IRS preliminary ruling: Florida’s Villages government not legitimate under tax codes (Orlando Sentinel)

December 9 ,2012 – Early January marks the fifth anniversary of the Internal Revenue Service opening an investigation into the complicated way the shadow government of The Villages retirement community borrows stunning amounts of money that enrich its developer. And now — finally — the audit seems to be drawing to a conclusion. The IRS has fired a warning shot over the bow: The Villages “government” isn’t legitimate— at least for tax purposes — the feds told the Village Center Community Development District. At stake in the IRS audit is whether $364 million in recreational revenue bonds that the Village Center CDD issued between November 1998 and June 2003 really are tax-exempt, which is how they were sold.

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