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 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.