<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Wednesday, September 17, 2014 2:48 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>FW: here is the Elkins Tax Court opinion</td></tr></table>

I was discussing with =eather if taking a discount on charity contribution of partially owned art=might help be consistent with future arguments on art discounts. Also quer= if we have art owned as tenants in common.

From: Heather Gray Sent: Wednesday, September 17, 2014 10:18 AM To: Richard Joslin Subject: here is the Elkins Tax Court opinion

http://www.ustaxcourt.gov/InOpHistoric/estofelkins.TC=WPD.pdf
<http://www.ustaxcourt.gov/InOpHistoric/es=ofelkins.TC.WPD.pdf>

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022