Latest on IRS tax exempt bond issue
 

For those who are interested in reading, the latest publicly available communication between the VCCDD and the IRS is at http://districtgov.org/images/IRSupd...%205-21-14.pdf You may want to read it for yourself and form your own opinion before others explain it to you providing their slant.

As we say in the federal bureaucracy, BLUF - Bottom Line Up Front, the Office of Tax Exempt Bonds has denied the VCCDD request for relief. In response the VCCDD request is being forwarded to the appropriate IRS Associate Chief Counsel for consideration. It is unlikely, however, that the Associate Chief Counsel will have a different opinion since this issue would have most probably already been vetted at the Office of Chief Counsel.

My opinion is this is a sidebar, and minor issue, to the larger concern of the VCCDD issuance of bonds for the purchase of facilities. That's another discussion.

For those who want an unbiased, and unabashed, discussion I'm in Hemingway now. Stop by and we'll have a civil discourse.

Soooo.... What does that mean in laymen terms? Will it cistern TV'ers more $... HOA fees?

That is AFFECT (not Cistern) TV'gers?

There is no legal HOA in The Villages. We have amenity fees. Increases to amenity fees are contractually tied to inflation. We will all be dead before there is any resolution to this matter.

reads like another new IRS Agent putting her spin on the issue. Previous agents got reassigned................................

Oh no! We must prepare ourselves for another round of "The sky is falling" posts. Indydealmaker is right. We will all be dead before this is resolved so let's all worry about dog poop.

Apparently there are some posters who are not aware that this eight year long IRS investigation is going on, or that the district has paid close to one million dollars to the developer's attorney to protect the developer's bottom line.

Once again............don't worry about something that.................you cannot change.

Yes, it is expensive to defend against the IRS and the endless stream of partisan appointees, not elected officials, who investigate and write these opinions on what is said in the 74,000 pages of federal tax code.

Yes, it's 74,000 pages. And these are opinions being issued.

Quiz: How many pages are in the U.S. tax code? - CNNMoney

You can thank your Congress critter for the 74,000 pages. All the Tax Code does is restate all of the laws passed by that long winded body.

And what does this add to the resolution of this situation?

"Critter" is right.

Not really 74,000 pages. The "Tax Code" would be the actual law. Somewhere less than 3,000 pages. Still pretty hefty.

The bottom line is, yes, it is expensive to defend yourself when you've broken the law, as apparently The Villages has done with regard to tax law in this case. W'll have to wait and see how long the appeals can be stretched out. One would think that at some point, the appeals will end and the piper will have to be paid.

Apparently? Your opinion is noted.

I wonder if the OP of the sinkhole threads is aware of the IRS topic.

Oh God, don't get him started posting IRS threads. :cus:

:a20:

:bigbow:

Maybe the sink holes are caused by IRS moles undermining the District's legal position...

Well, gee. Being investigator, prosecutor, grand jury and judge, I guess you could wrap this all up by tomorrow, for free!

Maybe even land a Supreme Court appointment as compensation later!

93% of the time the feds win! the odds are not good for us! as long as morris is on our side with us paying the bill,,, this will just linger on, till the feds get more millions out us! thank u morris family! we luv paying ur bills!

Of course, you could always sell your house, make a nice profit, move away to a place where the "Morris" family will not irritate you, and be happy.

The topic is the latest update on the IRS bond issue.

Please address the topic and not each other.

so sorry to offend

Its not working.

I feel about this IRS/Bond subject the same as I did when I took my first really tough course at the College level. "Jim you are really in way over your head", I said to myself.

The difference: I had to deal with the subject matter many years ago but guess what---don't want to and don't have to now. Leave this to the attorneys----they are getting well paid to deal with this issue. FORE!

You don't have to deal with it, and frankly I don't want to think about it either. But what really bugs me is when people bury their head in the sand, and act like nothing is wrong, or spout some vitriol at those who are concerned. It has the potential for negative consequences to the residents, so to pretend nothing is wrong, seems like a real cop out to me. Sorry if that offends anyone, but we are all entitled to our opinions. Anything that might affect my lifestyle, or pocketbook, is going to get my scrutiny, and others have said the same. Pretending it doesn't exist, or just "trusting" the Morses, is just plain foolish in my book.

Well said, and it's important for prospective buyers to learn all they can about this investigation by doing a search on this forum or by doing a google search; IRS vs The Villages.

People have to do their own research. They won't hear anything about this from their salesperson or read about it in The Daily Sun.

My educated guess is that this will drag on thru years and years of appeals. Then once it is decided, if it goes against the district, whatever law firm wrote the opinion letter for the bond package will have at it with their insurance company. I suspect that most of us will be feeding worms before it is *finally* settled.

I thought MORRIS was a cat. Who is this "Morris" family of which you speak?

:ohdear::ohdear:

It's a common mistake. I've heard people refer to Morris Boulevard as well.

By people who live here???

What bugs me are people who worry about things they absolutely cannot control. I bought here a year and a half ago and knew about this situation and chose to go ahead anyway. Some may be in a different situation and bought before there was a problem. In any event, we have no control over it.

Researching this forum would be a huge mistake. There has been nothing but speculation. No data. Nor can there be. This is a case with zero precedent.

Yes!

Let's get back on topic or the thread will be closed.

OK. Back on point.

Not true. There is a ton of data here Village Community Development Districts Also, you may want to read Chp 190 of the Florida Statutes concerning the operation of CDDs.

The facts and figures are not in dispute. That was settled through the TAM process.

The issue is the application of law, regulation, and case history (precedent).

The VCCDD may eventually win, but it is clearly at a disadvantage considering the IRS/Treasury assisted in writing the laws, wrote/implemented the regulations, and participated in the case history.

Read the background and you can form your own opinion as I have.

Now is the time........................

I just love the snarky posts like this one , not. Luckily posters like this are in the minority. It really gives TOTV a bad name.