Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#61
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And that is the $64,000 question. It's easy to have an opinion one way or other (although most do not want the IRS to prevail) when you don't have any "skin in the game", but it's a whole different story when you do!
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Mike W Racine, WI Elk River, MN not there yet, but we're working on it - The Villages, FL |
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#62
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#63
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Although I attended a welcome to the Villages VCDD meeting in January, I am thinking about attending the Wednesday 8 A.M. VCDD questions and answers session this coming Wednesday as I will be down in The Villages that week.
I am still not clear on the relationship of the VCCDD to the VCDD with the use of all of the interlocal agreements. Who controls whom and by the way who controls the VCCDD? These relationships seem to have a bearing on the IRS case. I will also ask for copies of the Exhibits or attachments to the IRS 5701 Notice of Proposed Issue which I can’t find on the VCDD web site. The Notice of Proposed Issue by the IRS gave me an interesting historical overview of the interworking’s of the Villages. The accuracy of that view by the IRS may also have a bearing on the case. Last edited by twoplanekid; 02-05-2015 at 04:26 PM. |
#64
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As I recall, there are some inaccuracies in the IRS "history" of The Villages. For example, the history indicates that the gates keep nonresidents out. In fact, the roads are public and the gates are merely to slow down traffic and provide security by photographing license plates and drivers. While I have some views on the matter, I have never spent a lot of time analyzing the respective merits of the IRS's position versus that of the Developer/Center Districts. The controversy is complicated, and our views on the merits don't really matter. What matters is the potential effect on us Villagers if the IRS sustains its position. This is because that will be a situation where our interests are in direct conflict with those of the Developer. I.e., Somebody will have to bear the resulting costs, and who will it be? Ultimately, the costs should fall on the Developer, but it could take a protracted and costly legal battle to make that happen. So, let's root for a Developer victory or that the IRS simply bans future use of tax-exempt financing by the Center Districts. (Although our amenity fees are currently being diverted to finance the defense of the Developer's actions, so far this diversion does not seem to have impacted the level of our amenities. Thus, I guess we cannot complain-- yet.) |
#65
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The IRS does not announce audits on large corporations, because they have auditors that are in almost constant contact with their Tax departments. On top of that public corporations have private auditors that are constantly monitoring what is going on. I have worked in several such corporations - believe me, the IRS is inside all the time. Not sure where you got that opinion, but it is not correct. Sounds a little like Union propaganda
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#66
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#67
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There is a summary and update in the latest POA Bulletin. If you missed it, it is available at poa4us.org
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#68
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For those of you who are interested in the future of the amenity system: The POA article is already outdated. Go to districtgov.org to see the VCCDD response to IRS.
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#69
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Just discovered that the POA article is already outdated. For those of you interested in the future of the amenity system, go to districtgov.org and click on IRS.
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#70
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When the Villages attorney (our attorney) says this in his arguments, I am not sure that his position or statements are correct.
************* Clearly, there is substantial use of the Amenities Facilities not only by residents but also by persons who live outside the boundaries of the Center District and the numbered residential districts. If it were important for tax purposes that nonresidents use the Amenities Facilities for them to be treated as available to the general public (which is not a requirement in the regulations), it is obvious that the number of non-residents who use the Amenities Facilities is more than substantial. While it may be impossible to identify with accuracy the actual number of people that use the Amenities Facilities each year, between golf, swimmers, exercise classes, team sports, tournaments, clubs, and on and on and on, let's roughly say that there are maybe 20 See Rev. Rul. 98-47 (stating that making rental units in a complex available to all persons ofretirement age results in the complex being treated as available to the general public). 21 As pointed out above, there is a turnover of approximately 5% in The Villages in each year. B-11 500,000 or maybe 1,000,000 users of Amenities Facilities each year.22 These users of the Amenity Facilities are the general public. Without any doubt, the Amenities Facilities are used by the general public. V. The Center D **************** Is this true? |
#71
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Interesting 2012 article on the Villages by BloombergBusiness that includes another view of the IRS problem.
Billionaire Morse Behind Curtain at Villages - Bloomberg Business How accurate is it? |
#72
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The article doesn't delve very deeply into the technical tax issues, but it is interesting reading and tries to provide some broad brush number crunching.
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Don't take life too seriously, it's not like you're going to get out alive!!! |
#73
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Closed Thread |
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