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  "documentTitle": "Sunrun Inc. (RUN)",
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  "notes": "Includes a quote from a former executive and details on potential financial liabilities ($948 million).",
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      "text": "We believe this could be an existential problem for RUN.",
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      "text": "The IRS claws back RUN's historical ITC overstatements after a determination of fraud... estimated $948 million liability... The IRS claws back RUN's historical ITC and there is no determination of fraud... If the IRS states that exaggerated FMVs are prohibited on a go-forward basis, RUN will have to fill an estimated shortfall of approximately $0.50 / watt... The IRS determines that there is no issue. In this case, estimated Net Earning Assets remain massively overstated in our view.",
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      "text": "systems. If this audit results in an adverse final determination, we may be subject to an indemnity obligation to our investor, which may result in certain limited out-of-pocket costs and potential increased insurance premiums in the future.",
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      "text": "It is also important to note that where an arms-length relationship cannot be established, the entire concept of the FMV may be jeopardized. In 2011, the IRS noted that “a stated cost may be inconsistent with the eligible property’s true tax basis “where a transaction is not conducted at arms-length by two economically self-interested parties or where a transaction is based upon ‘peculiar circumstances’ which influence the purchaser to agree to a price in excess of the",
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      "text": "Yeah. Now to be sure, I have seen companies who I thought were very aggressive just in their tax basis. I couldn't name names, but I've seen some pretty aggressive stuff... I believe at least one of them, it's sort of an open secret in the industry that I've heard from a couple of tax lawyers, at least one of them is going through a whole series of audits right now.",
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      "text": "Yeah. Now to be sure, I have seen companies who I thought were very aggressive just in their tax basis. I couldn't name names, but I've seen some pretty aggressive stuff... I believe at least one of them, it's sort of an open secret in the industry that I've heard from a couple of tax lawyers, at least one of them is going through a whole series of audits right now. — Interview with Former RUN Executive B, November 2021",
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      "text": "RUN is at Elevated Audit Risk because of its Tax Equity Structure",
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