May 22, 2003
I have done some investigation of the property of 5919 La Crosse Ave. Here is my finding:
Based on Travis County Appraisal District's Property Information, there are TWO separate property tax accounts for the above same address.
(1) A/C # 04224004010000 - Circle C Homeowners Association
Real Estate Property - 5919 La Crosse Ave
a/ Land - $5,000
b/ Clubhouse - $86,530 (including the swimming pool)
c/ Warehouse/Duplex - $14,113 (5919 La Crosse Ave., Suites 100 & 200 at the mail station)
d/ Office - $5,847 (Circle C Grill & Catering)
Total Appraised Value of all the above in the Year of 2002 was $111,490
We, homeowners, had paid a property tax of $2,867.64 in 2002.
Even though Gary Bradley had generously ''donated'' the above property to us officially on paper in February 2001, all we have inherited are the bills - property tax bills, utility bills, swimming pool maintenance bills, lifeguards expenses, swimming pool management expenses.......etc. To be fair to Gary Bradley, I must remind you that we did receive $10,100 from the above property in 2002.
Gary Bradley still treats the above whole property as his own - 100% his own.
- Used our swimming pool as a money making machine by owning the swimming team and making approx. 250K-300K in 2002.
- Operated the grill and catering business under the name of Phoenix Holdings Ltd. (rent free to him and we didn't receive one cent of revenue from this business)
- Suite 100 - Circle C Landscape (Owner - Susan Hoover)
Even though we, homeowners, have never received any rental income from Susan Hoover, it doesn't mean Susan Hoover has used our property for free. Maybe Susan has paid the rent (kickback) to Gary Bradley or maybe Gary Bradley has hired by Susan Hoover as a consultant (another form of kickback) or maybe Susan has worked at Child Care Development Center without getting paid or getting less pay in lieu of paying rent (another form of kickback) or maybe some other kind of arrangement (another form of kickback). But, of course, we will find out the whole truth in the future when her company's books are being audited.
(2) A/C # 00000888590000 - Phoenix Holdings Ltd.
Commercial Personal Property (Fixture & Furniture) - 5919 La Crosse Ave.
Total Appraised Value of the above contents of the building in the Year of 2002 was $49,106
We, homeowners not Gary Bradley, had paid a property tax of $1,263.05 in 2002 even though it was registered under the name of Phoenix Holdings Ltd.
First, I must let you know that ALL of the above fixture and furniture were paid by us. Please review your Income & Expense Statements of 1999 & 2001.
1999 - $12,400 Swim Center Capital Improvements
2001 - $69,687.81 Swim Center Capital Improvements
In the CCHOA's Financial boxes, I had found several invoices of the swim center furniture (tables, chairs, trash cans) total approximately $3,500.
Are you wondering why did Gary Bradley generously ''donated'' the real estate of 5919 La Crosse Ave. to us, but keep the contents of the building to himself? Let me solve the mystery for you - Depreciation, Depreciation, Depreciation Deduction Games!
As you can see the above Capital Improvements are depreciable capital assets and they are fairly new, they still have many more years of depreciable life left. Therefore, Gary Bradley would love using them to reduce his business income taxes. Well, the transaction itself was completely legal only if the property was his own. But, the above Capital Improvements are OURS; we had paid for them. In other words, Gary Bradley had used other people's depreciation to reduce his own business income taxes; therefore, it should be considered as INCOME TAX EVASION.
Circle C Developer and the Board of Directors of CCHOA are geniuses (tax evasion geniuses). I would like to see all of them receiving a Genius Award from Uncle Sam. They earned it.
I have done some investigation of the property of 5919 La Crosse Ave. Here is my finding:
Based on Travis County Appraisal District's Property Information, there are TWO separate property tax accounts for the above same address.
(1) A/C # 04224004010000 - Circle C Homeowners Association
Real Estate Property - 5919 La Crosse Ave
a/ Land - $5,000
b/ Clubhouse - $86,530 (including the swimming pool)
c/ Warehouse/Duplex - $14,113 (5919 La Crosse Ave., Suites 100 & 200 at the mail station)
d/ Office - $5,847 (Circle C Grill & Catering)
Total Appraised Value of all the above in the Year of 2002 was $111,490
We, homeowners, had paid a property tax of $2,867.64 in 2002.
Even though Gary Bradley had generously ''donated'' the above property to us officially on paper in February 2001, all we have inherited are the bills - property tax bills, utility bills, swimming pool maintenance bills, lifeguards expenses, swimming pool management expenses.......etc. To be fair to Gary Bradley, I must remind you that we did receive $10,100 from the above property in 2002.
Gary Bradley still treats the above whole property as his own - 100% his own.
- Used our swimming pool as a money making machine by owning the swimming team and making approx. 250K-300K in 2002.
- Operated the grill and catering business under the name of Phoenix Holdings Ltd. (rent free to him and we didn't receive one cent of revenue from this business)
- Suite 100 - Circle C Landscape (Owner - Susan Hoover)
Even though we, homeowners, have never received any rental income from Susan Hoover, it doesn't mean Susan Hoover has used our property for free. Maybe Susan has paid the rent (kickback) to Gary Bradley or maybe Gary Bradley has hired by Susan Hoover as a consultant (another form of kickback) or maybe Susan has worked at Child Care Development Center without getting paid or getting less pay in lieu of paying rent (another form of kickback) or maybe some other kind of arrangement (another form of kickback). But, of course, we will find out the whole truth in the future when her company's books are being audited.
(2) A/C # 00000888590000 - Phoenix Holdings Ltd.
Commercial Personal Property (Fixture & Furniture) - 5919 La Crosse Ave.
Total Appraised Value of the above contents of the building in the Year of 2002 was $49,106
We, homeowners not Gary Bradley, had paid a property tax of $1,263.05 in 2002 even though it was registered under the name of Phoenix Holdings Ltd.
First, I must let you know that ALL of the above fixture and furniture were paid by us. Please review your Income & Expense Statements of 1999 & 2001.
1999 - $12,400 Swim Center Capital Improvements
2001 - $69,687.81 Swim Center Capital Improvements
In the CCHOA's Financial boxes, I had found several invoices of the swim center furniture (tables, chairs, trash cans) total approximately $3,500.
Are you wondering why did Gary Bradley generously ''donated'' the real estate of 5919 La Crosse Ave. to us, but keep the contents of the building to himself? Let me solve the mystery for you - Depreciation, Depreciation, Depreciation Deduction Games!
As you can see the above Capital Improvements are depreciable capital assets and they are fairly new, they still have many more years of depreciable life left. Therefore, Gary Bradley would love using them to reduce his business income taxes. Well, the transaction itself was completely legal only if the property was his own. But, the above Capital Improvements are OURS; we had paid for them. In other words, Gary Bradley had used other people's depreciation to reduce his own business income taxes; therefore, it should be considered as INCOME TAX EVASION.
Circle C Developer and the Board of Directors of CCHOA are geniuses (tax evasion geniuses). I would like to see all of them receiving a Genius Award from Uncle Sam. They earned it.
