Quote:
Originally Posted by Mr.Kris
Wish I could explain it, but I'm a spectator like the rest of the residents and all I have is an opinion, not professional advice. And all I have been asking for is others informed opinion.
My personal opinion is: (1) The IRS has a compelling position and it does not appear the IRS will let this go. (2) If the IRS prevails, see opinion number 1, someone will have to pay and that someone, and amount, has not been determined yet, only the issue of taxable/tax exempt has been addressed so far. (3) Everyone is in the mix for liability regarding taxes on these bonds, i.e. the holders of the bonds, the issuer/developer, and the residents. It appears to be a spider web of responsibilities. (4) I will live long enough that the results may, see opinion number 3, affect me. Remember, I said this is my personal opinion. I'm along for the ride like everyone else. And "what a long strange trip it's been."
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With respect to your item 3, if you have not yet read it, you should take a look at the POA's explanation of how the IRS investigation
could impact residents:
http://poa4us.org/bulletins_files/bulletin200908.pdf Although the article was written over 5 years ago, I believe that the analysis remains valid. Subsequent POA Bulletins have given residents updates on major developments. The Daily Sun's reporting, or lack thereof, on the matter has been disgraceful.