Friday, March 9, 2012

Government Sues Warren Buffett's NetJets Unit for Unpaid Taxes

NetJets Inc, a private jet-sharing company owned by Warren Buffett's Berkshire Hathaway Inc, was sued for $366.3 million by the government to recover unpaid taxes, four months after sued the government for nearly twice as much. - NYT/Reuters

Four NetJets units have "failed, neglected or refused" to pay excise taxes and related penalties between 2003 and 2009, according to the countersuit filed Thursday with the U.S. District Court in Columbus, Ohio, where NetJets is based.

NetJets Aviation Inc owes $302.1 million, NetJets International Inc owes $53 million, Executive Jet management Inc owes $10 million and NetJets Large Aircraft Inc owes $1.19 million, according to the countersuit.