our largest winner on the short side of the portfolio this year. GSVC is a small cap, publicly traded venture capital fund with holdings in pre- and post-IPO tech firms, such as Twitter, Dropbox, and, most notably, Facebook. We shorted GSVC after it traded to a substantial premium to NAV ahead of the Fac

sor X relating to the 5500 of NOLs. Under IRC Section 382, Corporation A is limited to using only 550 of NOLs each year after the IPO. In the first post-IPO tax year, Corporation A has 5100 of income (without regard to the NOL). Assuming a tax rate of 40%, Corporation A's actual tax liability is 520 (S