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3/16/2016 4:36:14 PM
 
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Section 4: General Subject: Parks & Recs Cost Msg# 944227
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Thanks. The case about our large beach parking lot has nothing to do with our arrangement with Seacrets.
Not directly. However, it points out the ridiculous position of the IRS, and why a SCOTUS case would have been interesting. OPA makes say $350,000 a year profit from selling parking passes. IRS said that if the passes were not also available to outsiders then OPA had to pay income tax on the profit. However, if Seacrets paid OPA $10 million a year to lease our parking spaces at the beach, IRS would not be looking to collect a tax on any profit. All just goes to show how all the rules, regulations and government intrusion into all things has become absurd. |
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For reference, the above message is a reply to a message where: How much do we charge Seacrets for using our land over by the bay?That is obviously something that is taxed fairly. What you wrote above tells me you do not understand the legal case. Seacrets pays OPA about $45,000 a year for parking on both bayside and on oceanside. OPA pays no income tax on that $45,000. A tax that is collected is real estate tax on the areas Seacrets leases. OPA does not have to pay real estate taxes over there. However, leasing the land to Seacrets makes that part of OPA property subject to real estate taxes. The lease provides that Seacrets pay that tax. I know this because I had a copy of the lease and reviewed it carefully and wrote about it on this forum. Thanks. The case about our large beach parking lot has nothing to do with our arrangement with Seacrets. I do understand that. They can use our big lot at night for overflow, and we use our OP Bayside Lot in the daytime for overflow. ( but they keep taking bites out of it for their use.) I just wondered how much they rent they pay us. I don't care about the tax situation over there. As much as the main lot issue was discussed, I am sure there is plenty on The Forum to refresh your memory on why they were coming after us. Nancy |
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