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  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "The slide uses forensic accounting analysis to challenge the veracity of corporate financial disclosures.",
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      "kind": "callout",
      "text": "Income tax payable (including income tax payable of The consolidated VIEs without recourse to TAL Education Group of 4,193,507 and 14,880,773 as of February 28, 2015, and August 31, 2015, respectively)",
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      "text": "Even on a combined basis, the Guangzhou entities show no evidence of the accounting TAL claims.",
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      "text": "Guangzhou Yuexiu District Xueersi Learning School (Yuexiu School)\nGuangzhou Tianhe District Xueersi Learning Center (Tianhe School)\nGuangzhou Liwan District Xueersi Learning Center (Liwan School)",
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      "text": "The most obvious entity to have booked the gain and tax is Guangzhou Xueersi Education Technology Co. Ltd. (“GZ XRS EdTech”), which we believe held the GZ 1-1 business. Its SAIC files show a branch company network whose addresses matched six of the ten GZ 1-1 learning centers, and former GZ 1-1 employees confirmed it was the operating entity.",
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      "text": "The 2015 SAIC for GZ XRS EdTech and TAL's three other Guangzhou entities are below. “GZ rev total” on the right represents the sum of all four entities. Even on a combined basis, the Guangzhou entities show no evidence of the accounting TAL claims.",
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      "text": "TAL claimed to have booked the gain and tax accrual in one of its VIEs. The 2016 FY2016 Q2 6-K claims its VIEs collectively accrued a tax liability of the appropriate size. TAL's FY2016 20-F confirmed the VIEs booked the gain and tax accrual.",
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      "text": "107-113 Footnotes detailing sources and clarifications.",
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