Meanwhile, Buffett owns a private jet company, which is suing IRS.
Specifically, NetJets, a subsidiary of Berkshire Hathaway is suing the government for $642.7 million, reports Reuters. From Reuters:
The lawsuit filed Monday by four NetJets units contended that the Internal Revenue Service mistakenly assessed a “ticket tax” meant to apply only to passengers who buy seats on commercial or charter aircrafts.
As a manager of private aircraft, NetJets said its services do not qualify as “taxable transportation,” under Congress’ definition of the tax, imposed in 1954. Rather, NetJets said it acts as an “agent” to owners of the planes.
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