 Now, when there is a liquidation event, if he makes all of that money, is that immediately taxed? It's not a qualified fund. It's just an investment. Are you taxed every year on your Ameritrades and your Schwabs? Are you? Correct, yes. If it's an after-tax account, whenever... You'll get a 1099 on that. Correct, yeah. So that'll be a big hit.