<table><tr><th>From:</th><th>Barry J. Cohen &lt;</th></tr><tr><td>Sent:</td><td>Thursday, August 10, 2017 12:54 AM</td></tr><tr><td>To:</td><td>Jeff Epstein</td></tr><tr><td>Subject:</td><td>Fwd: Valuations</td></tr></table>

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Email details:

*   **From:** Heather Gray
*   **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.

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On Aug 9, 2017, at 6:51 PM, Barry J. Cohen > > wrote:

When we value art at "cost", do we inclu=e the sales tax paid?

Barry J. Cohen =|

Elysium Management,=LLC |

445 Park Avenue Suite 1401

New York, NY 10022&=bsp;

Tel. | Cell =o:p>

> &n=sp;