From: Thomas Turrin To: Jeffrey Epstein <[email protected]> Subject: RE: Re: Date: Tue, 21 May 2013 12:38:53 +0000 Inline-Images: rem-newlogo_sm29.png; primeglobal_color blktext_tagline4823jpg; 2012_ipa100(2)18bejpg Even if gift made from joint account, if both spouses do not consent to the gift —then gift is made by one spouse...reported by one spouse. From: Jeffrey Epstein [mailto:[email protected]] Sent: Tuesday, May 21, 2013 8:34 AM To: Thomas Turrin Subject: Re: Yes to idea, does 2513 apply to joint accts On Tuesday, May 21, 2013, Thomas Turrin wrote: Jeffrey, The reporting of gifts made by Leon on his return only is correct... Under Section 25I3(a) of the Code, a gift by a husband to a third party is considered to be made one-half by him and one-half by his wife as long as she is a citizen or resident of the US. However, this rule applies only if both spouses have signified their consent to its application. When the wife does not consent the gift is from the husband only. I would, however, recommend that a different account be set up (not joint) — or perhaps a type of discretionary trust could be set up from which gifts can be made to whomever the grantor wishes — with no disclosure of donees on gift tax return necessary... the gift to the trust would be the reportable gift — I would discuss with estate and trust counsel. Trustee would make gifts in its discretion from trust account. Best, Tom THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP EFTA01135700