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Investors in Tempe Bar Hit with IRS Penalty

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It was more bad news for some who invested in a Tempe bar owned by Julian Wright as the IRS has sent notifications that they owe money. According to one shareholder, the IRS sent notification that money is owed for the Canteen bar. “He’s costing his investors almost a quarter of a million dollars because he didn’t do something right,” the investor said. “We’re paying penalties and interest and the investors had nothing to do with it.” The shareholder said it makes no sense that those who invested in the Canteen are liable to the IRS. “According to him (Wright), he sold have the business to someone else and they took it over.  Then the other owner put in that they put in a million dollars in assets, when it was really only $300,000 in assets for depreciation. So why aren’t they paying it instead of us paying it.” For some investors, there was another potential loss as Wright abruptly closed the Gringo Star Street Bar on the popular Mill Avenue. The closure left shareholders to wonder if they will see any incom