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3/6/2012 9:47:41 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823755
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| I was never under the inpression we would win. Question now is should we pay the the tax or consider delaying plans for yacht club replacement. It is monies we appare4ntly have not made plans for. | ||||||
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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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