[EdV]

Stop the presses, the end game on this matter may be sooner than we thought.

In the past, I and other posters on this subject have speculated that the Developer/VCCDD might challenge this all the way through the Tax Court(s), or even higher.

But it turns out that the Tax Court path is an option available only to a challenging tax payer. But in this case the VCCDD is not a taxpayer but a Tax-free Muni Bond issuer and it’s next and apparently last recourse at this point is an appeal to the IRS Office of Appeals with a final challenge to the ruling issued in the May 30 letter from the IRS.

A settlement agreement between the VCCDD and the IRS could well be reached in a year or less.

I’ll have more to say on that shortly but wanted to get this info posted.