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

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne-Unmanned w/AUVSI

Airborne On ANN

AMA 08.17.17

Airborne 08.14.17

Airborne 08.15.17

Airborne 08.16.17

Airborne 08.17.17

Airborne 08.18.17

Airborne-Unmanned 08.15.17

Airborne-YouTube

AMA 08.17.17

Airborne 08.14.17

Airborne 08.15.17

Airborne 08.16.17

Airborne 08.17.17

Airborne 08.18.17

Airborne-Unmanned 08.15.17

NEW!!! 2017 AirVenture Innovation Preview -- YouTube Presentation / Vimeo Presentation

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

ONE Aviation 'Canada' Program Unveils First Developmental Airframe

One Of A Series Of Sequential Prototypes Will Help Develop The Forthcoming EA-700 The ONE Aviation 'Canada' program, which ANN exclusively detailed last year for the first time, is>[...]

Garmin Receives EASA Approval For New GTN 650/750 Features

Tailored Specifically For European Operators Garmin is pleased to announce an expanded feature set, an enhanced user interface and additional wireless connectivity solutions for it>[...]

Airborne-Unmanned 08.15.17: Reno Drone Races, DoD CrackDown, Blue Angels v UAV?

Also: Kansas DOT-AirMap, CIRRUAS Drone Program, Daytona Beach PD UAS, Virginia UAS SAR The Reno Air Racing Association has signed an agreement with the MultiGP Drone Racing League >[...]

RFP: ANN Seeking New Site/Facility For Major Studio Upgrade

It's Official: Aggressive Upgrades For New Airborne Programs WILL Require New Digs It's been in development for years, but we're getting to a point where we think we can pull off s>[...]

Airborne 08.17.17: GA Sales Report, Google Lunar XPRIZE, ATC Privatization

Also: Gustave Whitehead, AirVenture Innovation Preview, Learjet 75, HondaJet, ALEA, Honeywell, F-5N GAMA has published second quarter GA airplane shipment and billings data. The ge>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC