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form 990 schedule l instructions

Use Part V if the organization needs additional space to explain a transaction or provide additional information. The dollar amount of the transaction is the cash or fair market value of other assets and services provided by the organization during the tax year, net of reimbursement of expenses. Answer "Yes" if any payment by the debtor was past due as of the end of the organization's tax year, or if the debtor otherwise is in default under the terms and conditions of the loan. Identify in column (b) the relationship between the disqualified person and the organization (for example, "officer" or "family member of director"). . . Columns (a) and (b) should be left blank for these lines. A 35% controlled entity of one or m… Instructions for Schedule L (Form 990), Transactions with Interested Persons: Form 990-EZ Short Form Return of Organization Exempt from Income Tax: Instructions for Form 990-EZ, Short Form Return of Organization Exempt From Income Tax Under Section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code : Related Topic Links. . For purposes of Schedule L, Parts II–IV, a substantial contributor is an individual or organization that made contributions during the tax year in the aggregate of at least $5,000, and whose contributions are required to be reported on Schedule B (Form 990, 990-EZ, or 990-PF), Schedule … Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990-EZ), Transactions with Interested Persons 2019 12/17/2019 Inst 990-EZ: Instructions for Form 990-EZ, Short Form Return of … . . OF THE 20 INDIVIDUAL PROGRAMS (CONTINUED ON SCHEDULE 0) 4d Otherprogramservices. Instructions for Schedule R (Form 990), Related Organizations 2008 Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990), Transactions with Interested Persons 2008 Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990 … Inst 990 (Schedule D) Instructions for Schedule D (Form 990), Supplemental Financial Statements 2015 Inst 990: Instructions for Form 990, Return of Organization Exempt From Income Tax 2015 Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990 … A business transaction also includes a transaction between the organization and a management company of which a former officer, director, trustee, or key employee of the organization (within the last 5 tax years, even if not listed on Form 990, Part VII, Section A, because the individual didn’t receive any compensation from the organization) is a direct or indirect 35% owner (as measured by stock ownership (voting power or value, whichever is greater) of a corporation, profits or capital interest (whichever is greater) in a partnership or limited liability company, or beneficial interest in a trust), or an officer, director, or trustee. If an interested person has status as such other than by being a substantial contributor or related to one, then make no reference to the substantial contributor status. The facts are the same as in Example (3), except that X is the child of a former director listed on Form 990, Part VII, Section A. . . For special section 4958 rules governing transactions with donor advised funds and supporting organizations, see the special rules under Section 4958 Excess Benefit Transactions in Appendix G in the Instructions for Form 990, or Appendix E in the Instructions for Form 990-EZ. For the latest information about developments related to Form 990 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form990. Enter the relationship between the interested person and the organization. For Form 990 filers, the sum total indicated in column (f) must equal the total of Form 990, Part X, Balance Sheet, column (B), lines 5 and 6 (for amounts owed to the organization), and column (B), line 22 (for amounts owed by the organization). The "ordinary course of business" exception to reporting business relationships on Form 990, Part VI, line 2, doesn't apply for purposes of Schedule L, but see the exception below for publicly traded companies. Enter the name of the interested person involved in the direct or indirect business relationship with the organization. Form 990 Schedule I is filed by the organizations to report information on grants and other assistance made to. A transaction between the organization and an interested person is only reported in one place on Schedule L. Answering … If "related to substantial contributor" was entered in column (a), then describe the relationship without referring to specific names, for example, "child of employee of 35% controlled entity of substantial contributor." . If an interested person has status as such other than by being a substantial contributor or related to one, then make no reference to the substantial contributor status. Form 990-EZ (Schedule L) Transactions with Interested Persons Instructions for Schedule L (Form 990), Transactions with Interested Persons (see instructions) For Paperwork Reduction Act Notice, see the separate instructions. Enter the original dollar amount owed (the loan principal). Deposits into a bank account (when the bank is an interested person) in the ordinary course of business, on the same terms as the bank offers to the general public. Loans reported (or not required to be reported) on Schedule L, Part II. Schedule L is also used to determine whether a voting member of the governing board is independent for reporting on Form 990, Part VIII, Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees and Independent Contractors. 2. Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990-EZ), Transactions with Interested Persons 2019 12/17/2019 Form 990 or 990-EZ (Sch N) Liquidation, Termination, … "About Form 1065, U.S. Return of … Instead, these organizations must, on Part III, group each type of financial assistance (for example, need-based scholarships, merit scholarships, discounted tuition) provided to interested persons on separate lines. Also, Part V may be used to explain a transaction or to provide additional information. Form 990 Schedule R - Related Organizations and Unrelated Partnerships - Updated May 15, 2020 - 8.00 AM - Admin, ExpressTaxExempt. The next installment in our series on the schedules of the IRS Form 990 focuses on Schedule L, Transactions with Interested Persons. How to Decipher Your IRS Form 990 Schedule L. ExpressTaxExempt | May 9, 2018. How do I fill my schedule without burning myself out? See the Instructions for Schedule L (Form 990 or 990-EZ), Transactions With Interested Persons, and complete Schedule L (Form 990 or 990-EZ) (if required). If an interested person has status as such other than by being a substantial contributor or related to one, then make no reference to the substantial contributor status. Have certain weekly events scheduled on certain days. State whether the loan is evidenced by a promissory note or other written agreement signed by the debtor. If the person has interested person status only as a substantial contributor, a family member of a substantial contributor, a 35% controlled entity of a substantial contributor, or an employee of a substantial contributor or 35% controlled entity of a substantial contributor, then enter the term "substantial contributor" or "related to substantial contributor" (as the case may be) instead of the interested person's name, in order to protect the confidentiality of the substantial contributor. IRS Topic Map. T, a family member of an officer of the organization, serves as an employee of the organization and receives during the organization's tax year compensation of $15,000, which isn't more than 1% of the organization's total revenue. Get Form. Report each loan separately, regardless of amount. This response states that the organization had aggregate revenues or expenses of more … Receivables for a section 501(c)(9) VEBA from a sponsoring organization or contributing employer of the VEBA, if those receivables were created in the ordinary course of business and have been due for 90 days or fewer. A substantial contributor. Section 501(c)(3), 501(c)(4), and 501(c)(29) organizations should refer to the Instructions for Form 990, Part IV, lines 25a–25b (or Form 990-EZ, Part V, line 40b) before completing Part I. For example, if grantee Jane Smith is both a substantial contributor and the spouse of Director John Smith, then she must be listed by name in column (a), and column (b) must state "spouse of Director John Smith" or words to similar effect. For purposes of Part III, an employee (or child of an employee) of a substantial contributor or of a 35% controlled entity of such person, but only if the employee (or child of an employee) received the grant or assistance by the direction or advice of the substantial contributor or designee or of the 35% controlled entity, or under a program funded by the substantial contributor that was intended primarily to benefit such employees (or their children). Instructions to complete Part IV of Form 990 Schedule R - Identification of Related Organizations Taxable as a Corporation or Trust. The organization is required to report T's compensation as a business transaction on Schedule L, Part IV, because the organization's compensation to a family member of an officer exceeds $10,000, whether or not T's compensation is reported on Form 990, Part VII. The organization isn't required to report this business transaction on account of X's employment relationship to the law firm. Domestic Organizations - include a corporation or partnership that is created or organized in … If the organization transfers funds to an interested person to make investments on behalf of the organization as its agent or contractor (but not as part of a joint venture), the amount of the transaction for purposes of Part IV reporting isn't the entire amount transferred but the management fees or other service fees or carried interest (if any) of the interested person. Form 990 (2018) May the IRS discuss this return with the preparer shown above? If "related to substantial contributor" was entered in column (a), then describe the relationship without referring to specific names, for example, "child of employee of, Enter the total dollar amount of grants and other assistance provided to the interested person during the organization's, Business transactions include but aren't limited to joint ventures and contracts of sale, lease, license, insurance, and performance of services, whether initiated during the organization's, A business transaction also includes a transaction between the organization and a, Enter the name of the interested person involved in the direct or indirect business relationship with the organization. However, grants for travel, study (such as scholarships or fellowships), or other similar purposes (such as to achieve a specific objective, produce a report or other similar product, or improve or enhance a literary, artistic, musical, scientific, teaching, or other similar capacity, skill, or talent of the grantee) like those described in section 4945(d)(3) aren't excluded from reporting under this exception. Grants that are awards recognizing past achievements also aren't excluded from reporting under this exception. Grants or assistance to a section 501(c)(3) organization. Enter the name of the interested person that benefitted from the grant or assistance. . Instructions for Schedule L (Form 990), Transactions with Interested Persons: Related Forms. An excess benefit transaction generally is a transaction in which an applicable tax-exempt organization directly or indirectly provides to or for the use of a disqualified person an economic benefit the value of which exceeds the value of the consideration received by the organization for providing such benefit. If "Yes," Form 990 and Schedule R may need to be completed instead of _ Form 990-EZ(see instructions) . Colleges, universities, and primary and secondary schools aren't required to identify interested persons to whom they provided scholarships, fellowships, and similar financial assistance. If "related to substantial contributor" was entered in column (a), then describe the relationship without referring to specific names, for example, "child of employee of 35% controlled entity of substantial contributor." Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990-EZ), Transactions … . Enter the total dollar amount of grants and other assistance provided to the interested person during the organization's tax year. A substantial contributor may include an employer that contributes to a VEBA. Organizations that file Form 990 or Form 990-EZ use this schedule … Accounting Method When completing Schedule A (Form 990 or 990 … Certain management company transactions with former officers, etc. The facts are the same as in Example (3), except that the law firm entered into the transaction with the organization before X's parent became a director of the organization. For each line, the school should report in column (c), the aggregate dollar amount of each type of assistance, the type of assistance in column (d), and the purpose of the assistance in column (e), unless such reporting would be an unauthorized disclosure of student education records under the Family Educational Rights and Privacy Act (FERPA). Form 990 Schedule L, Transactions with Interested Persons. Describe the relationship between the interested person that benefitted from the grant or assistance and the organization, such as "spouse of Director John Smith." form-990-or-990-ez-schedule-l.com is not affiliated with IRS. If the person has interested person status only as a substantial contributor, a, Identify the relationship between the interested person and the organization. The questionnaire may include the name and title of each person reporting information, blank lines for the person’s signature and signature date, and the pertinent instructions and definitions for Schedule L interested persons and transactions. (To be completed by section 501(c)(3), 501(c)(4), and 501(c)(29) organizations.). . If "substantial contributor" was entered in column (a), enter "substantial contributor" here as well. Nonprofit Organizations use schedule B to provide additional information on contributions reported on Form 990, 990-EZ, and 990-PF. A 35% controlled entity of one or more individuals and/or organizations described above. Form 990 Schedule I is filed by the organizations to report information on grants and other assistance made to. No. If aggregation is chosen, report the aggregate amount in column (c) and describe the various types of transactions (for example, "consulting," "rental of real property") in column (d). Some business transactions may be reportable on Schedule L, Part IV. This schedule is also used to determine whether a member of the organization's governing body is an independent member. … For instance, state "Yes" if a management fee is based on a percentage of revenues, or a legal fee owed to outside attorneys by a public interest law firm is a percentage of the amount collected. The organization isn't required to provide information about a transaction if it is unable to secure sufficient information to conclude that the transaction is reportable after making a reasonable effort to obtain such information. For example, if grantee Jane Smith is both a substantial contributor and the spouse of Director John Smith, then she must be listed by name in column (a), and column (b) must state "spouse of Director John Smith" or words to similar effect. Substantial contributors (among others) are missing from the question *2016 Form 990 – instructions reference Schedule L … From 2017 Instructions for Schedule L (Form 990 or 990-EZ): For purposes of Parts II–IV, an interested person is one of the following: A substantial contributor. SCHEDULE L (Form 990 or 990-EZ) Complete Department of the Treasury Internal Revenue Service Transactions With Interested Persons 1 3 Open To Public Inspection Employer identification number … Treat as a section 501(c)(3) organization a foreign organization for which the filing organization has made a reasonable judgment (or has an opinion of U.S. counsel) that the foreign organization is described in section 501(c)(3). Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code, must be filed to report and pay the tax on excess benefit transactions. Report compensation for the tax year ending with or within the organization's tax year paid to or earned by the following individuals.. If "Yes," completeScheduleC, Part I . Form 990 Return of Organization Exempt from Income Tax: Instructions for Form 990, Return of Organization Exempt From Income Tax: Form 990-EZ (Schedule L) Transactions with Interested Persons: Instructions for Schedule L (Form 990), Transactions with Interested Persons : Related Topic Links. . For example, if grantee Jane Smith is both a substantial contributor and the spouse of Director John Smith, then she must be listed by name in column (a), and column (b) must state "spouse of Director John Smith" or words to similar effect. *2016 Form 990 – instructions reference Schedule L although the questions don't align 24 . Complete Item G in the Heading section of Form 990, on page 1. Home; TOP Forms to Compete and Sign; 2019 - 2020 schedule l instructions; FAQ. Instructions for Schedule L (Form 990), Transactions with Interested Persons Form 990-EZ (Schedule N) Liquidation, Termination, Dissolution or Major Disposition of Assets Form 990-EZ (Schedule O) Supplemental Information to Form 990 or 990 … If "substantial contributor" was entered in column (a), enter "substantial contributor" here as well. Form 990 Schedule L is required for all nonprofit organizations that answered questions 25, 26, 27, or 28 in Part IV of the Form 990 relating to transactions between various parties. Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990-EZ), Transactions … Business Transactions Involving Interested Persons, Treasury Inspector General for Tax Administration, Section 501(c)(3), 501(c)(4), or 501(c)(29) organization, Form 990, Part IV, line 25a or 25b (regarding, Form 990-EZ, Part V, line 40b (regarding excess benefit transactions), Form 990, Part IV, line 26 (regarding loans), Form 990-EZ, Part V, line 38a (regarding loans), Form 990, Part IV, line 27 (regarding grants), Form 990, Part IV, line 28a, 28b, or 28c (regarding business transactions), Instructions for Schedule L (Form 990 or 990-EZ) (2019). Deposits into or withdrawals from a bank account (when the bank is an interested person) in the ordinary course of business, on the same terms as the bank offers to the general public. From 2017 Instructions for Schedule L (Form 990 or 990-EZ): For purposes of Parts II–IV, an interested person is one of the following: 1. Enter the amount of excise tax incurred by disqualified persons and organization managers under section 4958 for the transactions reported on line 1, whether or not assessed by the IRS, unless abated. Grants or assistance provided to an interested person as a member of the charitable class or other class (such as a member of a section 501(c)(5), 501(c)(6), or 501(c)(7) organization) that the organization intends to benefit in furtherance of its exempt purpose, if provided on similar terms as provided to other members of the class, such as short-term disaster relief, poverty relief, or trauma counseling. Internal Revenue Service. Check either "To" or "From," whichever is applicable. Accessed March 18, 2020. Grants for travel, study, or similar purposes don't include such purposes as short-term disaster relief, poverty relief, or trauma counseling. Your organization must first determine who Read More. Recent Posts. Category: Form 990 Schedule L instructions. If the person has interested person status only as a substantial contributor, a, Describe the relationship between the interested person that benefitted from the grant or assistance and the organization, such as "spouse of Director John Smith." Form 990(2008) DAA An interested person for purposes of Parts II–IV doesn't include a section 501(c)(3) organization, an exempt organization with the same tax-exempt status (for example, section 501(c)(3) or 527 status) as the filing organization, or a governmental unit or instrumentality. (Describe in Schedule 0.) 2019 - 2020 schedule l instructions 2019-2020. Instructions for Schedule R (Form 990), Related Organizations 2008 Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990), Transactions with Interested Persons 2008 Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990-EZ), Transactions with Interested Persons 2009 Report only loans between the organization and interested persons that are outstanding as of the end of the organization's tax year. Use this part to identify any related organization treated as a C or S corporation or trust for federal tax purposes (such as a charitable remainder trust), other than a related organization reported as a tax-exempt organization in Part II of Schedule. 1 Briefly describe the organization' s mission ATTACHMENT 1 2 Did the organization undertake any significant program services during the … Program Level: Basic. Identify the interested person that was the debtor or creditor on the loan. Use Schedule O if additional space is needed to report information required by Schedule L. Schedule R (Form 990). An official website of the United States Government. Product Number Title Revision Date; Form 990 or 990-EZ (Sch L) Transactions with Interested Persons 2020 Inst 990 or 990-EZ (Sch L) Enter the balance due as of the end of the organization's tax year, including outstanding principal, accrued interest, and any applicable penalties and collection costs. If "related to substantial contributor" was entered in column (a), then describe the relationship without referring to specific names, for example, "child of employee of, The dollar amount of the transaction is the cash or, Describe the transaction(s) by type, such as employment or, Electronic Federal Tax Payment System (EFTPS), Part II. Information about Schedule L (Form 990 or 990-EZ), Transactions with Interested Persons, including recent updates, related forms and instructions on how to file. SCHEDULE L (Form 990 or 990-EZ) Department of the Treasury Internal Revenue Service Transactions With Interested Persons Complete if the organization answered “Yes” on Form 990, Part IV, line 25a, 25b, 26, 27, 28a, 28b, or 28c, or Form 990-EZ, Part V, line 38a or 40b. If "substantial contributor" was entered in column (a), enter "substantial contributor" here as well. If "substantial contributor" was entered in column (a), enter "substantial contributor" here as well. An organization that answered “Yes” on line 14b, Part IV of Form 990 must complete Part I of the schedule. Form 990 extension. Nonprofits and tax-exempt organizations filing Form 990 and marked “Yes” to Form 990, Part IV, Checklist of Required Schedules, line 24a, must complete and attach Schedule K to Form 990. "Instructions for Form 990 Return of Organization Exempt From Income Tax," Pages 10-52. Organizations that file Form 990 or Form 990-EZ use this schedule to provide information on certain financial transactions or arrangements between the organization and disqualified persons under section 4958 or other interested persons. If "related to substantial contributor" was entered in column (a), then describe the relationship without referring to specific names, for example, "child of employee of 35% controlled entity of substantial contributor.". For more information on excess benefit transactions, section 4958, and special rules for donor advised funds and supporting organizations, see Appendix G in the Instructions for Form 990 (or Appendix E in the Instructions for Form 990-EZ) and Pub. Loans, grants, and business transactions involving interested persons. For purposes of Parts II–IV, an interested person is one of the following. Take advantage of a electronic solution to create, edit and sign documents in PDF or Word format online. Compensation reported on Form 990, Part VII, Section A, unless the compensation was to a family member of another person reported on Form 990, Part VII, Section A. Domestic Organizations - include a corporation or partnership that is created or organized in the United States. . "Instructions for Schedule L (Form 990 or 990-EZ)," Page 1. State in column (d) whether the transaction has been corrected. This schedule is also … For purposes of reporting management company transactions on Part IV, however, a former officer, director, trustee, or key employee of the organization within the last 5 tax years is treated as an interested person whether or not required to be so listed. . For purposes of Schedule L, Parts II–IV, a substantial contributor is an individual or organization that made contributions during the tax year in the aggregate of at least $5,000, and whose contributions are required to be reported on Schedule B (Form 990, 990-EZ, or 990-PF), Schedule of Contributors, for the organization’s tax year. For each excess benefit transaction involving an organization described in section 501(c)(3), 501(c)(4), or 501(c)(29), regardless of amount, provide information relating to each of the following: Identify in column (a) the disqualified person(s) that received an excess benefit in the transaction. Schedule L is also used to determine whether a member of the organization’s governing body is an independent member for purposes of Form 990, Part VI, Line 1b.” The Schedule L instructions include the following chart which provides detail as to which organizations must complete all (or various parts) of Schedule L. If an organization isn't required to file Form 990 or 990-EZ but chooses to do so, it must file a complete return and provide all of the information requested, including the required schedules. If the person has interested person status only as a substantial contributor, a family member of a substantial contributor, a 35% controlled entity of a substantial contributor, or an employee of a substantial contributor or 35% controlled entity of a substantial contributor, then enter the term "substantial contributor" or "related to substantial contributor" (as the case may be) instead of the interested person's name, in order to protect the confidentiality of the substantial contributor. Parts I–IV can be duplicated if additional space is needed. Describe the organization's purpose for engaging in the loan. Transactions reported on Schedule L (Form 990 or 990-EZ) are relevant to determining independence of members of the governing body under Form 990, … On Part V, identify the specific part and line number that each response supports, in the order in which those parts and lines appear on Schedule L (Form 990 or 990-EZ). Form 990 ( 2017) Page 2 Statement of Program Service Accomplishments Check if Schedule 0contains a response or note to any line in this Part III . 557, Tax-Exempt Status for Your Organization. Identify in Part V the organization manager(s), if any, that participated in the transaction, knowing that it was an excess benefit transaction. For purposes of Schedule L, Parts II–IV, a substantial contributor is an individual or organization that made contributions during the tax year in the aggregate of at least $5,000, and whose contributions are required to be reported on Schedule B (Form 990, 990-EZ, or 990-PF), Schedule … Course Code: EB8SLTI2. A substantial contributor to the organization states that he would like Mr. X and Ms. Y to be beneficiaries of a grant. 11282Y 12/26/2019 2:43:28 PM 2018 Return MEDICAL CENTER OF CENTRAL GEORGIA, INC.- 58-2149128 Form 990 Department of the Treasury Internal Revenue Service Return of Organization Exempt From Income Tax Under section … Receivables outstanding that were created in the ordinary course of the organization's business on the same terms as offered to the general public (such as receivables for medical services provided by a hospital to an officer of the hospital). Attach to Form 990 or Form 990-EZ. Inst 990 or 990-EZ (Sch L) Instructions for Schedule L (Form 990 or 990-EZ), Transactions … "Instructions for Form 990 … State whether the organization's governing body (or a committee of the governing body) approved the loan transaction. Generally a donor advised fund is a fund or account that is separately identified by reference to contributions of a donor(s), owned and controlled by a sponsoring organization, and for which the donor advisor has or reasonably expects to have advisory privileges. Benefit transactions reported on Schedule L … IRS Topic Map the law firm total reporting thresholds below reporting... Year to the law partnership in excess of $ 10,000 page 1 for Schedule,. Part I, II, and ( b ) should be left blank for these lines the portion. Than 35 % controlled entity of one or more individuals and/or organizations described above '' Pages 10-52 L. Schedule (. Each Part for information on grants and other assistance made to an interested person is one of the interested that. Of Schedule L, Part I, an interested person involved in the direct or indirect relationship... Of Activities Outside the United States from interested persons, Part IV aggregate multiple individual transactions between the person. 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'' Form 990 – instructions reference Schedule L, transactions with interested persons domestic. Providing assistance to the specific instructions under each Part for information on certain financial transactions between the interested person benefitted. The grant or assistance to a VEBA for the business transaction, as family of..., V, VII, section a loan transaction Parts II–IV, interested! Enter the original dollar amount owed ( the loan transaction `` Yes, completeScheduleC! Additional space to explain a transaction or to provide additional information on page 1 documents PDF. Entity of one or more individuals form 990 schedule l instructions organizations described above Y to be reported in only Part! Reporting thresholds below which reporting is n't required for an interested person is one of the instructions Form... Other written agreement signed by the organizations to report information on how to Decipher IRS., II, and business transactions involving interested persons: Related Forms ( c ) ( 3 ) organization (... A substantial contributor '' here as well ( c ) ( 3 ) organization state under US! Is one of the most challenging Schedules available to nonprofit organizations references form 990 schedule l instructions the! 105,000 instead of $ 75,000 end of the following provide individual and total reporting thresholds below reporting! ), Compensation information be beneficiaries of a electronic solution to create edit!, 2018 a grant, as described below instructions to complete Part IV form 990 schedule l instructions...

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