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3/7/2012 8:48:56 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823902
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| My thought was that the taxes would have been paid annually out of the revenue from the passes which would have reduced the profit from the beach club but it would still have been in the black. I don't see why assessments would have had to been increased to cover the annual taxes due on the passes unless you are saying the lower profit would have required an increase in assessments to cover the shortfall. | ||||||
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For reference, the above message is a reply to a message where: If this mess started ten or more years ago we should have just paid the taxes annually and filed an appeal with the IRS, if we won they would have given the money back and if we lost the taxes would be current having been paid out of annual revenues from the passes. Way too simplistic. Had the board increased the assessment to cover future potential tax payments, people would have screamed bloody murder. I prefer paying now. Had OPA won I still have my $120; had the money been collected up front and OPA won, does anyone think the money would be refunded to association members? |
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