Two investors. Same $100,000 distribution. Completely different tax outcome. One writes a ~$24k check to the IRS. The other may owe little to nothing this year. Because distribution is just a number. Income has a character. Ordinary income. Long-term capital gains. Qualified dividend. Section 1256. Return of capital. The category is the whole game. Read the new blogpost, “Distributions and Dividends: Behind the Curtain” to learn more: Disclosure: This material is provided for informational and educational purposes only and should not be construed as tax, legal, or investment advice. Any examples discussed are hypothetical and for illustrative purposes only. Tax outcomes vary based on an investor’s individual circumstances, and current tax laws are subject to change. Investors should consult their tax and financial advisers regarding their specific situation.