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  "documentTitle": "Sunrun Inc. (RUN)",
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  "presentationDate": "2022-07-28 00:00:00",
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      "text": "RUN is at Risk of a Funding Gap due to an Inability to Use Aggressive Valuations; it is also at Risk of a Claw Back that Could Reach $948 million",
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      "text": "As a result of RUN's overstated FMVs, we calculate that the company has monetized $948 million in disallowable ITCs and tax losses since 2018.",
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      "text": "RUN is the subject of an IRS whistleblower complaint filed in 2018, and its partnership flip structure seemingly comes close to – if not crosses – the line of impermissibly selling the tax incentives.",
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      "kind": "quote",
      "text": "The IRS audited one of our investment funds covered by our 2018 insurance policy in an audit involving a review of the fair market value determination of our solar energy — RUN Q2 2021 10-Q, p. 75",
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      "text": "36 RUN Q2 2021 10-Q, p. 75",
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      "text": "Installation Costs for New York-Based Solar Company",
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