Thank you Buck.

:024::024::024:

Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz zzzzzzzzzzzzz.

Generally speaking if you look back at all of the posts that any particular posters have made, it tells a story of the way they feel about certain issues.

I often wonder why a person continues to live in this remarkable place and never misses a chance to be negative about it, the developer and the things the developer does.

On this forum and in my life here, I am not anonymous. I have had gatherings for TOTVrs at my home, as I am doing later this week for the women who have PMd me and I frequently attend luncheons at Crispers.

There are many people on this forum who know me and know me well.

Not so for the people who sometimes jab and run.

The topic of the thread is the IRS ruling. Please keep comments focused on that.

Moderator

Well said. Thank you.

The IRS investigation is the most important issue facing Villagers today and certainly worthy of discussion here. Yet it seems that whenever there is a new development and the topic is again raised here, some of the serial defenders of the developer launch a personal attack like: "If this is an issue, sell and move".

It is not a matter of "if" this is an issue. Anybody who understands the IRS investigation knows that it IS an issue, and Villagers should be able to discuss it here without being told to "move".

:agree:

It gets frustrating when one is trying to find some good information on the topic and has to weed through useless, childish bickering.

Thank you ! Well said.

We might as well say anything we want about the IRS investigation because NOBODY, repeat NOBODY on this forum has any clue as to the ultimate outcome or what, if any, impact there might be on the TV homeowner. It's all just guesses. Some will end up right and some will be wrong but it's all guesswork.

It is true that nobody knows for sure what the outcome will be, since this will be determined by the IRS, the Developer, and the Center Districts-- and maybe the courts.

It is not true that nobody has any clue as to what it might be or what the ultimate impact on the Villagers might be. This POA Bulletin, published back in 2009, lays things out pretty well: http://poa4us.org/bulletins_files/bulletin200908.pdf

Since that Bulletin was published and through the various stages of the examination process, the IRS has stuck to its position that the bonds are not tax exempt.

Just read the whole thing again. A lot of 'if this' then 'this'. The problem is we don't know what 'if this' IS. No one knows what the bottom line dollar amount that the average TVer will be impacted might be (if any). And no one will know until the dust settles. I do know one thing. Since 2009 an awful lot of new homes have been built and sold. And I would bet the majority of those buying had some limited knowledge of the IRS problem yet still purchased.

Let's remember that the bonds, even if bought back, can and will be resold again but not in a tax exempt fashion. So it's not like we are on the hook for much more than the penalty, difference in interest and back taxes. Am I correct in my reading of that?

To answer your question, if you define "penalty, difference in interest, and back taxes" broadly, I think that that would be the most that the Center Districts would be "on the hook" for. And that total could be a lot of money. Technically, "we", i.e., the Villagers, should not be "on the hook" for anything since the Center Districts cannot tax us.

The potential problem for us would be if that total were big enough so that the Center Districts, which own a big chunk of our amenity facilities, were left in a financial situation whereby the Center Districts could no longer provide the amenities. (Also remember that our amenity fees were pledged to secure repayment of the bonds and payment of the interest thereon.) In that case, you would be looking at a class-action lawsuit against the Developer, which could take some time to resolve.

It seems the only time I read posts from some posters they are bringing up the same issue which absolutely NO one has any more information on.

The developer can pay this bill easily. Why would he allow something that he has worked so hard to create and managed all details so carefully and perfectly, made it his life work, why would he allow it to be harmed? It was his gamble early on to not pay the smaller fee, thinking that his view was correct on tax exempt municipal bonds for a CDD form of government. Taking advice from very good lawyers I would guess to protect this form of managing and building and governing a very unusual place like ours is here.

I have to wonder why a poster would continue to harp on only ONE string?

What is it that would benefit them?

I wish that Edwin M. had NOT decided to leave this forum. He was good at saying what needed to be said.

But I am sure, even though nothing at this point can be added we will hear the same tune again.

I wonder. I wonder why.

Thanks.

IRS Issue
 

Agree completely with Gracie
Leave it be
Speculation without ANY real info is a total waste of time
Nothing can be done by all of us
We should not dwell on the issue
It will resolve itself in due time and I am trusting (with good reason)
That the developer will settle the issue properly
Move on

For those of you that have made the move to TV you have no options but wait and see what the outcome will be. For those of us that are considering, not only a financial investment, we have to think about the "what if's". This is something we have never done in the past, but find ourselves checking this thread to see if there are new developments. We're in PA and don't get a FL paper that can keep us informed. I'm not the only one on this form that is depending on knowing what's going on for every aspect of the community. I love the banter, the facts, hearing what is going on, and yes, opinions on what could potentially happen with the ruling. As with the banter, it isn't necessarily fact, but allows us to feel we're informed. As we head to TV in less than a month for a preview, this thread is something we will continue to watch and may delay making a decision to buy due to the uncertainty of the ruling.

We appreciate the thoughts of those that live there and hope the thread continues. For those living in the community, you can skip opening it and continue to enjoy those areas that bring you education and enjoyment. That's what we find so appealing about TV is the varied thoughts and opinions of our generation.