 Hello and welcome to the session. This is Professor Farhad. In this session we're going to look at an introduction to property transactions, specifically we're going to be covering gains and losses. And to be more specific, we're going to be covering capital gains and capital losses. This concept is basic, but it's very important that we're going to be building on later on throughout the course. This concept is important in an individual income tax course as well as corporate income tax course. And obviously the topic is heavily covered on the CPA exam regulation and if you are taking your enrolled agent exam. Now, before I start, I would like to remind you that I would like to connect with you, my viewers. I'm very active on LinkedIn, not that I only post lectures. I also post other news, CPA as well as accounting news. So please connect with me on LinkedIn. If you are a Facebook user, like my Facebook page. And you could also connect with me on my personal Facebook page. Obviously I want you to connect with me on YouTube by subscribing to my YouTube. So this way you'll get updates about my new recordings and you don't want to miss anything. Let's start to talk about gains and losses from property transaction now. The first thing is why do we need to learn about those gains and losses? Well, simple gain and losses will be included in your gross income. Well, therefore, we have to learn about them. So when we're computing gross income, we have to know if you had a gain or if you had a loss. And as a result, that amount will be included in your income. Therefore, we need to know if you have a gain or if you have a loss. Now, the next thing we're going to we're going to talk about is something called realized versus recognized gain and loss. So it's very important that students differentiate between what realized is versus recognized. So we're going to spend the next 5 to 10 minutes explaining maybe a little bit further, explaining this concept. Student, they always, always, always fail to appreciate the difference between the two. So first, I'm going to tell you what realized is. I'm going to give you the formula and we're going to break this formula later on a little bit further. So here's what realized is to compute your realized gain or loss, you will take something called amount realized. Sometimes you can call it consideration received. Now, what do we mean by this? I'm going to explain this later. I'm going to explain what later showed next. So what is amount realized? Basically, I'm going to keep it simple. Let's assume you sold a vehicle, a car, and the amount realized somebody paid you $5,000 in cash. Keep it simple. Okay? This is what you realized. Then what you do, you deduct your adjusted basis. And I'm going to keep this very simple as well. And let's assume you paid for this car $4,000. And that's your basis. Now, I'm going to talk about both of these items in details in a moment, but I'm keeping this simple. So you sold it for $5,000, your adjusted basis, and your adjusted basis here. I'm going to make it simple. It's what you paid for that car. You paid $4,000. So you bought a car for $4,000. You sold it for $5,000. Therefore, you have a gain of $1,000. We call this your realized gain. This is what actually happened. You received $5,000 in cash for selling your car that has a basis of $4,000. Therefore, you have a realized gain of $1,000. And this is what realized is. It's the amount realized minus the adjusted basis. Now, what goes in the amount realized and what goes on the adjusted basis? I'm much, much more than I just told you, but this is just to kind of get you going for now. Now, let's talk about recognize. Recognize. Now, difference. Notice the difference. Realize versus recognize. Now, we know you realized $1,000. The next thing you ask yourself, it is what is the amount I need to recognize? So what is recognize? Well, guess what? It's the amount that you have to include. You must include by law. Include where? Include on your taxes. Include on your taxes by law. What amount? Now, for the sake of this example, you're going to have to include the full $1,000. So you must include in your income. You must include in your income because you sold this car. You must include. You don't have an option. You must include in your taxes, which is it happens to be $1,000. Sometimes if you have a loss, you can. You are allowed to deduct the losses. And remember in taxes, we always prepare losses, right? And if we have losses, we want to deduct them, okay? Now, here we have a gain. And we'll talk about this gain later on as well as when can you and when you don't have to include the gain, so on and so forth. But the point is what was realized may not be what's recognized. What's recognized is what you have to actually record on your tax return, which is different than what actually happened. We have special rules that you might be able to defer some of that gain. You may or may not be able to deduct the losses. We're going to learn about those. But the concept before you start is sometime on the CPA exam, they might ask you, what is the realized gain or loss? Or sometime they ask you, what is the recognized gain or loss? So you need to understand the difference. Before you know the recognize, you have to compute the realized. First you compute the realized. Then from the realized, you would say, okay, this is recognized or not recognized. Okay, now let's talk much, much more about the realized concept that amount realized. Okay, remember when we said amount realized, we said consideration received. And in the prior example, I told you the consideration received a sketch. So I received cash. Now that's not the only thing you would receive if you sold something. If you sold something, most of the time you would receive cash. That other individual may provide you service and you can put a number on that service, basically a fair market value. That other individual or the other party might give you property. You would use the fair market value of the property received or they may give you some other asset. So all of these are considered, consideration received or amount realized. So the other party may pay you cash. They may provide you a service. They might give you a property or some other asset. Okay, then if the other party gave you a mortgage, gave you a liability. If you assumed a liability on their behalf, then you have to deduct this from the amount realized. Simply put, if I gave you a house that's worth $150,000 and that house has a liability of $150,000, I didn't give you anything. Okay, a matter of fact, that's what was happening during the financial crisis of 2007, 2008. People were trying to sell their house exactly for their mortgage. So as long as you assumed their mortgage, okay, if you tell them, look, I'm willing to take over your mortgage, they would say, okay, go ahead and you can have my house. Okay, just make my payment, assume my mortgage. So that's why we deduct. Notice there is minus before the mortgage. So notice we have a minus sign before the mortgage. Just want to highlight it here. Let's see right here. We have a minus sign. And also, if you have to pay someone like a brokerage fee, you deduct the brokerage fee from the amount realized because you did not realize it. It was taken away as an expense to sell, cost to sell, cost to sell something. Okay, now, adjusted basis. Remember we said we'll take the amount realized, then we deduct from it the adjusted basis. Now how do we compute the adjusted basis? That's another important computation that we have to be familiar with. Simply put, the adjusted basis is what you actually invested, how much you actually paid for that asset. Okay, so cost is what you paid for. Usually that's the largest. Generally speaking, that's the largest amount. What you paid for something, usually, generally speaking, is what you paid for it. Then sometimes what happened, you might add something to that asset. For example, a house. What happened? You bought a house, but you put a pool in that house. Or you put a big fence around the house. So that's a capital addition. Now remember, your cost is basically a recovery of the capital doctrine. Okay, allowed to recover your investment tax free. So when you sell something, you don't pay taxes on your cost. Why? Because you are recovering what you paid for something. Remember that. Okay, now, if you deposit $1,000 in your savings account, your cost is $1,000. If you withdraw $1,000, you don't get taxed anything. Okay. Now, capital addition. What is capital addition? Capital addition are expenditure that add value to the property. Again, we said, let's assume you put a pool in that house. Okay, so that's a capital addition. Or you did something that's going to extend the life of the property. And the concept of capital addition, very similar to GAAP. If it extended the life or it makes it better or more productive, then it's a capital addition. Okay, so what you do is you take your cost of the asset. Let's assume you bought a house, a property for $300,000. You put a new pool for $25,000. Now, your basis in that property is $325,000. Then you deduct any cost recovery. Now, what are we talking about cost recovery here? Really, what we're talking about is depreciation expense. If you happen to be depreciating this asset. Now, you don't have to know that much for now about depreciation expense. Hopefully, you know what depreciation expense. But don't worry, we're going to talk about this much, much more in details when we get to chapter 13 and 14. But basically, depreciation expense, you have to recover your depreciation expense. Therefore, you have to reduce your adjusted basis. So the depreciation expense in the year that you take the depreciation, it's good. In the year that you take the depreciation, you're going to be very happy. Why? Because depreciation expense lowered your taxable income. You're going to be very happy. Then in the year you sell this asset, depreciation expense lowered your basis. Because it lowered your basis, you're going to have more gains. Because you're going to have more gains, you're going to have more in taxes. In case in point, I'll tell you about my uncle. My uncle used to own a bar in a college town. And he owned this bar for almost 15 to 20 years. I don't remember, but more than 15 years. So throughout the first 15 years, my uncle paid a little bit of taxes in a sense that he will pay a few thousands dollars a year. He was very happy. Why? Because he used to have a large depreciation expense. So every year, he would have a large depreciation expense. And as a result, the depreciation expense is deductible. So every year, the depreciation expense will wipe most of his tax bill. And he was happy. And my uncle doesn't really understand taxes. He just knows his accountant would tell him, look, this is your tax bill. Pay it. And he would pay it. Then a couple of years ago, his son had a kid and he decided to retire. He had enough. He's old. He's old now, him and his wife. So they decided to kind of, and they truly deserved it. They decided to retire. So they decided to sell the business, the bar. And within that bar, there was also two property. And when they sold them, when they decided to sell the bar, they had the large tax bill. So their tax bill was very huge. And what happened is this, when they decided to sell the business, all those depreciation that they took for the past 15 years, they came back and they hunt them. So what happened? Their basis went down substantially. Now they sold it at, you know, I'm just going to give a number, a million dollar, but their, but their basis is very low because whatever they invested in that property has already been depreciated. So what happened? The depreciation lowered the basis. Notice here, cost recovery at lower the basis. Therefore, my uncle called me and he was like kind of nervous. Like, why am I paying all, suddenly paying all these taxes? Uncle, look, you haven't been paying really taxes for the past 15 years because you were taking those depreciation. And he's a very tax business savvy individual. He said, yes, I now I understand how it works. He basically told me basically the government was deferring Durbil. I said, yes, that's exactly what's happening. And now it's not only deferring Durbil. If you were paying those, though, the income, you would, you, you could have been in a lower tax bracket. Now you're going to have a large income and you're going to pay more on that, on that money. So you can have understood the, the concept and hopefully you understand it that when you take the depreciation, you're going to be very happy because it's going to give you a tax deduction now. But when you sell the asset that's being depreciated, you have to recover that depreciation, which in turn will lower your basis, which in turn will give you a higher gain, which in turn will give you a higher tax. Again, we'll revisit this topic much, much more in details, but this is basically an introduction. Okay. Now we need to talk about sale of personal use asset. Personal use is something that you use for your own thing, like a computer, a car, a phone, a cell phone, a textbook. Your textbook as well is a personal item. So if you are following me in the textbook, that's a personal use asset. Here's what happened. If you recognize it, if you incur, if you realized again on personal use asset, you'll have to recognize it. Recognize it means what? You're going to have to pay taxes. You include it in your taxes. However, if you incur a loss, you don't recognize. Now the question is, hold on a second, why not? It's not fair. Why do I recognize a gain and I cannot recognize a loss? Well, think about it for a moment. If you could recognize a loss, no one will really pay taxes. What I would do every year, I will buy my car, I will sell my old car, I will sell old furniture, sold my computer, sold my cell phone, and guess what? Sell them at losses because I use them. Obviously I'm going to sell them at losses because I'm not going to get for them as much as I paid. Then I will have a loss and I will never pay any taxes. So think about it intuitively. If you have a personal use asset, you cannot deduct the loss. But if you have a gain, you have to pay taxes on the gain. So the gain is recognizable. The loss is not recognizable for personal use. Now the next thing we have to talk about is something called capital gains and capital losses. So simply put, we have to differentiate between capital gains and capital losses from something called ordinary gain and ordinary losses. Now why do we have to differentiate between those two? Well, simple. On a personal level, they result in different tax treatment. So if you treat something as a capital gain versus ordinary gain, it makes a difference to your taxes. So that's why first you have to know, what is a capital asset? Is it a capital gain or is it an ordinary gain? So what is a capital gain or a capital loss? It results from the sale or exchange of capital asset. Result from the sale or exchange of capital asset. Now we did not answer the question. What is capital asset? Basically, capital asset is defined as what it is not. So simply put, capital asset is any asset that is not. So it's basically the definition of it. It's like, it's not that. So what is a capital asset? It's defined as any other, any property other than, other than what? Other than inventory, other than account receivable. And notice inventory and account receivable. They're kind of your use in your ordinary business, right? Depreciable property or real property used in a business. Okay. Those are not capital assets or anything other than those. So what's left? Most personal use asset owned by individual are capital asset. Most used asset are capital asset. Okay. And losses on these assets are not deductible. So if you incur losses on these assets, they are not deductible. Okay. If you have gains, they are deductible. Okay. Now, once recognized, gain or losses have been determined. They must be classified as ordinary or capital. So basically what you have to know is you, you, you computed the gain or a loss that the next thing you have to determine is, is this an ordinary or is this capital? Remember, because they are treated differently. Ordinary gains are fully taxable. Okay. Ordinary losses are fully deductible. So notice, if it's ordinary asset, not capital asset, and you incur the loss, which is basically a business asset, then it's fully deductible. Capital are not. Capital losses are not that if it's ordinary, then it is. Okay. So what happened with capital gains and capital losses? Let's talk about capital gains and capital losses. When you have a capital gain and capital losses, they are basically subject to four treatments. You could have four possibilities when you have a capital gain and capital losses. Okay. And in case you're wondering, well, we'll talk about this later. Okay. What are those four treatment? One, you could sell something and you could have a gain, a capital gain, and it's called short-term capital gain, STCG, short-term capital gain. You can sell something and you could have short-term capital loss. So you sold it. Now, how do we determine if something is a capital gain or a capital loss? If you hold it up to less than a year, well, year is included. So let's see, maybe do this one year. So if you hold the asset for one year or less, so one year is included. So up to one year, it's still short-term. Okay. You have to hold it more than a year. Or you sell an asset and you could have a gain, but if you hold it longer than a year, you could get treated as long-term capital gain. Or you could have an asset and sell it and incur a loss, but you hold it more than a year. So here it's a greater than one year, not equal, greater than one year, not equal to greater than or equal. It's greater than one year. Okay. So what are the treatment? Now, we have to know the treatment. So here are the rules as of 2018, which is the most recent according to the Job Tax Cut and Jobs Act. Okay. Now here's the classification. If something happens to be short-term, short-term, it is held one year or less. What you would do is you would use, it's going to be taxed as ordinary income. So OI. Now you're saying what is ordinary income? Let me show you what ordinary income is. Do you guys remember this table? This is for a single individual. Happens to be for a single. Okay. So what happened is you have a short-term capital gain. Guess what? It's going to be included with your regular income and subject to this table. Okay. So this is what we mean by this. So depending on what your tax bracket is, it could be subject to 10%, 12%, 22%, 24%, 32%, 35%, 37%. And that's why it says here the maximum rate that you could pay is 37 on short-term capital gain. Why? Because it all depends on where you stand. So short-term capital gain, think of them as ordinary income. It's like your salary. They're treated as your salary. You add them to your regular income and they get computed with your regular income. They could be taxed up to 37%. The rate is not 37%. If you are in the 37% tax bracket, it means you're making above half a million dollar in taxable income. You have more than half a million dollar. Then they are subject to 37%. So please be aware of this. Okay. Let's go from short-term capital gain to long-term capital gain. What do we do now? Actually, before we jump in, if we have any collectibles, antiques, arts, stuff like that, these are called collectibles. They are subject to a special treatment. And not special treatment. They are subject to 28%. Now, if your ordinary income, if your ordinary tax is less, you will go with the lower rate. But generally speaking, if your tax rate is higher than 28%, they will be taxed at 28%. Don't worry about this section 1250 gain. We'll discuss this later on. Okay. So if it's not collectible, it's all other long-term capital gain. Okay. So how do we tax all other long-term capital gains? So we know short-term is easy. Just basically take whatever your ordinary income and it will be applied to that. We have three rates for all other long-term capital gain. You may not pay anything on that. You could pay 15. You could pay 20. So what is long-term capital gain? You held that capital asset for longer than a year. And here's how it works. When does the 0% applies? It applies if your taxable income does not exceed 77,200 if you're married, filing jointly. If you're married, filing jointly, you have a long-term capital gain and your taxable income does not exceed this amount. Guess what? You get 0%. If you're single, it's 38,600. If you're ahead of a household, 51,700. Okay. So simply put, if we look at the tax bracket, simply put, what is, let's look because we have the single. The single is 38,600. So simply put, let me just show you here real quick, 38,600 is up to here. Okay. So if you're in the 10 or the 12% tax bracket and you have a long-term capital gain, you don't have to pay taxes on that. Simply put, the short cut of it, the short cut of it. Okay. When does the, so we figure out that 0%, when does the 20% applies to your long-term capital gain? The 20% applies if you are, if your taxable income exceeds, notice here it doesn't exceed it, slower than that. Here, if your taxable income exceeds almost 480,000. So if your taxable amount is about 479,000, if you're single, I'm sorry, if you made it final and jointly, if you are single 425,800, if you're ahead of a household 542,400, made it final and separately 239,400. Okay. So you'll pay 25%. If your taxable income is more than 425,800. Simply put, once you reach, if you want to think about it, 425 is in the upper range of this. So 425 is between 200 to 425. So once you are basically, once you are midway through your 35% tax bracket, okay, then you are treated, then any long-term capital gain will be subject to 20%. So let me just draw a line here. It's not exactly here, it's at 425, at 425 as a single. My pen is not working properly now. 425, okay, 425,000. If your taxable income is 425,000. So not precisely 35, but on the upper range of 35. Okay. What we're left with is those three tax brackets, which is 22, 24, 32, and a little bit in 35. Those tax bracket, if you fell in those tax bracket, your long-term capital gain is 15%, okay, it's 15%. So hopefully we understand how, what we mean by if you have long-term capital gain, how much do you pay on that? Well, it all depends on where you stand. In which tax bracket do you fall? Do you fall in the first two? Okay, here you pay zero. Not precisely here, but starting at, when you, toward the end of 35, you will start to pay 20%, and in between you'll pay 15%. Remember short-term capital gain, they're taxed as ordinary income. You don't have to worry about those. Okay. Now obviously we're going to have both gains and losses, long-term and short-term in the same year. So what do we do? Well, gains and losses from capital asset transaction must be netted. We basically have to kind of cancel them, not cancel them, net them against each other. So what we do is this. We'll take the net gain and net losses by holding period. So the first, the first we do that. So basically we'll take short-term, short-term capital gain versus short-term capital loss. Then we'll do long-term capital gain versus long-term capital loss. So we take each holding period and we'll net it out. Now we might have a positive short-term and negative long-term. Well, then we net them out. Okay. If access losses result, they are shifted to the category carrying the highest tax. Well, if positive, then it's positive. Then we have to pay taxes. If it's negative, then what we do, and we go to the collectibles if we have any collectibles and we'll start to net it out against the highest tax rate. So we just keep netting out until we have only either a gain or a loss. A net short-term gain or a net short-term loss or a net long-term gain or a net long-term loss. At the end we'll have it one. Okay. But first we net each group separately, then we net them against each. The best way to illustrate everything that we learn about is to kind of look at examples to see how this works. We have Seema owns a pizza parlor during the current year. She sells two automobiles. The first automobile which was used as a pizza delivery car for three years was sold at a loss of 1,000. Because this automobile is an asset in her business, Seema claims an ordinary loss deduction of $1,000. Why? It's a car. But that car is being used in her business. Therefore, it's not a personal car. It's a business car. Therefore, there is a loss of 1,000. Okay. The second automobile which Seema had owned for two years was her personal car use. It was sold at a gain of 800. The personal car is a capital asset. Therefore, she would recognize $800 on the personal car. Now, if she sold that personal car at a loss of 1,000, that second car, what can we do with the loss? Nothing because the personal use car cannot be used. Okay. So the business car, she sold it at a loss and she deducted the 1,000. Obviously, if she sold it at a gains, she'll have to pay also gains on that. Okay. But I don't think you'll be able to sell a car delivery pizza for a gain, right? Because it's going to be used up, abused. So by the time you sell it, you cannot sell it for how much you bought it at. Okay. Just FYI. And here we are ignoring any depreciation, recapture or anything like this. Okay. Just very simple, keeping it simple. Just to differentiate that a car. So notice a car could be a business for business use. Or a car could be for personal use. And the way it's treated, that's two separate, two separately. Okay. Let's look at another example. Paulie is a single and report taxable income of 35,000. She also report the following capital gain. So she has taxable income of 35,000. Robin, corporation stock held for six months. So they had a gain of a, they had a capital gain of 1,000. This is short term. They have a capital. They have another capital gain for another 1,000, but this is long-term held for 13 months. Okay. So Paulie is in the 35% tax bracket. Let's look at the long-term first. Let's look at the long-term first. Long-term. 35%, I'm sorry, 35,000. 35,000 falls in this tax bracket. This tax bracket is 12%. Do you guys remember what happened to the long-term capital gain if you're in the 10 or the 12? If you're in the 10 or the 12, you pay zero on that. So the first $1,000 doesn't have to pay anything on this. Why? Because it's long-term and he happens to be in the 30, 12% tax bracket. So basically 1,000 times zero. Now for the other 1,000, well, if that's the other 1,000, well, we just look at your tax bracket. Your tax bracket, we just saw it's in the 12% tax bracket. Paulie in the 12%, because the 35,000 is in the 12% tax bracket. Therefore, Paulie will pay 12% on that other $1,000 on the short-term. Okay? Now, let's look at a third example. Assume the same fact except that Paulie regular tax bracket is 32%. Okay? Not 12%. So let's go back up here. Now what we're saying is, Paulie falls within this tax bracket. Okay? This tax bracket, I'm telling you right now, the long-term is, any long-term is 15. Any long-term is 15. So the 15,000 and the other, and the other 1,000, it's going to be subject to Paulie's regular, regular ordinary tax. So the short-term $1,000 will be subject to 32% because that's Paulie's tax rate. So the short-term times 32%. The long-term times 15%, because it's in the 32% tax bracket, 15%. I apologize. My pen is not working properly, but hopefully you can follow. Okay? Therefore, 1,000 times 32 is 320, and 1,000 times 15 is 150, and that will be Paulie's tax bill. Let's take a look at this example. Collin in the 32% federal income tax bracket and report the following capital transaction. Okay? Penguin corporation stock held for eight months. This is a short-term $1,000 gain. Owl corporation stock held for 10 months. This is a short-term loss. Stamp collection held for five years. Remember, this has a special bracket. This is stamp collection is 28%. And land held as an investment. That's again, that's long-term gain. Okay? So what do we do? Remember, we'll take each group and we'll start to net them out. So the Penguin short-term capital gain of 1,000 is offset by the Owl short-term capital loss of 3,000. So what we do is we cancel those two, and what we have is negative 2,000 short-term capital loss. Okay? Then what we do, since we have a short-term capital loss, the short-term capital loss, it's going to start to cancel out the other gain. But how do we do so? We do so against the highest rate. Okay? Now remember, the collectibles are subject to 28%. The land, how much are we going to pay for the land? Well, if he's in the 32% tax bracket, he's going to pay on that land 15%. Therefore, what's going to happen? The $2,000 of the short-term capital loss, it's going to offset the stamp collection. Okay? So the $2,000 then applied against the collectible gain of 2,000, as that's the capital gain that's subject to the highest tax rate, because the collectible are subject to 28%. We're going to use the loss. So basically, the loss will eliminate the stamp collection, and the loss is gone. What do we have at the end? We have 4,000 left of capital gain, long-term capital gain. Colin in the 32% tax bracket. Colin will pay 15% capital gain tax on that. Okay? So 4,000 times 15%. And this is the tax that Colin will pay whatever that tax is. Okay? The last thing we need to talk about is what happened if we have a net capital loss and net capital loss. So this is a special rule. If we have a net capital loss of individual, they are deductible. And here we're talking about if you have losses and stocks, up to $3,000 yearly. So you can deduct net capital losses for individual for AGI up to $3,000. So you can deduct up to $3,000 against your ordinary income. If you have more than 3,000, excess capital losses are carried to the next year. When carried over, capital losses retain their classification as either short-term or long-term. So if you have any losses, you don't lose your capital losses, you can carry them. You can deduct $3,000 this year. And this is personal. I'm going to make sure we are talking about personal because when we talk about corporate, it's totally different. This is what we're talking about personal individual taxpayer. Okay? Tina reports a short-term capital loss of $2,000, a long-term capital loss of $2,500, and no capital gain. So Tina has short-term loss and a long-term loss. She has both total of $4,500. She can deduct $3,000, which is the $2,000 short-term and the $1,000 long-term of this amount as ordinary loss. Okay? It gets ordinary income, which is good. And the remaining $1,500 is carried forward to the future as long-term capital loss, long-term capital loss. So simply put, capital losses you can deduct as an individual up to $3,000, up to $3,000 against your ordinary income. If you have any questions, any comments by all means, email me. This concept, everything that we learned here is important. I'll tell you why. Because we're going to be adding more complication. We're going to be selling different assets. So you want to make sure you understand the concept of realized versus recognized. Also, down the road, we're going to be dealing with a corporation. And corporations will have capital gain and capital losses. So we have to know the rules, the difference between the two. So make sure you understand the personal. Again, we're going to revisit this topic in much, much more in details in future chapters. Actually, we had two chapters devoted for property transaction. But since we have to touch upon it at the beginning, so this is basically a brief overview. But I believe it's a comprehensive brief overview. If you're studying for your CPA exam, study hard. If you're studying for your income tax course, study hard. If you need more lectures, go to my website. If you happen to visit, please consider donating. Good luck and see you on the other side.