Sun West Bank Founder Protests $2.76M IRS Adjustment

Law360, Washington (January 30, 2014, 2:33 PM EST) -- The family trust of a Sun West Bank founding member and its tax matters partner has petitioned the U.S. Tax Court for a redetermination of its final partnership administrative adjustment, saying the Internal Revenue Service erred by nixing a $2.76 million loss in its 2009 tax return.

Jerome F. Snyder filed a petition on Jan. 20 claiming the IRS erred by determining the $2.76 million loss from 2009 was a nonbusiness bad debt rather than a business bad debt and incorrectly determined his tax matters partner...
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