NetJets Sued For Back Taxes | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-05.13.24

Airborne-NextGen-05.14.24

Airborne-Unlimited-05.15.24 Airborne-AffordableFlyers-05.16.24

Airborne-Unlimited-05.17.24

Tue, Mar 13, 2012

NetJets Sued For Back Taxes

IRS Says Company Owned By Warren Buffett Owes Over $366 Million

NetJets, a fractional jet company owned by Warren Buffett's Berkshire Hathaway corporation, is reportedly being sued by the IRS for $366 million in back taxes.

Bloomberg News reports that the dustup began when NetJets petitioned the IRS for refunds it says were incorrectly collected as ticket taxes not owed by private individuals which maintain their own aircraft. NetJets contends that the aircraft it manages are owned by those who use them, and NetJet's fees are for management of the airplanes.

But the IRS counter-sued in a federal court in Columbus, OH, rejecting NetJet's claims and telling each of the company's four divisions they need to pony up a total of #366 in unpaid taxes, including $301.1 million from NetJets Aviation Inc.

The Blaze reports that last August Berkshire Hathaway was sued for back taxes. Seems Mr. Buffett may come to rue the day he told Congress that he pays less in income taxes than his secretary.

FMI: www.netjets.com

Advertisement

More News

Bolen Gives Congress a Rare Thumbs-Up

Aviation Governance Secured...At Least For a While The National Business Aviation Association similarly applauded the passage of the FAA's recent reauthorization, contentedly recou>[...]

The SportPlane Resource Guide RETURNS!!!!

Emphasis On Growing The Future of Aviation Through Concentration on 'AFFORDABLE FLYERS' It's been a number of years since the Latest Edition of Jim Campbell's HUGE SportPlane Resou>[...]

Buying Sprees Continue: Textron eAviation Takes On Amazilia Aerospace

Amazilia Aerospace GmbH, Develops Digital Flight Control, Flight Guidance And Vehicle Management Systems Textron eAviation has acquired substantially all the assets of Amazilia Aer>[...]

Hawker 4000 Bizjets Gain Nav System, Data Link STC

Honeywell's Primus Brings New Tools and Niceties for Hawker Operators Hawker 4000 business jet operators have a new installation on the table, now that the FAA has granted an STC f>[...]

Echodyne Gets BVLOS Waiver for AiRanger Aircraft

Company Celebrates Niche-but-Important Advancement in Industry Standards Echodyne has announced full integration of its proprietary 'EchoFlight' radar into the e American Aerospace>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC