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-04.01.24

Airborne-Unlimited-04.16.24

Airborne-FlightTraining-04.17.24 Airborne-Unlimited-04.11.24

Airborne-Unlimited-04.12.24

Join Us At 0900ET, Friday, 4/10, for the LIVE Morning Brief.
Watch It LIVE at
www.airborne-live.net

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-Linx (04.16.24)

Aero Linx: International Business Aviation Council Ltd IBAC promotes the growth of business aviation, benefiting all sectors of the industry and all regions of the world. As a non->[...]

Aero-News: Quote of the Day (04.16.24)

"During the annual inspection of the B-24 “Diamond Lil” this off-season, we made the determination that 'Lil' needs some new feathers. Due to weathering, the cloth-cove>[...]

Airborne 04.10.24: SnF24!, A50 Heritage Reveal, HeliCycle!, Montaer MC-01

Also: Bushcat Woes, Hummingbird 300 SL 4-Seat Heli Kit, Carbon Cub UL The newest Junkers is a faithful recreation that mates a 7-cylinder Verner radial engine to the airframe offer>[...]

Airborne 04.12.24: SnF24!, G100UL Is Here, Holy Micro, Plane Tags

Also: Seaplane Pilots Association, Rotax 916’s First Year, Gene Conrad After a decade and a half of struggling with the FAA and other aero-politics, G100UL is in production a>[...]

Airborne-Flight Training 04.17.24: Feds Need Controllers, Spirit Delay, Redbird

Also: Martha King Scholarship, Montaer Grows, Textron Updates Pistons, FlySto The FAA is hiring thousands of air traffic controllers, but the window to apply will only be open for >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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