HOUSE_OVERSIGHT_023286.jpg
1.39 MB
Extraction Summary
3
People
2
Organizations
1
Locations
1
Events
2
Relationships
4
Quotes
Document Information
Type:
Email correspondence (fragment)
File Size:
1.39 MB
Summary
This document is a fragment of correspondence, likely an email from an advisor named Heather, discussing high-value art transactions with a client named Leon (likely Leon Black). The text details Leon's preference for using a specific commercial exchange agent rather than a gallery to maintain strict confidentiality during the purchase of Cezanne paintings and a previous purchase of a Calder. The author discusses the sales tax implications, the agent's New York resale certificate status, and plans to verify audit risks with a lawyer from the firm Herrick.
People (3)
| Name | Role | Context |
|---|---|---|
| Leon | Principal/Client (Likely Leon Black) |
Discussing art exchanges, specifically concerned about confidentiality regarding purchases of Cezannes and Calder art.
|
| Heather | Sender (Advisor/Assistant) |
Advising Leon on tax implications and exchange agents for art transactions; author of the email.
|
| Herrick lawyer | Legal Counsel |
External counsel to be consulted regarding audit history of similar deals.
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| Herrick |
Law firm (likely Herrick Feinstein LLP) consulted for legal advice on art transactions.
|
|
| House Oversight Committee |
Source of the document (indicated by footer stamp).
|
Locations (1)
| Location | Context |
|---|---|
|
Location where the exchange agent holds a resale certificate.
|
Relationships (2)
Heather advises Leon on tax structures and executes his instructions regarding art purchases.
Heather plans to consult the lawyer regarding audit risks.
Key Quotes (4)
"Leon did not want to use a gallery because he was concerned about confidentiality"Source
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Quote #1
"He said to use the same exchange agent as before, which made sense to me because he was extremely concerned about confidentiality with the purchase of the Cezannes."Source
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Quote #2
"I said that a gallery carried little to no risk on the sales tax side"Source
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Quote #3
"The exchange agent has had a New York resale certificate since 2014"Source
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Quote #4
Full Extracted Text
Complete text extracted from the document (1,230 characters)
funds), but that a commercial exchange agent gave us less comfort on the sales
tax side. Leon did not want to use a gallery because he was concerned about
confidentiality and he did not want to have to ask a gallery that he did not do
much business with to act as exchange agent.
tax side. Leon did not want to use a gallery because he was concerned about
confidentiality and he did not want to have to ask a gallery that he did not do
much business with to act as exchange agent.
When Leon first discussed the exchange for the Cezannes with me a few
weeks ago, I asked him if he wanted to use the same exchange agent as last
year, or if he wanted to use a gallery. I said that a gallery carried little to no risk
on the sales tax side, but I reminded him that he had not wanted to use a gallery
last year for the Calder because of confidentiality reasons. He said to use the
same exchange agent as before, which made sense to me because he was
extremely concerned about confidentiality with the purchase of the Cezannes.
weeks ago, I asked him if he wanted to use the same exchange agent as last
year, or if he wanted to use a gallery. I said that a gallery carried little to no risk
on the sales tax side, but I reminded him that he had not wanted to use a gallery
last year for the Calder because of confidentiality reasons. He said to use the
same exchange agent as before, which made sense to me because he was
extremely concerned about confidentiality with the purchase of the Cezannes.
I will find out about sales tax audits and will let you know. The exchange agent
has had a New York resale certificate since 2014 and has been engaged in art
transactions like this since then, but I do not believe they have been audited. I
will check, though, and I will also ask the Herrick lawyer if any of his clients who
have done similar deals have been audited.
has had a New York resale certificate since 2014 and has been engaged in art
transactions like this since then, but I do not believe they have been audited. I
will check, though, and I will also ask the Herrick lawyer if any of his clients who
have done similar deals have been audited.
Best,
Heather
HOUSE_OVERSIGHT_023286
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