<table><tr><th>From:</th><th>Barry J. Cohen</th></tr><tr><td>Sent:
To:</td><td>Wednesday, Decem er 27, 2017 3:13 PM
Jeffrey E.</td></tr><tr><td>Subject:</td><td>Short answers to some questions--PRIVILEGED AND CONFIDENTIAL</td></tr></table>

Boat. BJAV (foreign co.) sells boat at = loss in 2018. BJAV is then liquidated resulting in a loss to its do=estic owner.

Plane. Even if we get around the domest=c flights issue, we don't have nearly enough passive income to use t=e 100% depreciation expense.

Foreign entities. Agree with you that t=is will be an IRS focus, but think it will be more 2019-2021.</=>

Dealer. Doing research on income tax im=lications of trade ins.

\Barry J. Cohen&nbs=;|
President and Speci=l Counsel |
Elysium Management,=LLC |
445 Park Avenue Suite 1401
New York, NY 10022&=bsp;|
██████████████████████████████ &n=sp;