EFTA00642103.pdf

From: Heather Gray To: jeffrey E. <[email protected]> CC: Richard Kahn Subject: RE: Braque Date: Wed, 30 Aug 2017 15:03:31 +0000 The exchange agent does have a resale certificate, but that relates only to its purchase of the Cezannes, not the sale of the Braque. You and I and Leon and I discussed the advantages and disadvantages of a gallery versus a professional exchange agent. A gallery is a more conservative choice for sales tax purposes, but a less conservative choice for 1031 purposes. An exchange agent is more conservative for 1031 purposes, but less conservative for sales tax purposes. From: Jeffrey E. [[email protected]] Sent: Wednesday, August 30, 2017 10:59 AM To: Heather Gray Cc: Richard Kahn Subject: Re: Braque And I thought it was very aggressive. Put kinkdly On Wed, Aug 30, 2017 at 10:58 AM jeffrey E. <[email protected]> wrote: You had said they had a re-sale certificate. What they did or didn't do is not our problem ---yet . If you recall I was quite clear about not liking the idea and suggested we use a gallery , other than Gagosian. But you told Leon that they " had done this many times before ". On Wed, Aug 30, 2017 at 10:54 AM Heather Gray wrote: Hi Jeffrey, I have not given the auditors anything related to you. The exchange agent was responsible for collecting sales tax on the sale of the Braque to the trust, so they need to tell the auditors whether or not they collected the tax, to which the answer is no, they did not. I was only asking because if you had paid the tax, you might want the exchange agent to know that. Best, Heather From: jeffrey E. [mailto:[email protected] Sent: Wednesday, August 30 2017 1019 AM To: Heather Gray Richard Kahn Subject: Re: Braque You should not be giving anything to auditors re us This is wrong from get go On Wed, Aug 30, 2017 at 10:40 AM Heather Gray wrote: Hi Rich, We need to get back to the auditors, so I just want to confirm that no sales tax has been paid on the Braque. That was my sense from our conversation last week, but I want to be certain before I speak with EFTA00642103  the lawyers. I'm in the office if you'd like to discuss this. Best, Heather Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York, NY 10022 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 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 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 EFTA00642104 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 EFTA00642105