From: J <[email protected]>

From: J <[email protected]> To: Alan Dlugash >, Richard Kahn Subject: Fwd: Date: Sun, 07 Oct 2018 19:48:05 +0000 Forwarded message From: Joseph Vinciguerra <1 Date: Sun, Oct 7, 2018 at 3:14 PM Subject: Re: To: J <[email protected]> There was no investment interest allocable to Regan. I've traced each dollar used to its ultimate use for support purposes, hence the small allocation to ArtSpace. Based on projections, we should be able to utilize all disallowed investment interest expense in the next two years (again, based on current projections). Cost of goods sold on Regan is a function of the requirement UNICAP adjustment, as prepared by BDO's publishing group. - Joe Sent from my iPhone On Oct 7, 2018, at 3:06 PM, J <[email protected]> wrote: investment interest - should some be allocated to business activities to avoid limitations - e.g., Regan Arts has no interest expense 2) because of both inv int and AMT inv int limitations, have we analyzed whether it is likely that they will be utilizeable in the future, and if not, allocate some against long term cap gains/qualified div 3)Regan Arts cgs is greater than sales. Should some cgs items (like asset sales) be better used as operating exp, improving cgs ratio please note 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 JEE 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 EFTA01020541 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note 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 JEE 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 EFTA01020542