<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Tuesday, January 7, 2014 12:11 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: 1040 FY 2012</td></tr></table>

As I surmised, no deduction for plane debt. No boat debt in 2012. This email came in as I was typing response.

Forwarded messa e
From: Thomas Turrin
Date: Mon, Jan 6, 2014 at 6:45 PM
Subject: RE: 1040 FY 2012
To: Richard Joslin <:= I>, Abel Goce

Plane loan interest was not deducted for 2012..per discussion with Pat Fenn, we both felt that it would be prudent to treat the plane as "in service" ..in business...once FAA Part 135 status is approved.

Once 135 approved, the plane will be placed in service for depreciation purposes. Also, I don't think it would be appropriate to deduct the plane loan interest as investment interest.

The boat loan is just being done ....not sure if completed yet...Eileen was working on it. We can discuss how to treat the interest expense ...the loan (according to my discussion with Eileen) was more of a loan to Leon that is collateralized by the vessel. How Leon uses the loan proceeds will decide tax treatment.

The Bank of America interest on Schedule A (commonly referred to as "art loan") (collateral is Narrows LLC) is per the Bank of America statement..Abel will forward a copy of B of A 2012 interest (we get same statement from B of A every year).

THOMAS TURIN, CPA
Partner
Raich Ende Malter & Co. LLP
Email: 
Website: www.rem-co.com

Favor: could you give me back-up for Bank of America 2012 interest expense deduction - statement 11, $5,748,204.

I am looking for detail of plane loan and boat loan interest expense

Thanks

Richard Joslin, CPA
CFO
Black Family Partners, LP
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Richard Joslin, CPA
CFO
Black Family Partners, LP

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