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  "documentTitle": "Sunrun Inc. (RUN)",
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  "presentationDate": "2022-07-28 00:00:00",
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  "notes": "The slide argues that the partnership flip structure is used to circumvent tax regulations by inflating fair market value (FMV) for IRS audit purposes.",
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      "text": "We believe that in RUN’s structure, the Company is effectively selling the PV Systems to itself at inflated prices using a financing partner, even though selling ITCs is not permitted.",
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      "text": "Partnership Flip structure diagram showing flows between Sunrun, Tax Equity Partner, Partnership Flip Entity, and Solar Customers.",
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      "text": "Allocation of non-cash items (ITCs, MACRS depreciation) and cash items (preferred return) before and after the flip date.",
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      "text": "https://www.energy.gov/sites/prod/files/2021/02/f82/Guide%20to%20the%20Federal%20Investment%20Tax%20Credit%20for%20Commercial%20Solar%20PV%20-%202021.pdf",
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