Re: BLACK tax projections

The files attached were sent to Alan D. and to Tom T. Tom =. signed off on the projection. His comments pertain to how much to =ay April 15 to ensure valid extension and not overpay Q12015 estimated ta= (paid with extension payment).

Alternative Minimum Tax both years so I did not put in =eal estate tax or 2013 state income tax deductions. Foreign tax cred=t not considered (additional cushion — Apollo did not provide)<=u>

<=>

Excel file has summary=and detail, eg taxes paid, charity, outside K-ls — not formatted for printing.

Adobe file has BNA software </=pan> projection FY 2014 and 2015)

Adobe=file has Apollo 2014 tax items and projected 2015 tax items (prepared by Apollo)

Please call to discuss on Monday =80 I can walk you thru.

=u>

Richard Joslin

CFO

Elysium Management LLC<=>

445 Park Ave

Ste. 1401

New Yor=, NY 10022

(w):
(c):
(f):

Appears that they are showing SE income as SIR= (417,126) and URI (412,200) portion of stock sold ?? yet it is listed at =099 income (thought he said it was 52% or so of proceeds)

See be=ow which I copied from excel schedule under Maste FY 2104 tab

	NON-1411		SUBJ 1411	NON-1411	NON-1411
	NON-SE NON-SE NON-SE SE
	ORDINARY		ORDINARY	ORDINARY	ORDINARY
	MATERIAL		NON-PASS	NON-PASS	NON-PASS
WAGES 90,403
1099-MISC	NQO-URI			412,200
1099-MISC	NQO-SIRI			417,126
APOLLO LINKED	5,262,404 58,444,573
1099-INT/DIV	LINKED
1099-INT/DIV	LINKED
SPLIT DOLLAR
SALE OF ART	28%
PASSIVE LOSS REGAN ARTS/ ARTSPACE/ AVIONETA
OTHER PASS THRU		PLUG		2,000,000
OTHER PASS THRU		LINKED		1,844,534	5,070,015
	90,403	9,106,938		63,514,588 829,326
INTERE=T - ART LOAN
	90,403	9,106,938		63,514,588 829,326
CHARITY	CASH	50%		17,581,910 LINKED
CASH	30%		800,000	LINKED
NON-CASH		20%		31,076,038 LINKED
			49,457,948
NQO- WILL TRY	TO ASSIGN	TO	APOLLO -	ADDITIONAL CUSHION

as a director of sin is that self employment?=