EFTA02640130

From: jeffrey E. <[email protected]> Sent: Thursday, August 10, 2017 1:05 AM To: Barry J. Cohen Subject: Re: Valuations 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 </=iv> On Wed, Aug 9= 2017 at 8:54 PM, Barry J. Cohen < > wrot=: 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." =C2 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 i=clude sales tax that we actually paid as part of the value of the work, but we do not include use tax that we are accruing but have n=t paid yet. The bank requires us to give them invoices for collateral that=has not yet been appraised and they give us "credit" for the pur=hase price plus any sales tax shown on the invoice, but not for use tax that has not yet been paid. Once a work has been ap=raised, we carry it on our books and for collateral purposes at its apprai=ed value. Sent from my iPhone On Aug 9, 2017, at 6:51 PM, Barry J. Cohen < wrote: >>> EFTA_R1_01873030 EFTA02640130 When we value art at "cost", do we i=clude the sales tax paid? Barry J. Cohen =AOI Elysium Management,=LLC I 445 Park Avenue Suite 1401 New York, NY 10022=C2 Tel. =AO please note > ICel =u> 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="mailto:[email protected]" target="_blank">jeevacation@gmai=.com, and destroy this communication and all copies thereof, inc=uding all attachments. copyright -all rights reserved --94eb2c044f94bd89c505565bc778-- conversation-id 35599 date-last-viewed 0 date-received 1502327076 flags 8590195713 gmail-label-ids 7 6 remote-id 738124 2 EFTA_R1_01873031 EFTA02640131