Talk of The Villages Florida - View Single Post - I.R.S. Rules Against The Villages
Thread: I.R.S. Rules Against The Villages
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Old 06-06-2013, 10:16 PM
bmarlo767 bmarlo767 is offline
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Quote:
Originally Posted by janmcn View Post
Everybody talks about what a genius Gary Morse is for creating such a wonderful development. Did it not ever occur to him over the past decade or more that what he was doing was not legal in the eyes of the IRS? How did he reconcile this in his mind?

It seems that this is economics 101, that you can't use tax-free bonds in a profit making enterprise.
The reason to issue tax free bonds is so Someone can make money.