ࡱ> 9;678l'` R]bjbjM[B8888bbb8bcT*f:Jf`f`f`fpipipi$h$ŋ0i@piŋŋ88`f`fL---ŋ88`f`f-ŋ--p-`ff tgvbÎV-tb0---pip-tx'pipipiϓ^pipipiŋŋŋŋ$RW W888888 Chapter 10 Profits Tax: Receipts Topic List 1. General principle 2. Deemed trading receipts 3. Royalties and Licence fees for industrial and intellectual property 3.1 General principle 3.2 Royalty income received by Hong Kong residents 3.3 Royalty income received by non-residents 4. Interest income 4.1 General principle 4.2 Corporation [section 15(1)(f)] 4.3 Persons other than a corporation [section 15(1)(g)] 4.4 Financial institutions [section 15(1)(i)] 4.5 Exemption of interest income from bank deposits 5. Gain on certificates of deposit or bills of exchange 6. Change of intention of holding assets 6.1 Introduction 6.2 Capital asset being transferred to trading stock 6.3 Trading stock being transferred to capital asset 7. Capital receipts 7.1 Introduction 7.2 Permanent or temporary loss of fixed asset 7.3 Compensation for loss of contract 7.4 Restrictive covenant or restraint of trade 7.5 Termination of tenancy agreement 7.6 Lease premiums 8. Exchange of profits 8.1 Introduction 8.2 Unrealised exchange profit/loss 8.3 Exchange profits on repayment of loans 8.4 Temporary credit facilities 8.5 Finance company 8.6 Trade in foreign currencies 8.7 Cash at bank 9. Miscellaneous income 9.1 Transfer of rights for receiving income 9.2 Stock borrowing and lending 9.3 Sale of patent 9.4 Exemption income under section 26 and 26A LEARNING OBJECTIVES 1. Explain the types of income deemed to be trading receipts arising in HK from a trade, profession or business carried on in HK. 2. Explain how royalty income is taxable in HK. 3. Explain how to determine the source of interest income for persons other than a financial institution. 4. Identify the types of income that are exempt from profits tax. 5. Distinguish between capital and revenue receipts. 6. Explain the treatment of exchange gains/losses 7. Explain the treatment of stock borrowing and lending. 8. Explain the treatment of qualifying debt instruments.  EMBED OrgPlusWOPX.4  1. General Principle 1.1General principleThe general principles governing the assessability of income under profits tax may be summarized as follows: (a) Before an income is assessable under profits tax, there must be a trade, profession or a business carried on in HK unless the income falls within the deeming trading receipts under Section 15 of the IRO; (b) The source of the income must be arising in or derived from HK; (c) Unless the income has been specifically exempted by the statutes, all types of income are assessable; (d) The gain from the sale of capital assets is exempt from profits tax under Section 14 of the IRO. 2. Deemed Trading Receipts 2.1 Section 15(1) provides that certain income received by a person (even though that person does not carry on any trade, profession or business in HK) are deemed trading receipts and they are chargeable to HK profits tax. 2.2Deemed trading receiptsDeemed trading receipts chargeable under Section 15(1) include the following: (a) Royalty received by or accrued to a person for the exhibition or use in HK of cinematography (q_S) or television film  Section 15(1)(a). (b) Royalty received by or accrued to a person for the use of or right to use in HK a patent, design, trademark, copyright material or secret process or formula or other property of a similar nature  Section 15(1)(b). (c) Royalty, received by or accrued to a person for the use of or right to use outside HK a patent, design, trademark, copyright material or secret process or formula or other properties of a similar nature, which is deductible in ascertaining the assessable profits of a person in HK Section 15(1)(ba). (d) Financial assistance received by a person in connection with the carrying on of a trade, a profession or a business in HK, excluding financial assistance provided for capital expenditure Section 15(1)(c). (e) Income by way of hire, rental or similar charges for the use of movable property in HK or the right to use movable property in HK Section 15(1)(d). (f) Refund of contribution made to an employer in respect of a recognized occupational retirement scheme, and the taxable amount is restricted to the amount that was previously allowed as deductions in the ascertainment of the profits tax of the employer Section 15(1)(h). 3. Royalties and Licence Fees for Industrial and Intellectual Property 3.1 General principle 3.1.1 Section 15(1)(a) deems as HK-sourced trading receipts any sums received by or accrued to a person from the exhibition or use in HK of: (a) any cinematographic or television film or tape; (b) any sound recording; or (c) any advertising material connected with a film, tape or recording. 3.1.2 Section 15(1)(b) deems as HK-sourced trading receipts any sums received or accrued to a taxpayer for the use of, or the right to use, in HK: (a) a patent, design or trademark; (b) copyright material; (c) a secret process or formula; or (d) any other similar property. 3.2 Royalty income received by HK residents 3.2.1 According to s.14 and case law, the source of royalty income is the place where the intellectual property rights are developed or registered. For example, if an intellectual property is developed or registered in HK, the income for the use of property outside HK is still subject to HK profits tax. 3.2.2 It is provided in DIPN 21 that the locality of source of royalty income other than those deemed chargeable under section 15(1)(a), (b) or (ba) is at the place where the place of acquisition and granting of the licence or right to use. This is in line with the decision of Lam Soon Trademark Ltd v CIR. 3.3 Royalty income received by non-residents (a) General principle 3.3.1 This is governed by sections 15(1)(a), (b), (ba) and 21A. Under sections 15(1)(a) and (b), if a non-resident registers an intellectual property outside HK and permits the intellectual property to be used in HK in return for a royalty, the royalty income received by the non-resident is chargeable to HK profits tax under the deemed trading receipts section. (b) Determination of assessable profits for royalty received section 21A 3.3.2 The amount of assessable income derived from such royalty is calculated in accordance with section 21A as follows: (a) If the royalty is received by a non-resident who is not associated with the payer, the assessable profits are deemed to be 30% of the royalty accrued. (b) If the non-resident is associated with the payer, and the intellectual property was previously wholly or partly owned by a person carrying on a trade, profession or business in HK, the assessable profits are deemed to be 100% of the royalty accrued. (c) For other cases, the assessable profits remain to be 30% of the royalty accrued. (c) Collection of tax for royalty payable to non-residents section 20B 3.3.3 The profits tax on royalty income accrued to a non-resident is deducted as source by the payer, i.e. the payer has to withhold sufficient amount for the payment of profits tax on the royalty. The payer is required to pay the tax so withheld to IRD. (d) Emerson Radio Corporation v CIR (1999) 3.3.4 Facts The taxpayer is a US company which owned trademarks entered Royalty Agreement with a HK subsidiary providing the HK subsidiary with the use of Emerson trademark on products sold to US customers. Royalty of 1% to 2% was levied on sales price for products sold to the customers of HK subsidiary. HK subsidiary gave instructions to manufacturers in HK, China and South-east Asian countries bearing Emerson name. The manufactured goods were sold by HK subsidiary to department stores outside HK. No goods were sold to HK customers. 3.3.5 Decisions: The Board of Review decided in favour of the CIR. They were of the view that the word use should be given its ordinary meaning rather than the technical meaning under the trademark law and that the taxpayer did use the trademark in HK. Restricting the payment to goods manufactured in HK was inappropriate. This case was appealed to the Court of First Instance. The judge decided that the Board of Review had to identify royalty received by the taxpayer arising out of the sale of goods manufactured in HK bearing the taxpayers trademark and to segregate such receipts from other receipts of royalty from HK company; and the assessment is confined to the sums chargeable on the royalty receipts deriving from the goods manufactured in HK. The CIR appealed against the decision of this case to the Court of Appeal, which upheld the decision of the Court of First Instance. The CIR lodged an appeal against the decision of the Court of Appeal to Court of Final Appeal (1999), which maintained the Court of First Instances decision. (e) Section 15(1)(ba) 3.3.6 In the light of the Court of Final Appeal decision in the Emerson case mentioned above, which held that royalty payments attributable to the sale of goods manufactured outside HK should not be taxable in HK. 3.3.7 Section 15(1)(ba) was introduced for revenue protection purposes. This section was effective from 25 June 2004 and deemed as HK-source trading receipts any sums received or accrued to a taxpayer for the use of, or the right to use outside HK, if such sums are deductible in ascertaining the assessable profits of the payer under the IRO. 3.3.8 The aim of this section was to prevent loss of revenue from profits tax due to enterprise taking advantage of the Court of Final Appeal decision to reduce their tax liability by shifting their manufacturing operations outside HK.  (f) Comparison of the charge of profits tax under sections 15(1)(a, (b) and (ba) 3.3.9 The following table shows the situations of royalty income whether being liable for profits tax. Royalty received by non-residentStatusAuthorityFor use of file, video, etc. in HKTaxableSection 15(1)(a)For use of trademark, copyright, patent, etc. in HKTaxableSection 15(1)(b)For use of trademark, copyright, patent, etc. outside HK and the royalty expense is a deductible expense of the payer under profits tax.TaxableSection 15(1)(ba)For use of trademark, copyright, patent, etc. outside HK and the royalty expense is not a deductible expense of the payer under profits tax.ExemptEmerson Case 3.3.10Exercise 1Good Cookies (UK) Ltd is a UK company that specializes in luxury biscuit production using an 80-year-old secret recipe. The company wishes to expand its markets into Asia and is planning to start by exploring the market in Hong Kong. Good Cookies (UK) Ltd plans to establish a wholly owned subsidiary in Hong Kong and to grant it a licence to market its products in return for royalties. Required: Outline the profits tax implications for Good Cookies (UK) Ltd in respect of the above proposal. Solution:  4. Interest Income 4.1 General principle 4.1.1 Since the abolition of interest tax, interest income is only subject to profits tax. Section 14 is the charging section for profits tax. Interest income may therefore be subject to tax under Section 14. Further, interest income is deemed to be chargeable income under Section 15(1)(f) (for corporations), Section 15(1)(g) (for persons other than corporations) and Section 15(1)(i) (for financial institutions). 4.1.2Provision of credit testThe source of interest is determined by the provision of credit test. It means where the money is made available to the borrower. If the money is made available to the borrower in HK, the source of income is in HK and the lender (i.e. the taxpayer) is liable to HK profits tax if it carries on business in HK. 4.1.3 The source of interest may be demonstrated by the three different situations shown in the following table. In all the three situations, the lenders are situated in HK while the borrowers are situated in USA. SituationProvision of CreditSource of IncomeTaxabilitya. The lender remits the money from his own bank account in HK to the borrowers bank account in HKThe money is available to the borrower in HKHong KongTaxableb. The lender remits the money from his own bank account in HK to the borrowers bank account in USAThe money is available to the borrower in USAUSAExemptc. The lender remits the money from his own bank account in USA to the borrowers bank account in USAThe money is available to the borrower in USAUSAExempt 4.1.4CIR v Orion Caribbean Ltd (1997)The first court case on the source of interest income is CIR v Orion Caribbean Ltd (in voluntary liquidation) (1997) 4 HKTC 432. The taxpayer was a Cayman Islands company, and it was a wholly owned subsidiary of a HK company, called Orion Royal Pacific Ltd. The taxpayers main business was to consider and approve the loan participations recommended by its parent company. The taxpayer borrowed money in foreign currencies from the parent company and on-lent the money to borrowers outside HK. The parent company negotiated, and serviced the loan for the taxpayers approval, and raised funds for the loans approved by the taxpayers. The parent company also provided management, administrative and accounting services for the loans approved by the taxpayer. The BoR found that based on provision of credit test the source of interest income was derived outside HK. However, the Board also found that the taxpayer was a financial institution, thus all its interest income was subject to HK profits tax. The taxpayer appealed directly to the Court of Appeal and the Court overruled the decision of the Board. The taxpayer did not carry on a business of a financial institution. As the interest income was sourced outside HK, the interest income was not subject to HK profits tax. The Commissioner appealed to the Privy Council which decided the case on the basis of operation test, not on the provision of credit test. The Privy Council considered that Lord Bridges comment in Hang Seng Bank as regards interest income only covered simple situations, for example, where the taxpayer lent money from its own resources. If the taxpayer has to borrow to finance its lending, it is not sufficient only to look at the place where the money was lent, it was also necessary to look at the place where the money was borrowed by the taxpayer. Ultimately, the Privy Council reaffirmed that the source of interest income, like other types of profit, is a practical hard matter of facts and is to be determined by the totality of facts. 4.2 Corporation (Section 15(1)(f)) 4.2.1Interest income for corporationSection 15(1)(f) provides that, where (a) a corporation carries on a trade or business in HK; and (b) derives interest income from HK. the interest income is taxable. 4.2.2 Thus, if a non-resident corporation which does not carry on business in HK derives interest with a HK source, the interest received is not taxable. 4.3 Persons other than a corporation (Section 15(1)(g)) 4.3.1 The conditions which render interest interested by a person other than a corporation taxable are the same as for a corporation but there is one further condition: the fund must be a fund of the business. Thus, if a partner lends his own funds to another person, the interest is not taxable income of the partnership. In other words, the money has to be withdrawn from the business in the form of drawings, and the money is deposited with a bank in the name of the sole proprietor or partners. 4.4 Financial institutions (Section 15(1)(i) 4.4.1 The interest income received by a financial institution is taxed on a worldwide basis under Section 15(1)(i). 4.4.2Compromise package with banking industryIn order to relieve the harsh treatment on the banking industry, the Commissioner has an agreement with the banking industry that the interest income from a loan is not taxed on a worldwide basis. However, two other factors are taken into consideration in the determination of source of interest income (received from a loan) as follows: (a) where the loan is initiated, negotiated, approved and documented; and (b) where the loan is funded (i.e. where funds are raised and loaned directly to the borrower). If both factors take place in HK, the interest income is fully taxed. If either one takes place in HK, half of the income is taxable. If both take place outside HK, all the interest income is exempt from HK profits tax. 4.4.3 Summary of taxation of interest income earned from a loan Nature of Business of the RecipientSource RuleReceived not by a money lenderProvision of credit testReceived by a money lender (not a financial institution)Provision of credit testOperations testReceived by a financial institutionWorldwide taxable s 15(1)(i)Compromise package 2 factors 4.5 Exemption of interest income from bank deposits 4.5.1 By virtue of the Exemption from Profit Tax (Interest Income) Order 1998, any interest income received by or accrued to: (a) a corporation carrying on a trade, profession or business in HK; or (b) a person, other than a corporation, carrying on a trade, profession or business in HK, in respect of funds of that trade, profession or business on or after 22 June 1998 from any deposit (regardless of the currency) placed in HK with an authorized institution (i.e. a bank, a restricted licence bank or a deposit taking company recognized by the Banking Ordinance), that person (including a corporation) will be exempt from the payments of profits tax on that interest income, after deduction of all allowable outgoings and expenses incurred in producing such interest income (DIPN 34). The exemption was granted by the Chief Executive in Council under Section 87. 4.5.2 The exemption of interest income granted under Section 87 does not apply to: (a) interest on deposits used to secure a loan, and (b) interest received by or accrued to a financial institution. 4.5.3 In case the interest income on the deposit is greater than the interest expense on the borrowing, the taxpayer cannot choose to give up the interest expense claim so as to be exempt from the interest income (DIPN 34 (Revised December 2004)). 4.5.4 Summary of taxation of interest income earned from a deposit RecipientPlace of Deposit and Use of DepositChargeabilityNot a financial institutionIn HKDeposit pledged for a loan100% taxableDeposit not pledged for a loan100% exempt from profits taxOutside HK100% exempt from profits taxFinancial institutionIn HK100% taxableOutside HK100% taxable 4.5.5Exercise 2Printup Co Ltd commenced business in HK in 1983 as a magazine publisher. As a result of declining profits, in May 2007 it stopped publishing, gave up its office lease and terminated the employment of all its staff. The company has not, however, been liquidated. For the year ended 31 May 2008, the only income derived by the company was interest amounting to $20,000 on US dollar deposits and $10,000 on HK dollar deposits with a HK branch of Hang Seng Bank. Required: Discuss whether the interest income derived by Printup Co Ltd in the year ended 31 May 2008 is subject to profits tax. Solution:  4.6 Clients trust accounts 4.6.1 Interest income received by a solicitors firm on the deposit held on clients accounts was held assessable in CIR v Messrs. Lau, Wong & Chan Solicitors 2 HKTC 470. Although the funds on deposit did not at the material time belong to the solicitors firm, the interest was retained by the firm in consideration for its services to the clients, and was therefore derived from the profession. Thus, the interest income is subject to profits tax. 5. Gains on Certificates of Deposit or Bills of Exchange 5.1 Gains or profits arising in or derived from HK from the sale or other disposal or on the redemption on maturity or presentment of a certificate of deposit or a bill of exchange received by or accrued to a corporation or an unincorporated business carrying on business in HK are chargeable to profits tax under Sections 15(1)(j) and (k) respectively. 5.2 The location of the source of profits from the sale of the certificate of deposit or bill of exchange is the place where the contract for the sale is effected (as determined in the CIR v Hang Send Bank (1990)). 5.3 If the gain or profits arisen or derived from the sale or other disposal or on the redemption on maturity or presentment of a certificate of deposit or a bill of exchange are received by or accrued to a financial institution carrying on business in HK, the gain or profits are subject to HK profits tax even though the moneys for the acquisition of the certificate of deposit or bill of exchange, or the sale, disposal or redemption is effected outside HK under Section 15(1)(l). 6. Change of Intention of Holding Assets 6.1 Introduction 6.1.1 An asset which has been acquired for long-term investment purposes may change its nature to that of a revenue asset such as trading stock; or vice versa. A previously acquired trading stock may be changed to a capital/fixed asset, e.g. the property is subsequently occupied by the business as its office. 6.2 Capital asset being transferred to trading stock 6.2.1 The business is deemed to have sold a capital asset and purchased a trading stock on the date of change of intention although there is no movement of money involved in connection with such sale and purchase. Usually the only entry in the accounting records as a result of such transfer is to debit the trading stock account and credit the fixed asset account with the historical cost of the asset. 6.2.2 The market value of the capital asset is taken as the deemed cost of the trading stock for the purpose of computation of assessable profit when that particular asset is disposed in future. 6.2.3 The assessable profit on the sale of the asset is the excess of the sales proceeds over the market value of the asset at the date of change in intention. 6.2.4 The difference between the original cost of the asset and its deemed cost of trading stock is a capital gain and not subject to profits tax.  SHAPE \* MERGEFORMAT  6.3 Trading stock being transferred to capital asset 6.3.1 The market value of the trading stock is taken as the deemed sales proceeds of the deemed disposal of the trading stock although no money is received by the company for such a transfer of asset. 6.3.2 The notional profit on such deemed disposal is assessable in the year of assessment when the change of intention takes place. The taxable amount is the excess of the market value of the asset (i.e. the deemed sales proceeds) over its historical cost according to the rule of Sharkey v Wernher. Any gain on subsequent disposal of the asset is not taxable because the company sells a capital asset and capital gain is exempt from profits tax.  SHAPE \* MERGEFORMAT  7. Capital Receipts 7.1 Introduction 7.1.1 Receipts from the sale, disposal, loss or destruction of a fixed asset are capital in nature and not subject to profits tax. The nature of capital receipts is a question of fact to be determined from the circumstances of each particular case. There is no hard and fast rule. Very often it is a matter of degree. The IRO does not lay down any definition of capital receipts or fixed assets. Reference must be made to the large body of case law. 7.2 Permanent or temporary loss of fixed asset 7.2.1Examples(a) Receipts for a permanent loss of a fixed asset are capital receipts. In Glenboig Union Fireclay Co Ltd v CIR (1922) 12 TC 427, a railway was to be built over fireclay (kpl) mines operated by the taxpayer so that the mines could no longer be operated. Compensation paid to the taxpayer was held to be capital in nature as the loss was permanent. This was so even though the compensation was computed on the basis of profits lost due to the destruction. (b) Receipts for temporary loss of fixed assets are revenue. In Burmah Steamship Co v CIR (1930) 16 TC 67, a shipping company placed a ship with a repairer to be overhauled (jg). The delay by the repairer resulted in a claim for damages by the shipping company which was calculated by reference to the estimated loss of profit due to the delay. The compensation was held to be a taxable receipt. (c) Compensation for the loss of trading stock including insurance compensation is a revenue receipt (Green v J Gliksten & Son Ltd (1929) 14 TC 364). 7.2.2Exercise 3As a result of Mass Transit Railway (MTR) construction work, a factory owned by Mr Leung was damaged and production ceased for six months while extensive repairs were carried out. The MTR Corporation has offered to pay compensation for the damage and losses suffered by Mr Leung. Required: Advise Mr Leung whether the compensation will be subject to profits tax. If so, specifically state whether the compensation agreement can be drafted so as to maximize its chances of being tax-free in Mr Leungs hands. Solution:  7.3 Compensation for loss of contract 7.3.1 The governing factors are the nature of the contracts and the effect of the cancellation on termination of the contracts on the organizational structure of the company. 7.3.2Key pointsThe principle is that if the amount is received in connection with a trading or commercial contract (not including those in connection with the purchase of fixed assets) in the course of carrying on a business, the receipt is generally a revenue nature. However, if the termination of the contract affects the fundamental operation structure of the company, a compensation for its cancellation is capital. In other words, the contract is the taxpayers dominant contract and the cancellation of the contract may lead to the loss of the whole business or the winding up of the company. 7.3.3Cases(a) In the case, Barr, Crombie & Co Ltd v CIR (1945) 26 TC 406, the taxpayers business was mainly the management of ships for one shipping company, and the loss of the management agreement represented a loss of the companys total operation. It was held that the compensation paid to the taxpayer for the termination of the management agreement was capital in nature, and the sum was not taxable. (b) In the case, Kelsall Parsons & Co v CIR (1938) 21 TC 608, the taxpayer was a company on the business of acting as sales agent for various manufacturers, and received a compensation from one manufacturer as a result of termination of an agency agreement. It was held that the compensation was revenue in nature and taxable. 7.4 Restrictive covenant or restraint of trade 7.4.1 Compensation received for agreeing not to compete with other people had been held in a number of cases to be capital. 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26A(1) also exempts the income (including interest, gain on disposal, redemption on maturity or presentment of the debt instrument) received in respect of long term debt instrument (maturity period not less than 7 years) issued on or after 5 March 2003. 9.4.6Exercise 5Film Ltd, incorporated in HK, makes movies in HK for distribution inside and outside HK. The company grants licences to various distributors outside HK to show its film exclusively outside HK. The companys employees always negotiate and sign these licences on behalf of the company outside HK. Apart from: (a) dividends received from a subsidiary company in HK, (b) interest income received on maturity of a bill of exchange purchased from the Hang Seng Bank and denominated in US dollars, (c) compensation from a HK distributor for early cancellation of a film distribution agreement, and (d) royalties received from HK distributors for films screened in HK, the whole of the companys gross income consists of the fees it receives under the licences granted to its overseas distributors. Required: Explain whether, and if so, to what extent, the companys profits are subject to tax in HK. 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WGr 12 ?p-P;2.4!  f`! ?p-P;2.4!&5ܱ7< x]lT^{͏%mlHQDJ*RVZ]'*G*/Z!}ITi+E9j+U***!Z)R%ޞ3g5,Z3w|s9s̵y'c_f _qֲ5l 8[VS#Z e>-x_(>?w]JM|jT˾39#!峥uHwN_nݹ%%#_NLơG$Ew$uh> Њa-mMX]zka/[p40ҏ>oc/w[/J _;첿3 v'oE+a~1enOEl??:~y8$s|*mEe''(yNH nc4S8ԧ^lR$p$l=! GoG<|ُAK{k@nȻJLX5Xn2ecG|姯|cө ia@p#`  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-/012345N:=k?@ABCDEFGHIJKLMOPQRSTUVWXYZ[\]^_`abcdefghijnopqrstuvwxyz{|}~Root Entry  F [gv<Data .HWordDocument M[ObjectPool cgv [gv_1424512775@%1hcgvgvOle CompObjZObjInfo  @%1h OrgPlus.4 OrgPlus.4OrgPlusWOPX.49qOh+'0 $0 P \ h t$Chapter 10 Profits Tax: ReceiptsCONTENTS>,1TablemSummaryInformation( DocumentSummaryInformation8 rUOCF i(c) Copyright 1992 Banner Blue Software Incorporated. All rights reserved. The OPX file format is the confidential and proprietary property of Banner Blue. Banner Blue requires prior written consent and advanced royalty payment to use this format. A violation of these rights is against the law and Banner Blue will aggressively pursue prosecution. ) Copyright 1992 Banner Blue Software Incorporated. All rights reserved. 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