Quote:
Originally Posted by Indydealmaker
To the best of my knowledge the IRS has never sued a CDD in Florida based upon this interpretation of their statute. That is what at issue here. Virtually, just an opinion. If it was just you and I, we would agree to disagree and go our own way, but the IRS is the 700 pound gorilla and they just won't compromise.
It would be interesting to see if the IRS targeting scandal will come into play on this since Morse is a well known conservative.
Worst case scenario is less than $5,000/house. Big dent in my Johnnie Walk Black budget!
|
I doubt anything big will ever come from this issue. Its been in litigation for a long time and Morse has enough lawyers to keep this going forever. The IRS argument is that the Developer did not follow the regulation as to how you structure the CDD to allow you to issue Tax Free Bonds. The developer benefitted directly from the running of the CDD. This is how I understand the problem. What that means in relationship to the bonds and the fines that may follows who knows.