So based on the link provided and after several cups of coffee to read through the Lawyerieezee. Here's the bottom line:
Between 1993 and 2004 Morse via the district issued $426 Million in what were supposed to be Tax Free Bonds. Lots of owners of the bonds.
The IRS says that Mr. Morse, clan, and friends were in total control and manipulated the district so as to stay in total control of the development. Something the IRS says is not how it should work. Because of this the IRS says NO NO on the tax free part and taxes should have been paid and they want their money.
The district says no we do not owe you taxes and we want relief under some lawyereezze section of the IRS code.
The IRS says that's not correct make your argument and we will pass it up the food chain for a decision.
I want to be one of the lawyers as they are getting super rich spending tax dollars and a billionaires dollars in fees.
So bottom line the district will be given relief or some one is going to pay the taxes on the interest paid from 1993 to 2004 for $426 Million in bonds.
I'm going back to my Jack and Coke my head hurts......
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