Tax scrutiny douses Village people's party

Jun 13, 2013 Full story: The Orlando Sentinel 11

See, the feds have decided to crack down on the tax breaks that this massive retirement community has been getting to finance its golf courses, swimming pools and bocce-ball courts.

Read more
Ginger

Lady Lake, FL

#1 Jun 13, 2013
Half of the people know nothing about it!!
Fat Ass

Lady Lake, FL

#2 Jun 14, 2013
Scott Maxwell obviously has NO CLUE about the IRS issue. He is just TRYING to stir the pot. This will be appealed. The residents are fine. No worries here.
Tony

Kansas City, MO

#3 Jun 14, 2013
Fat Ass wrote:
Scott Maxwell obviously has NO CLUE about the IRS issue. He is just TRYING to stir the pot. This will be appealed. The residents are fine. No worries here.
Buzz, wrong answer, the homeowners may face a special assessment due to this disaster.
Fat Ass

Lady Lake, FL

#4 Jun 14, 2013
Tony wrote:
<quoted text>
Buzz, wrong answer, the homeowners may face a special assessment due to this disaster.
Buzz, wrong answer, the homeowners CANNOT be assessed due to this issue. We had NOTHING to do with issuing the bonds, in question. This is between the bond issuer and the bondholders and the IRS.
Tony

Scranton, PA

#5 Jun 14, 2013
Fat Ass wrote:
<quoted text>
Buzz, wrong answer, the homeowners CANNOT be assessed due to this issue. We had NOTHING to do with issuing the bonds, in question. This is between the bond issuer and the bondholders and the IRS.
No, buzz, you have the wrong answer. Do you have a clue as to what the CDD actually is?
http://en.wikipedia.org/wiki/Community_Develo...
Where do you think the money will come from? They have every right to asses the homeowners.Speak to an attny. Bottom line is, its time someone went to jail over this, and I hope they toss the key away.
Fat Ass

Lady Lake, FL

#6 Jun 16, 2013
The IRS made a non-binging decision that the issuer of the bonds...(the CDD's issued the bonds....not the developer ) was not a government body and therefore cannot issue tax free bonds. In other decisions by the IRS, they have ruled the opposite. Go to districtgov.org and read all about the court cases. So, nobody will be going to jail.
Get a clue. And yes, I know what a CDD is. I live in the Villages CDD 3.
Tony

Scranton, PA

#7 Jun 16, 2013
Fat Ass wrote:
The IRS made a non-interprebinging decision that the issuer of the bonds...(the CDD's issued the bonds....not the developer ) was not a government body and therefore cannot issue tax free bonds. In other decisions by the IRS, they have ruled the opposite. Go to districtgov.org and read all about the court cases. So, nobody will be going to jail.
Get a clue. And yes, I know what a CDD is. I live in the Villages CDD 3.
I have no idea how you interpret the info you receive, but the fact that the CDD is in fact a government body does not preclude anyone from doing jail time. Its very possible a RICO charge may still be filled.
Greg

Chattanooga, TN

#8 Jun 20, 2013
The developer uses the amenity fee in any way he wants, including paying lawyers and lawsuits. He certainly isn't putting it into the golf courses. So in the long run the residents will be paying even if he loses to the IRA.
Fat Ass

Lady Lake, FL

#9 Jun 21, 2013
Tony wrote:
<quoted text>
I have no idea how you interpret the info you receive, but the fact that the CDD is in fact a government body does not preclude anyone from doing jail time. Its very possible a RICO charge may still be filled.
Again, this is between the CDD and the IRS. You cannot put a CDD in jail, it's NOT a physical entity. There are over 500 CDD's in Florida.....most of which issued tax free bonds. The IRS can either reverse it's decision on The Villages CDD or it can make decisions on over 500 more CDD's . The IRS would have to address each CDD individually which would tie them up for about 50 years. What do you think will be the outcome ? I'm not the least bit concerned. It's all hype. The IRS has previously ruled in favor of the CDD's. This will be no different.
Fat Ass

Lady Lake, FL

#10 Jun 21, 2013
Greg wrote:
The developer uses the amenity fee in any way he wants, including paying lawyers and lawsuits. He certainly isn't putting it into the golf courses. So in the long run the residents will be paying even if he loses to the IRA.
The CLUELESS TN guy again. This is between the IRS and the CDD that issued the tax free bonds. The DEVELOPER did NOT issue the bonds. The residents CANNOT end up PAYING ANYTHING to settle this. The residents are not involved, either. STOP posting in the Villages forum since you don't live here (too hot, you say) and don't know what you're talking about.
Its complicated

Rochester, IN

#11 Jun 22, 2013
The developer of the Villages is the only one to break the tax rules when selling these tax free bonds. The problem is not with all the CDDs. The problem is how this developer broke all the rules in setting up these tax free bonds. You need to understand that the IRS is not against CDDs used by residents to improve community properties which they own and have a voice in how the bond money is used. It is against a private developer who uses the bonds to increase his private wealth and the conflict of interest with residents which have no control. Breaking the rules is not new to this developer. This started in Chicago. Sorry Fat Ass but you are the clueless one. I work in Chicago and watched a housing development built here by Morse go down the tubes as soon as he sold his last home. Yes the residents lost their money. You are like a part of a cult that worships Morse. Just step outside the cult and people know exactly what is going on.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Lady Lake Discussions

Title Updated Last By Comments
Thank God for engineers 1 hr Tim 7
Ted Cruise is running for President 1 hr Villager1 5
Big Red has returned home. Wed Lord Scotchdrinker 15
I am going to be nice from now on Mar 25 Peter 35
Stop the world, I wanna get off Mar 25 Mary 1
March 25, 2015 Travel Expo at the Polo Grounds Mar 25 Chris 3
News Central Florida needs to break the obesity cycle (Jul '13) Mar 25 Chris 140
Lady Lake Dating
Find my Match
More from around the web

Lady Lake People Search

Addresses and phone numbers for FREE

Personal Finance

Mortgages [ See current mortgage rates ]