[graciegirl]

Originally Posted by rubicon

What we do know is that the IRS filed a Notice in January 2009 making inquiry concerning tax free bonds issued March 31, 2003 to Village Center Community Development District to make purchases of facilities and streams of income from the Villages Lake/Sumter, Inc (Developer) challenging both the status of said bonds as qualified for tax free status and also questioning the matter and methods of appraisal of said products and the stream of income. What we do know is that both the VCCDD and the Developer have denied such allegations and have been in an ongoing battle with the IRS from said filing date. What we do know is that all income from the district emanates from its residents and hence there is great concern/interest in this dispute as to its outcome. What we do know is that the IRS has been adamant and determined in its pursuit of this matter. What we do know is that information is provided by the VHA or POA .

However what we do not know is that if the information provided by the VHA or the POA is in total an accounting of what is actually taking place as is received by them. In otherwords are they getting the full story? Also how much of a lag of time exists from negotiations until results are reported to the residents?

What we don't fully know is why the IRS continues in its pursuit of this March 31, 2003 transaction nor the consequences if the IRS prevails?

Personally, a brow furrows when a resident dismisses this issue out of hand. Certainly cooler heads prevail but this is one issue where it behooves us all to have our heads in the game.

I opine others can decide.

Rubicon. Excellent post.

We will probably be moving to The Village of Heavenly before this is resolved.

I agree with Russ.

[ilovetv]

It's good to be informed and aware of this ongoing matter that seems to have produced nothing conclusive so far.

However, scaring away newcomers and buyers with talk that is pure conjecture is not good for all of us homeowners' position here, either.

[Bogie Shooter]

No new information. Just another opinion.

[rubicon]

There goes that furrowed brow again. Hmmmmmmmmmmmmmm

[buggyone]

Rubicon, my old buddy, I am sure everyone realizes that the Morse family has many lawyers (highly paid for their skills) on their side. The IRS has lawyers that are adequately paid in terms of government pay (area of $115,000) per year but not skilled enough to be in high demand by big corporations.

No matter which side prevails, the other side will appeal and it will keep being appealed until we are playing golf among the clouds.

[iaudit]

Originally Posted by buggyone

Rubicon, my old buddy, I am sure everyone realizes that the Morse family has many lawyers (highly paid for their skills) on their side. The IRS has lawyers that are adequately paid in terms of government pay (area of $115,000) per year but not skilled enough to be in high demand by big corporations.

No matter which side prevails, the other side will appeal and it will keep being appealed until we are playing golf among the clouds.

Unfortunately, Morse is not paying for the lawyers. It is being funded by the central districts which get there money from our amenity fees.

[The Shadow]

About the appeals going on forever, could happen but it looks to me like a settlement happens before an appeal is make.

District Court and Court of
Federal Claims
If your claim is for a refund of any type of tax,
you may take your case to your United States
District Court or to the United States Court of
Federal Claims. Certain types of cases, such as
those involving some employment tax issues or
manufacturers’ excise taxes, can be heard only
by these courts.
Generally, your District Court and the Court of
Federal Claims hear tax cases only after you have
paid the tax and filed a claim for refund with the
IRS. You can get information about procedures
for filing suit in either court by contacting the
Clerk of your District Court or the Clerk of the
Court of Federal Claims.
If you file a formal refund claim with the IRS, and
we haven’t responded to you on your claim within
6 months from the date you filed it, you may file
suit for a refund immediately in your District Court
or the Court of Federal Claims. If we send you a
letter that proposes disallowing or disallows your
claim, you may request Appeals review of the
disallowance. If you wish to file a refund suit,
you must file your suit no later than 2 years
from the date of our notice of claim disallowance
letter.
Note: Appeals review of a disallowed claim
doesn’t extend the 2 year period for filing
suit. However, it may be extended by
mutual agreement.

http://www.irs.gov/pub/irs-pdf/p5.pdf

[Advogado]

Originally Posted by iaudit

Unfortunately, Morse is not paying for the lawyers. It is being funded by the central districts which get there money from our amenity fees.

You are correct. Do you know what the total amount of the attorney fees, to date, is?

[EdV]

Originally Posted by graciegirl

....We will probably be moving to The Village of Heavenly before this is resolved.

I agree with Russ.

Actually, GG I believe you’re right. When this whole thing started a couple of years ago, the IRS agent proposed a settlement option, but it was rejected outright by Morse & company. This was even in the face of the agent saying that if his settlement option wasn’t accepted, other bonds in question would be brought into the fray, which they in fact were.

So it’s clear to me that Morse is ready to ride this out to the end and neither side will budge. With the amount of money involved so large, it will have to go all the way to the US tax court to be settled by legions of tax accountants and attorneys from both sides of fracas, which usually takes years.

And I agree with you and Russ that it’s just not worth worrying about. TV is clearly too successful for that.

[eweissenbach]

[QUOTE=EdVinMass;531887]Actually, GG I believe you’re right. When this whole thing started a couple of years ago, the IRS agent proposed a settlement option, but it was rejected outright by Morse & company. This was even in the face of the agent saying that if his settlement option wasn’t accepted, other bonds in question would be brought into the fray, which they in fact were.

So it’s clear to me that Morse is ready to ride this out to the end and neither side will budge. With the amount of money involved so large, it will have to go all the way to the US tax court to be settled by legions of tax accountants and attorneys from both sides of fracas, which usually takes years.

And I agree with you and Russ that it’s just not worth worrying about. TV is clearly too successful for that.[/QUOTE]

Especially if you are viewing it from Stonecrest!

[EdV]

Originally Posted by eweissenbach

[...Especially if you are viewing it from Stonecrest!

I was directing my comments to my many friends in TV.

[eweissenbach]

Originally Posted by EdVinMass

I was directing my comments to my many friends in TV.

Just joking around with you Ed

[EdV]

Originally Posted by eweissenbach

Just joking around with you Ed

Good to know Coach, because it’s been getting a little antagonistic around here lately for a next door neighbor who just wants to help with anything that happens around and about The Villages.