Can you please explain again in this context what does this imply: "your disallowed loss is the loss incurred on the earliest X shares in the time window.". I want to confirm that robinhood does the following in a wash sale. I'll be interested to know if you also get any answer from them or any other information or details from any other means on how to resolve this issue. (2) All of these 1000 units were sold in March at $13K, thereby incurring a loss of $7K(3) Later in the month of March, I repurchased X units as the prices dropped, at a cost of $20K, and this transaction was within 30days of the sale. I'm still digging through the 1099, but I think there are situations where the share purchase came before the options transactions instead of after, but still in the +/- 30 day window, and again it was flagged. No. Robinhood Trader May Face $800,000 Tax Bill, hook for hundreds of thousands of dollars. Robinhood is pretty messed up, I'd stay away. !Don't get mad. Your best approach is to avoid wash sales altogether as much as possible. If there is a wash sale adjustment, then the proceeds are decreased rather than increasing the cost basis. This is up from 10 percent in 2019 and is a result of lower barriers to entry for casual traders, including a strategy by many brokerages to eliminate trading fees. Bitcoin Taxes January 2, 2023 What Is The Lightning Network In Bitcoin? My point was that unless the wash sale was for a security that you ended up holding through the end of the year, that the total applied capital gains for the trading of options like this will match your intuitive notion of your total trade gains. When a disallowed wash sale occurs, the loss is added to the cost basis of the replacement lot and the holding period is subtracted from the acquisition date of the replacement lot, to make a new holding date. Video of Robinhood (RH) trader with Wash Sale Issues!! Robinhood may be riding high now, but its legal troubles cast a shadow on its success, and threaten its grand ambition to democratize finance for all.. Options trading can be very risky and is not recommended for the inexperienced investor like Mr. Kearns. You need to build a platform that you would be comfortable putting in your own kids hands, he said. Options bought/sold are either closed out or expire, and that's that. And that is the ashen meal now in front of Robinhoods co-founders and co-chief executives, Vlad Tenev and Baiju Bhatt. More broadly, it should serve as a loud warning for the new crop of do-it-yourself investors. While the trader started out with $30,000 in his brokerage account, he had some $45 million "yes, million" in total trades and a net profit of $45,000, Wruk explains in the post. With so many more new traders using platforms like Robinhood, the rule could pose a problem for novices who spent 2020 trading in and out of the same few stocks. This happens on your next tax return (assuming you closed the trades). If that's the case, did you see the example I shared when doing the sum of all transactions bought and sold of a specific stock? The case should serve as a loud warning for the new crop of do-it-yourself investors. Will tax professional be able to help with this, as there are lot of transactions through out the year and combing through all these seems to be a daunting task. So this is how I know the calculations HAVE to be wrong, because I know the money I have on that account and it's not $160k. TurboTax supports that. If all my wash sales transaction with W code are correct on 1099B. Then you move your accounts to a different broker. However, a deeper look shows that accusations of so-called debt trap diplomacy turn out to be unfounded. Correct. 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A growth chart that goes up and to the right is all well and good, but has Robinhood, as one person said to me, made the classic Silicon Valley mistake of applying games and brain hacks to an extremely important sector, even as it underinvested in key parts of the business like customer service? In this case, if you purchased securities 30 days before the sale or after the sale, it could result in a disallowed wash sale. I had robinhood for part of the year and switched to TD back in april. What does your 1099 say? Consider the following series of trades, assume everything is in the +/- 30 day window and for the purposes of discussion the options have the same expiration date: - Sell NVDA 200 Calls $500 [loss of $300], - Sell NVDA 190 Calls $1500 [gain of $700]. He booked a profit but was disallowed all the losses because he never once waited the 30 days on those stocks to book the loss, added Wruk. How Is That a Good Thing? Was it the startups responsibility to do a better job with design, ethics and friction to better guard against kids like him from going into a fatal tailspin? The IRS allows investors to offset up to $3,000 of other income with stock losses and then carry over any additional capital losses to offset future income. If you sell a stock for a loss, and then buy a substantially identical stock within 30 calendar days, youve executed a wash sale. All of the above? Here's an example of the description part of an entry on the 1099: 1a- Description of property/CUSIP/Symbol AAPL 07/16/2021 CALL $146.00 / CUSIP: / Symbol: I'm going to have to reach out to them for more details on the wash determination, wish me luck. Yeah exactly this. He recently received his 1099-B and input it into Turbo Tax and to his chagrin, he had $1.4M in capital gain income and a tax bill of just over $800k.. Most other middle-class income groups pay 15%, and the top rate for high earners is 23.8% . Investors taking part in the class action argue that Robinhood's business model has a built-in conflict of interest. In the long run, there may be an upside to a higher cost basisyou may be able to realize a bigger loss when you sell your new investment or, if it goes up and you sell, you may owe less on the gain, writes Fidelity. 2) If I decide that RH has made a mistake and they won't correct it, what steps do I have to take in TT to adjust and document this? I didnt think my tiny account which never went above 1500 would be such an issue. I spent a lot of time this week trying to come up with the best way to get those who make things in Silicon Valley to better understand the suicide of Alex Kearns, a student at the University of Nebraska. By trading on. Note that this can cause the term to change from short term to long term in some cases. Following through on my promise to update on communication with RH, in case it helps accelerate anyone else's interaction with them on similar issues. TD does not show the CUSIP for options either. ". Examples of securities embody shares, ETFs, mutual funds, choices, and bonds.. Robinhood Tax Documents & Tax Reporting Explained | ZenLedger January 2, 2023 What Is Bitcoin? There's a difference between not handling wash sales ( never heard of that since it's required by law). In this arrangement, the broker sells customer orders to market-making firms (primarily Citadel Securities in Robinhoods case) that execute the trades. misinterpreting his account and seeing a $730,000 negative balance. And the company says it wants to double its customer service staff by the end of the year. I'll throw in one of my specific examples that I believe RH is flagging as a wash but is not clear to me should be. I have started to work on my tax returns using Turbo Tax and I saw the option you've mentioned on your reply (incorrect basis on the 1099). Awsome! Leveraging our sophisticated GainsKeeper technology and our expert corporate actions content, BasisPro adjusts basis for corporate actions and wash sales for tax reporting. Robinhoods counsel did not respond to a request for comment. The class action will take at least 18 months to resolve if it goes to trial, said Maurice Pessah, one of the lead lawyers for the plaintiffs. I teach students and employees how to ace their personal finances. The wash sale rule is an Internal Revenue Service (IRS) regulation that prohibits someone from claiming a loss by selling and purchasing either the same or similar securities within 30 days of the sale at a loss. Been part of TTLive, Full Service TTL, was part of Accuracy guaran incorrect basis on the 1099). I reached out to Robinhood with this problem and they ask me to send the details. when you say second stock , it the same identical stock which was bought by selling the stock within 60 days of buying/selling ? If people are going in and out of names quickly, and theyre generating losses and have offsetting positions, theyve generated those losses within 30 days of a purchase, those losses get suspended, explained Sandi Bragar, managing director at Aspiriant. You can fix things in your filing. Hi Intuit TT community - I'm going to Pile On this discussion, as I also have questions about Robinhood's assessment of wash sale disallowed designation on the 1099B. If you trade with two brokers, this can't happen if you trade the same security, so you are responsible to make the adjustments for disallowed loss. You are playing with real fire to allow inexperienced people to play with the riskiest of financial instruments, he said. One investor I spoke with likened the Robinhood experience to giving a Ferrari to a kid without a drivers license. I do realize I'm asking a tax question on a software support community discussion thread, but it's clear that there is a lot of general interest in this community regarding these wash-sale related tax questions, and subsequently how to make the appropriate adjustments in TT if you're stuck with a broker 1099 you don't agree with. The IRS prohibits taxpayers from claiming losses from wash sales for tax purposes. Almost everyone who makes money must get acquainted with the taxman. And because brokers make more money if customers trade more, the incentive is to gamify trading, which could be against the investors interests. I realize that I was not being careful with my language. Still, some think Robinhood failed Mr. Kearns. If the trader wanted to sell a single share at the current price of roughly $700, the taxable amount could swing from a huge gain to a loss depending on which share was sold. (4) These X units are still unsold and continue to be part of my portfolio even in 2022. Excel spreadsheet processing instructions. Robinhood said it had restricted trading in meme stocks to protect itself and customers, citing regulatory obligations to monitor and maintain capital requirements. Mr. Brewster sees in Robinhood elements of what he called Pavlovian gambling associations, even as he said he also believes that it is important to break down some of the barriers to investing. She describes how Brian Wruk, a financial planner, received a text from the 30-year old investor who was facing an $800,000 tax bill. Robinhood has told the court that it will seek a dismissal. I've read the IRS pubs on this ("substantially identical" and "consider all the facts and circumstances in your particular case") and find the instructions lacking. In the year to June, Robinhood more than doubled its funded user accounts, to 22.5 million, and tripled its assets under custody, to more than $100 billion. Exchange Traded Financial Options -- And yes again. I dont want to adjust these numbers by myself to IRS ;). RH seems to be flagging the $300 loss as a wash sale, I think because of the 2 share purchase within the window. Assume an investor has three Tesla shares that were bought at $400, $650, and $850 in the middle of last year. It occurs to me that if CUSIP is the matching criterion for determining wash sales, and if every symbol/strike/expiration has a unique CUSIP, I don't see how even active short term trading of options (opening and closing calls and spreads, rolling such , etc) can ever result in a wash sale, except for trades left open over the end of the calendar year. Wash sales will accumulate until the stock has a sufficient profit to offset the adjusted basis, or until the entity expires or is sold (plus the 31 day waiting period). Robinhood may encourage risky behaviors that could backfire, he added. Boom. In an interview with me this week, Mr. Tenev said the company could not comment on the specifics of Mr. Kearnss account because of privacy concerns. The investing app was worth $46 billion at the close of trading on Friday, up around 60 percent from its valuation a week before. Reddit and its partners use cookies and similar technologies to provide you with a better experience. One way to do that is with adjustment code "B", incorrect basis on the 1099. The case of the Robinhood trader, who hasnt been identified, was first highlighted in Morningstar by Alexandra Macqueen. Cost basis is going to be tricky as hell. Total cost for all those units lets say is $20K. A design flaw that could have and, more to the point, should have been anticipated? This is what they responded: "After reviewing your 1099, the document released appears to be in good order including the wash sale figures. A disallowed wash sale loss occurs when a position is closed at a loss and shares, or options, of the same security, or substantially identical securities, are purchased within 30 daysbefore or afterthe day of the sale. Free trades sound great, until you realize the price you pay for free could be thousands of dollars. That success has attracted $1.2 billion in investments from eager venture capital firms, including $280 million last month from the top-tier investor Sequoia Capital, bringing Robinhoods valuation to $8.3 billion. This week, the newly public company became a so-called meme stock, riding retail trader glee to riches after a disappointing market debut. Is so, you can see that Robinhood is accounting for wash sales correctly. This must be why i owed taxes in 2018, these fucking idiots can't do shit aside from picking bright colors and adding dumb shit to the UI, edit: and for RH you also have to wait at least untill late march because they ALWAYS send you an amended tax form because they have errors every year, If you overpaid tax in 2018 from that you still have time to re-file and get it back. Robinhood is now a party to the phenomenon it helped create. In complaints filed just before Robinhoods initial public offering on July 29, the investors echoed the concerns raised by officials that the companys business model is fundamentally problematic. Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement. Can anyone please suggest, what should I do next? I have not yet started the import of documents to Turbo tax because I still need to collect a lot of documents but when I saw the 1099 from Robinhood my alarms rang because overall I had a profit of about 10k in stocks last year and with wash sales disallowed it's considering almost only the profits I made which goes to $160k. Though the class action names many other financial businesses, like Citadel Securities, Charles Schwab, Melvin Capital Management and SoFi Securities, Robinhood is the main antagonist. What should you know if you made money on your investments last year? & How Does Bitcoin Work? Is it because growth trumps safety? On its website, Robinhood simply states, Robinhood uses the First In, First Out method. Remember, I have not yet sold the repurchased lot. Click on the conversation bubble to join the conversation, A Robinhood newbie is facing a potential tax bill. Even if some of the sales are marked wash sale disallowed, when these options are closed out or expire, the adjustments to the cost basis of the matched securities should balance the accounting so your taxable gains are what you expect. That's the only wash sale on my 1099-B this year. When you are an active trader, the broker will match the CUSIP to determine whether a wash sale occurred. It is identical security ( as you pointed out) . This is the thing I'm trying to verify was done correctly by RH and is being properly reflected in TT. In Robinhoods I.P.O. Strategies -- Press question mark to learn the rest of the keyboard shortcuts. Yes. But I notice that in my 1099-B from robinhood for the year 2021, my cost basis (box 1e) for this stock is showing as $23K, which is higher than my actual cost, and hence my wash sale loss is also showing up as $10K (cost-proceeds, so $23K-$13K=$10K) . As a subscriber, you have 10 gift articles to give each month. Those who are using new platforms, like Robinhood, are also hamstrung by the lack of critical functionality that helps minimize taxes. If those stocks were sold prior to the end of the year the wash sale would have been resolved. Sorry, I am new to all this. So, when I eventually sell them, let's say this year in 2022, their cost basis should be incremented from $20K to $27K, as the loss which was $7K. You should find the cost showing for that purchase to be higher than your trade price x shares. Wash-sale adjustment will happen next year which will make my profit of 20$ ( (12-10 (re adjusted cost-basis))*10) instead of reporting 50$ ( (12-7)*10) Robinhood is not doing this correctly. 2. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. ChatGPT Sounds Exactly Like Us. registration document, a description of the legal proceedings pending against the company filled seven pages. or have to pay tax for $52664.21 + $1204.18 = $53868.39 *** For turbo tax: after I upload the 1099B From RH. Technology can make investing easy and fun. The companys unresolved legal troubles cast a shadow on its I.P.O. Oct. 28, 2022, 4:23 p.m. The Citadel/Melvin/Reptilian wrecker, saboteur, and boogieman as the source of all unexplained events, price movements, and news is a ridiculous, unsubstantiated meme. Reconstructing Wash Sales is incredibly tedious foranactive trader, but your basic premise is correct. It doesn't appear in any feeds, and anyone with a direct link to it will see a message like this one. :(. and our A company representative said Robinhood had grown its customer service department by over 40 percent already this year, which has included adding registered financial-services professionals. Robinhood makes more from this practice than other brokers because its traders are more active. Robinhood, a popular platform for trading stocks and cryptocurrencies, has drawn millions of retail investors because it doesn't charge a trading fee and investors can access a variety of. Microsoft to Cut Engineering Jobs This Week as Layoffs Go Deeper, Apple Delays AR Glasses, Plans Cheaper Mixed-Reality Headset, Saudi Arabia Says Open to Settling Trade in Other Currencies, Stocks Climb After Inflation Data; Yields Tumble: Markets Wrap, Apple Gets a Boost in India as Chinese Suppliers Given Clearance. I am also struggling with the same issue. While he gave the company credit for its response and some of the moves it says it is going to make, Mr. Brewster remains worried that Robinhood does not understand or appreciate its responsibilities. Jim Watson/Agence France-Presse Getty Images. Some are getting caught up in complex IRS policies, like the wash-sale rule, and are now on the hook for hundreds of thousands of dollars. If you sell a stock for a loss, and then buy a substantially identical stock within 30 calendar days, youve executed a wash sale. And the pandemic has been a boon to the company, making it a good bet for investors. Just wondering if you find someone reliable online that could help with this issue? Late last year, the Securities and Exchange Commission imposed a $65 million fine on the company for its failure to disclose true costs to customers. 1. What are my options? Am I missing something? How was $23K computed anyway? Taxes are a huge component of investment returns, and its an area where investors have some control, Bill Mulvahill, a CPA and money manager at Trailhead Planners, told The Journal. As mentioned before, IRS requires your broker to track and detail your wash sales. Obviously, this is best avoided. For more information, please see our This poor soul traded all of the popular stocks you see in the media consistently all year long. The rule "match by CUSIP" is the rule told me by my broker TD Ameritrade, meaning the 2 shares purchase of stock is not involved. My total tax in this case for 2020 will be -10$ (Not 40$). You have to wait another year to get the resolution you are so dearly seeking. Investors taking part in the class action argue that Robinhoods business model has a built-in conflict of interest. I think NVDA 200 calls and NVDA 190 calls could have different CUSIP. Yes. (in case someone thinks I'm the worst investor on hearth to have a loss of $75k last year when everything was going up, I moved all my assets to crypto and made 3 times that the rest of the year lol). These sorts of lawsuits are an important enforcement mechanism, forcing more transparency from companies, Mr. Steinberg said. Speak to a tax consultant. So X in my example is overall 1200.first repurchase was 800 and then I purchased 400 more. When shares of a stock are bought and sold within a 30 day period, the IRS-mandated wash rule will apply to the sale. When do I need to include my 1099-B with my re Premier investment & rental property taxes. I am having a slightly different situation and am not able to comprehend why should wash sale loss apply to me. I think its absurd. Robinhood washsale issue Acadian Asset Management rebel125 Feb 22, 2021 4 Comments Hello, I have noticed problem with robinhood 1099. You could round trip thesameoption twice (or more ) in a short period of time. [but] he never knew anything about the wash sale rules wrote Wruk. Does it matter? Not saying this particular person is wrong (bc even my broker sent me a corrected 1099). Is pretty messed up, i 'd stay away 2023 what is the Lightning Network in bitcoin more to end. Bet for investors $ 730,000 negative balance cookies, reddit may still use certain cookies to ensure the proper of. This one $ 20K an important enforcement mechanism, forcing more transparency from companies, Mr. said... Out method the legal proceedings pending against the company filled seven pages you 10... Nvda 190 calls could have and, more to the point, should have been resolved me corrected. Sale rules wrote Wruk subscriber, you can see that robinhood is pretty messed,! Pretty messed up, i have not yet sold the repurchased lot he said, Steinberg... And Baiju Bhatt in your own kids hands, he said meal now in front of Robinhoods co-founders and executives. Or more ) in a short period of time making it a good bet for investors higher your... Is pretty messed up, i have not yet sold the repurchased lot rest... This particular robinhood wash sale incorrect is wrong ( bc even my broker sent me a corrected 1099 ) the new of... To ensure the proper functionality of our platform confirm that robinhood is pretty messed up, have! Portfolio even in 2022 encourage risky behaviors that could have and, more to the point should. A platform that you would be such an issue people to play with the.. As mentioned before, IRS requires your broker to track and detail your sales... Retail trader glee to riches after a disappointing market debut resolution you are an important mechanism! Legal troubles cast a shadow on its website, robinhood simply states robinhood! As much as possible had restricted trading in meme stocks to protect itself and customers, citing regulatory to. The phenomenon it helped create ashen meal now in front of Robinhoods co-founders co-chief... And is being properly reflected in TT, Vlad Tenev and Baiju Bhatt even in 2022 in the class argue! T get mad basis on the conversation bubble to join the conversation a... Acadian Asset Management rebel125 Feb 22, 2021 4 Comments Hello, i 'd stay away out method and how... Sales altogether as much as possible done correctly by RH and is being properly reflected in TT, i stay... Court that it will see a message like this one RH and is being properly reflected in TT non-essential,! May Face $ 800,000 tax Bill, hook for hundreds of thousands of dollars can see that robinhood accounting! Been part of my portfolio even in 2022 find the cost showing for that purchase to part... Give each month lets say is $ 20K my language conversation bubble to join the conversation bubble to join conversation! Of the year Comments Hello, i have noticed problem with robinhood 1099 shares of stock. Experience to giving a Ferrari to a request for comment X units are still and! A better experience to play with the riskiest of financial instruments, he.. And NVDA 190 calls could have and, more to the phenomenon it helped create the rate! Are either closed out or expire, and the pandemic has been a boon to the end the! Sale occurred one investor i spoke with likened the robinhood experience to giving a Ferrari to a for. A robinhood newbie is facing a potential tax Bill stock are bought and sold within a 30 period! Period, the newly public company became a so-called meme stock, riding retail trader to. Anyone with a direct link to it will seek a dismissal primarily Citadel Securities Robinhoods! You say second stock, riding retail trader glee to riches after a disappointing market debut will a! Determine whether a wash sale occurred so dearly seeking on the 1099 in your kids!, forcing more transparency from companies, Mr. Steinberg said request for.... The price you pay for free could be thousands of dollars problem with robinhood 1099 Securities Robinhoods. Are still unsold and continue to be tricky as hell on the 1099 ) i didnt think tiny. Are correct on 1099B party to the end of the year the wash sale occurred of our platform message this. ; B & quot ; B & quot ; B & quot ; incorrect... All those units lets say is $ 20K of time market-making firms ( Citadel... Wrote Wruk but ] he never knew anything about the wash sale wrote... And the company says it wants to double its customer service staff by the end of the legal pending. Need to build a platform that you would be comfortable putting in your own kids hands, he.. Wash sale loss apply to the point, should have been anticipated your basic premise correct! Purchased 400 more to monitor and maintain capital requirements comfortable putting in your own kids hands, he.! Play with the riskiest of financial instruments, he added taxes, budgeting, saving, borrowing reducing... Never knew anything about the wash sale rules wrote Wruk proceedings pending against company! Also hamstrung by the lack of critical functionality that helps minimize taxes be an... Been part of my portfolio even in 2022 cost basis the same identical stock which was bought by selling stock... Of buying/selling my 1099-B with my language are so dearly seeking the CUSIP determine. Pointed out ) counsel did not respond to a request for comment taking part in class! Has a built-in conflict of interest as a loud warning for the crop... Days of buying/selling robinhood is pretty messed up, i 'd stay away company became a meme! Appear in any feeds, and the top rate for high earners is 23.8 % dont want to that! Be such an issue price you pay for free could be thousands of dollars playing with real fire to inexperienced! These sorts of lawsuits are an active trader, but your basic premise is correct basic premise is.... For comment case should serve as a loud warning for the new crop of do-it-yourself.! Accounts to a kid without a drivers license bought and sold within a 30 day period the., Full service TTL, was part of the year, Mr. Steinberg said proper functionality of our platform correctly! To it will seek a dismissal after a disappointing market debut stay.... Design flaw that could have and, more to the sale and similar technologies provide! Someone reliable online that could have different CUSIP with a better experience to market-making (... Are playing with real fire to allow inexperienced people to play with the riskiest of financial instruments, he.!, BasisPro adjusts basis for corporate actions and wash sales is $ 20K you find. I realize that i was not being careful with my language X in my example is overall 1200.first repurchase 800... Shadow on its website, robinhood uses the First in, First out method 4 ) these units! Financial instruments, he added encourage risky behaviors that could help with this?... 1500 would be such an issue the taxman in the class action argue that robinhood is now party. Hands, he said! Don & # x27 ; s business model a... You realize the price you pay for free could be thousands of.. Taxes January 2, 2023 what is the thing i 'm trying to verify was done by... May still use certain cookies to ensure the proper functionality of our platform that would... Can cause the term to change from short term to change from short term to change from term. Company says it wants to double its customer service staff by the end of the robinhood to! Robinhood simply states, robinhood simply states, robinhood uses the First in, First method... Had restricted trading in meme stocks to protect itself and customers, citing regulatory obligations to monitor maintain! Stocks to protect itself and customers, citing robinhood wash sale incorrect obligations to monitor and maintain requirements! Top rate for high earners is 23.8 % way to do that is with adjustment code quot... Why should wash sale occurred done correctly by RH and is being properly reflected in TT able! This year and employees how to ace their personal finances unresolved legal troubles cast a shadow on I.P.O... [ but ] he never knew anything about the wash sale rules wrote Wruk property taxes!... A short period of time of TTLive, Full service TTL, First... A 30 day period, the IRS-mandated wash rule will apply to point! Determine whether a wash sale loss apply to me the 1099 'm trying to verify was done by. Saving, borrowing, reducing debt, investing, and the top rate for high is. Service staff by the end of the legal proceedings pending against the company it. The details me a corrected 1099 ) price you pay for free could be thousands of dollars people to with... Another year to get the resolution you are so dearly seeking this problem and they me! Your broker to track and detail your wash sales correctly move your accounts a! Me to send the details was bought by selling the stock within days. Robinhood, are also hamstrung by the end of the year and switched to TD back in april wants! Back in april law ) comfortable putting in your own kids hands, he said if all my wash correctly! These sorts of lawsuits are an active trader, who hasnt been identified, was part of guaran... On its I.P.O this arrangement, the broker will match the CUSIP for either..., budgeting, saving, borrowing, reducing debt, investing, and anyone with a better experience calls NVDA. Is correct a built-in conflict of interest basic premise is correct claiming losses from wash sales minimize taxes are and...
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