The latest case featuring ClassicStar and GeoStar’s mare-leasing scheme featured the defendants leasing out mares they didn’t own and leasing less-valuable quarter horses and misrepresenting them to be Thoroughbred mares. On July 18, 2013, the Sixth Circuit Court of Appeals affirmed a $65 million award to victims of the scheme. In re ClassicStar Mare Lease Litig
ClassicStar
Guest Post: ClassicStar Meets the IRS in Tax Court
By Alison Rowe on
Posted in Taxes
Happy Tuesday! As of August 15, 2011, we now have a reported tax case arising from the infamous ClassicStar debacle. Not surprisingly, the precedent involves "bad facts" and is not helpful for other taxpayers who took part in a ClassicStar deal or similar deal. The following guest post on the opinion, entitled Van Wickler v. Commissioner, is…