Quote:
Originally Posted by EdV
First of all, it’s VCCDD not VCDD but aside from that you have misunderstood the IRS position as it now stands.
The VCCDD is a local, special purpose government under Florida law. That law includes the ability of the VCCDD to issue municipal bonds but not necessarily federally tax free municipal bonds.
It is the IRS current position that the VCCDD did not meet the IRS criteria for issuing those tax free bonds. So regardless of the final IRS outcome, the VCCDD would continue to exist as a local, special purpose government.
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So what is the potential burden should the IRS win their case? Just curious.