avoidance transaction. the senate's permanent subcommittee on investigation agrees. back in 2014, it released the findings of its investigation into basket options and the companies that use them. it determined that basket options were, quote, misused to dodge billions in taxes. senator jain's opening statement targeted mercer's company specifically and the estimated $6.8 billion in taxes it avoided paying through its use of basket options. >> today's hearing sheds light on how wren nance technologies was able to avoid paying more than $6 billion dollars in taxes by disguising its date today stock traesds as long-term investments. >> i sat down with daniel shabiro, professor of new york university's law school to ask him if mercer's company might owe billions in back taxes because of its use of basket options. >> first, can you walk us through the transaction, these