Another question: Did anyone happen to catch the statement from legal counsel regarding the IRS, tax exemption on the lease certificate funds, and the monies needing to be used by next year? I only half heard it and don't know when it was mentioned in the meeting.
Another question: Did anyone happen to catch the statement from legal counsel regarding the IRS, tax exemption on the lease certificate funds, and the monies needing to be used by next year? I only half heard it and don't know when it was mentioned in the meeting.
at 2:10:10 'if the proceeds are not spent by 2025, there are additional tax rules that go into effect at that time.' 'To the extent of the delay in an IRS audit situation, you would have to explain the delay.'
I'm not clear on what the penalties would be though.
And it does seem like if there's another 18 months delay on top of the current 18 month delay, there will be consequences, but that's a long ways away and should be able to be avoided.
If there is anything I know about the universe it is that the D65 board will find a way to make this happen through a combination of wishful thinking and incompetence.
Another question: Did anyone happen to catch the statement from legal counsel regarding the IRS, tax exemption on the lease certificate funds, and the monies needing to be used by next year? I only half heard it and don't know when it was mentioned in the meeting.
Oh shit I didn't even think about the tax exemption issue. Let me include that in my follow-up post because that's a big deal.
2:09:15 is when the discussion starts, I think.
at 2:10:10 'if the proceeds are not spent by 2025, there are additional tax rules that go into effect at that time.' 'To the extent of the delay in an IRS audit situation, you would have to explain the delay.'
I'm not clear on what the penalties would be though.
And it does seem like if there's another 18 months delay on top of the current 18 month delay, there will be consequences, but that's a long ways away and should be able to be avoided.
If there is anything I know about the universe it is that the D65 board will find a way to make this happen through a combination of wishful thinking and incompetence.