EFTA02357159.pdf

From: Sent: To: Subject: Barry J. Cohen < Sunday, August 6, 2017 12:20 PM jeffrey E. Re: [External] Re: Plane We are having Elysium buy it. As long as it is freely assignable, does it h=ve to be a new entity? Sent from my iPhone On Aug 6, 2017, at 6:35 AM, jeffrey E. <jeevacation@gmail.com<mailto:jeevac=tion@gmail.com> yes , I would ask that you go through and see exactly which years you took= what and it produce . form a new entity for=the contract signing. have that entity have the right to assign. On Sat, Aug 5, 2017 at 9:51 PM, Barry J. Cohen We never took accelerated depreciation due to ac o passive income. Unuse=depreciation as Basis is therefore a little high. Sent from my iPhone > wrote: a real szable benefit. wrote: een carried forward. On Aug 5, 2017, at 7:23 PM, jeffrey E. <jeevacation@gmail.com<mailtoleevac=tion@gmail.com><mailto:jeevacation@gmail.com<mailto:jeevacation@gmaitc om>=> wrote: not necessarily . talk monday. On Sat Au 5 2017 at 6:59 PM Bar J. Cohen Plane sale is minor loss. Sent from my iPhone On Aug 5, 2017, at 6:35 PM, jeffrey E. cjeevacation@gmail.com<mailto:jeevac=tion@gmail.com><mailto:jeevacation@gmailcom<mailto:jeevacation@gmail.c om>=<mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com><mailto:jeevaca=ion@gmail.com<mailto:jeevaca tion@gmail.com»» wrote: same idea to make sure boat sale , plane sale art sale . all produce the =est after tax result. On Sat, Au: 5, 2017 at 5:28 PM, Barr J. Cohen These are all things we are trying to think about. Our new internal guy is=great, but he doesn't bring solutions with him because, like you say, no o=e is quite like Leon. Since he just joined us, we're starting certain plan=ing work later than we would like. EFTA_R1_01342639 EFTA02357159 EY is good but they are better at answering questions than providing proact=ve planning advice. And I am finding them a little slow. Your derivatives financing idea is a good one. Who would be a good person t= talk to about it? Justin at JPM? Sent from my iPhone On Aug 5, 2017, at 10:49 AM, jeffrey E. <jeevacation @gmai Lcom<mai Ito:jeeva=ation @gmail.com><mai Ito:jeevacation @gmail.com<mailto:jeevacation@gmail.c om=><mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com><mailto:jeevac=tion@gmail.com<mailto:jeevacat ion@gmail.com>»<mailto:jeevacation@gmail.co=<mailto:jeevacation@gmail.com><mailto:jeevacation@gmail.com<m ailtoleevaca=ion@gmail.com»<mailto:jeevacation@gmail.com<mailtoleevacation@gmail.com>=mailto:jeevacation@ gmail.com<mailtoieevacation@gmailcom>»» wrote: barry, perfect example of what i have been trying to explain. without c=ntext the question makes little sense. ex if all is income is ordinar=. selling things at a loss does nothing . however if he is gettin= more capital gains next year. you miight generate losses and carry them =orward or back. if we think the tax rates will change we might create f=ctiioous gains. and use the loss but have a higher basis for next year. = if the loss in on the trust side , it is a benefit to the future tax of=the children. sorry to be so long winded but at least i am consistant=:) On Sat, Aug 5, 2017 at 10:39 AM, Barry J. Cohen One problem is that we want Leon to tell us what art he is interested in se=ling. I don't think he can do that. We should tell him whether we want him=to sell either his gains or his losses and why. Sent from my iPhone On Aug 5, 2017, at 10:30 AM, jeffrey E. <jeevacation@gmail.com<mailto:jeeva=ation@gmail.com><mailto:jeevacation@gmailcom<mailto:jeevacation@gmail.c om=><mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com><mailto:jeevac=tion@gmail.com<mailto:jeevacat ion@gmail.com>»<mailto:jeevacation@gmail.co=<mailto:jeevacation@gmail.com><mailto:jeevacation@gmail.com<m ailtoleevaca=ion@gmail.com»<mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com>=mailto:jeevacation@ gmail.com<mailto:jeevacation@gmailcom»flailto:jeeva=ation@gmail.com<mailto:jeevacation@gmail.com><mailt ojeevacation@gmailcom=mailto:jeevacation@gmailcom»<mailto:jeevacation@gmail.com<mailto:jeevaca=ion@gmai I.com><mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com»=<mailto:jeevacation@gmail.com<mailto:jeev acation@gmai Lcom><mailto:jeevaca=ion@gmail.com<mailto:jeevacation@gmail.com »<mai Ito:jeevacation@gmail.co mcailto:jeevacation@gmail.com><mailtojeevacation@gmail.com<mailtoleevacati=n@gmail.com>>»» wrote: there has been little if any proper planning for tax this year and next. = this needs to be done after the program and materials are put in form EFTA_R1_01342640 EFTA02357160 llolp.com<mailto:bcohe=@apollolp.comxmailto:bcohen en@apollolp.com<mailto:bcohen@apollolp.com><mailto: rote: I hear you. There is no blue print. I think our numbers are finally thorou=h and accurate. We haven't discussed it much, but technology and security=have been a huge focus for me since I joined Elysium. Making slow but stea=y progress. Sent from my iPhone On Aug 5, 2017, at 8:02 AM, Jeffrey E. <jeevacation@gmail.com<mailto:jeevac=tion@gmail.com><mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.c om>=<mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com><mailto:jeevaca=ion@gmail.com<mailto:jeevaca tion@gmail.com>»<mailtoieevacation@gmail.com=mailtojeevacation@gmail.com><mailto:jeevacation@gmail.com< mai Ito:jeevacat=on@gmail.com»<mailto:jeevacation @gmail.com<mailtoleevacation @gmai I.com><=ai Itojeevacation @gmail.com<mailto:jeevacation@gmail.com»»<mailto:jeevac=tion@gmail.com<mailto:jeevacation@gmail.com><mai Ito:jeevacation@gmail.comaailtojeevacation@gmail.com»<mailtoleevacation@gmail.com<mailtoleevacat=on@gm ail.com ><mailto:jeevacation@gmai Isom <mailto:jeevacation @gmai I.com>»=mailto:jeevacation@gmail.com<mailto:jee vacation @gmail.com><mailto:jeevacat=on@gmail.com<mailto:jeevacation@gmai I.com»<mailto:jeevacation@gmail.co m<m=ilto:jeevacation@gmail.com><mailto:jeevacation@gmail.com<mailto:jeevacatio=@gmail.com>»<mailto:jeeva cation@gmail.com<mailtcyjeevacation@gmail.com>=mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com»< mai Ito:jeevacarion@gmai I.com<mailto:jeevacation @gmai I.com><mai Ito leevacation @gmail.com<m=ilto:jeevacation @g mai I.com>»<mailto:jeevacation@gmail.com<mailto:jeevacat=on@gmail.com><mailto:jeevacation@gmail.com<mailto:j eevacation@gmail.com»<=ailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com><mailto:jeevacati=n@gmail.c om<mailto:jeevacation@gmail.com>>»<mailto:jeevacation@gmail.com<=ailto:jeevacation@gmail.com><mailto:jeevac ation@gmail.com<mailtoieevacati=n@gmail.com»<mailto:jeevacation@gmail.com<mailtoieevacation@gmail.com>< m=iltojeevacation@gmail.com<mailto:jeevacation@gmail.com>»<mailto:jeevacat=on@gmail.com<mailto:jeevacation @gmail.com><mailto:jeevacation@gmail.com<marlto:jeevacation@gmail.com»<mailtoieevacation@gmail.com<mailt o:jeevacatio=@gmail.com><mailto:jeevacation@gmail.com<mailto:jeevacation@gmail.com>»»=> wrote: After fridays discussion https://www.aopa.org/training-and-safety/pic-archive/aircraft-ownership/bus=ness-justification-aircraft-expenses I suggest you focus on large issues first. . the discussions re personal=use of plane . parties travel. may be relevant at the tippy tip of the =argins but these answers should flow from the structure. On what for= will you use the deduction. ? which business. , its structure. differ=nt buisnesses etc. Barry , what you will find is that there is very few answers to be found=on point as people in leons position rarely make cases to tax court. ex=eption being estate issues. . planes owned by farmers salesman, bank=rs. are usually small planes. meaningless to leons issue. large bi= gets are usually owned by corporations. . the facts. there are app=ox 400,000 planes in the states. out of that large number only about 13,=000 total private jets. out of that class only 2000 large jets and=most owned by corporations. how many people have business of leons size= . not including his art work. You asked , me what do we do now. as I told Brad years ago. Fir=t and foremost is accurate numbers presented in an organized fashion. =that is 80 percent of the grunt work. Once all the numbers are in shape = ie materials for the building of the financial architecture. . Leons =goals must be addressed and programatic . this takes hours of discussi.n. . next . plans are drawn up, . modifications are made, issues of=sec regulation, tax, control, succession. mechanics. all need to be plan=ed and adjusted to meet the goals. You need to recognize that there are few , very few examples of the h=use that in leons case needs to be re built. most people with leons we=lth have a serious family office with a huge stock portfolio. , not art.= and of those , few hold dormant assets ie apollo.. Its been ten yea=s since apollo went public. and the house needs total renovation. up=rades in tech, security, and the family has changed all very similar t= architecting a house after the children have grown and left. 3 EFTA_R1_01342641 EFTA02357161 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. 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