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Originally Posted by collie1228
Although I am very concerned about the IRS issue as it could keep me from buying when I plan to next year, I agree with Russ and don't see where the developer has an obligation to disclose anything - yet. As I understand it, the IRS sent three "Notices of Proposed Issues" in January 2009 challenging the tax-exempt status of the bonds. While there has been some exchange of information between the IRS and the issuer of the bonds, to my knowledge there hasn't been any formal accusations; only an offer by the IRS to settle, which the CDD rejected. If the IRS takes the issue to tax court (or to whatever formal venue the next step would would be), then there probably should be some disclosures made to prospective buyers. But not yet.
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there hasn't been any formal accusations; only an offer by the IRS to settle
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What?
Is that like saying you are going to jail for 5 years and by the way you are not accused of anything?
I give up, I’m going back to studying porn.