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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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      "text": "Step 5: TIP REIT pays a taxable dividend (at the 15% 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 5: TIP REIT pays a taxable dividend to shareholders equal to its allocated portion of Target's $16bn of retained Earnings and Profits, estimated to be $8bn. 20% of the dividend ($1.6bn) may be paid in cash. Cash dividend can be deferred.",
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      "text": "Step 3: Target Corp spins off TIP REIT to its shareholders pro rata and tax-free. Step 4: TIP REIT elects REIT status effective immediately. Simultaneously, TIP REIT drops the Facilities Management Services business into a new corporation, a taxable REIT subsidiary (TRS).",
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      "text": "Transaction Plan (cont'd)",
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