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What Are The Odds of Success?

Posted By bobfrank On March 12, 2011 @ 23:27 In Ann_Small, 2011 Campaign, Truth Squad, SCA Board, Operations, Community Affairs, News! | 1 Comment

If the board is sincere about trying to avoid paying the $1.345 Million in income taxes, what would the odds of success be for the two following strategies?

1. The board’s current plan to pay previously involved “experts” to prove the IRS Revenue Agent is wrong,

versus

2. Admitting the error, refunding the $4+ Millions of accumulated surpluses to residents, asking for relief of paying taxes on the returned surpluses on behalf of our senior citizen owners, and offering to pay a modest penalty of $50,000 for the mistake and inconvenience to IRS.

Since no public evidence or court settlement exists showing that any corporation has defeated the IRS on Revenue Ruling 70-604 income exemption issue during its 40 years of existence, would you agree that option 2 has at least a thousand times better chance of success?

So, whose money is being wasted on the board’s losing bet, and why are they wanting to try to bully the IRS?

What should the penalties be for directors who agree to follow such apparent gross negligence?

1 Comment To "What Are The Odds of Success?"

#1 Comment By Bill McMahon On March 14, 2011 @ March 14, 2011

You have to know when it’s time to hold them and when it’s time to fold them and if that doesn’t work get out the rope and look for the tallest trees… An old cowboy song which might be worth consideration in our situation……
Good Luck,
Bill McMahon

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