Yes, you've hit the nuance on the head. It isn't an exit tax, but it is a tax that you incur by exiting as you are settling a tax bill you would've had if you'd sold the appreciated assets at the point of leaving.

I found it very difficult to explain that nuance without calling it an exit tax, which caused the discrepancy as others correctly pointed out there is not exit tax.

As you've gone through a similar journey, I always like to ask people, do you know anything I don't know, but should?

Have a great weekend and thanks