Tue, Nov 22, 2011
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
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.
Countries From Around The World Participated In The 38th World Military Parachuting Championship Competition In Indonesia The competition is part of a program administered through >[...]
NBAA/CAN Soiree One of the much-anticipated events of the NBAA conference, being held this year in Orlando.>[...]
A fixed, nozzle shaped opening near the leading edge of a wing that ducts air onto the top surface of the wing.>[...]
“SNC is offering access to crewed or uncrewed space missions." Source: John Roth, vice president of business development for SNC’s Space Systems.>[...]
Get Aero-News Delivered To Your E-Mail We know you, like many of our readers, make it a point to check out the latest news and information daily on Aero-News... but did you know th>[...]