<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, March 9, 2016 10:07 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: Artspace</td></tr></table>

Estimate tax savings at 44.5% marginal rate or $433,559

From: Jeffrey E. [mailto:jeevacation@gmail.comj
Sent: Wednesday, March 09, 2016 5:02 PM
To: Richard Joslin
Subject: Re: Artspace

what was the net tax benefit of doing that?

On Wed, Mar 9, 2016 at 5:01PM, Richard Joslin wrote:

In 2014, LOB claimed a tax loss for Artspace of $974,378 — this was loss from operations

please note

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