EFTA02617349

From: jeffrey E. <[email protected]> Sent: Monday, September 18, 2017 7:42 PM To: Barry J. Cohen Subject: Re: Sales tax on Rent--PRIVILEGED AND CONFIDENTIAL it is a lease. who advised you that no o=e pays. ? is that the same as it is not owed= On Mo=, Sep 18, 2017 at 2:40 PM, Barry J. Cohen wrote: Should Debra pre-decease, and our structure does not=change, we agree that we have to seriously consider charging Leon re=t. I think there is a strong case that trustees will want the art to=remain hanging on Leon's wall if there is still the significant flow of curator traffic through his residences. As d=scussed, that traffic leads to loans, which can greatly enhance value. =AO I.e., the art is on LDB's walls as much for the trusts'=benefit as for LDB's. If LDB pays rent to the trusts, then he arguably owe= sales tax. We are advised that no one pays sales tax on rent, but w='re not sure why that position is taken. If the trusts colle=t sales tax, we have always assumed that they would bear the burden of reporting and remitting it. Barry J. Cohen =A0I President and Speci=l Counsel I Elysium Management,=LLC I 445 =ark Avenue Suite 1401 <https://maps.google.com/?q=445+Park+Ave=ue+Suite+1401%0D+New+York,+NY+10022&entry=gmail&source=g> New =ork, NY 10022 <https://maps.google.com/?q=445+Park+Ave=ue+Suite+1401%OD+New+York,+NY+10022&entry=gmail&source=g> 1=/u> EFTA_R1_01819222 EFTA02617349 =AO please note The information contained i= this communication is confidential, may be attorney-client privileged,=may constitute inside information, and is intended only for the use =f the addressee. It is the property of JEE Unauthorized use, disclos=re or copying of this communication or any part thereof is strictly pro=ibited and may be unlawful. If you have received this communication =n error, please notify us immediately by return e-mail or by e-mail to =a href="[email protected]" target="_blank">[email protected], and destroy this communication and all copies thereof, inc=uding all attachments. copyright -all rights reserved --001a11478d62a98e4d05597bef47-- conversation-id 31092 date-last-viewed 0 date-received 1505763720 flags 8590195717 gmail-label-ids 7 6 remote-id 750970 2 EFTA_R1_01819223 EFTA02617350