EFTA02652923

From: jeffrey E. <[email protected]> Sent: Tuesday, April 18, 2017 5:08 PM To: Leon Black The=tax strategy is 100 percent legal, experts say, as long as all stages of t=e museum transfer are handled correctly. Schnitzer officials said that many California collectors had taken advantage of the tax provision. "We are on their way home," said Jill Ha=tz, the executive director of the museum. California explicitly outlines a "first use =80 exemption in its tax code. It says that property, whether a couch or a Caravaggio, that is first "used" out of state for more than 90 days does not incur th= tax. Experts said that for many years it was known in art circles as the "Norto= Simon rule," because Mr. Simon, an industrialist who died in 1993, =as one of the first art collectors to make ample use of it with loans to several museums like the Portland Art Museum. -- Cr> =C2 please note The information contained in this co=munication is confidential, may be attorney-client privileged, may c=nstitute inside information, and is intended only for the use of the ad=ressee. It is the property of JEE Unauthorized use, disclosure or co=ying of this communication or any part thereof is strictly prohibitedand may be unlawful. If you have received this communication in error,=please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including =11 attachments. copyright -all rights reserved --001a113a544ede54c2054d73f2e0-- conversation-id 47109 date-last-viewed 0 date-received 1492535274 flags 8590195713 gmail-label-ids 7 remote-id 706343 1 EFTA_R1_01896375 EFTA02652923