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  "documentTitle": "Sunrun Inc. (RUN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2022-07-28 00:00:00",
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  "notes": "The slide uses a process diagram to illustrate how ITC proceeds are incorrectly categorized in some industry practices.",
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      "kind": "callout",
      "text": "In our view, this tortured construction defies common sense, and, at a minimum breaches the spirit of the law.",
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      "kind": "diagram",
      "text": "Process flow showing Eligible Property, Transferred Assets, and Fair Market Value categorization.",
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      "kind": "list",
      "text": "Eligible property list: Solar PV panels, inverters, racking, installation costs, transformers, energy storage.",
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      "text": "Some industry practitioners defend the use of ITC proceeds in calculating the ITC, but we do not believe their arguments hold water. As discussed supra, their main argument is that the IRS has never challenged the practice.",
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      "text": "Tax credits are not named as allowable assets for the purpose of ITC calculation. The Consolidated Appropriations Act of 2015, Code Section 25D, states that the tax basis for ITCs is equal to the project's 'qualified solar electric property expenditure'.",
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      "kind": "source-note",
      "text": "24 https://www.energy.gov/sites/default/files/2021/02/f82/Guide%20to%20Federal%20Tax%20Credit%20for%20Residential%20Solar%20PV-%202021.pdf",
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