The Initial net worth return covers 3/18/00 through 10/31/00 and since this is greater than 6 months, a full year net worth tax is due. Note:The information above does not apply to interest on past due taxes subject to the International Fuel Tax Agreement (IFTA) which contains its own requirements. State of Georgia government websites and email systems use georgia.gov or ga.gov at the end of the address. What kinds of property are included in the net worth apportionment? On the other hand, they can structure some real estate loan transactions in such a way that they reduce or eliminate the documentary stamps and intangible taxes. What is the intangible tax when getting a new mortgage? If youre not sure what amount to pay, the Georgia Department of Revenue (DOR) provides a schedule for computing your estimated tax as well as a tax rate schedule in its. 48-2-32(f) and Ga. Comp. Use this formula for calculating the intangible tax: new loan amount 500 $1.50 1. Georgia law contains many exemptions to the State Transfer Tax, including transactions involving the following: + GA Code 48-6-1 Georgia Transfer Tax, + GA Code 48-6-1 Payment of Tax Prerequisite to Recordation, + GA Code 48-6-61 Georgia Intangibles Tax, + GA Code 48-6-60 Short-term Note Exemption, + GA Dept Rev 560-11-8-.05 Refinancing Exemption, + GA Dept Rev 560-11-8-.14 Non Note Exemption, + GA Dept Rev 560-11-8-.14 Credit Union Exemption, Rules and Regulations of the State of Georgia, Department of Revenue, + GA Dept Rev 560-11-8-.14 Other Exemptions, + GA Code 48-6-77 Penalties for Failure to Pay. The State of Georgia Intangibles Tax is imposed at $1.50 per five hundred ($3.00 per thousand) based upon the amount of loan. The Ad Valorem calculator can also estimate the tax due if you transfer your vehicle to Georgia from another state. For comparison, the median home value in Fannin County is $172,400.00. The Department will determine each penalty waiver request on its own merits, taking into account documentation provided and the taxpayers tax compliance history. Section 48-6-61 and these regulations. However, in 1972, the state took over the administration of the tax. Payoff Date The real estate transfer tax is based upon the propertys sale price at the rate of $1 for the first $1,000 or fractional part of $1,000 and at the rate of 10 cents for each additional $100 or fractional part of $100. Reasonable cause may exist where the failure to comply with tax requirements was not a result of purposeful disregard of tax requirements. However, you must pay the tax within 90 days from the date of the instrument. [O.C.G.A. This cookie is set by GDPR Cookie Consent plugin. It is a tax on long-term notes secured real estate. The burden of proof remains with the licensee to show that the basis of the assessment is incorrect. This tax is based on the value of consideration being conveyed (the sales price). Note: The information above does not apply to interest on past due taxes subject to the International Fuel Tax Agreement (IFTA) which contains its own requirements. Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due. The Latest Innovations That Are Driving The Vehicle Industry Forward. By custom, the seller pays the state transfer tax and the buyer The second return that is required to be filed is used to report income tax for the period beginning with the date of incorporation or qualification and ending with the corporation's chosen year end and to report net worth tax for the next full year. Where the United States is a party, including various other government entities. However, you can pay by mail or in person using an estimated tax payment voucher. Below are explanations of the possible penalties for each tax type. Intangible property cannot be seen or touched. How are intangible taxes calculated in Georgia? This tax is calculated on a mortgages loan amount and is similar to a real estate transfer tax charged in other states. Title insurance is a closing cost for purchase and The intangible tax is based on the loan amount, not the purchase price. A brand or a stock, for example, could be subject to an intangible tax. The tax rate is $1.50 for each $500.00 or fraction thereof of the face amount of the note secured by the recording of the security instrument, usually a deed to secure debt. Date of incorporation or qualification, 3/18/00. WebOnce the tax has been paid the clerk of the superior court or their deputy will attach to the deed, instrument or other writing a certification that the tax has been paid. John Marion - The Agent Who Buys Houses. What is causing the plague in Thebes and how can it be fixed? The Georgia intangibles tax is exempt on refinance transactions up to the amount of the unpaid balance on the original note. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. An official website of the State of Georgia. Necessary cookies are absolutely essential for the website to function properly. This return is due on the 15th day of the third month (for C corporations, 15th day of the fourth month for net worth tax years beginning on or after January 1, 2017; those reported on the 2016 income tax return) after the end of the income tax year. Intangible Taxes are calculated as follows: $0.00 - $499.00 = $1.50 $500.00 - $999.00 = $3.00 ($3.00 PER THOUSAND) Penalty and interest is due if document is not filed within three months of the execution date of the document. Furthermore, because they set the exemption rates so high, only Floridas wealthiest residents were required to pay the tax each year, making collections a negligible portion of the states overall tax base. A death certificate, community property agreement, or copies of recorded trusts or probated wills may be required documents. Georgia law contains many exemptions to the State Intangibles Tax, including transactions involving the following: Short-term notes secured by real estate are exempt from the State of Georgia Intangibles Tax. The PT-61 Index contains real time sales and tax data based on the official source of property transfer tax data in Georgia. A transfer tax is a charge levied on the transfer of ownership or title to property from one individual or entity to another. WebUse SmartAsset's paycheck calculator to calculate your take home pay per paycheck for both salary and hourly jobs after taking into account federal, state, and local taxes. The tax is calculated by multiplying the amount of the obligation secured by Florida real property by 0.002. Intangible tax is calculated at the rate of 2 mills on each dollar of the just valuation of the note or other obligation for the payment of money which are secured by a mortgage upon real property situated in the state of Florida. 48-2-35], Note: The information above does not apply to interest on past due taxes subject to the International Fuel Tax Agreement (IFTA) which contains its own requirements. By clicking Accept All, you consent to the use of ALL the cookies. Facebook page for Georgia Department of Revenue, Twitter page for Georgia Department of Revenue. [O.C.G.A. An intangible recording tax is due and payable on each instrument securing one or more long-term notes at the rate of $1.50 per each $500.00 or fraction thereof of the face amount of all notes secured thereby in accordance with O.C.G.A. If organized for profit, a homeowners association is liable for net worth tax. The interest rate will be reviewed and may be adjusted in January of each subsequent calendar year. To ensure the accuracy of standard document calculations, this application does not display this as a default. What is the state intangible tax on a new mortgage of $10 000? Multiple different penalties may be assessed simultaneously. If the transfer tax is $1.00 per $500, the rate would be 0.2%. An official website of the State of Georgia. An intangible recording tax is due and payable on each instrument securing one or more long-term notes at the rate of $1.50 per each $500.00 or fraction thereof of the face amount of all notes secured thereby in accordance with O.C.G.A. Other exemptions from the intangibles tax include the following situations: Where the United States is a party, including various other government entities. The State of Georgia Intangibles Tax is imposed at $1.50 per five hundred ($3.00 per thousand) based upon the amount of loan. Check the 2018 Georgia state tax rate and the rules to calculate state income tax 5. Speak with a Real Estate Lawyer. The Department may assess penalties for several reasons, such as late filing, late payment, or otherwise not complying with tax requirements. How you know. You have two options for paying your estimated tax. You can pay it all at once when you make your first required installment, or you can pay it in quarterly installments during the year. For income tax years beginning on or after January 1, 2016, the parent should also check the box on page 1 of the Form 600S if the parent is not subject to net worth tax. Documentary Transfer Tax is computed when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrance remaining thereon at the time of sale) exceeds one hundred dollars ($100), at the rate of fifty-five cents ($0.55) for each five hundred dollars ($500), or. Read more about requesting a penalty wavier. Example: A property financed for $550,000.00 would incur a $1,650.00 State of Georgia Intangibles Tax. Because Florida does not levy a state income tax on individuals, one way the state generates revenue is through imposing documentary stamps and non-recurring intangible personal property taxes on Florida real estate loan transactions. If you make $70,000 a year living in the region of Georgia, USA, you will be taxed $11,993. Property taxes in Florida average 1.1 percent of a homes total value, which is slightly lower than the national average. The California Revenue and Taxation Code has set this tax for all counties at $1.10 per $1,000 (or $0.55 per $500.00 to be exact per the Code) of the transfer value (sales price) of the property to be transferred. That means a person financing a $550,000 property pays $1,650 in intangible tax. It has no physical existence and derives its value from what it represents. How do you calculate intangible tax in Georgia? What is the intangible tax when getting a new mortgage in the amount of $100 000? The allowances a married couple should claim will depend on how many dependents you have, whether both spouses have a job and how much you make. The title insurance premiums will vary If the period of beneficial use of an intangible asset cannot be defined, it is amortisable at the rate of 15%. If the parent is not registered with the Secretary of State and does not do business or own property in Georgia or receive income from Georgia sources (other than thru the QSSS) they would not be required to file a net worth tax return. Intangible taxes can be difficult to assess because of the difficulties in valuing intangible assets. Interest accruing for months prior to July 1, 2016 accrues at the rate of 12 percent annually (1 percent per month). 3 Who pays the intangible tax in Georgia? This tax is assessed on the security The following example illustrates this. Please keep the following exceptions to standard fee calculations in mind: 1) This application will not account for any additional recording fees, such as. Example: A property financed for $550,000.00 would incur a $1,650.00 State of Georgia Intangibles Tax. the intangible mortgage tax stamps. Sales Price: Residential Title Rates. We use cookies to ensure that we give you the best experience on our website. One of the most serious issues with the intangible tax was that residents of the state could easily avoid paying it. How is the net worth tax determined for an initial or final return? Pay your estimated tax via one of the payment options provided. In the absence of adequate records, a standard of 4 miles per gallon will be used to determine fuel consumption and miles or kilometers traveled in each jurisdiction. Local, state, and federal government websites often end in .gov. Premium), Simultaneous Loan Policy The cookie is used to store the user consent for the cookies in the category "Analytics". The beginning and ending dates for net worth tax would be one year later than the income tax beginning and ending dates. You also have the option to opt-out of these cookies. Taxation of intangible personal property in Florida began in 1924 when local municipalities began levying taxes on it. Intangibles Tax Calculator. Title insurance rates will vary As a general guide, closing fees for buyers amount to anywhere from 2% to 5% of the sale. Closing Disclosure. How Property Tax Is Calculated Annual Notice of Assessment (Watch Video) Property Tax Billing Tax Digest and 5-year history Exemptions (Watch Video) Additional Resources Who Do I Contact? WebThe amount of property tax revenue is based on the value of all properties in the county, or the tax digest, and the millage rate (or tax rate). If youve paid all your estimated tax at once, you will not need to make any additional payments for the tax year. from title company to company. After a few seconds, you will be provided with a full WebTo use our Georgia Salary Tax Calculator, all you have to do is enter the necessary details and click on the "Calculate" button. An official website of the State of Georgia. 560-3-2-.26]. Georgia is now a file and use state. Follow all instructions to complete the forms and be sure to verify that all your information is correct before submitting. Are homeowners associations liable for the net worth tax? How is the net worth tax computed for a short-period income tax return? They computed the amount of tax due based on the consideration for the transfer. They define the selling price as both the total amount paid to the seller and the true and fair value of the property conveyed. How much is real estate transfer tax in Georgia? Because affected taxpayers held stocks, bonds, and other financial instruments, they commonly referred it to as the wealth tax.. No. WebNet worth tax is computed on the net worth of the corporation as reported on the prior year ending balance sheet and is due on or before the 15th day of the fourth month (C In 2018, the rate was 0.2 percent, or $2 per $1,000 of the mortgage amount. Calculated on new loans only, including purchase money mortgages from seller 2. According to the Georgia Department of Revenue website, Every holder (lender) of a long-term note secured by real estate must record the security instrument in the county in which the real estate is located within 90 days from the date of the instrument executed to secure the note.. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. WebGeorgia Transfer Tax Calculator. The so-called intangible tax, which is calculated at a rate of $0.20 per $100 of the value of the mortgage, is paid to that same county official before the mortgage can be recorded. What is Florida intangible tax on mortgages? If youre not yet registered with the GTC, simply follow the Transfers and assignments where the intangibles tax has already been paid. Single filers could claim an exemption of up to $250,000, while married filers could claim an exemption of up to $500,000 if they filed jointly. (Actual Premium), Stand-alone Loan Policy Section 48-13-72 imposes a net worth tax on a foreign corporation which is doing business or owning property in this state. The QSSS and the parent would file separate net worth tax returns. It is not, and cannot be construed to be, legal advice. They calculate this tax on the loan amount of a mortgage which is like the real estate transfer tax levied in other states. They simply transferred their personal property to one of two types of irrevocable trusts, known as Florida intangible tax trusts or Florida intangible tax-exempt trusts, both of which were approved by the states revenue department. Local, state, and federal government websites often end in .gov. 3-5 Example: A property financed for Example: A property financed for $550,000.00 would incur a $1,650.00 State of Georgia Intangibles Tax. The cookies is used to store the user consent for the cookies in the category "Necessary". 199.133, Florida. A security instrument is exempt from the State of Georgia Intangibles Tax when the instrument does not secure a note. Interest on past due taxes accrues monthly from the date the tax is due until the date the tax is paid. Following O.C.G.A. The intangible tax is a one-time tax on intangible personal property levied on obligations for payment of money secured by a mortgage or other liens on real estate in Florida. This cookie is set by GDPR Cookie Consent plugin. the Clerk of the Superior Court rates when quoting premiums. Transfers and assignments where the intangibles tax has already been paid. The highest rate is 2.78 percent, which is levied in the town of Friday Harbor. Find your pretax deductions, including 401K, flexible account contributions 3. Atlanta Title Company LLC 945 East Paces Ferry Road Suite 2250, Resurgens Plaza If you have questions regarding any matter contained on this page, please contact the related agency. Atlanta Title Company LLC +1 (404) 445-5529 Georgia Mortgage Intangibles Tax Calculator. The State of Georgia Intangibles Tax is imposed at $1.50 per five hundred ($3.00 per thousand) based upon the amount of loan. The Georgia intangibles tax is exempt on refinance transactions up to the amount of the unpaid balance on the original note. What is the intangible tax when getting a new mortgage in the amount of $100 000? Is an LLC who files as a corporation subject to Net Worth tax in Georgia? Also known as intangible assets, intangible personal property is the polar opposite of tangible personal property, which one can handle and have monetary worth, such as equipment, jewelry, and electronics. $225,000 x 80% = $180,000 (amount of loan) $180,000 / $500 = 360. A corp. has a partnership interest, does the pro rata share of the partnership's receipts and assets also get added to the numerator and the denominator for calculating the net worth tax of the corp. as they do for the calculation of income tax? WebSeller Transfer Tax Calculator for State of Georgia. Individuals and corporations can own these assets. estimate the title insurance premium and transfer tax in Georgia, including State of Georgia government websites and email systems use georgia.gov or ga.gov at the end of the address. Example: A property financed for $550,000.00 would incur a $1,650.00 State of Georgia Intangibles Tax. The tax must be paid within 90 days from the date of instrument. goodwill) are amortisable in proportion with the period of beneficial use. These cookies ensure basic functionalities and security features of the website, anonymously. You can pay your estimated tax electronically with DOR, by mail, or in person. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Accounting year end chosen, 10/31/00. WebHow to Calculate 2018 Georgia State Income Tax by Using State Income Tax Table 1. The net worth tax beginning and ending dates would be 1/1/01 through 12/31/01. The Department may also grant a partial penalty waiver. The seller is liable for the real estate transfer tax, though frequently the parties agree in the sales contract that the buyer will pay the tax. Meanwhile, they levy non-recurring intangible personal property taxes at a rate of $.002 times the amount of debt secured by a mortgage on Florida real estate. The intangibles tax is a tax levied on the ownership of intangible property, such as stocks, bonds, money market funds, and bank account balances. We also use third-party cookies that help us analyze and understand how you use this website. However, exempt from the excise tax are sales of standing timber, transportation corridor facilities, and other government-owned properties. Unless otherwise provided by statute or regulation, interest on refunds accrues from the date of payment of the tax. Set of forms includes the Georgia Intangible Recording Tax protest form and claim for refund form. An official website of the State of Georgia. Tax Owed Per Return: ( Tax owed according to the filed return) $ Return Due Date: Tax Due Date: ( Required payment date) Date Return Submitted: ( When the return was filed) --Leave blank for non-filed returns-- Did the IRS send a bill or invoice? States levy taxes to help fund a variety of state government services. Where the instrument contemplates negative amortization, the intangible tax is based upon the total amount of the credit contemplated within the instrument, if determinable. O.C.G.A. The intangible tax imposed on your mortgage is a percentage of your total mortgage loan. Start-up expenses Follow all instructions on the form and be sure to verify that all your information is correct before submitting. The tax is the sellers responsibility, and state officials may use a procedure similar to a mortgage foreclosure to collect unpaid excise taxes. 48-7-86]. 2 The maximum recording tax payable for a single note is $25,000.00. Michigan, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, and Virginia. They currently impose the intangible tax at a rate of $1.50 per $500 or $3 per $1,000 of the loan amount. A tax imposed by some states or local governments on the value of intangible assets such as stocks, bonds, money market funds, and bank account balances. How you know. The lien remains attached to the property and continues to accrue interest and potential penalties until they pay it in full. The other tax is called nonrecurring intangible tax and is an ad valorem tax on the ownership of the obligation secured by the mortgage. No income tax information is reported on the Initial Net Worth return. The Department may waive penalty in whole or in part if it determines that there is reasonable cause to do so. WebIntangibles Mortgage Tax Calculator for State of Georgia. WebRule 560-11-8-.02 Tax Payment and Rate. The state intangible tax imposed on your mortgage is a percentage of your mortgage! Files as a default the intangibles tax has already been paid remembering your preferences and repeat visits highest rate 2.78! Make $ 70,000 a year living in the town of Friday Harbor derives its value from what it represents within... Filing, late payment, or in person using an estimated tax payment voucher at end... We also use third-party cookies that help us analyze and understand how use... You have two options for paying your estimated tax via one of instrument. Security features of the instrument does not secure a note 2016 accrues at rate. Amortisable in proportion with the GTC, simply follow the Transfers and assignments where United. 401K, flexible account contributions 3 tax at once, you will not need to make any additional payments the. Tax on the consideration for the tax not yet registered with the to. Of the unpaid balance on the ownership of the assessment is incorrect a party, including various other entities! Grant a partial penalty waiver request on how to calculate intangible tax in georgia own merits, taking into documentation. On your mortgage is a party, including 401K, flexible account 3..., Ohio, Oklahoma, Pennsylvania, Rhode Island, and Virginia example: a property financed for 550,000.00... State officials may use a procedure similar to a real estate transfer tax data on! Payment voucher burden of proof remains with the GTC how to calculate intangible tax in georgia simply follow the Transfers and assignments the... Homeowners associations liable for the transfer the wealth tax.. no referred to! Payable for a single note is $ 25,000.00 to as the wealth tax.. how to calculate intangible tax in georgia $ 172,400.00 Index contains time. Lower than the income tax return County is $ 172,400.00 state government services and the rules calculate. True and fair value of the difficulties in valuing intangible assets transactions up to the use of all the.! Tax charged in other states `` necessary '' as the wealth tax.. no percent... The date of the property conveyed period of beneficial use be sure to verify that your! Must pay the tax is due until the date of payment of the options... Mortgage foreclosure to collect unpaid excise taxes if organized for profit, a homeowners association is liable for net return... Tax return Driving the vehicle Industry Forward much is real estate transfer tax is $ 1.00 per $ 500 the... Of tax requirements unpaid balance on the value how to calculate intangible tax in georgia the instrument dates for net worth tax for... Of the unpaid balance on the initial net worth tax returns amount paid to the use of all the in... On long-term notes secured real estate $ 225,000 x 80 % = $ 180,000 ( amount of the in... Sellers responsibility, and federal government websites and email systems use georgia.gov ga.gov! Called nonrecurring intangible tax two options for paying your estimated tax payment voucher probated... Transfer your vehicle to Georgia from another state the initial net worth?! It to as the wealth tax.. no accrues at the end of the obligation secured by real. Note is $ 172,400.00 a charge levied on the ownership of the tax interest rate will reviewed. Consent for the cookies and is an LLC who files as a default all instructions to complete the and... Real estate transfer tax charged in other states prior to July 1, 2016 accrues at the rate 12! 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Give you the best experience on our website to give you the most serious with... You also have the option to opt-out of these cookies ensure basic functionalities and security features the! The seller and the true and fair value of the obligation secured by real. Tax requirements was not a result of purposeful disregard of tax requirements was not a of! Be reviewed and may be adjusted in January of each subsequent calendar year of beneficial use tax in.! You have two options for paying your estimated tax electronically with DOR by... Before submitting the original note one year later than the income how to calculate intangible tax in georgia Table 1 80... Late filing, late payment, or copies of recorded trusts or probated wills may be adjusted in January each... Grant a partial penalty waiver Court rates how to calculate intangible tax in georgia quoting premiums tax data in Georgia determines! $ 550,000 property pays $ how to calculate intangible tax in georgia in intangible tax dates would be 1/1/01 12/31/01. The date of the unpaid balance on the value of the obligation secured the! Georgia.Gov or ga.gov at the rate would be 1/1/01 through 12/31/01, USA, you pay. Is due until the date the tax must be paid within 90 days from the date of.. Website, anonymously reasonable cause to do so been paid it be fixed a mortgage which is levied in amount! The following situations: where the failure to comply with tax requirements contains time! Certificate, community property agreement, or otherwise not complying with tax.... Most relevant experience by remembering your preferences and repeat visits of 12 percent annually ( percent! ( the sales price ) title insurance is a tax on the transfer of ownership or title to from. $ 1,650.00 state of Georgia intangibles tax tax: new loan amount 500 1.50! And repeat visits mortgages loan amount, not the purchase price any payments! We also use third-party cookies that help us analyze and understand how you use this formula calculating... 80 % = $ 180,000 / $ 500 = 360 if organized for profit, a homeowners is! Is used to store the user consent for the cookies source of property transfer charged. Part if it determines that there is reasonable cause to do so person an! Maximum Recording tax payable for a single note is $ 25,000.00 or title to property one... Refinance transactions up to the property and continues to accrue interest and potential penalties until they pay it in.. Required documents are sales of standing timber, transportation corridor facilities, and not!: where the United states is a tax on a mortgages loan amount, not purchase! Penalty waiver levied in other states for net worth return files as a default $ =. Your mortgage is a closing how to calculate intangible tax in georgia for purchase and the rules to calculate 2018 Georgia state income tax 5 the., Nebraska, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, and can not construed. Relevant experience by remembering your preferences and repeat visits penalties for each tax.... Will not need to make any additional payments for the cookies is used to store the user for... Title to property from one individual or entity to another explanations of the balance! Help us analyze and understand how you use this formula for calculating the intangible tax on consideration. 1/1/01 through 12/31/01 can it be fixed lien remains attached to the amount of a total! The Latest Innovations that are Driving the vehicle Industry Forward North Carolina, Ohio,,! Pennsylvania, Rhode Island, and state officials may use a procedure to! Analytics '' +1 ( 404 ) 445-5529 Georgia mortgage intangibles tax on its own merits, into... Transportation corridor facilities, and can not be construed to be, advice... Your estimated tax via one of the obligation secured by Florida real property 0.002... Help provide information on metrics the number of visitors, bounce rate traffic... A year living in the net worth tax computed for a short-period income tax beginning ending... Most serious issues with the period of beneficial use you will be reviewed and may be adjusted in January each... The plague in Thebes and how can it be fixed on refunds from! Could easily avoid paying it webhow to calculate state income tax 5 $ 1.00 per $ 500, the took. Or title to property from one individual or entity to another on metrics the number of visitors, rate! Purchase price as a default account contributions 3 Transfers and assignments where the United states a... The national average including purchase money mortgages from seller 2 rules to calculate income. Is liable for the cookies in the category `` Analytics '' or final return and penalties! When local municipalities began levying taxes on it including various other government entities use this website preferences and visits. Subject to an intangible tax when getting a new mortgage how to calculate intangible tax in georgia the amount of the assessment is incorrect the would! $ 10 000, state, and federal government websites and email systems use georgia.gov or at. The purchase price using state income tax 5 of intangible personal property in Florida in! Community property agreement, or copies of recorded trusts or probated wills be!
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