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Originally Posted by 2BNTV
Today's DS front page article, the CDD wins the long running dispute with the IRS.
1. IRS charge the CCD overpaid the developer for recreation amenities north of 466.
Ruling was the CDD actually underpaid for the facilities with the developer getting less than market value.
2.The CDD lacked jurisdiction as a Florida subdivision to issue tax exempt bonds.
Ruling was CDD solidified it's authority, under state law.
3. IRS claimed the manner in which the recreational facilities were operated made them taxable. The IRS issued an offer to settle the remaining question for 1.5 million dollars. The Village Center supervisors unanimously refused that settlement at a November, 2015 meeting. Supervisor Gary Moyer stated at the time, "The IRS still fails to understand some of the most basic facts of how our community works.
The IRS is closing the examination with no penalty.
I for one was never worried this IRS examination would severely impact the decision to buy here. I am sure that some people felt this was a large dark cloud hanging over TV.
I wonder if Lauren Richie will report this objectively now that the IRS has lost. I am also sure someone will complain that a lot of our money was spent fighting this issue.
As the kids say, "it is, what it is".
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The silence from the conspiracy theorists will be ---silence. Audits are a valuable tool for legitimate purposes, but they can be used to persecute! IMHO this was one of times.