Two factors come into play: First, good quality applicators do a better job of applying paint, and more uniformly, than poor applicators. As a result, they achieve better hide, or coverage. Second, painting technique is a factor that could contribute to overspreading the product.
Liquidation and Free Riding. A liquidation violation occurs when the client sells a security to satisfy a cash obligation for the purchase of a different security after trade date. This is a violation because the sale of the second security will not be settled by the time the first purchase settles.
Designation of certain micro-captive transactions as 'transactions of interest' With Notice 2016-66, Treasury and the IRS acknowledge that related parties may use captive insurance companies that make elections under Sec. 831(b) for risk management purposes that do not involve tax avoidance.