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Meanwhile, an IRS appraiser from Palm Beach County came tocalculate the value of what the district bought from the developer with the bond money. Part of the dispute involves the IRS contention is that the developer made as much as 700 percent profit, which Servadio said would never have happened if the developer hadn't controlled the district.
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One thing that she gets wrong. The residents north of 466 did not buy the hard assets (rec centers, executive courses) from the Developer. They bought the ability to collect $135 (or so) per month from the residents. The fair market value is simply the net present value of that flow of money. I guess that even the IRS does not understand that. Ms. Ritchie certinaly doesn't.
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Last edited by Number 6; 09-02-2010 at 01:11 PM.
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