From: Richard Kahn To: "Jeffrey E." <jeevacation@grnail.com> Subject: joslin Date: Mon, 26 Oct 2015 19:26:37 +0000 i believe his explanation is correct and i apologize as i misspoke earlier 20% would be savings on LT Cap Gain from Phaidon not 28% Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell EFTA00666206