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. 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."