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3/5/2012 8:33:44 PM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823651
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Joe,
As you have said multiple times over the years, " You can't make this stuff up!".....it never ceases to amaze me of the machinations that are part and parcel of the daily occurrences In white horse park that define our boards of directors, past and present, to the detriment of all the members of our association.....one wonders if we amuse only ourselves with our ineptitude, or do we provide entertainment for the county as a whole? we always thought we'd be able to finish our retirement here in the pines......seems as if it could be getting a little shaky..... Terry |
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For reference, the above message is a reply to a message where: 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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