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If tracking services are not used carefully and within the bounds of privacy laws, legitimate owners and security professionals can get into legal gray areas, the repercussions of which could be far more expensive than a replacement iPhone.
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Also, if it bought Phipps Inc. stock, Gray could get stuck paying gains taxes on Phipps' unrealized appreciation if it sold down the road.
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"It looks to me like we're going to get rolled, " Tom Gray of the National Coalition Against Legalized Gambling told The Associated Press.
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