Summer 2014 Newsletter
Warren & Selbert

World Cup 2014!
Many of us at Warren & Selbert have been following FIFA World Cup 2014 in Brazil. Congratulations to Erik Hellman on his bracket prediction being in the top 99.9% of submissions on!

Partnership Taxation Course for Warren & Selbert Associates
Jacob, Arthur, and Dana have successfully completed a course on Partnership Taxation with UCLA Extension. Their new expertise is already being applied in improving the PSHIP model and providing better support for clients.

Traveling W&S Staff
Lee & Dana were on tour in NYC for a week in June, visiting clients and conducting training.

Successful Start
Arthur Reading has completed six months as the newest associate at W&S. He is excited to be learning so much already and is looking forward to what the rest of the year will bring.

ABC Updates

Migration of PSHIP/Flags
PSHIP/Flags in new ABC files are being moved from being user definitions in question 1.3 to being their own custom questions in section 120. This makes applying flags to a PSHIP file easier. To view available questions in section 120, right click on the section and select "View all questions".

New Sens Report Macro
The sensitivity report, Sens, now saves the results of the most recent sensitivity. Users can retrieve them by using the report function, without having to re-run the sensitivity. This makes it easier and faster to print the results to Excel after submitting sensitivities.

New PSHIP feature: Additional Yield Dates
Additional dates for calculating yields can now be entered in question 1.608 in new PSHIP files. These will appear as additional flips in the PSHIP capsule summary, and can be used to target yields on any date within the partnership term.

New Custom Sections for PD and Lessee
PD-related questions are now found in section 110, which is between sections 1 and 2 in the file window. Lessee-related questions can be found in section 500, above section 2 in the ABC File Window.

New Tutorials
Two new ABC tutorials are now available online. They cover the Sell/Lease Back and ITC pass-through templates.

Solar and Wind Lease Interview Improvements
New solar and wind lease files now allow you to minimize a rent prepayment subject to a required lessor yield and equipment cost. This can be used to optimize the investment required of a lessee in ITC pass-through files.

New Buyout Features in PSHIP
It is now possible to directly target a buyout-term yield, by setting a Buyout Approach in question 1.630, as well as any required inputs in questions 1.631-1.639. PSHIP can solve for a buyout date, buyout amount, buyout IRR, or for cash, tax, or equity splits to achieve a Buyout IRR. These features enable more flexibility in modeling partnership buyouts.

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