Quote:
Originally Posted by Bryan
The tax exempt status of all the (unearned?) profit for the Developer is what the IRS case is all about, but only a prepherial issue to most residents.
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Ok I see - If the IRS rules and says that they are not tax exempt then the devolper (who reaped the profit) is liable for the taxation not the homeowners. Of course this could impact future turnover of the centers since the cost may have to be increased to cover taxation.