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 04.20.15

Airborne 04.21.15

Airborne 04.22.15

Airborne 04.23.15

Airborne 04.24.15

Airborne Hi-Def On YouTube

Airborne 04.20.15

Airborne 04.21.15

Airborne 04.22.15

Airborne 04.23.15

Airborne 04.24.15

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

Airborne 04.24.15: DA62 Cert, Flt Design's C4, Sporty Transitions, 1st Flt Fight

Also: Legend Cub, Piper Orders, Postal UAVs?, IMC Club 'Brown Jacket Award', X-47B Refueling The Diamond DA62 has received its EASA Type certificate. After a sunny and warm day Wed>[...]

Airborne 04.24.15: DA62 Cert, Flt Design's C4, Sporty Transitions, 1st Flt Fight

Also: Legend Cub, Piper Orders, Postal UAVs?, IMC Club 'Brown Jacket Award', X-47B Refueling The Diamond DA62 has received its EASA Type certificate. After a sunny and warm day Wed>[...]

Airborne 04.23.15: Able Flight, Diesel Archer, RutanRC!

Also: United Bars Security Expert, Airborne Advisors, NTSB Video, Avidyne, Cessna, Airport Access Tempest Plus Marketing Group has announced support for Able Flight as a Platinum L>[...]

ANN's Daily Aero-Linx (04.25.15)

Helicopter History Site This historical evolution of rotary wing aircraft is dedicated to all those that were involved in the development of the most versatile vehicle known by man>[...]

ANN's Daily Aero-Term (04.25.15): Previously Manufactured Aircraft

Existing aircraft-like vehicles meeting the definition of light-sport aircraft that do not meet the provisions of 14 CFR part 103, Ultralight vehicles, and are in a ready-to-fly co>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC