From: "jeffrey E." <[email protected]> To: Melanie Spinella Subject: Fwd: SH Meadow Lane-unimproved lot merger Date: Sat, 13 Sep 2014 20:49:35 +0000 Forwarded message From: Ada Clapp <1 Date: Saturday, September 13, 2014 Subject: SH Meadow Lane-unimproved lot merger To: "jeffrey E." <[email protected]> Cc: "Melanie Spinella - Apollo Management (' " The taxes would be the same as with the approach you suggested (but the sale approach has the benefits outlined below in my earlier email). I don't know the value of the unimproved lot, so I can't give you a specific amount. However, as of 2013 (I could not find the latest tax rates on the internet and the LI attorney has not yet provided them) NYS "Seller's" Transfer Tax (which would be paid by Leon and Debra) was $2.00 for every $500 (or fraction thereof) of the purchase price and the "Buyer's" Peconic Tax for Southampton (which the LLC/AP02 Declaration would pay) is 2% on the amount over $100,000 on the purchase of unimproved land. So the tax out of "Leon's" pocket would be relatively small but the Trust's tax is a bit heftier. Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further EFTA00996823