LBO America

Discussion in 'Conspiracy Theories' started by The_Whole_Truth, Aug 22, 2012.

  1. The_Whole_Truth
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    During the tenure of President Obama, the Internal Revenue Service (IRS) began investigating the use of tax-exempt bonds by the Villages Retirement Community in Florida. The IRS wants the developer to pay $2.8 million in back taxes and to cease issuing tax-exempt bonds. The demands resulted from a 20-month IRS investigation into tax-exempt bonds transactions.

    Tax Exempt bonds are utilized to finance these communities, which provide amenities for retiring Seniors. Such bonds were originally intended to finance the construction of Power Plants, and other Public Goods. Worth noting that numerous Community Development Districts (CDDs) defaulted on this type of financing in the years following the 2008 Financial Crisis.

    Gary Morse has been a committed donor to the Romney campaign, and I would venture to take a guess that Mr. Morse understands that with a Romney White House, such investigations will cease.
     
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    Last edited: Aug 22, 2012
  3. Truthmatters
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    Timeline
    Originally created by the Ethics in Government Act of 1978 and the Ethics in Government Act Amendments of 1982 (96 Stat. 2039), January 3, 1983
    Reauthorized for five years by the Independent Counsel Reauthorization Act of 1987 (101 Stat. 1293), December 15, 1987
    Lapsed, December 15, 1992, by failure of reauthorization
    Reinstituted by the Independent Counsel Reauthorization Act of 1994 (PL 103-270), June 30, 1994
    Expired at midnight on June 30, 1999


    http://en.wikipedia.org/wiki/Office_of_the_Independent_Counsel


    Your party investigated NOTHING Bush did
     
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    The Villages, Florida - Wikipedia, the free encyclopedia


    IRS Audit of CDD Bonds

    In January 2008, the Village Center CDD was notified by the Internal Revenue Service of the IRS' intent to audit several recreational bonds issued in 2003 to determine compliance with tax regulations (mainly due to their status as municipal bonds which are exempt from Federal income tax). The IRS sent three "Notices of Proposed Issues" in January 2009 challenging the tax-exempt status of the bonds on three grounds:
    1.the Issuer does not qualify as a political subdivision or "on behalf of the issuer" of tax-exempt bonds pursuant to Section 1.103-I(b) of the Internal Revenue Code regulations,
    2.the opinions of value do not support the price paid by the Issuer to the developer for the Series 2003 Facilities and the payment of the sales price for the facilities to the developer by the Issuer is not a governmental use of the proceeds of the Bonds, and
    3.the Bonds are private activity bonds the interest on which is not excludable under IRS Section 103.

    The position stems in large part from the interrelationship between VCCDD and The Villages developers (since VCCDD has no residents, the Board of Supervisors consists solely of individuals who work for or have an affiliation with The Villages developers, and VCCDD's infrastructure was purchased by the developers-controlled board from the developers). Essentially, the IRS position is that the VCCDD is an "alter ego" for the developers.[63]

    After an IRS settlement offer was rejected by VCCDD,[64] the IRS further expanded its audit in July 2009 to include all recreational and utility revenue bonds issued by VCCDD[65] as well as similar bonds issued by Sumter Landing CDD[66], on the basis that Sumter Landing CDD is also an "alter ego" of the developers. However, the 10 district CDD's were not included in the expanded audit, since as shown above the District CDD's Boards are elected by the residents.

    VCCDD opposes the position taken by the IRS, and in January 2010 it formally requested technical advice from the IRS as to the position it has taken.[67] On June 14, 2011, VCCDD (after discussions with the IRS) submitted its final Request for Technical Advice, outlining its position on the matter.[68]
     
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    gee you claim the IRS KNEW robmoney would be the R candidate back in 1/2008?
     

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