Minneapolis Business College

Tax-efficient investing can be a crucial, yet often overlooked, strategy for maximizing long-term wealth accumulation. Traditional investment analysis and strategy focus on pre-tax returns and typically ignore the negative impact that taxes may have on overall returns and long-term wealth accumulation. Failing to consider after-tax performance can significantly erode investment gains over time. In an industry dominated by large investment managers catering to non-taxable institutions (e.g., pensions, endowments, and foundations), many family offices and ultra-high-net-worth investors lack access to tax-sensitive solutions, particularly in private markets. This article introduces a comprehensive framework for tax-efficient investing in private markets, emphasizing the importance of risk-adjusted after-tax returns, standardized tax-impact metrics, and the concept of Tax Alpha (<xref>Arany et al. 2024</xref>). While public markets may provide substantial opportunities for tax efficiency (e.g., tax-loss harvesting and direct indexing), private market investments may offer more structured, controlled, and targeted opportunities for tax efficiency in other parts of a portfolio. Building on this foundation, this article takes a deeper, analytical approach to defining various return metrics in tax-efficient investing and provides concrete examples of how investment returns may be calculated through a tax-efficient lens using Tax Benefit Harvesting™. The objective is to provide a “common yardstick” for measuring returns for investments with varying degrees of tax efficiency and comparing them to non-tax-efficient investments. The methods outlined herein may be used across the investment spectrum, from public stocks and bonds to private markets (e.g., private equity, private credit, real estate, infrastructure). By integrating tax-efficient portfolio strategy, tax-efficient investment structuring, and deliberate investment selection, investors may improve after-tax returns without taking on incremental risk, ultimately building a more effective approach to wealth preservation and accumulation.

Aim The main aim of the study was to evaluate tooth position in plaster models of nonorthodontic subjects that have optimal occlusion, using the American Board of Orthodontics (ABO) criteria and comparing it to ABO standards. Methods Forty nonorthodontic subjects with optimal occlusion were evaluated for teeth positioning with ABO measurement criteria, using the ABO gauge. These measurements were compared to the ABO standards. On the panoramic radiographs of these subjects, distances between the roots of teeth were measured using the digital ruler in Quick CephR. Lateral cephalograms were scanned and digitized into Quick CephR systems to evaluate the skeletal anteroposterior and vertical relationship. Means and standard deviations were calculated for all the variables and compared to ABO standards. Correlations were obtained between attrition and overjet. Correlations were also studied between anteroposterior skeletal relation, vertical skeletal relation, and teeth positioning. In subjects that had accurate age records, the relationship between age and change in buccolingual inclination was evaluated. Results A significant difference in the mean values for inclination of maxillary and mandibular first bicuspids, second bicuspids, first molars, and second molars as compared to the board criteria was observed. Accuracy of panoramic radiograph to measure root proximity, especially in the cuspid region, is questionable. There was a positive correlation between overjet at the cuspid region and attrition. There was a minimal correlation between age and buccolingual inclination of teeth, indicating only a trend for mandibular second bicuspid to upright with age. Conclusion The ABO criteria and standards used to evaluate finished orthodontic cases are consistent with naturally occurring optimal dentitions, except for buccolingual inclination of posterior teeth in both maxillary and mandibular arches.

RationalePost-professional orthopedic manual physical therapy education programs have proliferated, in part due to increasing therapist demand. Despite the time, effort, and money required to complete these programs, there is scant research addressing their impact.We investigated whether physical therapists enrolled in an accredited manual physical therapy fellowship program achieved better outcomes, determined by patient changes in function, number of physical therapy visits, and episode of care duration while enrolled in the program. We also examined whether outcomes varied by clinician demographics, clinician life circumstances, and clinic characteristics.MethodsForty-two therapists contributed patient data addressing functional status, number of visits, and episode of care duration. We compared data from the first 30 patients with data from the last 30 patients seen by each therapist while enrolled in the program. We also surveyed therapists regarding their demographics, life circumstances, and clinic characteristics.ResultsThere were no clinically meaningful or statistically significant differences in change in functional status when comparing results from the first 30 patients with the last 30 patients seen by therapists. However, there was a significant reduction in the number of visits and episode of care duration. Outcomes were influenced by entry-level degree and the presence of children at home.ConclusionIn our study, enrollment in a physical therapy fellowship program did not improve patient functional status but did reduce the number of visits and episode of care duration. Outcomes were influenced by some clinician life circumstances and clinic characteristics.MeSH TermsFellowships, Physical Therapy, Education

Abstract Cover crops are a critical component of sustainable agroecosystems, yet their performance in semi‐arid environments with short growing seasons and highly variable precipitation is inconsistent. To evaluate productivity and stability of single species vs. multi‐species cover crop plantings with variable water input, cover crops were evaluated at two sites in North Dakota under dryland and dryland plus irrigation conditions. Cover crop treatments consisted of three warm‐season monocultures, a three warm‐season species mixture (MIX3), and a three warm‐season and three cool‐season species mixture (MIX6). Averaged across year and water regime, biomass production was not greater for mixtures (8,693 kg ha–1, MIX3; 10,212 kg ha–1, MIX6) than for the most productive monoculture (11,295 kg ha–1, sunflower [Helianthus annuus L.]) at the West site. The same held true at the East site (7,486 kg ha–1, MIX3; 8,603 kg ha–1, MIX6), with cowpea [Vigna unguiculata (L.) Walp.] producing the most biomass, 10,886 kg ha–1, of all monocultures. At the West site, variability in production was lowest for MIX6 when pooled across year and water regime (CV = 25%) compared to monocultures (CV ≥ 49%). At the East site, cowpea had the lowest CV (24%) while mixtures averaged 35%. Pooled across sites, production in the MIX6 plots had the lowest variability (29%). Grasses consistently contributed to high proportions of total biomass production compared to other functional types. Multi‐species cover crop mixtures are more versatile than single species plantings across climates, and resilient cover crop mixtures integrated into semi‐arid crop rotations as full‐ season plantings should include warm and cool season grasses.

To determine the safety and feasibility of auricular noninvasive magnetic acupuncture (MA) to decrease infant pain during heel pricks. Infants requiring heel pricks for blood collection were randomised to either MA (n = 21) or placebo (P) (n = 19) after parental informed consent. MA or placebo stickers were placed on both ears according to the Battlefield Protocol by an unblinded investigator and left on for 3 days. Pain was assessed with the Premature Infant Pain Profile (PIPP) by blinded clinicians. Mean gestation (MA:34.1, P:34.4 weeks) and age of infants (MA:5.3, P:4.5 days) were similar as were mean (SD) pre (MA:1.7(1.4), P:2.1(1.9)) and post (MA:1.6(1.4), P: 2.1(1.7)) heel prick PIPP scores. PIPP scores were significantly lower in MA infants during heel pricks (MA:5.9(3.7), P: 8.3(4.7), p = 0.04). One-way ANCOVA modelling showed that MA was significantly associated with lower PIPP scores after controlling for analgesic use (p = 0.043). No differences in heart rate, oxygen saturation, analgesic use or adverse effects (e.g. local skin reactions) noted. This pilot study shows that auricular MA is feasible in neonates and may reduce PIPP scores during heel pricks. Further study is required to determine the impact of MA on other painful or stressful conditions and on neurodevelopment.

Abstract Water quality and stream habitat in agricultural watersheds are under greater scrutiny as hydrologic pathways are altered to increase crop production. Agricultural drainage ditches function to remove water quickly from farmed landscapes. Conventional ditch designs lack the form and function of natural stream systems and tend to be unstable and provide inadequate habitat. In October of 2009, 1.89 km of a conventional drainage ditch in Mower County, Minnesota, was converted to an alternative system with a two‐stage channel to investigate the improvements in water quality, stability, and habitat. Longitudinal surveys show a 12‐fold increase in the pool‐riffle formation. Cross‐sectional surveys show an average increase in bankfull width of approximately 10% and may be associated to an increased frequency in large storm events. The average increase in bankfull depth was estimated as 18% but is largely influenced by pool formation. Rosgen Stability Analyses show the channel to be highly stable and the banks at a low risk of erosion. The average bankfull recurrence interval was estimated to be approximately 0.30 years. Overall, the two‐stage ditch design demonstrates an increase in fluvial stability, creating a more consistent sediment budget, and increasing the frequency of important instream habitat features, making this best management practice a viable option for addressing issues of erosion, sediment imbalance, and poor habitat in agricultural drainage systems.

With the advancement in the network transmission media, need for secure data communication is strongly felt.Recently fractal based cryptosystem has become a topic of active research in computer network system because of its chaotic behavior.The proposed method utilizes the intrinsic relationship between Mandelbrot function and Julia function to develop a nontransitional key cryptosystem.The process starts with the formation of public key using superior Mandelbrot set with the help of few global as well as secret parameters on both sides.After exchanging public keys, both parties will generate their own private key using superior Julia set which will be same on both sides.The method is also implemented for Ishikawa iterated fractal function and subsequently carried out detailed analysis for both functions.The given cryptosystem utilizing two different iteration methods and improve the performance by increasing the encryption key up to 128 bits.As per experimental result and performance analysis, the key has large key space, high key sensitivity due to chaotic nature and efficient execution time which helps to achieve a secure communication network environment for data transmission.

This essay focuses on upgrading a historic house's lighting system by researching and locating light bulbs that are energy efficient and can reduce long-term damage to the building and its historic collections. First, it will discuss recent energy legislation. Then, the damage light can cause within the historic structure will be explored. Next, terminology and scientific equipment that is used to measure light will be covered. Following that, a number of environmentally-friendly light sources will be compared, noting advantages and disadvantages of each type. For historic homes that are open to the public, “comfortable” light levels for different age groups will be investigated while also examining possibilities for raising light levels and still maintaining the proper historic atmosphere. Finally, a case study will discuss how Edsel and Eleanor Ford House (Grosse Pointe Shores, Ml) utilized recommended methods of testing existing and potential new light sources.