCT
ftr-347	482	10	the	the	DET
ftr-347	482	11	claims	claim	NOUN
ftr-347	482	12	against	against	ADP
ftr-347	482	13	hedge	hedge	NOUN
ftr-347	482	14	funds	fund	NOUN
ftr-347	482	15	have	have	AUX
ftr-347	482	16	been	be	AUX
ftr-347	482	17	disputed	dispute	VERB
ftr-347	482	18	by	by	ADP
ftr-347	482	19	portfolio	portfolio	NOUN
ftr-347	482	20	managers	manager	NOUN
ftr-347	482	21	and	and	CCONJ
ftr-347	482	22	industry	industry	NOUN
ftr-347	482	23	representatives	representative	NOUN
ftr-347	482	24	on	on	ADP
ftr-347	482	25	the	the	DET
ftr-347	482	26	grounds	ground	NOUN
ftr-347	482	27	that	that	SCONJ
ftr-347	482	28	their	their	PRON
ftr-347	482	29	market	market	NOUN
ftr-347	482	30	transactions	transaction	NOUN
ftr-347	482	31	were	be	AUX
ftr-347	482	32	relatively	relatively	ADV
ftr-347	482	33	small	small	ADJ
ftr-347	482	34	compared	compare	VERB
ftr-347	482	35	to	to	ADP
ftr-347	482	36	total	total	ADJ
ftr-347	482	37	trading	trading	NOUN
ftr-347	482	38	activity	activity	NOUN
ftr-347	482	39	.	.	PUNCT
ftr-347	482	40	”	"	PUNCT
ftr-347	482	41	)	)	PUNCT
ftr-347	482	42	;	;	PUNCT
ftr-347	482	43	laurence	laurence	PROPN
ftr-347	482	44	fletcher	fletcher	PROPN
ftr-347	482	45	,	,	PUNCT
ftr-347	482	46	no	no	DET
ftr-347	482	47	hedge	hedge	NOUN
ftr-347	482	48	fund	fund	NOUN
ftr-347	482	49	now	now	ADV
ftr-347	482	50	poses	pose	VERB
ftr-347	482	51	systemic	systemic	ADJ
ftr-347	482	52	risk	risk	NOUN
ftr-347	482	53	:	:	PUNCT
ftr-347	482	54	ltcm	ltcm	PROPN
ftr-347	482	55	partner	partner	NOUN
ftr-347	482	56	,	,	PUNCT
ftr-347	482	57	thompson	thompson	NOUN
ftr-347	482	58	rueters	rueter	NOUN
ftr-347	482	59	(	(	PUNCT
ftr-347	482	60	june	june	PROPN
ftr-347	482	61	1	1	NUM
ftr-347	482	62	,	,	PUNCT
ftr-347	482	63	2009	2009	NUM
ftr-347	482	64	)	)	PUNCT
ftr-347	482	65	,	,	PUNCT
ftr-347	482	66	http://www.reuters.com/article/2009/06/01/us-globeop-ltcm-idustre5505	http://www.reuters.com/article/2009/06/01/us-globeop-ltcm-idustre5505	VERB
ftr-347	482	67	4020090601	4020090601	NUM
ftr-347	482	68	(	(	PUNCT
ftr-347	482	69	quoting	quote	VERB
ftr-347	482	70	hans	hans	PROPN
ftr-347	482	71	hufschmid	hufschmid	PROPN
ftr-347	482	72	,	,	PUNCT
ftr-347	482	73	chief	chief	ADJ
ftr-347	482	74	executive	executive	NOUN
ftr-347	482	75	at	at	ADP
ftr-347	482	76	a	a	DET
ftr-347	482	77	fund	fund	NOUN
ftr-347	482	78	servicing	servicing	NOUN
ftr-347	482	79	firm	firm	NOUN
ftr-347	482	80	and	and	CCONJ
ftr-347	482	81	former	former	ADJ
ftr-347	482	82	long	long	ADJ
ftr-347	482	83	term	term	NOUN
ftr-347	482	84	capital	capital	NOUN
ftr-347	482	85	management	management	NOUN
ftr-347	482	86	partner	partner	NOUN
ftr-347	482	87	“	"	PUNCT
ftr-347	482	88	i	i	PRON
ftr-347	482	89	find	find	VERB
ftr-347	482	90	it	it	PRON
ftr-347	482	91	hard	hard	ADJ
ftr-347	482	92	to	to	PART
ftr-347	482	93	believe	believe	VERB
ftr-347	482	94	—	—	PUNCT
ftr-347	482	95	i	i	PRON
ftr-347	482	96	do	do	AUX
ftr-347	482	97	n’t	not	PART
ftr-347	482	98	think	think	VERB
ftr-347	482	99	a	a	DET
ftr-347	482	100	hedge	hedge	NOUN
ftr-347	482	101	fund	fund	NOUN
ftr-347	482	102	today	today	NOUN
ftr-347	482	103	is	be	AUX
ftr-347	482	104	big	big	ADJ
ftr-347	482	105	enough	enough	ADV
ftr-347	482	106	to	to	PART
ftr-347	482	107	pose	pose	VERB
ftr-347	482	108	a	a	DET
ftr-347	482	109	systemic	systemic	ADJ
ftr-347	482	110	risk	risk	NOUN
ftr-347	482	111	.	.	PUNCT
ftr-347	482	112	”	"	PUNCT
ftr-347	482	113	)	)	PUNCT
ftr-347	482	114	.	.	PUNCT
ftr-347	483	1	85	85	NUM
ftr-347	483	2	.	.	PUNCT
ftr-347	484	1	e.g.	e.g.	ADV
ftr-347	484	2	,	,	PUNCT
ftr-347	484	3	anne	anne	PROPN
ftr-347	484	4	rivière	rivière	PROPN
ftr-347	484	5	,	,	PUNCT
ftr-347	484	6	the	the	DET
ftr-347	484	7	future	future	NOUN
ftr-347	484	8	of	of	ADP
ftr-347	484	9	hedge	hedge	NOUN
ftr-347	484	10	fund	fund	NOUN
ftr-347	484	11	regulation	regulation	NOUN
ftr-347	484	12	:	:	PUNCT
ftr-347	484	13	a	a	DET
ftr-347	484	14	comparative	comparative	ADJ
ftr-347	484	15	approach	approach	NOUN
ftr-347	484	16	:	:	PUNCT
ftr-347	484	17	united	united	PROPN
ftr-347	484	18	states	states	PROPN
ftr-347	484	19	,	,	PUNCT
ftr-347	484	20	united	united	ADJ
ftr-347	484	21	kingdom	kingdom	PROPN
ftr-347	484	22	,	,	PUNCT
ftr-347	484	23	france	france	PROPN
ftr-347	484	24	,	,	PUNCT
ftr-347	484	25	italy	italy	PROPN
ftr-347	484	26	,	,	PUNCT
ftr-347	484	27	and	and	CCONJ
ftr-347	484	28	germany	germany	PROPN
ftr-347	484	29	35	35	NUM
ftr-347	484	30	,	,	PUNCT
ftr-347	484	31	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1663553	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1663553	PROPN
ftr-347	484	32	(	(	PUNCT
ftr-347	484	33	citing	cite	VERB
ftr-347	484	34	rama	rama	PROPN
ftr-347	484	35	cont	cont	PROPN
ftr-347	484	36	,	,	PUNCT
ftr-347	484	37	amal	amal	PROPN
ftr-347	484	38	moussa	moussa	PROPN
ftr-347	484	39	&	&	CCONJ
ftr-347	484	40	andrea	andrea	PROPN
ftr-347	484	41	minca	minca	PROPN
ftr-347	484	42	,	,	PUNCT
ftr-347	484	43	too	too	ADV
ftr-347	484	44	interconnected	interconnected	ADJ
ftr-347	484	45	to	to	PART
ftr-347	484	46	fail	fail	VERB
ftr-347	484	47	:	:	PUNCT
ftr-347	484	48	contagion	contagion	NOUN
ftr-347	484	49	and	and	CCONJ
ftr-347	484	50	systemic	systemic	ADJ
ftr-347	484	51	risk	risk	NOUN
ftr-347	484	52	in	in	ADP
ftr-347	484	53	financial	financial	ADJ
ftr-347	484	54	networks	network	NOUN
ftr-347	484	55	,	,	PUNCT
ftr-347	484	56	working	working	NOUN
ftr-347	484	57	paper	paper	NOUN
ftr-347	484	58	,	,	PUNCT
ftr-347	484	59	columbia	columbia	PROPN
ftr-347	484	60	center	center	NOUN
ftr-347	484	61	or	or	CCONJ
ftr-347	484	62	fin	fin	NOUN
ftr-347	484	63	.	.	PUNCT
ftr-347	485	1	engineering	engineering	NOUN
ftr-347	485	2	(	(	PUNCT
ftr-347	485	3	2009	2009	NUM
ftr-347	485	4	)	)	PUNCT
ftr-347	485	5	(	(	PUNCT
ftr-347	485	6	“	"	PUNCT
ftr-347	485	7	indeed	indeed	ADV
ftr-347	485	8	,	,	PUNCT
ftr-347	485	9	the	the	DET
ftr-347	485	10	failure	failure	NOUN
ftr-347	485	11	of	of	ADP
ftr-347	485	12	ltcm	ltcm	NOUN
ftr-347	485	13	,	,	PUNCT
ftr-347	485	14	a	a	DET
ftr-347	485	15	hedge	hedge	NOUN
ftr-347	485	16	fund	fund	NOUN
ftr-347	485	17	worth	worth	ADJ
ftr-347	485	18	$	$	SYM
ftr-347	485	19	4	4	NUM
ftr-347	485	20	billion	billion	NUM
ftr-347	485	21	posed	pose	VERB
ftr-347	485	22	a	a	DET
ftr-347	485	23	systemic	systemic	ADJ
ftr-347	485	24	risk	risk	NOUN
ftr-347	485	25	because	because	SCONJ
ftr-347	485	26	of	of	ADP
ftr-347	485	27	its	its	PRON
ftr-347	485	28	exposure	exposure	NOUN
ftr-347	485	29	to	to	ADP
ftr-347	485	30	banks	bank	NOUN
ftr-347	485	31	,	,	PUNCT
ftr-347	485	32	while	while	SCONJ
ftr-347	485	33	the	the	DET
ftr-347	485	34	failure	failure	NOUN
ftr-347	485	35	of	of	ADP
ftr-347	485	36	amaranth	amaranth	NOUN
ftr-347	485	37	,	,	PUNCT
ftr-347	485	38	which	which	PRON
ftr-347	485	39	was	be	AUX
ftr-347	485	40	worth	worth	ADJ
ftr-347	485	41	more	more	ADJ
ftr-347	485	42	than	than	ADP
ftr-347	485	43	the	the	DET
ftr-347	485	44	double	double	ADJ
ftr-347	485	45	(	(	PUNCT
ftr-347	485	46	$	$	SYM
ftr-347	485	47	9.5	9.5	NUM
ftr-347	485	48	billion	billion	NUM
ftr-347	485	49	)	)	PUNCT
ftr-347	485	50	had	have	VERB
ftr-347	485	51	no	no	DET
ftr-347	485	52	systemic	systemic	ADJ
ftr-347	485	53	impact	impact	NOUN
ftr-347	485	54	.	.	PUNCT
ftr-347	485	55	”	"	PUNCT
ftr-347	485	56	)	)	PUNCT
ftr-347	485	57	)	)	PUNCT
ftr-347	485	58	.	.	PUNCT
ftr-347	486	1	86	86	NUM
ftr-347	486	2	.	.	PUNCT
ftr-347	487	1	dodd	dodd	PROPN
ftr-347	487	2	–	–	PUNCT
ftr-347	487	3	frank	frank	PROPN
ftr-347	487	4	wall	wall	PROPN
ftr-347	487	5	street	street	PROPN
ftr-347	487	6	reform	reform	PROPN
ftr-347	487	7	and	and	CCONJ
ftr-347	487	8	consumer	consumer	NOUN
ftr-347	487	9	protection	protection	PROPN
ftr-347	487	10	act	act	PROPN
ftr-347	487	11	,	,	PUNCT
ftr-347	487	12	pub	pub	NOUN
ftr-347	487	13	.	.	PUNCT
ftr-347	488	1	l.	l.	PROPN
ftr-347	488	2	no	no	INTJ
ftr-347	488	3	.	.	PROPN
ftr-347	488	4	111	111	NUM
ftr-347	488	5	-	-	SYM
ftr-347	488	6	203	203	NUM
ftr-347	488	7	,	,	PUNCT
ftr-347	488	8	124	124	NUM
ftr-347	488	9	stat	stat	NOUN
ftr-347	488	10	.	.	PUNCT
ftr-347	489	1	1376	1376	NUM
ftr-347	489	2	,	,	PUNCT
ftr-347	489	3	§	§	PROPN
ftr-347	489	4	111	111	NUM
ftr-347	489	5	(	(	PUNCT
ftr-347	489	6	establishment	establishment	NOUN
ftr-347	489	7	of	of	ADP
ftr-347	489	8	the	the	DET
ftr-347	489	9	fsoc	fsoc	NOUN
ftr-347	489	10	)	)	PUNCT
ftr-347	489	11	,	,	PUNCT
ftr-347	489	12	§	§	PROPN
ftr-347	489	13	§	§	PROPN
ftr-347	489	14	112(a)(1)(a	112(a)(1)(a	NUM
ftr-347	489	15	)	)	PUNCT
ftr-347	489	16	,	,	PUNCT
ftr-347	489	17	(	(	PUNCT
ftr-347	489	18	c	c	X
ftr-347	489	19	)	)	PUNCT
ftr-347	489	20	and	and	CCONJ
ftr-347	489	21	(	(	PUNCT
ftr-347	489	22	a)(2)(c	a)(2)(c	NUM
ftr-347	489	23	)	)	PUNCT
ftr-347	489	24	(	(	PUNCT
ftr-347	489	25	2010	2010	NUM
ftr-347	489	26	)	)	PUNCT
ftr-347	489	27	.	.	PUNCT
ftr-347	490	1	87	87	NUM
ftr-347	490	2	.	.	PUNCT
ftr-347	491	1	i	i	PRON
ftr-347	491	2	d.	d.	PROPN
ftr-347	491	3	at	at	ADP
ftr-347	491	4	§	§	PROPN
ftr-347	491	5	113(a)(2)(c	113(a)(2)(c	NUM
ftr-347	491	6	)	)	PUNCT
ftr-347	491	7	.	.	PUNCT
ftr-347	492	1	88	88	NUM
ftr-347	492	2	.	.	PUNCT
ftr-347	493	1	i	i	PRON
ftr-347	493	2	d.	d.	PROPN
ftr-347	493	3	at	at	ADP
ftr-347	493	4	§	§	PROPN
ftr-347	493	5	113(a)(2)(d	113(a)(2)(d	PROPN
ftr-347	493	6	)	)	PUNCT
ftr-347	493	7	.	.	PUNCT
ftr-347	494	1	89	89	NUM
ftr-347	494	2	.	.	PUNCT
ftr-347	495	1	i	i	PRON
ftr-347	495	2	d.	d.	PROPN
ftr-347	495	3	at	at	ADP
ftr-347	495	4	§	§	PROPN
ftr-347	495	5	113(a)(2)(g	113(a)(2)(g	PROPN
ftr-347	495	6	)	)	PUNCT
ftr-347	495	7	.	.	PUNCT
ftr-347	496	1	666	666	NUM
ftr-347	496	2	florida	florida	PROPN
ftr-347	496	3	tax	tax	NOUN
ftr-347	496	4	review	review	NOUN
ftr-347	496	5	[	[	X
ftr-347	496	6	vol	vol	NOUN
ftr-347	496	7	.	.	PUNCT
ftr-347	497	1	11:8	11:8	NUM
ftr-347	497	2	factors	factor	NOUN
ftr-347	497	3	in	in	ADP
ftr-347	497	4	determining	determine	VERB
ftr-347	497	5	systemic	systemic	ADJ
ftr-347	497	6	risk	risk	NOUN
ftr-347	497	7	that	that	PRON
ftr-347	497	8	need	need	VERB
ftr-347	497	9	to	to	PART
ftr-347	497	10	be	be	AUX
ftr-347	497	11	looked	look	VERB
ftr-347	497	12	at	at	ADP
ftr-347	497	13	in	in	ADP
ftr-347	497	14	addition	addition	NOUN
ftr-347	497	15	to	to	ADP
ftr-347	497	16	the	the	DET
ftr-347	497	17	size	size	NOUN
ftr-347	497	18	and	and	CCONJ
ftr-347	497	19	scale	scale	NOUN
ftr-347	497	20	of	of	ADP
ftr-347	497	21	the	the	DET
ftr-347	497	22	activities	activity	NOUN
ftr-347	497	23	of	of	ADP
ftr-347	497	24	the	the	DET
ftr-347	497	25	company.90	company.90	PROPN
ftr-347	497	26	in	in	ADP
ftr-347	497	27	a	a	DET
ftr-347	497	28	recent	recent	ADJ
ftr-347	497	29	g-20	g-20	NOUN
ftr-347	497	30	commissioned	commission	VERB
ftr-347	497	31	study	study	NOUN
ftr-347	497	32	,	,	PUNCT
ftr-347	497	33	the	the	DET
ftr-347	497	34	international	international	ADJ
ftr-347	497	35	monetary	monetary	ADJ
ftr-347	497	36	fund	fund	NOUN
ftr-347	497	37	also	also	ADV
ftr-347	497	38	determined	determine	VERB
ftr-347	497	39	that	that	SCONJ
ftr-347	497	40	institutions	institution	NOUN
ftr-347	497	41	that	that	PRON
ftr-347	497	42	were	be	AUX
ftr-347	497	43	interconnected	interconnect	VERB
ftr-347	497	44	,	,	PUNCT
ftr-347	497	45	could	could	AUX
ftr-347	497	46	impair	impair	VERB
ftr-347	497	47	financial	financial	ADJ
ftr-347	497	48	markets	market	NOUN
ftr-347	497	49	regardless	regardless	ADV
ftr-347	497	50	of	of	ADP
ftr-347	497	51	their	their	PRON
ftr-347	497	52	size.91	size.91	NOUN
ftr-347	497	53	professor	professor	NOUN
ftr-347	497	54	hal	hal	PROPN
ftr-347	497	55	scott	scott	PROPN
ftr-347	497	56	stated	state	VERB
ftr-347	497	57	in	in	ADP
ftr-347	497	58	his	his	PRON
ftr-347	497	59	testimony	testimony	NOUN
ftr-347	497	60	before	before	ADP
ftr-347	497	61	the	the	DET
ftr-347	497	62	u.s	u.s	PROPN
ftr-347	497	63	.	.	PROPN
ftr-347	497	64	senate	senate	PROPN
ftr-347	497	65	committee	committee	PROPN
ftr-347	497	66	on	on	ADP
ftr-347	497	67	banking	banking	NOUN
ftr-347	497	68	,	,	PUNCT
ftr-347	497	69	housing	housing	NOUN
ftr-347	497	70	and	and	CCONJ
ftr-347	497	71	urban	urban	ADJ
ftr-347	497	72	affairs	affair	NOUN
ftr-347	497	73	about	about	ADP
ftr-347	497	74	proposed	propose	VERB
ftr-347	497	75	rules	rule	NOUN
ftr-347	497	76	that	that	PRON
ftr-347	497	77	would	would	AUX
ftr-347	497	78	prohibit	prohibit	VERB
ftr-347	497	79	certain	certain	ADJ
ftr-347	497	80	holdings	holding	NOUN
ftr-347	497	81	and	and	CCONJ
ftr-347	497	82	proprietary	proprietary	ADJ
ftr-347	497	83	trading	trading	NOUN
ftr-347	497	84	by	by	ADP
ftr-347	497	85	bank	bank	NOUN
ftr-347	497	86	or	or	CCONJ
ftr-347	497	87	bank	bank	NOUN
ftr-347	497	88	owners	owner	NOUN
ftr-347	497	89	,	,	PUNCT
ftr-347	497	90	that	that	SCONJ
ftr-347	497	91	“	"	PUNCT
ftr-347	497	92	the	the	DET
ftr-347	497	93	absolute	absolute	ADJ
ftr-347	497	94	size	size	NOUN
ftr-347	497	95	of	of	ADP
ftr-347	497	96	an	an	DET
ftr-347	497	97	institution	institution	NOUN
ftr-347	497	98	is	be	AUX
ftr-347	497	99	not	not	PART
ftr-347	497	100	the	the	DET
ftr-347	497	101	predicate	predicate	NOUN
ftr-347	497	102	for	for	ADP
ftr-347	497	103	systemic	systemic	ADJ
ftr-347	497	104	risk	risk	NOUN
ftr-347	497	105	;	;	PUNCT
ftr-347	497	106	it	it	PRON
ftr-347	497	107	is	be	AUX
ftr-347	497	108	rather	rather	ADV
ftr-347	497	109	the	the	DET
ftr-347	497	110	size	size	NOUN
ftr-347	497	111	of	of	ADP
ftr-347	497	112	its	its	PRON
ftr-347	497	113	debt	debt	NOUN
ftr-347	497	114	,	,	PUNCT
ftr-347	497	115	its	its	PRON
ftr-347	497	116	derivatives	derivative	NOUN
ftr-347	497	117	positions	position	NOUN
ftr-347	497	118	,	,	PUNCT
ftr-347	497	119	and	and	CCONJ
ftr-347	497	120	the	the	DET
ftr-347	497	121	scope	scope	NOUN
ftr-347	497	122	and	and	CCONJ
ftr-347	497	123	complexity	complexity	NOUN
ftr-347	497	124	of	of	ADP
ftr-347	497	125	many	many	ADJ
ftr-347	497	126	other	other	ADJ
ftr-347	497	127	financial	financial	ADJ
ftr-347	497	128	relationships	relationship	NOUN
ftr-347	497	129	running	run	VERB
ftr-347	497	130	between	between	ADP
ftr-347	497	131	the	the	DET
ftr-347	497	132	firm	firm	NOUN
ftr-347	497	133	,	,	PUNCT
ftr-347	497	134	other	other	ADJ
ftr-347	497	135	institutions	institution	NOUN
ftr-347	497	136	,	,	PUNCT
ftr-347	497	137	and	and	CCONJ
ftr-347	497	138	the	the	DET
ftr-347	497	139	wider	wide	ADJ
ftr-347	497	140	financial	financial	ADJ
ftr-347	497	141	system	system	NOUN
ftr-347	497	142	.	.	PUNCT
ftr-347	498	1	”92	”92	VERB
ftr-347	498	2	a	a	DET
ftr-347	498	3	draft	draft	NOUN
ftr-347	498	4	report	report	NOUN
ftr-347	498	5	by	by	ADP
ftr-347	498	6	the	the	DET
ftr-347	498	7	fsoc	fsoc	NOUN
ftr-347	498	8	that	that	PRON
ftr-347	498	9	has	have	AUX
ftr-347	498	10	not	not	PART
ftr-347	498	11	yet	yet	ADV
ftr-347	498	12	been	be	AUX
ftr-347	498	13	publicly	publicly	ADV
ftr-347	498	14	released	release	VERB
ftr-347	498	15	as	as	SCONJ
ftr-347	498	16	this	this	DET
ftr-347	498	17	article	article	NOUN
ftr-347	498	18	is	be	AUX
ftr-347	498	19	being	be	AUX
ftr-347	498	20	written	write	VERB
ftr-347	498	21	allegedly	allegedly	ADV
ftr-347	498	22	states	state	VERB
ftr-347	498	23	that	that	SCONJ
ftr-347	498	24	hedge	hedge	NOUN
ftr-347	498	25	funds	fund	NOUN
ftr-347	498	26	and	and	CCONJ
ftr-347	498	27	private	private	ADJ
ftr-347	498	28	equity	equity	NOUN
ftr-347	498	29	firms	firm	NOUN
ftr-347	498	30	could	could	AUX
ftr-347	498	31	pose	pose	VERB
ftr-347	498	32	a	a	DET
ftr-347	498	33	systemic	systemic	ADJ
ftr-347	498	34	risk	risk	NOUN
ftr-347	498	35	to	to	ADP
ftr-347	498	36	the	the	DET
ftr-347	498	37	financial	financial	ADJ
ftr-347	498	38	system.93	system.93	PROPN
ftr-347	498	39	since	since	SCONJ
ftr-347	498	40	the	the	DET
ftr-347	498	41	collapse	collapse	NOUN
ftr-347	498	42	of	of	ADP
ftr-347	498	43	long	long	ADJ
ftr-347	498	44	term	term	NOUN
ftr-347	498	45	capital	capital	NOUN
ftr-347	498	46	management	management	NOUN
ftr-347	498	47	’s	’s	PART
ftr-347	498	48	(	(	PUNCT
ftr-347	498	49	ltcm	ltcm	NOUN
ftr-347	498	50	)	)	PUNCT
ftr-347	498	51	master	master	NOUN
ftr-347	498	52	fund	fund	NOUN
ftr-347	498	53	in	in	ADP
ftr-347	498	54	1998	1998	NUM
ftr-347	498	55	,	,	PUNCT
ftr-347	498	56	scholars	scholar	NOUN
ftr-347	498	57	have	have	AUX
ftr-347	498	58	also	also	ADV
ftr-347	498	59	alleged	allege	VERB
ftr-347	498	60	that	that	SCONJ
ftr-347	498	61	hedge	hedge	NOUN
ftr-347	498	62	funds	fund	NOUN
ftr-347	498	63	may	may	AUX
ftr-347	498	64	have	have	VERB
ftr-347	498	65	a	a	DET
ftr-347	498	66	role	role	NOUN
ftr-347	498	67	in	in	ADP
ftr-347	498	68	systemic	systemic	ADJ
ftr-347	498	69	risk.94	risk.94	NOUN
ftr-347	498	70	ltcm	ltcm	NOUN
ftr-347	498	71	was	be	AUX
ftr-347	498	72	a	a	DET
ftr-347	498	73	hedge	hedge	NOUN
ftr-347	498	74	fund	fund	NOUN
ftr-347	498	75	that	that	PRON
ftr-347	498	76	financially	financially	ADV
ftr-347	498	77	failed	fail	VERB
ftr-347	498	78	following	follow	VERB
ftr-347	498	79	the	the	DET
ftr-347	498	80	russian	russian	ADJ
ftr-347	498	81	90	90	NUM
ftr-347	498	82	.	.	PUNCT
ftr-347	499	1	this	this	PRON
ftr-347	499	2	is	be	AUX
ftr-347	499	3	evidenced	evidence	VERB
ftr-347	499	4	by	by	ADP
ftr-347	499	5	the	the	DET
ftr-347	499	6	multi	multi	ADJ
ftr-347	499	7	-	-	ADJ
ftr-347	499	8	faceted	faceted	ADJ
ftr-347	499	9	approach	approach	NOUN
ftr-347	499	10	to	to	ADP
ftr-347	499	11	defining	define	VERB
ftr-347	499	12	“	"	PUNCT
ftr-347	499	13	nonbank	nonbank	ADJ
ftr-347	499	14	financial	financial	ADJ
ftr-347	499	15	companies	company	NOUN
ftr-347	499	16	”	"	PUNCT
ftr-347	499	17	that	that	PRON
ftr-347	499	18	will	will	AUX
ftr-347	499	19	be	be	AUX
ftr-347	499	20	supervised	supervise	VERB
ftr-347	499	21	and	and	CCONJ
ftr-347	499	22	regulated	regulate	VERB
ftr-347	499	23	by	by	ADP
ftr-347	499	24	the	the	DET
ftr-347	499	25	federal	federal	PROPN
ftr-347	499	26	reserve	reserve	PROPN
ftr-347	499	27	board	board	PROPN
ftr-347	499	28	of	of	ADP
ftr-347	499	29	governors	governor	NOUN
ftr-347	499	30	.	.	PUNCT
ftr-347	500	1	see	see	VERB
ftr-347	500	2	i	i	PRON
ftr-347	500	3	d.	d.	PROPN
ftr-347	500	4	91	91	NUM
ftr-347	500	5	.	.	PUNCT
ftr-347	501	1	staff	staff	NOUN
ftr-347	501	2	of	of	ADP
ftr-347	501	3	the	the	DET
ftr-347	501	4	international	international	ADJ
ftr-347	501	5	monetary	monetary	ADJ
ftr-347	501	6	fund	fund	NOUN
ftr-347	501	7	and	and	CCONJ
ftr-347	501	8	the	the	DET
ftr-347	501	9	bank	bank	NOUN
ftr-347	501	10	for	for	ADP
ftr-347	501	11	international	international	ADJ
ftr-347	501	12	settlements	settlement	NOUN
ftr-347	501	13	,	,	PUNCT
ftr-347	501	14	and	and	CCONJ
ftr-347	501	15	the	the	DET
ftr-347	501	16	secretariat	secretariat	NOUN
ftr-347	501	17	of	of	ADP
ftr-347	501	18	the	the	DET
ftr-347	501	19	financial	financial	ADJ
ftr-347	501	20	stability	stability	PROPN
ftr-347	501	21	board	board	NOUN
ftr-347	501	22	,	,	PUNCT
ftr-347	501	23	systemically	systemically	ADV
ftr-347	501	24	important	important	ADJ
ftr-347	501	25	institutions	institution	NOUN
ftr-347	501	26	,	,	PUNCT
ftr-347	501	27	markets	market	NOUN
ftr-347	501	28	and	and	CCONJ
ftr-347	501	29	instruments	instrument	NOUN
ftr-347	501	30	(	(	PUNCT
ftr-347	501	31	2009	2009	NUM
ftr-347	501	32	)	)	PUNCT
ftr-347	501	33	,	,	PUNCT
ftr-347	501	34	http://www.imf.org/	http://www.imf.org/	PROPN
ftr-347	501	35	external	external	ADJ
ftr-347	501	36	/	/	SYM
ftr-347	501	37	np	np	PROPN
ftr-347	501	38	/	/	SYM
ftr-347	501	39	g20	g20	PROPN
ftr-347	501	40	/	/	SYM
ftr-347	501	41	pdf/100109.pdf	pdf/100109.pdf	PROPN
ftr-347	501	42	.	.	PUNCT
ftr-347	502	1	92	92	NUM
ftr-347	502	2	.	.	PUNCT
ftr-347	502	3	implications	implication	NOUN
ftr-347	502	4	of	of	ADP
ftr-347	502	5	the	the	DET
ftr-347	502	6	“	"	PUNCT
ftr-347	502	7	volcker	volcker	NOUN
ftr-347	502	8	rules	rule	NOUN
ftr-347	502	9	”	"	PUNCT
ftr-347	502	10	for	for	ADP
ftr-347	502	11	financial	financial	ADJ
ftr-347	502	12	stability	stability	NOUN
ftr-347	502	13	,	,	PUNCT
ftr-347	502	14	hearings	hearing	NOUN
ftr-347	502	15	before	before	ADP
ftr-347	502	16	the	the	DET
ftr-347	502	17	banking	banking	NOUN
ftr-347	502	18	,	,	PUNCT
ftr-347	502	19	housing	housing	NOUN
ftr-347	502	20	,	,	PUNCT
ftr-347	502	21	and	and	CCONJ
ftr-347	502	22	urban	urban	PROPN
ftr-347	502	23	affairs	affairs	PROPN
ftr-347	502	24	united	united	PROPN
ftr-347	502	25	states	states	PROPN
ftr-347	502	26	senate	senate	PROPN
ftr-347	502	27	,	,	PUNCT
ftr-347	502	28	111th	111th	ADJ
ftr-347	502	29	cong	cong	NOUN
ftr-347	502	30	.	.	PUNCT
ftr-347	503	1	51	51	NUM
ftr-347	503	2	(	(	PUNCT
ftr-347	503	3	2010	2010	NUM
ftr-347	503	4	)	)	PUNCT
ftr-347	503	5	(	(	PUNCT
ftr-347	503	6	prepared	prepare	VERB
ftr-347	503	7	written	write	VERB
ftr-347	503	8	statement	statement	NOUN
ftr-347	503	9	of	of	ADP
ftr-347	503	10	prof	prof	PROPN
ftr-347	503	11	.	.	PUNCT
ftr-347	504	1	hal	hal	PROPN
ftr-347	504	2	scott	scott	PROPN
ftr-347	504	3	)	)	PUNCT
ftr-347	504	4	.	.	PUNCT
ftr-347	505	1	professor	professor	PROPN
ftr-347	505	2	hal	hal	PROPN
ftr-347	505	3	scott	scott	PROPN
ftr-347	505	4	was	be	AUX
ftr-347	505	5	testifying	testify	VERB
ftr-347	505	6	about	about	ADP
ftr-347	505	7	the	the	DET
ftr-347	505	8	implications	implication	NOUN
ftr-347	505	9	of	of	ADP
ftr-347	505	10	the	the	DET
ftr-347	505	11	volcker	volcker	PROPN
ftr-347	505	12	rules	rule	NOUN
ftr-347	505	13	for	for	ADP
ftr-347	505	14	financial	financial	ADJ
ftr-347	505	15	stability	stability	NOUN
ftr-347	505	16	(	(	PUNCT
ftr-347	505	17	volcker	volcker	NOUN
ftr-347	505	18	rules	rule	NOUN
ftr-347	505	19	)	)	PUNCT
ftr-347	505	20	and	and	CCONJ
ftr-347	505	21	proposed	propose	VERB
ftr-347	505	22	size	size	NOUN
ftr-347	505	23	limitations	limitation	NOUN
ftr-347	505	24	on	on	ADP
ftr-347	505	25	banks	bank	NOUN
ftr-347	505	26	.	.	PUNCT
ftr-347	506	1	the	the	DET
ftr-347	506	2	proposed	propose	VERB
ftr-347	506	3	volcker	volcker	NOUN
ftr-347	506	4	rules	rule	NOUN
ftr-347	506	5	provide	provide	VERB
ftr-347	506	6	that	that	SCONJ
ftr-347	506	7	“	"	PUNCT
ftr-347	506	8	no	no	DET
ftr-347	506	9	bank	bank	NOUN
ftr-347	506	10	or	or	CCONJ
ftr-347	506	11	financial	financial	ADJ
ftr-347	506	12	institution	institution	NOUN
ftr-347	506	13	that	that	PRON
ftr-347	506	14	contains	contain	VERB
ftr-347	506	15	a	a	DET
ftr-347	506	16	bank	bank	NOUN
ftr-347	506	17	will	will	AUX
ftr-347	506	18	own	own	VERB
ftr-347	506	19	,	,	PUNCT
ftr-347	506	20	invest	invest	VERB
ftr-347	506	21	in	in	ADP
ftr-347	506	22	or	or	CCONJ
ftr-347	506	23	sponsor	sponsor	VERB
ftr-347	506	24	a	a	DET
ftr-347	506	25	hedge	hedge	NOUN
ftr-347	506	26	fund	fund	NOUN
ftr-347	506	27	or	or	CCONJ
ftr-347	506	28	a	a	DET
ftr-347	506	29	private	private	ADJ
ftr-347	506	30	equity	equity	NOUN
ftr-347	506	31	fund	fund	NOUN
ftr-347	506	32	,	,	PUNCT
ftr-347	506	33	or	or	CCONJ
ftr-347	506	34	proprietary	proprietary	ADJ
ftr-347	506	35	trading	trading	NOUN
ftr-347	506	36	operations	operation	NOUN
ftr-347	506	37	unrelated	unrelated	ADJ
ftr-347	506	38	to	to	ADP
ftr-347	506	39	serving	serve	VERB
ftr-347	506	40	customers	customer	NOUN
ftr-347	506	41	for	for	ADP
ftr-347	506	42	its	its	PRON
ftr-347	506	43	own	own	ADJ
ftr-347	506	44	profit	profit	NOUN
ftr-347	506	45	.	.	PUNCT
ftr-347	506	46	”	"	PUNCT
ftr-347	507	1	press	press	NOUN
ftr-347	507	2	release	release	NOUN
ftr-347	507	3	,	,	PUNCT
ftr-347	507	4	white	white	PROPN
ftr-347	507	5	house	house	PROPN
ftr-347	507	6	,	,	PUNCT
ftr-347	507	7	president	president	PROPN
ftr-347	507	8	obama	obama	PROPN
ftr-347	507	9	calls	call	VERB
ftr-347	507	10	for	for	ADP
ftr-347	507	11	new	new	ADJ
ftr-347	507	12	restrictions	restriction	NOUN
ftr-347	507	13	on	on	ADP
ftr-347	507	14	size	size	NOUN
ftr-347	507	15	and	and	CCONJ
ftr-347	507	16	scope	scope	NOUN
ftr-347	507	17	of	of	ADP
ftr-347	507	18	financial	financial	ADJ
ftr-347	507	19	institutions	institution	NOUN
ftr-347	507	20	to	to	PART
ftr-347	507	21	rein	rein	VERB
ftr-347	507	22	in	in	ADP
ftr-347	507	23	excesses	excess	NOUN
ftr-347	507	24	and	and	CCONJ
ftr-347	507	25	protect	protect	VERB
ftr-347	507	26	taxpayers	taxpayer	NOUN
ftr-347	507	27	(	(	PUNCT
ftr-347	507	28	jan	jan	PROPN
ftr-347	507	29	.	.	PROPN
ftr-347	507	30	21	21	NUM
ftr-347	507	31	,	,	PUNCT
ftr-347	507	32	2010	2010	NUM
ftr-347	507	33	)	)	PUNCT
ftr-347	507	34	.	.	PUNCT
ftr-347	508	1	93	93	NUM
ftr-347	508	2	.	.	PUNCT
ftr-347	508	3	rebecca	rebecca	PROPN
ftr-347	508	4	christie	christie	PROPN
ftr-347	508	5	&	&	CCONJ
ftr-347	508	6	ian	ian	PROPN
ftr-347	508	7	katz	katz	PROPN
ftr-347	508	8	,	,	PUNCT
ftr-347	508	9	hedge	hedge	NOUN
ftr-347	508	10	fund	fund	NOUN
ftr-347	508	11	may	may	AUX
ftr-347	508	12	pose	pose	VERB
ftr-347	508	13	systemic	systemic	ADJ
ftr-347	508	14	risk	risk	NOUN
ftr-347	508	15	in	in	ADP
ftr-347	508	16	crisis	crisis	NOUN
ftr-347	508	17	,	,	PUNCT
ftr-347	508	18	u.s	u.s	PROPN
ftr-347	508	19	.	.	PROPN
ftr-347	508	20	report	report	PROPN
ftr-347	508	21	says	say	VERB
ftr-347	508	22	,	,	PUNCT
ftr-347	508	23	bloomberg	bloomberg	PROPN
ftr-347	508	24	(	(	PUNCT
ftr-347	508	25	2011	2011	NUM
ftr-347	508	26	)	)	PUNCT
ftr-347	508	27	,	,	PUNCT
ftr-347	508	28	http://www.bloomberg.com/news/	http://www.bloomberg.com/news/	X
ftr-347	508	29	2011	2011	NUM
ftr-347	508	30	-	-	SYM
ftr-347	508	31	02	02	NUM
ftr-347	508	32	-	-	PUNCT
ftr-347	508	33	17	17	NUM
ftr-347	508	34	/	/	SYM
ftr-347	508	35	hedge	hedge	NOUN
ftr-347	508	36	-	-	PUNCT
ftr-347	508	37	funds	fund	NOUN
ftr-347	508	38	-	-	PUNCT
ftr-347	508	39	may	may	AUX
ftr-347	508	40	-	-	PUNCT
ftr-347	508	41	pose	pose	VERB
ftr-347	508	42	-	-	PUNCT
ftr-347	508	43	systemic	systemic	ADJ
ftr-347	508	44	-	-	PUNCT
ftr-347	508	45	risk	risk	NOUN
ftr-347	508	46	-	-	PUNCT
ftr-347	508	47	in	in	ADP
ftr-347	508	48	-	-	PUNCT
ftr-347	508	49	crisis	crisis	NOUN
ftr-347	508	50	-	-	PUNCT
ftr-347	508	51	u	u	NOUN
ftr-347	508	52	-	-	ADJ
ftr-347	508	53	s	s	NOUN
ftr-347	508	54	-	-	PUNCT
ftr-347	508	55	report	report	NOUN
ftr-347	508	56	-	-	PUNCT
ftr-347	508	57	says.html	says.html	NOUN
ftr-347	508	58	.	.	PUNCT
ftr-347	509	1	this	this	PRON
ftr-347	509	2	is	be	AUX
ftr-347	509	3	pivotal	pivotal	ADJ
ftr-347	509	4	finding	finding	NOUN
ftr-347	509	5	because	because	SCONJ
ftr-347	509	6	,	,	PUNCT
ftr-347	509	7	as	as	SCONJ
ftr-347	509	8	discussed	discuss	VERB
ftr-347	509	9	,	,	PUNCT
ftr-347	509	10	the	the	DET
ftr-347	509	11	fsoc	fsoc	NOUN
ftr-347	509	12	has	have	AUX
ftr-347	509	13	been	be	AUX
ftr-347	509	14	designated	designate	VERB
ftr-347	509	15	the	the	DET
ftr-347	509	16	task	task	NOUN
ftr-347	509	17	of	of	ADP
ftr-347	509	18	defining	define	VERB
ftr-347	509	19	nonbank	nonbank	NOUN
ftr-347	509	20	financial	financial	ADJ
ftr-347	509	21	institutions	institution	NOUN
ftr-347	509	22	that	that	PRON
ftr-347	509	23	will	will	AUX
ftr-347	509	24	be	be	AUX
ftr-347	509	25	subject	subject	ADJ
ftr-347	509	26	to	to	ADP
ftr-347	509	27	supervision	supervision	NOUN
ftr-347	509	28	and	and	CCONJ
ftr-347	509	29	oversight	oversight	NOUN
ftr-347	509	30	by	by	ADP
ftr-347	509	31	the	the	DET
ftr-347	509	32	federal	federal	PROPN
ftr-347	509	33	reserve	reserve	PROPN
ftr-347	509	34	board	board	PROPN
ftr-347	509	35	of	of	ADP
ftr-347	509	36	governors	governor	NOUN
ftr-347	509	37	.	.	PUNCT
ftr-347	510	1	94	94	X
ftr-347	510	2	.	.	PUNCT
ftr-347	511	1	see	see	VERB
ftr-347	511	2	nicholas	nicholas	PROPN
ftr-347	511	3	chan	chan	PROPN
ftr-347	511	4	,	,	PUNCT
ftr-347	511	5	mila	mila	PROPN
ftr-347	511	6	getmansky	getmansky	PROPN
ftr-347	511	7	,	,	PUNCT
ftr-347	511	8	shane	shane	NOUN
ftr-347	511	9	m.	m.	PROPN
ftr-347	511	10	haas	haas	PROPN
ftr-347	511	11	&	&	CCONJ
ftr-347	511	12	andrew	andrew	PROPN
ftr-347	511	13	lo	lo	PROPN
ftr-347	511	14	,	,	PUNCT
ftr-347	511	15	systemic	systemic	ADJ
ftr-347	511	16	risk	risk	NOUN
ftr-347	511	17	and	and	CCONJ
ftr-347	511	18	hedge	hedge	NOUN
ftr-347	511	19	funds	fund	NOUN
ftr-347	511	20	,	,	PUNCT
ftr-347	511	21	in	in	ADP
ftr-347	511	22	risks	risk	NOUN
ftr-347	511	23	of	of	ADP
ftr-347	511	24	financial	financial	ADJ
ftr-347	511	25	institutions	institution	NOUN
ftr-347	511	26	235	235	NUM
ftr-347	511	27	(	(	PUNCT
ftr-347	511	28	mark	mark	PROPN
ftr-347	511	29	carey	carey	PROPN
ftr-347	511	30	&	&	CCONJ
ftr-347	511	31	rene	rene	PROPN
ftr-347	511	32	stulz	stulz	PROPN
ftr-347	511	33	,	,	PUNCT
ftr-347	511	34	ed	ed	NOUN
ftr-347	511	35	.	.	PROPN
ftr-347	511	36	,	,	PUNCT
ftr-347	511	37	2007	2007	NUM
ftr-347	511	38	)	)	PUNCT
ftr-347	511	39	.	.	PUNCT
ftr-347	512	1	2011	2011	NUM
ftr-347	512	2	]	]	PUNCT
ftr-347	512	3	the	the	DET
ftr-347	512	4	global	global	ADJ
ftr-347	512	5	shadow	shadow	PROPN
ftr-347	512	6	bank	bank	PROPN
ftr-347	512	7	667	667	NUM
ftr-347	512	8	financial	financial	ADJ
ftr-347	512	9	crisis	crisis	NOUN
ftr-347	512	10	in	in	ADP
ftr-347	512	11	1998.95	1998.95	NUM
ftr-347	512	12	the	the	DET
ftr-347	512	13	major	major	ADJ
ftr-347	512	14	creditors	creditor	NOUN
ftr-347	512	15	participated	participate	VERB
ftr-347	512	16	in	in	ADP
ftr-347	512	17	a	a	DET
ftr-347	512	18	$	$	SYM
ftr-347	512	19	3.625	3.625	NUM
ftr-347	512	20	billion	billion	NUM
ftr-347	512	21	bailout	bailout	NOUN
ftr-347	512	22	that	that	PRON
ftr-347	512	23	was	be	AUX
ftr-347	512	24	organized	organize	VERB
ftr-347	512	25	by	by	ADP
ftr-347	512	26	the	the	DET
ftr-347	512	27	federal	federal	PROPN
ftr-347	512	28	reserve	reserve	PROPN
ftr-347	512	29	bank	bank	PROPN
ftr-347	512	30	of	of	ADP
ftr-347	512	31	new	new	PROPN
ftr-347	512	32	york	york	PROPN
ftr-347	512	33	to	to	PART
ftr-347	512	34	prevent	prevent	VERB
ftr-347	512	35	a	a	DET
ftr-347	512	36	larger	large	ADJ
ftr-347	512	37	market	market	NOUN
ftr-347	512	38	disruption.96	disruption.96	NOUN
ftr-347	512	39	federal	federal	PROPN
ftr-347	512	40	reserve	reserve	PROPN
ftr-347	512	41	bank	bank	PROPN
ftr-347	512	42	of	of	ADP
ftr-347	512	43	new	new	PROPN
ftr-347	512	44	york	york	PROPN
ftr-347	512	45	president	president	PROPN
ftr-347	512	46	mcdonough	mcdonough	PROPN
ftr-347	512	47	,	,	PUNCT
ftr-347	512	48	in	in	ADP
ftr-347	512	49	his	his	PRON
ftr-347	512	50	1998	1998	NUM
ftr-347	512	51	congressional	congressional	ADJ
ftr-347	512	52	testimony	testimony	NOUN
ftr-347	512	53	after	after	ADP
ftr-347	512	54	the	the	DET
ftr-347	512	55	ltcm	ltcm	NOUN
ftr-347	512	56	collapse	collapse	NOUN
ftr-347	512	57	,	,	PUNCT
ftr-347	512	58	stated	state	VERB
ftr-347	512	59	:	:	PUNCT
ftr-347	513	1	[	[	X
ftr-347	513	2	t]there	t]there	PROPN
ftr-347	513	3	was	be	AUX
ftr-347	513	4	a	a	DET
ftr-347	513	5	likelihood	likelihood	NOUN
ftr-347	513	6	that	that	SCONJ
ftr-347	513	7	a	a	DET
ftr-347	513	8	number	number	NOUN
ftr-347	513	9	of	of	ADP
ftr-347	513	10	credit	credit	NOUN
ftr-347	513	11	and	and	CCONJ
ftr-347	513	12	interest	interest	NOUN
ftr-347	513	13	rate	rate	NOUN
ftr-347	513	14	markets	market	NOUN
ftr-347	513	15	would	would	AUX
ftr-347	513	16	experience	experience	VERB
ftr-347	513	17	extreme	extreme	ADJ
ftr-347	513	18	price	price	NOUN
ftr-347	513	19	moves	move	NOUN
ftr-347	513	20	and	and	CCONJ
ftr-347	513	21	possibly	possibly	ADV
ftr-347	513	22	cease	cease	VERB
ftr-347	513	23	to	to	PART
ftr-347	513	24	function	function	VERB
ftr-347	513	25	for	for	ADP
ftr-347	513	26	a	a	DET
ftr-347	513	27	period	period	NOUN
ftr-347	513	28	of	of	ADP
ftr-347	513	29	one	one	NUM
ftr-347	513	30	or	or	CCONJ
ftr-347	513	31	more	more	ADJ
ftr-347	513	32	days	day	NOUN
ftr-347	513	33	and	and	CCONJ
ftr-347	513	34	maybe	maybe	ADV
ftr-347	513	35	longer	long	ADV
ftr-347	513	36	.	.	PUNCT
ftr-347	513	37	.	.	PUNCT
ftr-347	514	1	.	.	PUNCT
ftr-347	515	1	most	most	ADV
ftr-347	515	2	importantly	importantly	ADV
ftr-347	515	3	,	,	PUNCT
ftr-347	515	4	this	this	PRON
ftr-347	515	5	would	would	AUX
ftr-347	515	6	have	have	AUX
ftr-347	515	7	led	lead	VERB
ftr-347	515	8	to	to	ADP
ftr-347	515	9	further	further	ADJ
ftr-347	515	10	increases	increase	NOUN
ftr-347	515	11	in	in	ADP
ftr-347	515	12	the	the	DET
ftr-347	515	13	cost	cost	NOUN
ftr-347	515	14	of	of	ADP
ftr-347	515	15	capital	capital	NOUN
ftr-347	515	16	to	to	ADP
ftr-347	515	17	american	american	ADJ
ftr-347	515	18	businesses.97	businesses.97	PROPN
ftr-347	515	19	in	in	ADP
ftr-347	515	20	fact	fact	NOUN
ftr-347	515	21	,	,	PUNCT
ftr-347	515	22	a	a	DET
ftr-347	515	23	study	study	NOUN
ftr-347	515	24	by	by	ADP
ftr-347	515	25	the	the	DET
ftr-347	515	26	bank	bank	PROPN
ftr-347	515	27	of	of	ADP
ftr-347	515	28	france	france	PROPN
ftr-347	515	29	estimated	estimate	VERB
ftr-347	515	30	that	that	SCONJ
ftr-347	515	31	“	"	PUNCT
ftr-347	515	32	17	17	NUM
ftr-347	515	33	banks	bank	NOUN
ftr-347	515	34	would	would	AUX
ftr-347	515	35	have	have	AUX
ftr-347	515	36	collectively	collectively	ADV
ftr-347	515	37	lost	lose	VERB
ftr-347	515	38	3	3	NUM
ftr-347	515	39	to	to	PART
ftr-347	515	40	5	5	NUM
ftr-347	515	41	billion	billion	NUM
ftr-347	515	42	dollars	dollar	NOUN
ftr-347	515	43	if	if	SCONJ
ftr-347	515	44	ltcm	ltcm	NOUN
ftr-347	515	45	had	have	AUX
ftr-347	515	46	n’t	not	PART
ftr-347	515	47	been	be	AUX
ftr-347	515	48	bailed	bail	VERB
ftr-347	515	49	out	out	ADP
ftr-347	515	50	.	.	PUNCT
ftr-347	516	1	”98	”98	PROPN
ftr-347	516	2	if	if	SCONJ
ftr-347	516	3	systemic	systemic	ADJ
ftr-347	516	4	risk	risk	NOUN
ftr-347	516	5	is	be	AUX
ftr-347	516	6	the	the	DET
ftr-347	516	7	collapse	collapse	NOUN
ftr-347	516	8	of	of	ADP
ftr-347	516	9	an	an	DET
ftr-347	516	10	entire	entire	ADJ
ftr-347	516	11	financial	financial	ADJ
ftr-347	516	12	system	system	NOUN
ftr-347	516	13	that	that	PRON
ftr-347	516	14	has	have	VERB
ftr-347	516	15	effects	effect	NOUN
ftr-347	516	16	on	on	ADP
ftr-347	516	17	the	the	DET
ftr-347	516	18	real	real	ADJ
ftr-347	516	19	economy,99	economy,99	NOUN
ftr-347	516	20	what	what	PRON
ftr-347	516	21	are	be	AUX
ftr-347	516	22	some	some	PRON
ftr-347	516	23	of	of	ADP
ftr-347	516	24	the	the	DET
ftr-347	516	25	potential	potential	ADJ
ftr-347	516	26	linkages	linkage	NOUN
ftr-347	516	27	between	between	ADP
ftr-347	516	28	hedge	hedge	NOUN
ftr-347	516	29	funds	fund	NOUN
ftr-347	516	30	and	and	CCONJ
ftr-347	516	31	the	the	DET
ftr-347	516	32	real	real	ADJ
ftr-347	516	33	economy	economy	NOUN
ftr-347	516	34	?	?	PUNCT
ftr-347	517	1	one	one	NUM
ftr-347	517	2	link	link	NOUN
ftr-347	517	3	is	be	AUX
ftr-347	517	4	credit	credit	NOUN
ftr-347	517	5	channels	channel	NOUN
ftr-347	517	6	,	,	PUNCT
ftr-347	517	7	or	or	CCONJ
ftr-347	517	8	banks	bank	NOUN
ftr-347	517	9	’	'	PUNCT
ftr-347	517	10	direct	direct	ADJ
ftr-347	517	11	exposure	exposure	NOUN
ftr-347	517	12	to	to	PART
ftr-347	517	13	hedge	hedge	VERB
ftr-347	517	14	funds.100	funds.100	PROPN
ftr-347	517	15	bank	bank	PROPN
ftr-347	517	16	lending	lending	NOUN
ftr-347	517	17	affects	affect	VERB
ftr-347	517	18	the	the	DET
ftr-347	517	19	real	real	ADJ
ftr-347	517	20	95	95	NUM
ftr-347	517	21	.	.	PUNCT
ftr-347	518	1	roger	roger	PROPN
ftr-347	518	2	lowenstein	lowenstein	PROPN
ftr-347	518	3	,	,	PUNCT
ftr-347	518	4	genius	genius	NOUN
ftr-347	518	5	failed	fail	VERB
ftr-347	518	6	:	:	PUNCT
ftr-347	518	7	the	the	DET
ftr-347	518	8	rise	rise	NOUN
ftr-347	518	9	and	and	CCONJ
ftr-347	518	10	fall	fall	NOUN
ftr-347	518	11	of	of	ADP
ftr-347	518	12	longterm	longterm	ADJ
ftr-347	518	13	capital	capital	NOUN
ftr-347	518	14	management	management	NOUN
ftr-347	518	15	144–46	144–46	NUM
ftr-347	518	16	(	(	PUNCT
ftr-347	518	17	2000	2000	NUM
ftr-347	518	18	)	)	PUNCT
ftr-347	518	19	.	.	PUNCT
ftr-347	519	1	contra	contra	PROPN
ftr-347	519	2	paul	paul	PROPN
ftr-347	519	3	krugman	krugman	PROPN
ftr-347	519	4	,	,	PUNCT
ftr-347	519	5	rashomon	rashomon	PROPN
ftr-347	519	6	in	in	ADP
ftr-347	519	7	connecticut	connecticut	PROPN
ftr-347	519	8	:	:	PUNCT
ftr-347	519	9	what	what	PRON
ftr-347	519	10	really	really	ADV
ftr-347	519	11	happened	happen	VERB
ftr-347	519	12	to	to	ADP
ftr-347	519	13	long	long	ADJ
ftr-347	519	14	-	-	PUNCT
ftr-347	519	15	term	term	NOUN
ftr-347	519	16	capital	capital	NOUN
ftr-347	519	17	management	management	NOUN
ftr-347	519	18	?	?	PUNCT
ftr-347	519	19	,	,	PUNCT
ftr-347	519	20	slate	slate	NOUN
ftr-347	519	21	(	(	PUNCT
ftr-347	519	22	1998	1998	NUM
ftr-347	519	23	)	)	PUNCT
ftr-347	519	24	,	,	PUNCT
ftr-347	519	25	http://www.slate.com/id/1908	http://www.slate.com/id/1908	PROPN
ftr-347	519	26	(	(	PUNCT
ftr-347	519	27	discussing	discuss	VERB
ftr-347	519	28	ltcm	ltcm	NOUN
ftr-347	519	29	’s	’s	PART
ftr-347	519	30	failure	failure	NOUN
ftr-347	519	31	to	to	PART
ftr-347	519	32	take	take	VERB
ftr-347	519	33	into	into	ADP
ftr-347	519	34	account	account	NOUN
ftr-347	519	35	the	the	DET
ftr-347	519	36	risk	risk	NOUN
ftr-347	519	37	of	of	ADP
ftr-347	519	38	temporary	temporary	ADJ
ftr-347	519	39	market	market	NOUN
ftr-347	519	40	-	-	PUNCT
ftr-347	519	41	pricing	pricing	NOUN
ftr-347	519	42	irrationality	irrationality	NOUN
ftr-347	519	43	)	)	PUNCT
ftr-347	519	44	.	.	PUNCT
ftr-347	520	1	96	96	NUM
ftr-347	520	2	.	.	PUNCT
ftr-347	521	1	frank	frank	PROPN
ftr-347	521	2	partnoy	partnoy	ADJ
ftr-347	521	3	,	,	PUNCT
ftr-347	521	4	infectious	infectious	ADJ
ftr-347	521	5	greed	greed	NOUN
ftr-347	521	6	:	:	PUNCT
ftr-347	521	7	how	how	SCONJ
ftr-347	521	8	deceit	deceit	NOUN
ftr-347	521	9	and	and	CCONJ
ftr-347	521	10	risk	risk	NOUN
ftr-347	521	11	corrupted	corrupt	VERB
ftr-347	521	12	the	the	DET
ftr-347	521	13	financial	financial	ADJ
ftr-347	521	14	markets	market	NOUN
ftr-347	521	15	261	261	NUM
ftr-347	521	16	(	(	PUNCT
ftr-347	521	17	2003	2003	NUM
ftr-347	521	18	)	)	PUNCT
ftr-347	521	19	.	.	PUNCT
ftr-347	522	1	97	97	NUM
ftr-347	522	2	.	.	PUNCT
ftr-347	522	3	hedge	hedge	NOUN
ftr-347	522	4	fund	fund	NOUN
ftr-347	522	5	operations	operation	NOUN
ftr-347	522	6	:	:	PUNCT
ftr-347	522	7	hearing	hear	VERB
ftr-347	522	8	before	before	ADP
ftr-347	522	9	the	the	DET
ftr-347	522	10	h.	h.	PROPN
ftr-347	522	11	comm	comm	NOUN
ftr-347	522	12	.	.	PUNCT
ftr-347	523	1	on	on	ADP
ftr-347	523	2	banking	banking	NOUN
ftr-347	523	3	and	and	CCONJ
ftr-347	523	4	fin	fin	NOUN
ftr-347	523	5	.	.	PUNCT
ftr-347	524	1	servs	servs	PROPN
ftr-347	524	2	.	.	PUNCT
ftr-347	524	3	,	,	PUNCT
ftr-347	524	4	105th	105th	PROPN
ftr-347	524	5	cong	cong	NOUN
ftr-347	524	6	.	.	PUNCT
ftr-347	525	1	18–19	18–19	NUM
ftr-347	525	2	(	(	PUNCT
ftr-347	525	3	1998	1998	NUM
ftr-347	525	4	)	)	PUNCT
ftr-347	525	5	(	(	PUNCT
ftr-347	525	6	statement	statement	NOUN
ftr-347	525	7	of	of	ADP
ftr-347	525	8	william	william	PROPN
ftr-347	525	9	j.	j.	PROPN
ftr-347	525	10	mcdonough	mcdonough	PROPN
ftr-347	525	11	)	)	PUNCT
ftr-347	525	12	.	.	PUNCT
ftr-347	526	1	98	98	NUM
ftr-347	526	2	.	.	PUNCT
ftr-347	526	3	rivière	rivière	PROPN
ftr-347	526	4	,	,	PUNCT
ftr-347	526	5	hedge	hedge	NOUN
ftr-347	526	6	fund	fund	NOUN
ftr-347	526	7	regulation	regulation	PROPN
ftr-347	526	8	,	,	PUNCT
ftr-347	526	9	supra	supra	PROPN
ftr-347	526	10	note	note	PROPN
ftr-347	526	11	85	85	NUM
ftr-347	526	12	,	,	PUNCT
ftr-347	526	13	at	at	ADP
ftr-347	526	14	35	35	NUM
ftr-347	526	15	(	(	PUNCT
ftr-347	526	16	citing	cite	VERB
ftr-347	526	17	tomas	tomas	PROPN
ftr-347	526	18	garbaravicius	garbaravicius	PROPN
ftr-347	526	19	&	&	CCONJ
ftr-347	526	20	frank	frank	PROPN
ftr-347	526	21	dierick	dierick	PROPN
ftr-347	526	22	,	,	PUNCT
ftr-347	526	23	hedge	hedge	NOUN
ftr-347	526	24	funds	fund	NOUN
ftr-347	526	25	and	and	CCONJ
ftr-347	526	26	their	their	PRON
ftr-347	526	27	implications	implication	NOUN
ftr-347	526	28	for	for	ADP
ftr-347	526	29	financial	financial	ADJ
ftr-347	526	30	stability	stability	NOUN
ftr-347	526	31	,	,	PUNCT
ftr-347	526	32	european	european	PROPN
ftr-347	526	33	central	central	PROPN
ftr-347	526	34	bank	bank	PROPN
ftr-347	526	35	occasional	occasional	ADJ
ftr-347	526	36	paper	paper	NOUN
ftr-347	526	37	no	no	INTJ
ftr-347	526	38	.	.	PROPN
ftr-347	527	1	34	34	NUM
ftr-347	527	2	(	(	PUNCT
ftr-347	527	3	2005	2005	NUM
ftr-347	527	4	)	)	PUNCT
ftr-347	527	5	,	,	PUNCT
ftr-347	527	6	http://www.ecb.int/pub/pdf/scpops/ebocp34.pdf	http://www.ecb.int/pub/pdf/scpops/ebocp34.pdf	NOUN
ftr-347	527	7	)	)	PUNCT
ftr-347	527	8	.	.	PUNCT
ftr-347	528	1	99	99	NUM
ftr-347	528	2	.	.	PUNCT
ftr-347	529	1	see	see	VERB
ftr-347	529	2	supra	supra	PROPN
ftr-347	529	3	note	note	PROPN
ftr-347	529	4	77	77	NUM
ftr-347	529	5	.	.	NOUN
ftr-347	529	6	100	100	NUM
ftr-347	529	7	.	.	PUNCT
ftr-347	530	1	kambhu	kambhu	PROPN
ftr-347	530	2	,	,	PUNCT
ftr-347	530	3	schuermann	schuermann	PROPN
ftr-347	530	4	&	&	CCONJ
ftr-347	530	5	stiroh	stiroh	PROPN
ftr-347	530	6	,	,	PUNCT
ftr-347	530	7	hedge	hedge	NOUN
ftr-347	530	8	funds	fund	NOUN
ftr-347	530	9	,	,	PUNCT
ftr-347	530	10	supra	supra	PROPN
ftr-347	530	11	note	note	PROPN
ftr-347	530	12	11	11	NUM
ftr-347	530	13	,	,	PUNCT
ftr-347	530	14	at	at	ADP
ftr-347	530	15	7–8	7–8	NOUN
ftr-347	530	16	;	;	PUNCT
ftr-347	530	17	rivière	rivière	X
ftr-347	530	18	,	,	PUNCT
ftr-347	530	19	hedge	hedge	NOUN
ftr-347	530	20	fund	fund	NOUN
ftr-347	530	21	regulation	regulation	PROPN
ftr-347	530	22	,	,	PUNCT
ftr-347	530	23	supra	supra	PROPN
ftr-347	530	24	note	note	PROPN
ftr-347	530	25	86	86	NUM
ftr-347	530	26	,	,	PUNCT
ftr-347	530	27	at	at	ADP
ftr-347	530	28	35–36	35–36	NUM
ftr-347	530	29	;	;	PUNCT
ftr-347	531	1	robert	robert	PROPN
ftr-347	531	2	e.	e.	PROPN
ftr-347	531	3	rubin	rubin	PROPN
ftr-347	531	4	,	,	PUNCT
ftr-347	531	5	arthur	arthur	PROPN
ftr-347	531	6	levitt	levitt	PROPN
ftr-347	531	7	,	,	PUNCT
ftr-347	531	8	alan	alan	PROPN
ftr-347	531	9	greenspan	greenspan	PROPN
ftr-347	531	10	&	&	CCONJ
ftr-347	531	11	brooksley	brooksley	PROPN
ftr-347	531	12	born	bear	VERB
ftr-347	531	13	(	(	PUNCT
ftr-347	531	14	the	the	DET
ftr-347	531	15	president	president	NOUN
ftr-347	531	16	’s	’s	PART
ftr-347	531	17	working	working	NOUN
ftr-347	531	18	group	group	NOUN
ftr-347	531	19	on	on	ADP
ftr-347	531	20	financial	financial	ADJ
ftr-347	531	21	markets	market	NOUN
ftr-347	531	22	)	)	PUNCT
ftr-347	531	23	,	,	PUNCT
ftr-347	531	24	hedge	hedge	NOUN
ftr-347	531	25	funds	fund	NOUN
ftr-347	531	26	,	,	PUNCT
ftr-347	531	27	leverage	leverage	NOUN
ftr-347	531	28	,	,	PUNCT
ftr-347	531	29	and	and	CCONJ
ftr-347	531	30	the	the	DET
ftr-347	531	31	lessons	lesson	NOUN
ftr-347	531	32	of	of	ADP
ftr-347	531	33	long	long	ADJ
ftr-347	531	34	-	-	PUNCT
ftr-347	531	35	term	term	NOUN
ftr-347	531	36	capital	capital	NOUN
ftr-347	531	37	management	management	NOUN
ftr-347	531	38	(	(	PUNCT
ftr-347	531	39	1999	1999	NUM
ftr-347	531	40	)	)	PUNCT
ftr-347	531	41	,	,	PUNCT
ftr-347	531	42	http://www.treasury.gov/resource-center/fin-mkts/documents/	http://www.treasury.gov/resource-center/fin-mkts/documents/	PROPN
ftr-347	531	43	hedgfund.pdf	hedgfund.pdf	X
ftr-347	531	44	;	;	PUNCT
ftr-347	531	45	g.	g.	PROPN
ftr-347	531	46	a.	a.	PROPN
ftr-347	531	47	walker	walker	PROPN
ftr-347	531	48	,	,	PUNCT
ftr-347	531	49	global	global	ADJ
ftr-347	531	50	capital	capital	NOUN
ftr-347	531	51	flows	flow	VERB
ftr-347	531	52	:	:	PUNCT
ftr-347	531	53	the	the	DET
ftr-347	531	54	recent	recent	ADJ
ftr-347	531	55	report	report	NOUN
ftr-347	531	56	from	from	ADP
ftr-347	531	57	the	the	DET
ftr-347	531	58	financial	financial	ADJ
ftr-347	531	59	stability	stability	PROPN
ftr-347	531	60	forum	forum	PROPN
ftr-347	531	61	,	,	PUNCT
ftr-347	531	62	l.	l.	PROPN
ftr-347	531	63	bus	bus	PROPN
ftr-347	531	64	.	.	PUNCT
ftr-347	532	1	rev	rev	PROPN
ftr-347	532	2	.	.	PROPN
ftr-347	532	3	am	be	AUX
ftr-347	532	4	.	.	PUNCT
ftr-347	532	5	,	,	PUNCT
ftr-347	532	6	winter	winter	NOUN
ftr-347	532	7	/	/	SYM
ftr-347	532	8	spring	spring	NOUN
ftr-347	532	9	2001	2001	NUM
ftr-347	532	10	,	,	PUNCT
ftr-347	532	11	at	at	ADP
ftr-347	532	12	165	165	NUM
ftr-347	532	13	;	;	PUNCT
ftr-347	532	14	financial	financial	ADJ
ftr-347	532	15	stability	stability	NOUN
ftr-347	532	16	forum	forum	PROPN
ftr-347	532	17	,	,	PUNCT
ftr-347	532	18	update	update	NOUN
ftr-347	532	19	of	of	ADP
ftr-347	532	20	the	the	DET
ftr-347	532	21	fsf	fsf	PROPN
ftr-347	532	22	report	report	NOUN
ftr-347	532	23	on	on	ADP
ftr-347	532	24	highly	highly	ADV
ftr-347	532	25	leveraged	leverage	VERB
ftr-347	532	26	institutions	institution	NOUN
ftr-347	532	27	(	(	PUNCT
ftr-347	532	28	2007	2007	NUM
ftr-347	532	29	)	)	PUNCT
ftr-347	532	30	,	,	PUNCT
ftr-347	532	31	http://www.financialstabilityboard.org/publications/r_0705.pdf	http://www.financialstabilityboard.org/publications/r_0705.pdf	PROPN
ftr-347	532	32	;	;	PUNCT
ftr-347	532	33	chan	chan	PROPN
ftr-347	532	34	,	,	PUNCT
ftr-347	532	35	et	et	PROPN
ftr-347	532	36	al	al	PROPN
ftr-347	532	37	.	.	PROPN
ftr-347	532	38	,	,	PUNCT
ftr-347	532	39	systemic	systemic	ADJ
ftr-347	532	40	risk	risk	NOUN
ftr-347	532	41	and	and	CCONJ
ftr-347	532	42	hedge	hedge	NOUN
ftr-347	532	43	funds	fund	NOUN
ftr-347	532	44	,	,	PUNCT
ftr-347	532	45	supra	supra	PROPN
ftr-347	532	46	note	note	PROPN
ftr-347	532	47	94	94	NUM
ftr-347	532	48	;	;	PUNCT
ftr-347	532	49	benjamin	benjamin	PROPN
ftr-347	532	50	s.	s.	PROPN
ftr-347	532	51	bernanke	bernanke	PROPN
ftr-347	532	52	,	,	PUNCT
ftr-347	532	53	chairman	chairman	NOUN
ftr-347	532	54	,	,	PUNCT
ftr-347	532	55	u.s	u.s	PROPN
ftr-347	532	56	.	.	PROPN
ftr-347	532	57	fed	fed	PROPN
ftr-347	532	58	.	.	PUNCT
ftr-347	533	1	res	re	NOUN
ftr-347	533	2	.	.	PROPN
ftr-347	533	3	,	,	PUNCT
ftr-347	533	4	remarks	remark	VERB
ftr-347	533	5	at	at	ADP
ftr-347	533	6	the	the	DET
ftr-347	533	7	federal	federal	PROPN
ftr-347	533	8	reserve	reserve	PROPN
ftr-347	533	9	bank	bank	PROPN
ftr-347	533	10	of	of	ADP
ftr-347	533	11	atlanta	atlanta	PROPN
ftr-347	533	12	’s	’s	PART
ftr-347	533	13	2006	2006	NUM
ftr-347	533	14	financial	financial	ADJ
ftr-347	533	15	668	668	NUM
ftr-347	533	16	florida	florida	PROPN
ftr-347	533	17	tax	tax	NOUN
ftr-347	533	18	review	review	NOUN
ftr-347	534	1	[	[	X
ftr-347	534	2	vol	vol	NOUN
ftr-347	534	3	.	.	PUNCT
ftr-347	534	4	11:8	11:8	NUM
ftr-347	534	5	economy,101	economy,101	PROPN
ftr-347	534	6	and	and	CCONJ
ftr-347	534	7	hedge	hedge	NOUN
ftr-347	534	8	funds	fund	NOUN
ftr-347	534	9	have	have	VERB
ftr-347	534	10	a	a	DET
ftr-347	534	11	symbiotic	symbiotic	ADJ
ftr-347	534	12	relationship	relationship	NOUN
ftr-347	534	13	with	with	ADP
ftr-347	534	14	banks.102	banks.102	PRON
ftr-347	534	15	for	for	ADP
ftr-347	534	16	example	example	NOUN
ftr-347	534	17	,	,	PUNCT
ftr-347	534	18	banks	bank	NOUN
ftr-347	534	19	may	may	AUX
ftr-347	534	20	be	be	AUX
ftr-347	534	21	exposed	expose	VERB
ftr-347	534	22	to	to	PART
ftr-347	534	23	hedge	hedge	VERB
ftr-347	534	24	funds	fund	NOUN
ftr-347	534	25	by	by	ADP
ftr-347	534	26	selling	sell	VERB
ftr-347	534	27	various	various	ADJ
ftr-347	534	28	financial	financial	ADJ
ftr-347	534	29	products	product	NOUN
ftr-347	534	30	to	to	PART
ftr-347	534	31	hedge	hedge	VERB
ftr-347	534	32	funds.103	funds.103	PROPN
ftr-347	534	33	banks	bank	NOUN
ftr-347	534	34	also	also	ADV
ftr-347	534	35	may	may	AUX
ftr-347	534	36	sell	sell	VERB
ftr-347	534	37	various	various	ADJ
ftr-347	534	38	prime	prime	ADJ
ftr-347	534	39	brokerage	brokerage	NOUN
ftr-347	534	40	services	service	NOUN
ftr-347	534	41	to	to	PART
ftr-347	534	42	hedge	hedge	VERB
ftr-347	534	43	funds.104	funds.104	NOUN
ftr-347	534	44	as	as	ADP
ftr-347	534	45	result	result	NOUN
ftr-347	534	46	there	there	PRON
ftr-347	534	47	may	may	AUX
ftr-347	534	48	be	be	AUX
ftr-347	534	49	ramifications	ramification	NOUN
ftr-347	534	50	of	of	ADP
ftr-347	534	51	hedge	hedge	NOUN
ftr-347	534	52	funds	fund	NOUN
ftr-347	534	53	’	'	PUNCT
ftr-347	534	54	failures	failure	NOUN
ftr-347	534	55	on	on	ADP
ftr-347	534	56	interconnected	interconnected	ADJ
ftr-347	534	57	banks	bank	NOUN
ftr-347	534	58	with	with	ADP
ftr-347	534	59	respect	respect	NOUN
ftr-347	534	60	to	to	ADP
ftr-347	534	61	credit	credit	NOUN
ftr-347	534	62	channels.105	channels.105	ADV
ftr-347	534	63	the	the	DET
ftr-347	534	64	idea	idea	NOUN
ftr-347	534	65	is	be	AUX
ftr-347	534	66	that	that	SCONJ
ftr-347	534	67	if	if	SCONJ
ftr-347	534	68	a	a	DET
ftr-347	534	69	hedge	hedge	NOUN
ftr-347	534	70	fund	fund	NOUN
ftr-347	534	71	fails	fail	VERB
ftr-347	534	72	,	,	PUNCT
ftr-347	534	73	a	a	DET
ftr-347	534	74	bank	bank	NOUN
ftr-347	534	75	with	with	ADP
ftr-347	534	76	significant	significant	ADJ
ftr-347	534	77	exposure	exposure	NOUN
ftr-347	534	78	to	to	ADP
ftr-347	534	79	that	that	DET
ftr-347	534	80	hedge	hedge	NOUN
ftr-347	534	81	fund	fund	NOUN
ftr-347	534	82	may	may	AUX
ftr-347	534	83	not	not	PART
ftr-347	534	84	be	be	AUX
ftr-347	534	85	willing	willing	ADJ
ftr-347	534	86	or	or	CCONJ
ftr-347	534	87	able	able	ADJ
ftr-347	534	88	to	to	PART
ftr-347	534	89	extend	extend	VERB
ftr-347	534	90	credit	credit	NOUN
ftr-347	534	91	to	to	ADP
ftr-347	534	92	borrowers	borrower	NOUN
ftr-347	534	93	that	that	PRON
ftr-347	534	94	otherwise	otherwise	ADV
ftr-347	534	95	would	would	AUX
ftr-347	534	96	be	be	AUX
ftr-347	534	97	qualified	qualified	ADJ
ftr-347	534	98	for	for	ADP
ftr-347	534	99	such	such	ADJ
ftr-347	534	100	credit.106	credit.106	PRON
ftr-347	534	101	further	far	ADV
ftr-347	534	102	,	,	PUNCT
ftr-347	534	103	markets	market	NOUN
ftr-347	534	104	conference	conference	NOUN
ftr-347	534	105	(	(	PUNCT
ftr-347	534	106	may	may	PROPN
ftr-347	534	107	16	16	NUM
ftr-347	534	108	,	,	PUNCT
ftr-347	534	109	2006	2006	NUM
ftr-347	534	110	)	)	PUNCT
ftr-347	534	111	,	,	PUNCT
ftr-347	535	1	http://www.federalreserve.gov/	http://www.federalreserve.gov/	PROPN
ftr-347	535	2	boarddocs	boarddocs	PROPN
ftr-347	535	3	/	/	SYM
ftr-347	535	4	speeches/2006/200605162	speeches/2006/200605162	PROPN
ftr-347	535	5	/	/	SYM
ftr-347	535	6	default.htm	default.htm	PROPN
ftr-347	535	7	;	;	PUNCT
ftr-347	535	8	callum	callum	PROPN
ftr-347	535	9	mccarthy	mccarthy	PROPN
ftr-347	535	10	,	,	PUNCT
ftr-347	535	11	speech	speech	NOUN
ftr-347	535	12	at	at	ADP
ftr-347	535	13	suerf	suerf	NOUN
ftr-347	535	14	(	(	PUNCT
ftr-347	535	15	dec	dec	PROPN
ftr-347	535	16	.	.	PROPN
ftr-347	535	17	7	7	NUM
ftr-347	535	18	,	,	PUNCT
ftr-347	535	19	2006	2006	NUM
ftr-347	535	20	)	)	PUNCT
ftr-347	535	21	,	,	PUNCT
ftr-347	535	22	http://www.fsa.gov.uk/page/library/communication/	http://www.fsa.gov.uk/page/library/communication/	PROPN
ftr-347	535	23	speeches/2006/1207cm.shtml	speeches/2006/1207cm.shtml	PROPN
ftr-347	535	24	;	;	PUNCT
ftr-347	535	25	phillipp	phillipp	PROPN
ftr-347	535	26	hildebrand	hildebrand	PROPN
ftr-347	535	27	,	,	PUNCT
ftr-347	535	28	hedge	hedge	NOUN
ftr-347	535	29	funds	fund	NOUN
ftr-347	535	30	and	and	CCONJ
ftr-347	535	31	prime	prime	ADJ
ftr-347	535	32	broker	broker	NOUN
ftr-347	535	33	dealers	dealer	NOUN
ftr-347	535	34	:	:	PUNCT
ftr-347	535	35	steps	step	NOUN
ftr-347	535	36	toward	toward	ADP
ftr-347	535	37	a	a	DET
ftr-347	535	38	‘	'	PUNCT
ftr-347	535	39	best	good	ADJ
ftr-347	535	40	practice	practice	NOUN
ftr-347	535	41	proposal	proposal	NOUN
ftr-347	535	42	,	,	PUNCT
ftr-347	535	43	’	'	PUNCT
ftr-347	535	44	fin	fin	NOUN
ftr-347	535	45	.	.	PUNCT
ftr-347	536	1	stability	stability	PROPN
ftr-347	536	2	rev	rev	VERB
ftr-347	536	3	.	.	PROPN
ftr-347	536	4	,	,	PUNCT
ftr-347	536	5	apr	apr	PROPN
ftr-347	536	6	.	.	PROPN
ftr-347	536	7	2007	2007	NUM
ftr-347	536	8	,	,	PUNCT
ftr-347	536	9	at	at	ADP
ftr-347	536	10	68	68	NUM
ftr-347	536	11	.	.	PUNCT
ftr-347	537	1	101	101	NUM
ftr-347	537	2	.	.	PUNCT
ftr-347	538	1	adam	adam	PROPN
ftr-347	538	2	ashcraft	ashcraft	PROPN
ftr-347	538	3	,	,	PUNCT
ftr-347	538	4	are	be	AUX
ftr-347	538	5	banks	bank	NOUN
ftr-347	538	6	really	really	ADV
ftr-347	538	7	special	special	ADJ
ftr-347	538	8	?	?	PUNCT
ftr-347	539	1	new	new	ADJ
ftr-347	539	2	evidence	evidence	NOUN
ftr-347	539	3	from	from	ADP
ftr-347	539	4	the	the	DET
ftr-347	539	5	fdic	fdic	PROPN
ftr-347	539	6	induced	induce	VERB
ftr-347	539	7	failure	failure	NOUN
ftr-347	539	8	of	of	ADP
ftr-347	539	9	healthy	healthy	ADJ
ftr-347	539	10	banks	bank	NOUN
ftr-347	539	11	,	,	PUNCT
ftr-347	539	12	95	95	NUM
ftr-347	539	13	am	am	NOUN
ftr-347	539	14	.	.	PUNCT
ftr-347	540	1	econ	econ	PROPN
ftr-347	540	2	.	.	PUNCT
ftr-347	541	1	rev	rev	PROPN
ftr-347	541	2	.	.	PUNCT
ftr-347	542	1	at	at	ADP
ftr-347	542	2	1712	1712	NUM
ftr-347	542	3	,	,	PUNCT
ftr-347	542	4	1728	1728	NUM
ftr-347	542	5	(	(	PUNCT
ftr-347	542	6	2005	2005	NUM
ftr-347	542	7	)	)	PUNCT
ftr-347	542	8	(	(	PUNCT
ftr-347	542	9	“	"	PUNCT
ftr-347	542	10	this	this	DET
ftr-347	542	11	paper	paper	NOUN
ftr-347	542	12	has	have	AUX
ftr-347	542	13	developed	develop	VERB
ftr-347	542	14	evidence	evidence	NOUN
ftr-347	542	15	that	that	SCONJ
ftr-347	542	16	healthy	healthy	ADJ
ftr-347	542	17	-	-	PUNCT
ftr-347	542	18	bank	bank	NOUN
ftr-347	542	19	failures	failure	NOUN
ftr-347	542	20	have	have	AUX
ftr-347	542	21	significant	significant	ADJ
ftr-347	542	22	and	and	CCONJ
ftr-347	542	23	apparently	apparently	ADV
ftr-347	542	24	permanent	permanent	ADJ
ftr-347	542	25	effects	effect	NOUN
ftr-347	542	26	on	on	ADP
ftr-347	542	27	real	real	ADJ
ftr-347	542	28	economic	economic	ADJ
ftr-347	542	29	activity	activity	NOUN
ftr-347	542	30	.	.	PUNCT
ftr-347	543	1	while	while	SCONJ
ftr-347	543	2	there	there	PRON
ftr-347	543	3	are	be	VERB
ftr-347	543	4	important	important	ADJ
ftr-347	543	5	caveats	caveat	NOUN
ftr-347	543	6	to	to	PART
ftr-347	543	7	keep	keep	VERB
ftr-347	543	8	in	in	ADP
ftr-347	543	9	mind	mind	NOUN
ftr-347	543	10	concerning	concern	VERB
ftr-347	543	11	the	the	DET
ftr-347	543	12	interpretation	interpretation	NOUN
ftr-347	543	13	of	of	ADP
ftr-347	543	14	pro	pro	ADJ
ftr-347	543	15	forma	forma	NOUN
ftr-347	543	16	failed	fail	VERB
ftr-347	543	17	bank	bank	NOUN
ftr-347	543	18	balance	balance	NOUN
ftr-347	543	19	sheets	sheet	NOUN
ftr-347	543	20	,	,	PUNCT
ftr-347	543	21	much	much	ADJ
ftr-347	543	22	of	of	ADP
ftr-347	543	23	this	this	DET
ftr-347	543	24	effect	effect	NOUN
ftr-347	543	25	can	can	AUX
ftr-347	543	26	be	be	AUX
ftr-347	543	27	explained	explain	VERB
ftr-347	543	28	by	by	ADP
ftr-347	543	29	a	a	DET
ftr-347	543	30	severe	severe	ADJ
ftr-347	543	31	contraction	contraction	NOUN
ftr-347	543	32	of	of	ADP
ftr-347	543	33	bank	bank	NOUN
ftr-347	543	34	lending	lending	NOUN
ftr-347	543	35	.	.	PUNCT
ftr-347	543	36	”	"	PUNCT
ftr-347	543	37	)	)	PUNCT
ftr-347	544	1	;	;	PUNCT
ftr-347	544	2	see	see	VERB
ftr-347	544	3	also	also	ADV
ftr-347	544	4	kambhu	kambhu	VERB
ftr-347	544	5	,	,	PUNCT
ftr-347	544	6	schuermann	schuermann	PROPN
ftr-347	544	7	&	&	CCONJ
ftr-347	544	8	stiroh	stiroh	PROPN
ftr-347	544	9	,	,	PUNCT
ftr-347	544	10	hedge	hedge	NOUN
ftr-347	544	11	funds	fund	NOUN
ftr-347	544	12	,	,	PUNCT
ftr-347	544	13	supra	supra	PROPN
ftr-347	544	14	note	note	PROPN
ftr-347	544	15	11	11	NUM
ftr-347	544	16	,	,	PUNCT
ftr-347	544	17	at	at	ADP
ftr-347	544	18	10	10	NUM
ftr-347	544	19	(	(	PUNCT
ftr-347	544	20	citing	cite	VERB
ftr-347	544	21	ashcraft	ashcraft	PROPN
ftr-347	544	22	,	,	PUNCT
ftr-347	544	23	i	i	PROPN
ftr-347	544	24	d.	d.	PROPN
ftr-347	544	25	)	)	PUNCT
ftr-347	544	26	102	102	NUM
ftr-347	544	27	.	.	PUNCT
ftr-347	545	1	chan	chan	PROPN
ftr-347	545	2	et	et	PROPN
ftr-347	545	3	al	al	PROPN
ftr-347	545	4	.	.	PROPN
ftr-347	545	5	,	,	PUNCT
ftr-347	545	6	systemic	systemic	ADJ
ftr-347	545	7	risk	risk	NOUN
ftr-347	545	8	and	and	CCONJ
ftr-347	545	9	hedge	hedge	NOUN
ftr-347	545	10	funds	fund	NOUN
ftr-347	545	11	,	,	PUNCT
ftr-347	545	12	supra	supra	PROPN
ftr-347	545	13	note	note	PROPN
ftr-347	545	14	94	94	NUM
ftr-347	545	15	,	,	PUNCT
ftr-347	545	16	at	at	ADP
ftr-347	545	17	309	309	NUM
ftr-347	545	18	.	.	PUNCT
ftr-347	545	19	103	103	NUM
ftr-347	545	20	.	.	PUNCT
ftr-347	546	1	traditional	traditional	ADJ
ftr-347	546	2	banks	bank	NOUN
ftr-347	546	3	could	could	AUX
ftr-347	546	4	,	,	PUNCT
ftr-347	546	5	for	for	ADP
ftr-347	546	6	example	example	NOUN
ftr-347	546	7	,	,	PUNCT
ftr-347	546	8	sell	sell	VERB
ftr-347	546	9	loan	loan	NOUN
ftr-347	546	10	portfolios	portfolio	NOUN
ftr-347	546	11	as	as	ADP
ftr-347	546	12	bonds	bond	NOUN
ftr-347	546	13	to	to	ADP
ftr-347	546	14	securitization	securitization	NOUN
ftr-347	546	15	vehicles	vehicle	NOUN
ftr-347	546	16	(	(	PUNCT
ftr-347	546	17	securitizations	securitization	NOUN
ftr-347	546	18	,	,	PUNCT
ftr-347	546	19	conduits	conduit	NOUN
ftr-347	546	20	,	,	PUNCT
ftr-347	546	21	structured	structured	ADJ
ftr-347	546	22	investment	investment	NOUN
ftr-347	546	23	vehicles	vehicle	NOUN
ftr-347	546	24	(	(	PUNCT
ftr-347	546	25	sivs	sivs	NOUN
ftr-347	546	26	)	)	PUNCT
ftr-347	546	27	,	,	PUNCT
ftr-347	546	28	limited	limited	ADJ
ftr-347	546	29	purpose	purpose	NOUN
ftr-347	546	30	finance	finance	NOUN
ftr-347	546	31	corporations	corporation	NOUN
ftr-347	546	32	(	(	PUNCT
ftr-347	546	33	lpfcs	lpfcs	PROPN
ftr-347	546	34	)	)	PUNCT
ftr-347	546	35	,	,	PUNCT
ftr-347	546	36	collateralized	collateralized	ADJ
ftr-347	546	37	loan	loan	NOUN
ftr-347	546	38	obligations	obligation	NOUN
ftr-347	546	39	(	(	PUNCT
ftr-347	546	40	clos	clo	NOUN
ftr-347	546	41	)	)	PUNCT
ftr-347	546	42	,	,	PUNCT
ftr-347	546	43	collateralized	collateralized	ADJ
ftr-347	546	44	bond	bond	NOUN
ftr-347	546	45	obligations	obligation	NOUN
ftr-347	546	46	(	(	PUNCT
ftr-347	546	47	cbos	cbo	NOUN
ftr-347	546	48	)	)	PUNCT
ftr-347	546	49	,	,	PUNCT
ftr-347	546	50	collateralized	collateralized	ADJ
ftr-347	546	51	debt	debt	NOUN
ftr-347	546	52	obligations	obligation	NOUN
ftr-347	546	53	(	(	PUNCT
ftr-347	546	54	cdos	cdo	NOUN
ftr-347	546	55	)	)	PUNCT
ftr-347	546	56	,	,	PUNCT
ftr-347	546	57	and	and	CCONJ
ftr-347	546	58	specialist	specialist	ADJ
ftr-347	546	59	credit	credit	NOUN
ftr-347	546	60	managers	manager	NOUN
ftr-347	546	61	)	)	PUNCT
ftr-347	546	62	that	that	PRON
ftr-347	546	63	are	be	AUX
ftr-347	546	64	in	in	ADP
ftr-347	546	65	turn	turn	NOUN
ftr-347	546	66	financed	finance	VERB
ftr-347	546	67	by	by	ADP
ftr-347	546	68	investors	investor	NOUN
ftr-347	546	69	(	(	PUNCT
ftr-347	546	70	including	include	VERB
ftr-347	546	71	hedge	hedge	NOUN
ftr-347	546	72	funds	fund	NOUN
ftr-347	546	73	)	)	PUNCT
ftr-347	546	74	.	.	PUNCT
ftr-347	547	1	gorton	gorton	PROPN
ftr-347	547	2	,	,	PUNCT
ftr-347	547	3	questions	question	NOUN
ftr-347	547	4	and	and	CCONJ
ftr-347	547	5	answers	answer	NOUN
ftr-347	547	6	,	,	PUNCT
ftr-347	547	7	supra	supra	PROPN
ftr-347	547	8	note	note	NOUN
ftr-347	547	9	83	83	NUM
ftr-347	547	10	at	at	ADP
ftr-347	547	11	9	9	NUM
ftr-347	547	12	.	.	PUNCT
ftr-347	547	13	104	104	NUM
ftr-347	547	14	.	.	PUNCT
ftr-347	548	1	i	i	PRON
ftr-347	548	2	d.	d.	PROPN
ftr-347	548	3	prime	prime	PROPN
ftr-347	548	4	brokerage	brokerage	NOUN
ftr-347	548	5	is	be	AUX
ftr-347	548	6	a	a	DET
ftr-347	548	7	term	term	NOUN
ftr-347	548	8	used	use	VERB
ftr-347	548	9	for	for	ADP
ftr-347	548	10	a	a	DET
ftr-347	548	11	bundled	bundle	VERB
ftr-347	548	12	package	package	NOUN
ftr-347	548	13	of	of	ADP
ftr-347	548	14	services	service	NOUN
ftr-347	548	15	offered	offer	VERB
ftr-347	548	16	which	which	PRON
ftr-347	548	17	may	may	AUX
ftr-347	548	18	include	include	VERB
ftr-347	548	19	lending	lending	NOUN
ftr-347	548	20	securities	security	NOUN
ftr-347	548	21	,	,	PUNCT
ftr-347	548	22	hedge	hedge	NOUN
ftr-347	548	23	fund	fund	NOUN
ftr-347	548	24	start	start	VERB
ftr-347	548	25	up	up	ADP
ftr-347	548	26	services	service	NOUN
ftr-347	548	27	,	,	PUNCT
ftr-347	548	28	clearance	clearance	NOUN
ftr-347	548	29	and	and	CCONJ
ftr-347	548	30	custody	custody	NOUN
ftr-347	548	31	of	of	ADP
ftr-347	548	32	assets	asset	NOUN
ftr-347	548	33	,	,	PUNCT
ftr-347	548	34	portfolio	portfolio	NOUN
ftr-347	548	35	reporting	reporting	NOUN
ftr-347	548	36	,	,	PUNCT
ftr-347	548	37	branding	branding	NOUN
ftr-347	548	38	and	and	CCONJ
ftr-347	548	39	marketing	marketing	NOUN
ftr-347	548	40	,	,	PUNCT
ftr-347	548	41	compliance	compliance	NOUN
ftr-347	548	42	,	,	PUNCT
ftr-347	548	43	risk	risk	NOUN
ftr-347	548	44	management	management	NOUN
ftr-347	548	45	and	and	CCONJ
ftr-347	548	46	financing	financing	NOUN
ftr-347	548	47	through	through	ADP
ftr-347	548	48	margin	margin	NOUN
ftr-347	548	49	loans	loan	NOUN
ftr-347	548	50	and	and	CCONJ
ftr-347	548	51	repurchase	repurchase	NOUN
ftr-347	548	52	agreements	agreement	NOUN
ftr-347	548	53	.	.	PUNCT
ftr-347	549	1	see	see	VERB
ftr-347	549	2	kambhu	kambhu	NOUN
ftr-347	549	3	,	,	PUNCT
ftr-347	549	4	schuermann	schuermann	PROPN
ftr-347	549	5	,	,	PUNCT
ftr-347	549	6	&	&	CCONJ
ftr-347	549	7	stiroh	stiroh	PROPN
ftr-347	549	8	,	,	PUNCT
ftr-347	549	9	hedge	hedge	NOUN
ftr-347	549	10	funds	fund	NOUN
ftr-347	549	11	,	,	PUNCT
ftr-347	549	12	supra	supra	PROPN
ftr-347	549	13	note	note	PROPN
ftr-347	549	14	11	11	NUM
ftr-347	549	15	,	,	PUNCT
ftr-347	549	16	at	at	ADP
ftr-347	549	17	4	4	NUM
ftr-347	549	18	.	.	NOUN
ftr-347	549	19	105	105	NUM
ftr-347	549	20	.	.	PUNCT
ftr-347	550	1	chan	chan	PROPN
ftr-347	550	2	et	et	PROPN
ftr-347	550	3	al	al	PROPN
ftr-347	550	4	.	.	PROPN
ftr-347	550	5	,	,	PUNCT
ftr-347	550	6	systemic	systemic	ADJ
ftr-347	550	7	risk	risk	NOUN
ftr-347	550	8	and	and	CCONJ
ftr-347	550	9	hedge	hedge	NOUN
ftr-347	550	10	funds	fund	NOUN
ftr-347	550	11	,	,	PUNCT
ftr-347	550	12	supra	supra	PROPN
ftr-347	550	13	note	note	PROPN
ftr-347	550	14	94	94	NUM
ftr-347	550	15	,	,	PUNCT
ftr-347	550	16	at	at	ADP
ftr-347	550	17	309	309	NUM
ftr-347	550	18	;	;	PUNCT
ftr-347	550	19	rivière	rivière	X
ftr-347	550	20	,	,	PUNCT
ftr-347	550	21	hedge	hedge	NOUN
ftr-347	550	22	fund	fund	NOUN
ftr-347	550	23	regulation	regulation	PROPN
ftr-347	550	24	,	,	PUNCT
ftr-347	550	25	supra	supra	PROPN
ftr-347	550	26	note	note	VERB
ftr-347	550	27	85	85	NUM
ftr-347	550	28	at	at	ADP
ftr-347	550	29	35–36	35–36	NUM
ftr-347	550	30	;	;	PUNCT
ftr-347	550	31	kambhu	kambhu	NOUN
ftr-347	550	32	,	,	PUNCT
ftr-347	550	33	schuermann	schuermann	PROPN
ftr-347	550	34	&	&	CCONJ
ftr-347	550	35	stiroh	stiroh	PROPN
ftr-347	550	36	,	,	PUNCT
ftr-347	550	37	supra	supra	PROPN
ftr-347	550	38	note	note	PROPN
ftr-347	550	39	11	11	NUM
ftr-347	550	40	,	,	PUNCT
ftr-347	550	41	at	at	ADP
ftr-347	550	42	11–12	11–12	NUM
ftr-347	550	43	.	.	PUNCT
ftr-347	550	44	106	106	NUM
ftr-347	550	45	.	.	PUNCT
ftr-347	551	1	kambhu	kambhu	PROPN
ftr-347	551	2	,	,	PUNCT
ftr-347	551	3	schuermann	schuermann	PROPN
ftr-347	551	4	&	&	CCONJ
ftr-347	551	5	stiroh	stiroh	PROPN
ftr-347	551	6	,	,	PUNCT
ftr-347	551	7	hedge	hedge	NOUN
ftr-347	551	8	funds	fund	NOUN
ftr-347	551	9	,	,	PUNCT
ftr-347	551	10	supra	supra	PROPN
ftr-347	551	11	note	note	PROPN
ftr-347	551	12	11	11	NUM
ftr-347	551	13	,	,	PUNCT
ftr-347	551	14	at	at	ADP
ftr-347	551	15	11–12	11–12	NUM
ftr-347	551	16	(	(	PUNCT
ftr-347	551	17	discussing	discuss	VERB
ftr-347	551	18	that	that	SCONJ
ftr-347	551	19	collateralizing	collateralize	VERB
ftr-347	551	20	these	these	DET
ftr-347	551	21	exposures	exposure	NOUN
ftr-347	551	22	may	may	AUX
ftr-347	551	23	not	not	PART
ftr-347	551	24	be	be	AUX
ftr-347	551	25	enough	enough	ADJ
ftr-347	551	26	to	to	PART
ftr-347	551	27	mitigate	mitigate	VERB
ftr-347	551	28	against	against	ADP
ftr-347	551	29	this	this	DET
ftr-347	551	30	risk	risk	NOUN
ftr-347	551	31	because	because	SCONJ
ftr-347	551	32	collateral	collateral	ADJ
ftr-347	551	33	values	value	NOUN
ftr-347	551	34	may	may	AUX
ftr-347	551	35	fall	fall	VERB
ftr-347	551	36	.	.	PUNCT
ftr-347	552	1	however	however	ADV
ftr-347	552	2	,	,	PUNCT
ftr-347	552	3	recognizing	recognize	VERB
ftr-347	552	4	that	that	SCONJ
ftr-347	552	5	banks	bank	NOUN
ftr-347	552	6	’	'	PUNCT
ftr-347	552	7	current	current	ADJ
ftr-347	552	8	exposures	exposure	NOUN
ftr-347	552	9	are	be	AUX
ftr-347	552	10	heavily	heavily	ADV
ftr-347	552	11	collateralized	collateralize	VERB
ftr-347	552	12	and	and	CCONJ
ftr-347	552	13	each	each	DET
ftr-347	552	14	bank	bank	NOUN
ftr-347	552	15	has	have	VERB
ftr-347	552	16	some	some	DET
ftr-347	552	17	interest	interest	NOUN
ftr-347	552	18	in	in	ADP
ftr-347	552	19	mitigating	mitigate	VERB
ftr-347	552	20	these	these	DET
ftr-347	552	21	risks	risk	NOUN
ftr-347	552	22	)	)	PUNCT
ftr-347	552	23	.	.	PUNCT
ftr-347	553	1	cf	cf	NOUN
ftr-347	553	2	.	.	PUNCT
ftr-347	553	3	rivière	rivière	PROPN
ftr-347	553	4	,	,	PUNCT
ftr-347	553	5	hedge	hedge	NOUN
ftr-347	553	6	fund	fund	NOUN
ftr-347	553	7	regulation	regulation	PROPN
ftr-347	553	8	,	,	PUNCT
ftr-347	553	9	supra	supra	PROPN
ftr-347	553	10	note	note	PROPN
ftr-347	553	11	85	85	NUM
ftr-347	553	12	,	,	PUNCT
ftr-347	553	13	at	at	ADP
ftr-347	553	14	36	36	NUM
ftr-347	553	15	(	(	PUNCT
ftr-347	553	16	stating	state	VERB
ftr-347	553	17	the	the	DET
ftr-347	553	18	failure	failure	NOUN
ftr-347	553	19	of	of	ADP
ftr-347	553	20	amaranth	amaranth	NOUN
ftr-347	553	21	did	do	AUX
ftr-347	553	22	n’t	not	PART
ftr-347	553	23	have	have	VERB
ftr-347	553	24	a	a	DET
ftr-347	553	25	“	"	PUNCT
ftr-347	553	26	destabilizing	destabilizing	ADJ
ftr-347	553	27	effect	effect	NOUN
ftr-347	553	28	because	because	SCONJ
ftr-347	553	29	counterparties	counterpartie	NOUN
ftr-347	553	30	to	to	ADP
ftr-347	553	31	these	these	DET
ftr-347	553	32	funds	fund	NOUN
ftr-347	553	33	held	hold	VERB
ftr-347	553	34	sufficient	sufficient	ADJ
ftr-347	553	35	collateral	collateral	NOUN
ftr-347	553	36	.	.	PUNCT
ftr-347	553	37	”	"	PUNCT
ftr-347	553	38	)	)	PUNCT
ftr-347	553	39	.	.	PUNCT
ftr-347	554	1	2011	2011	NUM
ftr-347	554	2	]	]	PUNCT
ftr-347	554	3	the	the	DET
ftr-347	554	4	global	global	ADJ
ftr-347	554	5	shadow	shadow	PROPN
ftr-347	554	6	bank	bank	PROPN
ftr-347	554	7	669	669	NUM
ftr-347	554	8	affected	affected	ADJ
ftr-347	554	9	banks	bank	NOUN
ftr-347	554	10	could	could	AUX
ftr-347	554	11	fail	fail	VERB
ftr-347	554	12	themselves	themselves	PRON
ftr-347	554	13	or	or	CCONJ
ftr-347	554	14	reduce	reduce	VERB
ftr-347	554	15	liquidity	liquidity	NOUN
ftr-347	554	16	they	they	PRON
ftr-347	554	17	provide	provide	VERB
ftr-347	554	18	to	to	ADP
ftr-347	554	19	other	other	ADJ
ftr-347	554	20	funds	fund	NOUN
ftr-347	554	21	and	and	CCONJ
ftr-347	554	22	banks	bank	NOUN
ftr-347	554	23	,	,	PUNCT
ftr-347	554	24	further	far	ADV
ftr-347	554	25	disrupting	disrupt	VERB
ftr-347	554	26	financial	financial	ADJ
ftr-347	554	27	markets	market	NOUN
ftr-347	554	28	and	and	CCONJ
ftr-347	554	29	credit	credit	NOUN
ftr-347	554	30	channels.107	channels.107	PROPN
ftr-347	554	31	in	in	ADP
ftr-347	554	32	addition	addition	NOUN
ftr-347	554	33	to	to	ADP
ftr-347	554	34	banks	bank	NOUN
ftr-347	554	35	’	'	PUNCT
ftr-347	554	36	direct	direct	ADJ
ftr-347	554	37	exposure	exposure	NOUN
ftr-347	554	38	to	to	ADP
ftr-347	554	39	hedge	hedge	NOUN
ftr-347	554	40	funds	fund	NOUN
ftr-347	554	41	,	,	PUNCT
ftr-347	554	42	scholars	scholar	NOUN
ftr-347	554	43	are	be	AUX
ftr-347	554	44	also	also	ADV
ftr-347	554	45	considering	consider	VERB
ftr-347	554	46	whether	whether	SCONJ
ftr-347	554	47	hedge	hedge	NOUN
ftr-347	554	48	fund	fund	NOUN
ftr-347	554	49	difficulties	difficulty	NOUN
ftr-347	554	50	could	could	AUX
ftr-347	554	51	disrupt	disrupt	VERB
ftr-347	554	52	broader	broad	ADJ
ftr-347	554	53	financial	financial	ADJ
ftr-347	554	54	activity	activity	NOUN
ftr-347	554	55	,	,	PUNCT
ftr-347	554	56	affecting	affect	VERB
ftr-347	554	57	the	the	DET
ftr-347	554	58	capital	capital	NOUN
ftr-347	554	59	markets	market	NOUN
ftr-347	554	60	and	and	CCONJ
ftr-347	554	61	credit	credit	NOUN
ftr-347	554	62	channels.108	channels.108	VERB
ftr-347	554	63	some	some	DET
ftr-347	554	64	scholars	scholar	NOUN
ftr-347	554	65	suggest	suggest	VERB
ftr-347	554	66	that	that	SCONJ
ftr-347	554	67	hedge	hedge	NOUN
ftr-347	554	68	funds	fund	NOUN
ftr-347	554	69	’	'	PUNCT
ftr-347	554	70	management	management	NOUN
ftr-347	554	71	incentive	incentive	NOUN
ftr-347	554	72	structure	structure	NOUN
ftr-347	554	73	may	may	AUX
ftr-347	554	74	lead	lead	VERB
ftr-347	554	75	managers	manager	NOUN
ftr-347	554	76	to	to	PART
ftr-347	554	77	be	be	AUX
ftr-347	554	78	risk	risk	NOUN
ftr-347	554	79	-	-	PUNCT
ftr-347	554	80	preferring	prefer	VERB
ftr-347	554	81	and	and	CCONJ
ftr-347	554	82	to	to	PART
ftr-347	554	83	provide	provide	VERB
ftr-347	554	84	inflated	inflated	ADJ
ftr-347	554	85	valuations	valuation	NOUN
ftr-347	554	86	which	which	PRON
ftr-347	554	87	lead	lead	VERB
ftr-347	554	88	to	to	ADP
ftr-347	554	89	distorted	distorted	ADJ
ftr-347	554	90	risk	risk	NOUN
ftr-347	554	91	calculations	calculation	NOUN
ftr-347	554	92	by	by	ADP
ftr-347	554	93	counterparties.109	counterparties.109	VERB
ftr-347	554	94	the	the	DET
ftr-347	554	95	fact	fact	NOUN
ftr-347	554	96	that	that	SCONJ
ftr-347	554	97	many	many	ADJ
ftr-347	554	98	hedge	hedge	NOUN
ftr-347	554	99	funds	fund	NOUN
ftr-347	554	100	are	be	AUX
ftr-347	554	101	highly	highly	ADV
ftr-347	554	102	leveraged	leveraged	ADJ
ftr-347	554	103	is	be	AUX
ftr-347	554	104	also	also	ADV
ftr-347	554	105	a	a	DET
ftr-347	554	106	concern.110	concern.110	NOUN
ftr-347	554	107	if	if	SCONJ
ftr-347	554	108	these	these	DET
ftr-347	554	109	highly	highly	ADV
ftr-347	554	110	leveraged	leveraged	ADJ
ftr-347	554	111	funds	fund	NOUN
ftr-347	554	112	fail	fail	VERB
ftr-347	554	113	,	,	PUNCT
ftr-347	554	114	they	they	PRON
ftr-347	554	115	may	may	AUX
ftr-347	554	116	be	be	AUX
ftr-347	554	117	forced	force	VERB
ftr-347	554	118	to	to	PART
ftr-347	554	119	sell	sell	VERB
ftr-347	554	120	positions	position	NOUN
ftr-347	554	121	at	at	ADP
ftr-347	554	122	fire	fire	NOUN
ftr-347	554	123	-	-	PUNCT
ftr-347	554	124	sale	sale	NOUN
ftr-347	554	125	prices	price	NOUN
ftr-347	554	126	,	,	PUNCT
ftr-347	554	127	causing	cause	VERB
ftr-347	554	128	losses	loss	NOUN
ftr-347	554	129	to	to	ADP
ftr-347	554	130	counterparties.111	counterparties.111	VERB
ftr-347	554	131	in	in	ADP
ftr-347	554	132	addition	addition	NOUN
ftr-347	554	133	,	,	PUNCT
ftr-347	554	134	these	these	DET
ftr-347	554	135	losses	loss	NOUN
ftr-347	554	136	could	could	AUX
ftr-347	554	137	lead	lead	VERB
ftr-347	554	138	to	to	ADP
ftr-347	554	139	additional	additional	ADJ
ftr-347	554	140	defaults	default	NOUN
ftr-347	554	141	,	,	PUNCT
ftr-347	554	142	and	and	CCONJ
ftr-347	554	143	market	market	NOUN
ftr-347	554	144	participants	participant	NOUN
ftr-347	554	145	who	who	PRON
ftr-347	554	146	were	be	AUX
ftr-347	554	147	not	not	PART
ftr-347	554	148	counterparties	counterpartie	NOUN
ftr-347	554	149	might	might	AUX
ftr-347	554	150	be	be	AUX
ftr-347	554	151	affected	affect	VERB
ftr-347	554	152	through	through	ADP
ftr-347	554	153	price	price	NOUN
ftr-347	554	154	adjustments	adjustment	NOUN
ftr-347	554	155	and	and	CCONJ
ftr-347	554	156	increased	increase	VERB
ftr-347	554	157	market	market	NOUN
ftr-347	554	158	uncertainty	uncertainty	NOUN
ftr-347	554	159	if	if	SCONJ
ftr-347	554	160	the	the	DET
ftr-347	554	161	failed	fail	VERB
ftr-347	554	162	fund	fund	NOUN
ftr-347	554	163	held	hold	VERB
ftr-347	554	164	a	a	DET
ftr-347	554	165	large	large	ADJ
ftr-347	554	166	enough	enough	ADJ
ftr-347	554	167	position	position	NOUN
ftr-347	554	168	in	in	ADP
ftr-347	554	169	a	a	DET
ftr-347	554	170	particular	particular	ADJ
ftr-347	554	171	market.112	market.112	NOUN
ftr-347	554	172	the	the	DET
ftr-347	554	173	lack	lack	NOUN
ftr-347	554	174	of	of	ADP
ftr-347	554	175	transparency	transparency	NOUN
ftr-347	554	176	and	and	CCONJ
ftr-347	554	177	complexity	complexity	NOUN
ftr-347	554	178	of	of	ADP
ftr-347	554	179	certain	certain	ADJ
ftr-347	554	180	financial	financial	ADJ
ftr-347	554	181	instruments	instrument	NOUN
ftr-347	554	182	could	could	AUX
ftr-347	554	183	make	make	VERB
ftr-347	554	184	understanding	understanding	NOUN
ftr-347	554	185	who	who	PRON
ftr-347	554	186	actually	actually	ADV
ftr-347	554	187	bears	bear	VERB
ftr-347	554	188	what	what	DET
ftr-347	554	189	risk	risk	VERB
ftr-347	554	190	more	more	ADV
ftr-347	554	191	difficult	difficult	ADJ
ftr-347	554	192	,	,	PUNCT
ftr-347	554	193	impeding	impede	VERB
ftr-347	554	194	a	a	DET
ftr-347	554	195	workout.113	workout.113	NOUN
ftr-347	554	196	finally	finally	ADV
ftr-347	554	197	,	,	PUNCT
ftr-347	554	198	it	it	PRON
ftr-347	554	199	is	be	AUX
ftr-347	554	200	also	also	ADV
ftr-347	554	201	currently	currently	ADV
ftr-347	554	202	being	be	AUX
ftr-347	554	203	debated	debate	VERB
ftr-347	554	204	whether	whether	SCONJ
ftr-347	554	205	hedge	hedge	NOUN
ftr-347	554	206	funds	fund	NOUN
ftr-347	554	207	may	may	AUX
ftr-347	554	208	amplify	amplify	VERB
ftr-347	554	209	the	the	DET
ftr-347	554	210	effects	effect	NOUN
ftr-347	554	211	of	of	ADP
ftr-347	554	212	a	a	DET
ftr-347	554	213	crisis	crisis	NOUN
ftr-347	554	214	in	in	ADP
ftr-347	554	215	the	the	DET
ftr-347	554	216	ways	way	NOUN
ftr-347	554	217	that	that	PRON
ftr-347	554	218	they	they	PRON
ftr-347	554	219	respond	respond	VERB
ftr-347	554	220	to	to	ADP
ftr-347	554	221	a	a	DET
ftr-347	554	222	crisis	crisis	NOUN
ftr-347	554	223	,	,	PUNCT
ftr-347	554	224	107	107	NUM
ftr-347	554	225	.	.	PUNCT
ftr-347	555	1	kambhu	kambhu	PROPN
ftr-347	555	2	,	,	PUNCT
ftr-347	555	3	schuermann	schuermann	PROPN
ftr-347	555	4	&	&	CCONJ
ftr-347	555	5	stiroh	stiroh	PROPN
ftr-347	555	6	,	,	PUNCT
ftr-347	555	7	hedge	hedge	NOUN
ftr-347	555	8	funds	fund	NOUN
ftr-347	555	9	,	,	PUNCT
ftr-347	555	10	supra	supra	PROPN
ftr-347	555	11	note	note	PROPN
ftr-347	555	12	11	11	NUM
ftr-347	555	13	,	,	PUNCT
ftr-347	555	14	at	at	ADP
ftr-347	555	15	13	13	NUM
ftr-347	555	16	(	(	PUNCT
ftr-347	555	17	citing	cite	VERB
ftr-347	555	18	hyun	hyun	PROPN
ftr-347	555	19	song	song	NOUN
ftr-347	555	20	shin	shin	NOUN
ftr-347	555	21	,	,	PUNCT
ftr-347	555	22	risk	risk	NOUN
ftr-347	555	23	and	and	CCONJ
ftr-347	555	24	liquidity	liquidity	NOUN
ftr-347	555	25	in	in	ADP
ftr-347	555	26	a	a	DET
ftr-347	555	27	system	system	NOUN
ftr-347	555	28	context	context	NOUN
ftr-347	555	29	(	(	PUNCT
ftr-347	555	30	bis	bis	X
ftr-347	555	31	working	working	PROPN
ftr-347	555	32	paper	paper	PROPN
ftr-347	555	33	no	no	INTJ
ftr-347	555	34	.	.	NOUN
ftr-347	555	35	212	212	NUM
ftr-347	555	36	,	,	PUNCT
ftr-347	555	37	2006	2006	NUM
ftr-347	555	38	)	)	PUNCT
ftr-347	555	39	.	.	PUNCT
ftr-347	556	1	108	108	NUM
ftr-347	556	2	.	.	PUNCT
ftr-347	557	1	kambhu	kambhu	PROPN
ftr-347	557	2	,	,	PUNCT
ftr-347	557	3	schuermann	schuermann	PROPN
ftr-347	557	4	&	&	CCONJ
ftr-347	557	5	stiroh	stiroh	PROPN
ftr-347	557	6	,	,	PUNCT
ftr-347	557	7	hedge	hedge	NOUN
ftr-347	557	8	funds	fund	NOUN
ftr-347	557	9	,	,	PUNCT
ftr-347	557	10	supra	supra	PROPN
ftr-347	557	11	note	note	PROPN
ftr-347	557	12	11	11	NUM
ftr-347	557	13	,	,	PUNCT
ftr-347	557	14	at	at	ADP
ftr-347	557	15	13	13	NUM
ftr-347	557	16	.	.	PUNCT
ftr-347	557	17	109	109	NUM
ftr-347	557	18	.	.	PUNCT
ftr-347	557	19	rivière	rivière	PROPN
ftr-347	557	20	,	,	PUNCT
ftr-347	557	21	hedge	hedge	NOUN
ftr-347	557	22	fund	fund	NOUN
ftr-347	557	23	regulation	regulation	PROPN
ftr-347	557	24	,	,	PUNCT
ftr-347	557	25	supra	supra	PROPN
ftr-347	557	26	note	note	PROPN
ftr-347	557	27	85	85	NUM
ftr-347	557	28	,	,	PUNCT
ftr-347	557	29	at	at	ADP
ftr-347	557	30	37	37	NUM
ftr-347	557	31	(	(	PUNCT
ftr-347	557	32	“	"	PUNCT
ftr-347	557	33	the	the	DET
ftr-347	557	34	first	first	ADJ
ftr-347	557	35	one	one	NUM
ftr-347	557	36	that	that	PRON
ftr-347	557	37	needs	need	VERB
ftr-347	557	38	to	to	PART
ftr-347	557	39	be	be	AUX
ftr-347	557	40	mentioned	mention	VERB
ftr-347	557	41	is	be	AUX
ftr-347	557	42	this	this	DET
ftr-347	557	43	inherent	inherent	ADJ
ftr-347	557	44	the	the	DET
ftr-347	557	45	conflict	conflict	NOUN
ftr-347	557	46	of	of	ADP
ftr-347	557	47	interests	interest	NOUN
ftr-347	557	48	that	that	PRON
ftr-347	557	49	is	be	AUX
ftr-347	557	50	posed	pose	VERB
ftr-347	557	51	by	by	ADP
ftr-347	557	52	valuation	valuation	NOUN
ftr-347	557	53	.	.	PUNCT
ftr-347	558	1	there	there	PRON
ftr-347	558	2	is	be	VERB
ftr-347	558	3	indeed	indeed	ADV
ftr-347	558	4	a	a	DET
ftr-347	558	5	natural	natural	ADJ
ftr-347	558	6	incentive	incentive	NOUN
ftr-347	558	7	to	to	PART
ftr-347	558	8	provide	provide	VERB
ftr-347	558	9	inaccurate	inaccurate	ADJ
ftr-347	558	10	,	,	PUNCT
ftr-347	558	11	inflated	inflated	ADJ
ftr-347	558	12	valuation	valuation	NOUN
ftr-347	558	13	of	of	ADP
ftr-347	558	14	the	the	DET
ftr-347	558	15	portfolio	portfolio	NOUN
ftr-347	558	16	because	because	SCONJ
ftr-347	558	17	the	the	DET
ftr-347	558	18	compensation	compensation	NOUN
ftr-347	558	19	of	of	ADP
ftr-347	558	20	hedge	hedge	NOUN
ftr-347	558	21	fund	fund	NOUN
ftr-347	558	22	managers	manager	NOUN
ftr-347	558	23	is	be	AUX
ftr-347	558	24	directly	directly	ADV
ftr-347	558	25	calculated	calculate	VERB
ftr-347	558	26	based	base	VERB
ftr-347	558	27	on	on	ADP
ftr-347	558	28	this	this	DET
ftr-347	558	29	value	value	NOUN
ftr-347	558	30	.	.	PUNCT
ftr-347	559	1	this	this	PRON
ftr-347	559	2	can	can	AUX
ftr-347	559	3	lead	lead	VERB
ftr-347	559	4	to	to	ADP
ftr-347	559	5	distorted	distorted	ADJ
ftr-347	559	6	assessments	assessment	NOUN
ftr-347	559	7	by	by	ADP
ftr-347	559	8	counterparties	counterpartie	NOUN
ftr-347	559	9	and	and	CCONJ
ftr-347	559	10	clients	client	NOUN
ftr-347	559	11	and	and	CCONJ
ftr-347	559	12	generate	generate	VERB
ftr-347	559	13	risk	risk	NOUN
ftr-347	559	14	.	.	PUNCT
ftr-347	559	15	”	"	PUNCT
ftr-347	559	16	)	)	PUNCT
ftr-347	559	17	.	.	PUNCT
ftr-347	560	1	110	110	NUM
ftr-347	560	2	.	.	PUNCT
ftr-347	561	1	rubin	rubin	PROPN
ftr-347	561	2	et	et	PROPN
ftr-347	561	3	al	al	PROPN
ftr-347	561	4	.	.	PROPN
ftr-347	561	5	,	,	PUNCT
ftr-347	561	6	leverage	leverage	NOUN
ftr-347	561	7	,	,	PUNCT
ftr-347	561	8	supra	supra	PROPN
ftr-347	561	9	note	note	PROPN
ftr-347	561	10	100	100	NUM
ftr-347	561	11	,	,	PUNCT
ftr-347	561	12	at	at	ADP
ftr-347	561	13	23	23	NUM
ftr-347	561	14	(	(	PUNCT
ftr-347	561	15	“	"	PUNCT
ftr-347	561	16	leverage	leverage	NOUN
ftr-347	561	17	allows	allow	VERB
ftr-347	561	18	an	an	DET
ftr-347	561	19	investor	investor	NOUN
ftr-347	561	20	to	to	PART
ftr-347	561	21	take	take	VERB
ftr-347	561	22	on	on	ADP
ftr-347	561	23	higher	high	ADJ
ftr-347	561	24	risks	risk	NOUN
ftr-347	561	25	,	,	PUNCT
ftr-347	561	26	including	include	VERB
ftr-347	561	27	those	those	DET
ftr-347	561	28	risks	risk	NOUN
ftr-347	561	29	that	that	PRON
ftr-347	561	30	are	be	AUX
ftr-347	561	31	shed	shed	VERB
ftr-347	561	32	by	by	ADP
ftr-347	561	33	others	other	NOUN
ftr-347	561	34	.	.	PUNCT
ftr-347	562	1	thus	thus	ADV
ftr-347	562	2	,	,	PUNCT
ftr-347	562	3	the	the	DET
ftr-347	562	4	leveraged	leveraged	ADJ
ftr-347	562	5	exposure	exposure	NOUN
ftr-347	562	6	of	of	ADP
ftr-347	562	7	investors	investor	NOUN
ftr-347	562	8	with	with	ADP
ftr-347	562	9	higher	high	ADJ
ftr-347	562	10	risk	risk	NOUN
ftr-347	562	11	appetites	appetite	NOUN
ftr-347	562	12	can	can	AUX
ftr-347	562	13	be	be	AUX
ftr-347	562	14	a	a	DET
ftr-347	562	15	vehicle	vehicle	NOUN
ftr-347	562	16	that	that	PRON
ftr-347	562	17	allows	allow	VERB
ftr-347	562	18	a	a	DET
ftr-347	562	19	larger	large	ADJ
ftr-347	562	20	number	number	NOUN
ftr-347	562	21	of	of	ADP
ftr-347	562	22	risk	risk	NOUN
ftr-347	562	23	-	-	PUNCT
ftr-347	562	24	averse	averse	ADJ
ftr-347	562	25	investors	investor	NOUN
ftr-347	562	26	to	to	PART
ftr-347	562	27	reduce	reduce	VERB
ftr-347	562	28	their	their	PRON
ftr-347	562	29	risks	risk	NOUN
ftr-347	562	30	.	.	PUNCT
ftr-347	563	1	while	while	SCONJ
ftr-347	563	2	the	the	DET
ftr-347	563	3	leverage	leverage	NOUN
ftr-347	563	4	that	that	PRON
ftr-347	563	5	supports	support	VERB
ftr-347	563	6	the	the	DET
ftr-347	563	7	reallocation	reallocation	NOUN
ftr-347	563	8	of	of	ADP
ftr-347	563	9	risk	risk	NOUN
ftr-347	563	10	provides	provide	VERB
ftr-347	563	11	benefits	benefit	NOUN
ftr-347	563	12	,	,	PUNCT
ftr-347	563	13	it	it	PRON
ftr-347	563	14	can	can	AUX
ftr-347	563	15	be	be	AUX
ftr-347	563	16	fragile	fragile	ADJ
ftr-347	563	17	.	.	PUNCT
ftr-347	564	1	in	in	ADP
ftr-347	564	2	a	a	DET
ftr-347	564	3	volatile	volatile	ADJ
ftr-347	564	4	market	market	NOUN
ftr-347	564	5	,	,	PUNCT
ftr-347	564	6	high	high	ADJ
ftr-347	564	7	levels	level	NOUN
ftr-347	564	8	of	of	ADP
ftr-347	564	9	leverage	leverage	NOUN
ftr-347	564	10	increase	increase	VERB
ftr-347	564	11	the	the	DET
ftr-347	564	12	likelihood	likelihood	NOUN
ftr-347	564	13	that	that	SCONJ
ftr-347	564	14	a	a	DET
ftr-347	564	15	leveraged	leveraged	ADJ
ftr-347	564	16	entity	entity	NOUN
ftr-347	564	17	will	will	AUX
ftr-347	564	18	fail	fail	VERB
ftr-347	564	19	,	,	PUNCT
ftr-347	564	20	in	in	ADP
ftr-347	564	21	part	part	NOUN
ftr-347	564	22	because	because	SCONJ
ftr-347	564	23	the	the	DET
ftr-347	564	24	size	size	NOUN
ftr-347	564	25	of	of	ADP
ftr-347	564	26	potential	potential	ADJ
ftr-347	564	27	losses	loss	NOUN
ftr-347	564	28	can	can	AUX
ftr-347	564	29	seriously	seriously	ADV
ftr-347	564	30	deplete	deplete	VERB
ftr-347	564	31	and	and	CCONJ
ftr-347	564	32	even	even	ADV
ftr-347	564	33	wipe	wipe	VERB
ftr-347	564	34	out	out	ADP
ftr-347	564	35	the	the	DET
ftr-347	564	36	entity	entity	NOUN
ftr-347	564	37	’s	’s	PART
ftr-347	564	38	net	net	ADJ
ftr-347	564	39	worth	worth	NOUN
ftr-347	564	40	.	.	PUNCT
ftr-347	564	41	”	"	PUNCT
ftr-347	564	42	)	)	PUNCT
ftr-347	564	43	;	;	PUNCT
ftr-347	564	44	chan	chan	PROPN
ftr-347	564	45	et	et	PROPN
ftr-347	564	46	al	al	PROPN
ftr-347	564	47	.	.	PROPN
ftr-347	564	48	,	,	PUNCT
ftr-347	564	49	systemic	systemic	ADJ
ftr-347	564	50	rise	rise	NOUN
ftr-347	564	51	and	and	CCONJ
ftr-347	564	52	hedge	hedge	NOUN
ftr-347	564	53	funds	fund	NOUN
ftr-347	564	54	,	,	PUNCT
ftr-347	564	55	supra	supra	PROPN
ftr-347	564	56	note	note	NOUN
ftr-347	564	57	94	94	NUM
ftr-347	564	58	at	at	ADP
ftr-347	564	59	331	331	NUM
ftr-347	564	60	(	(	PUNCT
ftr-347	564	61	“	"	PUNCT
ftr-347	564	62	the	the	DET
ftr-347	564	63	use	use	NOUN
ftr-347	564	64	of	of	ADP
ftr-347	564	65	leverage	leverage	NOUN
ftr-347	564	66	by	by	ADP
ftr-347	564	67	hedge	hedge	NOUN
ftr-347	564	68	funds	fund	NOUN
ftr-347	564	69	,	,	PUNCT
ftr-347	564	70	however	however	ADV
ftr-347	564	71	,	,	PUNCT
ftr-347	564	72	raises	raise	VERB
ftr-347	564	73	the	the	DET
ftr-347	564	74	specter	specter	NOUN
ftr-347	564	75	of	of	ADP
ftr-347	564	76	financial	financial	ADJ
ftr-347	564	77	market	market	NOUN
ftr-347	564	78	contagion	contagion	NOUN
ftr-347	564	79	and	and	CCONJ
ftr-347	564	80	leaves	leave	NOUN
ftr-347	564	81	open	open	VERB
ftr-347	564	82	the	the	DET
ftr-347	564	83	question	question	NOUN
ftr-347	564	84	of	of	ADP
ftr-347	564	85	whether	whether	SCONJ
ftr-347	564	86	markets	market	NOUN
ftr-347	564	87	are	be	AUX
ftr-347	564	88	more	more	ADV
ftr-347	564	89	robust	robust	ADJ
ftr-347	564	90	than	than	ADP
ftr-347	564	91	in	in	ADP
ftr-347	564	92	the	the	DET
ftr-347	564	93	past	past	NOUN
ftr-347	564	94	or	or	CCONJ
ftr-347	564	95	whether	whether	SCONJ
ftr-347	564	96	increased	increase	VERB
ftr-347	564	97	hedge	hedge	NOUN
ftr-347	564	98	fund	fund	NOUN
ftr-347	564	99	participation	participation	NOUN
ftr-347	564	100	has	have	AUX
ftr-347	564	101	elevated	elevate	VERB
ftr-347	564	102	the	the	DET
ftr-347	564	103	potential	potential	NOUN
ftr-347	564	104	for	for	ADP
ftr-347	564	105	financial	financial	ADJ
ftr-347	564	106	market	market	NOUN
ftr-347	564	107	calamity	calamity	NOUN
ftr-347	564	108	.	.	PUNCT
ftr-347	564	109	”	"	PUNCT
ftr-347	564	110	)	)	PUNCT
ftr-347	564	111	.	.	PUNCT
ftr-347	565	1	111	111	NUM
ftr-347	565	2	.	.	PUNCT
ftr-347	566	1	benjamin	benjamin	PROPN
ftr-347	566	2	s.	s.	PROPN
ftr-347	566	3	bernanke	bernanke	PROPN
ftr-347	566	4	,	,	PUNCT
ftr-347	566	5	chairman	chairman	NOUN
ftr-347	566	6	,	,	PUNCT
ftr-347	566	7	u.s	u.s	PROPN
ftr-347	566	8	.	.	PROPN
ftr-347	566	9	fed	fed	PROPN
ftr-347	566	10	.	.	PUNCT
ftr-347	567	1	res	re	NOUN
ftr-347	567	2	.	.	PROPN
ftr-347	567	3	,	,	PUNCT
ftr-347	567	4	remarks	remark	VERB
ftr-347	567	5	at	at	ADP
ftr-347	567	6	the	the	DET
ftr-347	567	7	federal	federal	PROPN
ftr-347	567	8	reserve	reserve	PROPN
ftr-347	567	9	bank	bank	PROPN
ftr-347	567	10	of	of	ADP
ftr-347	567	11	atlanta	atlanta	PROPN
ftr-347	567	12	’s	’s	PART
ftr-347	567	13	2006	2006	NUM
ftr-347	567	14	financial	financial	ADJ
ftr-347	567	15	markets	market	NOUN
ftr-347	567	16	conference	conference	NOUN
ftr-347	567	17	(	(	PUNCT
ftr-347	567	18	may	may	PROPN
ftr-347	567	19	16	16	NUM
ftr-347	567	20	,	,	PUNCT
ftr-347	567	21	2006	2006	NUM
ftr-347	567	22	)	)	PUNCT
ftr-347	567	23	,	,	PUNCT
ftr-347	567	24	http://www.federalreserve.gov/boarddocs/speeches/2006/200605162/default.htm	http://www.federalreserve.gov/boarddocs/speeches/2006/200605162/default.htm	NOUN
ftr-347	567	25	.	.	PUNCT
ftr-347	568	1	112	112	NUM
ftr-347	568	2	.	.	PUNCT
ftr-347	569	1	i	i	PRON
ftr-347	569	2	d.	d.	PROPN
ftr-347	569	3	113	113	NUM
ftr-347	569	4	.	.	PUNCT
ftr-347	570	1	kambhu	kambhu	PROPN
ftr-347	570	2	,	,	PUNCT
ftr-347	570	3	schuermann	schuermann	PROPN
ftr-347	570	4	&	&	CCONJ
ftr-347	570	5	stiroh	stiroh	PROPN
ftr-347	570	6	,	,	PUNCT
ftr-347	570	7	hedge	hedge	NOUN
ftr-347	570	8	funds	fund	NOUN
ftr-347	570	9	,	,	PUNCT
ftr-347	570	10	supra	supra	PROPN
ftr-347	570	11	note	note	PROPN
ftr-347	570	12	11	11	NUM
ftr-347	570	13	,	,	PUNCT
ftr-347	570	14	at	at	ADP
ftr-347	570	15	3	3	NUM
ftr-347	570	16	.	.	X
ftr-347	570	17	670	670	NUM
ftr-347	570	18	florida	florida	PROPN
ftr-347	570	19	tax	tax	NOUN
ftr-347	570	20	review	review	NOUN
ftr-347	571	1	[	[	X
ftr-347	571	2	vol	vol	NOUN
ftr-347	571	3	.	.	PUNCT
ftr-347	571	4	11:8	11:8	NOUN
ftr-347	571	5	i.e.	i.e.	X
ftr-347	571	6	,	,	PUNCT
ftr-347	571	7	short	short	ADJ
ftr-347	571	8	selling	selling	NOUN
ftr-347	571	9	transactions,114	transactions,114	PROPN
ftr-347	571	10	and	and	CCONJ
ftr-347	571	11	in	in	ADP
ftr-347	571	12	the	the	DET
ftr-347	571	13	way	way	NOUN
ftr-347	571	14	their	their	PRON
ftr-347	571	15	investors	investor	NOUN
ftr-347	571	16	redeem	redeem	VERB
ftr-347	571	17	their	their	PRON
ftr-347	571	18	interests	interest	NOUN
ftr-347	571	19	in	in	ADP
ftr-347	571	20	the	the	DET
ftr-347	571	21	funds	fund	NOUN
ftr-347	571	22	only	only	ADV
ftr-347	571	23	after	after	ADP
ftr-347	571	24	a	a	DET
ftr-347	571	25	lock	lock	NOUN
ftr-347	571	26	-	-	PUNCT
ftr-347	571	27	up	up	ADP
ftr-347	571	28	period	period	NOUN
ftr-347	571	29	,	,	PUNCT
ftr-347	571	30	potentially	potentially	ADV
ftr-347	571	31	en	en	ADP
ftr-347	571	32	masse.115	masse.115	NOUN
ftr-347	571	33	it	it	PRON
ftr-347	571	34	is	be	AUX
ftr-347	571	35	by	by	ADP
ftr-347	571	36	no	no	DET
ftr-347	571	37	means	mean	NOUN
ftr-347	571	38	settled	settle	VERB
ftr-347	571	39	that	that	SCONJ
ftr-347	571	40	hedge	hedge	NOUN
ftr-347	571	41	funds	fund	NOUN
ftr-347	571	42	create	create	VERB
ftr-347	571	43	or	or	CCONJ
ftr-347	571	44	increase	increase	VERB
ftr-347	571	45	systemic	systemic	ADJ
ftr-347	571	46	risk	risk	NOUN
ftr-347	571	47	,	,	PUNCT
ftr-347	571	48	since	since	SCONJ
ftr-347	571	49	such	such	DET
ftr-347	571	50	a	a	DET
ftr-347	571	51	determination	determination	NOUN
ftr-347	571	52	would	would	AUX
ftr-347	571	53	require	require	VERB
ftr-347	571	54	data	datum	NOUN
ftr-347	571	55	that	that	PRON
ftr-347	571	56	has	have	AUX
ftr-347	571	57	not	not	PART
ftr-347	571	58	been	be	AUX
ftr-347	571	59	compiled	compile	VERB
ftr-347	571	60	about	about	ADP
ftr-347	571	61	foreign	foreign	ADJ
ftr-347	571	62	hedge	hedge	NOUN
ftr-347	571	63	funds	fund	NOUN
ftr-347	571	64	,	,	PUNCT
ftr-347	571	65	namely	namely	ADV
ftr-347	571	66	revealing	reveal	VERB
ftr-347	571	67	counter	counter	ADJ
ftr-347	571	68	party	party	NOUN
ftr-347	571	69	credit	credit	NOUN
ftr-347	571	70	exposures	exposure	NOUN
ftr-347	571	71	,	,	PUNCT
ftr-347	571	72	the	the	DET
ftr-347	571	73	net	net	ADJ
ftr-347	571	74	leverage	leverage	NOUN
ftr-347	571	75	of	of	ADP
ftr-347	571	76	hedge	hedge	NOUN
ftr-347	571	77	funds	fund	NOUN
ftr-347	571	78	,	,	PUNCT
ftr-347	571	79	and	and	CCONJ
ftr-347	571	80	the	the	DET
ftr-347	571	81	interconnectedness	interconnectedness	NOUN
ftr-347	571	82	to	to	ADP
ftr-347	571	83	banks	bank	NOUN
ftr-347	571	84	.	.	PUNCT
ftr-347	572	1	nevertheless	nevertheless	ADV
ftr-347	572	2	,	,	PUNCT
ftr-347	572	3	the	the	DET
ftr-347	572	4	potential	potential	NOUN
ftr-347	572	5	for	for	ADP
ftr-347	572	6	hedge	hedge	NOUN
ftr-347	572	7	funds	fund	NOUN
ftr-347	572	8	to	to	PART
ftr-347	572	9	have	have	VERB
ftr-347	572	10	a	a	DET
ftr-347	572	11	systemic	systemic	ADJ
ftr-347	572	12	impact	impact	NOUN
ftr-347	572	13	is	be	AUX
ftr-347	572	14	there	there	ADV
ftr-347	572	15	.	.	PUNCT
ftr-347	573	1	and	and	CCONJ
ftr-347	573	2	if	if	SCONJ
ftr-347	573	3	this	this	PRON
ftr-347	573	4	is	be	AUX
ftr-347	573	5	so	so	ADV
ftr-347	573	6	,	,	PUNCT
ftr-347	573	7	we	we	PRON
ftr-347	573	8	should	should	AUX
ftr-347	573	9	also	also	ADV
ftr-347	573	10	be	be	AUX
ftr-347	573	11	considering	consider	VERB
ftr-347	573	12	whether	whether	SCONJ
ftr-347	573	13	uncertainty	uncertainty	NOUN
ftr-347	573	14	in	in	ADP
ftr-347	573	15	the	the	DET
ftr-347	573	16	federal	federal	ADJ
ftr-347	573	17	income	income	NOUN
ftr-347	573	18	tax	tax	NOUN
ftr-347	573	19	consequences	consequence	NOUN
ftr-347	573	20	of	of	ADP
ftr-347	573	21	hedge	hedge	NOUN
ftr-347	573	22	fund	fund	NOUN
ftr-347	573	23	lending	lending	NOUN
ftr-347	573	24	transactions	transaction	NOUN
ftr-347	573	25	makes	make	VERB
ftr-347	573	26	these	these	DET
ftr-347	573	27	funds	fund	NOUN
ftr-347	573	28	more	more	ADV
ftr-347	573	29	susceptible	susceptible	ADJ
ftr-347	573	30	to	to	ADP
ftr-347	573	31	failure	failure	NOUN
ftr-347	573	32	or	or	CCONJ
ftr-347	573	33	whether	whether	SCONJ
ftr-347	573	34	the	the	DET
ftr-347	573	35	uncertainty	uncertainty	NOUN
ftr-347	573	36	of	of	ADP
ftr-347	573	37	the	the	DET
ftr-347	573	38	taxation	taxation	NOUN
ftr-347	573	39	of	of	ADP
ftr-347	573	40	certain	certain	ADJ
ftr-347	573	41	transactions	transaction	NOUN
ftr-347	573	42	could	could	AUX
ftr-347	573	43	impede	impede	VERB
ftr-347	573	44	credit	credit	NOUN
ftr-347	573	45	markets	market	NOUN
ftr-347	573	46	.	.	PUNCT
ftr-347	574	1	the	the	DET
ftr-347	574	2	crux	crux	NOUN
ftr-347	574	3	of	of	ADP
ftr-347	574	4	the	the	DET
ftr-347	574	5	problem	problem	NOUN
ftr-347	574	6	is	be	AUX
ftr-347	574	7	that	that	SCONJ
ftr-347	574	8	the	the	DET
ftr-347	574	9	irs	irs	PROPN
ftr-347	574	10	might	might	AUX
ftr-347	574	11	decide	decide	VERB
ftr-347	574	12	to	to	PART
ftr-347	574	13	enforce	enforce	VERB
ftr-347	574	14	the	the	DET
ftr-347	574	15	mushy	mushy	ADJ
ftr-347	574	16	or	or	CCONJ
ftr-347	574	17	non	non	ADJ
ftr-347	574	18	-	-	ADJ
ftr-347	574	19	existent	existent	ADJ
ftr-347	574	20	u.s	u.s	PROPN
ftr-347	574	21	.	.	PROPN
ftr-347	574	22	trade	trade	PROPN
ftr-347	574	23	or	or	CCONJ
ftr-347	574	24	business	business	NOUN
ftr-347	574	25	precedent	precedent	NOUN
ftr-347	574	26	with	with	ADP
ftr-347	574	27	respect	respect	NOUN
ftr-347	574	28	to	to	PART
ftr-347	574	29	shadow	shadow	VERB
ftr-347	574	30	bank	bank	NOUN
ftr-347	574	31	transactions	transaction	NOUN
ftr-347	574	32	in	in	ADP
ftr-347	574	33	a	a	DET
ftr-347	574	34	way	way	NOUN
ftr-347	574	35	that	that	PRON
ftr-347	574	36	causes	cause	VERB
ftr-347	574	37	funds	fund	NOUN
ftr-347	574	38	to	to	PART
ftr-347	574	39	recognize	recognize	VERB
ftr-347	574	40	unexpected	unexpected	ADJ
ftr-347	574	41	income	income	NOUN
ftr-347	574	42	for	for	ADP
ftr-347	574	43	federal	federal	ADJ
ftr-347	574	44	income	income	NOUN
ftr-347	574	45	tax	tax	NOUN
ftr-347	574	46	purposes	purpose	NOUN
ftr-347	574	47	.	.	PUNCT
ftr-347	575	1	we	we	PRON
ftr-347	575	2	should	should	AUX
ftr-347	575	3	then	then	ADV
ftr-347	575	4	consider	consider	VERB
ftr-347	575	5	whether	whether	SCONJ
ftr-347	575	6	the	the	DET
ftr-347	575	7	potential	potential	ADJ
ftr-347	575	8	imposition	imposition	NOUN
ftr-347	575	9	of	of	ADP
ftr-347	575	10	tax	tax	NOUN
ftr-347	575	11	at	at	ADP
ftr-347	575	12	the	the	DET
ftr-347	575	13	highest	high	ADJ
ftr-347	575	14	tax	tax	NOUN
ftr-347	575	15	rate	rate	NOUN
ftr-347	575	16	,	,	PUNCT
ftr-347	575	17	35	35	NUM
ftr-347	575	18	percent	percent	NOUN
ftr-347	575	19	,	,	PUNCT
ftr-347	575	20	at	at	ADP
ftr-347	575	21	any	any	DET
ftr-347	575	22	unexpected	unexpected	ADJ
ftr-347	575	23	point	point	NOUN
ftr-347	575	24	,	,	PUNCT
ftr-347	575	25	could	could	AUX
ftr-347	575	26	increase	increase	VERB
ftr-347	575	27	the	the	DET
ftr-347	575	28	potential	potential	ADJ
ftr-347	575	29	systemic	systemic	ADJ
ftr-347	575	30	risk	risk	NOUN
ftr-347	575	31	with	with	ADP
ftr-347	575	32	respect	respect	NOUN
ftr-347	575	33	to	to	ADP
ftr-347	575	34	funds	fund	NOUN
ftr-347	575	35	failing	fail	VERB
ftr-347	575	36	or	or	CCONJ
ftr-347	575	37	certain	certain	ADJ
ftr-347	575	38	lending	lending	NOUN
ftr-347	575	39	transactions	transaction	NOUN
ftr-347	575	40	being	be	AUX
ftr-347	575	41	chilled	chill	VERB
ftr-347	575	42	,	,	PUNCT
ftr-347	575	43	impeding	impede	VERB
ftr-347	575	44	credit	credit	NOUN
ftr-347	575	45	markets	market	NOUN
ftr-347	575	46	.	.	PUNCT
ftr-347	576	1	these	these	DET
ftr-347	576	2	offshore	offshore	ADJ
ftr-347	576	3	hedge	hedge	NOUN
ftr-347	576	4	funds	fund	NOUN
ftr-347	576	5	gamble	gamble	ADJ
ftr-347	576	6	that	that	SCONJ
ftr-347	576	7	the	the	DET
ftr-347	576	8	rules	rule	NOUN
ftr-347	576	9	will	will	AUX
ftr-347	576	10	be	be	AUX
ftr-347	576	11	interpreted	interpret	VERB
ftr-347	576	12	and	and	CCONJ
ftr-347	576	13	applied	apply	VERB
ftr-347	576	14	in	in	ADP
ftr-347	576	15	the	the	DET
ftr-347	576	16	way	way	NOUN
ftr-347	576	17	that	that	PRON
ftr-347	576	18	their	their	PRON
ftr-347	576	19	legal	legal	ADJ
ftr-347	576	20	advisors	advisor	NOUN
ftr-347	576	21	think	think	VERB
ftr-347	576	22	they	they	PRON
ftr-347	576	23	will	will	AUX
ftr-347	576	24	be	be	AUX
ftr-347	576	25	.	.	PUNCT
ftr-347	577	1	if	if	SCONJ
ftr-347	577	2	they	they	PRON
ftr-347	577	3	lose	lose	VERB
ftr-347	577	4	that	that	DET
ftr-347	577	5	gamble	gamble	NOUN
ftr-347	577	6	and	and	CCONJ
ftr-347	577	7	are	be	AUX
ftr-347	577	8	too	too	ADV
ftr-347	577	9	interconnected	interconnected	ADJ
ftr-347	577	10	to	to	PART
ftr-347	577	11	fail	fail	VERB
ftr-347	577	12	,	,	PUNCT
ftr-347	577	13	will	will	AUX
ftr-347	577	14	we	we	PRON
ftr-347	577	15	all	all	PRON
ftr-347	577	16	lose	lose	VERB
ftr-347	577	17	?	?	PUNCT
ftr-347	578	1	this	this	PRON
ftr-347	578	2	is	be	AUX
ftr-347	578	3	something	something	PRON
ftr-347	578	4	that	that	PRON
ftr-347	578	5	we	we	PRON
ftr-347	578	6	must	must	AUX
ftr-347	578	7	consider	consider	VERB
ftr-347	578	8	.	.	PUNCT
ftr-347	579	1	in	in	ADP
ftr-347	579	2	fact	fact	NOUN
ftr-347	579	3	,	,	PUNCT
ftr-347	579	4	in	in	ADP
ftr-347	579	5	late	late	ADJ
ftr-347	579	6	2009	2009	NUM
ftr-347	579	7	the	the	DET
ftr-347	579	8	office	office	NOUN
ftr-347	579	9	of	of	ADP
ftr-347	579	10	chief	chief	ADJ
ftr-347	579	11	counsel	counsel	NOUN
ftr-347	579	12	of	of	ADP
ftr-347	579	13	the	the	DET
ftr-347	579	14	irs	irs	PROPN
ftr-347	579	15	issued	issue	VERB
ftr-347	579	16	a	a	DET
ftr-347	579	17	memo	memo	NOUN
ftr-347	579	18	to	to	ADP
ftr-347	579	19	the	the	DET
ftr-347	579	20	director	director	NOUN
ftr-347	579	21	of	of	ADP
ftr-347	579	22	field	field	NOUN
ftr-347	579	23	operations	operation	NOUN
ftr-347	579	24	for	for	ADP
ftr-347	579	25	financial	financial	ADJ
ftr-347	579	26	services	service	NOUN
ftr-347	579	27	and	and	CCONJ
ftr-347	579	28	stated	state	VERB
ftr-347	579	29	:	:	PUNCT
ftr-347	579	30	“	"	PUNCT
ftr-347	579	31	we	we	PRON
ftr-347	579	32	understand	understand	VERB
ftr-347	579	33	that	that	SCONJ
ftr-347	579	34	foreign	foreign	ADJ
ftr-347	579	35	corporations	corporation	NOUN
ftr-347	579	36	and	and	CCONJ
ftr-347	579	37	non	non	ADJ
ftr-347	579	38	-	-	ADJ
ftr-347	579	39	resident	resident	ADJ
ftr-347	579	40	aliens	alien	NOUN
ftr-347	579	41	may	may	AUX
ftr-347	579	42	have	have	AUX
ftr-347	579	43	used	use	VERB
ftr-347	579	44	other	other	ADJ
ftr-347	579	45	strategies	strategy	NOUN
ftr-347	579	46	to	to	PART
ftr-347	579	47	originate	originate	VERB
ftr-347	579	48	loans	loan	NOUN
ftr-347	579	49	in	in	ADP
ftr-347	579	50	the	the	DET
ftr-347	579	51	u.s	u.s	PROPN
ftr-347	579	52	.	.	PROPN
ftr-347	579	53	giving	give	VERB
ftr-347	579	54	rise	rise	NOUN
ftr-347	579	55	to	to	ADP
ftr-347	579	56	effectively	effectively	ADV
ftr-347	579	57	connected	connect	VERB
ftr-347	579	58	income	income	NOUN
ftr-347	579	59	.	.	PUNCT
ftr-347	580	1	we	we	PRON
ftr-347	580	2	encourage	encourage	VERB
ftr-347	580	3	you	you	PRON
ftr-347	580	4	to	to	PART
ftr-347	580	5	develop	develop	VERB
ftr-347	580	6	these	these	DET
ftr-347	580	7	cases	case	NOUN
ftr-347	580	8	.	.	PUNCT
ftr-347	580	9	.	.	PUNCT
ftr-347	580	10	.	.	PUNCT
ftr-347	581	1	.”116	.”116	PUNCT
ftr-347	582	1	114	114	NUM
ftr-347	582	2	.	.	PUNCT
ftr-347	582	3	brown	brown	PROPN
ftr-347	582	4	,	,	PUNCT
ftr-347	582	5	green	green	PROPN
ftr-347	582	6	&	&	CCONJ
ftr-347	582	7	hand	hand	NOUN
ftr-347	582	8	,	,	PUNCT
ftr-347	582	9	systemically	systemically	ADV
ftr-347	582	10	important	important	ADJ
ftr-347	582	11	?	?	PUNCT
ftr-347	582	12	,	,	PUNCT
ftr-347	582	13	supra	supra	PROPN
ftr-347	582	14	note	note	PROPN
ftr-347	582	15	84	84	NUM
ftr-347	582	16	,	,	PUNCT
ftr-347	582	17	at	at	ADP
ftr-347	582	18	19	19	NUM
ftr-347	582	19	(	(	PUNCT
ftr-347	582	20	“	"	PUNCT
ftr-347	582	21	[	[	X
ftr-347	582	22	o]ur	o]ur	PRON
ftr-347	582	23	findings	finding	NOUN
ftr-347	582	24	suggest	suggest	VERB
ftr-347	582	25	that	that	SCONJ
ftr-347	582	26	the	the	DET
ftr-347	582	27	real	real	ADJ
ftr-347	582	28	risk	risk	NOUN
ftr-347	582	29	posed	pose	VERB
ftr-347	582	30	by	by	ADP
ftr-347	582	31	hedge	hedge	NOUN
ftr-347	582	32	funds	fund	NOUN
ftr-347	582	33	more	more	ADV
ftr-347	582	34	likely	likely	ADJ
ftr-347	582	35	concerns	concern	VERB
ftr-347	582	36	their	their	PRON
ftr-347	582	37	ability	ability	NOUN
ftr-347	582	38	to	to	PART
ftr-347	582	39	increase	increase	VERB
ftr-347	582	40	the	the	DET
ftr-347	582	41	severity	severity	NOUN
ftr-347	582	42	or	or	CCONJ
ftr-347	582	43	duration	duration	NOUN
ftr-347	582	44	of	of	ADP
ftr-347	582	45	a	a	DET
ftr-347	582	46	crisis	crisis	NOUN
ftr-347	582	47	,	,	PUNCT
ftr-347	582	48	as	as	SCONJ
ftr-347	582	49	opposed	oppose	VERB
ftr-347	582	50	to	to	ADP
ftr-347	582	51	initiating	initiate	VERB
ftr-347	582	52	it	it	PRON
ftr-347	582	53	.	.	PUNCT
ftr-347	582	54	”	"	PUNCT
ftr-347	582	55	)	)	PUNCT
ftr-347	582	56	;	;	PUNCT
ftr-347	582	57	issing	isse	VERB
ftr-347	582	58	comm	comm	NOUN
ftr-347	582	59	.	.	PUNCT
ftr-347	583	1	of	of	ADP
ftr-347	583	2	the	the	DET
ftr-347	583	3	group	group	NOUN
ftr-347	583	4	of	of	ADP
ftr-347	583	5	twenty	twenty	NUM
ftr-347	583	6	finance	finance	NOUN
ftr-347	583	7	ministers	minister	NOUN
ftr-347	583	8	and	and	CCONJ
ftr-347	583	9	central	central	ADJ
ftr-347	583	10	bank	bank	NOUN
ftr-347	583	11	governors	governor	NOUN
ftr-347	583	12	,	,	PUNCT
ftr-347	583	13	new	new	ADJ
ftr-347	583	14	financial	financial	ADJ
ftr-347	583	15	order	order	NOUN
ftr-347	583	16	recommendation	recommendation	NOUN
ftr-347	583	17	5	5	NUM
ftr-347	583	18	(	(	PUNCT
ftr-347	583	19	2009	2009	NUM
ftr-347	583	20	)	)	PUNCT
ftr-347	583	21	(	(	PUNCT
ftr-347	583	22	the	the	DET
ftr-347	583	23	issing	isse	VERB
ftr-347	583	24	committee	committee	NOUN
ftr-347	583	25	in	in	ADP
ftr-347	583	26	charge	charge	NOUN
ftr-347	583	27	of	of	ADP
ftr-347	583	28	preparing	prepare	VERB
ftr-347	583	29	the	the	DET
ftr-347	583	30	london	london	PROPN
ftr-347	583	31	g20	g20	PROPN
ftr-347	583	32	meeting	meeting	NOUN
ftr-347	583	33	noted	note	VERB
ftr-347	583	34	that	that	SCONJ
ftr-347	583	35	“	"	PUNCT
ftr-347	583	36	hedge	hedge	NOUN
ftr-347	583	37	funds	fund	NOUN
ftr-347	583	38	played	play	VERB
ftr-347	583	39	a	a	DET
ftr-347	583	40	role	role	NOUN
ftr-347	583	41	in	in	ADP
ftr-347	583	42	crisis	crisis	NOUN
ftr-347	583	43	transmission	transmission	NOUN
ftr-347	583	44	,	,	PUNCT
ftr-347	583	45	due	due	ADP
ftr-347	583	46	to	to	ADP
ftr-347	583	47	their	their	PRON
ftr-347	583	48	strong	strong	ADJ
ftr-347	583	49	reliance	reliance	NOUN
ftr-347	583	50	on	on	ADP
ftr-347	583	51	bank	bank	NOUN
ftr-347	583	52	financing	financing	NOUN
ftr-347	583	53	and	and	CCONJ
ftr-347	583	54	maturity	maturity	NOUN
ftr-347	583	55	mismatch	mismatch	NOUN
ftr-347	583	56	.	.	PUNCT
ftr-347	584	1	in	in	ADP
ftr-347	584	2	the	the	DET
ftr-347	584	3	crisis	crisis	NOUN
ftr-347	584	4	,	,	PUNCT
ftr-347	584	5	these	these	DET
ftr-347	584	6	characteristics	characteristic	NOUN
ftr-347	584	7	contributed	contribute	VERB
ftr-347	584	8	to	to	ADP
ftr-347	584	9	pro	pro	ADJ
ftr-347	584	10	-	-	ADJ
ftr-347	584	11	cyclical	cyclical	ADJ
ftr-347	584	12	behaviors	behavior	NOUN
ftr-347	584	13	,	,	PUNCT
ftr-347	584	14	in	in	ADP
ftr-347	584	15	particular	particular	ADJ
ftr-347	584	16	to	to	ADP
ftr-347	584	17	deleveraging	deleveraging	NOUN
ftr-347	584	18	and	and	CCONJ
ftr-347	584	19	asset	asset	NOUN
ftr-347	584	20	sales	sale	NOUN
ftr-347	584	21	,	,	PUNCT
ftr-347	584	22	which	which	PRON
ftr-347	584	23	had	have	VERB
ftr-347	584	24	a	a	DET
ftr-347	584	25	negative	negative	ADJ
ftr-347	584	26	impact	impact	NOUN
ftr-347	584	27	on	on	ADP
ftr-347	584	28	market	market	NOUN
ftr-347	584	29	liquidity	liquidity	NOUN
ftr-347	584	30	.	.	PUNCT
ftr-347	584	31	”	"	PUNCT
ftr-347	584	32	)	)	PUNCT
ftr-347	584	33	.	.	PUNCT
ftr-347	585	1	cf	cf	NOUN
ftr-347	585	2	.	.	PUNCT
ftr-347	585	3	high	high	ADJ
ftr-347	585	4	-	-	PUNCT
ftr-347	585	5	level	level	NOUN
ftr-347	585	6	group	group	NOUN
ftr-347	585	7	on	on	ADP
ftr-347	585	8	financial	financial	ADJ
ftr-347	585	9	supervision	supervision	NOUN
ftr-347	585	10	,	,	PUNCT
ftr-347	585	11	de	de	X
ftr-347	585	12	laroisière	laroisière	NOUN
ftr-347	585	13	report	report	NOUN
ftr-347	585	14	24	24	NUM
ftr-347	585	15	(	(	PUNCT
ftr-347	585	16	2009	2009	NUM
ftr-347	585	17	)	)	PUNCT
ftr-347	585	18	,	,	PUNCT
ftr-347	585	19	http://ec.europa.eu/internal_market/finances/docs/	http://ec.europa.eu/internal_market/finances/docs/	PROPN
ftr-347	585	20	de_larosiere_report_en.pdf	de_larosiere_report_en.pdf	X
ftr-347	585	21	(	(	PUNCT
ftr-347	585	22	the	the	DET
ftr-347	585	23	report	report	NOUN
ftr-347	585	24	concludes	conclude	VERB
ftr-347	585	25	financial	financial	ADJ
ftr-347	585	26	stability	stability	NOUN
ftr-347	585	27	was	be	AUX
ftr-347	585	28	not	not	PART
ftr-347	585	29	affected	affect	VERB
ftr-347	585	30	by	by	ADP
ftr-347	585	31	the	the	DET
ftr-347	585	32	hedge	hedge	NOUN
ftr-347	585	33	fund	fund	NOUN
ftr-347	585	34	industry	industry	NOUN
ftr-347	585	35	)	)	PUNCT
ftr-347	585	36	.	.	PUNCT
ftr-347	586	1	115	115	NUM
ftr-347	586	2	.	.	PUNCT
ftr-347	587	1	rivière	rivière	PROPN
ftr-347	587	2	,	,	PUNCT
ftr-347	587	3	hedge	hedge	NOUN
ftr-347	587	4	fund	fund	NOUN
ftr-347	587	5	regulation	regulation	PROPN
ftr-347	587	6	,	,	PUNCT
ftr-347	587	7	supra	supra	PROPN
ftr-347	587	8	note	note	PROPN
ftr-347	587	9	85	85	NUM
ftr-347	587	10	,	,	PUNCT
ftr-347	587	11	at	at	ADP
ftr-347	587	12	37	37	NUM
ftr-347	587	13	.	.	PUNCT
ftr-347	587	14	116	116	NUM
ftr-347	587	15	.	.	PUNCT
ftr-347	588	1	chief	chief	ADJ
ftr-347	588	2	couns	coun	NOUN
ftr-347	588	3	.	.	PUNCT
ftr-347	589	1	mem	mem	ADJ
ftr-347	589	2	.	.	PUNCT
ftr-347	590	1	preno-119800	preno-119800	NOUN
ftr-347	590	2	-	-	PUNCT
ftr-347	590	3	09	09	NUM
ftr-347	590	4	(	(	PUNCT
ftr-347	590	5	sept	sept	PROPN
ftr-347	590	6	.	.	PROPN
ftr-347	590	7	22	22	NUM
ftr-347	590	8	,	,	PUNCT
ftr-347	590	9	2009	2009	NUM
ftr-347	590	10	)	)	PUNCT
ftr-347	590	11	.	.	PUNCT
ftr-347	591	1	2011	2011	NUM
ftr-347	591	2	]	]	PUNCT
ftr-347	591	3	the	the	DET
ftr-347	591	4	global	global	ADJ
ftr-347	591	5	shadow	shadow	PROPN
ftr-347	591	6	bank	bank	PROPN
ftr-347	591	7	671	671	NUM
ftr-347	591	8	iv	iv	NOUN
ftr-347	591	9	.	.	PUNCT
ftr-347	592	1	the	the	DET
ftr-347	592	2	current	current	ADJ
ftr-347	592	3	uncertainty	uncertainty	NOUN
ftr-347	592	4	frustrates	frustrate	VERB
ftr-347	592	5	the	the	DET
ftr-347	592	6	very	very	ADV
ftr-347	592	7	international	international	ADJ
ftr-347	592	8	tax	tax	NOUN
ftr-347	592	9	policy	policy	NOUN
ftr-347	592	10	objectives	objective	NOUN
ftr-347	592	11	that	that	SCONJ
ftr-347	592	12	this	this	DET
ftr-347	592	13	regime	regime	NOUN
ftr-347	592	14	was	be	AUX
ftr-347	592	15	enacted	enact	VERB
ftr-347	592	16	to	to	PART
ftr-347	592	17	promote	promote	VERB
ftr-347	592	18	if	if	SCONJ
ftr-347	592	19	a	a	DET
ftr-347	592	20	u.s	u.s	PROPN
ftr-347	592	21	.	.	PROPN
ftr-347	592	22	person	person	NOUN
ftr-347	592	23	buys	buy	VERB
ftr-347	592	24	a	a	DET
ftr-347	592	25	debt	debt	NOUN
ftr-347	592	26	instrument	instrument	NOUN
ftr-347	592	27	originally	originally	ADV
ftr-347	592	28	issued	issue	VERB
ftr-347	592	29	by	by	ADP
ftr-347	592	30	a	a	DET
ftr-347	592	31	u.s	u.s	PROPN
ftr-347	592	32	.	.	PROPN
ftr-347	592	33	borrower	borrower	PROPN
ftr-347	592	34	,	,	PUNCT
ftr-347	592	35	the	the	DET
ftr-347	592	36	u.s	u.s	PROPN
ftr-347	592	37	.	.	PROPN
ftr-347	592	38	person	person	NOUN
ftr-347	592	39	will	will	AUX
ftr-347	592	40	generally	generally	ADV
ftr-347	592	41	have	have	VERB
ftr-347	592	42	to	to	PART
ftr-347	592	43	pay	pay	VERB
ftr-347	592	44	federal	federal	ADJ
ftr-347	592	45	income	income	NOUN
ftr-347	592	46	tax	tax	NOUN
ftr-347	592	47	on	on	ADP
ftr-347	592	48	the	the	DET
ftr-347	592	49	interest	interest	NOUN
ftr-347	592	50	received	receive	VERB
ftr-347	592	51	on	on	ADP
ftr-347	592	52	that	that	DET
ftr-347	592	53	debt	debt	NOUN
ftr-347	592	54	instrument	instrument	NOUN
ftr-347	592	55	and	and	CCONJ
ftr-347	592	56	on	on	ADP
ftr-347	592	57	any	any	DET
ftr-347	592	58	gain	gain	NOUN
ftr-347	592	59	realized	realize	VERB
ftr-347	592	60	upon	upon	SCONJ
ftr-347	592	61	sale.117	sale.117	ADJ
ftr-347	592	62	if	if	SCONJ
ftr-347	592	63	a	a	DET
ftr-347	592	64	foreign	foreign	ADJ
ftr-347	592	65	person	person	NOUN
ftr-347	592	66	buys	buy	VERB
ftr-347	592	67	that	that	DET
ftr-347	592	68	same	same	ADJ
ftr-347	592	69	debt	debt	NOUN
ftr-347	592	70	instrument	instrument	NOUN
ftr-347	592	71	,	,	PUNCT
ftr-347	592	72	assuming	assume	VERB
ftr-347	592	73	certain	certain	ADJ
ftr-347	592	74	conditions	condition	NOUN
ftr-347	592	75	are	be	AUX
ftr-347	592	76	met	meet	VERB
ftr-347	592	77	,	,	PUNCT
ftr-347	592	78	the	the	DET
ftr-347	592	79	foreign	foreign	ADJ
ftr-347	592	80	person	person	NOUN
ftr-347	592	81	may	may	AUX
ftr-347	592	82	not	not	PART
ftr-347	592	83	have	have	VERB
ftr-347	592	84	to	to	PART
ftr-347	592	85	pay	pay	VERB
ftr-347	592	86	federal	federal	ADJ
ftr-347	592	87	income	income	NOUN
ftr-347	592	88	tax	tax	NOUN
ftr-347	592	89	on	on	ADP
ftr-347	592	90	the	the	DET
ftr-347	592	91	interest	interest	NOUN
ftr-347	592	92	received	receive	VERB
ftr-347	592	93	or	or	CCONJ
ftr-347	592	94	on	on	ADP
ftr-347	592	95	the	the	DET
ftr-347	592	96	gain	gain	NOUN
ftr-347	592	97	realized	realize	VERB
ftr-347	592	98	upon	upon	SCONJ
ftr-347	592	99	sale.118	sale.118	NOUN
ftr-347	592	100	why	why	SCONJ
ftr-347	592	101	does	do	AUX
ftr-347	592	102	the	the	DET
ftr-347	592	103	u.s	u.s	PROPN
ftr-347	592	104	.	.	PROPN
ftr-347	592	105	tax	tax	PROPN
ftr-347	592	106	a	a	DET
ftr-347	592	107	foreign	foreign	ADJ
ftr-347	592	108	person	person	NOUN
ftr-347	592	109	’s	’s	PART
ftr-347	592	110	interest	interest	NOUN
ftr-347	592	111	income	income	NOUN
ftr-347	592	112	and	and	CCONJ
ftr-347	592	113	gain	gain	NOUN
ftr-347	592	114	from	from	ADP
ftr-347	592	115	the	the	DET
ftr-347	592	116	sale	sale	NOUN
ftr-347	592	117	of	of	ADP
ftr-347	592	118	a	a	DET
ftr-347	592	119	passive	passive	ADJ
ftr-347	592	120	investment	investment	NOUN
ftr-347	592	121	in	in	ADP
ftr-347	592	122	the	the	DET
ftr-347	592	123	united	united	PROPN
ftr-347	592	124	states	states	PROPN
ftr-347	592	125	less	less	ADJ
ftr-347	592	126	than	than	SCONJ
ftr-347	592	127	it	it	PRON
ftr-347	592	128	taxes	tax	VERB
ftr-347	592	129	the	the	DET
ftr-347	592	130	same	same	ADJ
ftr-347	592	131	investment	investment	NOUN
ftr-347	592	132	made	make	VERB
ftr-347	592	133	by	by	ADP
ftr-347	592	134	a	a	DET
ftr-347	592	135	u.s	u.s	PROPN
ftr-347	592	136	.	.	PROPN
ftr-347	592	137	person	person	NOUN
ftr-347	592	138	?	?	PUNCT
ftr-347	593	1	this	this	DET
ftr-347	593	2	part	part	NOUN
ftr-347	593	3	will	will	AUX
ftr-347	593	4	explore	explore	VERB
ftr-347	593	5	the	the	DET
ftr-347	593	6	tax	tax	NOUN
ftr-347	593	7	policy	policy	NOUN
ftr-347	593	8	reasons	reason	NOUN
ftr-347	593	9	behind	behind	ADP
ftr-347	593	10	three	three	NUM
ftr-347	593	11	seemingly	seemingly	ADV
ftr-347	593	12	generous	generous	ADJ
ftr-347	593	13	provisions	provision	NOUN
ftr-347	593	14	in	in	ADP
ftr-347	593	15	the	the	DET
ftr-347	593	16	context	context	NOUN
ftr-347	593	17	of	of	ADP
ftr-347	593	18	lending	lending	NOUN
ftr-347	593	19	in	in	ADP
ftr-347	593	20	the	the	DET
ftr-347	593	21	u.	u.	PROPN
ftr-347	593	22	s.	s.	PROPN
ftr-347	593	23	:	:	PUNCT
ftr-347	594	1	(	(	PUNCT
ftr-347	594	2	1	1	X
ftr-347	594	3	)	)	PUNCT
ftr-347	594	4	the	the	DET
ftr-347	594	5	exemption	exemption	NOUN
ftr-347	594	6	for	for	ADP
ftr-347	594	7	a	a	DET
ftr-347	594	8	foreign	foreign	ADJ
ftr-347	594	9	person	person	NOUN
ftr-347	594	10	’s	’s	PART
ftr-347	594	11	capital	capital	NOUN
ftr-347	594	12	gains	gain	NOUN
ftr-347	594	13	on	on	ADP
ftr-347	594	14	sales	sale	NOUN
ftr-347	594	15	that	that	PRON
ftr-347	594	16	are	be	AUX
ftr-347	594	17	not	not	PART
ftr-347	594	18	connected	connect	VERB
ftr-347	594	19	with	with	ADP
ftr-347	594	20	a	a	DET
ftr-347	594	21	u.s	u.s	PROPN
ftr-347	594	22	.	.	PROPN
ftr-347	594	23	trade	trade	NOUN
ftr-347	594	24	or	or	CCONJ
ftr-347	594	25	business;119	business;119	PROPN
ftr-347	594	26	(	(	PUNCT
ftr-347	594	27	2	2	NUM
ftr-347	594	28	)	)	PUNCT
ftr-347	594	29	the	the	DET
ftr-347	594	30	exemption	exemption	NOUN
ftr-347	594	31	for	for	ADP
ftr-347	594	32	“	"	PUNCT
ftr-347	594	33	portfolio	portfolio	NOUN
ftr-347	594	34	interest	interest	NOUN
ftr-347	594	35	”	"	PUNCT
ftr-347	594	36	received	receive	VERB
ftr-347	594	37	by	by	ADP
ftr-347	594	38	foreign	foreign	ADJ
ftr-347	594	39	persons	person	NOUN
ftr-347	594	40	that	that	PRON
ftr-347	594	41	are	be	AUX
ftr-347	594	42	not	not	PART
ftr-347	594	43	connected	connect	VERB
ftr-347	594	44	with	with	ADP
ftr-347	594	45	a	a	DET
ftr-347	594	46	u.s	u.s	PROPN
ftr-347	594	47	.	.	PROPN
ftr-347	594	48	trade	trade	NOUN
ftr-347	594	49	or	or	CCONJ
ftr-347	594	50	business	business	NOUN
ftr-347	594	51	;	;	PUNCT
ftr-347	594	52	and	and	CCONJ
ftr-347	594	53	(	(	PUNCT
ftr-347	594	54	3	3	X
ftr-347	594	55	)	)	PUNCT
ftr-347	594	56	the	the	DET
ftr-347	594	57	safe	safe	ADJ
ftr-347	594	58	harbor	harbor	NOUN
ftr-347	594	59	which	which	PRON
ftr-347	594	60	allows	allow	VERB
ftr-347	594	61	foreign	foreign	ADJ
ftr-347	594	62	persons	person	NOUN
ftr-347	594	63	trading	trading	NOUN
ftr-347	594	64	in	in	ADP
ftr-347	594	65	debt	debt	NOUN
ftr-347	594	66	securities	security	NOUN
ftr-347	594	67	for	for	ADP
ftr-347	594	68	their	their	PRON
ftr-347	594	69	own	own	ADJ
ftr-347	594	70	account	account	NOUN
ftr-347	594	71	to	to	PART
ftr-347	594	72	be	be	AUX
ftr-347	594	73	eligible	eligible	ADJ
ftr-347	594	74	for	for	ADP
ftr-347	594	75	items	item	NOUN
ftr-347	594	76	(	(	PUNCT
ftr-347	594	77	1	1	NUM
ftr-347	594	78	)	)	PUNCT
ftr-347	594	79	and	and	CCONJ
ftr-347	594	80	(	(	PUNCT
ftr-347	594	81	2	2	NUM
ftr-347	594	82	)	)	PUNCT
ftr-347	594	83	above	above	ADV
ftr-347	594	84	by	by	ADP
ftr-347	594	85	treating	treat	VERB
ftr-347	594	86	the	the	DET
ftr-347	594	87	trading	trading	NOUN
ftr-347	594	88	as	as	ADP
ftr-347	594	89	a	a	DET
ftr-347	594	90	passive	passive	ADJ
ftr-347	594	91	investment	investment	NOUN
ftr-347	594	92	instead	instead	ADV
ftr-347	594	93	of	of	ADP
ftr-347	594	94	an	an	DET
ftr-347	594	95	active	active	ADJ
ftr-347	594	96	u.s	u.s	PROPN
ftr-347	594	97	.	.	PROPN
ftr-347	594	98	business	business	NOUN
ftr-347	594	99	.	.	PUNCT
ftr-347	595	1	the	the	DET
ftr-347	595	2	current	current	ADJ
ftr-347	595	3	uncertainty	uncertainty	NOUN
ftr-347	595	4	in	in	ADP
ftr-347	595	5	whether	whether	SCONJ
ftr-347	595	6	a	a	DET
ftr-347	595	7	foreign	foreign	ADJ
ftr-347	595	8	person	person	NOUN
ftr-347	595	9	is	be	AUX
ftr-347	595	10	engaged	engage	VERB
ftr-347	595	11	in	in	ADP
ftr-347	595	12	a	a	DET
ftr-347	595	13	u.s	u.s	PROPN
ftr-347	595	14	.	.	PROPN
ftr-347	595	15	trade	trade	PROPN
ftr-347	595	16	or	or	CCONJ
ftr-347	595	17	business	business	NOUN
ftr-347	595	18	frustrates	frustrate	VERB
ftr-347	595	19	these	these	DET
ftr-347	595	20	very	very	ADJ
ftr-347	595	21	tax	tax	NOUN
ftr-347	595	22	policy	policy	NOUN
ftr-347	595	23	objectives	objective	NOUN
ftr-347	595	24	.	.	PUNCT
ftr-347	596	1	a.	a.	NOUN
ftr-347	596	2	the	the	DET
ftr-347	596	3	tax	tax	NOUN
ftr-347	596	4	policy	policy	NOUN
ftr-347	596	5	behind	behind	ADP
ftr-347	596	6	the	the	DET
ftr-347	596	7	exemption	exemption	NOUN
ftr-347	596	8	for	for	ADP
ftr-347	596	9	a	a	DET
ftr-347	596	10	foreign	foreign	ADJ
ftr-347	596	11	person	person	NOUN
ftr-347	596	12	’s	’s	PART
ftr-347	596	13	capital	capital	NOUN
ftr-347	596	14	gains	gain	NOUN
ftr-347	596	15	on	on	ADP
ftr-347	596	16	sale	sale	NOUN
ftr-347	596	17	that	that	PRON
ftr-347	596	18	are	be	AUX
ftr-347	596	19	not	not	PART
ftr-347	596	20	connected	connect	VERB
ftr-347	596	21	with	with	ADP
ftr-347	596	22	a	a	DET
ftr-347	596	23	u.s	u.s	PROPN
ftr-347	596	24	.	.	PROPN
ftr-347	596	25	trade	trade	NOUN
ftr-347	596	26	or	or	CCONJ
ftr-347	596	27	business	business	NOUN
ftr-347	596	28	the	the	DET
ftr-347	596	29	1936	1936	NUM
ftr-347	596	30	act	act	NOUN
ftr-347	596	31	established	establish	VERB
ftr-347	596	32	that	that	SCONJ
ftr-347	596	33	foreign	foreign	ADJ
ftr-347	596	34	persons	person	NOUN
ftr-347	596	35	selling	sell	VERB
ftr-347	596	36	their	their	PRON
ftr-347	596	37	passive	passive	ADJ
ftr-347	596	38	investments	investment	NOUN
ftr-347	596	39	would	would	AUX
ftr-347	596	40	not	not	PART
ftr-347	596	41	be	be	AUX
ftr-347	596	42	taxed	tax	VERB
ftr-347	596	43	on	on	ADP
ftr-347	596	44	the	the	DET
ftr-347	596	45	resulting	result	VERB
ftr-347	596	46	capital	capital	NOUN
ftr-347	596	47	gains.120	gains.120	NOUN
ftr-347	597	1	the	the	DET
ftr-347	597	2	117	117	NUM
ftr-347	597	3	.	.	PUNCT
ftr-347	597	4	i.r.c	i.r.c	NOUN
ftr-347	597	5	.	.	PUNCT
ftr-347	598	1	§	§	PROPN
ftr-347	598	2	§	§	PROPN
ftr-347	598	3	61(a)(3	61(a)(3	NUM
ftr-347	598	4	)	)	PUNCT
ftr-347	598	5	and	and	CCONJ
ftr-347	598	6	(	(	PUNCT
ftr-347	598	7	4	4	NUM
ftr-347	598	8	)	)	PUNCT
ftr-347	598	9	,	,	PUNCT
ftr-347	598	10	1001	1001	NUM
ftr-347	598	11	.	.	PUNCT
ftr-347	599	1	118	118	NUM
ftr-347	599	2	.	.	PUNCT
ftr-347	600	1	this	this	PRON
ftr-347	600	2	assumes	assume	VERB
ftr-347	600	3	that	that	SCONJ
ftr-347	600	4	the	the	DET
ftr-347	600	5	interest	interest	NOUN
ftr-347	600	6	income	income	NOUN
ftr-347	600	7	and	and	CCONJ
ftr-347	600	8	profit	profit	NOUN
ftr-347	600	9	on	on	ADP
ftr-347	600	10	sale	sale	NOUN
ftr-347	600	11	are	be	AUX
ftr-347	600	12	not	not	PART
ftr-347	600	13	effectively	effectively	ADV
ftr-347	600	14	connected	connect	VERB
ftr-347	600	15	with	with	ADP
ftr-347	600	16	a	a	DET
ftr-347	600	17	u.s	u.s	PROPN
ftr-347	600	18	.	.	PROPN
ftr-347	600	19	trade	trade	NOUN
ftr-347	600	20	or	or	CCONJ
ftr-347	600	21	business	business	NOUN
ftr-347	600	22	.	.	PUNCT
ftr-347	601	1	it	it	PRON
ftr-347	601	2	also	also	ADV
ftr-347	601	3	assumes	assume	VERB
ftr-347	601	4	that	that	SCONJ
ftr-347	601	5	the	the	DET
ftr-347	601	6	portfolio	portfolio	NOUN
ftr-347	601	7	interest	interest	NOUN
ftr-347	601	8	exemption	exemption	NOUN
ftr-347	601	9	applies	apply	VERB
ftr-347	601	10	.	.	PUNCT
ftr-347	602	1	i.r.c	i.r.c	NOUN
ftr-347	602	2	.	.	PUNCT
ftr-347	603	1	§	§	PROPN
ftr-347	603	2	§	§	PROPN
ftr-347	603	3	871(h	871(h	PROPN
ftr-347	603	4	)	)	PUNCT
ftr-347	603	5	&	&	CCONJ
ftr-347	603	6	881(c	881(c	PROPN
ftr-347	603	7	)	)	PUNCT
ftr-347	603	8	.	.	PUNCT
ftr-347	604	1	see	see	VERB
ftr-347	604	2	roger	roger	PROPN
ftr-347	604	3	royse	royse	PROPN
ftr-347	604	4	,	,	PUNCT
ftr-347	604	5	rra	rra	NOUN
ftr-347	604	6	‘	'	PUNCT
ftr-347	604	7	93	93	NUM
ftr-347	604	8	limits	limit	VERB
ftr-347	604	9	application	application	NOUN
ftr-347	604	10	of	of	ADP
ftr-347	604	11	portfolio	portfolio	NOUN
ftr-347	604	12	interest	interest	NOUN
ftr-347	604	13	exemption	exemption	NOUN
ftr-347	604	14	,	,	PUNCT
ftr-347	604	15	79	79	NUM
ftr-347	604	16	j.	j.	PROPN
ftr-347	604	17	tax’n	tax’n	PROPN
ftr-347	604	18	360	360	NUM
ftr-347	604	19	(	(	PUNCT
ftr-347	604	20	1993	1993	NUM
ftr-347	604	21	)	)	PUNCT
ftr-347	604	22	;	;	PUNCT
ftr-347	604	23	see	see	VERB
ftr-347	604	24	also	also	ADV
ftr-347	604	25	,	,	PUNCT
ftr-347	604	26	alan	alan	PROPN
ftr-347	604	27	i.	i.	PROPN
ftr-347	604	28	appel	appel	PROPN
ftr-347	604	29	,	,	PUNCT
ftr-347	604	30	withholding	withholding	NOUN
ftr-347	604	31	net	net	NOUN
ftr-347	604	32	will	will	AUX
ftr-347	604	33	now	now	ADV
ftr-347	604	34	catch	catch	VERB
ftr-347	604	35	more	more	ADJ
ftr-347	604	36	debt	debt	NOUN
ftr-347	604	37	arrangements	arrangement	NOUN
ftr-347	604	38	,	,	PUNCT
ftr-347	604	39	4	4	NUM
ftr-347	604	40	j.	j.	PROPN
ftr-347	604	41	int’l	int’l	NUM
ftr-347	604	42	tax’n	tax’n	NUM
ftr-347	604	43	464	464	NUM
ftr-347	604	44	(	(	PUNCT
ftr-347	604	45	1993	1993	NUM
ftr-347	604	46	)	)	PUNCT
ftr-347	604	47	.	.	PUNCT
ftr-347	605	1	119	119	NUM
ftr-347	605	2	.	.	PUNCT
ftr-347	606	1	since	since	SCONJ
ftr-347	606	2	u.s	u.s	PROPN
ftr-347	606	3	.	.	PROPN
ftr-347	606	4	source	source	NOUN
ftr-347	606	5	ordinary	ordinary	ADJ
ftr-347	606	6	income	income	NOUN
ftr-347	606	7	is	be	AUX
ftr-347	606	8	automatically	automatically	ADV
ftr-347	606	9	treated	treat	VERB
ftr-347	606	10	as	as	ADP
ftr-347	606	11	effectively	effectively	ADV
ftr-347	606	12	connected	connect	VERB
ftr-347	606	13	to	to	ADP
ftr-347	606	14	a	a	DET
ftr-347	606	15	u.s	u.s	PROPN
ftr-347	606	16	.	.	PROPN
ftr-347	606	17	trade	trade	NOUN
ftr-347	606	18	or	or	CCONJ
ftr-347	606	19	business	business	NOUN
ftr-347	606	20	,	,	PUNCT
ftr-347	606	21	if	if	SCONJ
ftr-347	606	22	there	there	PRON
ftr-347	606	23	is	be	VERB
ftr-347	606	24	one	one	NUM
ftr-347	606	25	,	,	PUNCT
ftr-347	606	26	pursuant	pursuant	ADJ
ftr-347	606	27	to	to	ADP
ftr-347	606	28	i.r.c	i.r.c	NOUN
ftr-347	606	29	.	.	PUNCT
ftr-347	607	1	§	§	PROPN
ftr-347	607	2	864(c)(3	864(c)(3	NUM
ftr-347	607	3	)	)	PUNCT
ftr-347	607	4	,	,	PUNCT
ftr-347	607	5	i	i	PRON
ftr-347	607	6	will	will	AUX
ftr-347	607	7	focus	focus	VERB
ftr-347	607	8	on	on	ADP
ftr-347	607	9	capital	capital	NOUN
ftr-347	607	10	gains	gain	NOUN
ftr-347	607	11	from	from	ADP
ftr-347	607	12	sale	sale	NOUN
ftr-347	607	13	in	in	ADP
ftr-347	607	14	this	this	DET
ftr-347	607	15	article	article	NOUN
ftr-347	607	16	.	.	PUNCT
ftr-347	608	1	120	120	NUM
ftr-347	608	2	.	.	PUNCT
ftr-347	609	1	the	the	DET
ftr-347	609	2	revenue	revenue	NOUN
ftr-347	609	3	act	act	NOUN
ftr-347	609	4	of	of	ADP
ftr-347	609	5	1936	1936	NUM
ftr-347	609	6	,	,	PUNCT
ftr-347	609	7	supra	supra	PROPN
ftr-347	609	8	note	note	NOUN
ftr-347	609	9	5	5	NUM
ftr-347	609	10	,	,	PUNCT
ftr-347	609	11	at	at	ADP
ftr-347	609	12	§	§	PROPN
ftr-347	609	13	§	§	PROPN
ftr-347	609	14	211	211	NUM
ftr-347	609	15	,	,	PUNCT
ftr-347	609	16	231	231	NUM
ftr-347	609	17	(	(	PUNCT
ftr-347	609	18	creating	create	VERB
ftr-347	609	19	an	an	DET
ftr-347	609	20	early	early	ADJ
ftr-347	609	21	version	version	NOUN
ftr-347	609	22	of	of	ADP
ftr-347	609	23	the	the	DET
ftr-347	609	24	business	business	NOUN
ftr-347	609	25	versus	versus	ADP
ftr-347	609	26	passive	passive	ADJ
ftr-347	609	27	distinction	distinction	NOUN
ftr-347	609	28	)	)	PUNCT
ftr-347	609	29	.	.	PUNCT
ftr-347	610	1	foreign	foreign	ADJ
ftr-347	610	2	persons	person	NOUN
ftr-347	610	3	not	not	PART
ftr-347	610	4	engaged	engage	VERB
ftr-347	610	5	in	in	ADP
ftr-347	610	6	a	a	DET
ftr-347	610	7	u.s	u.s	PROPN
ftr-347	610	8	.	.	PROPN
ftr-347	610	9	trade	trade	NOUN
ftr-347	610	10	or	or	CCONJ
ftr-347	610	11	business	business	NOUN
ftr-347	610	12	that	that	PRON
ftr-347	610	13	did	do	AUX
ftr-347	610	14	not	not	PART
ftr-347	610	15	have	have	VERB
ftr-347	610	16	an	an	DET
ftr-347	610	17	office	office	NOUN
ftr-347	610	18	or	or	CCONJ
ftr-347	610	19	place	place	NOUN
ftr-347	610	20	of	of	ADP
ftr-347	610	21	business	business	NOUN
ftr-347	610	22	in	in	ADP
ftr-347	610	23	the	the	DET
ftr-347	610	24	u.s	u.s	PROPN
ftr-347	610	25	.	.	PROPN
ftr-347	610	26	were	be	AUX
ftr-347	610	27	subject	subject	ADJ
ftr-347	610	28	to	to	ADP
ftr-347	610	29	a	a	DET
ftr-347	610	30	gross	gross	ADJ
ftr-347	610	31	-	-	PUNCT
ftr-347	610	32	basis	basis	NOUN
ftr-347	610	33	withholding	withholding	NOUN
ftr-347	610	34	tax	tax	NOUN
ftr-347	610	35	at	at	ADP
ftr-347	610	36	a	a	DET
ftr-347	610	37	flat	flat	ADJ
ftr-347	610	38	rate	rate	NOUN
ftr-347	610	39	on	on	ADP
ftr-347	610	40	certain	certain	ADJ
ftr-347	610	41	passive	passive	ADJ
ftr-347	610	42	income	income	NOUN
ftr-347	610	43	(	(	PUNCT
ftr-347	610	44	not	not	PART
ftr-347	610	45	including	include	VERB
ftr-347	610	46	capital	capital	NOUN
ftr-347	610	47	gains	gain	NOUN
ftr-347	610	48	from	from	ADP
ftr-347	610	49	sales	sale	NOUN
ftr-347	610	50	)	)	PUNCT
ftr-347	610	51	.	.	PUNCT
ftr-347	611	1	however	however	ADV
ftr-347	611	2	,	,	PUNCT
ftr-347	611	3	foreign	foreign	ADJ
ftr-347	611	4	persons	person	NOUN
ftr-347	611	5	that	that	PRON
ftr-347	611	6	were	be	AUX
ftr-347	611	7	672	672	NUM
ftr-347	611	8	florida	florida	PROPN
ftr-347	611	9	tax	tax	NOUN
ftr-347	611	10	review	review	NOUN
ftr-347	612	1	[	[	X
ftr-347	612	2	vol	vol	NOUN
ftr-347	612	3	.	.	PUNCT
ftr-347	612	4	11:8	11:8	NUM
ftr-347	612	5	reasoning	reason	VERB
ftr-347	612	6	behind	behind	ADP
ftr-347	612	7	this	this	DET
ftr-347	612	8	exemption	exemption	NOUN
ftr-347	612	9	was	be	AUX
ftr-347	612	10	two	two	NUM
ftr-347	612	11	-	-	PUNCT
ftr-347	612	12	fold	fold	ADJ
ftr-347	612	13	.	.	PUNCT
ftr-347	613	1	first	first	ADV
ftr-347	613	2	,	,	PUNCT
ftr-347	613	3	congress	congress	PROPN
ftr-347	613	4	determined	determine	VERB
ftr-347	613	5	that	that	SCONJ
ftr-347	613	6	these	these	DET
ftr-347	613	7	capital	capital	NOUN
ftr-347	613	8	gains	gain	NOUN
ftr-347	613	9	were	be	AUX
ftr-347	613	10	administratively	administratively	ADV
ftr-347	613	11	difficult	difficult	ADJ
ftr-347	613	12	to	to	PART
ftr-347	613	13	collect.121	collect.121	VERB
ftr-347	613	14	second	second	ADJ
ftr-347	613	15	,	,	PUNCT
ftr-347	613	16	it	it	PRON
ftr-347	613	17	was	be	AUX
ftr-347	613	18	thought	think	VERB
ftr-347	613	19	that	that	SCONJ
ftr-347	613	20	the	the	DET
ftr-347	613	21	exemption	exemption	NOUN
ftr-347	613	22	would	would	AUX
ftr-347	613	23	result	result	VERB
ftr-347	613	24	in	in	ADP
ftr-347	613	25	additional	additional	ADJ
ftr-347	613	26	revenue	revenue	NOUN
ftr-347	613	27	from	from	ADP
ftr-347	613	28	taxes	taxis	NOUN
ftr-347	613	29	on	on	ADP
ftr-347	613	30	u.s	u.s	PROPN
ftr-347	613	31	.	.	PROPN
ftr-347	613	32	brokers	brokers	PROPN
ftr-347	613	33	’	'	PUNCT
ftr-347	613	34	income.122	income.122	PROPN
ftr-347	613	35	in	in	ADP
ftr-347	613	36	other	other	ADJ
ftr-347	613	37	words	word	NOUN
ftr-347	613	38	,	,	PUNCT
ftr-347	613	39	congress	congress	PROPN
ftr-347	613	40	wanted	want	VERB
ftr-347	613	41	to	to	PART
ftr-347	613	42	decrease	decrease	VERB
ftr-347	613	43	collection	collection	NOUN
ftr-347	613	44	difficulties	difficulty	NOUN
ftr-347	613	45	and	and	CCONJ
ftr-347	613	46	increase	increase	VERB
ftr-347	613	47	revenue	revenue	NOUN
ftr-347	613	48	by	by	ADP
ftr-347	613	49	encouraging	encourage	VERB
ftr-347	613	50	foreign	foreign	ADJ
ftr-347	613	51	persons	person	NOUN
ftr-347	613	52	to	to	PART
ftr-347	613	53	make	make	VERB
ftr-347	613	54	these	these	DET
ftr-347	613	55	passive	passive	ADJ
ftr-347	613	56	investments	investment	NOUN
ftr-347	613	57	in	in	ADP
ftr-347	613	58	the	the	DET
ftr-347	613	59	u.s	u.s	PROPN
ftr-347	613	60	.	.	PROPN
ftr-347	613	61	,	,	PUNCT
ftr-347	613	62	and	and	CCONJ
ftr-347	613	63	the	the	DET
ftr-347	613	64	line	line	NOUN
ftr-347	613	65	that	that	PRON
ftr-347	613	66	was	be	AUX
ftr-347	613	67	drawn	draw	VERB
ftr-347	613	68	was	be	AUX
ftr-347	613	69	that	that	SCONJ
ftr-347	613	70	if	if	SCONJ
ftr-347	613	71	these	these	DET
ftr-347	613	72	investments	investment	NOUN
ftr-347	613	73	rose	rise	VERB
ftr-347	613	74	to	to	ADP
ftr-347	613	75	the	the	DET
ftr-347	613	76	level	level	NOUN
ftr-347	613	77	of	of	ADP
ftr-347	613	78	a	a	DET
ftr-347	613	79	u.s	u.s	PROPN
ftr-347	613	80	.	.	PROPN
ftr-347	613	81	trade	trade	NOUN
ftr-347	613	82	or	or	CCONJ
ftr-347	613	83	business	business	NOUN
ftr-347	613	84	,	,	PUNCT
ftr-347	613	85	then	then	ADV
ftr-347	613	86	the	the	DET
ftr-347	613	87	foreign	foreign	ADJ
ftr-347	613	88	person	person	NOUN
ftr-347	613	89	would	would	AUX
ftr-347	613	90	be	be	AUX
ftr-347	613	91	taxed	tax	VERB
ftr-347	613	92	like	like	ADP
ftr-347	613	93	a	a	DET
ftr-347	613	94	u.s	u.s	PROPN
ftr-347	613	95	.	.	PROPN
ftr-347	613	96	person	person	NOUN
ftr-347	613	97	.	.	PUNCT
ftr-347	614	1	b.	b.	VERB
ftr-347	615	1	the	the	DET
ftr-347	615	2	tax	tax	NOUN
ftr-347	615	3	policy	policy	NOUN
ftr-347	615	4	behind	behind	ADP
ftr-347	615	5	the	the	DET
ftr-347	615	6	enactment	enactment	NOUN
ftr-347	615	7	of	of	ADP
ftr-347	615	8	the	the	DET
ftr-347	615	9	exemption	exemption	NOUN
ftr-347	615	10	for	for	ADP
ftr-347	615	11	“	"	PUNCT
ftr-347	615	12	portfolio	portfolio	NOUN
ftr-347	615	13	interest	interest	NOUN
ftr-347	615	14	”	"	PUNCT
ftr-347	615	15	received	receive	VERB
ftr-347	615	16	by	by	ADP
ftr-347	615	17	foreign	foreign	ADJ
ftr-347	615	18	persons	person	NOUN
ftr-347	615	19	that	that	PRON
ftr-347	615	20	is	be	AUX
ftr-347	615	21	not	not	PART
ftr-347	615	22	connected	connect	VERB
ftr-347	615	23	with	with	ADP
ftr-347	615	24	a	a	DET
ftr-347	615	25	u.s	u.s	PROPN
ftr-347	615	26	.	.	PROPN
ftr-347	615	27	trade	trade	NOUN
ftr-347	615	28	or	or	CCONJ
ftr-347	615	29	business	business	NOUN
ftr-347	615	30	generally	generally	ADV
ftr-347	615	31	a	a	DET
ftr-347	615	32	foreign	foreign	ADJ
ftr-347	615	33	person	person	NOUN
ftr-347	615	34	receiving	receive	VERB
ftr-347	615	35	“	"	PUNCT
ftr-347	615	36	portfolio	portfolio	NOUN
ftr-347	615	37	interest”123	interest”123	NOUN
ftr-347	615	38	is	be	AUX
ftr-347	615	39	not	not	PART
ftr-347	615	40	taxed	tax	VERB
ftr-347	615	41	on	on	ADP
ftr-347	615	42	that	that	DET
ftr-347	615	43	interest	interest	NOUN
ftr-347	615	44	if	if	SCONJ
ftr-347	615	45	it	it	PRON
ftr-347	615	46	is	be	AUX
ftr-347	615	47	not	not	PART
ftr-347	615	48	effectively	effectively	ADV
ftr-347	615	49	connected	connect	VERB
ftr-347	615	50	with	with	ADP
ftr-347	615	51	a	a	DET
ftr-347	615	52	u.s	u.s	PROPN
ftr-347	615	53	.	.	PROPN
ftr-347	615	54	trade	trade	NOUN
ftr-347	615	55	or	or	CCONJ
ftr-347	615	56	business	business	NOUN
ftr-347	615	57	and	and	CCONJ
ftr-347	615	58	certain	certain	ADJ
ftr-347	615	59	other	other	ADJ
ftr-347	615	60	conditions	condition	NOUN
ftr-347	615	61	are	be	AUX
ftr-347	615	62	met.124	met.124	ADJ
ftr-347	615	63	congress	congress	PROPN
ftr-347	615	64	enacted	enact	VERB
ftr-347	615	65	the	the	DET
ftr-347	615	66	portfolio	portfolio	NOUN
ftr-347	615	67	interest	interest	NOUN
ftr-347	615	68	exemption	exemption	NOUN
ftr-347	615	69	in	in	ADP
ftr-347	615	70	1984.125	1984.125	NUM
ftr-347	615	71	its	its	PRON
ftr-347	615	72	main	main	ADJ
ftr-347	615	73	rationale	rationale	NOUN
ftr-347	615	74	was	be	AUX
ftr-347	615	75	to	to	PART
ftr-347	615	76	allow	allow	VERB
ftr-347	615	77	u.s	u.s	PROPN
ftr-347	615	78	.	.	PROPN
ftr-347	615	79	persons	person	NOUN
ftr-347	615	80	access	access	NOUN
ftr-347	615	81	to	to	ADP
ftr-347	615	82	financing	financing	NOUN
ftr-347	615	83	abroad	abroad	ADV
ftr-347	615	84	at	at	ADP
ftr-347	615	85	a	a	DET
ftr-347	615	86	lower	low	ADJ
ftr-347	615	87	cost.126	cost.126	NOUN
ftr-347	615	88	it	it	PRON
ftr-347	615	89	was	be	AUX
ftr-347	615	90	thought	think	VERB
ftr-347	615	91	that	that	SCONJ
ftr-347	615	92	if	if	SCONJ
ftr-347	615	93	engaged	engage	VERB
ftr-347	615	94	in	in	ADP
ftr-347	615	95	a	a	DET
ftr-347	615	96	u.s	u.s	PROPN
ftr-347	615	97	.	.	PROPN
ftr-347	615	98	business	business	NOUN
ftr-347	615	99	or	or	CCONJ
ftr-347	615	100	had	have	VERB
ftr-347	615	101	an	an	DET
ftr-347	615	102	office	office	NOUN
ftr-347	615	103	or	or	CCONJ
ftr-347	615	104	place	place	NOUN
ftr-347	615	105	of	of	ADP
ftr-347	615	106	business	business	NOUN
ftr-347	615	107	in	in	ADP
ftr-347	615	108	the	the	DET
ftr-347	615	109	u.s	u.s	PROPN
ftr-347	615	110	.	.	PROPN
ftr-347	615	111	were	be	AUX
ftr-347	615	112	subject	subject	ADJ
ftr-347	615	113	to	to	ADP
ftr-347	615	114	a	a	DET
ftr-347	615	115	net	net	ADJ
ftr-347	615	116	-	-	PUNCT
ftr-347	615	117	basis	basis	NOUN
ftr-347	615	118	income	income	NOUN
ftr-347	615	119	tax	tax	NOUN
ftr-347	615	120	at	at	ADP
ftr-347	615	121	rates	rate	NOUN
ftr-347	615	122	that	that	PRON
ftr-347	615	123	applied	apply	VERB
ftr-347	615	124	to	to	ADP
ftr-347	615	125	u.s	u.s	PROPN
ftr-347	615	126	.	.	PROPN
ftr-347	615	127	persons	person	NOUN
ftr-347	615	128	on	on	ADP
ftr-347	615	129	all	all	PRON
ftr-347	615	130	of	of	ADP
ftr-347	615	131	their	their	PRON
ftr-347	615	132	u.s	u.s	PROPN
ftr-347	615	133	.	.	PROPN
ftr-347	615	134	source	source	NOUN
ftr-347	615	135	income	income	NOUN
ftr-347	615	136	.	.	PUNCT
ftr-347	616	1	immediately	immediately	ADV
ftr-347	616	2	prior	prior	ADV
ftr-347	616	3	to	to	ADP
ftr-347	616	4	the	the	DET
ftr-347	616	5	1936	1936	NUM
ftr-347	616	6	act	act	NOUN
ftr-347	616	7	,	,	PUNCT
ftr-347	616	8	foreign	foreign	ADJ
ftr-347	616	9	persons	person	NOUN
ftr-347	616	10	were	be	AUX
ftr-347	616	11	generally	generally	ADV
ftr-347	616	12	subject	subject	ADJ
ftr-347	616	13	to	to	ADP
ftr-347	616	14	an	an	DET
ftr-347	616	15	annual	annual	ADJ
ftr-347	616	16	tax	tax	NOUN
ftr-347	616	17	on	on	ADP
ftr-347	616	18	their	their	PRON
ftr-347	616	19	net	net	ADJ
ftr-347	616	20	income	income	NOUN
ftr-347	616	21	received	receive	VERB
ftr-347	616	22	from	from	ADP
ftr-347	616	23	all	all	DET
ftr-347	616	24	u.s	u.s	PROPN
ftr-347	616	25	.	.	PROPN
ftr-347	616	26	sources	source	NOUN
ftr-347	616	27	and	and	CCONJ
ftr-347	616	28	a	a	DET
ftr-347	616	29	gross	gross	ADJ
ftr-347	616	30	-	-	PUNCT
ftr-347	616	31	basis	basis	NOUN
ftr-347	616	32	withholding	withholding	NOUN
ftr-347	616	33	tax	tax	NOUN
ftr-347	616	34	on	on	ADP
ftr-347	616	35	certain	certain	ADJ
ftr-347	616	36	u.s	u.s	PROPN
ftr-347	616	37	.	.	PROPN
ftr-347	616	38	source	source	NOUN
ftr-347	616	39	passive	passive	ADJ
ftr-347	616	40	income	income	NOUN
ftr-347	616	41	with	with	ADP
ftr-347	616	42	the	the	DET
ftr-347	616	43	possibility	possibility	NOUN
ftr-347	616	44	of	of	ADP
ftr-347	616	45	deductions	deduction	NOUN
ftr-347	616	46	and	and	CCONJ
ftr-347	616	47	credits	credit	NOUN
ftr-347	616	48	if	if	SCONJ
ftr-347	616	49	an	an	DET
ftr-347	616	50	income	income	NOUN
ftr-347	616	51	tax	tax	NOUN
ftr-347	616	52	return	return	NOUN
ftr-347	616	53	was	be	AUX
ftr-347	616	54	filed	file	VERB
ftr-347	616	55	.	.	PUNCT
ftr-347	617	1	see	see	VERB
ftr-347	617	2	revenue	revenue	NOUN
ftr-347	617	3	act	act	NOUN
ftr-347	617	4	of	of	ADP
ftr-347	617	5	1916	1916	NUM
ftr-347	617	6	,	,	PUNCT
ftr-347	617	7	ch	ch	NOUN
ftr-347	617	8	.	.	PROPN
ftr-347	617	9	463	463	NUM
ftr-347	617	10	,	,	PUNCT
ftr-347	617	11	§	§	PROPN
ftr-347	617	12	§	§	PROPN
ftr-347	617	13	1	1	NUM
ftr-347	617	14	,	,	PUNCT
ftr-347	617	15	10	10	NUM
ftr-347	617	16	,	,	PUNCT
ftr-347	617	17	39	39	NUM
ftr-347	617	18	stat	stat	NOUN
ftr-347	617	19	.	.	PUNCT
ftr-347	618	1	756	756	NUM
ftr-347	618	2	,	,	PUNCT
ftr-347	618	3	765	765	NUM
ftr-347	618	4	;	;	PUNCT
ftr-347	618	5	see	see	VERB
ftr-347	618	6	also	also	ADV
ftr-347	618	7	,	,	PUNCT
ftr-347	618	8	revenue	revenue	NOUN
ftr-347	618	9	act	act	NOUN
ftr-347	618	10	of	of	ADP
ftr-347	618	11	1918	1918	NUM
ftr-347	618	12	,	,	PUNCT
ftr-347	618	13	ch	ch	NOUN
ftr-347	618	14	.	.	PROPN
ftr-347	618	15	18	18	NUM
ftr-347	618	16	,	,	PUNCT
ftr-347	618	17	§	§	PROPN
ftr-347	618	18	§	§	PROPN
ftr-347	618	19	217	217	NUM
ftr-347	618	20	,	,	PUNCT
ftr-347	618	21	221(a	221(a	NOUN
ftr-347	618	22	)	)	PUNCT
ftr-347	618	23	,	,	PUNCT
ftr-347	618	24	221(d	221(d	NOUN
ftr-347	618	25	)	)	PUNCT
ftr-347	618	26	,	,	PUNCT
ftr-347	618	27	237	237	NUM
ftr-347	618	28	,	,	PUNCT
ftr-347	618	29	40	40	NUM
ftr-347	618	30	stat	stat	NOUN
ftr-347	618	31	.	.	PUNCT
ftr-347	619	1	1057	1057	NUM
ftr-347	619	2	,	,	PUNCT
ftr-347	619	3	1069–73	1069–73	NUM
ftr-347	619	4	,	,	PUNCT
ftr-347	619	5	1080	1080	NUM
ftr-347	619	6	.	.	PUNCT
ftr-347	620	1	see	see	VERB
ftr-347	620	2	also	also	ADV
ftr-347	620	3	,	,	PUNCT
ftr-347	620	4	sicular	sicular	ADJ
ftr-347	620	5	&	&	CCONJ
ftr-347	620	6	sobol	sobol	NOUN
ftr-347	620	7	,	,	PUNCT
ftr-347	620	8	effectively	effectively	ADV
ftr-347	620	9	connected	connected	ADJ
ftr-347	620	10	income	income	NOUN
ftr-347	620	11	,	,	PUNCT
ftr-347	620	12	supra	supra	PROPN
ftr-347	620	13	note	note	NOUN
ftr-347	620	14	64	64	NUM
ftr-347	620	15	,	,	PUNCT
ftr-347	620	16	at	at	ADP
ftr-347	620	17	722	722	NUM
ftr-347	620	18	.	.	PUNCT
ftr-347	620	19	121	121	NUM
ftr-347	620	20	.	.	PUNCT
ftr-347	621	1	h.r	h.r	PROPN
ftr-347	621	2	.	.	PROPN
ftr-347	621	3	rep	rep	PROPN
ftr-347	621	4	.	.	PROPN
ftr-347	621	5	no	no	INTJ
ftr-347	621	6	.	.	NOUN
ftr-347	622	1	74	74	NUM
ftr-347	622	2	-	-	SYM
ftr-347	622	3	2475	2475	NUM
ftr-347	622	4	,	,	PUNCT
ftr-347	622	5	at	at	ADP
ftr-347	622	6	9	9	NUM
ftr-347	622	7	,	,	PUNCT
ftr-347	622	8	21	21	NUM
ftr-347	622	9	(	(	PUNCT
ftr-347	622	10	1936	1936	NUM
ftr-347	622	11	)	)	PUNCT
ftr-347	622	12	.	.	PUNCT
ftr-347	623	1	122	122	NUM
ftr-347	623	2	.	.	PUNCT
ftr-347	624	1	i	i	PRON
ftr-347	624	2	d.	d.	PROPN
ftr-347	624	3	123	123	NUM
ftr-347	624	4	.	.	PUNCT
ftr-347	625	1	portfolio	portfolio	NOUN
ftr-347	625	2	interest	interest	NOUN
ftr-347	625	3	for	for	ADP
ftr-347	625	4	this	this	DET
ftr-347	625	5	purpose	purpose	NOUN
ftr-347	625	6	includes	include	VERB
ftr-347	625	7	most	most	ADJ
ftr-347	625	8	interest	interest	NOUN
ftr-347	625	9	received	receive	VERB
ftr-347	625	10	from	from	ADP
ftr-347	625	11	unrelated	unrelated	ADJ
ftr-347	625	12	borrowers	borrower	NOUN
ftr-347	625	13	by	by	ADP
ftr-347	625	14	taxpayers	taxpayer	NOUN
ftr-347	625	15	other	other	ADJ
ftr-347	625	16	than	than	ADP
ftr-347	625	17	banks	bank	NOUN
ftr-347	625	18	.	.	PUNCT
ftr-347	626	1	the	the	DET
ftr-347	626	2	exemption	exemption	NOUN
ftr-347	626	3	does	do	AUX
ftr-347	626	4	not	not	PART
ftr-347	626	5	apply	apply	VERB
ftr-347	626	6	to	to	ADP
ftr-347	626	7	foreign	foreign	ADJ
ftr-347	626	8	banks	bank	NOUN
ftr-347	626	9	(	(	PUNCT
ftr-347	626	10	except	except	SCONJ
ftr-347	626	11	for	for	ADP
ftr-347	626	12	u.s	u.s	PROPN
ftr-347	626	13	.	.	PROPN
ftr-347	626	14	government	government	NOUN
ftr-347	626	15	debt	debt	NOUN
ftr-347	626	16	)	)	PUNCT
ftr-347	626	17	,	,	PUNCT
ftr-347	626	18	to	to	ADP
ftr-347	626	19	foreign	foreign	ADJ
ftr-347	626	20	corporations	corporation	NOUN
ftr-347	626	21	that	that	PRON
ftr-347	626	22	are	be	AUX
ftr-347	626	23	10	10	NUM
ftr-347	626	24	percent	percent	NOUN
ftr-347	626	25	shareholders	shareholder	NOUN
ftr-347	626	26	of	of	ADP
ftr-347	626	27	the	the	DET
ftr-347	626	28	u.s	u.s	PROPN
ftr-347	626	29	.	.	PROPN
ftr-347	626	30	debtor	debtor	NOUN
ftr-347	626	31	,	,	PUNCT
ftr-347	626	32	or	or	CCONJ
ftr-347	626	33	to	to	ADP
ftr-347	626	34	interest	interest	NOUN
ftr-347	626	35	received	receive	VERB
ftr-347	626	36	by	by	ADP
ftr-347	626	37	certain	certain	ADJ
ftr-347	626	38	foreign	foreign	ADJ
ftr-347	626	39	corporations	corporation	NOUN
ftr-347	626	40	from	from	ADP
ftr-347	626	41	a	a	DET
ftr-347	626	42	related	related	ADJ
ftr-347	626	43	person	person	NOUN
ftr-347	626	44	.	.	PUNCT
ftr-347	627	1	i.r.c	i.r.c	NOUN
ftr-347	627	2	.	.	PUNCT
ftr-347	628	1	§	§	PROPN
ftr-347	628	2	881(c	881(c	PROPN
ftr-347	628	3	)	)	PUNCT
ftr-347	628	4	.	.	PUNCT
ftr-347	629	1	in	in	ADP
ftr-347	629	2	addition	addition	NOUN
ftr-347	629	3	to	to	ADP
ftr-347	629	4	the	the	DET
ftr-347	629	5	exemption	exemption	NOUN
ftr-347	629	6	on	on	ADP
ftr-347	629	7	certain	certain	ADJ
ftr-347	629	8	portfolio	portfolio	NOUN
ftr-347	629	9	interest	interest	NOUN
ftr-347	629	10	,	,	PUNCT
ftr-347	629	11	interest	interest	NOUN
ftr-347	629	12	on	on	ADP
ftr-347	629	13	bank	bank	NOUN
ftr-347	629	14	deposits	deposit	NOUN
ftr-347	629	15	are	be	AUX
ftr-347	629	16	also	also	ADV
ftr-347	629	17	exempted	exempt	VERB
ftr-347	629	18	from	from	ADP
ftr-347	629	19	the	the	DET
ftr-347	629	20	withholding	withholding	NOUN
ftr-347	629	21	tax	tax	NOUN
ftr-347	629	22	under	under	ADP
ftr-347	629	23	the	the	DET
ftr-347	629	24	code	code	NOUN
ftr-347	629	25	and	and	CCONJ
ftr-347	629	26	many	many	ADJ
ftr-347	629	27	tax	tax	NOUN
ftr-347	629	28	treaties	treaty	NOUN
ftr-347	629	29	exempt	exempt	VERB
ftr-347	629	30	treaty	treaty	NOUN
ftr-347	629	31	country	country	NOUN
ftr-347	629	32	residents	resident	NOUN
ftr-347	629	33	from	from	ADP
ftr-347	629	34	u.s	u.s	PROPN
ftr-347	629	35	.	.	PROPN
ftr-347	629	36	tax	tax	NOUN
ftr-347	629	37	on	on	ADP
ftr-347	629	38	interest	interest	NOUN
ftr-347	629	39	income	income	NOUN
ftr-347	629	40	not	not	PART
ftr-347	629	41	attributable	attributable	ADJ
ftr-347	629	42	to	to	ADP
ftr-347	629	43	u.s	u.s	PROPN
ftr-347	629	44	.	.	PROPN
ftr-347	629	45	permanent	permanent	ADJ
ftr-347	629	46	establishments	establishment	NOUN
ftr-347	629	47	.	.	PUNCT
ftr-347	630	1	i.r.c	i.r.c	NOUN
ftr-347	630	2	.	.	PUNCT
ftr-347	631	1	§	§	PROPN
ftr-347	631	2	§	§	PROPN
ftr-347	631	3	871(i)(2)(a	871(i)(2)(a	PROPN
ftr-347	631	4	)	)	PUNCT
ftr-347	631	5	,	,	PUNCT
ftr-347	631	6	871(i)(3	871(i)(3	NUM
ftr-347	631	7	)	)	PUNCT
ftr-347	631	8	,	,	PUNCT
ftr-347	631	9	and	and	CCONJ
ftr-347	631	10	881(d	881(d	NUM
ftr-347	631	11	)	)	PUNCT
ftr-347	631	12	.	.	PUNCT
ftr-347	632	1	124	124	NUM
ftr-347	632	2	.	.	PUNCT
ftr-347	633	1	i	i	PRON
ftr-347	633	2	d.	d.	PROPN
ftr-347	633	3	125	125	NUM
ftr-347	633	4	.	.	PUNCT
ftr-347	634	1	deficit	deficit	NOUN
ftr-347	634	2	restoration	restoration	NOUN
ftr-347	634	3	act	act	NOUN
ftr-347	634	4	of	of	ADP
ftr-347	634	5	1984	1984	NUM
ftr-347	634	6	,	,	PUNCT
ftr-347	634	7	pub	pub	NOUN
ftr-347	634	8	.	.	PUNCT
ftr-347	635	1	l.	l.	PROPN
ftr-347	635	2	no	no	INTJ
ftr-347	635	3	.	.	PROPN
ftr-347	636	1	98	98	NUM
ftr-347	636	2	-	-	SYM
ftr-347	636	3	369	369	NUM
ftr-347	636	4	,	,	PUNCT
ftr-347	636	5	§	§	PROPN
ftr-347	636	6	127	127	NUM
ftr-347	636	7	,	,	PUNCT
ftr-347	636	8	98	98	NUM
ftr-347	636	9	stat	stat	NOUN
ftr-347	636	10	.	.	PUNCT
ftr-347	637	1	494	494	NUM
ftr-347	637	2	(	(	PUNCT
ftr-347	637	3	1984	1984	NUM
ftr-347	637	4	)	)	PUNCT
ftr-347	637	5	.	.	PUNCT
ftr-347	638	1	126	126	NUM
ftr-347	638	2	.	.	PUNCT
ftr-347	639	1	staff	staff	NOUN
ftr-347	639	2	of	of	ADP
ftr-347	639	3	the	the	DET
ftr-347	639	4	joint	joint	ADJ
ftr-347	639	5	comm	comm	NOUN
ftr-347	639	6	.	.	PUNCT
ftr-347	640	1	on	on	ADP
ftr-347	640	2	tax’n	tax’n	NUM
ftr-347	640	3	,	,	PUNCT
ftr-347	640	4	98th	98th	ADJ
ftr-347	640	5	cong	cong	NOUN
ftr-347	640	6	.	.	PUNCT
ftr-347	640	7	,	,	PUNCT
ftr-347	640	8	general	general	ADJ
ftr-347	640	9	explanation	explanation	NOUN
ftr-347	640	10	of	of	ADP
ftr-347	640	11	the	the	DET
ftr-347	640	12	revenue	revenue	NOUN
ftr-347	640	13	provisions	provision	NOUN
ftr-347	640	14	of	of	ADP
ftr-347	640	15	the	the	DET
ftr-347	640	16	deficit	deficit	NOUN
ftr-347	640	17	reduction	reduction	NOUN
ftr-347	640	18	act	act	NOUN
ftr-347	640	19	of	of	ADP
ftr-347	640	20	1984	1984	NUM
ftr-347	640	21	,	,	PUNCT
ftr-347	640	22	391–94	391–94	NUM
ftr-347	640	23	(	(	PUNCT
ftr-347	640	24	comm	comm	NOUN
ftr-347	640	25	.	.	PUNCT
ftr-347	641	1	print	print	NOUN
ftr-347	641	2	1984	1984	NUM
ftr-347	641	3	)	)	PUNCT
ftr-347	641	4	.	.	PUNCT
ftr-347	642	1	2011	2011	NUM
ftr-347	642	2	]	]	PUNCT
ftr-347	642	3	the	the	DET
ftr-347	642	4	global	global	PROPN
ftr-347	642	5	shadow	shadow	PROPN
ftr-347	642	6	bank	bank	PROPN
ftr-347	642	7	673	673	NUM
ftr-347	642	8	the	the	DET
ftr-347	642	9	exemption	exemption	NOUN
ftr-347	642	10	were	be	AUX
ftr-347	642	11	not	not	PART
ftr-347	642	12	enacted	enact	VERB
ftr-347	642	13	u.s	u.s	PROPN
ftr-347	642	14	.	.	PROPN
ftr-347	642	15	borrowers	borrower	NOUN
ftr-347	642	16	would	would	AUX
ftr-347	642	17	be	be	AUX
ftr-347	642	18	at	at	ADP
ftr-347	642	19	a	a	DET
ftr-347	642	20	competitive	competitive	ADJ
ftr-347	642	21	disadvantage	disadvantage	NOUN
ftr-347	642	22	against	against	ADP
ftr-347	642	23	borrowers	borrower	NOUN
ftr-347	642	24	from	from	ADP
ftr-347	642	25	other	other	ADJ
ftr-347	642	26	countries.127	countries.127	NOUN
ftr-347	642	27	congress	congress	PROPN
ftr-347	642	28	was	be	AUX
ftr-347	642	29	concerned	concern	VERB
ftr-347	642	30	with	with	ADP
ftr-347	642	31	the	the	DET
ftr-347	642	32	eurobond	eurobond	NOUN
ftr-347	642	33	market	market	NOUN
ftr-347	642	34	in	in	ADP
ftr-347	642	35	particular.128	particular.128	NOUN
ftr-347	642	36	the	the	DET
ftr-347	642	37	eurobond	eurobond	NOUN
ftr-347	642	38	market	market	NOUN
ftr-347	642	39	is	be	AUX
ftr-347	642	40	a	a	DET
ftr-347	642	41	network	network	NOUN
ftr-347	642	42	of	of	ADP
ftr-347	642	43	underwriters	underwriter	NOUN
ftr-347	642	44	and	and	CCONJ
ftr-347	642	45	financial	financial	ADJ
ftr-347	642	46	institutions	institution	NOUN
ftr-347	642	47	that	that	PRON
ftr-347	642	48	market	market	NOUN
ftr-347	642	49	bonds	bond	NOUN
ftr-347	642	50	issued	issue	VERB
ftr-347	642	51	by	by	ADP
ftr-347	642	52	private	private	ADJ
ftr-347	642	53	parties	party	NOUN
ftr-347	642	54	and	and	CCONJ
ftr-347	642	55	other	other	ADJ
ftr-347	642	56	borrowers	borrower	NOUN
ftr-347	642	57	.	.	PUNCT
ftr-347	643	1	a	a	DET
ftr-347	643	2	u.s	u.s	PROPN
ftr-347	643	3	.	.	PROPN
ftr-347	643	4	borrower	borrower	PROPN
ftr-347	643	5	’s	’s	PART
ftr-347	643	6	borrowing	borrowing	NOUN
ftr-347	643	7	cost	cost	NOUN
ftr-347	643	8	is	be	AUX
ftr-347	643	9	typically	typically	ADV
ftr-347	643	10	higher	high	ADJ
ftr-347	643	11	to	to	ADP
ftr-347	643	12	the	the	DET
ftr-347	643	13	extent	extent	NOUN
ftr-347	643	14	that	that	SCONJ
ftr-347	643	15	foreign	foreign	ADJ
ftr-347	643	16	lenders	lender	NOUN
ftr-347	643	17	require	require	VERB
ftr-347	643	18	that	that	SCONJ
ftr-347	643	19	payments	payment	NOUN
ftr-347	643	20	be	be	AUX
ftr-347	643	21	grossed	gross	VERB
ftr-347	643	22	up	up	ADP
ftr-347	643	23	for	for	ADP
ftr-347	643	24	the	the	DET
ftr-347	643	25	lender	lender	NOUN
ftr-347	643	26	’s	’s	PART
ftr-347	643	27	u.s	u.s	PROPN
ftr-347	643	28	.	.	PROPN
ftr-347	643	29	withholding	withholding	NOUN
ftr-347	643	30	tax.129	tax.129	ADV
ftr-347	643	31	before	before	ADP
ftr-347	643	32	the	the	DET
ftr-347	643	33	portfolio	portfolio	NOUN
ftr-347	643	34	interest	interest	NOUN
ftr-347	643	35	exemption	exemption	NOUN
ftr-347	643	36	,	,	PUNCT
ftr-347	643	37	u.s	u.s	PROPN
ftr-347	643	38	.	.	PROPN
ftr-347	643	39	borrowers	borrower	NOUN
ftr-347	643	40	often	often	ADV
ftr-347	643	41	borrowed	borrow	VERB
ftr-347	643	42	in	in	ADP
ftr-347	643	43	the	the	DET
ftr-347	643	44	eurobond	eurobond	NOUN
ftr-347	643	45	market	market	NOUN
ftr-347	643	46	through	through	ADP
ftr-347	643	47	finance	finance	NOUN
ftr-347	643	48	subsidiaries	subsidiary	NOUN
ftr-347	643	49	organized	organize	VERB
ftr-347	643	50	in	in	ADP
ftr-347	643	51	the	the	DET
ftr-347	643	52	netherlands	netherlands	PROPN
ftr-347	643	53	antilles	antille	NOUN
ftr-347	643	54	to	to	PART
ftr-347	643	55	avoid	avoid	VERB
ftr-347	643	56	u.s	u.s	PROPN
ftr-347	643	57	.	.	PROPN
ftr-347	643	58	withholding	withhold	VERB
ftr-347	643	59	taxes	taxis	NOUN
ftr-347	643	60	on	on	ADP
ftr-347	643	61	interest	interest	NOUN
ftr-347	643	62	payments.130	payments.130	PROPN
ftr-347	643	63	the	the	DET
ftr-347	643	64	netherlands	netherlands	PROPN
ftr-347	643	65	antilles	antille	NOUN
ftr-347	643	66	imposed	impose	VERB
ftr-347	643	67	no	no	DET
ftr-347	643	68	taxes	taxis	NOUN
ftr-347	643	69	on	on	ADP
ftr-347	643	70	interest	interest	NOUN
ftr-347	643	71	paid	pay	VERB
ftr-347	643	72	by	by	ADP
ftr-347	643	73	the	the	DET
ftr-347	643	74	subsidiary	subsidiary	NOUN
ftr-347	643	75	to	to	ADP
ftr-347	643	76	the	the	DET
ftr-347	643	77	foreign	foreign	ADJ
ftr-347	643	78	lender	lender	NOUN
ftr-347	643	79	,	,	PUNCT
ftr-347	643	80	and	and	CCONJ
ftr-347	643	81	this	this	DET
ftr-347	643	82	interest	interest	NOUN
ftr-347	643	83	was	be	AUX
ftr-347	643	84	assumed	assume	VERB
ftr-347	643	85	to	to	PART
ftr-347	643	86	be	be	AUX
ftr-347	643	87	exempt	exempt	ADJ
ftr-347	643	88	from	from	ADP
ftr-347	643	89	u.s	u.s	PROPN
ftr-347	643	90	.	.	PROPN
ftr-347	643	91	withholding	withholding	NOUN
ftr-347	643	92	tax	tax	NOUN
ftr-347	643	93	as	as	ADP
ftr-347	643	94	foreign	foreign	ADJ
ftr-347	643	95	source	source	NOUN
ftr-347	643	96	income	income	NOUN
ftr-347	643	97	.	.	PUNCT
ftr-347	644	1	interest	interest	NOUN
ftr-347	644	2	paid	pay	VERB
ftr-347	644	3	by	by	ADP
ftr-347	644	4	the	the	DET
ftr-347	644	5	u.s	u.s	PROPN
ftr-347	644	6	.	.	PROPN
ftr-347	644	7	borrower	borrower	NOUN
ftr-347	644	8	to	to	ADP
ftr-347	644	9	the	the	DET
ftr-347	644	10	netherlands	netherlands	PROPN
ftr-347	644	11	antilles	antilles	PROPN
ftr-347	644	12	subsidiary	subsidiary	NOUN
ftr-347	644	13	was	be	AUX
ftr-347	644	14	exempt	exempt	ADJ
ftr-347	644	15	from	from	ADP
ftr-347	644	16	u.s	u.s	PROPN
ftr-347	644	17	.	.	PROPN
ftr-347	644	18	tax	tax	NOUN
ftr-347	644	19	under	under	ADP
ftr-347	644	20	an	an	DET
ftr-347	644	21	income	income	NOUN
ftr-347	644	22	tax	tax	NOUN
ftr-347	644	23	treaty.131	treaty.131	ADP
ftr-347	644	24	these	these	DET
ftr-347	644	25	structures	structure	NOUN
ftr-347	644	26	increased	increase	VERB
ftr-347	644	27	borrowing	borrowing	NOUN
ftr-347	644	28	transaction	transaction	NOUN
ftr-347	644	29	costs	cost	NOUN
ftr-347	644	30	to	to	ADP
ftr-347	644	31	u.s	u.s	PROPN
ftr-347	644	32	.	.	PROPN
ftr-347	644	33	borrowers	borrower	NOUN
ftr-347	644	34	and	and	CCONJ
ftr-347	644	35	probably	probably	ADV
ftr-347	644	36	provided	provide	VERB
ftr-347	644	37	incomplete	incomplete	ADJ
ftr-347	644	38	access	access	NOUN
ftr-347	644	39	to	to	ADP
ftr-347	644	40	the	the	DET
ftr-347	644	41	eurobond	eurobond	NOUN
ftr-347	644	42	market	market	NOUN
ftr-347	644	43	for	for	ADP
ftr-347	644	44	u.s	u.s	PROPN
ftr-347	644	45	.	.	PROPN
ftr-347	644	46	borrowers	borrower	NOUN
ftr-347	644	47	because	because	SCONJ
ftr-347	644	48	of	of	ADP
ftr-347	644	49	the	the	DET
ftr-347	644	50	structural	structural	ADJ
ftr-347	644	51	planning	planning	NOUN
ftr-347	644	52	and	and	CCONJ
ftr-347	644	53	because	because	SCONJ
ftr-347	644	54	the	the	DET
ftr-347	644	55	irs	irs	PROPN
ftr-347	644	56	challenged	challenge	VERB
ftr-347	644	57	some	some	PRON
ftr-347	644	58	of	of	ADP
ftr-347	644	59	these	these	DET
ftr-347	644	60	structures.132	structures.132	NOUN
ftr-347	644	61	in	in	ADP
ftr-347	644	62	addition	addition	NOUN
ftr-347	644	63	,	,	PUNCT
ftr-347	644	64	the	the	DET
ftr-347	644	65	legislative	legislative	ADJ
ftr-347	644	66	history	history	NOUN
ftr-347	644	67	provides	provide	VERB
ftr-347	644	68	that	that	SCONJ
ftr-347	644	69	the	the	DET
ftr-347	644	70	portfolio	portfolio	NOUN
ftr-347	644	71	interest	interest	NOUN
ftr-347	644	72	exemption	exemption	NOUN
ftr-347	644	73	was	be	AUX
ftr-347	644	74	enacted	enact	VERB
ftr-347	644	75	to	to	PART
ftr-347	644	76	achieve	achieve	VERB
ftr-347	644	77	an	an	DET
ftr-347	644	78	overall	overall	ADJ
ftr-347	644	79	gain	gain	NOUN
ftr-347	644	80	to	to	ADP
ftr-347	644	81	the	the	DET
ftr-347	644	82	economy	economy	NOUN
ftr-347	644	83	by	by	ADP
ftr-347	644	84	expanded	expand	VERB
ftr-347	644	85	investment	investment	NOUN
ftr-347	644	86	,	,	PUNCT
ftr-347	644	87	improved	improve	VERB
ftr-347	644	88	u.s	u.s	PROPN
ftr-347	644	89	.	.	PROPN
ftr-347	644	90	balance	balance	NOUN
ftr-347	644	91	of	of	ADP
ftr-347	644	92	payments	payment	NOUN
ftr-347	644	93	,	,	PUNCT
ftr-347	644	94	and	and	CCONJ
ftr-347	644	95	resulting	result	VERB
ftr-347	644	96	expansion	expansion	NOUN
ftr-347	644	97	in	in	ADP
ftr-347	644	98	earnings	earning	NOUN
ftr-347	644	99	and	and	CCONJ
ftr-347	644	100	employment	employment	NOUN
ftr-347	644	101	because	because	SCONJ
ftr-347	644	102	of	of	ADP
ftr-347	644	103	stimulation	stimulation	NOUN
ftr-347	644	104	to	to	ADP
ftr-347	644	105	investment	investment	NOUN
ftr-347	644	106	banks	bank	NOUN
ftr-347	644	107	,	,	PUNCT
ftr-347	644	108	brokerage	brokerage	NOUN
ftr-347	644	109	firms	firm	NOUN
ftr-347	644	110	,	,	PUNCT
ftr-347	644	111	and	and	CCONJ
ftr-347	644	112	commercial	commercial	ADJ
ftr-347	644	113	banks.133	banks.133	NOUN
ftr-347	644	114	in	in	ADP
ftr-347	644	115	addition	addition	NOUN
ftr-347	644	116	,	,	PUNCT
ftr-347	644	117	congress	congress	PROPN
ftr-347	644	118	thought	think	VERB
ftr-347	644	119	the	the	DET
ftr-347	644	120	revenue	revenue	NOUN
ftr-347	644	121	lost	lose	VERB
ftr-347	644	122	would	would	AUX
ftr-347	644	123	be	be	AUX
ftr-347	644	124	minimal	minimal	ADJ
ftr-347	644	125	because	because	SCONJ
ftr-347	644	126	the	the	DET
ftr-347	644	127	tax	tax	NOUN
ftr-347	644	128	rate	rate	NOUN
ftr-347	644	129	on	on	ADP
ftr-347	644	130	interest	interest	NOUN
ftr-347	644	131	payments	payment	NOUN
ftr-347	644	132	made	make	VERB
ftr-347	644	133	by	by	ADP
ftr-347	644	134	u.s	u.s	PROPN
ftr-347	644	135	.	.	PROPN
ftr-347	644	136	borrowers	borrower	NOUN
ftr-347	644	137	to	to	ADP
ftr-347	644	138	foreign	foreign	ADJ
ftr-347	644	139	lenders	lender	NOUN
ftr-347	644	140	was	be	AUX
ftr-347	644	141	often	often	ADV
ftr-347	644	142	reduced	reduce	VERB
ftr-347	644	143	by	by	ADP
ftr-347	644	144	treaty	treaty	NOUN
ftr-347	644	145	and	and	CCONJ
ftr-347	644	146	there	there	PRON
ftr-347	644	147	would	would	AUX
ftr-347	644	148	potentially	potentially	ADV
ftr-347	644	149	be	be	AUX
ftr-347	644	150	increased	increase	VERB
ftr-347	644	151	foreign	foreign	ADJ
ftr-347	644	152	investment	investment	NOUN
ftr-347	644	153	and	and	CCONJ
ftr-347	644	154	thereby	thereby	ADV
ftr-347	644	155	increased	increase	VERB
ftr-347	644	156	revenue	revenue	NOUN
ftr-347	644	157	from	from	ADP
ftr-347	644	158	the	the	DET
ftr-347	644	159	additional	additional	ADJ
ftr-347	644	160	economic	economic	ADJ
ftr-347	644	161	activity.134	activity.134	NOUN
ftr-347	644	162	there	there	PRON
ftr-347	644	163	was	be	VERB
ftr-347	644	164	a	a	DET
ftr-347	644	165	fear	fear	NOUN
ftr-347	644	166	that	that	SCONJ
ftr-347	644	167	if	if	SCONJ
ftr-347	644	168	the	the	DET
ftr-347	644	169	exemption	exemption	NOUN
ftr-347	644	170	were	be	AUX
ftr-347	644	171	not	not	PART
ftr-347	644	172	enacted	enact	VERB
ftr-347	644	173	,	,	PUNCT
ftr-347	644	174	some	some	DET
ftr-347	644	175	foreign	foreign	ADJ
ftr-347	644	176	persons	person	NOUN
ftr-347	644	177	would	would	AUX
ftr-347	644	178	not	not	PART
ftr-347	644	179	invest	invest	VERB
ftr-347	644	180	in	in	ADP
ftr-347	644	181	debt	debt	NOUN
ftr-347	644	182	securities	security	NOUN
ftr-347	644	183	in	in	ADP
ftr-347	644	184	the	the	DET
ftr-347	644	185	u.s.135	u.s.135	NOUN
ftr-347	644	186	finally	finally	ADV
ftr-347	644	187	,	,	PUNCT
ftr-347	644	188	the	the	DET
ftr-347	644	189	costs	cost	NOUN
ftr-347	644	190	of	of	ADP
ftr-347	644	191	collecting	collect	VERB
ftr-347	644	192	taxes	taxis	NOUN
ftr-347	644	193	attributable	attributable	ADJ
ftr-347	644	194	to	to	ADP
ftr-347	644	195	interest	interest	NOUN
ftr-347	644	196	paid	pay	VERB
ftr-347	644	197	to	to	ADP
ftr-347	644	198	foreign	foreign	ADJ
ftr-347	644	199	persons	person	NOUN
ftr-347	644	200	was	be	AUX
ftr-347	644	201	thought	think	VERB
ftr-347	644	202	to	to	PART
ftr-347	644	203	be	be	AUX
ftr-347	644	204	high.136	high.136	NOUN
ftr-347	644	205	127	127	NUM
ftr-347	644	206	.	.	PUNCT
ftr-347	645	1	i	i	PRON
ftr-347	645	2	d.	d.	PROPN
ftr-347	645	3	128	128	NUM
ftr-347	645	4	.	.	PUNCT
ftr-347	646	1	i	i	PRON
ftr-347	646	2	d.	d.	PROPN
ftr-347	646	3	129	129	NUM
ftr-347	646	4	.	.	PUNCT
ftr-347	647	1	i	i	PRON
ftr-347	647	2	d.	d.	PROPN
ftr-347	647	3	130	130	NUM
ftr-347	647	4	.	.	PUNCT
ftr-347	648	1	i	i	PRON
ftr-347	648	2	d.	d.	PROPN
ftr-347	648	3	131	131	NUM
ftr-347	648	4	.	.	PUNCT
ftr-347	649	1	i	i	PRON
ftr-347	649	2	d.	d.	PROPN
ftr-347	649	3	132	132	NUM
ftr-347	649	4	.	.	PUNCT
ftr-347	650	1	i	i	PRON
ftr-347	650	2	d.	d.	PROPN
ftr-347	650	3	133	133	NUM
ftr-347	650	4	.	.	PUNCT
ftr-347	651	1	i	i	PRON
ftr-347	651	2	d.	d.	PROPN
ftr-347	651	3	134	134	NUM
ftr-347	651	4	.	.	PUNCT
ftr-347	652	1	i	i	PRON
ftr-347	652	2	d.	d.	PROPN
ftr-347	652	3	135	135	NUM
ftr-347	652	4	.	.	PUNCT
ftr-347	653	1	i	i	PRON
ftr-347	653	2	d.	d.	PROPN
ftr-347	653	3	136	136	NUM
ftr-347	653	4	.	.	PUNCT
ftr-347	654	1	i	i	PRON
ftr-347	654	2	d.	d.	PROPN
ftr-347	654	3	674	674	NUM
ftr-347	654	4	florida	florida	PROPN
ftr-347	654	5	tax	tax	NOUN
ftr-347	654	6	review	review	NOUN
ftr-347	654	7	[	[	X
ftr-347	654	8	vol	vol	NOUN
ftr-347	654	9	.	.	PUNCT
ftr-347	654	10	11:8	11:8	NUM
ftr-347	654	11	c.	c.	NOUN
ftr-347	654	12	the	the	DET
ftr-347	654	13	tax	tax	NOUN
ftr-347	654	14	policy	policy	NOUN
ftr-347	654	15	behind	behind	ADP
ftr-347	654	16	the	the	DET
ftr-347	654	17	enactment	enactment	NOUN
ftr-347	654	18	of	of	ADP
ftr-347	654	19	the	the	DET
ftr-347	654	20	safe	safe	ADJ
ftr-347	654	21	harbor	harbor	NOUN
ftr-347	654	22	for	for	ADP
ftr-347	654	23	trading	trading	NOUN
ftr-347	654	24	in	in	ADP
ftr-347	654	25	securities	security	NOUN
ftr-347	654	26	for	for	ADP
ftr-347	654	27	one	one	NUM
ftr-347	654	28	’s	’s	PART
ftr-347	654	29	own	own	ADJ
ftr-347	654	30	account	account	NOUN
ftr-347	654	31	as	as	SCONJ
ftr-347	654	32	discussed	discuss	VERB
ftr-347	654	33	above	above	ADV
ftr-347	654	34	,	,	PUNCT
ftr-347	654	35	there	there	PRON
ftr-347	654	36	is	be	VERB
ftr-347	654	37	a	a	DET
ftr-347	654	38	safe	safe	ADJ
ftr-347	654	39	harbor	harbor	NOUN
ftr-347	654	40	for	for	ADP
ftr-347	654	41	foreign	foreign	ADJ
ftr-347	654	42	persons	person	NOUN
ftr-347	654	43	trading	trading	NOUN
ftr-347	654	44	and	and	CCONJ
ftr-347	654	45	not	not	PART
ftr-347	654	46	dealing	deal	VERB
ftr-347	654	47	in	in	ADP
ftr-347	654	48	stock	stock	NOUN
ftr-347	654	49	and	and	CCONJ
ftr-347	654	50	securities	security	NOUN
ftr-347	654	51	(	(	PUNCT
ftr-347	654	52	including	include	VERB
ftr-347	654	53	debt	debt	NOUN
ftr-347	654	54	securities	security	NOUN
ftr-347	654	55	)	)	PUNCT
ftr-347	654	56	for	for	ADP
ftr-347	654	57	their	their	PRON
ftr-347	654	58	own	own	ADJ
ftr-347	654	59	account.137	account.137	NOUN
ftr-347	654	60	if	if	SCONJ
ftr-347	654	61	this	this	DET
ftr-347	654	62	safe	safe	ADJ
ftr-347	654	63	harbor	harbor	NOUN
ftr-347	654	64	for	for	ADP
ftr-347	654	65	trading	trading	NOUN
ftr-347	654	66	in	in	ADP
ftr-347	654	67	securities	security	NOUN
ftr-347	654	68	for	for	ADP
ftr-347	654	69	one	one	NUM
ftr-347	654	70	’s	’s	PART
ftr-347	654	71	own	own	ADJ
ftr-347	654	72	account	account	NOUN
ftr-347	654	73	is	be	AUX
ftr-347	654	74	met	meet	VERB
ftr-347	654	75	,	,	PUNCT
ftr-347	654	76	certain	certain	ADJ
ftr-347	654	77	trading	trading	NOUN
ftr-347	654	78	in	in	ADP
ftr-347	654	79	stock	stock	NOUN
ftr-347	654	80	and	and	CCONJ
ftr-347	654	81	securities	security	NOUN
ftr-347	654	82	will	will	AUX
ftr-347	654	83	not	not	PART
ftr-347	654	84	be	be	AUX
ftr-347	654	85	considered	consider	VERB
ftr-347	654	86	a	a	DET
ftr-347	654	87	u.s	u.s	PROPN
ftr-347	654	88	.	.	PROPN
ftr-347	654	89	trade	trade	NOUN
ftr-347	654	90	or	or	CCONJ
ftr-347	654	91	business	business	NOUN
ftr-347	654	92	for	for	ADP
ftr-347	654	93	this	this	PRON
ftr-347	654	94	purpose.138	purpose.138	VERB
ftr-347	654	95	the	the	DET
ftr-347	654	96	legislative	legislative	ADJ
ftr-347	654	97	history	history	NOUN
ftr-347	654	98	is	be	AUX
ftr-347	654	99	sparse	sparse	ADJ
ftr-347	654	100	on	on	ADP
ftr-347	654	101	the	the	DET
ftr-347	654	102	reasons	reason	NOUN
ftr-347	654	103	for	for	ADP
ftr-347	654	104	enacting	enact	VERB
ftr-347	654	105	an	an	DET
ftr-347	654	106	early	early	ADJ
ftr-347	654	107	version	version	NOUN
ftr-347	654	108	of	of	ADP
ftr-347	654	109	the	the	DET
ftr-347	654	110	safe	safe	ADJ
ftr-347	654	111	harbor	harbor	NOUN
ftr-347	654	112	(	(	PUNCT
ftr-347	654	113	providing	provide	VERB
ftr-347	654	114	that	that	SCONJ
ftr-347	654	115	this	this	DET
ftr-347	654	116	provision	provision	NOUN
ftr-347	654	117	was	be	AUX
ftr-347	654	118	added	add	VERB
ftr-347	654	119	to	to	PART
ftr-347	654	120	“	"	PUNCT
ftr-347	654	121	clarify	clarify	VERB
ftr-347	654	122	”	"	PUNCT
ftr-347	654	123	what	what	PRON
ftr-347	654	124	it	it	PRON
ftr-347	654	125	meant	mean	VERB
ftr-347	654	126	to	to	PART
ftr-347	654	127	be	be	AUX
ftr-347	654	128	“	"	PUNCT
ftr-347	654	129	engaged	engage	VERB
ftr-347	654	130	in	in	ADP
ftr-347	654	131	trade	trade	NOUN
ftr-347	654	132	or	or	CCONJ
ftr-347	654	133	business	business	NOUN
ftr-347	654	134	in	in	ADP
ftr-347	654	135	the	the	DET
ftr-347	654	136	u.s	u.s	PROPN
ftr-347	654	137	.	.	PROPN
ftr-347	654	138	”).139	”).139	PROPN
ftr-347	654	139	the	the	DET
ftr-347	654	140	early	early	ADJ
ftr-347	654	141	version	version	NOUN
ftr-347	654	142	of	of	ADP
ftr-347	654	143	the	the	DET
ftr-347	654	144	safe	safe	ADJ
ftr-347	654	145	harbor	harbor	NOUN
ftr-347	654	146	enacted	enact	VERB
ftr-347	654	147	in	in	ADP
ftr-347	654	148	1936	1936	NUM
ftr-347	654	149	raised	raise	VERB
ftr-347	654	150	many	many	ADJ
ftr-347	654	151	questions	question	NOUN
ftr-347	654	152	.	.	PUNCT
ftr-347	655	1	it	it	PRON
ftr-347	655	2	seemed	seem	VERB
ftr-347	655	3	clear	clear	ADJ
ftr-347	655	4	that	that	SCONJ
ftr-347	655	5	owning	own	VERB
ftr-347	655	6	stocks	stock	NOUN
ftr-347	655	7	,	,	PUNCT
ftr-347	655	8	securities	security	NOUN
ftr-347	655	9	,	,	PUNCT
ftr-347	655	10	or	or	CCONJ
ftr-347	655	11	commodities	commodity	NOUN
ftr-347	655	12	for	for	ADP
ftr-347	655	13	investment	investment	NOUN
ftr-347	655	14	was	be	AUX
ftr-347	655	15	covered	cover	VERB
ftr-347	655	16	by	by	ADP
ftr-347	655	17	the	the	DET
ftr-347	655	18	1936	1936	NUM
ftr-347	655	19	safe	safe	ADJ
ftr-347	655	20	harbor	harbor	NOUN
ftr-347	655	21	and	and	CCONJ
ftr-347	655	22	did	do	AUX
ftr-347	655	23	not	not	PART
ftr-347	655	24	constitute	constitute	VERB
ftr-347	655	25	a	a	DET
ftr-347	655	26	u.s	u.s	PROPN
ftr-347	655	27	.	.	PROPN
ftr-347	655	28	business.140	business.140	NOUN
ftr-347	655	29	it	it	PRON
ftr-347	655	30	also	also	ADV
ftr-347	655	31	seemed	seem	VERB
ftr-347	655	32	clear	clear	ADJ
ftr-347	655	33	that	that	SCONJ
ftr-347	655	34	“	"	PUNCT
ftr-347	655	35	dealing	deal	VERB
ftr-347	655	36	”	"	PUNCT
ftr-347	655	37	in	in	ADP
ftr-347	655	38	stocks	stock	NOUN
ftr-347	655	39	,	,	PUNCT
ftr-347	655	40	securities	security	NOUN
ftr-347	655	41	,	,	PUNCT
ftr-347	655	42	or	or	CCONJ
ftr-347	655	43	commodities	commodity	NOUN
ftr-347	655	44	was	be	AUX
ftr-347	655	45	not	not	PART
ftr-347	655	46	covered	cover	VERB
ftr-347	655	47	by	by	ADP
ftr-347	655	48	the	the	DET
ftr-347	655	49	1936	1936	NUM
ftr-347	655	50	safe	safe	ADJ
ftr-347	655	51	harbor.141	harbor.141	NOUN
ftr-347	655	52	however	however	ADV
ftr-347	655	53	,	,	PUNCT
ftr-347	655	54	the	the	DET
ftr-347	655	55	1936	1936	NUM
ftr-347	655	56	safe	safe	ADJ
ftr-347	655	57	harbor	harbor	NOUN
ftr-347	655	58	resulted	result	VERB
ftr-347	655	59	in	in	ADP
ftr-347	655	60	considerable	considerable	ADJ
ftr-347	655	61	litigation	litigation	NOUN
ftr-347	655	62	over	over	ADP
ftr-347	655	63	hazy	hazy	ADJ
ftr-347	655	64	distinctions	distinction	NOUN
ftr-347	655	65	between	between	ADP
ftr-347	655	66	these	these	DET
ftr-347	655	67	two	two	NUM
ftr-347	655	68	boundaries.142	boundaries.142	NOUN
ftr-347	655	69	in	in	ADP
ftr-347	655	70	1966	1966	NUM
ftr-347	655	71	,	,	PUNCT
ftr-347	655	72	the	the	DET
ftr-347	655	73	foreign	foreign	ADJ
ftr-347	655	74	investors	investor	NOUN
ftr-347	655	75	tax	tax	PROPN
ftr-347	655	76	act	act	PROPN
ftr-347	655	77	revised	revise	VERB
ftr-347	655	78	the	the	DET
ftr-347	655	79	safe	safe	ADJ
ftr-347	655	80	harbor	harbor	NOUN
ftr-347	655	81	enacted	enact	VERB
ftr-347	655	82	in	in	ADP
ftr-347	655	83	the	the	DET
ftr-347	655	84	1936	1936	NUM
ftr-347	655	85	act	act	NOUN
ftr-347	655	86	.	.	PUNCT
ftr-347	656	1	in	in	ADP
ftr-347	656	2	discussing	discuss	VERB
ftr-347	656	3	the	the	DET
ftr-347	656	4	reasons	reason	NOUN
ftr-347	656	5	for	for	ADP
ftr-347	656	6	the	the	DET
ftr-347	656	7	provision	provision	NOUN
ftr-347	656	8	,	,	PUNCT
ftr-347	656	9	the	the	DET
ftr-347	656	10	house	house	NOUN
ftr-347	656	11	report	report	NOUN
ftr-347	656	12	identifies	identify	VERB
ftr-347	656	13	that	that	SCONJ
ftr-347	656	14	there	there	PRON
ftr-347	656	15	was	be	VERB
ftr-347	656	16	some	some	DET
ftr-347	656	17	confusion	confusion	NOUN
ftr-347	656	18	as	as	ADP
ftr-347	656	19	to	to	ADP
ftr-347	656	20	the	the	DET
ftr-347	656	21	application	application	NOUN
ftr-347	656	22	of	of	ADP
ftr-347	656	23	the	the	DET
ftr-347	656	24	safe	safe	ADJ
ftr-347	656	25	harbor	harbor	NOUN
ftr-347	656	26	under	under	ADP
ftr-347	656	27	the	the	DET
ftr-347	656	28	1936	1936	NUM
ftr-347	656	29	act	act	NOUN
ftr-347	656	30	and	and	CCONJ
ftr-347	656	31	further	further	ADJ
ftr-347	656	32	states	state	NOUN
ftr-347	656	33	that	that	SCONJ
ftr-347	656	34	“	"	PUNCT
ftr-347	656	35	the	the	DET
ftr-347	656	36	confusion	confusion	NOUN
ftr-347	656	37	.	.	PUNCT
ftr-347	656	38	.	.	PUNCT
ftr-347	656	39	.	.	PUNCT
ftr-347	657	1	may	may	AUX
ftr-347	657	2	have	have	AUX
ftr-347	657	3	acted	act	VERB
ftr-347	657	4	to	to	PART
ftr-347	657	5	deter	deter	VERB
ftr-347	657	6	some	some	DET
ftr-347	657	7	foreign	foreign	ADJ
ftr-347	657	8	investment	investment	NOUN
ftr-347	657	9	in	in	ADP
ftr-347	657	10	the	the	DET
ftr-347	657	11	united	united	PROPN
ftr-347	657	12	states	states	PROPN
ftr-347	657	13	.	.	PUNCT
ftr-347	658	1	”143	”143	NOUN
ftr-347	658	2	further	far	ADV
ftr-347	658	3	in	in	ADP
ftr-347	658	4	1963	1963	NUM
ftr-347	658	5	,	,	PUNCT
ftr-347	658	6	president	president	PROPN
ftr-347	658	7	kennedy	kennedy	PROPN
ftr-347	658	8	appointed	appoint	VERB
ftr-347	658	9	a	a	DET
ftr-347	658	10	task	task	NOUN
ftr-347	658	11	force	force	NOUN
ftr-347	658	12	on	on	ADP
ftr-347	658	13	“	"	PUNCT
ftr-347	658	14	promoting	promote	VERB
ftr-347	658	15	137	137	NUM
ftr-347	658	16	.	.	PUNCT
ftr-347	659	1	see	see	VERB
ftr-347	659	2	supra	supra	PROPN
ftr-347	659	3	note	note	PROPN
ftr-347	659	4	34	34	NUM
ftr-347	659	5	.	.	PUNCT
ftr-347	659	6	138	138	NUM
ftr-347	659	7	.	.	PUNCT
ftr-347	660	1	there	there	PRON
ftr-347	660	2	is	be	VERB
ftr-347	660	3	another	another	DET
ftr-347	660	4	safe	safe	ADJ
ftr-347	660	5	harbor	harbor	NOUN
ftr-347	660	6	for	for	ADP
ftr-347	660	7	trading	trading	NOUN
ftr-347	660	8	in	in	ADP
ftr-347	660	9	stocks	stock	NOUN
ftr-347	660	10	or	or	CCONJ
ftr-347	660	11	securities	security	NOUN
ftr-347	660	12	through	through	ADP
ftr-347	660	13	an	an	DET
ftr-347	660	14	independent	independent	ADJ
ftr-347	660	15	agent	agent	NOUN
ftr-347	660	16	but	but	CCONJ
ftr-347	660	17	not	not	PART
ftr-347	660	18	through	through	ADP
ftr-347	660	19	an	an	DET
ftr-347	660	20	office	office	NOUN
ftr-347	660	21	of	of	ADP
ftr-347	660	22	fixed	fix	VERB
ftr-347	660	23	place	place	NOUN
ftr-347	660	24	of	of	ADP
ftr-347	660	25	business	business	NOUN
ftr-347	660	26	in	in	ADP
ftr-347	660	27	the	the	DET
ftr-347	660	28	u.s	u.s	PROPN
ftr-347	660	29	.	.	PROPN
ftr-347	660	30	,	,	PUNCT
ftr-347	660	31	hereinafter	hereinafter	NOUN
ftr-347	660	32	referred	refer	VERB
ftr-347	660	33	to	to	ADP
ftr-347	660	34	as	as	ADP
ftr-347	660	35	the	the	DET
ftr-347	660	36	independent	independent	ADJ
ftr-347	660	37	agent	agent	NOUN
ftr-347	660	38	safe	safe	ADJ
ftr-347	660	39	harbor	harbor	NOUN
ftr-347	660	40	.	.	PUNCT
ftr-347	661	1	most	most	ADJ
ftr-347	661	2	foreign	foreign	ADJ
ftr-347	661	3	hedge	hedge	NOUN
ftr-347	661	4	funds	fund	NOUN
ftr-347	661	5	would	would	AUX
ftr-347	661	6	not	not	PART
ftr-347	661	7	be	be	AUX
ftr-347	661	8	able	able	ADJ
ftr-347	661	9	to	to	PART
ftr-347	661	10	argue	argue	VERB
ftr-347	661	11	that	that	SCONJ
ftr-347	661	12	they	they	PRON
ftr-347	661	13	are	be	AUX
ftr-347	661	14	trading	trade	VERB
ftr-347	661	15	through	through	ADP
ftr-347	661	16	an	an	DET
ftr-347	661	17	independent	independent	ADJ
ftr-347	661	18	agent	agent	NOUN
ftr-347	661	19	since	since	SCONJ
ftr-347	661	20	their	their	PRON
ftr-347	661	21	investment	investment	NOUN
ftr-347	661	22	advisors	advisor	NOUN
ftr-347	661	23	in	in	ADP
ftr-347	661	24	the	the	DET
ftr-347	661	25	u.s	u.s	PROPN
ftr-347	661	26	.	.	PROPN
ftr-347	661	27	routinely	routinely	ADV
ftr-347	661	28	take	take	VERB
ftr-347	661	29	a	a	DET
ftr-347	661	30	twenty	twenty	NUM
ftr-347	661	31	percent	percent	NOUN
ftr-347	661	32	profit	profit	NOUN
ftr-347	661	33	interest	interest	NOUN
ftr-347	661	34	in	in	ADP
ftr-347	661	35	the	the	DET
ftr-347	661	36	fund	fund	NOUN
ftr-347	661	37	as	as	ADP
ftr-347	661	38	a	a	DET
ftr-347	661	39	general	general	ADJ
ftr-347	661	40	partner	partner	NOUN
ftr-347	661	41	.	.	PUNCT
ftr-347	662	1	since	since	SCONJ
ftr-347	662	2	most	most	ADJ
ftr-347	662	3	foreign	foreign	ADJ
ftr-347	662	4	hedge	hedge	NOUN
ftr-347	662	5	funds	fund	NOUN
ftr-347	662	6	argue	argue	VERB
ftr-347	662	7	that	that	SCONJ
ftr-347	662	8	much	much	ADJ
ftr-347	662	9	of	of	ADP
ftr-347	662	10	what	what	PRON
ftr-347	662	11	they	they	PRON
ftr-347	662	12	do	do	AUX
ftr-347	662	13	with	with	ADP
ftr-347	662	14	regard	regard	NOUN
ftr-347	662	15	to	to	ADP
ftr-347	662	16	debt	debt	NOUN
ftr-347	662	17	transactions	transaction	NOUN
ftr-347	662	18	falls	fall	VERB
ftr-347	662	19	under	under	ADP
ftr-347	662	20	the	the	DET
ftr-347	662	21	securities	security	NOUN
ftr-347	662	22	trading	trade	VERB
ftr-347	662	23	safe	safe	ADJ
ftr-347	662	24	harbor	harbor	NOUN
ftr-347	662	25	,	,	PUNCT
ftr-347	662	26	i	i	PRON
ftr-347	662	27	will	will	AUX
ftr-347	662	28	not	not	PART
ftr-347	662	29	focus	focus	VERB
ftr-347	662	30	on	on	ADP
ftr-347	662	31	the	the	DET
ftr-347	662	32	independent	independent	ADJ
ftr-347	662	33	agent	agent	NOUN
ftr-347	662	34	safe	safe	ADJ
ftr-347	662	35	harbor	harbor	NOUN
ftr-347	662	36	.	.	PUNCT
ftr-347	663	1	i.r.c	i.r.c	NOUN
ftr-347	663	2	.	.	PUNCT
ftr-347	664	1	§	§	PROPN
ftr-347	664	2	864(b)(2)(c	864(b)(2)(c	PROPN
ftr-347	664	3	)	)	PUNCT
ftr-347	664	4	.	.	PUNCT
ftr-347	665	1	139	139	NUM
ftr-347	665	2	.	.	PUNCT
ftr-347	666	1	s.	s.	PROPN
ftr-347	666	2	rep	rep	PROPN
ftr-347	666	3	.	.	PROPN
ftr-347	667	1	no	no	INTJ
ftr-347	667	2	.	.	NOUN
ftr-347	668	1	74	74	NUM
ftr-347	668	2	-	-	SYM
ftr-347	668	3	2156	2156	NUM
ftr-347	668	4	,	,	PUNCT
ftr-347	668	5	at	at	ADP
ftr-347	668	6	21–22	21–22	NUM
ftr-347	668	7	(	(	PUNCT
ftr-347	668	8	1936	1936	NUM
ftr-347	668	9	)	)	PUNCT
ftr-347	668	10	;	;	PUNCT
ftr-347	668	11	see	see	VERB
ftr-347	668	12	also	also	ADV
ftr-347	668	13	,	,	PUNCT
ftr-347	668	14	sicular	sicular	ADJ
ftr-347	668	15	&	&	CCONJ
ftr-347	668	16	sobol	sobol	NOUN
ftr-347	668	17	,	,	PUNCT
ftr-347	668	18	effectively	effectively	ADV
ftr-347	668	19	connected	connected	ADJ
ftr-347	668	20	income	income	NOUN
ftr-347	668	21	,	,	PUNCT
ftr-347	668	22	supra	supra	PROPN
ftr-347	668	23	note	note	PROPN
ftr-347	668	24	65	65	NUM
ftr-347	668	25	,	,	PUNCT
ftr-347	668	26	at	at	ADP
ftr-347	668	27	726	726	NUM
ftr-347	668	28	.	.	NOUN
ftr-347	668	29	140	140	NUM
ftr-347	668	30	.	.	PUNCT
ftr-347	669	1	higgins	higgins	PROPN
ftr-347	669	2	v.	v.	PROPN
ftr-347	669	3	commissioner	commissioner	PROPN
ftr-347	669	4	,	,	PUNCT
ftr-347	669	5	312	312	NUM
ftr-347	669	6	u.s	u.s	PROPN
ftr-347	669	7	.	.	PROPN
ftr-347	669	8	475	475	NUM
ftr-347	669	9	,	,	PUNCT
ftr-347	669	10	478	478	NUM
ftr-347	669	11	(	(	PUNCT
ftr-347	669	12	1941	1941	NUM
ftr-347	669	13	)	)	PUNCT
ftr-347	669	14	(	(	PUNCT
ftr-347	669	15	passive	passive	ADJ
ftr-347	669	16	investment	investment	NOUN
ftr-347	669	17	activity	activity	NOUN
ftr-347	669	18	,	,	PUNCT
ftr-347	669	19	including	include	VERB
ftr-347	669	20	making	make	VERB
ftr-347	669	21	deposits	deposit	NOUN
ftr-347	669	22	and	and	CCONJ
ftr-347	669	23	keeping	keep	VERB
ftr-347	669	24	records	record	NOUN
ftr-347	669	25	,	,	PUNCT
ftr-347	669	26	in	in	ADP
ftr-347	669	27	relation	relation	NOUN
ftr-347	669	28	to	to	ADP
ftr-347	669	29	securities	security	NOUN
ftr-347	669	30	investments	investment	NOUN
ftr-347	669	31	can	can	AUX
ftr-347	669	32	not	not	PART
ftr-347	669	33	convert	convert	VERB
ftr-347	669	34	investment	investment	NOUN
ftr-347	669	35	into	into	ADP
ftr-347	669	36	a	a	DET
ftr-347	669	37	trade	trade	NOUN
ftr-347	669	38	or	or	CCONJ
ftr-347	669	39	business	business	NOUN
ftr-347	669	40	)	)	PUNCT
ftr-347	669	41	.	.	PUNCT
ftr-347	670	1	141	141	NUM
ftr-347	670	2	.	.	PUNCT
ftr-347	671	1	see	see	VERB
ftr-347	671	2	james	james	PROPN
ftr-347	671	3	sitrick	sitrick	PROPN
ftr-347	671	4	,	,	PUNCT
ftr-347	671	5	u.s	u.s	PROPN
ftr-347	671	6	.	.	PROPN
ftr-347	671	7	taxation	taxation	NOUN
ftr-347	671	8	of	of	ADP
ftr-347	671	9	stock	stock	NOUN
ftr-347	671	10	and	and	CCONJ
ftr-347	671	11	securities	security	NOUN
ftr-347	671	12	trading	trading	NOUN
ftr-347	671	13	income	income	NOUN
ftr-347	671	14	of	of	ADP
ftr-347	671	15	foreign	foreign	ADJ
ftr-347	671	16	investors	investor	NOUN
ftr-347	671	17	,	,	PUNCT
ftr-347	671	18	30	30	NUM
ftr-347	671	19	j.	j.	PROPN
ftr-347	671	20	tax’n	tax’n	NUM
ftr-347	671	21	98	98	NUM
ftr-347	671	22	,	,	PUNCT
ftr-347	671	23	98–99	98–99	NUM
ftr-347	671	24	(	(	PUNCT
ftr-347	671	25	1969	1969	NUM
ftr-347	671	26	)	)	PUNCT
ftr-347	671	27	;	;	PUNCT
ftr-347	671	28	joseph	joseph	PROPN
ftr-347	671	29	isenbergh	isenbergh	PROPN
ftr-347	671	30	,	,	PUNCT
ftr-347	671	31	the	the	DET
ftr-347	671	32	“	"	PUNCT
ftr-347	671	33	trade	trade	NOUN
ftr-347	671	34	or	or	CCONJ
ftr-347	671	35	business	business	NOUN
ftr-347	671	36	”	"	PUNCT
ftr-347	671	37	of	of	ADP
ftr-347	671	38	foreign	foreign	ADJ
ftr-347	671	39	taxpayers	taxpayer	NOUN
ftr-347	671	40	in	in	ADP
ftr-347	671	41	the	the	DET
ftr-347	671	42	united	united	PROPN
ftr-347	671	43	states	states	PROPN
ftr-347	671	44	,	,	PUNCT
ftr-347	671	45	61	61	NUM
ftr-347	671	46	taxes	taxis	NOUN
ftr-347	671	47	972	972	NUM
ftr-347	671	48	,	,	PUNCT
ftr-347	671	49	980	980	NUM
ftr-347	671	50	(	(	PUNCT
ftr-347	671	51	1983	1983	NUM
ftr-347	671	52	)	)	PUNCT
ftr-347	671	53	.	.	PUNCT
ftr-347	672	1	142	142	NUM
ftr-347	672	2	.	.	PUNCT
ftr-347	673	1	see	see	VERB
ftr-347	673	2	also	also	ADV
ftr-347	673	3	sicular	sicular	ADJ
ftr-347	673	4	&	&	CCONJ
ftr-347	673	5	sobol	sobol	NOUN
ftr-347	673	6	,	,	PUNCT
ftr-347	673	7	effectively	effectively	ADV
ftr-347	673	8	connected	connected	ADJ
ftr-347	673	9	income	income	NOUN
ftr-347	673	10	,	,	PUNCT
ftr-347	673	11	supra	supra	PROPN
ftr-347	673	12	note	note	NOUN
ftr-347	673	13	64	64	NUM
ftr-347	673	14	,	,	PUNCT
ftr-347	673	15	at	at	ADP
ftr-347	673	16	726–27	726–27	PROPN
ftr-347	673	17	.	.	PUNCT
ftr-347	674	1	143	143	NUM
ftr-347	674	2	.	.	PUNCT
ftr-347	675	1	i	i	PRON
ftr-347	675	2	d.	d.	PROPN
ftr-347	675	3	2011	2011	NUM
ftr-347	675	4	]	]	PUNCT
ftr-347	676	1	the	the	DET
ftr-347	676	2	global	global	ADJ
ftr-347	676	3	shadow	shadow	PROPN
ftr-347	676	4	bank	bank	PROPN
ftr-347	676	5	675	675	NUM
ftr-347	676	6	increased	increase	VERB
ftr-347	676	7	foreign	foreign	ADJ
ftr-347	676	8	investments	investment	NOUN
ftr-347	676	9	in	in	ADP
ftr-347	676	10	u.s	u.s	PROPN
ftr-347	676	11	.	.	PROPN
ftr-347	676	12	corporate	corporate	ADJ
ftr-347	676	13	securities	security	NOUN
ftr-347	676	14	and	and	CCONJ
ftr-347	676	15	increased	increase	VERB
ftr-347	676	16	foreign	foreign	ADJ
ftr-347	676	17	financing	financing	NOUN
ftr-347	676	18	for	for	ADP
ftr-347	676	19	u.s	u.s	PROPN
ftr-347	676	20	.	.	PROPN
ftr-347	676	21	corporations	corporation	NOUN
ftr-347	676	22	operating	operate	VERB
ftr-347	676	23	abroad	abroad	ADV
ftr-347	676	24	.	.	PUNCT
ftr-347	676	25	”144	”144	PUNCT
ftr-347	677	1	the	the	DET
ftr-347	677	2	task	task	PROPN
ftr-347	677	3	force	force	NOUN
ftr-347	677	4	concluded	conclude	VERB
ftr-347	677	5	that	that	SCONJ
ftr-347	677	6	“	"	PUNCT
ftr-347	677	7	the	the	DET
ftr-347	677	8	most	most	ADV
ftr-347	677	9	immediate	immediate	ADJ
ftr-347	677	10	and	and	CCONJ
ftr-347	677	11	productive	productive	ADJ
ftr-347	677	12	ways	way	NOUN
ftr-347	677	13	to	to	PART
ftr-347	677	14	increase	increase	VERB
ftr-347	677	15	the	the	DET
ftr-347	677	16	flow	flow	NOUN
ftr-347	677	17	of	of	ADP
ftr-347	677	18	foreign	foreign	ADJ
ftr-347	677	19	capital	capital	NOUN
ftr-347	677	20	”	"	PUNCT
ftr-347	677	21	to	to	ADP
ftr-347	677	22	the	the	DET
ftr-347	677	23	united	united	PROPN
ftr-347	677	24	states	states	PROPN
ftr-347	677	25	would	would	AUX
ftr-347	677	26	be	be	AUX
ftr-347	677	27	to	to	PART
ftr-347	677	28	adjust	adjust	VERB
ftr-347	677	29	the	the	DET
ftr-347	677	30	laws	law	NOUN
ftr-347	677	31	concerning	concern	VERB
ftr-347	677	32	the	the	DET
ftr-347	677	33	taxation	taxation	NOUN
ftr-347	677	34	of	of	ADP
ftr-347	677	35	foreign	foreign	ADJ
ftr-347	677	36	persons.145	persons.145	NOUN
ftr-347	677	37	in	in	ADP
ftr-347	677	38	describing	describe	VERB
ftr-347	677	39	the	the	DET
ftr-347	677	40	purpose	purpose	NOUN
ftr-347	677	41	and	and	CCONJ
ftr-347	677	42	background	background	NOUN
ftr-347	677	43	of	of	ADP
ftr-347	677	44	the	the	DET
ftr-347	677	45	bill	bill	NOUN
ftr-347	677	46	,	,	PUNCT
ftr-347	677	47	the	the	DET
ftr-347	677	48	legislative	legislative	ADJ
ftr-347	677	49	history	history	NOUN
ftr-347	677	50	cites	cite	VERB
ftr-347	677	51	both	both	CCONJ
ftr-347	677	52	the	the	DET
ftr-347	677	53	task	task	PROPN
ftr-347	677	54	force	force	PROPN
ftr-347	677	55	report	report	PROPN
ftr-347	677	56	and	and	CCONJ
ftr-347	677	57	the	the	DET
ftr-347	677	58	treasury	treasury	PROPN
ftr-347	677	59	department	department	PROPN
ftr-347	677	60	’s	’s	PART
ftr-347	677	61	subsequent	subsequent	ADJ
ftr-347	677	62	proposed	propose	VERB
ftr-347	677	63	tax	tax	NOUN
ftr-347	677	64	legislation	legislation	NOUN
ftr-347	677	65	designed	design	VERB
ftr-347	677	66	to	to	PART
ftr-347	677	67	increase	increase	VERB
ftr-347	677	68	foreign	foreign	ADJ
ftr-347	677	69	investment	investment	NOUN
ftr-347	677	70	in	in	ADP
ftr-347	677	71	the	the	DET
ftr-347	677	72	united	united	PROPN
ftr-347	677	73	states.146	states.146	PROPN
ftr-347	677	74	the	the	DET
ftr-347	677	75	legislation	legislation	NOUN
ftr-347	677	76	was	be	AUX
ftr-347	677	77	proposed	propose	VERB
ftr-347	677	78	as	as	ADP
ftr-347	677	79	part	part	NOUN
ftr-347	677	80	of	of	ADP
ftr-347	677	81	president	president	PROPN
ftr-347	677	82	kennedy	kennedy	PROPN
ftr-347	677	83	’s	’s	PART
ftr-347	677	84	“	"	PUNCT
ftr-347	677	85	program	program	NOUN
ftr-347	677	86	to	to	PART
ftr-347	677	87	improve	improve	VERB
ftr-347	677	88	the	the	DET
ftr-347	677	89	u.s	u.s	PROPN
ftr-347	677	90	.	.	PROPN
ftr-347	677	91	balance	balance	NOUN
ftr-347	677	92	of	of	ADP
ftr-347	677	93	payments	payment	NOUN
ftr-347	677	94	.	.	PUNCT
ftr-347	678	1	”147	”147	PROPN
ftr-347	678	2	the	the	DET
ftr-347	678	3	bill	bill	NOUN
ftr-347	678	4	’s	’s	PART
ftr-347	678	5	stated	state	VERB
ftr-347	678	6	primary	primary	ADJ
ftr-347	678	7	object	object	NOUN
ftr-347	678	8	was	be	AUX
ftr-347	678	9	the	the	DET
ftr-347	678	10	“	"	PUNCT
ftr-347	678	11	equitable	equitable	ADJ
ftr-347	678	12	tax	tax	NOUN
ftr-347	678	13	treatment	treatment	NOUN
ftr-347	678	14	by	by	ADP
ftr-347	678	15	the	the	DET
ftr-347	678	16	united	united	PROPN
ftr-347	678	17	states	states	PROPN
ftr-347	678	18	of	of	ADP
ftr-347	678	19	nonresident	nonresident	ADJ
ftr-347	678	20	aliens	alien	NOUN
ftr-347	678	21	and	and	CCONJ
ftr-347	678	22	foreign	foreign	ADJ
ftr-347	678	23	corporations	corporation	NOUN
ftr-347	678	24	”	"	PUNCT
ftr-347	678	25	while	while	SCONJ
ftr-347	678	26	recognizing	recognize	VERB
ftr-347	678	27	that	that	SCONJ
ftr-347	678	28	the	the	DET
ftr-347	678	29	initial	initial	ADJ
ftr-347	678	30	bill	bill	NOUN
ftr-347	678	31	proposed	propose	VERB
ftr-347	678	32	by	by	ADP
ftr-347	678	33	the	the	DET
ftr-347	678	34	treasury	treasury	PROPN
ftr-347	678	35	department	department	PROPN
ftr-347	678	36	was	be	AUX
ftr-347	678	37	designed	design	VERB
ftr-347	678	38	primarily	primarily	ADV
ftr-347	678	39	to	to	PART
ftr-347	678	40	stimulate	stimulate	VERB
ftr-347	678	41	investments	investment	NOUN
ftr-347	678	42	by	by	ADP
ftr-347	678	43	foreigners	foreigner	NOUN
ftr-347	678	44	in	in	ADP
ftr-347	678	45	the	the	DET
ftr-347	678	46	u.s.148	u.s.148	ADJ
ftr-347	678	47	d.	d.	NOUN
ftr-347	678	48	the	the	DET
ftr-347	678	49	current	current	ADJ
ftr-347	678	50	uncertainty	uncertainty	NOUN
ftr-347	678	51	is	be	AUX
ftr-347	678	52	economically	economically	ADV
ftr-347	678	53	inefficient	inefficient	ADJ
ftr-347	678	54	,	,	PUNCT
ftr-347	678	55	adds	add	VERB
ftr-347	678	56	to	to	ADP
ftr-347	678	57	the	the	DET
ftr-347	678	58	deadweight	deadweight	NOUN
ftr-347	678	59	loss	loss	NOUN
ftr-347	678	60	of	of	ADP
ftr-347	678	61	taxation	taxation	NOUN
ftr-347	678	62	,	,	PUNCT
ftr-347	678	63	and	and	CCONJ
ftr-347	678	64	frustrates	frustrate	VERB
ftr-347	678	65	the	the	DET
ftr-347	678	66	tax	tax	NOUN
ftr-347	678	67	policy	policy	NOUN
ftr-347	678	68	objectives	objective	VERB
ftr-347	678	69	the	the	DET
ftr-347	678	70	regime	regime	NOUN
ftr-347	678	71	was	be	AUX
ftr-347	678	72	enacted	enact	VERB
ftr-347	678	73	to	to	PART
ftr-347	678	74	implement	implement	VERB
ftr-347	678	75	some	some	DET
ftr-347	678	76	level	level	NOUN
ftr-347	678	77	of	of	ADP
ftr-347	678	78	certainty	certainty	NOUN
ftr-347	678	79	is	be	AUX
ftr-347	678	80	desirable	desirable	ADJ
ftr-347	678	81	for	for	SCONJ
ftr-347	678	82	taxpayers	taxpayer	NOUN
ftr-347	678	83	to	to	PART
ftr-347	678	84	be	be	AUX
ftr-347	678	85	able	able	ADJ
ftr-347	678	86	to	to	PART
ftr-347	678	87	structure	structure	VERB
ftr-347	678	88	their	their	PRON
ftr-347	678	89	affairs	affair	NOUN
ftr-347	678	90	.	.	PUNCT
ftr-347	679	1	i	i	PRON
ftr-347	679	2	do	do	AUX
ftr-347	679	3	not	not	PART
ftr-347	679	4	weigh	weigh	VERB
ftr-347	679	5	in	in	ADP
ftr-347	679	6	on	on	ADP
ftr-347	679	7	whether	whether	SCONJ
ftr-347	679	8	a	a	DET
ftr-347	679	9	rule	rule	NOUN
ftr-347	679	10	(	(	PUNCT
ftr-347	679	11	e.g.	e.g.	ADV
ftr-347	679	12	,	,	PUNCT
ftr-347	679	13	louis	louis	PROPN
ftr-347	679	14	kaplow	kaplow	PROPN
ftr-347	679	15	’s	’s	PART
ftr-347	679	16	example	example	NOUN
ftr-347	679	17	of	of	ADP
ftr-347	679	18	a	a	DET
ftr-347	679	19	rule	rule	NOUN
ftr-347	679	20	:	:	PUNCT
ftr-347	679	21	“	"	PUNCT
ftr-347	679	22	driving	drive	VERB
ftr-347	679	23	in	in	ADP
ftr-347	679	24	excess	excess	NOUN
ftr-347	679	25	of	of	ADP
ftr-347	679	26	55	55	NUM
ftr-347	679	27	mph	mph	NOUN
ftr-347	679	28	”	"	PUNCT
ftr-347	679	29	is	be	AUX
ftr-347	679	30	prohibited	prohibit	VERB
ftr-347	679	31	)	)	PUNCT
ftr-347	679	32	or	or	CCONJ
ftr-347	679	33	a	a	DET
ftr-347	679	34	standard	standard	NOUN
ftr-347	679	35	(	(	PUNCT
ftr-347	679	36	e.g.	e.g.	ADJ
ftr-347	679	37	,	,	PUNCT
ftr-347	679	38	louis	louis	PROPN
ftr-347	679	39	kaplow	kaplow	PROPN
ftr-347	679	40	’s	’s	PART
ftr-347	679	41	example	example	NOUN
ftr-347	679	42	of	of	ADP
ftr-347	679	43	a	a	DET
ftr-347	679	44	standard	standard	NOUN
ftr-347	679	45	:	:	PUNCT
ftr-347	679	46	“	"	PUNCT
ftr-347	679	47	driving	drive	VERB
ftr-347	679	48	at	at	ADP
ftr-347	679	49	an	an	DET
ftr-347	679	50	excessive	excessive	ADJ
ftr-347	679	51	speed	speed	NOUN
ftr-347	679	52	”	"	PUNCT
ftr-347	679	53	is	be	AUX
ftr-347	679	54	prohibited	prohibit	VERB
ftr-347	679	55	)	)	PUNCT
ftr-347	679	56	would	would	AUX
ftr-347	679	57	be	be	AUX
ftr-347	679	58	more	more	ADV
ftr-347	679	59	beneficial	beneficial	ADJ
ftr-347	679	60	in	in	ADP
ftr-347	679	61	this	this	DET
ftr-347	679	62	area	area	NOUN
ftr-347	679	63	.	.	PUNCT
ftr-347	680	1	what	what	PRON
ftr-347	680	2	i	i	PRON
ftr-347	680	3	do	do	AUX
ftr-347	680	4	contend	contend	VERB
ftr-347	680	5	is	be	AUX
ftr-347	680	6	that	that	SCONJ
ftr-347	680	7	whether	whether	SCONJ
ftr-347	680	8	policymakers	policymaker	NOUN
ftr-347	680	9	choose	choose	VERB
ftr-347	680	10	a	a	DET
ftr-347	680	11	rule	rule	NOUN
ftr-347	680	12	or	or	CCONJ
ftr-347	680	13	a	a	DET
ftr-347	680	14	standard	standard	NOUN
ftr-347	680	15	,	,	PUNCT
ftr-347	680	16	such	such	ADJ
ftr-347	680	17	rules	rule	NOUN
ftr-347	680	18	or	or	CCONJ
ftr-347	680	19	standards	standard	NOUN
ftr-347	680	20	should	should	AUX
ftr-347	680	21	be	be	AUX
ftr-347	680	22	written	write	VERB
ftr-347	680	23	with	with	ADP
ftr-347	680	24	today	today	NOUN
ftr-347	680	25	’s	’s	PART
ftr-347	680	26	complex	complex	ADJ
ftr-347	680	27	shadow	shadow	NOUN
ftr-347	680	28	banking	banking	NOUN
ftr-347	680	29	transactions	transaction	NOUN
ftr-347	680	30	in	in	ADP
ftr-347	680	31	mind	mind	NOUN
ftr-347	680	32	.	.	PUNCT
ftr-347	681	1	in	in	ADP
ftr-347	681	2	other	other	ADJ
ftr-347	681	3	words	word	NOUN
ftr-347	681	4	,	,	PUNCT
ftr-347	681	5	uncertainty	uncertainty	NOUN
ftr-347	681	6	should	should	AUX
ftr-347	681	7	not	not	PART
ftr-347	681	8	stem	stem	VERB
ftr-347	681	9	from	from	ADP
ftr-347	681	10	the	the	DET
ftr-347	681	11	fact	fact	NOUN
ftr-347	681	12	that	that	SCONJ
ftr-347	681	13	the	the	DET
ftr-347	681	14	laws	law	NOUN
ftr-347	681	15	are	be	AUX
ftr-347	681	16	too	too	ADV
ftr-347	681	17	old	old	ADJ
ftr-347	681	18	to	to	PART
ftr-347	681	19	keep	keep	VERB
ftr-347	681	20	up	up	ADP
ftr-347	681	21	with	with	ADP
ftr-347	681	22	society	society	NOUN
ftr-347	681	23	’s	’s	PART
ftr-347	681	24	financial	financial	ADJ
ftr-347	681	25	innovation	innovation	NOUN
ftr-347	681	26	.	.	PUNCT
ftr-347	682	1	since	since	SCONJ
ftr-347	682	2	most	most	ADJ
ftr-347	682	3	of	of	ADP
ftr-347	682	4	the	the	DET
ftr-347	682	5	relevant	relevant	ADJ
ftr-347	682	6	law	law	NOUN
ftr-347	682	7	was	be	AUX
ftr-347	682	8	written	write	VERB
ftr-347	682	9	before	before	SCONJ
ftr-347	682	10	these	these	DET
ftr-347	682	11	complex	complex	ADJ
ftr-347	682	12	shadow	shadow	NOUN
ftr-347	682	13	banking	banking	NOUN
ftr-347	682	14	and	and	CCONJ
ftr-347	682	15	debt	debt	NOUN
ftr-347	682	16	transactions	transaction	NOUN
ftr-347	682	17	were	be	AUX
ftr-347	682	18	contemplated	contemplate	VERB
ftr-347	682	19	,	,	PUNCT
ftr-347	682	20	practitioner	practitioner	NOUN
ftr-347	682	21	-	-	PUNCT
ftr-347	682	22	developed	develop	VERB
ftr-347	682	23	rules	rule	NOUN
ftr-347	682	24	have	have	AUX
ftr-347	682	25	arisen	arise	VERB
ftr-347	682	26	in	in	ADP
ftr-347	682	27	response	response	NOUN
ftr-347	682	28	to	to	ADP
ftr-347	682	29	the	the	DET
ftr-347	682	30	uncertainty	uncertainty	NOUN
ftr-347	682	31	in	in	ADP
ftr-347	682	32	the	the	DET
ftr-347	682	33	area.149	area.149	ADP
ftr-347	682	34	these	these	DET
ftr-347	682	35	rules	rule	NOUN
ftr-347	682	36	are	be	AUX
ftr-347	682	37	constantly	constantly	ADV
ftr-347	682	38	shifting	shift	VERB
ftr-347	682	39	because	because	SCONJ
ftr-347	682	40	each	each	DET
ftr-347	682	41	practitioner	practitioner	NOUN
ftr-347	682	42	has	have	VERB
ftr-347	682	43	different	different	ADJ
ftr-347	682	44	standards	standard	NOUN
ftr-347	682	45	to	to	PART
ftr-347	682	46	get	get	VERB
ftr-347	682	47	to	to	ADP
ftr-347	682	48	the	the	DET
ftr-347	682	49	“	"	PUNCT
ftr-347	682	50	should	should	AUX
ftr-347	682	51	”	"	PUNCT
ftr-347	682	52	or	or	CCONJ
ftr-347	682	53	“	"	PUNCT
ftr-347	682	54	will	will	AUX
ftr-347	682	55	”	"	PUNCT
ftr-347	682	56	opinion	opinion	NOUN
ftr-347	682	57	that	that	SCONJ
ftr-347	682	58	their	their	PRON
ftr-347	682	59	client	client	NOUN
ftr-347	682	60	seeks	seek	VERB
ftr-347	682	61	,	,	PUNCT
ftr-347	682	62	and	and	CCONJ
ftr-347	682	63	each	each	DET
ftr-347	682	64	client	client	NOUN
ftr-347	682	65	is	be	AUX
ftr-347	682	66	144	144	NUM
ftr-347	682	67	.	.	PUNCT
ftr-347	683	1	see	see	PROPN
ftr-347	683	2	h.r	h.r	PROPN
ftr-347	683	3	.	.	PROPN
ftr-347	683	4	rep	rep	PROPN
ftr-347	683	5	,	,	PUNCT
ftr-347	683	6	no	no	INTJ
ftr-347	683	7	.	.	NOUN
ftr-347	683	8	89	89	NUM
ftr-347	683	9	-	-	SYM
ftr-347	683	10	1450	1450	NUM
ftr-347	683	11	,	,	PUNCT
ftr-347	683	12	at	at	ADP
ftr-347	683	13	26	26	NUM
ftr-347	683	14	;	;	PUNCT
ftr-347	683	15	s.	s.	PROPN
ftr-347	683	16	rep	rep	PROPN
ftr-347	683	17	.	.	PROPN
ftr-347	684	1	no	no	PROPN
ftr-347	684	2	.	.	NOUN
ftr-347	684	3	89	89	NUM
ftr-347	684	4	-	-	SYM
ftr-347	684	5	1707	1707	NUM
ftr-347	684	6	,	,	PUNCT
ftr-347	684	7	at	at	ADP
ftr-347	684	8	9–10	9–10	NOUN
ftr-347	684	9	.	.	PUNCT
ftr-347	685	1	145	145	NUM
ftr-347	685	2	.	.	PUNCT
ftr-347	686	1	task	task	NOUN
ftr-347	686	2	force	force	NOUN
ftr-347	686	3	on	on	ADP
ftr-347	686	4	promoting	promote	VERB
ftr-347	686	5	increased	increase	VERB
ftr-347	686	6	foreign	foreign	ADJ
ftr-347	686	7	investment	investment	NOUN
ftr-347	686	8	in	in	ADP
ftr-347	686	9	united	united	PROPN
ftr-347	686	10	states	states	PROPN
ftr-347	686	11	corporate	corporate	ADJ
ftr-347	686	12	securities	security	NOUN
ftr-347	686	13	and	and	CCONJ
ftr-347	686	14	increased	increase	VERB
ftr-347	686	15	foreign	foreign	ADJ
ftr-347	686	16	financing	financing	NOUN
ftr-347	686	17	for	for	ADP
ftr-347	686	18	united	united	PROPN
ftr-347	686	19	states	states	PROPN
ftr-347	686	20	corporations	corporation	NOUN
ftr-347	686	21	operating	operate	VERB
ftr-347	686	22	abroad	abroad	ADV
ftr-347	686	23	,	,	PUNCT
ftr-347	686	24	report	report	NOUN
ftr-347	686	25	of	of	ADP
ftr-347	686	26	the	the	DET
ftr-347	686	27	president	president	NOUN
ftr-347	686	28	21	21	NUM
ftr-347	686	29	(	(	PUNCT
ftr-347	686	30	1964	1964	NUM
ftr-347	686	31	)	)	PUNCT
ftr-347	686	32	(	(	PUNCT
ftr-347	686	33	commonly	commonly	ADV
ftr-347	686	34	known	know	VERB
ftr-347	686	35	as	as	ADP
ftr-347	686	36	the	the	DET
ftr-347	686	37	“	"	PUNCT
ftr-347	686	38	fowler	fowler	PROPN
ftr-347	686	39	task	task	PROPN
ftr-347	686	40	force	force	PROPN
ftr-347	686	41	report	report	PROPN
ftr-347	686	42	”	"	PUNCT
ftr-347	686	43	)	)	PUNCT
ftr-347	686	44	.	.	PUNCT
ftr-347	687	1	146	146	NUM
ftr-347	687	2	.	.	PUNCT
ftr-347	688	1	see	see	VERB
ftr-347	688	2	h.r	h.r	PROPN
ftr-347	688	3	.	.	PROPN
ftr-347	688	4	rep	rep	PROPN
ftr-347	688	5	,	,	PUNCT
ftr-347	688	6	no	no	INTJ
ftr-347	688	7	.	.	NOUN
ftr-347	688	8	89	89	NUM
ftr-347	688	9	-	-	SYM
ftr-347	688	10	1450	1450	NUM
ftr-347	688	11	,	,	PUNCT
ftr-347	688	12	at	at	ADP
ftr-347	688	13	26	26	NUM
ftr-347	688	14	.	.	PUNCT
ftr-347	689	1	147	147	NUM
ftr-347	689	2	.	.	PUNCT
ftr-347	690	1	i	i	PRON
ftr-347	690	2	d.	d.	PROPN
ftr-347	690	3	148	148	NUM
ftr-347	690	4	.	.	PUNCT
ftr-347	691	1	i	i	PRON
ftr-347	691	2	d.	d.	PROPN
ftr-347	691	3	149	149	NUM
ftr-347	691	4	.	.	PUNCT
ftr-347	691	5	see	see	VERB
ftr-347	691	6	louis	louis	PROPN
ftr-347	691	7	kaplow	kaplow	PROPN
ftr-347	691	8	,	,	PUNCT
ftr-347	691	9	rules	rule	NOUN
ftr-347	691	10	versus	versus	ADP
ftr-347	691	11	standards	standard	NOUN
ftr-347	691	12	:	:	PUNCT
ftr-347	691	13	an	an	DET
ftr-347	691	14	economic	economic	ADJ
ftr-347	691	15	analysis	analysis	NOUN
ftr-347	691	16	,	,	PUNCT
ftr-347	691	17	42	42	NUM
ftr-347	691	18	duke	duke	PROPN
ftr-347	691	19	l.	l.	PROPN
ftr-347	691	20	j.	j.	PROPN
ftr-347	691	21	557	557	NUM
ftr-347	691	22	(	(	PUNCT
ftr-347	691	23	1992	1992	NUM
ftr-347	691	24	)	)	PUNCT
ftr-347	691	25	.	.	PUNCT
ftr-347	692	1	676	676	NUM
ftr-347	692	2	florida	florida	PROPN
ftr-347	692	3	tax	tax	NOUN
ftr-347	692	4	review	review	NOUN
ftr-347	692	5	[	[	X
ftr-347	692	6	vol	vol	NOUN
ftr-347	692	7	.	.	PUNCT
ftr-347	692	8	11:8	11:8	NOUN
ftr-347	692	9	willing	willing	ADJ
ftr-347	692	10	to	to	PART
ftr-347	692	11	accept	accept	VERB
ftr-347	692	12	varying	vary	VERB
ftr-347	692	13	levels	level	NOUN
ftr-347	692	14	of	of	ADP
ftr-347	692	15	risk	risk	NOUN
ftr-347	692	16	on	on	ADP
ftr-347	692	17	where	where	SCONJ
ftr-347	692	18	the	the	DET
ftr-347	692	19	lines	line	NOUN
ftr-347	692	20	are	be	AUX
ftr-347	692	21	drawn.150	drawn.150	ADP
ftr-347	692	22	some	some	DET
ftr-347	692	23	foreign	foreign	ADJ
ftr-347	692	24	hedge	hedge	NOUN
ftr-347	692	25	funds	fund	NOUN
ftr-347	692	26	live	live	VERB
ftr-347	692	27	with	with	ADP
ftr-347	692	28	this	this	DET
ftr-347	692	29	uncertainty	uncertainty	NOUN
ftr-347	692	30	,	,	PUNCT
ftr-347	692	31	spending	spend	VERB
ftr-347	692	32	tremendous	tremendous	ADJ
ftr-347	692	33	amounts	amount	NOUN
ftr-347	692	34	of	of	ADP
ftr-347	692	35	time	time	NOUN
ftr-347	692	36	and	and	CCONJ
ftr-347	692	37	money	money	NOUN
ftr-347	692	38	to	to	PART
ftr-347	692	39	poll	poll	VERB
ftr-347	692	40	various	various	ADJ
ftr-347	692	41	practitioners	practitioner	NOUN
ftr-347	692	42	and	and	CCONJ
ftr-347	692	43	those	those	PRON
ftr-347	692	44	in	in	ADP
ftr-347	692	45	the	the	DET
ftr-347	692	46	industry	industry	NOUN
ftr-347	692	47	for	for	ADP
ftr-347	692	48	a	a	DET
ftr-347	692	49	consensus	consensus	NOUN
ftr-347	692	50	of	of	ADP
ftr-347	692	51	how	how	SCONJ
ftr-347	692	52	far	far	ADV
ftr-347	692	53	they	they	PRON
ftr-347	692	54	can	can	AUX
ftr-347	692	55	go	go	VERB
ftr-347	692	56	before	before	ADP
ftr-347	692	57	crossing	cross	VERB
ftr-347	692	58	the	the	DET
ftr-347	692	59	line	line	NOUN
ftr-347	692	60	.	.	PUNCT
ftr-347	693	1	others	other	NOUN
ftr-347	693	2	restrict	restrict	VERB
ftr-347	693	3	their	their	PRON
ftr-347	693	4	own	own	ADJ
ftr-347	693	5	activities	activity	NOUN
ftr-347	693	6	,	,	PUNCT
ftr-347	693	7	potentially	potentially	ADV
ftr-347	693	8	affecting	affect	VERB
ftr-347	693	9	the	the	DET
ftr-347	693	10	extent	extent	NOUN
ftr-347	693	11	to	to	PART
ftr-347	693	12	which	which	PRON
ftr-347	693	13	foreign	foreign	ADJ
ftr-347	693	14	capital	capital	NOUN
ftr-347	693	15	is	be	AUX
ftr-347	693	16	invested	invest	VERB
ftr-347	693	17	in	in	ADP
ftr-347	693	18	the	the	DET
ftr-347	693	19	united	united	PROPN
ftr-347	693	20	states	states	PROPN
ftr-347	693	21	.	.	PUNCT
ftr-347	694	1	these	these	PRON
ftr-347	694	2	constantly	constantly	ADV
ftr-347	694	3	changing	change	VERB
ftr-347	694	4	,	,	PUNCT
ftr-347	694	5	non	non	ADJ
ftr-347	694	6	-	-	ADJ
ftr-347	694	7	uniform	uniform	ADJ
ftr-347	694	8	,	,	PUNCT
ftr-347	694	9	standards	standard	NOUN
ftr-347	694	10	are	be	AUX
ftr-347	694	11	economically	economically	ADV
ftr-347	694	12	inefficient	inefficient	ADJ
ftr-347	694	13	.	.	PUNCT
ftr-347	695	1	in	in	ADP
ftr-347	695	2	other	other	ADJ
ftr-347	695	3	words	word	NOUN
ftr-347	695	4	,	,	PUNCT
ftr-347	695	5	hedge	hedge	NOUN
ftr-347	695	6	funds	fund	NOUN
ftr-347	695	7	that	that	PRON
ftr-347	695	8	would	would	AUX
ftr-347	695	9	have	have	VERB
ftr-347	695	10	more	more	ADV
ftr-347	695	11	actual	actual	ADJ
ftr-347	695	12	marginal	marginal	ADJ
ftr-347	695	13	benefit	benefit	NOUN
ftr-347	695	14	than	than	ADP
ftr-347	695	15	marginal	marginal	ADJ
ftr-347	695	16	cost	cost	NOUN
ftr-347	695	17	may	may	AUX
ftr-347	695	18	not	not	PART
ftr-347	695	19	be	be	AUX
ftr-347	695	20	purchasing	purchase	VERB
ftr-347	695	21	debt	debt	NOUN
ftr-347	695	22	securities	security	NOUN
ftr-347	695	23	because	because	SCONJ
ftr-347	695	24	they	they	PRON
ftr-347	695	25	are	be	AUX
ftr-347	695	26	risk	risk	NOUN
ftr-347	695	27	averse	averse	ADJ
ftr-347	695	28	to	to	ADP
ftr-347	695	29	the	the	DET
ftr-347	695	30	tax	tax	NOUN
ftr-347	695	31	uncertainty	uncertainty	NOUN
ftr-347	695	32	while	while	SCONJ
ftr-347	695	33	hedge	hedge	NOUN
ftr-347	695	34	funds	fund	NOUN
ftr-347	695	35	that	that	PRON
ftr-347	695	36	have	have	VERB
ftr-347	695	37	more	more	ADV
ftr-347	695	38	actual	actual	ADJ
ftr-347	695	39	marginal	marginal	ADJ
ftr-347	695	40	cost	cost	NOUN
ftr-347	695	41	than	than	ADP
ftr-347	695	42	marginal	marginal	ADJ
ftr-347	695	43	benefit	benefit	NOUN
ftr-347	695	44	may	may	AUX
ftr-347	695	45	still	still	ADV
ftr-347	695	46	be	be	AUX
ftr-347	695	47	buying	buy	VERB
ftr-347	695	48	the	the	DET
ftr-347	695	49	debt	debt	NOUN
ftr-347	695	50	securities	security	NOUN
ftr-347	695	51	because	because	SCONJ
ftr-347	695	52	of	of	ADP
ftr-347	695	53	a	a	DET
ftr-347	695	54	willingness	willingness	NOUN
ftr-347	695	55	to	to	PART
ftr-347	695	56	take	take	VERB
ftr-347	695	57	risks	risk	NOUN
ftr-347	695	58	with	with	ADP
ftr-347	695	59	respect	respect	NOUN
ftr-347	695	60	to	to	ADP
ftr-347	695	61	the	the	DET
ftr-347	695	62	tax	tax	NOUN
ftr-347	695	63	uncertainty	uncertainty	NOUN
ftr-347	695	64	.	.	PUNCT
ftr-347	696	1	this	this	PRON
ftr-347	696	2	occurs	occur	VERB
ftr-347	696	3	because	because	SCONJ
ftr-347	696	4	their	their	PRON
ftr-347	696	5	marginal	marginal	ADJ
ftr-347	696	6	cost	cost	NOUN
ftr-347	696	7	in	in	ADP
ftr-347	696	8	terms	term	NOUN
ftr-347	696	9	of	of	ADP
ftr-347	696	10	u.s	u.s	PROPN
ftr-347	696	11	.	.	PROPN
ftr-347	696	12	federal	federal	ADJ
ftr-347	696	13	income	income	NOUN
ftr-347	696	14	taxes	taxis	NOUN
ftr-347	696	15	payable	payable	ADJ
ftr-347	696	16	is	be	AUX
ftr-347	696	17	somewhat	somewhat	ADV
ftr-347	696	18	of	of	ADP
ftr-347	696	19	a	a	DET
ftr-347	696	20	gamble	gamble	NOUN
ftr-347	696	21	in	in	ADP
ftr-347	696	22	terms	term	NOUN
ftr-347	696	23	of	of	ADP
ftr-347	696	24	how	how	SCONJ
ftr-347	696	25	much	much	ADJ
ftr-347	696	26	activity	activity	NOUN
ftr-347	696	27	will	will	AUX
ftr-347	696	28	constitute	constitute	VERB
ftr-347	696	29	a	a	DET
ftr-347	696	30	u.s	u.s	PROPN
ftr-347	696	31	.	.	PROPN
ftr-347	696	32	lending	lending	NOUN
ftr-347	696	33	business	business	NOUN
ftr-347	696	34	and	and	CCONJ
ftr-347	696	35	thereby	thereby	ADV
ftr-347	696	36	lead	lead	VERB
ftr-347	696	37	to	to	ADP
ftr-347	696	38	a	a	DET
ftr-347	696	39	hefty	hefty	ADJ
ftr-347	696	40	tax	tax	NOUN
ftr-347	696	41	bill	bill	NOUN
ftr-347	696	42	.	.	PUNCT
ftr-347	697	1	society	society	NOUN
ftr-347	697	2	loses	lose	VERB
ftr-347	697	3	with	with	ADP
ftr-347	697	4	respect	respect	NOUN
ftr-347	697	5	to	to	ADP
ftr-347	697	6	this	this	DET
ftr-347	697	7	market	market	NOUN
ftr-347	697	8	inefficiency	inefficiency	NOUN
ftr-347	697	9	tweaking	tweak	VERB
ftr-347	697	10	the	the	DET
ftr-347	697	11	supply	supply	NOUN
ftr-347	697	12	and	and	CCONJ
ftr-347	697	13	demand	demand	NOUN
ftr-347	697	14	of	of	ADP
ftr-347	697	15	these	these	DET
ftr-347	697	16	debt	debt	NOUN
ftr-347	697	17	products	product	NOUN
ftr-347	697	18	.	.	PUNCT
ftr-347	698	1	there	there	PRON
ftr-347	698	2	is	be	VERB
ftr-347	698	3	deadweight	deadweight	ADJ
ftr-347	698	4	loss	loss	NOUN
ftr-347	698	5	in	in	ADP
ftr-347	698	6	this	this	DET
ftr-347	698	7	context	context	NOUN
ftr-347	698	8	,	,	PUNCT
ftr-347	698	9	or	or	CCONJ
ftr-347	698	10	a	a	DET
ftr-347	698	11	loss	loss	NOUN
ftr-347	698	12	to	to	ADP
ftr-347	698	13	society	society	NOUN
ftr-347	698	14	due	due	ADP
ftr-347	698	15	to	to	ADP
ftr-347	698	16	the	the	DET
ftr-347	698	17	reduction	reduction	NOUN
ftr-347	698	18	in	in	ADP
ftr-347	698	19	the	the	DET
ftr-347	698	20	sales	sale	NOUN
ftr-347	698	21	of	of	ADP
ftr-347	698	22	the	the	DET
ftr-347	698	23	debt	debt	NOUN
ftr-347	698	24	securities	security	NOUN
ftr-347	698	25	because	because	SCONJ
ftr-347	698	26	of	of	ADP
ftr-347	698	27	the	the	DET
ftr-347	698	28	tax	tax	NOUN
ftr-347	698	29	uncertainty	uncertainty	NOUN
ftr-347	698	30	that	that	PRON
ftr-347	698	31	is	be	AUX
ftr-347	698	32	not	not	PART
ftr-347	698	33	captured	capture	VERB
ftr-347	698	34	by	by	ADP
ftr-347	698	35	government	government	NOUN
ftr-347	698	36	revenue	revenue	NOUN
ftr-347	698	37	.	.	PUNCT
ftr-347	699	1	there	there	PRON
ftr-347	699	2	is	be	VERB
ftr-347	699	3	also	also	ADV
ftr-347	699	4	the	the	DET
ftr-347	699	5	risk	risk	NOUN
ftr-347	699	6	that	that	SCONJ
ftr-347	699	7	those	those	DET
ftr-347	699	8	hedge	hedge	NOUN
ftr-347	699	9	funds	fund	NOUN
ftr-347	699	10	that	that	PRON
ftr-347	699	11	are	be	AUX
ftr-347	699	12	risk	risk	NOUN
ftr-347	699	13	–	–	PUNCT
ftr-347	699	14	taking	take	VERB
ftr-347	699	15	with	with	ADP
ftr-347	699	16	respect	respect	NOUN
ftr-347	699	17	to	to	ADP
ftr-347	699	18	the	the	DET
ftr-347	699	19	tax	tax	NOUN
ftr-347	699	20	uncertainty	uncertainty	NOUN
ftr-347	699	21	will	will	AUX
ftr-347	699	22	subsequently	subsequently	ADV
ftr-347	699	23	find	find	VERB
ftr-347	699	24	an	an	DET
ftr-347	699	25	unexpected	unexpected	ADJ
ftr-347	699	26	tax	tax	NOUN
ftr-347	699	27	liability	liability	NOUN
ftr-347	699	28	,	,	PUNCT
ftr-347	699	29	which	which	PRON
ftr-347	699	30	leads	lead	VERB
ftr-347	699	31	us	we	PRON
ftr-347	699	32	to	to	PART
ftr-347	699	33	again	again	ADV
ftr-347	699	34	ask	ask	VERB
ftr-347	699	35	the	the	DET
ftr-347	699	36	questions	question	NOUN
ftr-347	699	37	about	about	ADP
ftr-347	699	38	systemic	systemic	ADJ
ftr-347	699	39	risk	risk	NOUN
ftr-347	699	40	if	if	SCONJ
ftr-347	699	41	these	these	DET
ftr-347	699	42	risk	risk	NOUN
ftr-347	699	43	takers	taker	NOUN
ftr-347	699	44	are	be	AUX
ftr-347	699	45	interconnected	interconnect	VERB
ftr-347	699	46	enough	enough	ADV
ftr-347	699	47	.	.	PUNCT
ftr-347	700	1	in	in	ADP
ftr-347	700	2	addition	addition	NOUN
ftr-347	700	3	,	,	PUNCT
ftr-347	700	4	society	society	NOUN
ftr-347	700	5	loses	lose	VERB
ftr-347	700	6	with	with	ADP
ftr-347	700	7	respect	respect	NOUN
ftr-347	700	8	to	to	ADP
ftr-347	700	9	the	the	DET
ftr-347	700	10	time	time	NOUN
ftr-347	700	11	and	and	CCONJ
ftr-347	700	12	money	money	NOUN
ftr-347	700	13	hedge	hedge	NOUN
ftr-347	700	14	funds	fund	NOUN
ftr-347	700	15	spend	spend	VERB
ftr-347	700	16	in	in	ADP
ftr-347	700	17	procuring	procure	VERB
ftr-347	700	18	practitioner	practitioner	NOUN
ftr-347	700	19	driven	drive	VERB
ftr-347	700	20	standards	standard	NOUN
ftr-347	700	21	.	.	PUNCT
ftr-347	701	1	those	those	DET
ftr-347	701	2	resources	resource	NOUN
ftr-347	701	3	could	could	AUX
ftr-347	701	4	be	be	AUX
ftr-347	701	5	used	use	VERB
ftr-347	701	6	in	in	ADP
ftr-347	701	7	a	a	DET
ftr-347	701	8	more	more	ADV
ftr-347	701	9	economically	economically	ADV
ftr-347	701	10	productive	productive	ADJ
ftr-347	701	11	way	way	NOUN
ftr-347	701	12	.	.	PUNCT
ftr-347	702	1	the	the	DET
ftr-347	702	2	policy	policy	NOUN
ftr-347	702	3	rationale	rationale	NOUN
ftr-347	702	4	for	for	ADP
ftr-347	702	5	the	the	DET
ftr-347	702	6	three	three	NUM
ftr-347	702	7	rules	rule	NOUN
ftr-347	702	8	described	describe	VERB
ftr-347	702	9	above	above	ADV
ftr-347	702	10	can	can	AUX
ftr-347	702	11	be	be	AUX
ftr-347	702	12	summed	sum	VERB
ftr-347	702	13	up	up	ADP
ftr-347	702	14	by	by	ADP
ftr-347	702	15	stating	state	VERB
ftr-347	702	16	that	that	SCONJ
ftr-347	702	17	they	they	PRON
ftr-347	702	18	were	be	AUX
ftr-347	702	19	enacted	enact	VERB
ftr-347	702	20	because	because	SCONJ
ftr-347	702	21	collection	collection	NOUN
ftr-347	702	22	of	of	ADP
ftr-347	702	23	the	the	DET
ftr-347	702	24	corresponding	corresponding	ADJ
ftr-347	702	25	taxes	taxis	NOUN
ftr-347	702	26	was	be	AUX
ftr-347	702	27	difficult	difficult	ADJ
ftr-347	702	28	and	and	CCONJ
ftr-347	702	29	to	to	PART
ftr-347	702	30	encourage	encourage	VERB
ftr-347	702	31	foreign	foreign	ADJ
ftr-347	702	32	financial	financial	ADJ
ftr-347	702	33	investment	investment	NOUN
ftr-347	702	34	in	in	ADP
ftr-347	702	35	the	the	DET
ftr-347	702	36	united	united	PROPN
ftr-347	702	37	states.151	states.151	PROPN
ftr-347	702	38	uncertainty	uncertainty	NOUN
ftr-347	702	39	in	in	ADP
ftr-347	702	40	these	these	DET
ftr-347	702	41	tax	tax	NOUN
ftr-347	702	42	laws	law	NOUN
ftr-347	702	43	may	may	AUX
ftr-347	702	44	frustrate	frustrate	VERB
ftr-347	702	45	the	the	DET
ftr-347	702	46	objective	objective	NOUN
ftr-347	702	47	of	of	ADP
ftr-347	702	48	encouraging	encourage	VERB
ftr-347	702	49	foreign	foreign	ADJ
ftr-347	702	50	financial	financial	ADJ
ftr-347	702	51	investment	investment	NOUN
ftr-347	702	52	in	in	ADP
ftr-347	702	53	the	the	DET
ftr-347	702	54	u.s	u.s	PROPN
ftr-347	702	55	.	.	PROPN
ftr-347	702	56	the	the	DET
ftr-347	702	57	legislative	legislative	ADJ
ftr-347	702	58	history	history	NOUN
ftr-347	702	59	of	of	ADP
ftr-347	702	60	the	the	DET
ftr-347	702	61	securities	security	NOUN
ftr-347	702	62	trading	trading	NOUN
ftr-347	702	63	safe	safe	ADJ
ftr-347	702	64	harbor	harbor	NOUN
ftr-347	702	65	specifically	specifically	ADV
ftr-347	702	66	discusses	discuss	VERB
ftr-347	702	67	that	that	SCONJ
ftr-347	702	68	the	the	DET
ftr-347	702	69	confusion	confusion	NOUN
ftr-347	702	70	in	in	ADP
ftr-347	702	71	the	the	DET
ftr-347	702	72	application	application	NOUN
ftr-347	702	73	of	of	ADP
ftr-347	702	74	the	the	DET
ftr-347	702	75	early	early	ADJ
ftr-347	702	76	version	version	NOUN
ftr-347	702	77	of	of	ADP
ftr-347	702	78	the	the	DET
ftr-347	702	79	safe	safe	ADJ
ftr-347	702	80	harbor	harbor	NOUN
ftr-347	702	81	“	"	PUNCT
ftr-347	702	82	may	may	AUX
ftr-347	702	83	have	have	AUX
ftr-347	702	84	acted	act	VERB
ftr-347	702	85	to	to	PART
ftr-347	702	86	deter	deter	VERB
ftr-347	702	87	some	some	DET
ftr-347	702	88	foreign	foreign	ADJ
ftr-347	702	89	investment	investment	NOUN
ftr-347	702	90	in	in	ADP
ftr-347	702	91	the	the	DET
ftr-347	702	92	united	united	PROPN
ftr-347	702	93	states	states	PROPN
ftr-347	702	94	.	.	PUNCT
ftr-347	703	1	”152	”152	VERB
ftr-347	703	2	the	the	DET
ftr-347	703	3	confusion	confusion	NOUN
ftr-347	703	4	of	of	ADP
ftr-347	703	5	the	the	DET
ftr-347	703	6	current	current	ADJ
ftr-347	703	7	rules	rule	NOUN
ftr-347	703	8	may	may	AUX
ftr-347	703	9	be	be	AUX
ftr-347	703	10	doing	do	VERB
ftr-347	703	11	the	the	DET
ftr-347	703	12	same	same	ADJ
ftr-347	703	13	thing	thing	NOUN
ftr-347	703	14	here	here	ADV
ftr-347	703	15	at	at	ADP
ftr-347	703	16	a	a	DET
ftr-347	703	17	time	time	NOUN
ftr-347	703	18	in	in	ADP
ftr-347	703	19	which	which	PRON
ftr-347	703	20	the	the	PRON
ftr-347	703	21	u.s	u.s	PROPN
ftr-347	703	22	.	.	PROPN
ftr-347	703	23	desperately	desperately	ADV
ftr-347	703	24	needs	need	VERB
ftr-347	703	25	more	more	ADJ
ftr-347	703	26	liquidity	liquidity	NOUN
ftr-347	703	27	.	.	PUNCT
ftr-347	704	1	clearly	clearly	ADV
ftr-347	704	2	a	a	DET
ftr-347	704	3	foreign	foreign	ADJ
ftr-347	704	4	person	person	NOUN
ftr-347	704	5	considering	consider	VERB
ftr-347	704	6	whether	whether	SCONJ
ftr-347	704	7	or	or	CCONJ
ftr-347	704	8	not	not	PART
ftr-347	704	9	to	to	PART
ftr-347	704	10	invest	invest	VERB
ftr-347	704	11	in	in	ADP
ftr-347	704	12	the	the	DET
ftr-347	704	13	united	united	PROPN
ftr-347	704	14	states	states	PROPN
ftr-347	704	15	must	must	AUX
ftr-347	704	16	calculate	calculate	VERB
ftr-347	704	17	the	the	DET
ftr-347	704	18	extent	extent	NOUN
ftr-347	704	19	to	to	PART
ftr-347	704	20	which	which	PRON
ftr-347	704	21	an	an	DET
ftr-347	704	22	investment	investment	NOUN
ftr-347	704	23	would	would	AUX
ftr-347	704	24	150	150	NUM
ftr-347	704	25	.	.	PUNCT
ftr-347	705	1	see	see	VERB
ftr-347	705	2	sicular	sicular	ADJ
ftr-347	705	3	&	&	CCONJ
ftr-347	705	4	sobol	sobol	NOUN
ftr-347	705	5	,	,	PUNCT
ftr-347	705	6	effectively	effectively	ADV
ftr-347	705	7	connected	connected	ADJ
ftr-347	705	8	income	income	NOUN
ftr-347	705	9	,	,	PUNCT
ftr-347	705	10	supra	supra	PROPN
ftr-347	705	11	note	note	NOUN
ftr-347	705	12	64	64	NUM
ftr-347	705	13	,	,	PUNCT
ftr-347	705	14	at	at	ADP
ftr-347	705	15	778	778	NUM
ftr-347	705	16	.	.	PUNCT
ftr-347	705	17	151	151	NUM
ftr-347	705	18	.	.	PUNCT
ftr-347	706	1	see	see	VERB
ftr-347	706	2	supra	supra	PROPN
ftr-347	706	3	parts	part	NOUN
ftr-347	706	4	iv(a)–(c	iv(a)–(c	NOUN
ftr-347	706	5	)	)	PUNCT
ftr-347	706	6	.	.	PUNCT
ftr-347	707	1	152	152	NUM
ftr-347	707	2	.	.	PUNCT
ftr-347	708	1	see	see	VERB
ftr-347	708	2	supra	supra	PROPN
ftr-347	708	3	note	note	PROPN
ftr-347	708	4	144	144	NUM
ftr-347	708	5	.	.	PUNCT
ftr-347	709	1	2011	2011	NUM
ftr-347	709	2	]	]	PUNCT
ftr-347	709	3	the	the	DET
ftr-347	709	4	global	global	ADJ
ftr-347	709	5	shadow	shadow	PROPN
ftr-347	709	6	bank	bank	PROPN
ftr-347	709	7	677	677	NUM
ftr-347	709	8	generate	generate	VERB
ftr-347	709	9	u.s	u.s	PROPN
ftr-347	709	10	.	.	PROPN
ftr-347	709	11	tax	tax	NOUN
ftr-347	709	12	liability	liability	NOUN
ftr-347	709	13	.	.	PUNCT
ftr-347	710	1	if	if	SCONJ
ftr-347	710	2	the	the	DET
ftr-347	710	3	foreign	foreign	ADJ
ftr-347	710	4	person	person	NOUN
ftr-347	710	5	is	be	AUX
ftr-347	710	6	subject	subject	ADJ
ftr-347	710	7	to	to	ADP
ftr-347	710	8	substantial	substantial	ADJ
ftr-347	710	9	income	income	NOUN
ftr-347	710	10	tax	tax	NOUN
ftr-347	710	11	in	in	ADP
ftr-347	710	12	its	its	PRON
ftr-347	710	13	home	home	NOUN
ftr-347	710	14	country	country	NOUN
ftr-347	710	15	,	,	PUNCT
ftr-347	710	16	this	this	DET
ftr-347	710	17	inquiry	inquiry	NOUN
ftr-347	710	18	may	may	AUX
ftr-347	710	19	not	not	PART
ftr-347	710	20	be	be	AUX
ftr-347	710	21	so	so	ADV
ftr-347	710	22	important	important	ADJ
ftr-347	710	23	since	since	SCONJ
ftr-347	710	24	its	its	PRON
ftr-347	710	25	home	home	NOUN
ftr-347	710	26	country	country	NOUN
ftr-347	710	27	may	may	AUX
ftr-347	710	28	allow	allow	VERB
ftr-347	710	29	the	the	DET
ftr-347	710	30	investor	investor	NOUN
ftr-347	710	31	a	a	DET
ftr-347	710	32	tax	tax	NOUN
ftr-347	710	33	credit	credit	NOUN
ftr-347	710	34	for	for	ADP
ftr-347	710	35	u.s	u.s	PROPN
ftr-347	710	36	.	.	PROPN
ftr-347	710	37	taxes	taxis	NOUN
ftr-347	710	38	paid	pay	VERB
ftr-347	710	39	.	.	PUNCT
ftr-347	711	1	however	however	ADV
ftr-347	711	2	,	,	PUNCT
ftr-347	711	3	many	many	ADJ
ftr-347	711	4	potential	potential	ADJ
ftr-347	711	5	foreign	foreign	ADJ
ftr-347	711	6	investors	investor	NOUN
ftr-347	711	7	are	be	AUX
ftr-347	711	8	subject	subject	ADJ
ftr-347	711	9	to	to	ADP
ftr-347	711	10	minimal	minimal	ADJ
ftr-347	711	11	tax	tax	NOUN
ftr-347	711	12	in	in	ADP
ftr-347	711	13	their	their	PRON
ftr-347	711	14	home	home	NOUN
ftr-347	711	15	country	country	NOUN
ftr-347	711	16	on	on	ADP
ftr-347	711	17	income	income	NOUN
ftr-347	711	18	from	from	ADP
ftr-347	711	19	u.s	u.s	PROPN
ftr-347	711	20	.	.	PROPN
ftr-347	711	21	investments	investment	NOUN
ftr-347	711	22	,	,	PUNCT
ftr-347	711	23	which	which	PRON
ftr-347	711	24	makes	make	VERB
ftr-347	711	25	the	the	DET
ftr-347	711	26	determination	determination	NOUN
ftr-347	711	27	of	of	ADP
ftr-347	711	28	u.s	u.s	PROPN
ftr-347	711	29	.	.	PROPN
ftr-347	711	30	tax	tax	NOUN
ftr-347	711	31	liability	liability	NOUN
ftr-347	711	32	key	key	NOUN
ftr-347	711	33	in	in	ADP
ftr-347	711	34	deciding	decide	VERB
ftr-347	711	35	where	where	SCONJ
ftr-347	711	36	to	to	PART
ftr-347	711	37	invest	invest	VERB
ftr-347	711	38	funds	fund	NOUN
ftr-347	711	39	.	.	PUNCT
ftr-347	712	1	v.	v.	ADP
ftr-347	712	2	conclusions	conclusion	NOUN
ftr-347	712	3	,	,	PUNCT
ftr-347	712	4	suggestions	suggestion	NOUN
ftr-347	712	5	,	,	PUNCT
ftr-347	712	6	and	and	CCONJ
ftr-347	712	7	moving	move	VERB
ftr-347	712	8	forward	forward	ADV
ftr-347	712	9	the	the	DET
ftr-347	712	10	issue	issue	NOUN
ftr-347	712	11	of	of	ADP
ftr-347	712	12	where	where	SCONJ
ftr-347	712	13	to	to	PART
ftr-347	712	14	draw	draw	VERB
ftr-347	712	15	the	the	DET
ftr-347	712	16	u.s	u.s	PROPN
ftr-347	712	17	.	.	PROPN
ftr-347	712	18	trade	trade	PROPN
ftr-347	712	19	or	or	CCONJ
ftr-347	712	20	business	business	NOUN
ftr-347	712	21	line	line	NOUN
ftr-347	712	22	is	be	AUX
ftr-347	712	23	and	and	CCONJ
ftr-347	712	24	always	always	ADV
ftr-347	712	25	has	have	AUX
ftr-347	712	26	been	be	AUX
ftr-347	712	27	a	a	DET
ftr-347	712	28	difficult	difficult	ADJ
ftr-347	712	29	one	one	NOUN
ftr-347	712	30	because	because	SCONJ
ftr-347	712	31	of	of	ADP
ftr-347	712	32	competing	compete	VERB
ftr-347	712	33	tax	tax	NOUN
ftr-347	712	34	policy	policy	NOUN
ftr-347	712	35	considerations.153	considerations.153	VERB
ftr-347	712	36	proponents	proponent	NOUN
ftr-347	712	37	for	for	ADP
ftr-347	712	38	a	a	DET
ftr-347	712	39	u.s	u.s	PROPN
ftr-347	712	40	.	.	PROPN
ftr-347	712	41	trade	trade	PROPN
ftr-347	712	42	or	or	CCONJ
ftr-347	712	43	business	business	NOUN
ftr-347	712	44	rule	rule	NOUN
ftr-347	712	45	or	or	CCONJ
ftr-347	712	46	standard	standard	NOUN
ftr-347	712	47	that	that	PRON
ftr-347	712	48	is	be	AUX
ftr-347	712	49	more	more	ADV
ftr-347	712	50	generous	generous	ADJ
ftr-347	712	51	to	to	ADP
ftr-347	712	52	foreign	foreign	ADJ
ftr-347	712	53	persons	person	NOUN
ftr-347	712	54	may	may	AUX
ftr-347	712	55	argue	argue	VERB
ftr-347	712	56	,	,	PUNCT
ftr-347	712	57	among	among	ADP
ftr-347	712	58	other	other	ADJ
ftr-347	712	59	things	thing	NOUN
ftr-347	712	60	that	that	PRON
ftr-347	712	61	:	:	PUNCT
ftr-347	712	62	•	•	ADP
ftr-347	712	63	the	the	DET
ftr-347	712	64	united	united	PROPN
ftr-347	712	65	states	states	PROPN
ftr-347	712	66	should	should	AUX
ftr-347	712	67	attract	attract	VERB
ftr-347	712	68	foreign	foreign	ADJ
ftr-347	712	69	investment	investment	NOUN
ftr-347	712	70	to	to	PART
ftr-347	712	71	keep	keep	VERB
ftr-347	712	72	the	the	DET
ftr-347	712	73	united	united	PROPN
ftr-347	712	74	states	states	PROPN
ftr-347	712	75	productive	productive	ADJ
ftr-347	712	76	and	and	CCONJ
ftr-347	712	77	help	help	VERB
ftr-347	712	78	with	with	ADP
ftr-347	712	79	the	the	DET
ftr-347	712	80	unemployment	unemployment	NOUN
ftr-347	712	81	rate	rate	NOUN
ftr-347	712	82	.	.	PUNCT
ftr-347	713	1	•	•	NUM
ftr-347	713	2	revenue	revenue	NOUN
ftr-347	713	3	loss	loss	NOUN
ftr-347	713	4	would	would	AUX
ftr-347	713	5	be	be	AUX
ftr-347	713	6	small	small	ADJ
ftr-347	713	7	because	because	SCONJ
ftr-347	713	8	tax	tax	NOUN
ftr-347	713	9	rates	rate	NOUN
ftr-347	713	10	are	be	AUX
ftr-347	713	11	already	already	ADV
ftr-347	713	12	reduced	reduce	VERB
ftr-347	713	13	by	by	ADP
ftr-347	713	14	treaty	treaty	NOUN
ftr-347	713	15	,	,	PUNCT
ftr-347	713	16	and	and	CCONJ
ftr-347	713	17	an	an	DET
ftr-347	713	18	increase	increase	NOUN
ftr-347	713	19	in	in	ADP
ftr-347	713	20	foreign	foreign	ADJ
ftr-347	713	21	investment	investment	NOUN
ftr-347	713	22	will	will	AUX
ftr-347	713	23	increase	increase	VERB
ftr-347	713	24	economic	economic	ADJ
ftr-347	713	25	activity	activity	NOUN
ftr-347	713	26	and	and	CCONJ
ftr-347	713	27	thereby	thereby	ADV
ftr-347	713	28	overall	overall	ADJ
ftr-347	713	29	u.s	u.s	PROPN
ftr-347	713	30	.	.	PROPN
ftr-347	713	31	tax	tax	NOUN
ftr-347	713	32	revenue	revenue	NOUN
ftr-347	713	33	.	.	PUNCT
ftr-347	714	1	•	•	INTJ
ftr-347	714	2	there	there	PRON
ftr-347	714	3	are	be	VERB
ftr-347	714	4	considerable	considerable	ADJ
ftr-347	714	5	costs	cost	NOUN
ftr-347	714	6	to	to	ADP
ftr-347	714	7	collection	collection	NOUN
ftr-347	714	8	from	from	ADP
ftr-347	714	9	foreign	foreign	ADJ
ftr-347	714	10	funds	fund	NOUN
ftr-347	714	11	,	,	PUNCT
ftr-347	714	12	and	and	CCONJ
ftr-347	714	13	a	a	DET
ftr-347	714	14	strict	strict	ADJ
ftr-347	714	15	standard	standard	NOUN
ftr-347	714	16	would	would	AUX
ftr-347	714	17	lead	lead	VERB
ftr-347	714	18	foreign	foreign	ADJ
ftr-347	714	19	funds	fund	NOUN
ftr-347	714	20	not	not	PART
ftr-347	714	21	investing	invest	VERB
ftr-347	714	22	in	in	ADP
ftr-347	714	23	debt	debt	NOUN
ftr-347	714	24	securities	security	NOUN
ftr-347	714	25	in	in	ADP
ftr-347	714	26	the	the	DET
ftr-347	714	27	u.s	u.s	PROPN
ftr-347	714	28	.	.	PROPN
ftr-347	714	29	•	•	NUM
ftr-347	714	30	u.s	u.s	PROPN
ftr-347	714	31	.	.	PROPN
ftr-347	714	32	borrowers	borrower	NOUN
ftr-347	714	33	would	would	AUX
ftr-347	714	34	be	be	AUX
ftr-347	714	35	at	at	ADP
ftr-347	714	36	a	a	DET
ftr-347	714	37	competitive	competitive	ADJ
ftr-347	714	38	disadvantage	disadvantage	NOUN
ftr-347	714	39	against	against	ADP
ftr-347	714	40	borrowers	borrower	NOUN
ftr-347	714	41	from	from	ADP
ftr-347	714	42	other	other	ADJ
ftr-347	714	43	countries	country	NOUN
ftr-347	714	44	.	.	PUNCT
ftr-347	715	1	proponents	proponent	NOUN
ftr-347	715	2	for	for	ADP
ftr-347	715	3	a	a	DET
ftr-347	715	4	u.s	u.s	PROPN
ftr-347	715	5	.	.	PROPN
ftr-347	715	6	trade	trade	PROPN
ftr-347	715	7	or	or	CCONJ
ftr-347	715	8	business	business	NOUN
ftr-347	715	9	rule	rule	NOUN
ftr-347	715	10	or	or	CCONJ
ftr-347	715	11	standard	standard	ADJ
ftr-347	715	12	less	less	ADV
ftr-347	715	13	generous	generous	ADJ
ftr-347	715	14	to	to	ADP
ftr-347	715	15	foreign	foreign	ADJ
ftr-347	715	16	persons	person	NOUN
ftr-347	715	17	may	may	AUX
ftr-347	715	18	argue	argue	VERB
ftr-347	715	19	,	,	PUNCT
ftr-347	715	20	among	among	ADP
ftr-347	715	21	other	other	ADJ
ftr-347	715	22	things	thing	NOUN
ftr-347	715	23	that	that	PRON
ftr-347	715	24	:	:	PUNCT
ftr-347	715	25	•	•	NUM
ftr-347	715	26	u.s	u.s	PROPN
ftr-347	715	27	.	.	PROPN
ftr-347	715	28	investors	investor	NOUN
ftr-347	715	29	are	be	AUX
ftr-347	715	30	subject	subject	ADJ
ftr-347	715	31	to	to	ADP
ftr-347	715	32	higher	high	ADJ
ftr-347	715	33	u.s	u.s	PROPN
ftr-347	715	34	.	.	PROPN
ftr-347	715	35	taxes	taxis	NOUN
ftr-347	715	36	on	on	ADP
ftr-347	715	37	the	the	DET
ftr-347	715	38	same	same	ADJ
ftr-347	715	39	passive	passive	ADJ
ftr-347	715	40	investments	investment	NOUN
ftr-347	715	41	.	.	PUNCT
ftr-347	716	1	•	•	NUM
ftr-347	716	2	u.s	u.s	PROPN
ftr-347	716	3	.	.	PROPN
ftr-347	716	4	bargaining	bargaining	NOUN
ftr-347	716	5	power	power	NOUN
ftr-347	716	6	in	in	ADP
ftr-347	716	7	taxation	taxation	NOUN
ftr-347	716	8	treaties	treaty	NOUN
ftr-347	716	9	would	would	AUX
ftr-347	716	10	be	be	AUX
ftr-347	716	11	diminished	diminish	VERB
ftr-347	716	12	if	if	SCONJ
ftr-347	716	13	we	we	PRON
ftr-347	716	14	were	be	AUX
ftr-347	716	15	generous	generous	ADJ
ftr-347	716	16	with	with	ADP
ftr-347	716	17	all	all	DET
ftr-347	716	18	countries	country	NOUN
ftr-347	716	19	.	.	PUNCT
ftr-347	717	1	•	•	NUM
ftr-347	717	2	the	the	DET
ftr-347	717	3	united	united	PROPN
ftr-347	717	4	states	states	PROPN
ftr-347	717	5	could	could	AUX
ftr-347	717	6	become	become	VERB
ftr-347	717	7	a	a	DET
ftr-347	717	8	tax	tax	NOUN
ftr-347	717	9	haven	haven	NOUN
ftr-347	717	10	.	.	PUNCT
ftr-347	718	1	•	•	NUM
ftr-347	718	2	foreign	foreign	ADJ
ftr-347	718	3	investment	investment	NOUN
ftr-347	718	4	will	will	AUX
ftr-347	718	5	not	not	PART
ftr-347	718	6	necessarily	necessarily	ADV
ftr-347	718	7	increase	increase	VERB
ftr-347	718	8	if	if	SCONJ
ftr-347	718	9	there	there	PRON
ftr-347	718	10	is	be	VERB
ftr-347	718	11	a	a	DET
ftr-347	718	12	race	race	NOUN
ftr-347	718	13	between	between	ADP
ftr-347	718	14	countries	country	NOUN
ftr-347	718	15	to	to	ADP
ftr-347	718	16	the	the	DET
ftr-347	718	17	most	most	ADV
ftr-347	718	18	generous	generous	ADJ
ftr-347	718	19	or	or	CCONJ
ftr-347	718	20	if	if	SCONJ
ftr-347	718	21	foreign	foreign	ADJ
ftr-347	718	22	persons	person	NOUN
ftr-347	718	23	are	be	AUX
ftr-347	718	24	merely	merely	ADV
ftr-347	718	25	paying	pay	VERB
ftr-347	718	26	the	the	DET
ftr-347	718	27	foregone	foregone	NOUN
ftr-347	718	28	u.s	u.s	PROPN
ftr-347	718	29	.	.	PROPN
ftr-347	718	30	tax	tax	NOUN
ftr-347	718	31	to	to	ADP
ftr-347	718	32	their	their	PRON
ftr-347	718	33	home	home	NOUN
ftr-347	718	34	countries	country	NOUN
ftr-347	718	35	.	.	PUNCT
ftr-347	719	1	153	153	NUM
ftr-347	719	2	.	.	PUNCT
ftr-347	719	3	see	see	VERB
ftr-347	719	4	generally	generally	ADV
ftr-347	719	5	david	david	PROPN
ftr-347	719	6	a.	a.	PROPN
ftr-347	719	7	weisbach	weisbach	PROPN
ftr-347	719	8	,	,	PUNCT
ftr-347	719	9	line	line	NOUN
ftr-347	719	10	drawing	drawing	NOUN
ftr-347	719	11	,	,	PUNCT
ftr-347	719	12	doctrine	doctrine	NOUN
ftr-347	719	13	,	,	PUNCT
ftr-347	719	14	and	and	CCONJ
ftr-347	719	15	efficiency	efficiency	NOUN
ftr-347	719	16	in	in	ADP
ftr-347	719	17	the	the	DET
ftr-347	719	18	tax	tax	NOUN
ftr-347	719	19	law	law	NOUN
ftr-347	719	20	,	,	PUNCT
ftr-347	719	21	84	84	NUM
ftr-347	719	22	cornell	cornell	PROPN
ftr-347	719	23	l.	l.	PROPN
ftr-347	719	24	rev	rev	PROPN
ftr-347	719	25	.	.	PROPN
ftr-347	719	26	1627	1627	NUM
ftr-347	719	27	,	,	PUNCT
ftr-347	719	28	1649–51	1649–51	NUM
ftr-347	719	29	(	(	PUNCT
ftr-347	719	30	1999	1999	NUM
ftr-347	719	31	)	)	PUNCT
ftr-347	719	32	.	.	PUNCT
ftr-347	720	1	678	678	NUM
ftr-347	720	2	florida	florida	PROPN
ftr-347	720	3	tax	tax	NOUN
ftr-347	720	4	review	review	NOUN
ftr-347	720	5	[	[	X
ftr-347	720	6	vol	vol	NOUN
ftr-347	720	7	.	.	PUNCT
ftr-347	720	8	11:8	11:8	NUM
ftr-347	720	9	in	in	ADP
ftr-347	720	10	addition	addition	NOUN
ftr-347	720	11	,	,	PUNCT
ftr-347	720	12	there	there	PRON
ftr-347	720	13	may	may	AUX
ftr-347	720	14	be	be	AUX
ftr-347	720	15	special	special	ADJ
ftr-347	720	16	considerations	consideration	NOUN
ftr-347	720	17	that	that	PRON
ftr-347	720	18	policymakers	policymaker	NOUN
ftr-347	720	19	want	want	VERB
ftr-347	720	20	to	to	PART
ftr-347	720	21	consider	consider	VERB
ftr-347	720	22	given	give	VERB
ftr-347	720	23	the	the	DET
ftr-347	720	24	current	current	ADJ
ftr-347	720	25	need	need	NOUN
ftr-347	720	26	for	for	ADP
ftr-347	720	27	liquidity	liquidity	NOUN
ftr-347	720	28	in	in	ADP
ftr-347	720	29	the	the	DET
ftr-347	720	30	u.s	u.s	PROPN
ftr-347	720	31	.	.	PROPN
ftr-347	720	32	following	follow	VERB
ftr-347	720	33	the	the	DET
ftr-347	720	34	recent	recent	ADJ
ftr-347	720	35	financial	financial	ADJ
ftr-347	720	36	crisis.154	crisis.154	VERB
ftr-347	720	37	irrespective	irrespective	ADV
ftr-347	720	38	of	of	ADP
ftr-347	720	39	which	which	DET
ftr-347	720	40	direction	direction	NOUN
ftr-347	720	41	policymakers	policymaker	NOUN
ftr-347	720	42	choose	choose	VERB
ftr-347	720	43	on	on	ADP
ftr-347	720	44	the	the	DET
ftr-347	720	45	substantive	substantive	ADJ
ftr-347	720	46	question	question	NOUN
ftr-347	720	47	of	of	ADP
ftr-347	720	48	what	what	PRON
ftr-347	720	49	rises	rise	VERB
ftr-347	720	50	to	to	ADP
ftr-347	720	51	the	the	DET
ftr-347	720	52	level	level	NOUN
ftr-347	720	53	of	of	ADP
ftr-347	720	54	a	a	DET
ftr-347	720	55	u.s	u.s	PROPN
ftr-347	720	56	.	.	PROPN
ftr-347	720	57	trade	trade	NOUN
ftr-347	720	58	or	or	CCONJ
ftr-347	720	59	business	business	NOUN
ftr-347	720	60	,	,	PUNCT
ftr-347	720	61	or	or	CCONJ
ftr-347	720	62	if	if	SCONJ
ftr-347	720	63	that	that	PRON
ftr-347	720	64	should	should	AUX
ftr-347	720	65	even	even	ADV
ftr-347	720	66	be	be	AUX
ftr-347	720	67	the	the	DET
ftr-347	720	68	relevant	relevant	ADJ
ftr-347	720	69	inquiry	inquiry	NOUN
ftr-347	720	70	,	,	PUNCT
ftr-347	720	71	i	i	PRON
ftr-347	720	72	posit	posit	VERB
ftr-347	720	73	that	that	SCONJ
ftr-347	720	74	given	give	VERB
ftr-347	720	75	the	the	DET
ftr-347	720	76	complex	complex	ADJ
ftr-347	720	77	form	form	NOUN
ftr-347	720	78	of	of	ADP
ftr-347	720	79	shadow	shadow	PROPN
ftr-347	720	80	bank	bank	NOUN
ftr-347	720	81	transactions	transaction	NOUN
ftr-347	720	82	between	between	ADP
ftr-347	720	83	foreign	foreign	ADJ
ftr-347	720	84	persons	person	NOUN
ftr-347	720	85	and	and	CCONJ
ftr-347	720	86	their	their	PRON
ftr-347	720	87	u.s	u.s	PROPN
ftr-347	720	88	.	.	PROPN
ftr-347	720	89	affiliates	affiliates	PROPN
ftr-347	720	90	/	/	SYM
ftr-347	720	91	lead	lead	NOUN
ftr-347	720	92	lenders	lender	NOUN
ftr-347	720	93	,	,	PUNCT
ftr-347	720	94	whatever	whatever	DET
ftr-347	720	95	standards	standard	NOUN
ftr-347	720	96	or	or	CCONJ
ftr-347	720	97	rules	rule	NOUN
ftr-347	720	98	are	be	AUX
ftr-347	720	99	adopted	adopt	VERB
ftr-347	720	100	should	should	AUX
ftr-347	720	101	get	get	VERB
ftr-347	720	102	to	to	ADP
ftr-347	720	103	the	the	DET
ftr-347	720	104	substance	substance	NOUN
ftr-347	720	105	and	and	CCONJ
ftr-347	720	106	not	not	PART
ftr-347	720	107	merely	merely	ADV
ftr-347	720	108	the	the	DET
ftr-347	720	109	form	form	NOUN
ftr-347	720	110	of	of	ADP
ftr-347	720	111	the	the	DET
ftr-347	720	112	transactions	transaction	NOUN
ftr-347	720	113	.	.	PUNCT
ftr-347	721	1	in	in	ADP
ftr-347	721	2	other	other	ADJ
ftr-347	721	3	words	word	NOUN
ftr-347	721	4	,	,	PUNCT
ftr-347	721	5	if	if	SCONJ
ftr-347	721	6	the	the	DET
ftr-347	721	7	relevant	relevant	ADJ
ftr-347	721	8	inquiry	inquiry	NOUN
ftr-347	721	9	is	be	AUX
ftr-347	721	10	to	to	ADP
ftr-347	721	11	what	what	DET
ftr-347	721	12	extent	extent	NOUN
ftr-347	721	13	a	a	DET
ftr-347	721	14	foreign	foreign	ADJ
ftr-347	721	15	person	person	NOUN
ftr-347	721	16	originated	originate	VERB
ftr-347	721	17	loans	loan	NOUN
ftr-347	721	18	,	,	PUNCT
ftr-347	721	19	the	the	DET
ftr-347	721	20	inquiry	inquiry	NOUN
ftr-347	721	21	should	should	AUX
ftr-347	721	22	not	not	PART
ftr-347	721	23	be	be	AUX
ftr-347	721	24	centered	center	VERB
ftr-347	721	25	on	on	ADP
ftr-347	721	26	how	how	SCONJ
ftr-347	721	27	close	close	ADJ
ftr-347	721	28	foreign	foreign	ADJ
ftr-347	721	29	persons	person	NOUN
ftr-347	721	30	get	get	VERB
ftr-347	721	31	to	to	ADP
ftr-347	721	32	loan	loan	NOUN
ftr-347	721	33	origination	origination	NOUN
ftr-347	721	34	in	in	ADP
ftr-347	721	35	form	form	NOUN
ftr-347	721	36	but	but	CCONJ
ftr-347	721	37	how	how	SCONJ
ftr-347	721	38	close	close	ADJ
ftr-347	721	39	a	a	DET
ftr-347	721	40	foreign	foreign	ADJ
ftr-347	721	41	person	person	NOUN
ftr-347	721	42	gets	get	VERB
ftr-347	721	43	to	to	PART
ftr-347	721	44	loan	loan	NOUN
ftr-347	721	45	origination	origination	NOUN
ftr-347	721	46	in	in	ADP
ftr-347	721	47	substance	substance	NOUN
ftr-347	721	48	—	—	PUNCT
ftr-347	721	49	perhaps	perhaps	ADV
ftr-347	721	50	focusing	focus	VERB
ftr-347	721	51	on	on	ADP
ftr-347	721	52	who	who	PRON
ftr-347	721	53	actually	actually	ADV
ftr-347	721	54	bears	bear	VERB
ftr-347	721	55	the	the	DET
ftr-347	721	56	risk	risk	NOUN
ftr-347	721	57	of	of	ADP
ftr-347	721	58	making	make	VERB
ftr-347	721	59	these	these	DET
ftr-347	721	60	loans	loan	NOUN
ftr-347	721	61	at	at	ADP
ftr-347	721	62	origination	origination	NOUN
ftr-347	721	63	.	.	PUNCT
ftr-347	722	1	for	for	ADP
ftr-347	722	2	example	example	NOUN
ftr-347	722	3	,	,	PUNCT
ftr-347	722	4	the	the	DET
ftr-347	722	5	following	follow	VERB
ftr-347	722	6	deal	deal	NOUN
ftr-347	722	7	terms	term	NOUN
ftr-347	722	8	could	could	AUX
ftr-347	722	9	be	be	AUX
ftr-347	722	10	relevant	relevant	ADJ
ftr-347	722	11	in	in	ADP
ftr-347	722	12	such	such	DET
ftr-347	722	13	an	an	DET
ftr-347	722	14	inquiry	inquiry	NOUN
ftr-347	722	15	:	:	PUNCT
ftr-347	722	16	whether	whether	SCONJ
ftr-347	722	17	there	there	PRON
ftr-347	722	18	was	be	VERB
ftr-347	722	19	a	a	DET
ftr-347	722	20	forward	forward	ADJ
ftr-347	722	21	commitment	commitment	NOUN
ftr-347	722	22	allowing	allow	VERB
ftr-347	722	23	the	the	DET
ftr-347	722	24	foreign	foreign	ADJ
ftr-347	722	25	fund	fund	NOUN
ftr-347	722	26	to	to	PART
ftr-347	722	27	get	get	VERB
ftr-347	722	28	out	out	ADP
ftr-347	722	29	if	if	SCONJ
ftr-347	722	30	the	the	DET
ftr-347	722	31	borrower	borrower	NOUN
ftr-347	722	32	collapsed	collapse	VERB
ftr-347	722	33	financially	financially	ADV
ftr-347	722	34	;	;	PUNCT
ftr-347	722	35	the	the	DET
ftr-347	722	36	extent	extent	NOUN
ftr-347	722	37	to	to	PART
ftr-347	722	38	which	which	PRON
ftr-347	722	39	the	the	DET
ftr-347	722	40	foreign	foreign	ADJ
ftr-347	722	41	person	person	NOUN
ftr-347	722	42	drives	drive	VERB
ftr-347	722	43	the	the	DET
ftr-347	722	44	original	original	ADJ
ftr-347	722	45	loans	loan	NOUN
ftr-347	722	46	through	through	ADP
ftr-347	722	47	negotiations	negotiation	NOUN
ftr-347	722	48	with	with	ADP
ftr-347	722	49	the	the	DET
ftr-347	722	50	borrower	borrower	NOUN
ftr-347	722	51	or	or	CCONJ
ftr-347	722	52	with	with	ADP
ftr-347	722	53	the	the	DET
ftr-347	722	54	lead	lead	ADJ
ftr-347	722	55	lender	lender	NOUN
ftr-347	722	56	;	;	PUNCT
ftr-347	722	57	the	the	DET
ftr-347	722	58	extent	extent	NOUN
ftr-347	722	59	of	of	ADP
ftr-347	722	60	oversight	oversight	NOUN
ftr-347	722	61	by	by	ADP
ftr-347	722	62	the	the	DET
ftr-347	722	63	foreign	foreign	ADJ
ftr-347	722	64	fund	fund	NOUN
ftr-347	722	65	over	over	ADP
ftr-347	722	66	the	the	DET
ftr-347	722	67	syndicate	syndicate	NOUN
ftr-347	722	68	negotiating	negotiate	VERB
ftr-347	722	69	with	with	ADP
ftr-347	722	70	the	the	DET
ftr-347	722	71	borrower	borrower	NOUN
ftr-347	722	72	;	;	PUNCT
ftr-347	722	73	whether	whether	SCONJ
ftr-347	722	74	there	there	PRON
ftr-347	722	75	seems	seem	VERB
ftr-347	722	76	to	to	PART
ftr-347	722	77	be	be	AUX
ftr-347	722	78	an	an	DET
ftr-347	722	79	established	establish	VERB
ftr-347	722	80	“	"	PUNCT
ftr-347	722	81	seasoning	seasoning	NOUN
ftr-347	722	82	”	"	PUNCT
ftr-347	722	83	period	period	NOUN
ftr-347	722	84	;	;	PUNCT
ftr-347	722	85	and	and	CCONJ
ftr-347	722	86	who	who	PRON
ftr-347	722	87	bears	bear	VERB
ftr-347	722	88	the	the	DET
ftr-347	722	89	risk	risk	NOUN
ftr-347	722	90	of	of	ADP
ftr-347	722	91	market	market	NOUN
ftr-347	722	92	fluctuations	fluctuation	NOUN
ftr-347	722	93	during	during	ADP
ftr-347	722	94	that	that	DET
ftr-347	722	95	period	period	NOUN
ftr-347	722	96	.	.	PUNCT
ftr-347	723	1	(	(	PUNCT
ftr-347	723	2	to	to	PART
ftr-347	723	3	determine	determine	VERB
ftr-347	723	4	who	who	PRON
ftr-347	723	5	bears	bear	VERB
ftr-347	723	6	market	market	NOUN
ftr-347	723	7	risk	risk	NOUN
ftr-347	723	8	,	,	PUNCT
ftr-347	723	9	we	we	PRON
ftr-347	723	10	could	could	AUX
ftr-347	723	11	consider	consider	VERB
ftr-347	723	12	whether	whether	SCONJ
ftr-347	723	13	during	during	ADP
ftr-347	723	14	that	that	DET
ftr-347	723	15	seasoning	seasoning	NOUN
ftr-347	723	16	period	period	NOUN
ftr-347	723	17	there	there	PRON
ftr-347	723	18	are	be	VERB
ftr-347	723	19	any	any	DET
ftr-347	723	20	equalizing	equalizing	NOUN
ftr-347	723	21	trades	trade	NOUN
ftr-347	723	22	between	between	ADP
ftr-347	723	23	u.s	u.s	PROPN
ftr-347	723	24	.	.	PROPN
ftr-347	723	25	funds	fund	NOUN
ftr-347	723	26	and	and	CCONJ
ftr-347	723	27	foreign	foreign	ADJ
ftr-347	723	28	funds	fund	NOUN
ftr-347	723	29	,	,	PUNCT
ftr-347	723	30	and	and	CCONJ
ftr-347	723	31	at	at	ADP
ftr-347	723	32	the	the	DET
ftr-347	723	33	end	end	NOUN
ftr-347	723	34	of	of	ADP
ftr-347	723	35	the	the	DET
ftr-347	723	36	seasoning	seasoning	NOUN
ftr-347	723	37	period	period	NOUN
ftr-347	723	38	is	be	AUX
ftr-347	723	39	the	the	DET
ftr-347	723	40	purchase	purchase	NOUN
ftr-347	723	41	price	price	NOUN
ftr-347	723	42	based	base	VERB
ftr-347	723	43	on	on	ADP
ftr-347	723	44	the	the	DET
ftr-347	723	45	fmv	fmv	NOUN
ftr-347	723	46	at	at	ADP
ftr-347	723	47	the	the	DET
ftr-347	723	48	time	time	NOUN
ftr-347	723	49	of	of	ADP
ftr-347	723	50	the	the	DET
ftr-347	723	51	original	original	ADJ
ftr-347	723	52	loan	loan	NOUN
ftr-347	723	53	or	or	CCONJ
ftr-347	723	54	at	at	ADP
ftr-347	723	55	the	the	DET
ftr-347	723	56	end	end	NOUN
ftr-347	723	57	of	of	ADP
ftr-347	723	58	the	the	DET
ftr-347	723	59	seasoning	seasoning	NOUN
ftr-347	723	60	period	period	NOUN
ftr-347	723	61	.	.	PUNCT
ftr-347	724	1	i	i	PRON
ftr-347	724	2	acknowledge	acknowledge	VERB
ftr-347	724	3	that	that	SCONJ
ftr-347	724	4	any	any	DET
ftr-347	724	5	approach	approach	NOUN
ftr-347	724	6	that	that	PRON
ftr-347	724	7	gets	get	VERB
ftr-347	724	8	to	to	ADP
ftr-347	724	9	the	the	DET
ftr-347	724	10	substance	substance	NOUN
ftr-347	724	11	of	of	ADP
ftr-347	724	12	these	these	DET
ftr-347	724	13	deals	deal	NOUN
ftr-347	724	14	would	would	AUX
ftr-347	724	15	be	be	AUX
ftr-347	724	16	difficult	difficult	ADJ
ftr-347	724	17	to	to	PART
ftr-347	724	18	implement	implement	VERB
ftr-347	724	19	and	and	CCONJ
ftr-347	724	20	enforce	enforce	VERB
ftr-347	724	21	with	with	ADP
ftr-347	724	22	the	the	DET
ftr-347	724	23	current	current	ADJ
ftr-347	724	24	lack	lack	NOUN
ftr-347	724	25	of	of	ADP
ftr-347	724	26	transparency	transparency	NOUN
ftr-347	724	27	regarding	regard	VERB
ftr-347	724	28	these	these	DET
ftr-347	724	29	transactions	transaction	NOUN
ftr-347	724	30	and	and	CCONJ
ftr-347	724	31	foreign	foreign	ADJ
ftr-347	724	32	funds	fund	NOUN
ftr-347	724	33	.	.	PUNCT
ftr-347	725	1	that	that	PRON
ftr-347	725	2	is	be	AUX
ftr-347	725	3	precisely	precisely	ADV
ftr-347	725	4	why	why	SCONJ
ftr-347	725	5	i	i	PRON
ftr-347	725	6	suggest	suggest	VERB
ftr-347	725	7	that	that	SCONJ
ftr-347	725	8	before	before	SCONJ
ftr-347	725	9	we	we	PRON
ftr-347	725	10	decide	decide	VERB
ftr-347	725	11	where	where	SCONJ
ftr-347	725	12	the	the	DET
ftr-347	725	13	u.s	u.s	PROPN
ftr-347	725	14	.	.	PROPN
ftr-347	725	15	trade	trade	PROPN
ftr-347	725	16	or	or	CCONJ
ftr-347	725	17	business	business	NOUN
ftr-347	725	18	line	line	NOUN
ftr-347	725	19	should	should	AUX
ftr-347	725	20	be	be	AUX
ftr-347	725	21	or	or	CCONJ
ftr-347	725	22	even	even	ADV
ftr-347	725	23	what	what	PRON
ftr-347	725	24	the	the	DET
ftr-347	725	25	relevant	relevant	ADJ
ftr-347	725	26	inquiry	inquiry	NOUN
ftr-347	725	27	should	should	AUX
ftr-347	725	28	be	be	AUX
ftr-347	725	29	,	,	PUNCT
ftr-347	725	30	we	we	PRON
ftr-347	725	31	need	need	VERB
ftr-347	725	32	to	to	PART
ftr-347	725	33	look	look	VERB
ftr-347	725	34	at	at	ADP
ftr-347	725	35	what	what	DET
ftr-347	725	36	information	information	NOUN
ftr-347	725	37	the	the	DET
ftr-347	725	38	irs	irs	PROPN
ftr-347	725	39	has	have	AUX
ftr-347	725	40	access	access	NOUN
ftr-347	725	41	to	to	ADP
ftr-347	725	42	about	about	ADP
ftr-347	725	43	these	these	DET
ftr-347	725	44	foreign	foreign	ADJ
ftr-347	725	45	funds	fund	NOUN
ftr-347	725	46	and	and	CCONJ
ftr-347	725	47	their	their	PRON
ftr-347	725	48	transactions	transaction	NOUN
ftr-347	725	49	and	and	CCONJ
ftr-347	725	50	to	to	ADP
ftr-347	725	51	perhaps	perhaps	ADV
ftr-347	725	52	additional	additional	ADJ
ftr-347	725	53	or	or	CCONJ
ftr-347	725	54	new	new	ADJ
ftr-347	725	55	information	information	NOUN
ftr-347	725	56	gathering	gathering	NOUN
ftr-347	725	57	tools	tool	NOUN
ftr-347	725	58	needed	need	VERB
ftr-347	725	59	to	to	PART
ftr-347	725	60	appropriately	appropriately	ADV
ftr-347	725	61	tax	tax	VERB
ftr-347	725	62	these	these	DET
ftr-347	725	63	shadow	shadow	NOUN
ftr-347	725	64	bank	bank	NOUN
ftr-347	725	65	transactions	transaction	NOUN
ftr-347	725	66	.	.	PUNCT
ftr-347	726	1	currently	currently	ADV
ftr-347	726	2	,	,	PUNCT
ftr-347	726	3	foreign	foreign	ADJ
ftr-347	726	4	hedge	hedge	NOUN
ftr-347	726	5	funds	fund	NOUN
ftr-347	726	6	that	that	PRON
ftr-347	726	7	receive	receive	VERB
ftr-347	726	8	interest	interest	NOUN
ftr-347	726	9	from	from	ADP
ftr-347	726	10	u.s	u.s	PROPN
ftr-347	726	11	.	.	PROPN
ftr-347	726	12	borrowers	borrower	NOUN
ftr-347	726	13	on	on	ADP
ftr-347	726	14	debt	debt	NOUN
ftr-347	726	15	securities	security	NOUN
ftr-347	726	16	merely	merely	ADV
ftr-347	726	17	provide	provide	VERB
ftr-347	726	18	u.s	u.s	PROPN
ftr-347	726	19	.	.	PROPN
ftr-347	726	20	persons	person	NOUN
ftr-347	726	21	with	with	ADP
ftr-347	726	22	a	a	DET
ftr-347	726	23	form	form	NOUN
ftr-347	726	24	certifying	certify	VERB
ftr-347	726	25	their	their	PRON
ftr-347	726	26	foreign	foreign	ADJ
ftr-347	726	27	status	status	NOUN
ftr-347	726	28	and	and	CCONJ
ftr-347	726	29	claiming	claim	VERB
ftr-347	726	30	the	the	DET
ftr-347	726	31	portfolio	portfolio	NOUN
ftr-347	726	32	interest	interest	NOUN
ftr-347	726	33	exemption	exemption	NOUN
ftr-347	726	34	described	describe	VERB
ftr-347	726	35	above.155	above.155	ADJ
ftr-347	726	36	foreign	foreign	ADJ
ftr-347	726	37	persons	person	NOUN
ftr-347	726	38	who	who	PRON
ftr-347	726	39	do	do	AUX
ftr-347	726	40	not	not	PART
ftr-347	726	41	have	have	VERB
ftr-347	726	42	income	income	NOUN
ftr-347	726	43	that	that	PRON
ftr-347	726	44	is	be	AUX
ftr-347	726	45	effectively	effectively	ADV
ftr-347	726	46	connected	connect	VERB
ftr-347	726	47	with	with	ADP
ftr-347	726	48	a	a	DET
ftr-347	726	49	154	154	NUM
ftr-347	726	50	.	.	PUNCT
ftr-347	727	1	e.g.	e.g.	ADV
ftr-347	727	2	,	,	PUNCT
ftr-347	727	3	john	john	PROPN
ftr-347	727	4	g.	g.	PROPN
ftr-347	727	5	gaine	gaine	PROPN
ftr-347	727	6	,	,	PUNCT
ftr-347	727	7	irs	irs	PROPN
ftr-347	727	8	tax	tax	NOUN
ftr-347	727	9	correspondence	correspondence	NOUN
ftr-347	727	10	apr	apr	VERB
ftr-347	727	11	.	.	PROPN
ftr-347	728	1	9	9	NUM
ftr-347	728	2	,	,	PUNCT
ftr-347	728	3	2008	2008	NUM
ftr-347	728	4	,	,	PUNCT
ftr-347	728	5	managed	manage	VERB
ftr-347	728	6	funds	fund	NOUN
ftr-347	728	7	group	group	NOUN
ftr-347	728	8	suggests	suggest	VERB
ftr-347	728	9	ways	way	NOUN
ftr-347	728	10	to	to	PART
ftr-347	728	11	alleviate	alleviate	VERB
ftr-347	728	12	liquidity	liquidity	NOUN
ftr-347	728	13	crises	crisis	NOUN
ftr-347	728	14	in	in	ADP
ftr-347	728	15	u.s	u.s	PROPN
ftr-347	728	16	.	.	PROPN
ftr-347	728	17	capital	capital	NOUN
ftr-347	728	18	markets	market	NOUN
ftr-347	728	19	,	,	PUNCT
ftr-347	728	20	34	34	NUM
ftr-347	728	21	ins	in	NOUN
ftr-347	728	22	.	.	PUNCT
ftr-347	729	1	tax	tax	PROPN
ftr-347	729	2	rev	rev	PROPN
ftr-347	729	3	.	.	PROPN
ftr-347	729	4	1181	1181	NUM
ftr-347	729	5	(	(	PUNCT
ftr-347	729	6	june	june	PROPN
ftr-347	729	7	1	1	NUM
ftr-347	729	8	,	,	PUNCT
ftr-347	729	9	2008	2008	NUM
ftr-347	729	10	)	)	PUNCT
ftr-347	729	11	.	.	PUNCT
ftr-347	730	1	155	155	NUM
ftr-347	730	2	.	.	PUNCT
ftr-347	730	3	i.r.s	i.r.s	PROPN
ftr-347	730	4	.	.	PUNCT
ftr-347	731	1	form	form	PROPN
ftr-347	731	2	w-8ben	w-8ben	X
ftr-347	731	3	(	(	PUNCT
ftr-347	731	4	2006	2006	NUM
ftr-347	731	5	)	)	PUNCT
ftr-347	731	6	.	.	PUNCT
ftr-347	732	1	2011	2011	NUM
ftr-347	732	2	]	]	PUNCT
ftr-347	732	3	the	the	DET
ftr-347	732	4	global	global	ADJ
ftr-347	732	5	shadow	shadow	PROPN
ftr-347	732	6	bank	bank	PROPN
ftr-347	732	7	679	679	NUM
ftr-347	732	8	u.s	u.s	PROPN
ftr-347	732	9	.	.	PROPN
ftr-347	732	10	trade	trade	PROPN
ftr-347	732	11	or	or	CCONJ
ftr-347	732	12	business	business	NOUN
ftr-347	732	13	do	do	AUX
ftr-347	732	14	not	not	PART
ftr-347	732	15	generally	generally	ADV
ftr-347	732	16	have	have	VERB
ftr-347	732	17	to	to	PART
ftr-347	732	18	file	file	VERB
ftr-347	732	19	a	a	DET
ftr-347	732	20	u.s	u.s	PROPN
ftr-347	732	21	.	.	PROPN
ftr-347	732	22	tax	tax	NOUN
ftr-347	732	23	return.156	return.156	NOUN
ftr-347	732	24	clearly	clearly	ADV
ftr-347	732	25	,	,	PUNCT
ftr-347	732	26	without	without	ADP
ftr-347	732	27	more	more	ADJ
ftr-347	732	28	information	information	NOUN
ftr-347	732	29	from	from	ADP
ftr-347	732	30	the	the	DET
ftr-347	732	31	foreign	foreign	ADJ
ftr-347	732	32	funds	fund	NOUN
ftr-347	732	33	,	,	PUNCT
ftr-347	732	34	investment	investment	NOUN
ftr-347	732	35	advisors	advisor	NOUN
ftr-347	732	36	,	,	PUNCT
ftr-347	732	37	and	and	CCONJ
ftr-347	732	38	counterparties	counterpartie	NOUN
ftr-347	732	39	to	to	ADP
ftr-347	732	40	the	the	DET
ftr-347	732	41	transactions	transaction	NOUN
ftr-347	732	42	,	,	PUNCT
ftr-347	732	43	any	any	DET
ftr-347	732	44	approach	approach	NOUN
ftr-347	732	45	that	that	PRON
ftr-347	732	46	gets	get	VERB
ftr-347	732	47	to	to	ADP
ftr-347	732	48	the	the	DET
ftr-347	732	49	substance	substance	NOUN
ftr-347	732	50	of	of	ADP
ftr-347	732	51	these	these	DET
ftr-347	732	52	deals	deal	NOUN
ftr-347	732	53	would	would	AUX
ftr-347	732	54	be	be	AUX
ftr-347	732	55	impossible	impossible	ADJ
ftr-347	732	56	.	.	PUNCT
ftr-347	733	1	given	give	VERB
ftr-347	733	2	recent	recent	ADJ
ftr-347	733	3	legislative	legislative	ADJ
ftr-347	733	4	developments	development	NOUN
ftr-347	733	5	both	both	CCONJ
ftr-347	733	6	in	in	ADP
ftr-347	733	7	taxation	taxation	NOUN
ftr-347	733	8	and	and	CCONJ
ftr-347	733	9	in	in	ADP
ftr-347	733	10	the	the	DET
ftr-347	733	11	regulation	regulation	NOUN
ftr-347	733	12	of	of	ADP
ftr-347	733	13	nonbank	nonbank	PROPN
ftr-347	733	14	financial	financial	ADJ
ftr-347	733	15	institutions	institution	NOUN
ftr-347	733	16	,	,	PUNCT
ftr-347	733	17	there	there	PRON
ftr-347	733	18	are	be	VERB
ftr-347	733	19	a	a	DET
ftr-347	733	20	few	few	ADJ
ftr-347	733	21	new	new	ADJ
ftr-347	733	22	options	option	NOUN
ftr-347	733	23	to	to	PART
ftr-347	733	24	consider	consider	VERB
ftr-347	733	25	with	with	ADP
ftr-347	733	26	respect	respect	NOUN
ftr-347	733	27	to	to	ADP
ftr-347	733	28	giving	give	VERB
ftr-347	733	29	the	the	DET
ftr-347	733	30	irs	irs	PROPN
ftr-347	733	31	the	the	DET
ftr-347	733	32	tools	tool	NOUN
ftr-347	733	33	it	it	PRON
ftr-347	733	34	needs	need	VERB
ftr-347	733	35	to	to	PART
ftr-347	733	36	implement	implement	VERB
ftr-347	733	37	any	any	DET
ftr-347	733	38	kind	kind	NOUN
ftr-347	733	39	of	of	ADP
ftr-347	733	40	substantive	substantive	ADJ
ftr-347	733	41	approach	approach	NOUN
ftr-347	733	42	in	in	ADP
ftr-347	733	43	this	this	DET
ftr-347	733	44	area	area	NOUN
ftr-347	733	45	.	.	PUNCT
ftr-347	734	1	first	first	ADV
ftr-347	734	2	,	,	PUNCT
ftr-347	734	3	perhaps	perhaps	ADV
ftr-347	734	4	we	we	PRON
ftr-347	734	5	should	should	AUX
ftr-347	734	6	look	look	VERB
ftr-347	734	7	to	to	ADP
ftr-347	734	8	the	the	DET
ftr-347	734	9	fatca	fatca	ADJ
ftr-347	734	10	provisions	provision	NOUN
ftr-347	734	11	of	of	ADP
ftr-347	734	12	the	the	DET
ftr-347	734	13	hire	hire	NOUN
ftr-347	734	14	act	act	NOUN
ftr-347	734	15	as	as	ADP
ftr-347	734	16	an	an	DET
ftr-347	734	17	example	example	NOUN
ftr-347	734	18	of	of	ADP
ftr-347	734	19	a	a	DET
ftr-347	734	20	mechanism	mechanism	NOUN
ftr-347	734	21	for	for	ADP
ftr-347	734	22	information	information	NOUN
ftr-347	734	23	gathering	gathering	NOUN
ftr-347	734	24	from	from	ADP
ftr-347	734	25	foreign	foreign	PROPN
ftr-347	734	26	funds.157	funds.157	NOUN
ftr-347	734	27	starting	start	VERB
ftr-347	734	28	on	on	ADP
ftr-347	734	29	january	january	PROPN
ftr-347	734	30	1	1	NUM
ftr-347	734	31	,	,	PUNCT
ftr-347	734	32	2013	2013	NUM
ftr-347	734	33	,	,	PUNCT
ftr-347	734	34	a	a	DET
ftr-347	734	35	“	"	PUNCT
ftr-347	734	36	foreign	foreign	ADJ
ftr-347	734	37	financial	financial	ADJ
ftr-347	734	38	institution	institution	NOUN
ftr-347	734	39	”	"	PUNCT
ftr-347	734	40	must	must	AUX
ftr-347	734	41	enter	enter	VERB
ftr-347	734	42	into	into	ADP
ftr-347	734	43	an	an	DET
ftr-347	734	44	agreement	agreement	NOUN
ftr-347	734	45	with	with	ADP
ftr-347	734	46	the	the	DET
ftr-347	734	47	u.s	u.s	PROPN
ftr-347	734	48	.	.	PROPN
ftr-347	734	49	department	department	PROPN
ftr-347	734	50	of	of	ADP
ftr-347	734	51	treasury	treasury	PROPN
ftr-347	734	52	or	or	CCONJ
ftr-347	734	53	it	it	PRON
ftr-347	734	54	will	will	AUX
ftr-347	734	55	be	be	AUX
ftr-347	734	56	subject	subject	ADJ
ftr-347	734	57	to	to	ADP
ftr-347	734	58	a	a	DET
ftr-347	734	59	30	30	NUM
ftr-347	734	60	percent	percent	NOUN
ftr-347	734	61	withholding	withholding	NOUN
ftr-347	734	62	tax	tax	NOUN
ftr-347	734	63	that	that	PRON
ftr-347	734	64	will	will	AUX
ftr-347	734	65	be	be	AUX
ftr-347	734	66	imposed	impose	VERB
ftr-347	734	67	on	on	ADP
ftr-347	734	68	payments	payment	NOUN
ftr-347	734	69	to	to	ADP
ftr-347	734	70	it	it	PRON
ftr-347	734	71	of	of	ADP
ftr-347	734	72	,	,	PUNCT
ftr-347	734	73	among	among	ADP
ftr-347	734	74	other	other	ADJ
ftr-347	734	75	things	thing	NOUN
ftr-347	734	76	,	,	PUNCT
ftr-347	734	77	u.s	u.s	PROPN
ftr-347	734	78	.	.	PROPN
ftr-347	734	79	source	source	NOUN
ftr-347	734	80	interest	interest	NOUN
ftr-347	734	81	and	and	CCONJ
ftr-347	734	82	the	the	DET
ftr-347	734	83	proceeds	proceed	NOUN
ftr-347	734	84	from	from	ADP
ftr-347	734	85	the	the	DET
ftr-347	734	86	sale	sale	NOUN
ftr-347	734	87	of	of	ADP
ftr-347	734	88	property	property	NOUN
ftr-347	734	89	that	that	PRON
ftr-347	734	90	produces	produce	VERB
ftr-347	734	91	u.s	u.s	PROPN
ftr-347	734	92	.	.	PROPN
ftr-347	734	93	source	source	NOUN
ftr-347	734	94	interest	interest	NOUN
ftr-347	734	95	or	or	CCONJ
ftr-347	734	96	dividends.158	dividends.158	VERB
ftr-347	734	97	the	the	DET
ftr-347	734	98	objective	objective	NOUN
ftr-347	734	99	behind	behind	ADP
ftr-347	734	100	this	this	PRON
ftr-347	734	101	is	be	AUX
ftr-347	734	102	to	to	PART
ftr-347	734	103	track	track	VERB
ftr-347	734	104	down	down	ADP
ftr-347	734	105	u.s	u.s	PROPN
ftr-347	734	106	.	.	PROPN
ftr-347	734	107	persons	person	NOUN
ftr-347	734	108	who	who	PRON
ftr-347	734	109	are	be	AUX
ftr-347	734	110	attempting	attempt	VERB
ftr-347	734	111	to	to	PART
ftr-347	734	112	evade	evade	VERB
ftr-347	734	113	u.s	u.s	PROPN
ftr-347	734	114	.	.	PROPN
ftr-347	734	115	taxes	taxis	NOUN
ftr-347	734	116	by	by	ADP
ftr-347	734	117	using	use	VERB
ftr-347	734	118	offshore	offshore	ADJ
ftr-347	734	119	accounts	account	NOUN
ftr-347	734	120	and	and	CCONJ
ftr-347	734	121	vehicles.159	vehicles.159	NUM
ftr-347	734	122	most	most	ADV
ftr-347	734	123	foreign	foreign	ADJ
ftr-347	734	124	hedge	hedge	NOUN
ftr-347	734	125	funds	fund	NOUN
ftr-347	734	126	and	and	CCONJ
ftr-347	734	127	foreign	foreign	ADJ
ftr-347	734	128	blocker	blocker	NOUN
ftr-347	734	129	corporations	corporation	NOUN
ftr-347	734	130	would	would	AUX
ftr-347	734	131	have	have	VERB
ftr-347	734	132	to	to	PART
ftr-347	734	133	disclose	disclose	VERB
ftr-347	734	134	certain	certain	ADJ
ftr-347	734	135	information	information	NOUN
ftr-347	734	136	about	about	ADP
ftr-347	734	137	any	any	DET
ftr-347	734	138	u.s	u.s	PROPN
ftr-347	734	139	.	.	PROPN
ftr-347	734	140	beneficial	beneficial	ADJ
ftr-347	734	141	owners	owner	NOUN
ftr-347	734	142	or	or	CCONJ
ftr-347	734	143	face	face	VERB
ftr-347	734	144	a	a	DET
ftr-347	734	145	withholding	withholding	NOUN
ftr-347	734	146	tax	tax	NOUN
ftr-347	734	147	on	on	ADP
ftr-347	734	148	certain	certain	ADJ
ftr-347	734	149	u.s	u.s	PROPN
ftr-347	734	150	.	.	PROPN
ftr-347	734	151	source	source	NOUN
ftr-347	734	152	income.160	income.160	VERB
ftr-347	734	153	156	156	NUM
ftr-347	734	154	.	.	PUNCT
ftr-347	735	1	upon	upon	SCONJ
ftr-347	735	2	receipt	receipt	NOUN
ftr-347	735	3	of	of	ADP
ftr-347	735	4	interest	interest	NOUN
ftr-347	735	5	payments	payment	NOUN
ftr-347	735	6	from	from	ADP
ftr-347	735	7	u.s	u.s	PROPN
ftr-347	735	8	.	.	PROPN
ftr-347	735	9	borrowers	borrower	NOUN
ftr-347	735	10	they	they	PRON
ftr-347	735	11	would	would	AUX
ftr-347	735	12	merely	merely	ADV
ftr-347	735	13	need	need	VERB
ftr-347	735	14	to	to	PART
ftr-347	735	15	submit	submit	VERB
ftr-347	735	16	form	form	NOUN
ftr-347	735	17	w-8ben	w-8ben	NOUN
ftr-347	735	18	essentially	essentially	ADV
ftr-347	735	19	stating	state	VERB
ftr-347	735	20	they	they	PRON
ftr-347	735	21	are	be	AUX
ftr-347	735	22	a	a	DET
ftr-347	735	23	foreign	foreign	ADJ
ftr-347	735	24	person	person	NOUN
ftr-347	735	25	.	.	PUNCT
ftr-347	736	1	i	i	PRON
ftr-347	736	2	d.	d.	PROPN
ftr-347	736	3	157	157	NUM
ftr-347	736	4	.	.	PUNCT
ftr-347	737	1	see	see	VERB
ftr-347	737	2	supra	supra	PROPN
ftr-347	737	3	note	note	PROPN
ftr-347	737	4	9	9	NUM
ftr-347	737	5	.	.	NOUN
ftr-347	737	6	158	158	NUM
ftr-347	737	7	.	.	PUNCT
ftr-347	737	8	i.r.c	i.r.c	NOUN
ftr-347	737	9	.	.	PUNCT
ftr-347	738	1	§	§	PROPN
ftr-347	738	2	1472	1472	NUM
ftr-347	738	3	.	.	PUNCT
ftr-347	739	1	this	this	PRON
ftr-347	739	2	is	be	AUX
ftr-347	739	3	not	not	PART
ftr-347	739	4	an	an	DET
ftr-347	739	5	additional	additional	ADJ
ftr-347	739	6	tax	tax	NOUN
ftr-347	739	7	,	,	PUNCT
ftr-347	739	8	however	however	ADV
ftr-347	739	9	,	,	PUNCT
ftr-347	739	10	if	if	SCONJ
ftr-347	739	11	a	a	DET
ftr-347	739	12	foreign	foreign	ADJ
ftr-347	739	13	financial	financial	ADJ
ftr-347	739	14	institution	institution	NOUN
ftr-347	739	15	fails	fail	VERB
ftr-347	739	16	to	to	PART
ftr-347	739	17	provide	provide	VERB
ftr-347	739	18	the	the	DET
ftr-347	739	19	agreement	agreement	NOUN
ftr-347	739	20	with	with	ADP
ftr-347	739	21	the	the	DET
ftr-347	739	22	u.s	u.s	PROPN
ftr-347	739	23	.	.	PROPN
ftr-347	739	24	treasury	treasury	PROPN
ftr-347	739	25	and	and	CCONJ
ftr-347	739	26	gets	get	AUX
ftr-347	739	27	withheld	withhold	VERB
ftr-347	739	28	against	against	ADP
ftr-347	739	29	,	,	PUNCT
ftr-347	739	30	such	such	ADJ
ftr-347	739	31	institution	institution	NOUN
ftr-347	739	32	would	would	AUX
ftr-347	739	33	not	not	PART
ftr-347	739	34	be	be	AUX
ftr-347	739	35	entitled	entitle	VERB
ftr-347	739	36	to	to	ADP
ftr-347	739	37	a	a	DET
ftr-347	739	38	refund	refund	NOUN
ftr-347	739	39	of	of	ADP
ftr-347	739	40	this	this	DET
ftr-347	739	41	amount	amount	NOUN
ftr-347	739	42	even	even	ADV
ftr-347	739	43	if	if	SCONJ
ftr-347	739	44	the	the	DET
ftr-347	739	45	income	income	NOUN
ftr-347	739	46	qualified	qualified	ADJ
ftr-347	739	47	for	for	ADP
ftr-347	739	48	a	a	DET
ftr-347	739	49	an	an	DET
ftr-347	739	50	exemption	exemption	NOUN
ftr-347	739	51	from	from	ADP
ftr-347	739	52	general	general	ADJ
ftr-347	739	53	withholding	withholding	NOUN
ftr-347	739	54	(	(	PUNCT
ftr-347	739	55	i.e.	i.e.	X
ftr-347	739	56	,	,	PUNCT
ftr-347	739	57	the	the	DET
ftr-347	739	58	portfolio	portfolio	NOUN
ftr-347	739	59	interest	interest	NOUN
ftr-347	739	60	exception	exception	NOUN
ftr-347	739	61	)	)	PUNCT
ftr-347	739	62	.	.	PUNCT
ftr-347	740	1	159	159	NUM
ftr-347	740	2	.	.	PUNCT
ftr-347	741	1	see	see	VERB
ftr-347	741	2	supra	supra	PROPN
ftr-347	741	3	note	note	PROPN
ftr-347	741	4	9	9	NUM
ftr-347	741	5	.	.	NOUN
ftr-347	741	6	160	160	NUM
ftr-347	741	7	.	.	PUNCT
ftr-347	741	8	i.r.c	i.r.c	NOUN
ftr-347	741	9	.	.	PUNCT
ftr-347	742	1	§	§	PROPN
ftr-347	742	2	1472(d	1472(d	PRON
ftr-347	742	3	)	)	PUNCT
ftr-347	742	4	broadly	broadly	ADV
ftr-347	742	5	defines	define	VERB
ftr-347	742	6	a	a	DET
ftr-347	742	7	“	"	PUNCT
ftr-347	742	8	foreign	foreign	ADJ
ftr-347	742	9	financial	financial	ADJ
ftr-347	742	10	institution	institution	NOUN
ftr-347	742	11	”	"	PUNCT
ftr-347	742	12	to	to	PART
ftr-347	742	13	include	include	VERB
ftr-347	742	14	any	any	DET
ftr-347	742	15	foreign	foreign	ADJ
ftr-347	742	16	entity	entity	NOUN
ftr-347	742	17	that	that	SCONJ
ftr-347	742	18	(	(	PUNCT
ftr-347	742	19	i	i	NOUN
ftr-347	742	20	)	)	PUNCT
ftr-347	742	21	accepts	accept	VERB
ftr-347	742	22	deposits	deposit	NOUN
ftr-347	742	23	in	in	ADP
ftr-347	742	24	the	the	DET
ftr-347	742	25	ordinary	ordinary	ADJ
ftr-347	742	26	course	course	NOUN
ftr-347	742	27	of	of	ADP
ftr-347	742	28	a	a	DET
ftr-347	742	29	banking	banking	NOUN
ftr-347	742	30	or	or	CCONJ
ftr-347	742	31	similar	similar	ADJ
ftr-347	742	32	business	business	NOUN
ftr-347	742	33	,	,	PUNCT
ftr-347	742	34	(	(	PUNCT
ftr-347	742	35	ii	ii	NOUN
ftr-347	742	36	)	)	PUNCT
ftr-347	742	37	holds	hold	VERB
ftr-347	742	38	financial	financial	ADJ
ftr-347	742	39	assets	asset	NOUN
ftr-347	742	40	for	for	ADP
ftr-347	742	41	the	the	DET
ftr-347	742	42	account	account	NOUN
ftr-347	742	43	of	of	ADP
ftr-347	742	44	others	other	NOUN
ftr-347	742	45	as	as	ADP
ftr-347	742	46	a	a	DET
ftr-347	742	47	substantial	substantial	ADJ
ftr-347	742	48	portion	portion	NOUN
ftr-347	742	49	of	of	ADP
ftr-347	742	50	its	its	PRON
ftr-347	742	51	business	business	NOUN
ftr-347	742	52	,	,	PUNCT
ftr-347	742	53	or	or	CCONJ
ftr-347	742	54	(	(	PUNCT
ftr-347	742	55	iii	iii	X
ftr-347	742	56	)	)	PUNCT
ftr-347	742	57	is	be	AUX
ftr-347	742	58	engaged	engage	VERB
ftr-347	742	59	(	(	PUNCT
ftr-347	742	60	or	or	CCONJ
ftr-347	742	61	holds	hold	VERB
ftr-347	742	62	itself	itself	PRON
ftr-347	742	63	out	out	ADP
ftr-347	742	64	as	as	ADP
ftr-347	742	65	being	be	AUX
ftr-347	742	66	engaged	engage	VERB
ftr-347	742	67	)	)	PUNCT
ftr-347	742	68	primarily	primarily	ADV
ftr-347	742	69	in	in	ADP
ftr-347	742	70	the	the	DET
ftr-347	742	71	business	business	NOUN
ftr-347	742	72	of	of	ADP
ftr-347	742	73	investing	investing	NOUN
ftr-347	742	74	,	,	PUNCT
ftr-347	742	75	reinvesting	reinveste	VERB
ftr-347	742	76	or	or	CCONJ
ftr-347	742	77	trading	trading	NOUN
ftr-347	742	78	in	in	ADP
ftr-347	742	79	financial	financial	ADJ
ftr-347	742	80	assets	asset	NOUN
ftr-347	742	81	(	(	PUNCT
ftr-347	742	82	including	include	VERB
ftr-347	742	83	securities	security	NOUN
ftr-347	742	84	,	,	PUNCT
ftr-347	742	85	partnership	partnership	NOUN
ftr-347	742	86	interests	interest	NOUN
ftr-347	742	87	,	,	PUNCT
ftr-347	742	88	commodities	commodity	NOUN
ftr-347	742	89	,	,	PUNCT
ftr-347	742	90	or	or	CCONJ
ftr-347	742	91	any	any	DET
ftr-347	742	92	interest	interest	NOUN
ftr-347	742	93	in	in	ADP
ftr-347	742	94	such	such	ADJ
ftr-347	742	95	securities	security	NOUN
ftr-347	742	96	,	,	PUNCT
ftr-347	742	97	partnership	partnership	NOUN
ftr-347	742	98	interests	interest	NOUN
ftr-347	742	99	or	or	CCONJ
ftr-347	742	100	commodities	commodity	NOUN
ftr-347	742	101	)	)	PUNCT
ftr-347	742	102	.	.	PUNCT
ftr-347	743	1	notice	notice	VERB
ftr-347	743	2	2010	2010	NUM
ftr-347	743	3	-	-	SYM
ftr-347	743	4	60	60	NUM
ftr-347	743	5	provides	provide	VERB
ftr-347	743	6	guidance	guidance	NOUN
ftr-347	743	7	on	on	ADP
ftr-347	743	8	this	this	DET
ftr-347	743	9	statutory	statutory	ADJ
ftr-347	743	10	definition	definition	NOUN
ftr-347	743	11	and	and	CCONJ
ftr-347	743	12	indicates	indicate	VERB
ftr-347	743	13	that	that	SCONJ
ftr-347	743	14	a	a	DET
ftr-347	743	15	“	"	PUNCT
ftr-347	743	16	business	business	NOUN
ftr-347	743	17	”	"	PUNCT
ftr-347	743	18	for	for	ADP
ftr-347	743	19	fatca	fatca	ADJ
ftr-347	743	20	purposes	purpose	NOUN
ftr-347	743	21	is	be	AUX
ftr-347	743	22	much	much	ADV
ftr-347	743	23	broader	broad	ADJ
ftr-347	743	24	than	than	ADP
ftr-347	743	25	generally	generally	ADV
ftr-347	743	26	for	for	ADP
ftr-347	743	27	federal	federal	ADJ
ftr-347	743	28	income	income	NOUN
ftr-347	743	29	tax	tax	NOUN
ftr-347	743	30	purposes	purpose	NOUN
ftr-347	743	31	.	.	PUNCT
ftr-347	744	1	therefore	therefore	ADV
ftr-347	744	2	,	,	PUNCT
ftr-347	744	3	in	in	ADP
ftr-347	744	4	addition	addition	NOUN
ftr-347	744	5	to	to	ADP
ftr-347	744	6	foreign	foreign	ADJ
ftr-347	744	7	investment	investment	NOUN
ftr-347	744	8	and	and	CCONJ
ftr-347	744	9	commercial	commercial	ADJ
ftr-347	744	10	banks	bank	NOUN
ftr-347	744	11	and	and	CCONJ
ftr-347	744	12	foreign	foreign	ADJ
ftr-347	744	13	insurance	insurance	NOUN
ftr-347	744	14	companies	company	NOUN
ftr-347	744	15	,	,	PUNCT
ftr-347	744	16	most	most	ADJ
ftr-347	744	17	foreign	foreign	ADJ
ftr-347	744	18	hedge	hedge	NOUN
ftr-347	744	19	funds	fund	NOUN
ftr-347	744	20	,	,	PUNCT
ftr-347	744	21	foreign	foreign	ADJ
ftr-347	744	22	“	"	PUNCT
ftr-347	744	23	blocker	blocker	NOUN
ftr-347	744	24	corporations	corporation	NOUN
ftr-347	744	25	,	,	PUNCT
ftr-347	744	26	”	"	PUNCT
ftr-347	744	27	foreign	foreign	ADJ
ftr-347	744	28	collateral	collateral	ADJ
ftr-347	744	29	debt	debt	NOUN
ftr-347	744	30	obligation	obligation	NOUN
ftr-347	744	31	issuers	issuer	NOUN
ftr-347	744	32	,	,	PUNCT
ftr-347	744	33	foreign	foreign	ADJ
ftr-347	744	34	private	private	ADJ
ftr-347	744	35	equity	equity	NOUN
ftr-347	744	36	funds	fund	NOUN
ftr-347	744	37	,	,	PUNCT
ftr-347	744	38	and	and	CCONJ
ftr-347	744	39	other	other	ADJ
ftr-347	744	40	foreign	foreign	ADJ
ftr-347	744	41	securitization	securitization	NOUN
ftr-347	744	42	vehicles	vehicle	NOUN
ftr-347	744	43	that	that	PRON
ftr-347	744	44	are	be	AUX
ftr-347	744	45	mere	mere	ADJ
ftr-347	744	46	“	"	PUNCT
ftr-347	744	47	investors	investor	NOUN
ftr-347	744	48	”	"	PUNCT
ftr-347	744	49	in	in	ADP
ftr-347	744	50	securities	security	NOUN
ftr-347	744	51	or	or	CCONJ
ftr-347	744	52	commodities	commodity	NOUN
ftr-347	744	53	are	be	AUX
ftr-347	744	54	likely	likely	ADJ
ftr-347	744	55	to	to	PART
ftr-347	744	56	be	be	AUX
ftr-347	744	57	treated	treat	VERB
ftr-347	744	58	as	as	ADP
ftr-347	744	59	engaged	engage	VERB
ftr-347	744	60	in	in	ADP
ftr-347	744	61	a	a	DET
ftr-347	744	62	business	business	NOUN
ftr-347	744	63	for	for	ADP
ftr-347	744	64	purposes	purpose	NOUN
ftr-347	744	65	of	of	ADP
ftr-347	744	66	fatca	fatca	NOUN
ftr-347	744	67	and	and	CCONJ
ftr-347	744	68	may	may	AUX
ftr-347	744	69	be	be	AUX
ftr-347	744	70	treated	treat	VERB
ftr-347	744	71	as	as	ADP
ftr-347	744	72	“	"	PUNCT
ftr-347	744	73	foreign	foreign	ADJ
ftr-347	744	74	financial	financial	ADJ
ftr-347	744	75	institutions	institution	NOUN
ftr-347	744	76	”	"	PUNCT
ftr-347	744	77	that	that	PRON
ftr-347	744	78	must	must	AUX
ftr-347	744	79	enter	enter	VERB
ftr-347	744	80	into	into	ADP
ftr-347	744	81	an	an	DET
ftr-347	744	82	agreement	agreement	NOUN
ftr-347	744	83	with	with	ADP
ftr-347	744	84	the	the	DET
ftr-347	744	85	680	680	NUM
ftr-347	744	86	florida	florida	PROPN
ftr-347	744	87	tax	tax	NOUN
ftr-347	744	88	review	review	NOUN
ftr-347	745	1	[	[	X
ftr-347	745	2	vol	vol	NOUN
ftr-347	745	3	.	.	PUNCT
ftr-347	745	4	11:8	11:8	NUM
ftr-347	745	5	historically	historically	ADV
ftr-347	745	6	,	,	PUNCT
ftr-347	745	7	it	it	PRON
ftr-347	745	8	has	have	AUX
ftr-347	745	9	been	be	AUX
ftr-347	745	10	difficult	difficult	ADJ
ftr-347	745	11	to	to	PART
ftr-347	745	12	collect	collect	VERB
ftr-347	745	13	taxes	taxis	NOUN
ftr-347	745	14	from	from	ADP
ftr-347	745	15	foreign	foreign	PROPN
ftr-347	745	16	persons.161	persons.161	ADJ
ftr-347	745	17	the	the	DET
ftr-347	745	18	mechanism	mechanism	NOUN
ftr-347	745	19	that	that	PRON
ftr-347	745	20	the	the	DET
ftr-347	745	21	fatca	fatca	ADJ
ftr-347	745	22	provisions	provision	NOUN
ftr-347	745	23	use	use	NOUN
ftr-347	745	24	is	be	AUX
ftr-347	745	25	withholding	withhold	VERB
ftr-347	745	26	—	—	PUNCT
ftr-347	745	27	i.e.	i.e.	X
ftr-347	745	28	,	,	PUNCT
ftr-347	745	29	u.s	u.s	PROPN
ftr-347	745	30	.	.	PROPN
ftr-347	745	31	borrowers	borrower	NOUN
ftr-347	745	32	that	that	PRON
ftr-347	745	33	pay	pay	VERB
ftr-347	745	34	interest	interest	NOUN
ftr-347	745	35	to	to	ADP
ftr-347	745	36	a	a	DET
ftr-347	745	37	foreign	foreign	ADJ
ftr-347	745	38	fund	fund	NOUN
ftr-347	745	39	would	would	AUX
ftr-347	745	40	have	have	VERB
ftr-347	745	41	to	to	PART
ftr-347	745	42	retain	retain	VERB
ftr-347	745	43	30	30	NUM
ftr-347	745	44	percent	percent	NOUN
ftr-347	745	45	of	of	ADP
ftr-347	745	46	that	that	DET
ftr-347	745	47	interest	interest	NOUN
ftr-347	745	48	and	and	CCONJ
ftr-347	745	49	pay	pay	VERB
ftr-347	745	50	it	it	PRON
ftr-347	745	51	over	over	ADP
ftr-347	745	52	to	to	ADP
ftr-347	745	53	the	the	DET
ftr-347	745	54	irs	irs	PROPN
ftr-347	745	55	if	if	SCONJ
ftr-347	745	56	the	the	DET
ftr-347	745	57	foreign	foreign	ADJ
ftr-347	745	58	fund	fund	NOUN
ftr-347	745	59	failed	fail	VERB
ftr-347	745	60	to	to	PART
ftr-347	745	61	comply	comply	VERB
ftr-347	745	62	with	with	ADP
ftr-347	745	63	the	the	DET
ftr-347	745	64	fatca	fatca	ADJ
ftr-347	745	65	provisions	provision	NOUN
ftr-347	745	66	.	.	PUNCT
ftr-347	746	1	the	the	DET
ftr-347	746	2	u.s	u.s	PROPN
ftr-347	746	3	.	.	PROPN
ftr-347	746	4	withholding	withholding	NOUN
ftr-347	746	5	agent	agent	NOUN
ftr-347	746	6	has	have	VERB
ftr-347	746	7	a	a	DET
ftr-347	746	8	strong	strong	ADJ
ftr-347	746	9	incentive	incentive	NOUN
ftr-347	746	10	to	to	PART
ftr-347	746	11	comply	comply	VERB
ftr-347	746	12	with	with	ADP
ftr-347	746	13	its	its	PRON
ftr-347	746	14	fatca	fatca	ADJ
ftr-347	746	15	withholding	withholding	NOUN
ftr-347	746	16	obligation	obligation	NOUN
ftr-347	746	17	because	because	SCONJ
ftr-347	746	18	if	if	SCONJ
ftr-347	746	19	it	it	PRON
ftr-347	746	20	wrongfully	wrongfully	ADV
ftr-347	746	21	fails	fail	VERB
ftr-347	746	22	to	to	PART
ftr-347	746	23	withhold	withhold	VERB
ftr-347	746	24	,	,	PUNCT
ftr-347	746	25	it	it	PRON
ftr-347	746	26	is	be	AUX
ftr-347	746	27	liable	liable	ADJ
ftr-347	746	28	for	for	ADP
ftr-347	746	29	this	this	DET
ftr-347	746	30	amount.162	amount.162	PROPN
ftr-347	746	31	furthermore	furthermore	ADV
ftr-347	746	32	,	,	PUNCT
ftr-347	746	33	a	a	DET
ftr-347	746	34	foreign	foreign	ADJ
ftr-347	746	35	fund	fund	NOUN
ftr-347	746	36	could	could	AUX
ftr-347	746	37	face	face	VERB
ftr-347	746	38	this	this	DET
ftr-347	746	39	30	30	NUM
ftr-347	746	40	percent	percent	NOUN
ftr-347	746	41	withholding	withholding	NOUN
ftr-347	746	42	tax	tax	NOUN
ftr-347	746	43	even	even	ADV
ftr-347	746	44	if	if	SCONJ
ftr-347	746	45	the	the	DET
ftr-347	746	46	portfolio	portfolio	NOUN
ftr-347	746	47	interest	interest	NOUN
ftr-347	746	48	exemption	exemption	NOUN
ftr-347	746	49	or	or	CCONJ
ftr-347	746	50	another	another	DET
ftr-347	746	51	exemption	exemption	NOUN
ftr-347	746	52	applied	apply	VERB
ftr-347	746	53	to	to	ADP
ftr-347	746	54	the	the	DET
ftr-347	746	55	income	income	NOUN
ftr-347	746	56	in	in	ADP
ftr-347	746	57	question	question	NOUN
ftr-347	746	58	.	.	PUNCT
ftr-347	747	1	in	in	ADP
ftr-347	747	2	other	other	ADJ
ftr-347	747	3	words	word	NOUN
ftr-347	747	4	,	,	PUNCT
ftr-347	747	5	foreign	foreign	ADJ
ftr-347	747	6	funds	fund	NOUN
ftr-347	747	7	that	that	PRON
ftr-347	747	8	continue	continue	VERB
ftr-347	747	9	to	to	PART
ftr-347	747	10	invest	invest	VERB
ftr-347	747	11	in	in	ADP
ftr-347	747	12	the	the	DET
ftr-347	747	13	u.s	u.s	PROPN
ftr-347	747	14	.	.	PROPN
ftr-347	747	15	will	will	AUX
ftr-347	747	16	likely	likely	ADV
ftr-347	747	17	have	have	VERB
ftr-347	747	18	to	to	PART
ftr-347	747	19	jump	jump	VERB
ftr-347	747	20	through	through	ADP
ftr-347	747	21	this	this	DET
ftr-347	747	22	hoop	hoop	NOUN
ftr-347	747	23	for	for	ADP
ftr-347	747	24	their	their	PRON
ftr-347	747	25	transactions	transaction	NOUN
ftr-347	747	26	to	to	PART
ftr-347	747	27	be	be	AUX
ftr-347	747	28	profitable	profitable	ADJ
ftr-347	747	29	enough	enough	ADV
ftr-347	747	30	to	to	PART
ftr-347	747	31	enter	enter	VERB
ftr-347	747	32	into	into	ADP
ftr-347	747	33	.	.	PUNCT
ftr-347	748	1	we	we	PRON
ftr-347	748	2	should	should	AUX
ftr-347	748	3	consider	consider	VERB
ftr-347	748	4	whether	whether	SCONJ
ftr-347	748	5	it	it	PRON
ftr-347	748	6	makes	make	VERB
ftr-347	748	7	sense	sense	NOUN
ftr-347	748	8	to	to	PART
ftr-347	748	9	also	also	ADV
ftr-347	748	10	,	,	PUNCT
ftr-347	748	11	potentially	potentially	ADV
ftr-347	748	12	in	in	ADP
ftr-347	748	13	these	these	DET
ftr-347	748	14	very	very	ADV
ftr-347	748	15	same	same	ADJ
ftr-347	748	16	agreements	agreement	NOUN
ftr-347	748	17	with	with	ADP
ftr-347	748	18	the	the	DET
ftr-347	748	19	u.s	u.s	PROPN
ftr-347	748	20	.	.	PROPN
ftr-347	748	21	treasury	treasury	PROPN
ftr-347	748	22	,	,	PUNCT
ftr-347	748	23	obtain	obtain	VERB
ftr-347	748	24	information	information	NOUN
ftr-347	748	25	that	that	PRON
ftr-347	748	26	could	could	AUX
ftr-347	748	27	help	help	VERB
ftr-347	748	28	implement	implement	VERB
ftr-347	748	29	and	and	CCONJ
ftr-347	748	30	enforce	enforce	VERB
ftr-347	748	31	substantive	substantive	ADJ
ftr-347	748	32	rules	rule	NOUN
ftr-347	748	33	or	or	CCONJ
ftr-347	748	34	standards	standard	NOUN
ftr-347	748	35	in	in	ADP
ftr-347	748	36	the	the	DET
ftr-347	748	37	taxation	taxation	NOUN
ftr-347	748	38	of	of	ADP
ftr-347	748	39	the	the	DET
ftr-347	748	40	foreign	foreign	ADJ
ftr-347	748	41	funds	fund	NOUN
ftr-347	748	42	themselves	themselves	PRON
ftr-347	748	43	and	and	CCONJ
ftr-347	748	44	not	not	PART
ftr-347	748	45	just	just	ADV
ftr-347	748	46	in	in	ADP
ftr-347	748	47	an	an	DET
ftr-347	748	48	attempt	attempt	NOUN
ftr-347	748	49	to	to	PART
ftr-347	748	50	corral	corral	VERB
ftr-347	748	51	the	the	DET
ftr-347	748	52	u.s	u.s	PROPN
ftr-347	748	53	.	.	PROPN
ftr-347	748	54	investors	investor	NOUN
ftr-347	748	55	in	in	ADP
ftr-347	748	56	these	these	DET
ftr-347	748	57	funds	fund	NOUN
ftr-347	748	58	.	.	PUNCT
ftr-347	749	1	the	the	DET
ftr-347	749	2	second	second	ADJ
ftr-347	749	3	avenue	avenue	NOUN
ftr-347	749	4	to	to	PART
ftr-347	749	5	consider	consider	VERB
ftr-347	749	6	is	be	AUX
ftr-347	749	7	that	that	SCONJ
ftr-347	749	8	investment	investment	NOUN
ftr-347	749	9	advisors	advisor	NOUN
ftr-347	749	10	and	and	CCONJ
ftr-347	749	11	foreign	foreign	ADJ
ftr-347	749	12	funds	fund	NOUN
ftr-347	749	13	may	may	AUX
ftr-347	749	14	already	already	ADV
ftr-347	749	15	be	be	AUX
ftr-347	749	16	facing	face	VERB
ftr-347	749	17	additional	additional	ADJ
ftr-347	749	18	disclosures	disclosure	NOUN
ftr-347	749	19	in	in	ADP
ftr-347	749	20	another	another	DET
ftr-347	749	21	arena	arena	NOUN
ftr-347	749	22	as	as	ADV
ftr-347	749	23	well	well	ADV
ftr-347	749	24	—	—	PUNCT
ftr-347	749	25	regulation	regulation	NOUN
ftr-347	749	26	reporting	reporting	NOUN
ftr-347	749	27	and	and	CCONJ
ftr-347	749	28	disclosures	disclosure	NOUN
ftr-347	749	29	under	under	ADP
ftr-347	749	30	the	the	DET
ftr-347	749	31	dodd	dodd	NOUN
ftr-347	749	32	–	–	PUNCT
ftr-347	749	33	frank	frank	PROPN
ftr-347	749	34	act	act	PROPN
ftr-347	749	35	.	.	PUNCT
ftr-347	750	1	the	the	DET
ftr-347	750	2	private	private	ADJ
ftr-347	750	3	fund	fund	NOUN
ftr-347	750	4	investment	investment	NOUN
ftr-347	750	5	advisors	advisor	NOUN
ftr-347	750	6	registration	registration	NOUN
ftr-347	750	7	portion	portion	NOUN
ftr-347	750	8	of	of	ADP
ftr-347	750	9	the	the	DET
ftr-347	750	10	act163	act163	PROPN
ftr-347	750	11	requires	require	VERB
ftr-347	750	12	investment	investment	NOUN
ftr-347	750	13	advisors	advisor	NOUN
ftr-347	750	14	to	to	PART
ftr-347	750	15	maintain	maintain	VERB
ftr-347	750	16	and	and	CCONJ
ftr-347	750	17	be	be	AUX
ftr-347	750	18	subject	subject	ADJ
ftr-347	750	19	to	to	ADP
ftr-347	750	20	securities	security	NOUN
ftr-347	750	21	and	and	CCONJ
ftr-347	750	22	exchange	exchange	PROPN
ftr-347	750	23	commission	commission	NOUN
ftr-347	750	24	inspection	inspection	NOUN
ftr-347	750	25	of	of	ADP
ftr-347	750	26	the	the	DET
ftr-347	750	27	following	follow	VERB
ftr-347	750	28	records	record	NOUN
ftr-347	750	29	for	for	ADP
ftr-347	750	30	each	each	DET
ftr-347	750	31	private	private	ADJ
ftr-347	750	32	fund	fund	NOUN
ftr-347	750	33	it	it	PRON
ftr-347	750	34	advises	advise	VERB
ftr-347	750	35	:	:	PUNCT
ftr-347	750	36	assets	asset	NOUN
ftr-347	750	37	under	under	ADP
ftr-347	750	38	management	management	NOUN
ftr-347	750	39	;	;	PUNCT
ftr-347	750	40	use	use	NOUN
ftr-347	750	41	of	of	ADP
ftr-347	750	42	leverage	leverage	NOUN
ftr-347	750	43	;	;	PUNCT
ftr-347	750	44	counterparty	counterparty	NOUN
ftr-347	750	45	credit	credit	NOUN
ftr-347	750	46	risk	risk	NOUN
ftr-347	750	47	exposure	exposure	NOUN
ftr-347	750	48	;	;	PUNCT
ftr-347	750	49	trading	trading	NOUN
ftr-347	750	50	and	and	CCONJ
ftr-347	750	51	investment	investment	NOUN
ftr-347	750	52	positions	position	NOUN
ftr-347	750	53	;	;	PUNCT
ftr-347	750	54	valuation	valuation	NOUN
ftr-347	750	55	policies	policy	NOUN
ftr-347	750	56	and	and	CCONJ
ftr-347	750	57	practices	practice	NOUN
ftr-347	750	58	;	;	PUNCT
ftr-347	750	59	types	type	NOUN
ftr-347	750	60	of	of	ADP
ftr-347	750	61	assets	asset	NOUN
ftr-347	750	62	held	hold	VERB
ftr-347	750	63	;	;	PUNCT
ftr-347	750	64	and	and	CCONJ
ftr-347	750	65	any	any	DET
ftr-347	750	66	other	other	ADJ
ftr-347	750	67	information	information	NOUN
ftr-347	750	68	deemed	deem	VERB
ftr-347	750	69	necessary	necessary	ADJ
ftr-347	750	70	by	by	ADP
ftr-347	750	71	the	the	DET
ftr-347	750	72	sec	sec	PROPN
ftr-347	750	73	,	,	PUNCT
ftr-347	750	74	in	in	ADP
ftr-347	750	75	consultation	consultation	NOUN
ftr-347	750	76	with	with	ADP
ftr-347	750	77	the	the	DET
ftr-347	750	78	financial	financial	ADJ
ftr-347	750	79	stability	stability	NOUN
ftr-347	750	80	oversight	oversight	NOUN
ftr-347	750	81	council.164	council.164	NOUN
ftr-347	750	82	while	while	SCONJ
ftr-347	750	83	these	these	DET
ftr-347	750	84	disclosures	disclosure	NOUN
ftr-347	750	85	may	may	AUX
ftr-347	750	86	not	not	PART
ftr-347	750	87	reach	reach	VERB
ftr-347	750	88	all	all	PRON
ftr-347	750	89	of	of	ADP
ftr-347	750	90	the	the	DET
ftr-347	750	91	foreign	foreign	ADJ
ftr-347	750	92	persons	person	NOUN
ftr-347	750	93	that	that	PRON
ftr-347	750	94	the	the	DET
ftr-347	750	95	irs	irs	PROPN
ftr-347	750	96	would	would	AUX
ftr-347	750	97	need	need	VERB
ftr-347	750	98	to	to	PART
ftr-347	750	99	examine	examine	VERB
ftr-347	750	100	to	to	PART
ftr-347	750	101	implement	implement	VERB
ftr-347	750	102	substantive	substantive	ADJ
ftr-347	750	103	rules	rule	NOUN
ftr-347	750	104	or	or	CCONJ
ftr-347	750	105	standards	standard	NOUN
ftr-347	750	106	in	in	ADP
ftr-347	750	107	this	this	PRON
ftr-347	750	108	are	be	AUX
ftr-347	750	109	because	because	SCONJ
ftr-347	750	110	of	of	ADP
ftr-347	750	111	the	the	DET
ftr-347	750	112	definition	definition	NOUN
ftr-347	750	113	of	of	ADP
ftr-347	750	114	“	"	PUNCT
ftr-347	750	115	private	private	ADJ
ftr-347	750	116	fund	fund	NOUN
ftr-347	750	117	”	"	PUNCT
ftr-347	750	118	and	and	CCONJ
ftr-347	750	119	a	a	DET
ftr-347	750	120	limited	limited	ADJ
ftr-347	750	121	exemption	exemption	NOUN
ftr-347	750	122	for	for	ADP
ftr-347	750	123	“	"	PUNCT
ftr-347	750	124	foreign	foreign	ADJ
ftr-347	750	125	private	private	ADJ
ftr-347	750	126	advisers	adviser	NOUN
ftr-347	750	127	,	,	PUNCT
ftr-347	750	128	”	"	PUNCT
ftr-347	750	129	it	it	PRON
ftr-347	750	130	is	be	AUX
ftr-347	750	131	worth	worth	ADJ
ftr-347	750	132	considering	consider	VERB
ftr-347	750	133	whether	whether	SCONJ
ftr-347	750	134	there	there	PRON
ftr-347	750	135	is	be	VERB
ftr-347	750	136	now	now	ADV
ftr-347	750	137	,	,	PUNCT
ftr-347	750	138	and	and	CCONJ
ftr-347	750	139	whether	whether	SCONJ
ftr-347	750	140	by	by	ADP
ftr-347	750	141	design	design	NOUN
ftr-347	750	142	there	there	PRON
ftr-347	750	143	should	should	AUX
ftr-347	750	144	be	be	AUX
ftr-347	750	145	,	,	PUNCT
ftr-347	750	146	any	any	DET
ftr-347	750	147	overlap	overlap	NOUN
ftr-347	750	148	in	in	ADP
ftr-347	750	149	the	the	DET
ftr-347	750	150	usage	usage	NOUN
ftr-347	750	151	of	of	ADP
ftr-347	750	152	these	these	DET
ftr-347	750	153	reports	report	NOUN
ftr-347	750	154	and	and	CCONJ
ftr-347	750	155	disclosures	disclosure	NOUN
ftr-347	750	156	.	.	PUNCT
ftr-347	751	1	the	the	DET
ftr-347	751	2	dodd	dodd	PROPN
ftr-347	751	3	–	–	PUNCT
ftr-347	751	4	frank	frank	ADJ
ftr-347	751	5	act	act	PROPN
ftr-347	751	6	requires	require	VERB
ftr-347	751	7	that	that	SCONJ
ftr-347	751	8	the	the	DET
ftr-347	751	9	sec	sec	PROPN
ftr-347	751	10	and	and	CCONJ
ftr-347	751	11	fsoc	fsoc	PROPN
ftr-347	751	12	u.s	u.s	PROPN
ftr-347	751	13	.	.	PROPN
ftr-347	751	14	treasury	treasury	PROPN
ftr-347	751	15	department	department	PROPN
ftr-347	751	16	or	or	CCONJ
ftr-347	751	17	be	be	AUX
ftr-347	751	18	subject	subject	ADJ
ftr-347	751	19	to	to	ADP
ftr-347	751	20	the	the	DET
ftr-347	751	21	withholding	withholding	NOUN
ftr-347	751	22	provisions	provision	NOUN
ftr-347	751	23	.	.	PUNCT
ftr-347	752	1	any	any	DET
ftr-347	752	2	foreign	foreign	ADJ
ftr-347	752	3	financial	financial	ADJ
ftr-347	752	4	institution	institution	NOUN
ftr-347	752	5	that	that	PRON
ftr-347	752	6	is	be	AUX
ftr-347	752	7	more	more	ADJ
ftr-347	752	8	than	than	ADP
ftr-347	752	9	50	50	NUM
ftr-347	752	10	percent	percent	NOUN
ftr-347	752	11	owned	own	VERB
ftr-347	752	12	by	by	ADP
ftr-347	752	13	a	a	DET
ftr-347	752	14	foreign	foreign	ADJ
ftr-347	752	15	financial	financial	ADJ
ftr-347	752	16	institution	institution	NOUN
ftr-347	752	17	or	or	CCONJ
ftr-347	752	18	is	be	AUX
ftr-347	752	19	greater	great	ADJ
ftr-347	752	20	than	than	ADP
ftr-347	752	21	50	50	NUM
ftr-347	752	22	percent	percent	NOUN
ftr-347	752	23	commonly	commonly	ADV
ftr-347	752	24	owned	own	VERB
ftr-347	752	25	with	with	ADP
ftr-347	752	26	the	the	DET
ftr-347	752	27	financial	financial	ADJ
ftr-347	752	28	institution	institution	NOUN
ftr-347	752	29	is	be	AUX
ftr-347	752	30	considered	consider	VERB
ftr-347	752	31	part	part	NOUN
ftr-347	752	32	of	of	ADP
ftr-347	752	33	the	the	DET
ftr-347	752	34	same	same	ADJ
ftr-347	752	35	“	"	PUNCT
ftr-347	752	36	expanded	expand	VERB
ftr-347	752	37	affiliate	affiliate	NOUN
ftr-347	752	38	group	group	NOUN
ftr-347	752	39	”	"	PUNCT
ftr-347	752	40	as	as	ADP
ftr-347	752	41	the	the	DET
ftr-347	752	42	foreign	foreign	ADJ
ftr-347	752	43	financial	financial	ADJ
ftr-347	752	44	institution	institution	NOUN
ftr-347	752	45	and	and	CCONJ
ftr-347	752	46	is	be	AUX
ftr-347	752	47	subject	subject	ADJ
ftr-347	752	48	to	to	ADP
ftr-347	752	49	the	the	DET
ftr-347	752	50	same	same	ADJ
ftr-347	752	51	reporting	reporting	NOUN
ftr-347	752	52	and	and	CCONJ
ftr-347	752	53	withholding	withholding	NOUN
ftr-347	752	54	requirements	requirement	NOUN
ftr-347	752	55	.	.	PUNCT
ftr-347	753	1	thus	thus	ADV
ftr-347	753	2	,	,	PUNCT
ftr-347	753	3	if	if	SCONJ
ftr-347	753	4	a	a	DET
ftr-347	753	5	foreign	foreign	ADJ
ftr-347	753	6	financial	financial	ADJ
ftr-347	753	7	institution	institution	NOUN
ftr-347	753	8	enters	enter	VERB
ftr-347	753	9	into	into	ADP
ftr-347	753	10	an	an	DET
ftr-347	753	11	agreement	agreement	NOUN
ftr-347	753	12	with	with	ADP
ftr-347	753	13	the	the	DET
ftr-347	753	14	u.s	u.s	PROPN
ftr-347	753	15	.	.	PROPN
ftr-347	753	16	treasury	treasury	PROPN
ftr-347	753	17	department	department	PROPN
ftr-347	753	18	,	,	PUNCT
ftr-347	753	19	all	all	DET
ftr-347	753	20	other	other	ADJ
ftr-347	753	21	foreign	foreign	ADJ
ftr-347	753	22	financial	financial	ADJ
ftr-347	753	23	institutions	institution	NOUN
ftr-347	753	24	that	that	PRON
ftr-347	753	25	are	be	AUX
ftr-347	753	26	also	also	ADV
ftr-347	753	27	members	member	NOUN
ftr-347	753	28	of	of	ADP
ftr-347	753	29	the	the	DET
ftr-347	753	30	expanded	expand	VERB
ftr-347	753	31	affiliate	affiliate	NOUN
ftr-347	753	32	group	group	NOUN
ftr-347	753	33	are	be	AUX
ftr-347	753	34	required	require	VERB
ftr-347	753	35	to	to	PART
ftr-347	753	36	comply	comply	VERB
ftr-347	753	37	with	with	ADP
ftr-347	753	38	the	the	DET
ftr-347	753	39	agreement	agreement	NOUN
ftr-347	753	40	.	.	PUNCT
ftr-347	754	1	161	161	NUM
ftr-347	754	2	.	.	PUNCT
ftr-347	755	1	see	see	VERB
ftr-347	755	2	supra	supra	ADJ
ftr-347	755	3	parts	part	NOUN
ftr-347	755	4	iv(a)–(c	iv(a)–(c	NOUN
ftr-347	755	5	)	)	PUNCT
ftr-347	755	6	.	.	PUNCT
ftr-347	756	1	162	162	NUM
ftr-347	756	2	.	.	PUNCT
ftr-347	756	3	i.r.c	i.r.c	NOUN
ftr-347	756	4	.	.	PUNCT
ftr-347	757	1	§	§	PROPN
ftr-347	757	2	1474	1474	NUM
ftr-347	757	3	.	.	PUNCT
ftr-347	757	4	163	163	NUM
ftr-347	757	5	.	.	PUNCT
ftr-347	758	1	pub	pub	NOUN
ftr-347	758	2	.	.	PUNCT
ftr-347	759	1	l.	l.	PROPN
ftr-347	759	2	no	no	INTJ
ftr-347	759	3	.	.	PROPN
ftr-347	760	1	111	111	NUM
ftr-347	760	2	-	-	SYM
ftr-347	760	3	203	203	NUM
ftr-347	760	4	,	,	PUNCT
ftr-347	760	5	§	§	PROPN
ftr-347	760	6	401	401	NUM
ftr-347	760	7	et	et	PROPN
ftr-347	760	8	seq	seq	PROPN
ftr-347	760	9	.	.	PROPN
ftr-347	760	10	,	,	PUNCT
ftr-347	760	11	124	124	NUM
ftr-347	760	12	stat	stat	NOUN
ftr-347	760	13	.	.	PUNCT
ftr-347	761	1	1376	1376	NUM
ftr-347	761	2	(	(	PUNCT
ftr-347	761	3	2010	2010	NUM
ftr-347	761	4	)	)	PUNCT
ftr-347	761	5	.	.	PUNCT
ftr-347	762	1	164	164	NUM
ftr-347	762	2	.	.	PUNCT
ftr-347	763	1	i	i	PRON
ftr-347	763	2	d.	d.	PROPN
ftr-347	763	3	,	,	PUNCT
ftr-347	763	4	at	at	ADP
ftr-347	763	5	§	§	PROPN
ftr-347	763	6	404(b)(3	404(b)(3	NUM
ftr-347	763	7	)	)	PUNCT
ftr-347	763	8	.	.	PUNCT
ftr-347	764	1	2011	2011	NUM
ftr-347	764	2	]	]	PUNCT
ftr-347	764	3	the	the	DET
ftr-347	764	4	global	global	ADJ
ftr-347	764	5	shadow	shadow	PROPN
ftr-347	764	6	bank	bank	PROPN
ftr-347	764	7	681	681	NUM
ftr-347	764	8	maintain	maintain	VERB
ftr-347	764	9	confidentiality	confidentiality	NOUN
ftr-347	764	10	of	of	ADP
ftr-347	764	11	any	any	DET
ftr-347	764	12	private	private	ADJ
ftr-347	764	13	fund	fund	NOUN
ftr-347	764	14	information	information	NOUN
ftr-347	764	15	they	they	PRON
ftr-347	764	16	collect	collect	VERB
ftr-347	764	17	;	;	PUNCT
ftr-347	764	18	however	however	ADV
ftr-347	764	19	,	,	PUNCT
ftr-347	764	20	such	such	ADJ
ftr-347	764	21	information	information	NOUN
ftr-347	764	22	may	may	AUX
ftr-347	764	23	be	be	AUX
ftr-347	764	24	disclosed	disclose	VERB
ftr-347	764	25	to	to	ADP
ftr-347	764	26	“	"	PUNCT
ftr-347	764	27	any	any	DET
ftr-347	764	28	government	government	NOUN
ftr-347	764	29	agency	agency	NOUN
ftr-347	764	30	or	or	CCONJ
ftr-347	764	31	self	self	NOUN
ftr-347	764	32	-	-	PUNCT
ftr-347	764	33	regulatory	regulatory	ADJ
ftr-347	764	34	organization	organization	NOUN
ftr-347	764	35	requesting	request	VERB
ftr-347	764	36	the	the	DET
ftr-347	764	37	information	information	NOUN
ftr-347	764	38	for	for	ADP
ftr-347	764	39	purposes	purpose	NOUN
ftr-347	764	40	within	within	ADP
ftr-347	764	41	the	the	DET
ftr-347	764	42	scope	scope	NOUN
ftr-347	764	43	of	of	ADP
ftr-347	764	44	its	its	PRON
ftr-347	764	45	jurisdiction	jurisdiction	NOUN
ftr-347	764	46	.	.	PUNCT
ftr-347	765	1	”165	”165	PUNCT
ftr-347	766	1	if	if	SCONJ
ftr-347	766	2	we	we	PRON
ftr-347	766	3	,	,	PUNCT
ftr-347	766	4	as	as	ADP
ftr-347	766	5	a	a	DET
ftr-347	766	6	nation	nation	NOUN
ftr-347	766	7	,	,	PUNCT
ftr-347	766	8	are	be	AUX
ftr-347	766	9	potentially	potentially	ADV
ftr-347	766	10	requiring	require	VERB
ftr-347	766	11	investment	investment	NOUN
ftr-347	766	12	advisors	advisor	NOUN
ftr-347	766	13	(	(	PUNCT
ftr-347	766	14	and	and	CCONJ
ftr-347	766	15	,	,	PUNCT
ftr-347	766	16	for	for	ADP
ftr-347	766	17	that	that	DET
ftr-347	766	18	matter	matter	NOUN
ftr-347	766	19	,	,	PUNCT
ftr-347	766	20	systemically	systemically	ADV
ftr-347	766	21	significant	significant	ADJ
ftr-347	766	22	nonbank	nonbank	PROPN
ftr-347	766	23	financial	financial	ADJ
ftr-347	766	24	institutions	institution	NOUN
ftr-347	766	25	)	)	PUNCT
ftr-347	766	26	to	to	PART
ftr-347	766	27	report	report	VERB
ftr-347	766	28	and	and	CCONJ
ftr-347	766	29	disclose	disclose	VERB
ftr-347	766	30	information	information	NOUN
ftr-347	766	31	about	about	ADP
ftr-347	766	32	foreign	foreign	ADJ
ftr-347	766	33	funds	fund	NOUN
ftr-347	766	34	,	,	PUNCT
ftr-347	766	35	it	it	PRON
ftr-347	766	36	is	be	AUX
ftr-347	766	37	worth	worth	ADJ
ftr-347	766	38	considering	consider	VERB
ftr-347	766	39	whether	whether	SCONJ
ftr-347	766	40	these	these	DET
ftr-347	766	41	disclosures	disclosure	NOUN
ftr-347	766	42	could	could	AUX
ftr-347	766	43	help	help	VERB
ftr-347	766	44	fix	fix	VERB
ftr-347	766	45	other	other	ADJ
ftr-347	766	46	harmful	harmful	ADJ
ftr-347	766	47	ambiguities	ambiguity	NOUN
ftr-347	766	48	in	in	ADP
ftr-347	766	49	dealing	deal	VERB
ftr-347	766	50	with	with	ADP
ftr-347	766	51	global	global	ADJ
ftr-347	766	52	shadow	shadow	PROPN
ftr-347	766	53	bank	bank	NOUN
ftr-347	766	54	transactions	transaction	NOUN
ftr-347	766	55	,	,	PUNCT
ftr-347	766	56	such	such	ADJ
ftr-347	766	57	as	as	ADP
ftr-347	766	58	how	how	SCONJ
ftr-347	766	59	these	these	DET
ftr-347	766	60	transactions	transaction	NOUN
ftr-347	766	61	by	by	ADP
ftr-347	766	62	foreign	foreign	ADJ
ftr-347	766	63	funds	fund	NOUN
ftr-347	766	64	should	should	AUX
ftr-347	766	65	be	be	AUX
ftr-347	766	66	taxed	tax	VERB
ftr-347	766	67	in	in	ADP
ftr-347	766	68	the	the	DET
ftr-347	766	69	u.s	u.s	PROPN
ftr-347	766	70	.	.	PROPN
ftr-347	766	71	,	,	PUNCT
ftr-347	766	72	and	and	CCONJ
ftr-347	766	73	,	,	PUNCT
ftr-347	766	74	if	if	SCONJ
ftr-347	766	75	the	the	DET
ftr-347	766	76	tax	tax	NOUN
ftr-347	766	77	uncertainty	uncertainty	NOUN
ftr-347	766	78	in	in	ADP
ftr-347	766	79	this	this	DET
ftr-347	766	80	area	area	NOUN
ftr-347	766	81	potentially	potentially	ADV
ftr-347	766	82	increases	increase	VERB
ftr-347	766	83	systemic	systemic	ADJ
ftr-347	766	84	risk	risk	NOUN
ftr-347	766	85	,	,	PUNCT
ftr-347	766	86	a	a	DET
ftr-347	766	87	proposition	proposition	NOUN
ftr-347	766	88	that	that	SCONJ
ftr-347	766	89	in	in	ADP
ftr-347	766	90	section	section	PROPN
ftr-347	766	91	iii	iii	PROPN
ftr-347	766	92	,	,	PUNCT
ftr-347	766	93	i	i	PRON
ftr-347	766	94	contend	contend	VERB
ftr-347	766	95	should	should	AUX
ftr-347	766	96	be	be	AUX
ftr-347	766	97	considered	consider	VERB
ftr-347	766	98	,	,	PUNCT
ftr-347	766	99	perhaps	perhaps	ADV
ftr-347	766	100	using	use	VERB
ftr-347	766	101	dodd	dodd	PROPN
ftr-347	766	102	–	–	PUNCT
ftr-347	766	103	frank	frank	ADJ
ftr-347	766	104	related	related	ADJ
ftr-347	766	105	disclosures	disclosure	NOUN
ftr-347	766	106	to	to	PART
ftr-347	766	107	help	help	VERB
ftr-347	766	108	fix	fix	VERB
ftr-347	766	109	this	this	DET
ftr-347	766	110	area	area	NOUN
ftr-347	766	111	of	of	ADP
ftr-347	766	112	the	the	DET
ftr-347	766	113	tax	tax	NOUN
ftr-347	766	114	law	law	NOUN
ftr-347	766	115	actually	actually	ADV
ftr-347	766	116	does	do	AUX
ftr-347	766	117	go	go	VERB
ftr-347	766	118	hand	hand	NOUN
ftr-347	766	119	in	in	ADP
ftr-347	766	120	hand	hand	NOUN
ftr-347	766	121	with	with	ADP
ftr-347	766	122	the	the	DET
ftr-347	766	123	dodd	dodd	NOUN
ftr-347	766	124	–	–	PUNCT
ftr-347	766	125	frank	frank	PROPN
ftr-347	766	126	act	act	PROPN
ftr-347	766	127	’s	’s	PART
ftr-347	766	128	stated	state	VERB
ftr-347	766	129	purpose	purpose	NOUN
ftr-347	766	130	“	"	PUNCT
ftr-347	766	131	[	[	X
ftr-347	766	132	t]o	t]o	NOUN
ftr-347	766	133	promote	promote	VERB
ftr-347	766	134	the	the	DET
ftr-347	766	135	financial	financial	ADJ
ftr-347	766	136	stability	stability	NOUN
ftr-347	766	137	of	of	ADP
ftr-347	766	138	the	the	DET
ftr-347	766	139	united	united	PROPN
ftr-347	766	140	states	states	PROPN
ftr-347	766	141	by	by	ADP
ftr-347	766	142	improving	improve	VERB
ftr-347	766	143	accountability	accountability	NOUN
ftr-347	766	144	and	and	CCONJ
ftr-347	766	145	transparency	transparency	NOUN
ftr-347	766	146	in	in	ADP
ftr-347	766	147	the	the	DET
ftr-347	766	148	financial	financial	ADJ
ftr-347	766	149	system	system	NOUN
ftr-347	766	150	.	.	PUNCT
ftr-347	766	151	”166	”166	NOUN
ftr-347	767	1	much	much	ADJ
ftr-347	767	2	of	of	ADP
ftr-347	767	3	the	the	DET
ftr-347	767	4	rulemaking	rulemaking	NOUN
ftr-347	767	5	and	and	CCONJ
ftr-347	767	6	implementation	implementation	NOUN
ftr-347	767	7	of	of	ADP
ftr-347	767	8	the	the	DET
ftr-347	767	9	ideas	idea	NOUN
ftr-347	767	10	in	in	ADP
ftr-347	767	11	the	the	DET
ftr-347	767	12	dodd	dodd	NOUN
ftr-347	767	13	–	–	PUNCT
ftr-347	767	14	frank	frank	ADJ
ftr-347	767	15	act	act	NOUN
ftr-347	767	16	are	be	AUX
ftr-347	767	17	still	still	ADV
ftr-347	767	18	being	be	AUX
ftr-347	767	19	fashioned	fashion	VERB
ftr-347	767	20	by	by	ADP
ftr-347	767	21	regulators	regulator	NOUN
ftr-347	767	22	(	(	PUNCT
ftr-347	767	23	the	the	DET
ftr-347	767	24	sec	sec	PROPN
ftr-347	767	25	,	,	PUNCT
ftr-347	767	26	fsoc	fsoc	NOUN
ftr-347	767	27	,	,	PUNCT
ftr-347	767	28	the	the	DET
ftr-347	767	29	commodity	commodity	NOUN
ftr-347	767	30	futures	futures	PROPN
ftr-347	767	31	trading	trading	PROPN
ftr-347	767	32	commission	commission	NOUN
ftr-347	767	33	,	,	PUNCT
ftr-347	767	34	and	and	CCONJ
ftr-347	767	35	the	the	DET
ftr-347	767	36	board	board	NOUN
ftr-347	767	37	of	of	ADP
ftr-347	767	38	governors	governor	NOUN
ftr-347	767	39	of	of	ADP
ftr-347	767	40	the	the	DET
ftr-347	767	41	federal	federal	PROPN
ftr-347	767	42	reserve	reserve	PROPN
ftr-347	767	43	system	system	NOUN
ftr-347	767	44	)	)	PUNCT
ftr-347	767	45	as	as	SCONJ
ftr-347	767	46	this	this	PRON
ftr-347	767	47	is	be	AUX
ftr-347	767	48	being	be	AUX
ftr-347	767	49	written	write	VERB
ftr-347	767	50	.	.	PUNCT
ftr-347	768	1	i	i	PRON
ftr-347	768	2	do	do	AUX
ftr-347	768	3	not	not	PART
ftr-347	768	4	weigh	weigh	VERB
ftr-347	768	5	in	in	ADP
ftr-347	768	6	,	,	PUNCT
ftr-347	768	7	at	at	ADP
ftr-347	768	8	least	least	ADJ
ftr-347	768	9	in	in	ADP
ftr-347	768	10	this	this	DET
ftr-347	768	11	article	article	NOUN
ftr-347	768	12	,	,	PUNCT
ftr-347	768	13	on	on	ADP
ftr-347	768	14	the	the	DET
ftr-347	768	15	very	very	ADV
ftr-347	768	16	important	important	ADJ
ftr-347	768	17	issues	issue	NOUN
ftr-347	768	18	of	of	ADP
ftr-347	768	19	the	the	DET
ftr-347	768	20	extent	extent	NOUN
ftr-347	768	21	and	and	CCONJ
ftr-347	768	22	degree	degree	NOUN
ftr-347	768	23	of	of	ADP
ftr-347	768	24	financial	financial	ADJ
ftr-347	768	25	regulation	regulation	NOUN
ftr-347	768	26	.	.	PUNCT
ftr-347	769	1	i	i	PRON
ftr-347	769	2	merely	merely	ADV
ftr-347	769	3	suggest	suggest	VERB
ftr-347	769	4	that	that	SCONJ
ftr-347	769	5	we	we	PRON
ftr-347	769	6	should	should	AUX
ftr-347	769	7	consider	consider	VERB
ftr-347	769	8	whether	whether	SCONJ
ftr-347	769	9	systemic	systemic	ADJ
ftr-347	769	10	risk	risk	NOUN
ftr-347	769	11	to	to	ADP
ftr-347	769	12	the	the	DET
ftr-347	769	13	u.s	u.s	PROPN
ftr-347	769	14	.	.	PROPN
ftr-347	769	15	financial	financial	ADJ
ftr-347	769	16	system	system	NOUN
ftr-347	769	17	can	can	AUX
ftr-347	769	18	be	be	AUX
ftr-347	769	19	increased	increase	VERB
ftr-347	769	20	via	via	ADP
ftr-347	769	21	tax	tax	NOUN
ftr-347	769	22	uncertainty	uncertainty	NOUN
ftr-347	769	23	within	within	ADP
ftr-347	769	24	the	the	DET
ftr-347	769	25	interconnected	interconnected	ADJ
ftr-347	769	26	web	web	NOUN
ftr-347	769	27	of	of	ADP
ftr-347	769	28	global	global	ADJ
ftr-347	769	29	shadow	shadow	PROPN
ftr-347	769	30	bank	bank	NOUN
ftr-347	769	31	transactions	transaction	NOUN
ftr-347	769	32	and	and	CCONJ
ftr-347	769	33	thereby	thereby	ADV
ftr-347	769	34	whether	whether	SCONJ
ftr-347	769	35	the	the	DET
ftr-347	769	36	disclosure	disclosure	NOUN
ftr-347	769	37	and	and	CCONJ
ftr-347	769	38	reporting	reporting	NOUN
ftr-347	769	39	regimes	regime	NOUN
ftr-347	769	40	currently	currently	ADV
ftr-347	769	41	being	be	AUX
ftr-347	769	42	fashioned	fashion	VERB
ftr-347	769	43	to	to	PART
ftr-347	769	44	“	"	PUNCT
ftr-347	769	45	promote	promote	VERB
ftr-347	769	46	financial	financial	ADJ
ftr-347	769	47	stability	stability	NOUN
ftr-347	769	48	”	"	PUNCT
ftr-347	769	49	could	could	AUX
ftr-347	769	50	or	or	CCONJ
ftr-347	769	51	should	should	AUX
ftr-347	769	52	be	be	AUX
ftr-347	769	53	utilized	utilize	VERB
ftr-347	769	54	to	to	PART
ftr-347	769	55	help	help	VERB
ftr-347	769	56	fix	fix	VERB
ftr-347	769	57	this	this	DET
ftr-347	769	58	area	area	NOUN
ftr-347	769	59	of	of	ADP
ftr-347	769	60	the	the	DET
ftr-347	769	61	tax	tax	NOUN
ftr-347	769	62	law	law	NOUN
ftr-347	769	63	.	.	PUNCT
ftr-347	770	1	there	there	PRON
ftr-347	770	2	are	be	VERB
ftr-347	770	3	competing	compete	VERB
ftr-347	770	4	policy	policy	NOUN
ftr-347	770	5	considerations	consideration	NOUN
ftr-347	770	6	with	with	ADP
ftr-347	770	7	either	either	PRON
ftr-347	770	8	of	of	ADP
ftr-347	770	9	these	these	DET
ftr-347	770	10	avenues	avenue	NOUN
ftr-347	770	11	that	that	PRON
ftr-347	770	12	clearly	clearly	ADV
ftr-347	770	13	need	need	VERB
ftr-347	770	14	more	more	ADJ
ftr-347	770	15	study	study	NOUN
ftr-347	770	16	.	.	PUNCT
ftr-347	771	1	with	with	ADP
ftr-347	771	2	respect	respect	NOUN
ftr-347	771	3	to	to	ADP
ftr-347	771	4	both	both	PRON
ftr-347	771	5	using	use	VERB
ftr-347	771	6	the	the	DET
ftr-347	771	7	fatca	fatca	ADJ
ftr-347	771	8	provisions	provision	NOUN
ftr-347	771	9	and	and	CCONJ
ftr-347	771	10	the	the	DET
ftr-347	771	11	dodd	dodd	PROPN
ftr-347	771	12	–	–	PUNCT
ftr-347	771	13	frank	frank	ADJ
ftr-347	771	14	act	act	PROPN
ftr-347	771	15	disclosure	disclosure	NOUN
ftr-347	771	16	and	and	CCONJ
ftr-347	771	17	reporting	report	VERB
ftr-347	771	18	regime	regime	NOUN
ftr-347	771	19	,	,	PUNCT
ftr-347	771	20	we	we	PRON
ftr-347	771	21	must	must	AUX
ftr-347	771	22	consider	consider	VERB
ftr-347	771	23	whether	whether	SCONJ
ftr-347	771	24	requiring	require	VERB
ftr-347	771	25	information	information	NOUN
ftr-347	771	26	for	for	ADP
ftr-347	771	27	this	this	DET
ftr-347	771	28	purpose	purpose	NOUN
ftr-347	771	29	could	could	AUX
ftr-347	771	30	chill	chill	VERB
ftr-347	771	31	investment	investment	NOUN
ftr-347	771	32	and	and	CCONJ
ftr-347	771	33	liquidity	liquidity	NOUN
ftr-347	771	34	creation	creation	NOUN
ftr-347	771	35	in	in	ADP
ftr-347	771	36	the	the	DET
ftr-347	771	37	u.s	u.s	PROPN
ftr-347	771	38	.	.	PROPN
ftr-347	772	1	nevertheless	nevertheless	ADV
ftr-347	772	2	it	it	PRON
ftr-347	772	3	seems	seem	VERB
ftr-347	772	4	that	that	SCONJ
ftr-347	772	5	our	our	PRON
ftr-347	772	6	policymakers	policymaker	NOUN
ftr-347	772	7	are	be	AUX
ftr-347	772	8	surging	surge	VERB
ftr-347	772	9	ahead	ahead	ADV
ftr-347	772	10	in	in	ADP
ftr-347	772	11	requiring	require	VERB
ftr-347	772	12	disclosures	disclosure	NOUN
ftr-347	772	13	from	from	ADP
ftr-347	772	14	foreign	foreign	ADJ
ftr-347	772	15	financial	financial	ADJ
ftr-347	772	16	institutions	institution	NOUN
ftr-347	772	17	for	for	ADP
ftr-347	772	18	the	the	DET
ftr-347	772	19	purposes	purpose	NOUN
ftr-347	772	20	of	of	ADP
ftr-347	772	21	financial	financial	ADJ
ftr-347	772	22	stability	stability	NOUN
ftr-347	772	23	generally	generally	ADV
ftr-347	772	24	and	and	CCONJ
ftr-347	772	25	tracking	track	VERB
ftr-347	772	26	down	down	ADP
ftr-347	772	27	u.s	u.s	PROPN
ftr-347	772	28	.	.	PROPN
ftr-347	772	29	evaders	evader	NOUN
ftr-347	772	30	of	of	ADP
ftr-347	772	31	u.s	u.s	PROPN
ftr-347	772	32	.	.	PROPN
ftr-347	772	33	tax	tax	NOUN
ftr-347	772	34	.	.	PUNCT
ftr-347	773	1	with	with	ADP
ftr-347	773	2	respect	respect	NOUN
ftr-347	773	3	to	to	ADP
ftr-347	773	4	the	the	DET
ftr-347	773	5	dodd	dodd	NOUN
ftr-347	773	6	–	–	PUNCT
ftr-347	773	7	frank	frank	ADJ
ftr-347	773	8	act	act	PROPN
ftr-347	773	9	disclosure	disclosure	NOUN
ftr-347	773	10	and	and	CCONJ
ftr-347	773	11	reporting	reporting	NOUN
ftr-347	773	12	,	,	PUNCT
ftr-347	773	13	another	another	DET
ftr-347	773	14	consideration	consideration	NOUN
ftr-347	773	15	is	be	AUX
ftr-347	773	16	whether	whether	SCONJ
ftr-347	773	17	using	use	VERB
ftr-347	773	18	information	information	NOUN
ftr-347	773	19	disclosed	disclose	VERB
ftr-347	773	20	for	for	ADP
ftr-347	773	21	taxation	taxation	NOUN
ftr-347	773	22	purposes	purpose	NOUN
ftr-347	773	23	would	would	AUX
ftr-347	773	24	hamper	hamper	VERB
ftr-347	773	25	the	the	DET
ftr-347	773	26	candidness	candidness	NOUN
ftr-347	773	27	of	of	ADP
ftr-347	773	28	information	information	NOUN
ftr-347	773	29	disclosed	disclose	VERB
ftr-347	773	30	for	for	ADP
ftr-347	773	31	systemic	systemic	ADJ
ftr-347	773	32	risk	risk	NOUN
ftr-347	773	33	purposes	purpose	NOUN
ftr-347	773	34	.	.	PUNCT
ftr-347	774	1	these	these	DET
ftr-347	774	2	issues	issue	NOUN
ftr-347	774	3	clearly	clearly	ADV
ftr-347	774	4	need	need	VERB
ftr-347	774	5	more	more	ADJ
ftr-347	774	6	study	study	NOUN
ftr-347	774	7	and	and	CCONJ
ftr-347	774	8	consideration	consideration	NOUN
ftr-347	774	9	.	.	PUNCT
ftr-347	775	1	foreign	foreign	ADJ
ftr-347	775	2	funds	fund	NOUN
ftr-347	775	3	would	would	AUX
ftr-347	775	4	prefer	prefer	VERB
ftr-347	775	5	to	to	PART
ftr-347	775	6	stay	stay	VERB
ftr-347	775	7	off	off	ADP
ftr-347	775	8	of	of	ADP
ftr-347	775	9	regulators	regulator	NOUN
ftr-347	775	10	’	'	PUNCT
ftr-347	775	11	and	and	CCONJ
ftr-347	775	12	the	the	DET
ftr-347	775	13	irs	irs	PROPN
ftr-347	775	14	’s	’s	PART
ftr-347	775	15	radar	radar	NOUN
ftr-347	775	16	entirely	entirely	ADV
ftr-347	775	17	.	.	PUNCT
ftr-347	776	1	obviously	obviously	ADV
ftr-347	776	2	after	after	ADP
ftr-347	776	3	the	the	DET
ftr-347	776	4	hire	hire	NOUN
ftr-347	776	5	and	and	CCONJ
ftr-347	776	6	dodd	dodd	PROPN
ftr-347	776	7	–	–	PUNCT
ftr-347	776	8	frank	frank	ADJ
ftr-347	776	9	acts	act	NOUN
ftr-347	776	10	this	this	PRON
ftr-347	776	11	is	be	AUX
ftr-347	776	12	not	not	PART
ftr-347	776	13	likely	likely	ADJ
ftr-347	776	14	.	.	PUNCT
ftr-347	777	1	we	we	PRON
ftr-347	777	2	are	be	AUX
ftr-347	777	3	entering	enter	VERB
ftr-347	777	4	a	a	DET
ftr-347	777	5	new	new	ADJ
ftr-347	777	6	era	era	NOUN
ftr-347	777	7	of	of	ADP
ftr-347	777	8	regulation	regulation	NOUN
ftr-347	777	9	and	and	CCONJ
ftr-347	777	10	disclosure	disclosure	NOUN
ftr-347	777	11	.	.	PUNCT
ftr-347	778	1	it	it	PRON
ftr-347	778	2	’s	’	VERB
ftr-347	778	3	time	time	NOUN
ftr-347	778	4	to	to	ADP
ftr-347	778	5	165	165	NUM
ftr-347	778	6	.	.	PUNCT
ftr-347	779	1	i	i	PRON
ftr-347	779	2	d.	d.	PROPN
ftr-347	779	3	,	,	PUNCT
ftr-347	779	4	at	at	ADP
ftr-347	779	5	§	§	PROPN
ftr-347	779	6	404(c	404(c	PROPN
ftr-347	779	7	)	)	PUNCT
ftr-347	779	8	.	.	PUNCT
ftr-347	780	1	166	166	NUM
ftr-347	780	2	.	.	PUNCT
ftr-347	781	1	i	i	PRON
ftr-347	781	2	d.	d.	PROPN
ftr-347	781	3	,	,	PUNCT
ftr-347	781	4	at	at	ADP
ftr-347	781	5	preamble	preamble	NOUN
ftr-347	781	6	.	.	PUNCT
ftr-347	782	1	682	682	NUM
ftr-347	782	2	florida	florida	PROPN
ftr-347	782	3	tax	tax	NOUN
ftr-347	782	4	review	review	NOUN
ftr-347	783	1	[	[	X
ftr-347	783	2	vol	vol	NOUN
ftr-347	783	3	.	.	PUNCT
ftr-347	783	4	11:8	11:8	NUM
ftr-347	783	5	face	face	VERB
ftr-347	783	6	the	the	DET
ftr-347	783	7	global	global	ADJ
ftr-347	783	8	shadow	shadow	NOUN
ftr-347	783	9	banking	banking	NOUN
ftr-347	783	10	system	system	NOUN
ftr-347	783	11	,	,	PUNCT
ftr-347	783	12	both	both	CCONJ
ftr-347	783	13	with	with	ADP
ftr-347	783	14	respect	respect	NOUN
ftr-347	783	15	to	to	ADP
ftr-347	783	16	how	how	SCONJ
ftr-347	783	17	we	we	PRON
ftr-347	783	18	want	want	VERB
ftr-347	783	19	to	to	PART
ftr-347	783	20	regulate	regulate	VERB
ftr-347	783	21	it	it	PRON
ftr-347	783	22	and	and	CCONJ
ftr-347	783	23	with	with	ADP
ftr-347	783	24	respect	respect	NOUN
ftr-347	783	25	to	to	ADP
ftr-347	783	26	how	how	SCONJ
ftr-347	783	27	we	we	PRON
ftr-347	783	28	want	want	VERB
ftr-347	783	29	to	to	PART
ftr-347	783	30	tax	tax	VERB
ftr-347	783	31	it	it	PRON
ftr-347	783	32	.	.	PUNCT