EFTA02336438

From: Barry J. Cohen Sent: Thursday, August 10, 2017 1:20 AM To: jeffrey E. Subject: Re: Valuations > We have a good list with tax basis of all art. Sent from my iPhone On Aug 9, 2017, at 9:04 PM, jeffrey E. <[email protected] <mailto:jeevacation@gm=il.com» wrote: thkx so for ex the picasso that wa= 125 cost without tax and 135 with if sold at 100 appras=ed value it would genrate 35 loss. thats the point On Wed Au 9 2017 at 8:54 PM, Barry J. Cohen <=pan dir="Itr"> <mailto: wrote: Sent from my iPhone Begin forwarded message: From: Heather Gray < Date: August 9, 2017 at 7:05:13 PM EDT To: "Barry J. Cohen" Subject: Re: Valuations > For non-collateral purposes (I.e., on our books), we do include sales =ax paid or use tax that we are accruing as part of the "cost." &=bsp; If a work is collateral=or is on our potential collateral lists and it is a new purchase - meaning=that it was purchased since 1/1/17 so hasn't been appraised yet - we inclu=e sales tax that we actually paid as part of the value of the work, but we do not include use tax that we ar= accruing but have not paid yet. The bank requires us to give them invoice= for collateral that has not yet been appraised and they give us "cre=it" for the purchase price plus any sales tax shown on the invoice, but not for use tax that has not yet been =aid. apprai=ed value. Once a work has been ap=raised, we carry it on our books and for collateral purposes at its EFTA_R1_01296603 EFTA02336438 Sent from my iPhone On Au 9, 2017, at 6:51 PM, Barry J. Cohen <mailto: > wrote: When we value art at "cost", do we inclu=e the sales tax paid? Barry J. Cohen = I Elysium Management,=LLC 445 Park Avenue Suite 1401 New York, NY 10022&=bsp; I please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmailcom <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01296604 EFTA02336439