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Sam Zell is a billionaire businessman and #RealEstate investor known as the “grave dancer”.
He is less well known for what billionaire #investor guru @MohnishPabrai describes him as: “being one of the very best people on the US Tax code”.

#RuleHurdling 🧵 no.2 Image
In 1981 Congress passed the Economic Recovery Tax Act.
Among other things, it extended the life of net operating loss (NOL) carry-forwards from 7 to 15 years. NOLs allow companies to offset their current year's taxable income with past losses to reduce tax liabilities.
Zell examined all public companies with large NOLs finding they had little change in share price resulting from the Act.
The market overlooked the value added, presenting him with an opportunity to acquire the NOLs creating holding companies to shield business profits.
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