Romanowski being hit for $5 million in back taxes
Updated: Thursday, 28 Feb 2013, 9:23 AM EST
Published : Thursday, 28 Feb 2013, 9:23 AM EST
DENVER (AP) — A federal judge has ruled that former Denver Broncos linebacker Bill Romanowski could be forced to pay about $5 million in back taxes because of a horse-breeding scheme he says he got caught up in.
The U.S. Tax Court decision found Romanowski, his wife Jill and a business they created in 2003 to invest in a Kentucky-based horse breeder improperly took deductions dating back to 1998.
According to the Denver Post (http://bit.ly/XGZaof ), the deductions were related to more than $13 million the Romanowskis borrowed to invest in a breeding operation called ClassicStar. The company eventually went bankrupt, and its executives were convicted of federal tax fraud.
Romanowski and his wife still have the right to appeal the decision.
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Information from: The Denver Post, http://www.denverpost.com
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