As of June 26, 2019, Clarivate incurred liabilities of $264.6 million. The Tax Receivable Agreement (TRA) is a contract between the former partners who sold their partnership shares and the new public company C Corp, which acquired the stake to share the value of the tax benefits resulting from the increased sale of the partnership shares. This intrinsic difference between the accounting asset base and the tax asset base creates a significant deferred tax. An assessment of future returns is needed to determine whether there is sufficient revenue to exploit this deferred tax. This analysis may reveal that a depreciation of the deferred tax claim is necessary. . . .