Managing surplus assessments
Q. My understanding of IRS Revenue Ruling 70-604 is that it permits owners to vote to have surplus assessments either returned to owners or applied to the next year’s assessments, in order to avoid taxation on the surplus. Our community association has been applying any excesses over the years to the reserve fund and not the operating fund. Is this legal and does it result in a tax to the association? Read the Q&A…………….
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