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IRS REVENUE RULING 70-604

 
 
Howard Kaikow
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      12-29-2005, 12:33 AM
How does one find a copy of IRS REVENUE RULING 70-604?
I searched for 70-604 at the IRS web site and got no hits.
As I type this, I'm talking to the IRS Help desk.
They have not been able to find it.

I've been told by my condo's property manager that it
affects how the condo association is classified and
affects their tax rate.

So, the condo association has asked us to vote pro/con
on the ruling, but they do not even have a copy.

Any pointers to the source?

--
http://www.standards.com/; See Howard Kaikow's web site.

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Stuart A. Bronstein
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      12-29-2005, 02:22 AM
"Howard Kaikow" <(E-Mail Removed)> wrote:

> How does one find a copy of IRS REVENUE RULING 70-604?
> I searched for 70-604 at the IRS web site and got no hits.
> As I type this, I'm talking to the IRS Help desk.
> They have not been able to find it.


The IRS doesn't have much if anything on their site from
before 1990.

> Any pointers to the source?


My service doesn't have it. But if you go to your nearest
law library (check the courthouse and law schools near you)
you should be able to find it.

Stu

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Bob Sandler
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      12-29-2005, 08:09 AM
> How does one find a copy of IRS REVENUE RULING 70-604?
> I searched for 70-604 at the IRS web site and got no hits.
> As I type this, I'm talking to the IRS Help desk.
> They have not been able to find it.
>
> I've been told by my condo's property manager that it
> affects how the condo association is classified and
> affects their tax rate.
>
> So, the condo association has asked us to vote pro/con
> on the ruling, but they do not even have a copy.
>
> Any pointers to the source?


http://www.taxlinks.com/rulings/1970/revrul70-604.htm

Bob Sandler

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Bob Sandler
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      12-29-2005, 08:10 AM

> The IRS doesn't have much if anything on their site from
> before 1990.
>
> My service doesn't have it. But if you go to your nearest
> law library (check the courthouse and law schools near you)
> you should be able to find it.


TaxLinks, http://www.taxlinks.com/, has all revenue rulings
from 1954 to the present (currently up to July 10, 2005). You
can find them by year and number, or do a text search.

Bob Sandler

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123go
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      12-29-2005, 08:23 AM

"Stuart A. Bronstein" <(E-Mail Removed)> wrote:
> "Howard Kaikow" <(E-Mail Removed)> wrote:


>> How does one find a copy of IRS REVENUE RULING 70-604?
>> I searched for 70-604 at the IRS web site and got no hits.
>> As I type this, I'm talking to the IRS Help desk.
>> They have not been able to find it.


> The IRS doesn't have much if anything on their site from
> before 1990.
>
> > Any pointers to the source?

>
> My service doesn't have it. But if you go to your nearest
> law library (check the courthouse and law schools near you)
> you should be able to find it.


http://www.taxlinks.com/rulings/find...vrulmaster.htm

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Howard Kaikow
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      12-29-2005, 08:25 AM

"Stuart A. Bronstein" <(E-Mail Removed)> wrote:

> The IRS doesn't have much if anything on their site from
> before 1990.
>
> > Any pointers to the source?

>
> My service doesn't have it. But if you go to your nearest
> law library (check the courthouse and law schools near you)
> you should be able to find it.


Thanx.

I found a bunch of things using Google, but no official
copy. Seems that it just has to do with whether a condo
association returns unused assessment each year.

My condo association is asking to vote on:

IRS Revenue Ruling 70-604

The choices are "Vote in favor" or "Vote Against", but
there is no statement about what that means. Obviously,
we cannot be voting on the ruling itself. As written,
the ballot is ambiguous as it does not tell me what I'm
voting in, so I guess I'll vote Against.

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Stuart A. Bronstein
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      12-29-2005, 05:07 PM
"Howard Kaikow" <(E-Mail Removed)> wrote:

> My condo association is asking to vote on:
>
> IRS Revenue Ruling 70-604
>
> The choices are "Vote in favor" or "Vote Against", but
> there is no statement about what that means. Obviously,
> we cannot be voting on the ruling itself. As written,
> the ballot is ambiguous as it does not tell me what I'm
> voting in, so I guess I'll vote Against.


Using the taxlinks website as suggested by others here, I
took a look at the ruling. All it says is that if you pay
condo dues and they return some of what you paid at the end
of the year, you don't pay tax on it because you're just
getting back what you already paid.

Frankly following the ruling is not optional, it's the law
(well, sort of). So voting for or against is meaningless.

Perhaps they mean to be asking, "if we have extra money at
the end of the year should we refund it?" For that you'd
need to have a constractor determine how much should be
collected for deferred maintenance. Because the biggest
problem I've seen with condos is that they don't collect
enough, not that they collect too much.

Stu

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Howard Kaikow
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      12-29-2005, 05:07 PM
Thanx to all who responded.

I had found the taxlinks reference via a Google search.
I'm attaching thr following to my condo association ballot.
------------------------
As the owner of the unit at XXX, I am attaching this note to
my Proxy/Absentee Ballot for the 11 January 2006 annual
meeting of the YYY Condominium Association.

The subject ballot asks us vote on, among other things, an
item titled "IRS REVENUE RULING 70-604". The choices given
are "Vote in favor" and "Vote against".

Neither choice makes any sense as the IRS ruling is a fact
that cannot be altered by any such vote. Because of this, I
had to choose "Vote against". I cannot vote for such a
poorly drafted proposal.

The proposal needs to state an explicit action that is to be
authorized, or not, by the members of the condominium
association.

Even if the members of the YYY Condominium Association "Vote
in favor", that vote is meaningless, as the proposal has no
substance. Personally, I doubt that such a vote could serve
as proof of the vote required by IRS Revenue Ruling 70-604.
To satisfy the IRS, I expect that the vote has to explicitly
state the effect of the vote.

For further information, one might check the following:

a.. http://www.caimichigan.org/articles/AvoidingAudits.htm
b.. http://taxlinks.com/rulings/1970/revrul70-604.htm
c.. http://www.irs.gov/pub/irs-wd/04-0231.pdf
d.. http://www.irs.gov/pub/irs-wd/01-0176.pdf

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Howard Kaikow
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      12-30-2005, 04:32 AM

"Stuart A. Bronstein" <(E-Mail Removed)> wrote:

> Using the taxlinks website as suggested by others here, I
> took a look at the ruling. All it says is that if you pay
> condo dues and they return some of what you paid at the end
> of the year, you don't pay tax on it because you're just
> getting back what you already paid.
>
> Frankly following the ruling is not optional, it's the law
> (well, sort of). So voting for or against is meaningless.


I also reached that conclusion.

> Perhaps they mean to be asking, "if we have extra money at
> the end of the year should we refund it?"


I believe that was the intention.

Searching on Google, I found many copies of minutes of condo
associations discussing 70-604.

I guess, as long as the association receives enough proxies
to constitute a quorum, the board could come up with, and
pass, a proper motion AT the meeting.

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Howard Kaikow
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      12-31-2005, 01:42 AM
Interestingly, I met somebody at the local post office
today who's mother lives in another condo managed by
the same property manager.

He said that they were asked to vote on the samne thing,
and he just tossed the ballot, as the vote made no sense.

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