Otherwise our fund subscribers may get a K1 for taxable income that they did not receive!

We all do.I am selling all my rentals in MS for example that I have owned that I bought for Gozone in 06 so owned them a little longer than 7 years .. but I can tell U it cost 5 to 15k per House to sell them before sales costs. ( commish etc.) so if they don't appreciate then you can just look at your 7 or 10 years of cash flow and deduct it and your IRR goes to next to nothing or negative if you do not have some price appreciation over time.. so I really don't subscribe to the appreciation is icing on the cake it is the cake you need it when U exit.

I am not sure this debate has occurred here on the boards.First let's understand what the definition of a security actually is:The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.So right there at the beginning of the definition we see "any note".

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