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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The cartoon is used as a metaphor for tax planning/deductions.",
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      "kind": "image",
      "text": "Cartoon depicting C-3PO as a CPA discussing tax deductions for an X-Wing fighter.",
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      "text": "AerCap also obtained ILFC's large, attractively-priced order book of next generation planes, which is now a couple billion dollars in the money. AerCap is also in the process of reducing combined SG&A and lowering its tax rate by moving ILFC's U.S. assets to Ireland, where AerCap enjoys a 12.5% tax rate.",
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      "text": "IF YOU DEDUCT THE STANDARD MILEAGE RATE FOR THE X-WING FIGHTER, YOU CAN'T ALSO DEDUCT ITS ROUTINE MAINTENANCE COSTS. — The CPA 3PO (Rhymes with Orange cartoon)",
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      "text": "Source: AER filings, management public statements, and Greenlight calculations.",
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