Translate blog

Saturday, March 10, 2012

Our Government Counter-sues Warren Buffett Company Over Unpaid Taxes

From Bloomberg News:
NetJets Inc., the private-plane company owned by Warren Buffett’s Berkshire Hathaway Inc., was countersued by the U.S. over $366 million in taxes and penalties.
NetJets in November sued the U.S., saying the federal government had wrongly imposed taxes, interest and penalties totaling more than $642.7 million.
Claiming the federal Internal Revenue Service wrongfully assessed a so-called ticket tax — an excise tax on payments made in exchange for air transportation — to private aircraft owners maintaining their own planes, the Columbus, Ohio-based company demanded refunds and abatements.
The federal government, in a revised answer and countersuit filed yesterday in federal court in Columbus, rejected NetJets’ claims and alleged that four of the company’s units owe unpaid taxes and penalties. (Continues)

No comments: