EFTA02386450

From: McGraw, Thomas Sent: Wednesday, January 30, 2013 11:03 PM To: Jeffrey Epstein Subject: RE: happy new year =body lang="EN-US" link="blue" vlink="purple"> Been a= offsite & just looking at your e-mail I think not=2E NY tax law incorporates by reference federal tax law as starting point =nd then makes various modifications. In brief review I see no chan=es under NY sales & use tax statutes that would trump/modify otherwise=applicable fed law including grantor statutes incorporated into NY tax law=2E Hence substitution of identical value in grantor should not create =OA a "sale" transaction or event for sales tax to apply. &nb=p; From: Jeffrey Epstein [mailto:jeevacation@gmail.comj =0ASent: Saturday, January 26, 2013 8:58 AM To: McGr=w, Thomas Subject: happy new year =OA if i excahnge art held in his own name for stock held in the=trst , do i have a sales tax. it is not a purchase-- a= it is under a right of substituion of collateral provision, it is a=defe gran trust so to capital gain„ if i put it in a partnership w=th wife first and excahnge part interests,? no sales tax? The information contained in this commu=ication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for th= use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communicat=on or any part thereof is strictly prohibited and may be unlawful=2E If you have received this communication in error, please notif= us immediately by return e-mail or by e-mail to jeevacation@gmail.com<=a>, and destroy this communication and all copies thereof, =OAincluding all attachments. copyright -all rights reserved</=> This email is c=nfidential and subject to important disclaimers and conditions including o= offers for the purchase or sale of securities, accuracy and completeness =f information, viruses, confidentiality, legal privilege, and legal entity=disclaimers, available at http://www.jpmorgan.com/pages/disclosures/em=il. EFTA_R1_01406325 EFTA02386450