SOURCE: B. Paul Husband, a Professional Corporation

November 05, 2009 18:37 ET

Participants in ClassicStar, LLC Programs May Be Safe From IRS Asserted Taxes and Penalties According to Husband Law

UNIVERSAL CITY, CA--(Marketwire - November 5, 2009) - 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 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.

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