Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (November 2020)
122 slides from Enact's investor presentation, November 2020
Slide 1: Self-Employed Borrower: SAM Form Part II - Business Tax Returns
CONFIDENTIAL Self-Employed Borrower: SAM Form Part II - Business Tax Returns November 2020 Customer Education Brought to you by: Genworth Customer Development and Process Consulting SAM Form Part II Business Tax Returns 0
Slide 2: Lender Responsibility
Lender Responsibility Investors (Fannie Mae, Freddie Mac, Private Investors) require it be determined that self-employed borrowers demonstrate the financial ability to repay the mortgage. – History – Income calculation – Continuance / Stability of income Today’s Session Covers Conventional Loans and
Slide 3: Objective
Objective Learn to use the Schedule Analysis Form (SAM Form) to calculate supportable self-employed borrower income from business tax returns – Calculate Partnership Income and Expenses from K-1s and Form 1065 – Calculate S Corp (Sub-Chapter S) Income and Expenses from K-1s and Form 1120S SAM Form P
Slide 4: Self-Employment Fannie Mae
Self-Employment Fannie Mae https://www.fanniemae.com/content/guide/selling/b3/3.2/01.html SAM Form Part II Business Tax Returns 3
Slide 5: Self-Employment Fannie Mae
Self-Employment Fannie Mae Fannie Mae 2019 Selling Guide B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower (12/04/2018) SAM Form Part II Business Tax Returns 4
Slide 6: Self-Employment Fannie Mae
Self-Employment Fannie Mae Fannie Mae 2019 Selling Guide B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower (12/04/2018) SAM Form Part II Business Tax Returns 5
Slide 7: Self-Employment Fannie Mae
Self-Employment Fannie Mae Fannie Mae 2019 Selling Guide B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower (12/04/2018) SAM Form Part II Business Tax Returns 6
Slide 8: Fannie Mae COVID-19 Resources
Fannie Mae COVID-19 Resources Fannie Mae Updates, FAQs, Fannie Mae’s COVID 19 webpage https://singlefamily.fanniemae.com/originating-underwriting#selling-promo SAM Form Part II Business Tax Returns 7
Slide 9: Lender Letter LL-2020-03
Lender Letter LL-2020-03 Policy For SEB Extended To November 30, 2020 Income: Updated to business 20 days SAM Form Part II Business Tax Returns 8
Slide 10: Fannie Mae LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice
Fannie Mae LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice Due to the pandemic’s continuing impact on businesses throughout the country, lenders are now required to obtain the following additional documentation to support the decision that the self-employed income meets
Slide 11: Fannie Mae LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice
Fannie Mae LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice Lenders must review the profit and loss statement, and business depository accounts, if required, and other relevant factors to determine the extent to which a business has been impacted by COVID-19. LL-2020-03
Slide 12: SAM Form Part II Business Tax Returns
SAM Form Part II Business Tax Returns 11
Slide 13: Business Income Calculation Adjustment
Business Income Calculation Adjustment LL-2020-03 SAM Form Part II Business Tax Returns 12
Slide 14: COVID-19 Tools and Resources
COVID-19 Tools and Resources https://new.mi.genworth.com/training/course/COVID-19-Self-Employed-Borrower-Updates https://new.mi.genworth.com/training/course/how-use-business-stability-and-income-calculator SAM Form Part II Business Tax Returns 13
Slide 15: Documentation Matrix
Documentation Matrix Updated October 2020 http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf SAM Form Part II Business Tax Returns 14
Slide 16: Documentation Matrix
Documentation Matrix Page 14 of Matrix SAM Form Part II Business Tax Returns 15
Slide 17: Documentation Matrix
Documentation Matrix Page 15 of Matrix SAM Form Part II Business Tax Returns 16
Slide 18: Documentation Matrix
Documentation Matrix Page 15 of Matrix SAM Form Part II Business Tax Returns 17
Slide 19: Documentation Matrix
Documentation Matrix Page 16 of Matrix SAM Form Part II Business Tax Returns 18
Slide 20: Bulletin 2020-8… 2020-40
Bulletin 2020-8… 2020-40 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before November 30, 2020; however, Sellers are encouraged to a
Slide 21: Bulletin 2020-19
Bulletin 2020-19 Updates to COVID-19 impact on originations: Temporary requirements and guidance for self-employed income Temporary flexibilities for CHOICERenovation® Mortgages Delivery requirements for “no cash-out” refinance mortgages Data requirements for mortgages that are in COVID-19 f
Slide 22: Bulletin 2020-19
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Due to the pandemic’s continuing impact on businesses throughout the country,
Slide 23: Bulletin 2020-19
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Reviewing YTD P&L statements, business account statements and other documenta
Slide 24: Bulletin 2020-19
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Establishing Stable Monthly Income The Seller must review the YTD profit and
Slide 25: Bulletin 2020-19
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Establishing Stable Monthly Income- continued The Seller must establish the
Slide 26: Bulletin 2020-19
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Establishing Stable Monthly Income- continued https://guide.freddiemac.com/ap
Slide 27: Bulletin 2020-19
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Business Assets Loan proceeds from the SBA Payroll Protection Plan (PPP) and/
Slide 28: Chapter 5304.1(d) Business & Income Analysis
Chapter 5304.1(d) Business & Income Analysis https://guide.freddiemac.com/app/guide/content/a_id/1000657 SAM Form Part II Business Tax Returns 27
Slide 29: Chapter 5304.1(d) Business & Income Analysis
Chapter 5304.1(d) Business & Income Analysis https://guide.freddiemac.com/app/guide/content/a_id/1000657 SAM Form Part II Business Tax Returns 28
Slide 30: Chapter 5304.1(d) Business & Income Analysis
Chapter 5304.1(d) Business & Income Analysis https://guide.freddiemac.com/app/guide/content/a_id/1000657 SAM Form Part II Business Tax Returns 29
Slide 31: Chapter 5304.1(d) Business & Income Analysis
Chapter 5304.1(d) Business & Income Analysis https://guide.freddiemac.com/app/guide/content/a_id/1000657 SAM Form Part II Business Tax Returns 30
Slide 32: Training Tools and Information
Training Tools and Information https://new.mi.genworth.com/ SAM Form Part II Business Tax Returns 31
Slide 33: Training Tools and Information
Training Tools and Information SAM Form Part II Business Tax Returns 32
Slide 34: Does Borrower Own > 25% of a Business?
Does Borrower Own > 25% of a Business? Can checking the Self-Employed Indicator to “Yes” increase the risk of the loan when evaluated by Loan Product Advisor®? No Yes SAM Form Part II Business Tax Returns 33
Slide 35: When Borrowers Own Multiple Partnerships, S Corps Or Corporations
When Borrowers Own Multiple Partnerships, S Corps Or Corporations, Complete A Separate Worksheet For Each Business; Complete A Separate Worksheet For Each Borrower SAM Form Part II Business Tax Returns 34
Slide 36: You'll Need
You’ll Need SAM Form Part II Business Tax Returns 35
Slide 37: The Case Study
The Case Study You will be working with John and Mary Homeowner who: – *Own a Schedule C business called Impressive Images (John) – *Have Schedule B interest income earned from personal assets – *Have capital gain/loss activity reported on a Schedule D – *Own an existing rental property shown on a S
Slide 38: Calculator and Quick Reference Guide
Calculator and Quick Reference Guide In Case Study Part I We Completed Sections I-V With The Personal Tax Returns SAM Form Part II Business Tax Returns 37
Slide 39: Business Classifications
Business Classifications Partnership (General or Limited) – Two or More Partners – Business Income Reported on Form 1065 – Personal Income Reported on Schedule E and K-1 – Income Taxed at Personal Rate – All owners are issued a K-1s which are attached to the business tax return (IRS Form 1065) Advan
Slide 40: 1065 Partnership K-1 Schedule E page 2
1065 Partnership K-1 % Line 1 Ordinary Income/Loss $_________ Line 22 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 or 17 (2018) Net Income/Loss Sch E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 39
Slide 41: Partnerships
Partnerships Check for trends or changes – Date business started – Gross Receipts – Cost of Good Sold – Gross Profit – Bottom line “Ordinary Income” – Guaranteed Payments • Payments “paid out” to all partners, review the K-1 to see how much was paid to your partner Page 22 SAM Form Part II Business
Slide 42: 1065 Partnership K-1 Schedule E page 2
1065 Partnership K-1 % Line 1 Ordinary Income/Loss $_________ Line 22 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 or 17(2018) Net Income/Loss Sch E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 41
Slide 43: Partnership K-1
Partnership K-1 Page 20 SAM Form Part II Business Tax Returns 42
Slide 44: Rental Income – Partnership or S Corps
Rental Income – Partnership or S Corps No Example SAM Form Part II Business Tax Returns 43
Slide 45: Partnership K-1
Partnership K-1 Page 20 SAM Form Part II Business Tax Returns 44
Slide 46: 1065 Partnership K-1 Schedule E page 2
1065 Partnership K-1 % Line 1 Ordinary Income/Loss $_________ Line 22 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 or 17(2018) Net Income/Loss Sch E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 45
Slide 47: Schedule E Partnerships and S Corps
Schedule E Partnerships and S Corps Page 14 SAM Form Part II Business Tax Returns 46
Slide 48: 1065 Partnership K-1 Schedule E page 2
1065 Partnership K-1 % Line 1 Ordinary Income/Loss $_________ Line 22 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 or 17(2018) Net Income/Loss Sch E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 47
Slide 49: Page 2 and 7
Page 2 and 7 SAM Form Part II Business Tax Returns 48
Slide 50: Freddie Mac Does Not Have a Written Policy Mandating Distributions
Freddie Mac Does Not Have a Written Policy Mandating Distributions https://guide.freddiemac.com/app/guide/content/a_id/1000657 However, Fannie Mae Does… https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/ SAM Form Part II Business Tax Returns
Slide 51: Balance Sheet
Balance Sheet Page 26 SAM Form Part II Business Tax Returns 50
Slide 52: Training Tools and Information
Training Tools and Information SAM Form Part II Business Tax Returns 51
Slide 53: Training Tools and Information
Training Tools and Information SAM Form Part II Business Tax Returns 52
Slide 54: Liquidity
Liquidity Generally Accepted Accounting Principles SAM Form Part II Business Tax Returns 53
Slide 55: Liquidity – Current Ratio
Liquidity – Current Ratio Generally Accepted Accounting Principles SAM Form Part II Business Tax Returns 54
Slide 56: Balance Sheet
Balance Sheet Page 26 SAM Form Part II Business Tax Returns 55
Slide 57: Balance Sheet
Balance Sheet Quick Ratio or Acid Test Current Assets : (Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6) Current Liabilities: (Acct Pay. #15 + MNB #16 + Other Current Liabilities #17) Current Assets: $59,000 + 0 + 0 +0+0 = $59,000 = $59,000/1 Current Liabilities: $0 + $0+ $0 = $0 Pag
Slide 58: Liquidity – Quick Ratio
Liquidity – Quick Ratio Generally Accepted Accounting Principles We entered $1 for liabilities to be able to get a result from the calculator SAM Form Part II Business Tax Returns 57
Slide 59: Quick Reference Guide
Quick Reference Guide Access: – SAM Form VI – The Partnership K-1 – Always evaluate the income as required by your investor Page 20 SAM Form Part II Business Tax Returns 58
Slide 60: Partnership K-1
Partnership K-1 Can We Use Ordinary Income/Rental Income? Was There A Distribution? Solvent? Page 20 SAM Form Part II Business Tax Returns 59
Slide 61: Quick Reference Guide Partnership K-1
Quick Reference Guide Partnership K-1 Genworth Calculator Is A Tool; Lenders/Underwriters Review Each Loan File And Determine Compliance With Freddie Mac Or Investor Guidelines SAM Form Part II Business Tax Returns 60
Slide 62: Partnership K-1
Partnership K-1 Can We Use Ordinary Income/Rental Income? Was There A Distribution? Solvent? Page 20 SAM Form Part II Business Tax Returns 61
Slide 63: Quick Reference Guide Partnership K-1
Quick Reference Guide Partnership K-1 Genworth Calculator Is A Tool; Lenders/Underwriters Review Each Loan File And Determine Compliance With Freddie Mac Or Investor Guidelines SAM Form Part II Business Tax Returns 62
Slide 64: Partnership K-1
Partnership K-1 $111,414 $ 0 $42,000 $153,414 Page 20 SAM Form Part II Business Tax Returns 63
Slide 65: Section VII – Partnership Form 1065
Section VII – Partnership Form 1065 Page 22 SAM Form Part II Business Tax Returns 64
Slide 66: Section VII – Form 1065
Section VII – Form 1065 Page 22 SAM Form Part II Business Tax Returns 65
Slide 67: Section VII – Form 1065
Section VII – Form 1065 Page 22 SAM Form Part II Business Tax Returns 66
Slide 68: Section VII – Form 1065
Section VII – Form 1065 Page 22 SAM Form Part II Business Tax Returns 67
Slide 69: Section VII – Form 1065
Section VII – Form 1065 No Example SAM Form Part II Business Tax Returns 68
Slide 70: Section VII – Form 1065
Section VII – Form 1065 Page 22 SAM Form Part II Business Tax Returns 69
Slide 71: Section VII – Form 1065
Section VII – Form 1065 Page 22 SAM Form Part II Business Tax Returns 70
Slide 72: Section VII – Form 1065
Section VII – Form 1065 Page 27 SAM Form Part II Business Tax Returns 71
Slide 73: Section VII – Form 1065
Section VII – Form 1065 Page 26 SAM Form Part II Business Tax Returns 72
Slide 74: SAM Form Part II Business Tax Returns
SAM Form Part II Business Tax Returns 73
Slide 75: Section VII – Form 1065
Section VII – Form 1065 Page 26 SAM Form Part II Business Tax Returns 74
Slide 76: SAM Form Part II Business Tax Returns
SAM Form Part II Business Tax Returns 75
Slide 77: Partnership K-1
Partnership K-1 Page 20 SAM Form Part II Business Tax Returns 76
Slide 78: Follow Investor Guidelines If you Can Add The 1065 Adjustment To your Income
Follow Investor Guidelines If you Can Add The 1065 Adjustment To your Income Chapter 5304.1(d) Business & Income Analysis SAM Form Part II Business Tax Returns 77
Slide 79: S Corporation Sections VIII, IX & X
S Corporation Sections VIII, IX & X SAM Form Part II Business Tax Returns 79
Slide 80: K-1 1120S S Corp Schedule E page 2
1120S S Corp K-1 % Line 1 Ordinary Income/Loss $_________ Line 21 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 (2019) or 17(2018) Net Income/Loss Sch.E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 80
Slide 81: S Corps
S Corps Check for trends or changes – Date Incorporated – Gross receipts – Cost of goods sold – Gross profit – Bottom line “Ordinary Income” – Were W-2 wages paid to borrower? Page 30 SAM Form Part II Business Tax Returns 81
Slide 82: S Corps
S Corps Review 1125-E For Compensation Paid to Officers – You can be an officer, but not an owner Page 35 SAM Form Part II Business Tax Returns 82
Slide 83: S Corps
S Corps Review for W-2 paid from business – Is this salary income or self-employed income? – Did we give credit for this income already? Page 1 SAM Form Part II Business Tax Returns 83
Slide 84: K-1 1120S S Corp Schedule E page 2
1120S S Corp K-1 % Line 1 Ordinary Income/Loss $_________ Line 21 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 (2019) or 17(2018) Net Income/Loss Sch.E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 84
Slide 85: S Corp K-1
S Corp K-1 Did John Get A Distribution? Page 28 SAM Form Part II Business Tax Returns 85
Slide 86: Page 2 of K-1 and Page 3 of Form 1120S
Page 2 of K-1 and Page 3 of Form 1120S Page 29 SAM Form Part II Business Tax Returns 86
Slide 87: K-1 1120S S Corp Schedule E page 2
1120S S Corp K-1 % Line 1 Ordinary Income/Loss $_________ Line 21 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 (2019) or 17(2018) Net Income/Loss Sch.E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 87
Slide 88: Schedule E Partnerships and S Corps
Schedule E Partnerships and S Corps Page 14 SAM Form Part II Business Tax Returns 88
Slide 89: K-1 1120S S Corp Schedule E page 2
1120S S Corp K-1 % Line 1 Ordinary Income/Loss $_________ Line 21 Ordinary Income/Loss $_________ Schedule E page 2 Part II Schedule 1 Line 5 (2019) or 17(2018) Net Income/Loss Sch.E Taxed at a personal rate $_________ SAM Form Part II Business Tax Returns 89
Slide 90: Page 2 and 7
Page 2 and 7 SAM Form Part II Business Tax Returns 90
Slide 91: Freddie Mac Does Not Have a Written Policy Mandating Distributions
Freddie Mac Does Not Have a Written Policy Mandating Distributions https://guide.freddiemac.com/app/guide/content/a_id/1000657 However, Fannie Mae Does… https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/ SAM Form Part II Business Tax Returns
Slide 92: Liquidity
Liquidity Generally Accepted Accounting Principles SAM Form Part II Business Tax Returns 92
Slide 93: Liquidity – Current Ratio
Liquidity – Current Ratio Generally Accepted Accounting Principles SAM Form Part II Business Tax Returns 93
Slide 94: Balance Sheet
Balance Sheet Page 33 SAM Form Part II Business Tax Returns 94
Slide 95: Balance Sheet
Balance Sheet Quick Ratio or Acid Test Current Assets : (Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6) Current Liabilities: (Acct Pay. #15 + MNB #16 + Other Current Liabilities #17) Current Assets: $237,777 + 51,340 +0 +$248,226+$0 = $537,343 Current Liabilities: $1,039,320 + $592,
Slide 96: Quick Ratio
Quick Ratio SAM Form Part II Business Tax Returns 96
Slide 97: S Corp K-1
S Corp K-1 Let’s Put Numbers On Our Tool! Page 28 SAM Form Part II Business Tax Returns 97
Slide 98: S Corp K-1
S Corp K-1 Let’s Put Numbers On Our Tool! * Page 28 SAM Form Part II Business Tax Returns 98
Slide 99: S Corp K-1
S Corp K-1 Let’s Put Numbers On Our Tool! * Page 28 SAM Form Part II Business Tax Returns 99
Slide 100: S Corp K-1
S Corp K-1 Let’s Put Numbers On Our Tool! * Page 28 SAM Form Part II Business Tax Returns 100
Slide 101: IX Form W-2
IX Form W-2 Use This Section When the 1120S Pays The Owner a W-2 Wage – Review the tax returns for W-2 wages paid; Verify if paid from the business that our borrower has 25% or more ownership of * Page 1 SAM Form Part II Business Tax Returns 101 10 1
Slide 102: Does Our Applicant Have Ownership?
Does Our Applicant Have Ownership? Is this W-2 wage Self-Employed or salary income? Page 1 SAM Form Part II Business Tax Returns 102
Slide 103: S Corporation Form 1120S
S Corporation Form 1120S Page 30 SAM Form Part II Business Tax Returns 10 3
Slide 104: S Corporation Form 1120S
S Corporation Form 1120S Page 30 SAM Form Part II Business Tax Returns 10 4
Slide 105: Rental Income – Partnership or S Corps
Rental Income – Partnership or S Corps No Example SAM Form Part II Business Tax Returns 10 5
Slide 106: S Corporation Form 1120S
S Corporation Form 1120S Page 30 SAM Form Part II Business Tax Returns 10 6
Slide 107: S Corporation Form 1120S
S Corporation Form 1120S Page 30 SAM Form Part II Business Tax Returns 10 7
Slide 108: 1120S Statement
1120S Statement Page 36 SAM Form Part II Business Tax Returns 108
Slide 109: S Corporation Form 1120S
S Corporation Form 1120S Page 33 SAM Form Part II Business Tax Returns 10 9
Slide 110: S Corporation Form 1120S
S Corporation Form 1120S Page 34 SAM Form Part II Business Tax Returns 11 0
Slide 111: S Corporation Form 1120S
S Corporation Form 1120S Page 28 SAM Form Part II Business Tax Returns 11 1
Slide 112: S Corp K-1
S Corp K-1 How Much Does John Own? Page 28 SAM Form Part II Business Tax Returns 112
Slide 113: S Corporation Form 1120S
S Corporation Form 1120S SAM Form Part II Business Tax Returns 11 3
Slide 114: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines SAM Form Part II Business Tax Returns 11 6
Slide 115: Genworth Rate Express
Genworth Rate Express® SAM Form Part II Business Tax Returns 11 7
Slide 116: LOS Connections
LOS Connections SAM Form Part II Business Tax Returns 11 8
Slide 117: Training Tools and Information
Training Tools and Information SAM Form Part II Business Tax Returns 11 9
Slide 118: Training Tools and Information
Training Tools and Information SAM Form Part II Business Tax Returns 12 0
Slide 119: COVID-19 Tools and Resources
COVID-19 Tools and Resources https://new.mi.genworth.com/training/course/COVID-19-Self-Employed-Borrower-Updates https://new.mi.genworth.com/training/course/how-use-business-stability-and-income-calculator SAM Form Part II Business Tax Returns 12 1
Slide 120: Additional MI Site Information
Additional MI Site Information SAM Form Part II Business Tax Returns 12 2
Slide 121: Your Genworth Resources
Your Genworth Resources ActionCenter®: 800 444.5664 Your Local Genworth Regional Underwriter Your Genworth Sales Representative SAM Form Part II Business Tax Returns 12 3
Slide 122: Legal Disclaimer
Legal Disclaimer Genworth Mortgage Insurance is happy to provide you with these training materials. While we strive for accuracy, we also know that any discussion of laws and their application to particular facts is subject to individual interpretation, change, and other uncertainties. Our train
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