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3/6/2012 11:27:39 AM
 
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Section 5: OPA Board Subject: OPA Loses IRS Case Msg# 823765
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I have been a Pines homeowner since 1989. I have purchased a Beach Pass everyone of those years. It is unfathontomable to me to understand how after all these years that we are in the situation we are now in. How far back do the back taxes owed go? When this became an issue, why was not the annual tax amount set aside for payment should we lose the case (what little I've read in this forum reads like it is a no brainer that we owe(d) this tax)? I see no mention of an appeal, which indicates to me that we're accepting/admitting that we indeed owe this. It is unconsionable that this predicament was permitted to playout as it has.
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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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