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Question: Why are you not subtracting debts on Form 150 line 11?

Answer: We have made the interpretation that the line is asking for assets NOT net of debts.

The title of the line is "Assets," not "Net Assets" or "Assets and Debts."

We interpret the text on line 11c to be asking for assets net of associated liens (most importantly, real estate properties net of mortgages).

The instructions for the form for that line do not add anything to the text of the form, and we have not found any other authority either way.