File 030381
Email Regarding Art Asset Valuation and Tax Loss Calculation (File 030381)
Email from Jeffrey E. discussing valuation of art and real estate assets totaling approximately $96-106 million, with calculations for long-term tax loss and tax savings.
Summary
Jeffrey E. sends an email to Melanie Spinella regarding financial analysis of combined art and real estate assets. The email references discussions with Brad Wechsler and Joe about asset basis of $96 million, with restructuring costs adding $10 million for a total basis of $106 million. The sender calculates an estimated loss of $90-98 million based on an approximate sale price of $8-15 million, resulting in potential tax savings of $38.7-44 million at a combined tax rate of approximately 43% (including federal, state, city taxes, and AMT).
From: jeffrey E. [jeeyacation@gmail.com]Sent: 10/26/2015 6:08:48 PMTo: Melanie SpineIlaSubject: draftImportance: HighBrad Wechslerphaidon and art space. combined basis 96 million, ( reviewed with brad and joe.) . add ten forrestructuring . basis 106. mi. subtract total sale price, for both, lets say approx $8 - 15m . leaving lossof between 90 and 98 million long term loss. . AMT rate 28 % obama. tax 3.8%. city and state12% total aprox 43 %. tax rate. savings 38.7 - 44 mplease noteThe information contained in this communication isconfidential, may be attorney-client privileged, mayconstitute inside information, and is intended only forthe use of the addressee. It is the property ofJEEUnauthorized use, disclosure or copying of thiscommunication or any part thereof is strictly prohibitedand may be unlawful. If you have received thiscommunication in error, please notify us immediately byreturn e-mail or by e-mail to jeevacation@gmail.com, anddestroy this communication and all copies thereof,including all attachments. copyright -all rights reservedHOUSE OVERSIGHT 030381