According to the article, if the facts are correct, the IRS appraisal states that the Cdd's underpaid the developer for the assets that were purchased.
The IRS had pretty much hung its hat on the fact that the CDD'S had in fact paid an inflated price to the developer because the developer controlled the CDD's and it was not an arms length transaction. The IRS appraisal Knocks a leg out of that argument.
It will be interesting to see if Lauren Ritchie has anything say about this appraisal.
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