From: Jeffrey Epstein <jeevacation®gmail.com>

From: Jeffrey Epstein <jeevacation®gmail.com> To: Harry Susman Subject: Re: Date: Thu, 30 Jun 2011 19:49:03 +0000 there point is that i only get the money invested as a loss, not the gain„ my position is that i withdrew the increased amount and should calculate that number as my loss On Thu, Jun 30, 2011 at 3:23 PM, Harry Susman < > wrote: If FTC does not pay US tax, what tax would it have had to pay if it had sold out of the High Grade Fund rather than roll over? Ham Susman ent from my 'Phone On Jun 30, 2011, at 11:24 AM, "Jeffrey Epstein" <jeevacation®gmail.com> wrote: as you know I invested 15 million dollars in the high grade fund, it had risen to 20 million dollars when an exchange offer was made, the offer allowed me to withdraw my funds in kind from high grade and make a capital contribution to the enhanced leverage fund, jpm is taking the position that as their was no tax on the transfer, ( in kind ), the loss should be calculated at 15 million vs 20 million„ I made the argument that the tax consequences are not relevant and that the fact that the EL k-1 show a capital contribution of 20 million, that should be theloss. Can you find me some case law that addresses these issues„ thanks, 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 Jeffrey Epstein 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®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for EFTA00914005 the use of the addressee. It is the property of Jeffrey Epstein 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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00914006