Tags: Buffett | NetJets | US | Tax

Buffett’s NetJets Sues U.S. Over $642.7 Million Tax Assessment

Thursday, 17 Nov 2011 10:21 AM

NetJets, the private-aircraft company owned by Warren Buffett’s Berkshire Hathaway Inc., sued the U.S. over excise taxes and penalties totaling $642.7 million assessed against the company.

The Internal Revenue Service improperly assessed the so- called ticket tax, an excise tax on payments made in exchange for air transportation, NetJets said in its complaint in federal court in Columbus, Ohio, dated Nov. 14.

The case is NetJets Large Aircraft Inc. v. U.S., 2:11-cv-01023, U.S. District Court, Southern District of Ohio, (Columbus).


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NetJets, the private-aircraft company owned by Warren Buffett s Berkshire Hathaway Inc., sued the U.S. over excise taxes and penalties totaling $642.7 million assessed against the company.The Internal Revenue Service improperly assessed the so- called ticket tax, an excise...
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