Quote:
Originally Posted by bimmertl
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 |
The bonds were not issued by Morse, but by the VCCDD. The Villages contention is that the VCCDD is a governmental authority with the ability to issue tax free bonds. The bonds were not only not issued by the Morse family, but were used by the VCCDD to purchase assets from the developer. The stream of money from amenity fees were used in developing the value of the purchased assets.