Buffett’s private-aircraft company sues IRS for $642.7 million

Berkshire Hathaway’s NetJets says government improperly applied ticket tax

Business mogul Warren Buffett’s private-aircraft company, NetJets Inc., is suing the Internal Revenue Service (IRS) for allegedly improperly applying ticket taxes and penalties totaling $642.7 million against the company.

Columbus, Ohio-based NetJets, which provides aircraft management services to individuals and companies that own airplanes, filed the lawsuit against the IRS in federal court on Monday. The company claims that beginning in 2003, the government wrongly applied a ticket tax that is supposed to apply to passengers who use commercial or charter planes owned by others rather than private aircraft owners.

Ashley Post

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