Quote:
Originally Posted by Goldwingnut
In a nutshell, as I understand it from all my reading, the VCCCD issued tax free bonds, the problem was basically that the VCCDD is a commercial entity as it represented all the landowners (one - the developer) that are all businesses, so the tax-free bonds were issued to further businesses and not a community/municipality. The IRS and the cdd went back and forth for several years before finally coming to an agreement and ending the issue. Obviously, it is much more complex and confusing than this and there are a lot of salient facts that I've left out, but you get the general idea.
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That B the nutshell. Nicely done.
The bonds were issued in "the gray area" of tax law.
Advisors play in the gray area and the tax payor determines if they want to play or not.
Calculated risk.
