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3/5/2012 4:51:54 PM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823589
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Here is a link to the Court Decision
Important part at end: In sum, the net income derived by the Association from its parking lots and beach club benefits the private interests of the Association members rather than the general public. That income therefore is not "substantially related" to the Association’s purpose of promoting social welfare, but rather is taxable as "unrelated business taxable income" under §§ 511-513. For the foregoing reasons, the judgment of the Tax Court is AFFIRMED. |
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For reference, the above message is a reply to a message where: The United States Appeals Court has found against OPA in the IRS case relative to income from Beach Club parking. Net result is OPA will have to pay over $1 million in back taxes. |
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