What, if any, specific reporting is required by IRS for the "gain" on shares of an ex-member departing charitable tax-exempt co-op? I'm in California so knowledge of co-op law is almost non-existent here. The members are mostly very poor so I'm guessing they are not a high priority for IRS. I don't see anything in the Form 990 instructions and my 2008 edition of Tax Management's Co-op Portfolio doesn't seem to cover this--Joel E. Miller ESQ where are you?
The owner of unsold shares of several apartments died without a will.
His brothers are attempting to get court permission to take over the apartments.
If they do so, are they the owners of unsold shares and do they therefore have the right to sell
to other investors as unsold shares?
Can the Coop force them to sell to owner-occupiers?
Anybody have any experience having their building re-measured for the purpose of having their property tax lowered (or any other reason)?
I understand that the square footage recorded by the Department of Finance under the Notice of Property Value can be way off, especially with older buildings.
Are there any firms that you know of that can do this (according to Department of Finance guidelines) and know what they are doing?
Should Management be involved in moderating meetings and distributing election information throughout the complex? Using the corporation's websites, services such as "Building Link," Or should it be an appointed Election Chairperson, the corporate attorney, or even an Election Services such as Honest Ballot? In a Mitchell Lama Cooperative.> Join the conversation Comments (1)
The eboard of my 16 unit, self-managed co-op has recently posted a vote via email. It has given 4 days for shareholders to vote on a wholly discretionary spending motion (landscaping) which would require a one time assessment. The motion will be considered passed if a majority within quorum are aye's.
This is the first time our co-op has voted on an significant matter via email. There are no rules on how a motion by email is to be conducted. We did have an email vote in the past, but a majority of outstanding shares was required for the vote to pass, rather than a majority of quorum (the eboard didn't want that one to pass, but they do want this one to pass).
The eboard has transmitted the vote via blind carbon copy. I cannot see who recieved emails, I am not able to engage in discussion with my fellow shareholders, I am not aware of any issues they may have raised and they are not aware of my objections,. I cannot see who voted or how they voted.
Little information has been given to the shareholders. No information on what will be planted, replacement costs, et cetera, nor has an alternative been given. This is very different than what we have done in the past wherein information and alternatives have always been provided.
I have raised my objections with the eboard and they have been ignored. What recourse do I have here?
Thank you for any help you can give on this.
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