Quote:
Originally Posted by kentucky blue
Gracie,unfortunately it never did sound hopeful.Some of us researched this situation like it was a final exam in college.Our conclusion was the Morse family will not win the tax exempt status,but will have to reach a settlement at some point.The IRS is not going away,and all the legal maneuvering by the Morse family lawyers will not discourage them.By the way,do you know who has been paying the legal fees to fight the IRS over all these years.........................???????????
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Good point KB - yes, we the homeowners have ended up paying the legal fees. I assume at some point if the decision goes against the Morses, there may be another class action lawsuit against them to recoup any losses that residents have or will incur. For those that are not familiar with the IRS lawsuit, it contends that the districts that issued the bonds don't meet the test of a genuine "political subdivision." Its governing board isn't chosen by residents, it has no authority to exercise police power and its power to take private property for public projects is very limited.
The IRS contends that the districts' governing boards are controlled by The Villages developer, Gary Morse, and their bond sales have benefited him, not residents.
