Quote:
Originally Posted by graciegirl
So many get BONDS confused gere and it isn't a simple issue. Some people think that the developer is being investigated for not paying their bills to the IRS which is far from the truth. I think the Morse's challenged the IRS in order to keep the concept of a CDD government alive. I am all for that.
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Really, it's "far from the truth" that Morse was being challenged by the IRS for not paying taxes and he was really trying to keep the CDD concept alive? Amazing!
Morse issued $426 million in bonds, so he could use other peoples money to build the Villages, not his own which many of the uniformed believe, which the CDD concept allows. When he issued the bonds he declared they were tax free bonds and the $955 million profit he made on issuing the "tax free" bonds didn't require him to pay any income tax. The allegation the bonds were tax free is exactly what the IRS is challenging and Morse is challenging that allegation and using our amenity fees to pay his attorneys.
Here's a link to actual facts versus just made up TOTV "facts".
Billionaire Morse