[graciegirl]

Originally Posted by rubicon

What we do know is that the IRS filed a Notice in January 2009 making inquiry concerning tax free bonds issued March 31, 2003 to Village Center Community Development District to make purchases of facilities and streams of income from the Villages Lake/Sumter, Inc (Developer) challenging both the status of said bonds as qualified for tax free status and also questioning the matter and methods of appraisal of said products and the stream of income. What we do know is that both the VCCDD and the Developer have denied such allegations and have been in an ongoing battle with the IRS from said filing date. What we do know is that all income from the district emanates from its residents and hence there is great concern/interest in this dispute as to its outcome. What we do know is that the IRS has been adamant and determined in its pursuit of this matter. What we do know is that information is provided by the VHA or POA .

However what we do not know is that if the information provided by the VHA or the POA is in total an accounting of what is actually taking place as is received by them. In otherwords are they getting the full story? Also how much of a lag of time exists from negotiations until results are reported to the residents?

What we don't fully know is why the IRS continues in its pursuit of this March 31, 2003 transaction nor the consequences if the IRS prevails?

Personally, a brow furrows when a resident dismisses this issue out of hand. Certainly cooler heads prevail but this is one issue where it behooves us all to have our heads in the game.

I opine others can decide.

Rubicon. Excellent post.

We will probably be moving to The Village of Heavenly before this is resolved.

I agree with Russ.