Community Bankers Association of Illinois

Court Victory for Subchapter S Banks

On March 17, 2010, the United States Court of Appeals for the Seventh Circuit ruled in favor of Forest Park National Bank & Trust Co. in the Vainisi v. Commissioner of Internal Revenue case. CBAI, along with community banking organizations in Wisconsin and Texas, strongly supported the long battle against the IRS on a proposed rule that would have increased taxes on many Subchapter S corporation banks. CBAIís Board of Directors authorized financial support to help offset legal expenses on behalf of the bank, a long-time CBAI member. Click here to read the decision. See CBAI congratulatory letter to Forest Park National Bank & Trust Co.

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