The mountain, mapped

operationalize irc §1091 wash sale rule for hedge funds and active traders — 30-day before/after window, substantially identical securities, loss deferral and basis adjustment, related-party / ira / spouse triggers, trader-tax-status exception via §475(f) mark-to-market, and reporting on form 8949 / schedule d. practitioner skill for hedge fund tax / cfos / sophisticated traders. self-contained.

draft and audit a management rights letter (mrl) to maintain venture capital operating company (vcoc) status under dol 29 cfr §2510.3-101(d), avoiding erisa plan-asset treatment of the fund. confirm 50%-investment + management-rights tests, document the annual 90-day investment-of-plan-assets test, and contrast with reoc (real estate operating company) status. self-contained — embedded dol plan-asset regulation + erisa §3(42).

mark a vc fund's portfolio company position to fair value under fasb asc 820 levels 1/2/3, applying the aicpa accounting and valuation guide for pe/vc investments. document level-3 unobservable inputs, calibration to latest financing, opm/pwerm/ccm scenario methods, and the §3(c)(1) / §3(c)(7) fund's quarterly nav reporting cycle. self-contained — embedded asc 820-10-35, aicpa guide framework, and §1202 hold-period interaction.

model safe vs convertible-note economics across pre-money/post-money valuation caps, discount rates, mfn provisions, and qualified-financing conversion triggers. compute dilution outcomes using the y combinator post-money safe (2018), pre-money safe legacy form, and standard convertible note (interest + maturity + cap + discount). identify reg d §506(b)/(c) and §4(a)(2) exemption mechanics, and surface §385 debt-equity recharacterization risk for convertible notes.