EFTA00655077.pdf

From: ' ..< To: jeffrey E. <[email protected]> Subject: Re: Valuations Date: Thu, 10 Aug 2017 01:13:01 +0000 Got it. Sent from my iPhone On Aug 9, 2017, at 9:04 PM, jeffrey E. <[email protected]> wrote: thkx so for ex the picasso that was 125 cost without tax and 135 with if sold at 100 appraseed value it would genrate 35 loss. thats the point On Wed, Aug 9, 2017 at 8:54 PM, > wrote: Sent from my iPhone Begin forwarded message: From: < > Date: Au ust 9, 2017 at 7:05:13 PM EDT To: " Subject: Re: Valuations For non-collateral purposes (I.e., on our books), we do include sales tax paid or use tax that we are accruing as part of the "cost." If a work is collateral or is on our potential collateral lists and it is a new purchase - meaning that it was purchased since 1/1/17 so hasn't been appraised yet - we include sales tax that we actually paid as part of the value of the work, but we do not include use tax that we are accruing but have not paid yet. The bank requires us to give them invoices for collateral that has not yet been appraised and they give us "credit" for the purchase price plus any sales tax shown on the invoice, but not for use tax that has not yet been paid. Once a work has been appraised, we carry it on our books and for collateral purposes at its appraised value. Sent from my iPhone On Aug 9, 2017, at 6:51 PM, wrote: When we value art at "cost", do we include the sales tax paid? EFTA00655077  Elysium Management, LLC 445 Park Avenue Suite 1401 New York, NY 10022 I MI. I Cell 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 EFTA00655078