TV and recent IRS Ruling
 

I recently read a short but seemingly credible statement in Florida Trend Magazine which addressed TV's legal battle with IRS ref tax exempt bonds. The statement noted "after a five year invesitgation, the federal IRS ruled in June 2013 that The Villages improperly issued tax-exempt bonds that helped finance development...taxes may now be owed on the $364million in bonds issued by community development districts for The Villages.

So, I guess my question is what will happen next?

Will TV residents end up paying the penalties or higher fees which are not transparent to residents?

Will the TV Developer completely be responsible for all IRS fees and penalties?

I welcome your thoughts, opinions and inside information right after you have your morning coffee, play golf, swim, eat lunch, and rest your eyes..:clap2:

Welcome to you.

See The Villages Voice for a very clear explanation.

Also see http://www.poa4us.org/bulletins_file...etin201308.pdf and earlier issues of the POA bulletin.

Here is an apparent quote from a knowledgeable source. You can decide which option you think is the most likely.

"I’m concerned that the IRS appears to be making new law through an enforcement process” … “options include getting the IRS to change the decision or asking bondholders to pay the taxes” … “Village Center Community Development District could try to settle the case but that could result in an expense that may ultimately be paid by area residents.”
-Perry Israel (Bond attorney representing the district)

Your answer will be found on any one or more of these threads..........enjoy!


https://www.talkofthevillages.com/fo...igation-79482/
https://www.talkofthevillages.com/fo...-issues-74539/
https://www.talkofthevillages.com/fo...d-issue-72635/
https://www.talkofthevillages.com/fo...wer-irs-70454/
https://www.talkofthevillages.com/fo...e-bonds-36324/
https://www.talkofthevillages.com/fo...ion-irs-63371/
https://www.talkofthevillages.com/fo...igation-40713/
https://www.talkofthevillages.com/fo...allenge-53568/[/QUOTE]

In reading the Villages Voice, published by the VHA, you should be aware of the Developer's sponsorship and subsidization of that organization. With respect to Kass's article, which is cited above, here is a POA article about his conflict of interest: MONTHLY POA BULLETIN. Look under "Cheers and Jeers". Kass's article is essentially a recap of the arguments made by the Developer's attorney. It is full of hope and short of objectivity.

To answer the question: No one on this forum has any real clue to the answers to your questions. But that want stop anyone from presenting their OPINION. Just know that's what you're getting.

Your post is not entirely clear. Are you quoting Perry Israel as saying: “Village Center Community Development District could try to settle the case but that could result in an expense that may ultimately be paid by area residents.”?
If so, where did he say it and what is the full quote? Frankly, I doubt that he said it-- at least I hope he didn't. For him to do so would be absolutely outrageous, and it is something that the VCCDD, the VHA, the Daily Sun, and Janet Tutt have been denying all along.

I am skeptical about the way this thread was started and how it is going..

I often wonder when some questions are posed, what the reasons are and what or whom the poster represents. Especially when a new poster has something inflammatory to say.

I have been reading this forum diligently for many years, I almost always can sense when something is different or suspicious.

Most recently here BREAKING: IRS Rules Against The Villages

But I have seen it mentioned in other articles in the past.

Gracie

Personally I think I am the last person you should be suspicious of. I recently retired from 41 years in the Department of Defense, the last 15 in the Pentagon in the Office of the Secretary. I will be renting long-term in The Villages staring in April looking for a possible home to stay in permanently. I have been to The Villages twice before on short stays and found the residents to be wonderful. If you would like to meet me I would be happy to dispel your concerns.

If Israel, who is really doing the Developer's bidding here since the Developer controls the VCCDD, is thinking about sticking residents with the cost of a settlement, he is ignoring the fact that, if that were to happen, there would certainly be another class action against the Developer. It would be one which I believe the Developer would ultimately lose, as he did the prior one. Also, if the quote you cite is accurate, it indicates that some of the defenders of the Developer in the forum may want to rethink their views.

I'm impressed......................

By the time this is all resolved most of us won't need to worry About it. ;)

There is no doubt in my mind there would be a class action lawsuit, and rightly deserved.