Published:
Participants in ClassicStar, LLC Programs May Be Safe From IRS Asserted Taxes and Penalties According to Husband Law
Despite the guilty pleas by David
Plummer, Spencer Plummer and Terry Green, the principals of ClassicStar,
LLC, who offered a leveraged mare leasing program, to tax fraud charges
announced October 26, 2009 individuals and companies that participated in
those programs may not be liable for IRS assertions of additional tax and
penalties because they did business with ClassicStar, based upon the facts
of their individual cases.
"The tax structure of ClassicStar mare leases was legal," says equine tax
lawyer, B. Paul Husband, of Universal City, California. Mr. Husband
successfully represented a ClassicStar program participant in United States
Tax Court earlier this year. He said, "Each case is unique and has its own
set of facts."
The chief problems for ClassicStar included lack of quality Thoroughbred
mares and a questionable loan source. "But not all program participants
utilized this questionable source, (or loans from the questionable source
may have been repaid) and not all of the leases involved non-Thoroughbred
mares," says Husband. Mr. Husband urges program participants in the
ClassicStar programs to seek competent professional tax help.
If you are a participant in the ClassicStar Mare Leasing Program and want
to find out about your prospects concerning IRS-asserted tax deficiencies
or penalties, consult a qualified attorney.
B. Paul Husband, an equine tax and business attorney who practices equine
tax and litigation in state and federal courts, including the U.S. Tax
Court.
B. PAUL HUSBAND BIOGRAPHY
B. Paul Husband is an equine, tax and entertainment attorney. Mr.
Husband's firm provides federal tax controversy services nationwide in the
Appeals Division of the IRS and the U.S. Tax Court. He has lectured on tax
topics to the California State Bar Tax Section, the Los Angeles County Bar
Association, the Beverly Hills Bar Association, the American Bar
Association Tax Section, the American Horse Council and the University of
Kentucky's National Equine Law Conference. Mr. Husband is a regular
contributor to The American Horse Council Tax Bulletin and is a member of
their board of Advisors. Mr. Husband is a Fellow of the American College
of Equine Attorneys.
Copyright © 2009, MarketWire
Copyright © 2009, NewsBlaze,
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