Business Services Industry
Wichita, Kan., Bank to Pay IRS $556,056.
Knight Ridder/Tribune Business News, November, 2002
By Jerry Moskal, The Wichita Eagle, Kan. Knight Ridder/Tribune Business News
Nov. 2--WASHINGTON--Intrust Financial Corp. agreed to pay the Internal Revenue Service $556,056 in additional 1996 taxes. The amount was about half what the IRS had demanded.
The agreement was affirmed in a decision Judge Julian Jacobs signed in U.S. Tax Court here.
The dispute landed in tax court after the IRS ordered Wichita's largest independent bank to pay $1 million in back 1993-96 taxes after denying Intrust depreciation deductions on deposits of two failed savings and loans it bought from the Resolution Trust Corp.
Under the agreement, the IRS dropped its demand for additional taxes. The settlement calls for the bank to pay an undetermined...
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