Traditionally, Colorado law defined a condominium in terms of both ownership of common elements and the existence of horizontal boundaries to property, permitting ownership of air space.(fn6) Under CCIOA, the term “condominium” is defined strictly in terms of the method of ownership of the common elements of the CIC, regardless of the existence of horizontal boundaries or separate ownership of air space.
Also, the article deals with the creation of new CICs, termination and merger, and association operations as effected by the new law.
Concerns with the improper interference with existing property and contract rights results in some complexity in CCIOA’s applicability.
For example, the operation of the Act as to pre-existing associations is limited to events and circumstances occurring on or after its effective date of July 1, 1992 (117).
This Act is becoming increasingly important and has as its main initiative the monitoring of the financial accounts of the persons who live outside the United States or whether US citizens, currently residing in the US or not, have earnings they do not report to the Inland Revenue Department.
FATCA also targets the tax non-compliance by US taxpayers with foreign accounts.