EFTA01018188.pdf

From: "Jeffrey E." <[email protected]> To: "Barry J. Cohen" Subject: Re: Sales tax on Rent--PRIVILEGED AND CONFIDENTIAL Date: Mon, 18 Sep 2017 20:49:22 +0000 not paying income tax also maximized the value of the trust property, that is not the standard. the case of corporate art on the shareholders walls has been laughed out of court when the goofball made the same claim, :) On Mon, Sep 18, 2017 at 4:46 PM, Barry J. Cohen < > wrote: I asked that exact question, and was told something different. I was told that the "no benefit" standard did not apply. I think Ada may have told me that, but I have to refresh my recollection. She is out this week. My strong opinion related only to what maximizes the value of the trust property. Nothing else. From: Jeffrey E. [[email protected] Sent: Monday, September 18, 2017 4:42 PM To: BarryJ. Cohen < > Subject: Re: Sales tax on Rent--PRIVILEGED AND CONFIDENTIAL again, im sorry, you just hve zero experience in this area and frankly no right to a strong opinion. the burden is not on the irs , it is on you to prove leon gets no benefit. . barry . On Mon, Sep 18, 2017 at 4:05 PM, Barry J. Cohen < > wrote: That is my opinion as a trustee. Or former trustee. I would be violating my fiduciary duty if I did not do everything I could to maximize the value of the trust's art. Lending to museums can be an important way to enhance value. The best way for that to happen is by persuading Leon to put it on his walls, where curators can see it. I've never heard lawyers put it that way, but PW, and I think S&C, agree with my thinking, as do Heather and Ada. Whether the value to the trusts is more or less than personal satisfaction LDB gets from keeping it on his walls is inherently uncertain. From: Jeffrey E. [mailtoleevacationagmail.com Sent: Monday, September 18, 2017 3:44 PM To: Barry). Cohen; Leon Black Subject: [External] Fwd: Sales tax on Rent—PRIVILEGED AND CONFIDENTIAL I would also like to know , who opined that it is for the trust benefit. . as much as leons EFTA01018188  Forwarded message --- From: Jeffrey E. <jeevacation®gmail.com> Date: Mon, Sep 18, 2017 at 3:42 PM Subject: Re: Sales tax on Rent—PRIVILEGED AND CONFIDENTIAL To: "Barry J. Cohen" it is a lease. who advised you that no one pays. ? is that the same as it is not owed? On Mon, Sep 18, 2017 at 2:40 PM, Barry J. Cohen < > wrote: Should Debra pre-decease, and our structure does not change, we agree that we have to seriously consider charging Leon rent. I think there is a strong case that trustees will want the art to remain hanging on Leon's wall if there is still the significant flow of curator traffic through his residences. As discussed, that traffic leads to loans, which can greatly enhance value. I.e., the art is on LDB's walls as much for the trusts' benefit as for LDB's. If LDB pays rent to the trusts, then he arguably owes sales tax. We are advised that no one pays sales tax on rent, but we're not sure why that position is taken. If the trusts collect sales tax, we have always assumed that they would bear the burden of reporting and remitting it. Barry J. Cohen I President and Special Counsel I Elysium Management, LLC 445 Park Avenue Suite 1401 New York NY 10022 I Tel.-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 EFTA01018189  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 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 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC 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 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01018190  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 EFTA01018191