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  "documentTitle": "Howard Hughes Corporation (HHC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-05-08 00:00:00",
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      "text": "HHC is structured as a C-Corp and has historically benefited from NOLs, but will likely become a limited tax payer in the next 1 to 2 years. HHC's business strategy is highly tax efficient.",
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      "text": "Operating Asset NOI is shielded by depreciation and interest expense; HHC has $4B of existing tax basis in its assets; MPC condo sales are taxable; HHC may consider the development and retention of rental apartment buildings at Ward Village; Land development generally involves deferred taxation; HHC's intent is to build and hold commercial development which is the most tax efficient approach; HHC has used NOLs to shield taxable income to date. These NOLs will likely be consumed by 2018; however, the sale of its non-core, high-basis Other Assets can create substantial new NOLs; HHC is a U.S. tax payer and would be a beneficiary of tax reform; Depending on the outcome of tax reform, HHC could consider a REIT for its Operating Assets",
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      "text": "What About Taxes?",
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