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Thread: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

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    Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    NetJets Inc., the private-plane company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/B), 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.

    NetJets Aviation Inc. owes more than $302.1 million, and another unit, NetJets International, is liable for $52.9 million, the U.S. said. Executive Jet Management Inc. owes $10 million while NetJets Large Aircraft owes $1.19 million, the U.S. claimed.

    NetJets had no immediate comment on the countersuit.
    Buffett

    Refusing the pay taxes on private corporate jets? Man, what a 1% thing to do. Stay classy, Buffet.
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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    I thought Buffett was all for paying taxes he owed?

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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Quote Originally Posted by PerfectStorm View Post
    I thought Buffett was all for paying taxes he owed?
    He has the same position as every single American: Pay only the tax you can't legally avoid.

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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Quote Originally Posted by Samhain View Post
    He has the same position as every single American: Pay only the tax you can't legally avoid.
    Except this time the whole "legal" part has been thrown into question.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    So Warren Buffet is a terrible person because a company that is owned by his companyis disputing the amount that the government says is owed?

    Ya'll need another hobby.
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    you are confused. I never denied that many criminals get guns in private sales.

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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Quote Originally Posted by roughdraft274 View Post
    So Warren Buffet is a terrible person because a company that is owned by his company disputes the amount that the government says is owned and is taking completely legal measures to ensure that they don't pay taxes that they don't owe?

    Ya'll need another hobby.
    He's hardly a terrible person. I actually like the guy. If he wanted to become a national spokesperson for higher taxes perhaps he should have settled the lawsuit over his unpaid corporate taxes first. I'm sure he thinks the government could use the extra $300 million considering his lamentations about the budget deficit.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Quote Originally Posted by Rhapsody1447 View Post
    He's hardly a terrible person. I actually like the guy. If he wanted to become a national spokesperson for higher taxes perhaps he should have settled the lawsuit over his unpaid corporate taxes first. I'm sure he thinks the government could use the extra $300 million considering his lamentations about the budget deficit.
    It was his company's opinion that those taxes weren't actually owed. Their argument was that these are privately owned and operated aircraft that are therefore not subject to this tax - these people aren't buying tickets, they own the planes.

    I personally agree with the IRS, but I'd rather not derail the thread with too much discussion of the merits of subpart K fractional-ownership aircraft. I think the whole operation is a giant exploitation of loopholes and I'm glad the FAA closed most of them.
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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Quote Originally Posted by roughdraft274 View Post
    So Warren Buffet is a terrible person because a company that is owned by his companyis disputing the amount that the government says is owed?

    Ya'll need another hobby.
    You go!!! The 1% need all the defenders they can get.

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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Quote Originally Posted by roughdraft274 View Post
    So Warren Buffet is a terrible person because a company that is owned by his companyis disputing the amount that the government says is owed?

    Ya'll need another hobby.
    Um, the government doesn't sue your company because you, "dispute", your tax bill. There's a such-a-thing as tax court and that's where you go to dispute your tax bill.

    The government is sueing his company because...*gasp*...a corporation isn't a person and they can't put a corporation in prison for tax evasion.

    This is just another example of Leftist hypocrisy.
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    Re: Buffett’s NetJets Is Countersued by U.S. for $366 Million in Unpaid Taxes

    Warren Buffett is a hypocrite and a shill for the left. You guys can have him.
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