File 030382
Email About Art Space and Property Tax Loss Strategy (File 030382)
Email correspondence from Jeffrey E. discussing art space and phaidon property valuations, combined basis of $96 million with tax loss strategy calculations totaling approximately $90-98 million in long-term losses.
Summary
Jeffrey E. forwards an email chain regarding the valuation and potential sale of combined art space and phaidon properties valued at approximately $96 million (basis), with restructuring costs of $10 million bringing total basis to $106 million. The email discusses potential sale prices of $8-15 million below basis, resulting in long-term capital losses of $90-98 million. Tax calculations are provided considering applicable rates: AMT 28%, tax 3.8%, and city/state 12%, for total tax rate of approximately 43%, generating estimated tax savings of $38.7-44 million.
From: jeffrey E. [jeevacation@gmail.com]Sent: 10/26/2015 6:11:47 PMTo: Richard JoshiSubject: Fwd: draftImportance: High----------Forwarded message----------From: jeffrey E. <jeevacation@gmail.com>Date: Mon, Oct 26, 2015 at 2:08 PMSubject: draftTo: Melanie SpineIla <>, Brad Wechsler <phaidon 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 reservedplease 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 030382