<div dir="ltr">No real responses, I wish I had some. I did have an exchange with a 1031 guy my clients work with and he had sent one client this- though this still does not give a legally backed up answer, but I think it is correct given that the property is located out of WA, at the very least it would be something that I think could be successfully challenged if the DOR tried to include it as a WA asset.. I was thinking to give a call to the DOR as my next step and can let you know if that gives me a definitive answer, but maybe we can set up a time to chat before I go that route!<div><br></div><div><div style="font-size:12.8px"><p class="gmail-m_-391234570405990707x_MsoNormal"><span style="font-size:12pt;color:black">Following up our conversation this morning, ownership of DSTs with property located outside Washington State would "effectively" not be included in the Washington State estate tax calculation. The reason I say "effectively" is because technically, the calculation for Washington estate tax <u>first considers all assets</u> (both tangible and intangible) owned by the individual, then <u>the estate tax rate is multiplied by the total estate</u> and <u>pro-rated by the amount of intangible assets and tangible assets held within WA State versus the overall estate value</u>. (see </span><a href="http://apps.leg.wa.gov/wac/default.aspx?cite=458-57-125" target="_blank"><span style="font-size:12pt">WAC 458-57-125</span></a><span style="font-size:12pt;color:black">)</span></p></div><div style="font-size:12.8px"><p class="gmail-m_-391234570405990707x_MsoNormal"><span style="font-size:12pt;color:black"> </span></p></div><div style="font-size:12.8px"><p class="gmail-m_-391234570405990707x_MsoNormal"><span style="font-size:12pt;color:black">E.g. if you have a $10M estate that includes $6M of traded securities, $2.5M of property located in WA and $1.5M of property located outside WA (DSTs or fee-simple property) - your estate tax liability would be 85% ($10M total estate less $1.5M out of state property, divided by the $10M total estate) of the liability resulting from including all $10M of assets. The reason they choose to calculate the tax this way versus a standard exemption approach is so that you still receive an estate tax bill if you have assets in excess of the standard state exemption of ~$2.1M, but the majority of the assets are located outside Washington. </span></p></div></div></div><div class="gmail_extra"><br><div class="gmail_quote">On Fri, Jan 26, 2018 at 12:08 PM, John Creahan <span dir="ltr"><<a href="mailto:john@cairn-law.com" target="_blank">john@cairn-law.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div lang="EN-US" link="blue" vlink="purple">
<div class="m_6881793249113436191WordSection1">
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">Hi Julie,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">Did you get any responses to this?<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">I have a client with several
<span class="m_6881793249113436191GramE">DSTs, and</span> have very little success finding information – although I have been researching other issues.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">I’d be happy to chat if you like but am not sure how helpful I can be.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">Thanks,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">John<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Tw Cen MT",sans-serif;color:#595959">John Creahan</span><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;color:#595959"><u></u><u></u></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;color:#595959"><a href="http://www.cairn-law.com/" target="_blank"><span style="color:#595959">www.cairn-law.com</span></a><br>
</span><b><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;color:red">Now located in the heart of Fremont<br>
</span></b><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;color:#595959">3417 Evanston Ave. N, Suite 312<br>
Seattle, WA 98103<br>
<a href="tel:(206)%20578-5877" value="+12065785877" target="_blank">206-578-5877</a></span><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;color:#4f6228"><u></u><u></u></span></p><span class="">
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959"><u></u> <u></u></span></p>
<p class="MsoNormal"><b><span>From:</span></b><span> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.<wbr>com</a> [mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.<wbr>wsbarppt.com</a>]
<b>On Behalf Of </b>Julie Martiniello<br>
<b>Sent:</b> Tuesday, January 23, 2018 11:37 AM<br>
<b>To:</b> Trust and Probate Section <<a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] Delaware Statutory Trusts<u></u><u></u></span></p>
<p class="MsoNormal"><u></u> <u></u></p>
</span><div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
Is anyone well versed on DSTs? I have some clients doing 1031 exchanges and using these and my questions is: Is the DST included in their WA taxable estate?<u></u><u></u></p><div><div class="h5">
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<u></u> <u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
Essentially, the trust owns real property all over the US, sometimes in WA, and it is not really a liquid assets- as there are many restrictions on transfer etc. If the DST they invest owns property located out of WA, then does that amount get apportioned?<u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<u></u> <u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
My gut says it gets apportioned, but I would love to here from someone with real life knowledge on this! <u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<u></u> <u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
TIA<br>
-- <u></u><u></u></p>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#666666">Respectfully,</span><span style="font-size:9.5pt;color:#222222"><u></u><u></u></span></p>
</div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<span style="font-size:10.0pt;color:#666666"><br>
</span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#666666">J</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#666666">ULIE</span><span style="font-size:7.5pt;color:#666666"> </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#666666">A. M</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#666666">ARTINIELLO</span><span style="font-size:13.5pt;color:#666666"> |</span><span style="font-size:13.5pt;color:#888888"> </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#888888">P</span><span style="font-size:7.5pt;color:#666666">ARTNER<wbr> </span><span style="font-size:13.5pt;color:#666666">| </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#666666">D</span><span style="font-size:7.5pt;color:#666666">IMENSION </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#666666">L</span><span style="font-size:7.5pt;color:#888888">AW</span><span style="font-size:13.5pt;color:#666666"> </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#666666">G</span><span style="font-size:7.5pt;color:#888888">ROUP</span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#666666"> </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;color:#888888">P</span><span style="font-size:7.5pt;color:#666666">LLC </span><span style="font-size:9.5pt;color:#222222"><br>
</span><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#666666">130 Andover Park East, Suite 300 | Tukwila, WA 98188</span><span style="font-size:9.5pt;color:#222222"><u></u><u></u></span></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#3d85c6">t: <u><a href="tel:(206)%20973-3500" value="+12069733500" target="_blank">206.973.3500</a> </u>| f: <u><a href="tel:(206)%20577-5090" value="+12065775090" target="_blank">206.577.5090</a></u>| e:</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#3d85c6"> <a href="mailto:JULIE@dimensionlaw.com%7C" target="_blank">JULIE<span style="font-size:10.0pt">@<wbr>dimensionlaw.com|</span></a></span><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#888888"> </span><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#3d85c6"><a href="http://www.dimensionlaw.com/" target="_blank"><span style="color:#1155cc">www.<wbr>dimensionlaw.com</span></a></span><span style="font-size:9.5pt;color:#222222"><u></u><u></u></span></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<span style="font-size:9.5pt;color:#222222"><u></u> <u></u></span></p>
</div>
</div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<b><i><u><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#666666">PLEASE NOTE OUR NEW ADDRESS</span></u></i></b><u></u><u></u></p>
</div>
<div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<u></u> <u></u></p>
</div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#3d85c6">PRIVILEGED AND CONFIDENTIAL:</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#0b5394"> </span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#666666">This
e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the
intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at
the e-mail address below; and destroy all paper and electronic copies.</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#888888"> </span><u></u><u></u></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div></div></div>
<p class="MsoNormal" style="margin-bottom:6.0pt;line-height:13.0pt">
<br><span class="">
<span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#3d85c6;background:white">PRIVILEGED AND CONFIDENTIAL:</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#0b5394;background:white"> </span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:gray;background:white">This
e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the
intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. Attempts to intercept this message are in violation of 18 USC 2511(1) of the Electronic Communications Privacy Act, which subjects the
interceptor to fines, imprisonment and/or civil damages. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at the e-mail address below; and destroy all paper and electronic copies. Any
settlement offer contained herein is made pursuant to Washington ER 408, and without admitting fault or liability on the part of this firm’s client(s) or its agents.</span><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222;background:white"> </span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:#4f81bd;background:white">IRS CIRCULAR 230
DISCLAIMER:</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:blue;background:white"> </span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:navy;background:white"> </span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;color:gray;background:white">To
ensure compliance with requirements imposed by the IRS, I inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under
the Internal Revenue Code; or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.
</span><u></u><u></u></span></p>
</div>
</div>
<br>______________________________<wbr>_________________<br>
WSBAPT mailing list<br>
<a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a><br>
<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt" rel="noreferrer" target="_blank">http://mailman.fsr.com/<wbr>mailman/listinfo/wsbapt</a><br></blockquote></div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div><div dir="ltr"><div dir="ltr"><div dir="ltr"><div><font><div><div style="color:rgb(136,136,136);font-size:13px"><div style="color:rgb(34,34,34);font-size:12.8px"><div style="font-size:12.8px"><span style="font-family:tahoma,sans-serif"><font size="2"><span style="color:rgb(102,102,102)"><span style="line-height:19.5px">Respectfully,</span></span></font><font color="#888888"><span style="color:rgb(102,102,102)"><span style="font-size:13.5pt"><b><font size="2"><br></font></b></span></span></font></span></div><font color="#888888" style="color:rgb(136,136,136);font-size:12.8px"><span style="color:rgb(102,102,102)"><span style="font-size:13.5pt"><font size="2"><br></font></span></span></font><font color="#888888" style="color:rgb(136,136,136);font-size:12.8px"><span style="color:rgb(102,102,102)"><span><font face="tahoma, sans-serif" size="4">J</font><font size="1"><font face="tahoma, sans-serif">ULIE</font> </font><span style="font-size:13.5pt;font-family:tahoma,sans-serif"><font size="4">A.</font></span><span style="font-family:tahoma,sans-serif"><span style="font-size:13.5pt"> </span><font style="font-size:13.5pt">M</font><font size="1">ARTINIELLO</font></span><span style="font-size:13.5pt"> |</span><font color="#888888" style="font-size:13.5pt"> </font></span></span></font><span style="color:rgb(102,102,102);font-size:18px;font-family:tahoma,sans-serif"><font color="#888888" size="4">P</font></span><font size="1" style="color:rgb(102,102,102)">ARTNER </font><font color="#888888" style="color:rgb(136,136,136);font-size:12.8px"><span style="color:rgb(102,102,102)"><span><span style="font-size:13.5pt">|</span><font style="font-size:13.5pt"> <span style="font-family:tahoma,sans-serif">D</span></font><font size="1">IMENSION </font><span style="font-size:13.5pt;font-family:tahoma,sans-serif"><font size="4">L</font></span><font color="#888888" size="1">AW</font><font style="font-size:13.5pt"> <span style="font-family:tahoma,sans-serif">G</span></font><font color="#888888" size="1">ROUP</font><span style="font-size:13.5pt;font-family:tahoma,sans-serif"><font size="4"> <font color="#888888" size="4">P</font></font></span><font size="1">LLC </font></span></span><span style="color:rgb(31,73,125);font-size:13px"></span></font><span><br style="font-size:12.8px"><font color="#888888" style="color:rgb(136,136,136);font-size:12.8px"><span style="color:rgb(31,73,125);font-size:13px"></span><font size="2"><span style="color:rgb(31,73,125)"><span style="color:rgb(102,102,102)"></span></span></font></font><font style="font-size:13px"><span style="font-family:tahoma,sans-serif"><span style="color:rgb(102,102,102)">130 Andover Park East, Suite 300 | Tukwila, WA 9</span><span style="color:rgb(102,102,102)">8188</span></span></font></span></div><div style="color:rgb(34,34,34);font-size:12.8px"><font color="#888888" style="color:rgb(136,136,136);font-size:12.8px"><span style="font-family:tahoma,sans-serif"><span style="color:rgb(102,102,102)"><span style="line-height:19.5px"><span style="color:rgb(255,0,0)"><span style="color:rgb(246,178,107)"><font color="#888888" style="font-size:13px"><font size="1"><span style="color:rgb(31,73,125)"><font size="2"><span style="color:rgb(61,133,198)">t: <u><a value="+12063891643" style="color:rgb(34,34,34)">206.973.3500 </a></u>| f: <u><a value="+12063891708" style="color:rgb(34,34,34)">206.577.5090</a></u>| </span></font></span></font></font><span style="color:rgb(61,133,198)"><span><span><span style="font-size:13px">e:</span><font size="1"> JULIE</font><u style="font-size:13px"><a value="+12063891708" style="color:rgb(34,34,34)">@dimensionlaw.com</a></u></span></span><span style="font-size:13px">|<font color="#888888"> </font><a href="http://www.dimensionlaw.com/" style="color:rgb(17,85,204)" target="_blank">www.dimensionlaw.com</a></span></span></span></span></span></span></span></font></div><div style="color:rgb(34,34,34);font-size:12.8px"><font color="#888888" style="color:rgb(136,136,136);font-size:12.8px"><span style="font-family:tahoma,sans-serif"><span style="color:rgb(102,102,102)"><span style="line-height:19.5px"><span style="color:rgb(255,0,0)"><span style="color:rgb(246,178,107)"><span style="color:rgb(61,133,198)"><br></span></span></span></span></span></span></font></div></div><span style="font-family:tahoma,sans-serif"><span style="line-height:19.5px"><i><font color="#666666" size="2"><b><u>PLEASE NOTE OUR NEW ADDRESS</u></b></font></i></span></span></div><div><span style="font-family:tahoma,sans-serif"><span style="line-height:19.5px"><i><font color="#666666" size="2"><b><u><br></u></b></font></i></span></span></div></font><span style="color:rgb(136,136,136);font-size:12.8px;font-family:georgia,serif"><span style="font-family:tahoma,sans-serif"><span style="color:rgb(102,102,102)"><span style="font-size:10pt"></span><span style="font-size:10pt"></span><span style="font-size:10pt"></span></span></span><span style="font-family:tahoma,sans-serif"><font size="1"><span style="color:rgb(11,83,148)"><span style="color:rgb(61,133,198)">PRIVILEGED AND CONFIDENTIAL:</span> </span><span style="color:rgb(102,102,102)">This e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at the e-mail address below; and destroy all paper and electronic copies.</span> </font></span></span></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
</div>
<br>
<span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:rgb(61,133,198)">PRIVILEGED AND CONFIDENTIAL:</span><span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:rgb(11,83,148)"> </span><span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:gray">This e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. Attempts to intercept this message are in violation of 18 USC 2511(1) of the Electronic Communications Privacy Act, which subjects the interceptor to fines, imprisonment and/or civil damages. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at the e-mail address below; and destroy all paper and electronic copies. Any settlement offer contained herein is made pursuant to Washington ER 408, and without admitting fault or liability on the part of this firm’s client(s) or its agents.</span><font style="color:rgb(34,34,34);font-size:12.8px;font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255)" face="Arial, sans-serif"><span style="font-size:16px"> </span></font><span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:rgb(79,129,189)">IRS CIRCULAR 230 DISCLAIMER:</span><span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:blue"> </span><span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:navy"> </span><span style="font-style:normal;font-weight:normal;letter-spacing:normal;text-align:start;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;background-color:rgb(255,255,255);font-size:7.5pt;font-family:Tahoma,sans-serif;color:gray">To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code; or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein. <br></span>