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Originally Posted by Jim 9922
You are "spot on" for all three statements! Unfortunately the world is full of armchair legal and tax experts who seem to know a little something about everything.
In reality the IRS has issued a ruling in its investigation. There is an informal and formal appeal process and eventually a legal contention process which is available to the taxpayer before a tax case must finally be settled. Given the dollars involved, now and in the future, the possible ramifications to other CDD's, and financial strength and smarts of our Developer and his tax lawyers, I assume that this case and its outcome has a long way to go before it is settled in some negotiated way.
It took the IRS many years and a few different Agents to finally come up with a ruling. With all that, I am sure there are more than a few points of contention which will be used in the appeal process and settlement process if it comes to that.
Given the size and scope of this investigation I assume we, the public, are aware of less than one percent of all the important facts and issues. To predict an outcome at this stage is about as valid or useful as running around yelling " the sky is falling, the sky is falling".  |
I have never predicted an outcome (and I am not sure that anyone, including the involved parties, can with any degree of certainty), and I have never said that the sky is falling. Nevertheless, I and a number of other people are, thanks to Florida's Freedom of Information Law, aware of considerably more than the "one percent of all the important facts" that you mention. If you are interested in learning more, or are feeling particularly masochistic, go to districtgov.org and click on IRS updates and start reading.