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Tue, Mar 13, 2012

NetJets Sued For Back Taxes

IRS Says Company Owned By Warren Buffett Owes Over $366 Million

NetJets, a fractional jet company owned by Warren Buffett's Berkshire Hathaway corporation, is reportedly being sued by the IRS for $366 million in back taxes.

Bloomberg News reports that the dustup began when NetJets petitioned the IRS for refunds it says were incorrectly collected as ticket taxes not owed by private individuals which maintain their own aircraft. NetJets contends that the aircraft it manages are owned by those who use them, and NetJet's fees are for management of the airplanes.

But the IRS counter-sued in a federal court in Columbus, OH, rejecting NetJet's claims and telling each of the company's four divisions they need to pony up a total of #366 in unpaid taxes, including $301.1 million from NetJets Aviation Inc.

The Blaze reports that last August Berkshire Hathaway was sued for back taxes. Seems Mr. Buffett may come to rue the day he told Congress that he pays less in income taxes than his secretary.

FMI: www.netjets.com

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