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
Guest Post: ClassicStar Meets the IRS in Tax Court
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
Horse Seller Ordered to Pay Trail Riding Camp $100k in Damages
It pays to get your horse sale agreements in writing. Both buyers and sellers should pay careful attention to the "warranties" section of any agreement.
The Equine Law & Business Letter reports that a federal court in Arkansas ordered a seller to pay almost $100,000 in damages for breaching warranties in connection with the sale of