NetJets Sues IRS Over $643 Million In 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 -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 09.19.16

Airborne 09.20.16

Airborne 09.21.16

Airborne 09.22.16

Airborne 09.23.16

Airborne Hi-Def On YouTube

Airborne 09.19.16

Airborne 09.20.16

Airborne 09.21.16

Airborne 09.22.16

Airborne 09.23.16

Tue, Nov 22, 2011

NetJets Sues IRS Over $643 Million In Back Taxes

Assessment Called Improper Application Of Commercial Tax

Billionaire investor Warren Buffet recently complained that his secretary pays a higher income tax rate than he does. Apparently missing the fact that the US Treasury would more than welcome his voluntary contributions, his comments provided fodder for the "one percent" debate.

The IRS responded with increased attention on Buffett's investment firm, Berkshire Hathaway, and decided it does indeed owe some back taxes. Berkshire's NetJets subsidiary has been assessed $643 million in back taxes, and NetJets has now responded with a lawsuit against the IRS, claiming the assessment is "illegal."

The Wall Street Journal reports the IRS has determined that NetJets had failed to collect a "ticket tax" from its customers—the same tax that's paid by passengers on a commercial flights. NetJets responds that the tax is meant to be paid only by commercial or charter passengers. NetJets clients are actually part-owners of the planes on which they fly.

In the suit itself, the company says, "The IRS's assessments in this case improperly extend application of the ticket tax beyond commercial airline and charter passengers, to persons who own the aircraft on which they fly." It also notes that its competitors have not been required to pay the tax.

The IRS has declined comment.

FMI: www.netjets.com ; www.berkshirehathaway.com

Advertisement

More News

AeroSports: EAA Surpasses 200,000 Members

The Association Continues To Grow And Engage Flying Enthusiasts EAA has reached a major milestone, as the association has surpassed 200,000 members. It appears that more and more p>[...]

Klyde Morris (09.26.16)

Klyde Can't Miss The 'TSA Obnoxious Olympics' FMI: www.klydemorris.com>[...]

Airborne 09.23.16: GA Pilot Sues SFO, Drone Legalities, EAA Hall Of Fame

Also: Zenith Open Hangar Days, KSMO Nonsense, Recalled Devices, Piper M600, 800th TBM, NASAO, Commercial Space The pilot of the last piston airplane based at San Francisco Internat>[...]

Aero-News: Quote of the Day (09.26.16)

"At this stage of the investigation, preliminary review of the data and debris suggests that a large breach in the cryogenic helium system of the second stage liquid oxygen tank to>[...]

SpaceX On Track To Determining AMOS-6/Falcon 9 Accident Cause

'Anomaly' Resulted In Loss of Rocket, Payload and Extensive Launch Complex Damage As promised, SpaceX is starting to reveal details of their investigation into the catastrophic los>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC