EFTA02358377

From: Barry J. Cohen < Sent: Thursday, August 10, 2017 12:54 AM To: Jeff Epstein Subject: Fwd: Valuations Sent from my iPhone Begin forwarded message: From: Heather Gray c > > Date: August 9, 2017 at 7:05:13 PM EDT To: "Barry J. Cohen" Subject: Re: Valuations For non-collateral purposes (I.e., on our books), we do include sales =ax paid or use tax that we are accruing as part of the "cost." &=bsp; If a work is collateral or is on our potenti=l collateral lists and it is a new purchase - meaning that it was purchase= since 1/1/17 so hasn't been appraised yet - we include sales tax that we =ctually paid as part of the value of the work, but we do not include use tax that we are accruing but have n=t 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 pur=hase 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 =n our books and for collateral purposes at its appraised value. Sent from my iPhone On Aug 9, 2017, at 6:51 PM, Barry J. Cohen When we value art at "cost", do we inclu=e the sales tax paid? Barry J. Cohen = I Elysium Management,=LLC 445 Park Avenue Suite 1401 > wrote: EFTA_R1_01345514 EFTA02358377 New York, NY 10022&=bsp; Tel. Cell a =o:p> > &n=sp; 2 EFTA_R1_01345515 EFTA02358378