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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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      "text": "Step 6: TIP REIT pays a taxable dividend (at the dividend tax rate to non-corporate taxpayers) to shareholders equal to its allocated portion of Target’s $16bn of retained Earnings and Profits (“E&P”), estimated to be $8bn based on the implied mid-point valuation of TIP REIT/Target Corp",
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      "text": "Step 3: Target Corp sells the remaining 53% interest in the credit card receivables business to an Investment Partner. Step 4: Target Corp pays down debt using proceeds from the credit card receivables and the TIP REIT pays down assumed debt using proceeds from the TIP REIT IPO.",
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