Summary of August 20 meeting

Summary of August 20 meeting A. Tax prep (1) Will get draft from Tom around 9/20 (2) Review BJAV deductions etc — forward books to R. Kahn, A. Duglash (3) Address Avioneta (4) Review 2014 charitable contributions and pledges it projections B. Art Partnership (1) Narrows (2) Name change to include Phaidon — have license agreement for use of name (3) Two classes of GP - LDB makes investment decisions; APO 1 Trust makes distribution/liquidation decisions (4) Interest expense deduction should continue to flow through to LDB (5) Contribution of income producing assets to cover interest (and operating expenses - such as Heather compensation) C. TRA — sale of TRA contract to childrens' trusts D. Phaidon — use of flow through loss. Sale of some art to generate passive income as offset E. Family office (1) Go forward with formation/use of Elyseum Management LLC (2) Service contract with Phaidon for services provided F. Status of Empire Valuations EFTA00582856