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3/6/2012 1:06:36 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823714
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Talk about nonsense. Here's OPA's press release late today on the IRS case. It does not even mention this means OPA will owe over $1 million in taxes. In my opinion this was no oversight, rather another example of news manipulation by OPA. Surely, any reasonable person would conclude the amount owed would be rather important information for those who have to pay it.
The United States Court of Appeals, Fourth Circuit, released its opinion on The Tax Court determination which was unfavorable to the Ocean Pines Association, Inc. This opinion supports the Tax Courts determination that the net income from the two parking lots and beach club is not “substantially related” to the association’s tax-exempt purpose. The Ocean Pines Board of Directors and Senior Management are apprised of opinion and are working closely with legal counsel to carefully evaluate the decision. |
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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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