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-05.06.24

Airborne-NextGen-04.30.24

Airborne-Unlimited-05.01.24 Airborne-AffordableFlyers--05.02.24

Airborne-Unlimited-05.03.24

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

ANN's Daily Aero-Term (05.07.24): Hazardous Weather Information

Hazardous Weather Information Summary of significant meteorological information (SIGMET/WS), convective significant meteorological information (convective SIGMET/WST), urgent pilot>[...]

ANN's Daily Aero-Linx (05.07.24)

Aero Linx: The T-6 Racing Association The T-6 Racing Association is all about T-6‘s and racing. Our mission is to bring great racing to our fans in Reno and other venues wher>[...]

Airborne 05.01.24: WACO Kitchen, FAA Reauthorization, World Skydiving Day

Also: Electra Aero, AMO-CBP v Smugglers, Naval King Airs, Boeing Deal To the surprise of everyone involved, Waco Kitchen shut down both airport operations with little warning and h>[...]

Airborne Affordable Flyers 05.02.24: Bobby Bailey, SPRG Report Cards, Skydive!

Also: WACO Kitchen Bails, French SportPlane Mfr to FL, Dynon-Advance Flight Systems, Innovation Preview Bobby Bailey, a bit of a fixture in sport aviation circles for his work with>[...]

Airborne 05.03.24: Advanced Powerplant Solutions, PRA Runway Woes, Drone Racing

Also: Virgin Galactic, B-29 Doc to Allentown, Erickson Fire-Fighters Bought, FAA Reauthorization After dealing with a big letdown after the unexpected decision by Skyreach to disco>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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