https://nicheretail.com/assets/CapEx453Calculator-w2G1r6Ri.js

1import{j as e}from"./vendor-query-CX6kXpPt.js";import{r as x,h as _e}from"./vendor-react-9c9vGjwA.js";import{s as Ee}from"./seoHelpers-DcLEmoTy.js";import{aT as De,ag as A,X as Me,k as Ye,S as W,J as ue,T as Le,aM as Be,o as ze,C as p,d as h,p as We,a as S,b as T,c as F,I as P,B as ge,A as Ke,q as Ge,w as be,s as Xe}from"./index-QfuKfl9m.js";import{S as Ue}from"./slider-BpK3FW6H.js";import{b as qe,S as He,U as Ve,a as Je,I as Qe,P as H}from"./capex453Projections-RQO78WJ1.js";import{T as Ze,a as et,b as V,c as I,d as tt,e as m}from"./table-R5xTCGL_.js";import{Q as at}from"./QAPage-DX1_zsiv.js";import{E as st}from"./ExitChatWidget-DHsHXchs.js";import{B as fe}from"./building-2-wk0G7QmN.js";import{T as rt}from"./timer-UlnRzdJ7.js";import{T as U}from"./trending-up-DPK0kx4L.js";import{S as lt}from"./scale-Ce--cnKR.js";import{F as it}from"./file-pen-line-bL58xHE_.js";import{P as ne}from"./piggy-bank-DKesMEh9.js";import{C as je}from"./coins-BIM4DHEf.js";import{F as nt}from"./flag-DRoTfa_w.js";import{L as ot}from"./landmark-duMv9aQo.js";import{C as Ne}from"./CapExDisclaimer-C7Nmnocq.js";import{W as J}from"./wallet-QZyLiGue.js";import{D as ct}from"./dollar-sign-mu-p6Qcz.js";import{I as Q}from"./info-CoLHpCNv.js";import{R as Z,A as ye,C as ee,X as te,Y as ae,T as se,c as ve,a as X,L as dt,b as re}from"./vendor-charts-BM6lVqmw.js";import{D as we}from"./download-3Ed8LPia.js";import"./vendor-supabase-DrACM_MH.js";import"./vendor-radix-DhfCpOlC.js";import"./vendor-date-Bf3HPMEs.js";import"./book-open-kvkbH-lg.js";import"./jsonLd-bK-6eAhI.js";import"./circle-help-DOTgyFjQ.js";import"./message-circle-1sxiSj3p.js";import"./index-qdsRlPQ9.js";const Ce="capex453-toggles";function xt(){try{const t=localStorage.getItem(Ce);if(t)return{...ke(),...JSON.parse(t)}}catch{}return ke()}function mt(t){try{localStorage.setItem(Ce,JSON.stringify(t))}catch{}}function ke(){return{showOption1:!0,showOption2:!0,showOption3:!0,showAmortTable:!1,show453aInterest:!1,showTaxBreakdown:!0}}function pt({toggles:t,onChange:r,has453a:o}){const n=(c,C)=>{const y={...t,[c]:C};mt(y),r(y)},N=[{key:"showOption1",label:"Lump Sum Sale"},{key:"showOption2",label:"Deferred (Simple)"},{key:"showOption3",label:"Amortized §453"},{key:"showAmortTable",label:"Amortization Table"},{key:"show453aInterest",label:"§453A Interest",hide:!o},{key:"showTaxBreakdown",label:"Tax Breakdown"}];return e.jsx("div",{className:"flex flex-wrap gap-x-5 gap-y-2 p-3 rounded-xl bg-[#111d33] border border-[#1e3a5f]",children:N.filter(c=>!c.hide).map(c=>e.jsxs("div",{className:"flex items-center gap-2",children:[e.jsx(De,{id:`toggle-${c.key}`,checked:t[c.key],onCheckedChange:C=>n(c.key,C),className:"data-[state=checked]:bg-emerald-500"}),e.jsx(A,{htmlFor:`toggle-${c.key}`,className:"text-xs text-slate-300 cursor-pointer whitespace-nowrap",children:c.label})]},c.key))})}const b=t=>t.toLocaleString("en-US",{style:"currency",currency:"USD",maximumFractionDigits:0});function ht({years:t,show453a:r}){const o=t[t.length-1];return e.jsx("div",{className:"rounded-xl border border-[#1e3a5f] overflow-hidden",children:e.jsx("div",{className:"max-h-[480px] overflow-auto",children:e.jsxs(Ze,{children:[e.jsx(et,{className:"sticky top-0 z-10 bg-[#0a1628]",children:e.jsxs(V,{className:"border-[#1e3a5f]",children:[e.jsx(I,{className:"text-slate-400 text-xs w-14",children:"Year"}),e.jsx(I,{className:"text-slate-400 text-xs text-right",children:"Payout"}),e.jsx(I,{className:"text-slate-400 text-xs text-right",children:"Basis Recovery"}),e.jsx(I,{className:"text-slate-400 text-xs text-right",children:"Capital Gain"}),e.jsx(I,{className:"text-slate-400 text-xs text-right",children:"Ordinary Income"}),e.jsx(I,{className:"text-slate-400 text-xs text-right",children:"Taxes"}),r&&e.jsx(I,{className:"text-slate-400 text-xs text-right",children:"§453A"}),e.jsx(I,{className:"text-emerald-400 text-xs text-right font-semibold",children:"Net Income"})]})}),e.jsxs(tt,{children:[t.map(n=>e.jsxs(V,{className:"border-[#1e3a5f] hover:bg-[#111d33]/50",children:[e.jsx(m,{className:"text-slate-300 text-xs font-medium",children:n.year}),e.jsx(m,{className:"text-slate-300 text-xs text-right",children:b(n.opt3_grossPayout)}),e.jsx(m,{className:"text-blue-400 text-xs text-right",children:b(n.opt3_basisRecovery)}),e.jsx(m,{className:"text-amber-400 text-xs text-right",children:b(n.opt3_capitalGain)}),e.jsx(m,{className:"text-orange-400 text-xs text-right",children:b(n.opt3_ordinaryIncome)}),e.jsx(m,{className:"text-red-400 text-xs text-right",children:b(n.opt3_tax)}),r&&e.jsx(m,{className:"text-red-300 text-xs text-right",children:b(n.opt3_453aCharge)}),e.jsx(m,{className:"text-emerald-400 text-xs text-right font-semibold",children:b(n.opt3_netIncome)})]},n.year)),o&&o.opt3_terminalPrincipal>0&&e.jsxs(V,{className:"border-amber-500/40 bg-amber-500/10",children:[e.jsxs(m,{className:"text-amber-300 text-xs font-bold whitespace-nowrap",children:["Balloon yr ",o.year]}

1),e.jsx(m,{className:"text-amber-200 text-xs text-right font-bold",children:b(o.opt3_terminalPrincipal)}),e.jsx(m,{className:"text-blue-400 text-xs text-right",children:b(0)}),e.jsx(m,{className:"text-amber-400 text-xs text-right",children:"deferred gain"}),e.jsx(m,{className:"text-orange-400 text-xs text-right",children:b(0)}),e.jsx(m,{className:"text-red-400 text-xs text-right",children:b(o.opt3_terminalGainTax)}),r&&e.jsx(m,{className:"text-red-300 text-xs text-right",children:b(0)}),e.jsx(m,{className:"text-emerald-400 text-xs text-right font-semibold",children:b(o.opt3_terminalNet)})]})]})]})})})}const ut=[{id:"deck-situation",label:"01 · The Situation"},{id:"deck-foundation",label:"02 · IRC §453 Foundation"},{id:"deck-mechanics",label:"03 · How It Is Built"},{id:"deck-authority",label:"04 · The Authority"},{id:"deck-lifecycle",label:"05 · The Lifecycle"},{id:"deck-economics",label:"06 · The Economics"},{id:"deck-headtohead",label:"07 · 453CX vs. 1031"},{id:"deck-hurdle",label:"08 · The ~18% Hurdle"},{id:"deck-estate",label:"09 · Estate Layer §1014(c)"},{id:"deck-wrapper",label:"10 · Year-30 Wrapper"},{id:"deck-why",label:"11 · Why Owners Choose It"},{id:"deck-disclosures",label:"12 · Disclosures"}];function f({id:t,kicker:r,title:o,lead:n,children:N,tone:c="default"}){return e.jsxs("section",{id:t,className:`scroll-mt-24 rounded-2xl border p-6 md:p-10 ${c==="accent"?"bg-gradient-to-br from-[#0d2b2a] to-[#111d33] border-emerald-500/30":"bg-[#111d33] border-[#1e3a5f]"}`,children:[e.jsx("p",{className:"text-[11px] tracking-[0.28em] uppercase text-emerald-400 font-bold mb-2",children:r}),e.jsx("h3",{className:"text-xl md:text-3xl font-bold text-white leading-tight",children:o}),n&&e.jsx("p",{className:"text-slate-400 mt-3 max-w-3xl leading-relaxed text-sm md:text-base",children:n}),N&&e.jsx("div",{className:"mt-6 md:mt-8",children:N})]})}function z({children:t}){return e.jsx("p",{className:"text-[10px] text-slate-500 mt-5 leading-relaxed",children:t})}function _({value:t,label:r,sub:o,accent:n}){return e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-4",children:[e.jsx("p",{className:`text-2xl md:text-3xl font-black ${n?"text-emerald-400":"text-white"}`,children:t}),e.jsx("p",{className:"text-xs font-semibold text-slate-300 mt-1",children:r}),o&&e.jsx("p",{className:"text-[11px] text-slate-500 mt-0.5",children:o})]})}function gt({extra:t=[]}){const[r,o]=x.useState(!1),[n,N]=x.useState(""),c=[...t,...ut];x.useEffect(()=>{const u=c.map($=>$.id),E=()=>{let $="";for(const O of u){const D=document.getElementById(O);D&&D.getBoundingClientRect().top<=140&&($=O)}N($)};return E(),window.addEventListener("scroll",E,{passive:!0}),()=>window.removeEventListener("scroll",E)},[t.length]);const C=u=>{o(!1),document.getElementById(u)?.scrollIntoView({behavior:"smooth",block:"start"})},y=c.find(u=>u.id===n)?.label??"Jump to section";return e.jsxs("div",{className:"fixed top-3 left-1/2 -translate-x-1/2 z-50 w-[min(92vw,26rem)]",children:[e.jsxs("button",{onClick:()=>o(u=>!u),className:"w-full flex items-center justify-between gap-3 px-4 py-2.5 rounded-full bg-[#111d33]/95 backdrop-blur border border-emerald-500/40 shadow-lg shadow-black/40 text-left",children:[e.jsx("span",{className:"text-xs md:text-sm font-semibold text-white truncate",children:y}),e.jsx(Be,{className:`w-4 h-4 text-emerald-400 shrink-0 transition-transform ${r?"rotate-180":""}`})]}),r&&e.jsx("div",{className:"mt-2 max-h-[70vh] overflow-y-auto rounded-2xl bg-[#0a1628]/98 backdrop-blur border border-[#1e3a5f] shadow-2xl shadow-black/60 p-2",children:c.map(u=>e.jsx("button",{onClick:()=>C(u.id),className:`w-full text-left px-3 py-2 rounded-lg text-xs md:text-sm transition-colors ${n===u.id?"bg-emerald-500/15 text-emerald-300 font-semibold":"text-slate-300 hover:bg-[#1e3a5f]/50"}`,children:u.label},u.id))})]})}function bt(){return e.jsxs("div",{className:"space-y-5 md:space-y-6",children:[e.jsxs("div",{id:"deck-top",className:"scroll-mt-24 text-center pt-6",children:[e.jsx("p",{className:"text-xs tracking-[0.3em] uppercase text-emerald-400 font-bold",children:"The 453 Capital Exchange™"}),e.jsx("h2",{className:"text-2xl md:text-4xl font-black text-white mt-2 max-w-3xl mx-auto leading-tight",children:"A Tax-Advantaged Alternative to the 1031 Exchange"}),e.jsx("p",{className:"text-slate-400 mt-3 max-w-2xl mx-auto text-sm md:text-base",children:"Defer the capital-gains tax, keep 100% of your principal working, and collect an 8.5% income stream - without trading into another property or taking on new debt."})]}),e.jsx(f,{id:"deck-situation",kicker:"The Situation",title:"Two Roads for the Appreciated-Property Owner - and the Problem With Each",lead:"When an owner is ready to exit a highly-appreciated property, the traditional playbook offers two doors. Both extract a real cost.",children:e.jsx("div",{className:"grid md:grid-cols-3 gap-4",children:[{icon:Me,tone:"red",title:"Sell Outright",sub:"Pay the tax now",points:["Federal LTCG + 3.8% NIIT + 25% depreciation recapture + state tax can consume 30 - 45% of proceeds at closing","Only the after-tax residual - roughly 55 - 70¢ on the dollar - is left to reinvest","Capital paid in tax never compounds again"]},{icon:fe,tone:"amber",title:"1031 Exchange",sub:"Defer, but stay in real estate",points:["Forces you back into like-kind property on a 45/180-day clock - often at the top of the market","Re-introduces management, tenants, leverage and illiquidity","The gain moves into the new building; the tax problem relocates, it does not leave"]},{icon:Ye,tone:"emerald",title:"The 453CX™ Path",sub:"Defer, exit real estate, get paid",points:["Defer the gain under IRC §453 - recognized only as principal is received","Convert the property into a 30-year, 8.5% income note on your full pre-tax proceeds","No replacement property, no tenants, no new debt"]}].map(t=>e.jsxs("div",{className:`rounded-xl p-5 border bg-[#0a1628] ${t.tone==="emerald"?"border-emerald-500/40":"border-[#1e3a5f]"}`,children:[e.jsx(t.icon,{className:`w-5 h-5 mb-3 ${t.tone==="red"?"text-red-400":t.tone

1==="amber"?"text-amber-400":"text-emerald-400"}`}),e.jsx("p",{className:"font-bold text-white",children:t.title}),e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-slate-500 mt-0.5 mb-3",children:t.sub}),e.jsx("ul",{className:"space-y-2",children:t.points.map(r=>e.jsxs("li",{className:"text-xs text-slate-400 leading-relaxed flex gap-2",children:[e.jsx("span",{className:"text-slate-600 mt-1",children:"•"}),r]},r))})]},t.title))})}),e.jsxs(f,{id:"deck-foundation",kicker:"The Legal Foundation",title:"IRC §453 - The Installment Method",lead:"A structural tool in the tax code, not a loophole or an election. §453 lets a seller recognize gain as principal payments are actually received, rather than all at once in the year of sale.",children:[e.jsxs("blockquote",{className:"rounded-xl border-l-4 border-emerald-500 bg-[#0a1628] p-5 mb-6",children:[e.jsx("p",{className:"text-slate-200 italic text-sm md:text-base",children:"Income from an installment sale is taken into account in the proportion that the payments received bear to the total contract price."}),e.jsx("cite",{className:"not-italic text-xs text-slate-500 mt-2 block",children:" - paraphrasing 26 U.S.C. §453(c)"})]}),e.jsx("div",{className:"grid sm:grid-cols-2 lg:grid-cols-4 gap-4",children:[{icon:rt,t:"Tax follows the money",d:"You owe capital-gains tax only when you receive principal - not before."},{icon:U,t:"Full proceeds keep working",d:"Income is earned on the gross, pre-tax sale price for the entire term."},{icon:lt,t:"Decades of bracket control",d:"Gain is spread across the term and recognized on your timeline."},{icon:W,t:"Well-settled authority",d:"Backed by §453, Treasury regs, and decades of rulings."}].map(t=>e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-4",children:[e.jsx(t.icon,{className:"w-5 h-5 text-emerald-400 mb-2"}),e.jsx("p",{className:"text-sm font-semibold text-white",children:t.t}),e.jsx("p",{className:"text-xs text-slate-400 mt-1 leading-relaxed",children:t.d})]},t.t))})]}),e.jsxs(f,{id:"deck-mechanics",kicker:"The Mechanics",title:"How a 453CX™ Transaction Is Built",lead:"The structure separates the buyer of your property from the long-term obligation owed to you. You walk away holding a single, professionally-administered installment note - not a building.",children:[e.jsx("div",{className:"flex flex-wrap items-center gap-2 mb-6",children:["Seller (you)","Buyer","453 Capital Exchange™","Institutional portfolio"].map((t,r)=>e.jsxs("div",{className:"flex items-center gap-2",children:[e.jsx("span",{className:"px-3 py-1.5 rounded-full text-xs font-semibold bg-[#0a1628] border border-emerald-500/30 text-slate-200",children:t}),r<3&&e.jsx("span",{className:"text-emerald-500/60",children:"→"})]},t))}),e.jsx("ol",{className:"space-y-3",children:["Seller and Buyer execute a structured installment sale contract for the property.","Buyer signs a 30-year, interest-only promissory note payable to Seller - 8.5% coupon, principal due at maturity. This establishes installment treatment under §453.","Buyer assigns the note to 453 Capital Exchange™, which assumes the payment obligation as substitute obligor (permissible under Rev. Rul. 75-457).","Sale proceeds are delivered through escrow and funded into the 453CX™ institutional portfolio that backs and services the note."].map((t,r)=>e.jsxs("li",{className:"flex gap-3 rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-4",children:[e.jsx("span",{className:"w-7 h-7 shrink-0 rounded-full bg-emerald-400/15 text-emerald-400 text-xs font-bold flex items-center justify-center",children:r+1}),e.jsx("p",{className:"text-sm text-slate-300 leading-relaxed",children:t})]},r))})]}),e.jsx(f,{id:"deck-authority",kicker:"The Legal Foundation",title:"The Authority Behind a §453 Transaction",lead:"The installment method, the substitution of obligors, and the modification of installment obligations are supported by long-standing IRS rulings and administrative guidance.",children:e.jsx("div",{className:"grid md:grid-cols-3 gap-4",children:[{h:"Revenue Rulings",items:[["Rev. Rul. 75-457","Substitution of the obligor on an installment note is not a taxable disposition - the cornerstone of the substitute-obligor structure."],["Rev. Rul. 82-122","A substituted obligor combined with modified interest terms does not accelerate recognition of the deferred gain."],["Rev. Rul. 73-423","Distinguishes a taxable disposition of an installment obligation from mere satisfaction of that obligation."],["Rev. Rul. 68-13","Establishes the framework for reporting and recognizing gain under the installment method."]]},{h:"Chief Counsel Memoranda",items:[["CCM 20123401F","Modifications to installment obligations do not, by themselves, constitute a taxable disposition."],["CCM 200423028","Addresses third-party payment structures backing installment obligations."]]},{h:"Case Law & Guidance",items:[["Cunningham v. Commissioner, 44 T.C. 103 (1965)","Judicial authority upholding installment-method treatment where the obligor is substituted."],["TAM 200105061","Recognizes third-party credit support without disturbing installment treatment."]]}].map(t=>e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-5",children:[e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-emerald-400 font-bold mb-4",children:t.h}),e.jsx("div",{className:"space-y-4",children:t.items.map(([r,o])=>e.jsxs("div",{children:[e.jsx("p",{className:"text-sm font-semibold text-white",children:r}),e.jsx("p",{className:"text-xs text-slate-400 mt-1 leading-relaxed",children:o})]},r))})]},t.h))})}),e.jsxs(f,{id:"deck-lifecycle",kicker:"The Lifecycle",title:"How Each Phase Works - From Closing to Maturity",children:[e.jsx("div",{className:"grid sm:grid-cols-2 lg:grid-cols-4 gap-4",children:[{icon:it,p:"Phase 1 · Day 0",t:"Structure & Close",d:"Property sells. The interest-only §453 note is created and assigned to 453CX™. You exit real estate; the gain is deferred, not triggered."},{icon:ne,p:"Phase 2 · Day 0",t:"Fund the Note",d:"Your full pre-tax proceeds are funded into the institutional portfolio backing the note - 100¢ on the dollar stays at work."},{icon:je,p:"Phase 3 · Years 1 - 30",t:"Collect Income",d:"You receive 8.5% interest annually on the full principal. No principal is recognized, so no capital-gains tax is due during the term."},{icon:nt,p:"Phase 4 · Year 30",t:"Return of Principal",d:"The note matures and principal is returned in full. The deferred gain is recognized - or passes to your estate under §1014(c)."}].map(t=>e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-5",children:[e.jsx(t.icon,{className:"w-5 h-5 text-emerald-400 mb-3"}),e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-slate-500",children:t.p}),e.jsx("p",{className:"text-sm font-bold text-white mt-1",children:t.t}),e.jsx("p",{className:"text-xs text-slate-400 mt-2 leading-relaxed",children:t.d})]},t.t))}),e.jsx("div",{className:"mt-5 rounded-xl bg-emerald-500/10 border border-emerald-500/30 p-4",children:e.jsxs("p",{className:"text-sm text-emerald-200",children:[e.jsx("span",{className:"font-bold",children:"Key feature:"})," because the note is interest-only, the gain embedded in your principal is not recognized until Year 30 - a full investment horizon of deferral."]})})]}),e.jsxs(f,{id:"deck-economics",kicker:"The Economics",title:"8.5% on Your Full Principal - for 30 Years",lead:"Illustration on a $10,000,000 sale. Because §453 defers principal recognition, the coupon is paid on the entire pre-tax amount - not on an after-tax residual.",tone:"accent",children:[e.jsxs("div",{className:"grid grid-cols-2 lg:grid-cols-4 gap-4",children:[e.jsx(_,{value:"$10.0M",label:"Principal kept working",sub:"100% of pre-tax proceeds"}),e.jsx(_,{value:"$850K",label:"Annual interest income",sub:"8.5% interest-only",accent:!0}),e.jsx(_,{value:"$25.5M",label:"Total interest over term",sub:"30 × $850,000",accent:!0}),e.jsx(_,{value:"$10.0M",label:"Principal returned",sub:"Paid in full at Year 30"})]}),e.jsxs("div",{className:"mt-5 rounded-xl bg-[#0a1628] border border-emerald-500/30 p-6 text-center",children:[e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-slate-500",children:"Total received over the structure"}),e.jsx("p",{className:"text-3xl md:text-5xl font-black text-emerald-400 mt-1",children:"$35.5M = 3.55× principal"}),e.jsx("p",{className:"text-xs text-slate-400 mt-2",children:"$25.5M interest + $10.0M principal returned"}),e.jsx("p",{className:"text-xs text-slate-300 mt-3 max-w-xl mx-auto",children:"The deferral advantage: you earn the coupon on $10M of pre-tax capital instead of the ~$6M you would keep after paying the tax today."})]}),e.jsx(z,{children:"Illustrative only. Assumes a $10M sale and an 8.5% interest-only coupon. §453A interest charges on large deferred balances, AFR compliance, and state tax apply and will affect net outcomes."})]}),e.jsxs(f,{id:"deck-headtohead",kicker:"Head to Head",title:"453CX™ vs. the 1031 Exchange",lead:"Both defer the capital-gains tax. Only one frees you from real estate, returns your full principal in cash, and pays a higher current yield.",children:[e.jsx("div",{className:"overflow-x-auto rounded-xl border border-[#1e3a5f]",children:e.jsxs("table",{className:"w-full text-sm min-w-[600px]",children:[e.jsx("thead",{children:e.jsxs("tr",{className:"bg-[#0a1628]",children:[e.jsx("th",{className:"text-left p-3 text-slate-400 font-semibold text-xs uppercase tracking-wider",children:" "}),e.jsx("th",{className:"text-left p-3 text-slate-300 font-semibold text-xs uppercase tracking-wider",children:"1031 Exchange"}),e.jsx("th",{className:"text-left p-3 text-emerald-400 font-semibold text-xs uppercase tracking-wider",children:"453 Capital Exchange™"})]})}),e.jsx("tbody",{children:[["Capital-gains tax at sale","Deferred under §1031","Deferred under §453"],["Must buy replacement property","Yes - 45/180-day deadlines","No - exit real estate entirely"],["What you hold afterward","Another building","A cash-pay income note"],["Current income / yield","~4 - 5% NNN lease cap rate","8.5% interest-only"],["Annual income on $10M","~$400K - $500K / yr","$850K / yr"],["Liquidity of principal","Illiquid - tied up in property","Returned in cash at maturity"],["Ongoing management","Tenants, leverage, capex","None - fully passive"],["At death","Heirs inherit the property","Note passes via §1014(c)"]].map(([t,r,o])=>e.jsxs("tr",{className:"border-t border-[#1e3a5f]",children:[e.jsx("td",{className:"p-3 text-slate-400",children:t}),e.jsx("td",{className:"p-3 text-slate-300",children:r}),e.jsx("td",{className:"p-3 text-emerald-300 font-medium bg-emerald-500/5",children:o})]},t))})]})}),e.jsx(z,{children:"NNN = triple-net lease. Yields illustrative and vary by market and credit. 453CX coupon shown interest-only; §453A interest charges may apply on large deferred balances."})]}),e.jsxs(f,{id:"deck-hurdle",kicker:"The Number That Settles It",title:"To Beat 453CX™ by Selling and Reinvesting, You'd Need ~18% - Every Year",tone:"accent",children:[e.jsxs("div",{className:"grid md:grid-cols-2 gap-4",children:[e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-emerald-500/40 p-5",children:[e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-emerald-400 font-bold mb-4",children:"Path A - 453CX™"}),[["Capital working","$10.0M (full pre-tax)"],["Yield","8.5% interest-only"],["Annual income","$850,000"],["Tax on gain","Deferred to Year 30"],["Principal at maturity","$10.0M returned"]].map(([t,r])=>e.jsxs("div",{className:"flex justify-between gap-3 py-2 border-t border-[#1e3a5f] text-sm",children:[e.jsx("span",{className:"text-slate-400",children:t}),e.jsx("span",{className:"text-emerald-300 font-semibold text-right",children:r})]},t))]}),e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-5",children:[e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-red-400 font-bold mb-4",children:"Path B - Sell, Pay Tax, Reinvest"}),[["Tax paid at closing","~$4.0M (≈40% all-in)"],["Capital working","~$6.0M residual"],["To match $850K income","Needs 14.2% pre-tax"],["Income is taxable too","Gross-up for tax drag"],["Must rebuild principal","$6.0M → $10.0M"]].map(([t,r])=>e.jsxs("div",{className:"flex justify-between gap-3 py-2 border-t border-[#1e3a5f] text-sm",children:[e.jsx("span",{className:"text-slate-400",children:t}),e.jsx("span",{className:"text-slate-200 font-semibold text-right",children:r})]},t))]})]}),e.jsxs("div",{className:"mt-5 rounded-xl bg-emerald-500/10 border border-emerald-500/30 p-6 text-center",children:[e.jsx("p",{className:"text-4xl md:text-6xl font-black text-emerald-400",children:"~18%"}),e.jsx("p",{className:"text-sm text-slate-300 mt-2 max-w-2xl mx-auto leading-relaxed",children:"Tax-equivalent pre-tax yield an after-tax reinvestment must earn - every year, with no down years - just to replicate the 453CX™ coupon on full principal and the return of 100% of principal at maturity. A 1031 into a 4 - 5% NNN lease does not come close."})]}),e.jsx(z,{children:"Illustrative. Assumes ~40% combined effective tax at sale (LTCG + 3.8% NIIT + 25% recapture + state). The 18% figure layers income replacement on the smaller after-tax base, taxation of that income, and restoration of principal. Actual figures vary by client."})]}),e.jsxs(f,{id:"deck-estate",kicker:"The Estate Planning Layer",title:"The Note Lives On - §1014(c)",lead:"A central concern with any 30-year structure: what happens if the seller passes away before maturity? With the 453CX™ note, death changes nothing about the payment schedule.",children:[e.jsx("div",{className:"grid md:grid-cols-3 gap-4",children:[{icon:W,t:"No acceleration at death",d:"The seller’s passing does not trigger or accelerate the deferred tax or the note’s principal. Payments simply continue."},{icon:ot,t:"§1014(c) preserves character",d:"The installment note is treated as income in respect of a decedent - the estate or heirs step into the seller’s exact position."},{icon:ue,t:"Heirs receive the cash flows",d:"The estate or named beneficiaries continue collecting the 8.5% coupon and receive principal at maturity, on the original terms."}].map(t=>e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-5",children:[e.jsx(t.icon,{className:"w-5 h-5 text-emerald-400 mb-3"}),e.jsx("p",{className:"text-sm font-bold text-white",children:t.t}),e.jsx("p",{className:"text-xs text-slate-400 mt-2 leading-relaxed",children:t.d})]},t.t))}),e.jsxs("div",{className:"mt-5 rounded-xl bg-emerald-500/10 border border-emerald-500/30 p-5",children:[e.jsx("p",{className:"text-[10px] uppercase tracking-widest text-emerald-400 font-bold mb-1",children:"§1014(c) - A legacy asset, not a liability"}),e.jsx("p",{className:"text-sm text-slate-200",children:"The structure converts a one-time liquidity event into a multi-generational income asset - transferred to heirs without disturbing the deferral."})]})]}),e.jsxs(f,{id:"deck-wrapper",kicker:"Optional Enhancement",title:"Solve the Year-30 Tax for Pennies on the Dollar",lead:"§453 defers the gain - it does not erase it. A slice of the 8.5% coupon funds a maximum-funded indexed universal life (IUL) policy whose cash value grows tax-deferred and is accessed tax-free at maturity to retire the deferred capital-gains liability.",children:[e.jsxs("div",{className:"grid sm:grid-cols-3 gap-4",children:[e.jsx(_,{value:"$2.5M",label:"Tax due at Year 30",sub:"Deferred capital-gains tax on the $10M example (~25% effective)"}),e.jsx(_,{value:"$850K",label:"Wrapper premium",sub:"$85,000/yr × 10 years - about 10% of one year's coupon"}),e.jsx(_,{value:"$1.65M",label:"Net tax saved",sub:"Retained instead of paid to the IRS - a 66% saving",accent:!0})]}),e.jsxs("div",{className:"mt-5 rounded-xl bg-[#0a1628] border border-emerald-500/30 p-6 text-center",children:[e.jsx("p",{className:"text-xl md:text-2xl font-black text-white",children:"Spend $850K to erase $2.5M."}),e.jsx("p",{className:"text-sm text-slate-400 mt-2 max-w-2xl mx-auto",children:"The premium is carved from the coupon you are already receiving - no new capital is required, and the note's principal stays fully intact for your heirs."})]}),e.jsx(z,{children:"Illustrative and non-guaranteed. Assum

1es the $10M example with ~$2.5M deferred tax at Year 30, an 8.5% coupon, and a maximum-funded IUL at ~$85,000/yr for 10 years. Policy crediting, caps, charges, and §453A interest vary; a full carrier illustration is required per client."})]}),e.jsxs(f,{id:"deck-why",kicker:"Why It Works",title:"Four Reasons Owners Choose 453CX™",tone:"accent",children:[e.jsx("div",{className:"grid sm:grid-cols-2 lg:grid-cols-4 gap-4",children:[{n:"01",icon:W,t:"Defer the Tax",d:"Capital-gains recognition is postponed up to 30 years under a settled provision of the tax code - §453."},{n:"02",icon:fe,t:"Exit Real Estate",d:"No replacement property, no 45/180-day clock, no new tenants, leverage, or capex. You are truly out."},{n:"03",icon:je,t:"Earn More Income",d:"8.5% on your full pre-tax principal - roughly double a typical 4 - 5% NNN lease cap rate."},{n:"04",icon:ue,t:"Protect the Legacy",d:"Under §1014(c) the note passes intact to your estate or heirs - no acceleration at death."}].map(t=>e.jsxs("div",{className:"rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-5",children:[e.jsx("p",{className:"text-xs font-mono font-bold text-emerald-400/60",children:t.n}),e.jsx(t.icon,{className:"w-5 h-5 text-emerald-400 my-3"}),e.jsx("p",{className:"text-sm font-bold text-white",children:t.t}),e.jsx("p",{className:"text-xs text-slate-400 mt-2 leading-relaxed",children:t.d})]},t.n))}),e.jsx("p",{className:"mt-5 text-center text-base md:text-lg text-slate-200 font-semibold max-w-3xl mx-auto",children:"The 1031 moves your tax problem into another building. The 453CX™ turns it into 30 years of income - and a legacy."})]}),e.jsxs(f,{id:"deck-disclosures",kicker:"Important Considerations",title:"Read This Before Proceeding",children:[e.jsx("div",{className:"space-y-3",children:[["Educational only.","This material is for general education and is not tax, legal, or investment advice. Every transaction must be reviewed by qualified independent tax counsel and a CPA before execution."],["Technical complexity.","The §453 installment method, §453A deferred-tax interest on large obligations, AFR requirements, and substitute-obligor mechanics involve substantial complexity. Outcomes depend on precise structuring."],["Illustrative figures.","All numbers - the 8.5% coupon, $10M example, ~18% tax-equivalent yield, and 3.55× total - are hypothetical. They are not a guarantee of future results and exclude §453A interest, fees, and state tax."],["Counterparty & credit.","The seller becomes an unsecured creditor of the obligor. The strength of the structure depends on the institutional portfolio backing the note; review counterparty and credit considerations carefully."],["Not a 1031 exchange.","453CX™ is a distinct strategy under §453, not a like-kind exchange under §1031. The two have different requirements, risks, and tax treatment and should not be conflated."]].map(([t,r])=>e.jsxs("div",{className:"flex gap-3 rounded-xl bg-[#0a1628] border border-[#1e3a5f] p-4",children:[e.jsx(Le,{className:"w-4 h-4 text-amber-400 shrink-0 mt-0.5"}),e.jsxs("p",{className:"text-xs text-slate-400 leading-relaxed",children:[e.jsx("span",{className:"font-bold text-white",children:t})," ",r]})]},t))}),e.jsx(z,{children:"Todd Bass, JD, AEP®, CM&AA®, FMVA® - Director of Advanced Strategies & Estate Planning. An educational brief for real estate owners."})]})]})}const l=t=>t.toLocaleString("en-US",{style:"currency",currency:"USD",maximumFractionDigits:0}),le=t=>Math.abs(t)>=1e6?`$${(t/1e6).toFixed(1)}M`:Math.abs(t)>=1e3?`$${(t/1e3).toFixed(0)}K`:l(t),ie=t=>l(t);function Vt({embedded:t=!1}={}){const{toast:r}=ze(),n=_e().pathname.replace(/\/$/,"")||"/",N=!t&&(n==="/qa"||n.startsWith("/qa/")),[c,C]=x.useState(1),y=window.location.hostname.toLowerCase().replace(/^www\./,""),u=y==="via453.com"?{title:"Via 453 - Section 453 Installment Sale Tax Deferral Calculator",description:"Estimate your tax savings with a Section 453 installment sale. Defer capital gains on your business exit and keep more of what you built. Free calculator.",canonical:"https://via453.com"}:y==="453capitalexchange.com"?{title:"453 Capital Exchange - Section 453 Tax-Deferred Exit Strategy",description:"Model your Section 453 installment sale tax savings with our free capital exchange c

1alculator. See how tax deferral can put hundreds of thousands back in your pocket.",canonical:"https://453capitalexchange.com"}:{title:"453 CapEx Calculator - Section 453 Tax-Deferred Exit Strategy",description:"Model your Section 453 installment sale tax savings with our free capital exchange calculator. See how tax deferral can put hundreds of thousands back in your pocket.",canonical:"https://453capex.com"};x.useEffect(()=>{if(!(N||t))return Ee(u)},[N,t]);const[E,$]=x.useState(!1),[O,D]=x.useState(""),[Se,oe]=x.useState(""),[Te,ce]=x.useState(""),[v,de]=x.useState(5),[K,Ie]=x.useState(""),[M,Ae]=x.useState(""),[xe,$e]=x.useState(""),[i,Oe]=x.useState(xt),[Y,me]=x.useState(()=>{try{return localStorage.getItem("capex453-payout-term")==="15"?15:30}catch{return 30}}),w=H[Y],[L,Re]=x.useState(20),[q,Fe]=x.useState("interest_only"),g=parseFloat(Se.replace(/[^0-9.]/g,""))||0,j=parseFloat(Te.replace(/[^0-9.]/g,""))||0,s=x.useMemo(()=>g>0?qe({salePrice:g,costBasis:j,stateRate:v/100,payoutTerm:Y,terminalFederalCgRate:L/100,noteStructure:q}):null,[g,j,v,Y,L,q]),G=x.useMemo(()=>s?s.years.map(a=>({year:a.year,opt1Cum:a.opt1_cumulativeCash,opt2Cum:a.opt2_cumulativeCash,opt3Cum:a.opt3_cumulativeCash,opt1Income:a.opt1_annualIncome,opt2Income:a.opt2_netIncome,opt3Income:a.opt3_netIncome,opt1Portfolio:a.opt1_portfolioValue})):[],[s]),Pe=async()=>{if(!M||!K){r({title:"Please enter your name and email",variant:"destructive"});return}$(!0);try{const{error:a}=await Xe.functions.invoke("via453-capture",{body:{owner_name:K,email:M,company_name:xe,business_value:g,cost_basis:j,annual_revenue:0,estimated_savings:s?s.years[s.years.length-1].opt3_cumulativeCash-s.years[s.years.length-1].opt1_cumulativeCash:0,tax_with_453:s?s.years[s.years.length-1].opt3_cumulativeCash:0,tax_without_453:s?s.years[s.years.length-1].opt1_cumulativeCash:0,state_tax_rate:v,immediate_tax:s?.opt1_immediateTax??0,note_term:w.years,distribution_rate:w.rate,send_pdf_report:!0,projection_data:G,calculator_toggles:i}});if(a)throw a;C("done"),r({title:"Report sent!",description:"Check your inbox for the PDF."})}catch{r({title:"Something went wrong",description:"Please try again.",variant:"destructive"})}finally{$(!1)}};if(c==="done")return e.jsx("div",{className:"min-h-screen flex items-center justify-center bg-[#0a1628] px-4 py-8",children:e.jsx(p,{className:"max-w-md w-full text-center bg-[#111d33] border-[#1e3a5f]",children:e.jsxs(h,{className:"py-10 space-y-4",children:[e.jsx(We,{className:"w-16 h-16 text-emerald-400 mx-auto"}),e.jsx("h2",{className:"text-2xl font-bold text-white",children:"Report Sent!"}),e.jsxs("p",{className:"text-slate-300",children:["Your personalized §453 Capital Exchange™ PDF report has been sent to ",e.jsx("strong",{className:"text-white",children:M}),"."]}),e.jsx("p",{className:"text-slate-400 text-sm",children:"A member of our advisory team will follow up to discu

1ss how this applies to your specific transaction."})]})})});const pe=y==="via453.com"?"via453.com":y==="453capitalexchange.com"?"453capitalexchange.com":"453capex.com",he=y==="via453.com"?"Via 453":"453 Capital Exchange";if(N)return e.jsx(at,{siteDomain:pe,siteName:he,accentColor:"#0f766e",homeUrl:"/"});if(c===1)return e.jsxs("div",{className:"min-h-screen bg-[#0a1628] text-white flex flex-col",children:[e.jsx("div",{className:"flex-1",children:e.jsxs("div",{className:"w-full max-w-6xl mx-auto px-4 md:px-6 py-6 md:py-14",children:[e.jsxs("div",{className:"text-center mb-6 md:mb-10",children:[e.jsx("p",{className:"text-xs tracking-[0.3em] uppercase text-emerald-400 font-semibold mb-2 md:mb-3",children:"§453 Capital Exchange™"}),e.jsxs("h1",{className:"text-2xl md:text-[2.75rem] font-bold tracking-tight leading-[1.15] mb-3 md:mb-4",children:["Keep More Capital",e.jsx("span",{className:"text-emerald-400",children:" Working"})," After Your Sale"]}),e.jsx("p",{className:"text-slate-400 max-w-2xl mx-auto text-sm md:text-[15px] leading-relaxed px-2",children:"When a business owner or real estate investor sells, the transaction structure determines how much capital stays invested and compounding - or gets lost to immediate taxation."})]}),!t&&e.jsx("div",{className:"dark mb-6",children:e.jsx(He,{strategy:"sec453_installment",accentHex:"#2dd4bf"})}),e.jsxs("div",{className:"grid lg:grid-cols-5 gap-6 md:gap-8 items-start",children:[e.jsxs("div",{className:"lg:col-span-3 space-y-4 order-2 lg:order-1",children:[!t&&e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsxs(S,{className:"pb-2",children:[e.jsx(T,{className:"text-base text-white",children:"Select Your State"}),e.jsxs(F,{className:"text-slate-400 text-xs",children:[e.jsx("span",{className:"hidden md:inline",children:"Click"}),e.jsx("span",{className:"md:hidden",children:"Tap"})," a state to set its capital gains rate",O?` - ${O} (${v}%)`:""]})]}),e.jsx(h,{className:"pb-3",children:e.jsx(Ve,{selectedRate:v,onStateClick:(a,d)=>{de(Math.round(a*10)/10),D(d)}})})]}),e.jsx("div",{className:"grid grid-cols-1 sm:grid-cols-2 gap-3",children:[{icon:W,text:"$0 tax due at closing",sub:"Full proceeds stay invested"},{icon:U,text:`${(w.rate*100).toFixed(1).replace(/\.0$/,"")}% annual distributions`,sub:`Over a ${w.years}-year note term`},{icon:J,text:"Amortized tax treatment",sub:"Basis recovery + CG + OI breakdown"},{icon:ne,text:"IRC §453 compliant",sub:"Westport Assignment Company"}].map(a=>e.jsxs("div",{className:"p-3 rounded-lg bg-[#111d33] border border-[#1e3a5f] flex items-start gap-3",children:[e.jsx(a.icon,{className:"w-4 h-4 text-emerald-400 mt-0.5 shrink-0"}),e.jsxs("div",{children:[e.jsx("p",{className:"text-xs font-semibold text-white",children:a.text}),e.jsx("p",{className:"text-[10px] text-slate-500",children:a.sub})]})]},a.text))})]}),e.jsx("div",{className:"lg:col-span-2 order-1 lg:order-2",children:e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsx(S,{className:"pb-3",children:e.jsxs(T,{className:"text-lg text-white flex items-center gap-2",children:[e.jsx(ct,{className:"w-5 h-5 text-emerald-400"})," Your Transaction"]})}),e.jsxs(h,{className:"space-y-4",children:[e.jsxs("div",{className:"space-y-1.5",children:[e.jsx(A,{className:"text-slate-300 text-sm",children:"Cash to Seller"}),e.jsxs("div",{className:"grid grid-cols-2 gap-2",children:[e.jsxs("div",{className:"relative",children:[e.jsx("span",{className:"absolute left-3 top-1/2 -translate-y-1/2 text-slate-500 text-sm",children:"$"}),e.jsx(P,{placeholder:"5M",value:g>0?`${(g/1e6).toFixed(g%1e6===0?0:2)}M`:"",onChange:a=>{const d=a.target.value.replace(/[^0-9.]/g,""),k=parseFloat(d);oe(isNaN(k)?"":String(Math.round(k*1e6)))},className:"pl-7 text-lg bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500 h-12"}),e.jsx("span",{className:"absolute right-3 top-1/2 -translate-y-1/2 text-slate-500 text-[10px]",children:"Millions"})]}),e.jsxs("div",{className:"relative",children:[e.jsx("span",{className:"absolute left-3 top-1/2 -translate-y-1/2 text-slate-500 text-sm",children:"$"}),e.jsx(P,{placeholder:"5,000,000",value:g>

10?g.toLocaleString("en-US"):"",onChange:a=>{const d=a.target.value.replace(/[^0-9]/g,"");oe(d)},className:"pl-7 text-lg bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500 h-12"}),e.jsx("span",{className:"absolute right-3 top-1/2 -translate-y-1/2 text-slate-500 text-[10px]",children:"Full"})]})]})]}),e.jsxs("div",{className:"space-y-1.5",children:[e.jsxs(A,{className:"text-slate-300 text-sm flex items-center gap-1.5",children:["Cost Basis",e.jsx("span",{className:"text-slate-500 text-[10px] font-normal",children:"(optional)"})]}),e.jsxs("div",{className:"grid grid-cols-2 gap-2",children:[e.jsxs("div",{className:"relative",children:[e.jsx("span",{className:"absolute left-3 top-1/2 -translate-y-1/2 text-slate-500 text-sm",children:"$"}),e.jsx(P,{placeholder:"2M",value:j>0?`${(j/1e6).toFixed(j%1e6===0?0:2)}M`:"",onChange:a=>{const d=a.target.value.replace(/[^0-9.]/g,""),k=parseFloat(d);ce(isNaN(k)?"":String(Math.round(k*1e6)))},className:"pl-7 text-lg bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500 h-12"}),e.jsx("span",{className:"absolute right-3 top-1/2 -translate-y-1/2 text-slate-500 text-[10px]",children:"Millions"})]}),e.jsxs("div",{className:"relative",children:[e.jsx("span",{className:"absolute left-3 top-1/2 -translate-y-1/2 text-slate-500 text-sm",children:"$"}),e.jsx(P,{placeholder:"2,000,000",value:j>0?j.toLocaleString("en-US"):"",onChange:a=>{const d=a.target.value.replace(/[^0-9]/g,"");ce(d)},className:"pl-7 text-lg bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500 h-12"}),e.jsx("span",{className:"absolute right-3 top-1/2 -translate-y-1/2 text-slate-500 text-[10px]",children:"Full"})]})]}),g>0&&e.jsxs("p",{className:"text-[10px] text-slate-500",children:["Taxable gain: ",e.jsx("span",{className:"text-emerald-400 font-medium",children:l(Math.max(0,g-j))})]})]}),e.jsxs("div",{className:"space-y-2",children:[e.jsxs(A,{className:"text-slate-300 text-sm",children:["State Rate: ",e.jsxs("span",{className:"text-emerald-400 font-semibold",children:[v,"%"]}),O&&e.jsxs("span",{className:"text-slate-500 ml-1",children:["(",O,")"]})]}),e.jsx(Ue,{value:[v],onValueChange:([a])=>{de(a),D("")},min:0,max:26.6,step:.1,className:"py-1"}),e.jsxs("div",{className:"flex justify-between text-[10px] text-slate-600",children:[e.jsx("span",{children:"0% (TX, FL, NV…)"}),e.jsx("span",{children:"26.6% (two-state stack)"})]})]}),e.jsxs("div",{className:"space-y-1.5",children:[e.jsx(A,{className:"text-slate-300 text-sm",children:"Payout Structure"}),e.jsx("div",{className:"grid grid-cols-2 gap-2 p-1 rounded-lg bg-[#0a1628] border border-[#1e3a5f]",children:[30,15].map(a=>{const d=H[a],k=Y===a;return e.jsxs("button",{type:"button",onClick:()=>{me(a);try{localStorage.setItem("capex453-payout-term",String(a))}catch{}},className:`px-2 py-2 rounded text-xs font-semibold transition-colors ${k?"bg-emerald-500 text-white":"text-slate-300 hover:bg-[#1e3a5f]/50"}`,children:[e.jsxs("div",{className:"text-sm",children:[d.years,"-Year"]}),e.jsxs("div",{className:`text-[10px] font-normal ${k?"text-emerald-50":"text-slate-500"}`,children:[(d.rate*100).toFixed(1).replace(/\.0$/,""),"% / yr"]})]},a)})})]}),s&&e.jsxs("div",{className:"p-3 rounded-lg bg-[#0a1628] border border-[#1e3a5f] space-y-2",children:[e.jsxs("div",{className:"flex justify-between text-sm",children:[e.jsx("span",{className:"text-slate-400",children:"Tax at close (traditional)"}),e.jsx("span",{className:"text-red-400 font-semibold",children:l(s.opt1_immediateTax)})]}),e.jsxs("div",{className:"flex justify-between text-sm",children:[e.jsx("span",{className:"text-slate-400",children:"Tax at close (§453)"}),e.jsx("span",{className:"text-emerald-400 font-semibold",children:"$0"})]}),e.jsxs("div",{className:"flex justify-between text-sm pt-2 border-t border-[#1e3a5f]",children:[e.jsx("span",{className:"text-slate-300 font-medium",children:"Capital preserved"}),e.jsx("span",{className:"text-emerald-400 font-bold",children:l(s.opt1_immediateTax)})]})]}),e.jsxs(ge,{className:"w-full bg-emerald-500 hover:bg-emerald-600 text-white h-12 text-base font-semibold",onClick:()=>C(2),disabled:!s,children:["See Full ",w.years,"-Year Projection",e.jsx(Ke,{className:"w-5 h-5 ml-2"})]})]})]})})]})]})}),e.jsx(Ne,{className:"!text-slate-500"})]});if(!s)return null;const B=s.years[s.years.length-1],R=s.years.length;return e.jsxs("div",{className:"min-h-screen bg-[#0a1628] text-white",children:[e.jsx(gt,{extra:[{id:"calc-results",label:"00 · Your Calculation"},{id:"deck-top",label:"00 · Deck Overview"}]}),e.jsxs("div",{className:"max-w-6xl mx-auto px-4 md:px-6 pt-16 md:pt-20 pb-12 md:pb-16",children:[e.jsxs("button",{onClick:()=>C(1),className:"flex items-center gap-2 text-slate-400 hover:text-white transition-colors text-sm mb-4 md:mb-6 min-h-[44px]",children:[e.jsx(Ge,{className:"w-4 h-4"})," Edit transaction details"]}

1),e.jsxs("div",{id:"calc-results",className:"scroll-mt-24 text-center space-y-2 mb-6 md:mb-8",children:[e.jsx("p",{className:"text-xs tracking-[0.3em] uppercase text-emerald-400 font-semibold",children:"§453 Capital Exchange™ Projection"}),e.jsxs("h1",{className:"text-xl md:text-3xl font-bold",children:[l(g)," Sale · ",j>0&&`${l(j)} Basis · `,v,"% State Rate"]})]}),e.jsxs("div",{className:"mb-6 space-y-3",children:[e.jsxs("div",{className:"flex flex-wrap items-center gap-2 p-3 rounded-xl bg-[#111d33] border border-[#1e3a5f]",children:[e.jsx("span",{className:"text-xs text-slate-400 font-semibold mr-2",children:"Payout Structure:"}),e.jsx("div",{className:"flex gap-1 p-1 rounded-lg bg-[#0a1628] border border-[#1e3a5f]",children:[30,15].map(a=>{const d=H[a],k=Y===a;return e.jsxs("button",{type:"button",onClick:()=>{me(a);try{localStorage.setItem("capex453-payout-term",String(a))}catch{}},className:`px-3 py-1.5 rounded text-xs font-semibold transition-colors ${k?"bg-emerald-500 text-white":"text-slate-300 hover:bg-[#1e3a5f]/50"}`,children:[d.years,"-Year @ ",(d.rate*100).toFixed(1).replace(/\.0$/,""),"%"]},a)})})]}),e.jsxs("div",{className:"flex flex-wrap items-center gap-3 p-3 rounded-xl bg-[#111d33] border border-[#1e3a5f]",children:[e.jsx("span",{className:"text-xs text-slate-400 font-semibold",children:"Note Structure:"}),e.jsx("div",{className:"flex gap-1 p-1 rounded-lg bg-[#0a1628] border border-[#1e3a5f]",children:[{key:"interest_only",label:`Income only + ${w.years}-yr lump sum`},{key:"amortized",label:"Amortized (principal paid out yearly)"}].map(a=>e.jsx("button",{type:"button",onClick:()=>Fe(a.key),className:`px-3 py-1.5 rounded text-xs font-semibold transition-colors ${q===a.key?"bg-emerald-500 text-white":"text-slate-300 hover:bg-[#1e3a5f]/50"}`,children:a.label},a.key))}),e.jsxs("div",{className:"flex items-center gap-2 ml-auto",children:[e.jsx("span",{className:"text-xs text-slate-400 font-semibold whitespace-nowrap",children:"Federal capital gains rate assumed at maturity:"}),e.jsx("div",{className:"flex gap-1 p-1 rounded-lg bg-[#0a1628] border border-[#1e3a5f]",children:[15,18,20,25,28,40].map(a=>e.jsxs("button",{type:"button",onClick:()=>Re(a),className:`px-2.5 py-1.5 rounded text-xs font-semibold transition-colors ${L===a?"bg-emerald-500 text-white":"text-slate-300 hover:bg-[#1e3a5f]/50"}`,children:[a,"%"]},a))})]})]}),e.jsxs("p",{className:"text-[11px] text-slate-500 px-1",children:["Assumes a ",L,"% top federal capital gains rate when the deferred gain is finally recognized (",(s.terminalCgRate*100).toFixed(1),"% all in with NIIT and state). Nobody knows the rate ",w.years," years out, so move it and see."]}),e.jsx(pt,{toggles:i,onChange:Oe,has453a:s.has453aCharge})]}),e.jsxs("div",{className:"space-y-6",children:[i.showTaxBreakdown&&e.jsxs("div",{className:`grid grid-cols-1 gap-4 md:gap-5 ${[i.showOption1,i.showOption2,i.showOption3].filter(Boolean).length>=2?"md:grid-cols-2 lg:grid-cols-3":"md:grid-cols-2"}`,children:[i.showOption1&&e.jsx(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:e.jsx(h,{className:"pt-6 pb-6",children:e.jsxs("div",{className:"p-4 rounded-lg bg-red-500/10 border border-red-500/20 space-y-2",children:[e.jsxs("p",{className:"text-sm text-slate-400 flex items-center gap-2 font-semibold",children:[e.jsx(W,{className:"w-4 h-4"})," Option 1 - Lump Sum Sale"]}),e.jsxs("p",{className:"text-2xl font-bold text-red-400",children:[l(s.opt1_immediateTax)," ",e.jsx("span",{className:"text-base font-semibold text-red-300/80",children:"Taxes Due"})]}),e.jsxs("p",{className:"text-xs text-slate-500",children:[(s.opt1_totalTaxRate*100).toFixed(1),"% effective (Fed 20% + NIIT 3.8% + State ",v,"%)"]}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Taxable gain: ",l(s.taxableGain)," · After-tax capital: ",l(s.opt1_afterTaxCapital)]}),e.jsx("p",{className:"text-xs text-slate-500",children:"After-tax capital returning 8%; that income is taxed each year at the same 20% + 3.8% NIIT + state rate"}),e.jsxs("div",{className:"pt-2 border-t border-red-500/20",children:[e.jsxs("p",{className:"text-xs text-slate-500",children:[R,"-yr cumulative income (after tax)"]}),e.jsx("p",{className:"text-lg font-bold text-slate-300",children:l(B.opt1_cumulativeCash)})]})]})})}),i.showOption2&&e.jsx(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:e.jsx(h,{className:"pt-6 pb-6",children:e.jsxs("div",{className:"p-4 rounded-lg bg-amber-500/10 border border-amber-500/20 space-y-2",children:[e.jsxs("p",{className:"text-sm text-slate-400 flex items-center gap-2 font-semibold",children:[e.jsx(be,{className:"w-4 h-4"})," Option 2 - Deferred (Simple)"]}),e.jsx("p",{className:"text-2xl font-bold text-amber-400",children:"$0 at closing"}),e.jsxs("p",{className:"text-xs text-slate-500",children:[(w.rate*100).toFixed(1).replace(/\.0$/,""),"% annual payout · Entire distribution taxed as ordinary income (37% + ",v,"%)"]}),i.show453aInterest&&s.has453aCharge&&e.jsxs("p",{className:"text-xs text-red-300 flex items-center gap-1",children:[e.jsx(Q,{className:"w-3 h-3"})," §453A interest: ~",l(B.opt2_453aCharge),"/yr"]}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Year ",R,": ",l(s.terminal.opt2.principal)," principal comes back, less ",l(s.terminal.opt2.gainTax)," tax on the deferred ",l(s.terminal.opt2.deferredGain)," gain (ordinary rates without §453 treatment)"]}),e.jsxs("div",{className:"pt-2 border-t border-amber-500/20",children:[e.jsxs("p",{className:"text-xs text-slate-500",children:[R,"-yr cumulative cash (includes lump 

1sum)"]}),e.jsx("p",{className:"text-lg font-bold text-amber-300",children:l(B.opt2_cumulativeCash)})]})]})})}),i.showOption3&&e.jsx(p,{className:"bg-[#111d33] border-emerald-500/30",children:e.jsx(h,{className:"pt-6 pb-6",children:e.jsxs("div",{className:"p-4 rounded-lg bg-emerald-500/10 border border-emerald-500/20 space-y-2",children:[e.jsxs("p",{className:"text-sm text-slate-400 flex items-center gap-2 font-semibold",children:[e.jsx(U,{className:"w-4 h-4"})," Option 3 - §453 Note",s.noteStructure==="amortized"?" (Amortized)":""]}),e.jsx("p",{className:"text-2xl font-bold text-emerald-400",children:"$0 at closing"}),e.jsx("p",{className:"text-xs text-slate-500",children:s.noteStructure==="amortized"?"Each payout split: Basis recovery (tax-free) + Capital gain (20%+NIIT) + Ordinary income (37%)":`${(w.rate*100).toFixed(1).replace(/\.0$/,"")}% income each year (ordinary), principal untouched until maturity`}),i.show453aInterest&&s.has453aCharge&&e.jsxs("p",{className:"text-xs text-red-300 flex items-center gap-1",children:[e.jsx(Q,{className:"w-3 h-3"})," §453A interest: ~",l(B.opt3_453aCharge),"/yr"]}),s.terminal.opt3.principal>0&&e.jsxs("p",{className:"text-xs text-slate-500",children:["Year ",R,": ",l(s.terminal.opt3.principal)," principal comes back, less ",l(s.terminal.opt3.gainTax)," capital gains tax on the deferred ",l(s.terminal.opt3.deferredGain)," gain"]}),e.jsxs("div",{className:"pt-2 border-t border-emerald-500/20",children:[e.jsxs("p",{className:"text-xs text-slate-500",children:[R,"-yr cumulative cash",s.terminal.opt3.principal>0?" (includes lump sum)":""]}),e.jsx("p",{className:"text-lg font-bold text-emerald-400",children:l(B.opt3_cumulativeCash)})]})]})})})]}),e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsxs(S,{children:[e.jsxs(T,{className:"text-lg text-white flex items-center gap-2",children:[e.jsx(J,{className:"w-5 h-5 text-emerald-400"}),"End of Year ",R,": the money comes back"]}),e.jsxs(F,{className:"text-slate-400",children:["On top of every year of income, the original transaction value is returned. The gain that was deferred is taxed at that point, at whatever capital gains rate is in effect then. Shown here at ",L,"% federal (",(s.terminalCgRate*100).toFixed(1),"% all in)."]})]}),e.jsx(h,{children:e.jsxs("div",{className:"grid grid-cols-1 md:grid-cols-3 gap-4",children:[i.showOption1&&e.jsxs("div",{className:"p-4 rounded-lg bg-red-500/10 border border-red-500/20 space-y-1",children:[e.jsx("p",{className:"text-xs font-semibold text-slate-300",children:"Option 1 - Lump Sum"}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Invested capital still on hand: ",l(s.terminal.opt1.principal)]}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Tax already paid at closing: ",l(s.opt1_immediateTax)]}),e.jsx("p",{className:"text-lg font-bold text-red-300 pt-1",children:l(s.terminal.opt1.net)})]}),i.showOption2&&e.jsxs("div",{className:"p-4 rounded-lg bg-amber-500/10 border border-amber-500/20 space-y-1",children:[e.jsx("p",{className:"text-xs font-semibold text-slate-300",children:"Option 2 - Deferred (Simple)"}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Principal returned: ",l(s.terminal.opt2.principal)]}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Tax then due at ordinary rates: ",l(s.terminal.opt2.gainTax)]}),e.jsx("p",{className:"text-lg font-bold text-amber-300 pt-1",children:l(s.terminal.opt2.net)})]}),i.showOption3&&e.jsxs("div",{className:"p-4 rounded-lg bg-emerald-500/10 border border-emerald-500/20 space-y-1",children:[e.jsx("p",{className:"text-xs font-semibold text-slate-300",children:"Option 3 - §453 Note"}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Principal returned: ",l(s.terminal.opt3.principal)]}),e.jsxs("p",{className:"text-xs text-slate-500",children:["Capital gains tax then due: ",l(s.terminal.opt3.gainTax)]}),e.jsx("p",{className:"text-lg font-bold text-emerald-400 pt-1",children:l(s.terminal.opt3.net)})]})]})})]}),i.show453aInterest&&s.has453aCharge&&e.jsx(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:e.jsx(h,{className:"pt-5 pb-5",children:e.jsxs("div",{className:"flex items-start gap-3",children:[e.jsx(Q,{className:"w-5 h-5 text-amber-400 mt-0.5 shrink-0"}),e.jsxs("div",{className:"space-y-1",children:[e.jsx("p",{className:"text-sm font-semibold text-white",children:"§453A Interest Charge"}),e.jsxs("p",{className:"text-xs text-slate-400 leading-relaxed",children:["For deferred obligations exceeding $",(Je/1e6).toFixed(0),"M, IRC §453A imposes an annual interest charge on the deferred tax liability. This is a ",e.jsx("strong",{className:"text-slate-300",children:"cost of deferral"}),", not an additional tax."]}),e.jsxs("div",{className:"flex flex-wrap gap-4 mt-2 text-xs",children:[e.jsxs("span",{className:"text-slate-500",children:["Deferred amount: ",e.jsx("span",{className:"text-white font-medium",children:l(g)})]}),e.jsxs("span",{className:"text-slate-500",children:["Applicable %: ",e.jsxs("span",{className:"text-white font-medium",children:[(s.applicablePercentage*100).toFixed(1),"%"]})]}),e.jsxs("span",{className:"text-slate-500",children:["IRS rate: ",e.jsxs("span",{className:"text-white font-medium",children:[(Qe*100).toFixed(0),"%"]})]})]})]})]})})}),e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsxs(S,{children:[e.jsxs(T,{className:"text-lg text-white flex items-center gap-2",children:[e.jsx(U,{className:"w-5 h-5 text-emerald-400"}),"Cumulative After-Tax Cash Flow"]}),e.jsxs(F,{className:"text-slate-400",children:[R,"-year comparison of total after-tax cash received"]})]}),e.jsx(h,{children:e.jsx("div",{className:"h-56 md:h-72",children:e.jsx(Z,{width:"100%",height:"100%",children:e.jsxs(ye,{data:G,children:[e.jsxs("defs",{children:[e.jsxs("linearGradient",{id:"gradOpt1",x1:"0",y1:"0",x2:"0",y2:"1",children:[e.jsx("stop",{offset:"0%",stopColor:"#f87171",stopOpacity:.2}),e.jsx("stop",{offset:"100%",stopColor:"#f87171",stopOpacity:.05})]}),e.jsxs("linearGradient",{id:"gradOpt2",x1:"0",y1:"0",x2:"0",y2:"1",children:[e.jsx("stop",{offset:"0%",stopColor:"#fbbf24",stopOpacity:.2}),e.jsx("stop",{offset:"100%",stopColor:"#fbbf24",stopOpacity:.05})]}),e.jsxs("linearGradient",{id:"gradOpt3",x1:"0",y1:"0",x2:"0",y2:"1",children:[e.jsx("stop",{offset:"0%",stopColor:"#10b981",stopOpacity:.3}),e.jsx("stop",{offset:"100%",stopColor:"#10b981",stopOpacity:.05})]})]}),e.jsx(ee,{strokeDasharray:"3 3",stroke:"#1e3a5f"}),e.jsx(te,{dataKey:"year",stroke:"#64748b",tick:{fontSize:11},label:{value:"Year",position:"insideBottomRight",offset:-5,fill:"#64748b",fontSize:11}}),e.jsx(ae,{stroke:"#64748b",tick:{fontSize:10}

1,tickFormatter:le}),e.jsx(se,{contentStyle:{background:"#111d33",border:"1px solid #1e3a5f",borderRadius:8,fontSize:12},labelStyle:{color:"#94a3b8"},formatter:ie,labelFormatter:a=>`Year ${a}`}),e.jsx(ve,{wrapperStyle:{fontSize:11,color:"#94a3b8"}}),i.showOption3&&e.jsx(X,{type:"monotone",dataKey:"opt3Cum",name:"§453 Note",stroke:"#10b981",fill:"url(#gradOpt3)",strokeWidth:2.5}),i.showOption2&&e.jsx(X,{type:"monotone",dataKey:"opt2Cum",name:"Deferred (Simple)",stroke:"#fbbf24",fill:"url(#gradOpt2)",strokeWidth:2}),i.showOption1&&e.jsx(X,{type:"monotone",dataKey:"opt1Cum",name:"Lump Sum @ 8% (after tax)",stroke:"#f87171",fill:"url(#gradOpt1)",strokeWidth:2,strokeDasharray:"6 3"})]})})})})]}),e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsxs(S,{children:[e.jsxs(T,{className:"text-lg text-white flex items-center gap-2",children:[e.jsx(J,{className:"w-5 h-5 text-emerald-400"}),"Annual After-Tax Income"]}),e.jsx(F,{className:"text-slate-400",children:"Year-by-year net income comparison"})]}),e.jsx(h,{children:e.jsx("div",{className:"h-52 md:h-64",children:e.jsx(Z,{width:"100%",height:"100%",children:e.jsxs(dt,{data:G,children:[e.jsx(ee,{strokeDasharray:"3 3",stroke:"#1e3a5f"}),e.jsx(te,{dataKey:"year",stroke:"#64748b",tick:{fontSize:11}}),e.jsx(ae,{stroke:"#64748b",tick:{fontSize:10},tickFormatter:le}),e.jsx(se,{contentStyle:{background:"#111d33",border:"1px solid #1e3a5f",borderRadius:8,fontSize:12},formatter:ie,labelFormatter:a=>`Year ${a}`}),e.jsx(ve,{wrapperStyle:{fontSize:11}}),i.showOption3&&e.jsx(re,{type:"monotone",dataKey:"opt3Income",name:"§453 Note",stroke:"#10b981",strokeWidth:2,dot:!1}),i.showOption2&&e.jsx(re,{type:"monotone",dataKey:"opt2Income",name:"Deferred (Simple)",stroke:"#fbbf24",strokeWidth:2,dot:!1}),i.showOption1&&e.jsx(re,{type:"monotone",dataKey:"opt1Income",name:"Lump Sum @ 8% (after tax)",stroke:"#f87171",strokeWidth:2,dot:!1,strokeDasharray:"6 3"})]})})})})]}),i.showOption1&&e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsxs(S,{children:[e.jsxs(T,{className:"text-lg text-white flex items-center gap-2",children:[e.jsx(ne,{className:"w-5 h-5 text-emerald-400"}),"Lump Sum Portfolio Value Over Time"]}),e.jsx(F,{className:"text-slate-400",children:"After-tax capital held flat; the 8% return is distributed and taxed each year"})]}),e.jsx(h,{children:e.jsx("div",{className:"h-52 md:h-64",children:e.jsx(Z,{width:"100%",height:"100%",children:e.jsxs(ye,{data:G,children:[e.jsx("defs",{children:e.jsxs("linearGradient",{id:"gradPort1",x1:"0",y1:"0",x2:"0",y2:"1",children:[e.jsx("stop",{offset:"0%",stopColor:"#3b82f6",stopOpacity:.3}),e.jsx("stop",{offset:"100%",stopColor:"#3b82f6",stopOpacity:.05})]})}),e.jsx(ee,{strokeDasharray:"3 3",stroke:"#1e3a5f"}),e.jsx(te,{dataKey:"year",stroke:"#64748b",tick:{fontSize:11}}),e.jsx(ae,{stroke:"#64748b",tick:{fontSize:10},tickFormatter:le}),e.jsx(se,{contentStyle:{background:"#111d33",border:"1px solid #1e3a5f",borderRadius:8,fontSize:12},formatter:ie,labelFormatter:a=>`Year ${a}`}),e.jsx(X,{type:"monotone",dataKey:"opt1Portfolio",name:"Portfolio Value",stroke:"#3b82f6",fill:"url(#gradPort1)",strokeWidth:2.5})]})})})})]}),i.showOption3&&i.showAmortTable&&e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsxs(S,{children:[e.jsx(T,{className:"text-lg text-white",children:"§453 Amortization Schedule"}),e.jsx(F,{className:"text-slate-400",children:"Year-by-year breakdown: basis recovery, capital gains, ordinary income, and taxes"})]}),e.jsx(h,{children:e.jsx(ht,{years:s.years,show453a:i.show453aInterest&&s.has453aCharge})})]}),e.jsx("div",{className:"grid grid-cols-1 sm:grid-cols-3 gap-4",children:(w.years===15?[5,10,15]:[10,20,30]).map(a=>{const d=s.years[a-1];return e.jsx(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:e.jsxs(h,{className:"pt-5 pb-5",children:[e.jsxs("div",{className:"flex items-center gap-2 mb-3",children:[e.jsx(be,{className:"w-4 h-4 text-emerald-400"}),e.jsxs("p",{className:"text-sm font-semibold text-slate-300",children:["Year ",a," Summary"]})]}),e.jsxs("div",{className:"space-y-1.5",children:[i.showOption1&&e.jsxs("div",{className:"flex justify-between text-xs",children:[e.jsx("span",{className:"text-red-400/70",children:"Lump Sum"}),e.jsx("span",{className:"text-slate-300 font-medium",children:l(d.opt1_cumulativeCash)})]}),i.showOption2&&e.jsxs("div",{className:"flex justify-between text-xs",children:[e.jsx("span",{className:"text-amber-400/70",children:"Deferred"}),e.jsx("span",{className:"text-amber-300 font-medium",children:l(d.opt2_cumulativeCash)})]}),i.showOption3&&e.jsxs("div",{className:"flex justify-between text-xs",children:[e.jsx("span",{className:"text-emerald-400/70",children:"§453 Note"}),e.jsx("span",{className:"text-emerald-400 font-medium",children:l(d.opt3_cumulativeCash)})]})]})]})},a)})}),e.jsxs(p,{className:"bg-[#111d33] border-[#1e3a5f]",children:[e.jsx(S,{children:e.jsx(T,{className:"text-lg text-white",children:"How the §453 Capital Exchange™ Works"})}),e.jsxs(h,{children:[e.jsx("div",{className:"grid grid-cols-2 md:grid-cols-4 gap-3 md:gap-4 text-sm",children:[{n:"1",t

1itle:"Installment Note",desc:"Buyer issues a promissory note at closing under IRC §453."},{n:"2",title:"Substitute Obligor",desc:"Note assigned to Westport Assignment Company."},{n:"3",title:"Capital Deployed",desc:"Full proceeds deployed through 453CX™ platform."},{n:"4",title:"Income Distributions",desc:"Annual distributions across the term, then the full principal back at maturity."}].map(a=>e.jsxs("div",{className:"p-4 rounded-lg bg-[#0a1628] border border-[#1e3a5f]",children:[e.jsx("div",{className:"w-8 h-8 rounded-full bg-emerald-400/20 text-emerald-400 font-bold flex items-center justify-center mb-3 text-sm",children:a.n}),e.jsx("p",{className:"font-semibold text-white mb-1",children:a.title}),e.jsx("p",{className:"text-slate-400 text-xs leading-relaxed",children:a.desc})]},a.n))}),e.jsx("p",{className:"text-[10px] text-slate-600 mt-4 text-center",children:"IRC §453 · Rev. Rul. 75-457 · Rev. Rul. 82-122 · Cunningham v. Commissioner (44 T.C. 103)"})]})]}),e.jsx(bt,{}),e.jsxs(p,{className:"bg-[#111d33] border-emerald-500/30",children:[e.jsxs(S,{className:"text-center",children:[e.jsxs(T,{className:"text-white flex items-center justify-center gap-2",children:[e.jsx(we,{className:"w-5 h-5 text-emerald-400"}),"Get Your Full 453CX™ PDF Report"]}),e.jsxs(F,{className:"text-slate-400",children:["We'll email a personalized PDF with all projections for your ",l(g)," transaction."]})]}),e.jsx(h,{children:e.jsxs("div",{className:"max-w-md mx-auto space-y-4",children:[e.jsxs("div",{className:"grid grid-cols-1 sm:grid-cols-2 gap-3",children:[e.jsxs("div",{className:"space-y-1.5",children:[e.jsx(A,{className:"text-slate-300 text-sm",children:"Your Name"}),e.jsx(P,{placeholder:"Kelly Carter",value:K,onChange:a=>Ie(a.target.value),className:"bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500"})]}),e.jsxs("div",{className:"space-y-1.5",children:[e.jsx(A,{className:"text-slate-300 text-sm",children:"Company"}),e.jsx(P,{placeholder:"Acme Corp",value:xe,onChange:a=>$e(a.target.value),className:"bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500"})]})]}),e.jsxs("div",{className:"space-y-1.5",children:[e.jsx(A,{className:"text-slate-300 text-sm",children:"Email Address"}),e.jsx(P,{type:"email",placeholder:"[email protected]",value:M,onChange:a=>Ae(a.target.value),className:"bg-[#0a1628] border-[#1e3a5f] text-white placeholder:text-slate-500"})]}),e.jsxs(ge,{className:"w-full bg-emerald-500 hover:bg-emerald-600 text-white h-12 font-semibold",onClick:Pe,disabled:E||!M||!K,children:[E?"Generating Report...":"Email Me the PDF Report",e.jsx(we,{className:"w-4 h-4 ml-2"})]}),e.jsx("p",{className:"text-xs text-center text-slate-500",children:"No spam. You'll receive a PDF and a member of our team may follow up."})]})})]}),e.jsx(Ne,{className:"!text-slate-500"})]})]}),!t&&e.jsx(st,{siteDomain:pe,siteName:he,brandColor:"#0f766e",welcomeMessage:"👋 Have questions about Section 453 tax deferral? Ask away!"})]})}export{Vt as default};