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US Treasury question!

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Post by Herb Lady Sun Mar 18, 2012 12:55 pm

This goes out to any and all who may, or may not, know -

Can we still cash out at the US Treasury Dept. of our state, pay taxes then and there and still get the same rate as others?????? or close to the same rate, or would all of this depend upon each individual state????

If so, who do we contact to find out, and when would be the best time to find out - now or after rv????????

Thanks ahead of time!

Herb Lady.
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Post by Kevind53 Sun Mar 18, 2012 1:14 pm

I am not aware that you ever could cash out at the Treasury Dept. Banks, Currency Exchanges/Dealers, but not UST. Taxes generally are due at the end of the year, although there is a quarterly reporting requirement for people who are self employed.

There are a lot of ins and outs on this, lots of bad info out there, which is why one of the first things to do is engage a good tax lawyer or CPA. They may not be able to get much done before April 15th however.

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Post by Herb Lady Sun Mar 18, 2012 1:20 pm

Ok. Thanks so much again Kevind53!
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Post by ou812 Sun Mar 18, 2012 1:21 pm

Herb Lady wrote:This goes out to any and all who may, or may not, know -

Can we still cash out at the US Treasury Dept. of our state, pay taxes then and there and still get the same rate as others?????? or close to the same rate, or would all of this depend upon each individual state????

If so, who do we contact to find out, and when would be the best time to find out - now or after rv????????

Thanks ahead of time!

Herb Lady.

Isnt the RV tomorrow, you better find out fast.

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Post by Herb Lady Sun Mar 18, 2012 1:24 pm

Heard that!!! I intend to find out all I can - as soon as I can!
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Post by dinarstar Sun Mar 18, 2012 1:33 pm

If I could cash out at a satisfactory rate with UST and pay the taxes immediately I would consider it,although it may be expedient to have the taxes done by a professional,who could legally help save me money,which UST may,or may not,do. :|

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Post by Herb Lady Sun Mar 18, 2012 1:35 pm

That is a very good point! Definitely food for thought! Thanks dinarstar!
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Post by ou812 Sun Mar 18, 2012 1:44 pm

dinarstar wrote:If I could cash out at a satisfactory rate with UST and pay the taxes immediately I would consider it,although it may be expedient to have the taxes done by a professional,who could legally help save me money,which UST may,or may not,do. :|

Why would you wanna pay taxes immediately?

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Post by Kevind53 Sun Mar 18, 2012 1:50 pm

I have noticed that many folks with substantial resources file extensions ... my guess is they are making more then the penalties by doing so ... don't know if that is accurate or not, but I am sure it's not because they forgot or didn't have the money yet.

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Post by prosetian Sun Mar 18, 2012 1:51 pm

Here is something interesting. Did you know you cannot pay your income tax with cash? If you offer the IRS cash to pay your taxes they will refuse to take it, even though that cash says it is legal tender for all debts public and private. However, the IRS will not hesitate to grab cash and keep it if they were to raid your home. Makes you wonder why they only like cash when they steal it.

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Post by Herb Lady Sun Mar 18, 2012 1:54 pm

hmmmmmm - that is interesting.
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Post by Kevind53 Sun Mar 18, 2012 2:00 pm

As an insurance agent, I can not take cash either for legal reasons. If I were to take cash and buy a money order with it. That would be considered mingling of funds under the regulations and is non-compliant. Doing it could cost me my license. Nor can I drive a client to the bank or Walmart to get one, as that could be construed as undue pressuring ... I would have to comeback another day. Any such actions would be grounds for revocation of mu license.

I am sure with the IRS, and many other government agencies, the reasons are similar. It is just to easy to defraud when cash is involved. All you would need would be some fake receipts and you would be good to go, and it would be very difficult to track and prove.

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Post by Herb Lady Sun Mar 18, 2012 2:03 pm

good point.
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Post by happywelshguy Sun Mar 18, 2012 2:06 pm

Going back approximately 6 months or, so there were posts regarding a special incentive offered by the UST, that you could voluntarily pay your taxes directly to them and have reduced taxes for doing so.

This was debated for approximately 1 - 2 weeks.

To the best of my recolection, that fact was never proven or, disproven.

Discussion, simply stopped.

bounce



Herb Lady wrote:This goes out to any and all who may, or may not, know -

Can we still cash out at the US Treasury Dept. of our state, pay taxes then and there and still get the same rate as others?????? or close to the same rate, or would all of this depend upon each individual state????

If so, who do we contact to find out, and when would be the best time to find out - now or after rv????????

Thanks ahead of time!

Herb Lady.

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Post by Herb Lady Sun Mar 18, 2012 2:16 pm

happywelshguy, I read that also! I couldn't figure out if I had just missed something or what was up with that? That's why I'm asking now for any kind of information regarding that subject. I had asked once before, and nothing!
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Post by bobd Sun Mar 18, 2012 2:19 pm

CORRECT ME IF IM WRONG (PLEASE) WHY WOULD A 1ST QUARTER 2012 DINAR CASHOUT HAVE ANYTHING TO DO WITH 2011 APRIL 15 TAX SEASON. I HAVE NO INTENTITION OF PAYING TAXES ON CASHOUT UNTILL I CONSULT WITH TAX PROFFESIONALS. THE IRS AT THIS POINT HAS NO CLUE HOW TO TAX THIS RV. I AM SURE THEY WILL FIGURE IT OUT, AND THEN WE WILL KNOW.

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Post by Herb Lady Sun Mar 18, 2012 2:27 pm

Hey folks, I just got company, I'll get back with all of you later! Thanks for everything!!
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Post by ou812 Sun Mar 18, 2012 2:29 pm

bobd wrote:CORRECT ME IF IM WRONG (PLEASE) WHY WOULD A 1ST QUARTER 2012 DINAR CASHOUT HAVE ANYTHING TO DO WITH 2011 APRIL 15 TAX SEASON. I HAVE NO INTENTITION OF PAYING TAXES ON CASHOUT UNTILL I CONSULT WITH TAX PROFFESIONALS. THE IRS AT THIS POINT HAS NO CLUE HOW TO TAX THIS RV. I AM SURE THEY WILL FIGURE IT OUT, AND THEN WE WILL KNOW.

If you cashed out today taxes wouldnt be due until April 2013.

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Post by dinarstar Sun Mar 18, 2012 3:35 pm

ou812 wrote:
bobd wrote:CORRECT ME IF IM WRONG (PLEASE) WHY WOULD A 1ST QUARTER 2012 DINAR CASHOUT HAVE ANYTHING TO DO WITH 2011 APRIL 15 TAX SEASON. I HAVE NO INTENTITION OF PAYING TAXES ON CASHOUT UNTILL I CONSULT WITH TAX PROFFESIONALS. THE IRS AT THIS POINT HAS NO CLUE HOW TO TAX THIS RV. I AM SURE THEY WILL FIGURE IT OUT, AND THEN WE WILL KNOW.

If you cashed out today taxes wouldnt be due until April 2013.

I am in two minds...
get the taxes over and done with,
or wait and see if the IRS come out with a specific dinar related ruling.
Either way though,I would prefer to have it all paid before I take that road trip! Very Happy

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Post by Cardiac99 Sun Mar 18, 2012 4:05 pm

I have been thinking about this and here is my take on it.

This is a currency exchange. If I leave the U.S. and go to Canada, I exchange my U.S. currency for Canadian currency, at the rate for that day. No taxes involved. When I come back to the U.S., same thing in reverse. No taxes involved. Each time I do this, it is for the current rate that day.

Therefore, why would this currency exchange be taxed? When we bought IQD/VND we paid the current rate for that currency. When we cash in, we cash in for the current rate that day.
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Post by dinarstar Sun Mar 18, 2012 4:13 pm

Mmmmmmm C99...makes you think,does it not? scratch,which is generally difficult for me... Smile


What an interesting point.
I am sure those far more wise than I will chip in here,with most welcome opinions.
I am looking forward to that :study:


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Post by prosetian Sun Mar 18, 2012 4:22 pm

Cardiac99 wrote:I have been thinking about this and here is my take on it.

This is a currency exchange. If I leave the U.S. and go to Canada, I exchange my U.S. currency for Canadian currency, at the rate for that day. No taxes involved. When I come back to the U.S., same thing in reverse. No taxes involved. Each time I do this, it is for the current rate that day.

Therefore, why would this currency exchange be taxed? When we bought IQD/VND we paid the current rate for that currency. When we cash in, we cash in for the current rate that day.

The answer is in IRS Publication 525, page 33. If you make over $200 on an exchange of currency, it is taxable. That would cover exchanges as you are talking about and people who used a foreign currency on vaction, et. There is disagreement that this publication does not apply to currency held as an investment. If you want to be absolutely sure what taxes you will need to pay, just request a Letter of Determination from the IRS and they will say how it will be handled and you can rely on that letter to be accurate for you and only you. (cost is about $1000 for the letter). Talk to tax lawyer or CPA before doing anything. Safest thing without talking to anyone is to set aside 35% for fed tax, it won't be more than that unless they raise the rate on taxes.


Last edited by prosetian on Sun Mar 18, 2012 4:23 pm; edited 2 times in total (Reason for editing : fix number again stupid 2 sticks)

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Post by Kevind53 Sun Mar 18, 2012 4:25 pm

ou812 wrote:
bobd wrote:CORRECT ME IF IM WRONG (PLEASE) WHY WOULD A 1ST QUARTER 2012 DINAR CASHOUT HAVE ANYTHING TO DO WITH 2011 APRIL 15 TAX SEASON. I HAVE NO INTENTITION OF PAYING TAXES ON CASHOUT UNTILL I CONSULT WITH TAX PROFFESIONALS. THE IRS AT THIS POINT HAS NO CLUE HOW TO TAX THIS RV. I AM SURE THEY WILL FIGURE IT OUT, AND THEN WE WILL KNOW.

If you cashed out today taxes wouldnt be due until April 2013.

True, but if you owe over a certain amount, then you are penalized if you did not make quarterly payments. I'm not sure of all the details, and there are probably exceptions, but that's why you need to have a tax expert on your team.

C99 in certain circumstances there can be tax repercussions. If the gains is over $500.00 for example. In truth, even the IRS does not seem to know who this is going to shake out. Another reason to have a good tax person in your corner.

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Post by Kevind53 Sun Mar 18, 2012 4:27 pm

500 -- 200 -- whatever what's a couple hundred among friends? lol!

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Post by dinarstar Sun Mar 18, 2012 4:31 pm

Smile Smile Smile

"Another reason to have a good tax person in your corner".

I think I will also have Terbo in my corner! lol!

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Post by 1alaskan Mon Mar 19, 2012 4:03 am

IRS PUB 525 page 33

 

 

 

Foreign currency transactions.

If you have a gain on a personal foreign currency transaction because of changes in exchange rates you do not have to include that gain income unless it is more than $200
. If the gain is more than $200, report it as a capital gain.


Last edited by 1alaskan on Tue Mar 20, 2012 9:57 pm; edited 1 time in total (Reason for editing : Made it look better)

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Post by loveothers Tue Mar 20, 2012 12:35 pm

Let's remind ourselves that we (peasantry) were not supposed to even be involved in this. Only the higher ups were to know and be involved. So....they now have a problem and it is this. Our taxes would now be THEIR taxes. I'm betting we don't even have to pay ANY taxes on this. jejeje...know what I mean? Ain't God good????!!!!!

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Post by mmaster Tue Mar 20, 2012 2:36 pm

loveothers== bet you are right. If not then it might only be 15% or so. We shall see

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Post by prosetian Tue Mar 20, 2012 2:46 pm

1alaskan wrote:IRS PUB 525 page 33

 

 

 

Foreign currency transactions.

If you have a gain on a personal foreign currency transaction because of changes in exchange rates you do not have to include that gain income unless it is more than $200
. If the gain is more than $200, report it as a capital gain.

That would be what most hope for, except the people who think there will be some desicion made that no one has to pay any tax on the exchange. Only problem is that there seems to be some argument that currency held for investment is not the subject of that publication and there are court decisions that state if you use something from a publication and it is wrong (they sometimes are wrong), you are responsible. The IRS, whose publication mislead you has no responsiblity for that. Nice, huh? Only way to know for sure, assuming they don't pass a law that says no tax on it, is to request a Letter of Determination from the IRS. That letter you can count on to file the taxes they want. The letters are only good for the person requesting it, so your letter does me no good even if mine would be exactly the same. Oh, they cost about $1000 to get, but maybe worth it if you have millions. Or you can just go with whatever your tax lawyer or cpa says.

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Post by SEBtopdog Tue Mar 20, 2012 3:11 pm

Call me crazy, but I'd rather err on the side of conservatism, and pay enough taxes so I'll be done with the IRS in one fell swoop. I don't want audits, penalties or any other falderall siphoning off the positive energy of the good works the RV will help me make. JMO. Some of you risk takers may feel like pushing the envelope, but not me. Wink

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Post by 1alaskan Tue Mar 20, 2012 10:00 pm

The question still unanswered is long or short term, Only the IRS knows, but I'm guessing 15% long, 35% short, federal. State, depends on your state.

Thats way we all need a good tax person.

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Post by aksafeone Tue Mar 20, 2012 10:22 pm

A Certified Public Accountant and/or a Tax Attorney are not only a valuable asset for anyone during tax time but also for advise when this RV occurs. Money spent on this type of advise is actually like a dividend later. Professional advise costs money, but money well spent.
One should also seek other financial advise from as many sources as is practical - meaning handy and available in a timely manner. Banking personnel, private financial planners, and other consultants all should be consulted prior to the finalization of ones investment(s).
One other thing, your spouse, adult children and any other individual who will be directly involved with the decision making process should also attend these meetings. Regardless of their input into the final decision the information they received during the ongoing process will benefit them should you be incapacitated or pass on - no matter when that may occur - as they would be capable of making an informed decision is that would be necessary. With these people attending the meeting there is the element of everyone getting the exact information and being able to ask questions on specific points they need to have clarified. By allowing them this opportunity time will be saved down the road and it also benefits you as all are as knowledgeable as you are during the process and thereafter. And the final advantage is that the more eyes, ears and thinking that are involved the potential of missing an important factor is lessened. (There are no dumb questions. Sometimes what seems like one is the key to the success of an activity. )
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Post by therealbutterfly Tue Mar 20, 2012 10:29 pm

1alaskan wrote:The question still unanswered is long or short term, Only the IRS knows, but I'm guessing 15% long, 35% short, federal. State, depends on your state.

Thats way we all need a good tax person.

Except that doesnt apply if its considered ordinary income, which several professionals I have spoken with say it will be. So seems we are still at square one with no one knowing for sure..... sigh.....
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Post by 1alaskan Tue Mar 20, 2012 11:51 pm

therealbutterfly wrote:
1alaskan wrote:The question still unanswered is long or short term, Only the IRS knows, but I'm guessing 15% long, 35% short, federal. State, depends on your state.

Thats way we all need a good tax person.

Except that doesnt apply if its considered ordinary income, which several professionals I have spoken with say it will be. So seems we are still at square one with no one knowing for sure..... sigh.....



I'm going with the current Publication 525, I just hope my tax folks do. At this time, they say it looks like it covers it, but will not say for sure till it RV's, and they see a IRS ruling.

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Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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Post by gp cobb Wed Mar 21, 2012 12:30 pm

on Taxes, Can I say 'Elective'?

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Post by JAM Wed Mar 21, 2012 12:42 pm

My accountant when asked about taxes on the Dinar said 15% within the year you purchased them after a year is up he shrugged his shoulders and said lets see what P. Obama wants....

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Post by 1alaskan Thu Mar 22, 2012 12:17 am

I saw a tape of the senator from Nevada saying that federal income tax was "Voluntary",

Wish it were true.

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Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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Post by loveothers Thu Mar 22, 2012 6:54 pm

okay guys...I'm going to yell this out loud in caps.......................................

WWW.THEELEVATIONGROUP.NET

This is not just a brilliant young American who has cracked the Rothschild code...but this a freakin' movement!!! This man wants to create an entirely new Independen' School District online. As a Texas school teacher I say I'M IN!!! Truly, you really should check this amazing thing out. It is MY ANSWER! Rock on fellow Dinarians...love you all.

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Post by Terbo56 Thu Mar 22, 2012 6:59 pm

Great info- Thankyou-Smile
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Post by loveothers Thu Mar 22, 2012 7:34 pm

Thanks Terbo...after you check it out would you let me know your take on it? I was blown away. When you eventually get down to the Aussie Dude you shows you how to make like...700% return on passive investment through fractional investing...you gotta say somethin' to me...k???...pls??? Blessings.

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Post by Terbo56 Thu Mar 22, 2012 7:51 pm

Loveothers- I have seen this before- The guy's name is Mike Dillard- He Does know what he is talking about, but you are not going to get that much information for free, and if you even do follow his ideals amd methods, it's going to be quite a while before you even get a hint of what you'll come into in the long term- Check it out 4 yourself, and you'll see exactly what I'm taking about- I just do not want to see you get into a mess, that's all- Maybe I'm being over protective,but if thats what it is, so be it- I'm just asking you to be careful- Terbo:) :cheers: I hope I've helped you in some small way-
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Post by loveothers Thu Mar 22, 2012 7:56 pm

No...I'm very grateful...thank you for your concern. I did join as a member and spent my entire Spring Break from teaching listening to about...uh, oh....50 hours of his lessons. It BLEW my mind. But tell me more of your hesitancy...I am open to learn. Blessings.

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Post by prosetian Thu Mar 22, 2012 8:18 pm

1alaskan wrote:I saw a tape of the senator from Nevada saying that federal income tax was "Voluntary",

Wish it were true.

It is true in most cases the so called income tax does not apply to most Americans. Unfortunately, because our government likes to keep us under their ccontrol and because the courts as as corrupt as the politicians, it is almost impossible to win. Did you know that a tax law was recently passed (sponsored by Santorum, BTW) that says if the IRS declares your claim or your objection to anything they do as frivilous (they can just make it up) you no longer have any administrative or judicial recourse. They can then just steal whatever they want from you with no due process at all.

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Post by Terbo56 Thu Mar 22, 2012 8:37 pm

It was originally directed towards businesses,and then, through legal discourse,eventually funneled down to us-It was an easy way for the IRS to 'Get your money, for nuthin'- {Dire straights}Twisted Evil


Last edited by terbo56 on Thu Mar 22, 2012 8:45 pm; edited 2 times in total
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Post by SEBtopdog Thu Mar 22, 2012 8:39 pm

1alaskan wrote:I saw a tape of the senator from Nevada saying that federal income tax was "Voluntary",

Wish it were true.

"VOLUNTARY"....

US Treasury question! 3973136183 US Treasury question! 3973136183 US Treasury question! 3973136183 US Treasury question! 3973136183 US Treasury question! 3973136183 lol! US Treasury question! 3973136183 US Treasury question! 3973136183 US Treasury question! 3973136183 US Treasury question! 3973136183 US Treasury question! 3973136183

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Post by loveothers Thu Mar 22, 2012 9:15 pm

Ya'll go read the new law enacted Friday called 'Peacetime Martial Law'...it won't matter...read this law and you will see they plan to just take ANYTHING they so desire. We are worrying about taxes...? They will take your car, your animals, your food...anything. God help us. Go read it...seriously.

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Post by PALMER01 Thu Mar 22, 2012 9:27 pm

They won't take anything from me, that they don't already have. They can't have my hot sauces. NO DEAL.
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Post by loveothers Thu Mar 22, 2012 9:37 pm

They can't take my fake nails...but what if they took my glue?

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Post by PALMER01 Thu Mar 22, 2012 9:39 pm

Spitballs.
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Post by loveothers Thu Mar 22, 2012 9:48 pm

Wonder what will happen when they try to take our guns?

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