the step up On Sat, Feb 20, 2016 at 11:25 PM, Halperin, Alan=S wrote: Under TRA, no TRA rights are triggered in connection with a tax-free exchan=e. Alan Alan S. Halperin I Partner Paul. Weiss. Rifkind Wharton & Garrison =LP New York,&=bs.;NY 10019-6064 (Direct Phone) I (Direct Fax) I www.paulweiss