U.S. government countersues Berkshire unit NetJets

March 16, 2012

The U.S. government has countersued Berkshire Hathaway Inc. unit NetJets Inc. over $366 million in taxes and penalties, Bloomberg News reported March 9. The suit follows NetJets' own lawsuit against the government in November 2011, in which it alleged that about $642.7 million in ticket taxes and penalties were applied erroneously to the company. The government's suit rejected NetJets' claims and said NetJets Aviation Inc. owes more than $302.1 million in taxes and penalties, while NetJets International owes $52.9 million. Executive Jet Management is liable for $10 million, and NetJets Large Aircraft owes $1.2 million, according to the report.

Source SNL Insurance Weekly Property & Casualty Edition

The U.S. government has countersued Berkshire Hathaway Inc. unit NetJets Inc. over $366 million in taxes and penalties, Bloomberg News reported March 9.

The suit follows NetJets' own lawsuit against the government in November 2011, in which it alleged that about $642.7 million in ticket taxes and penalties were applied erroneously to the company.

The government's suit rejected NetJets' claims and said NetJets Aviation Inc. owes more than $302.1 million in taxes and penalties, while NetJets International owes $52.9 million. Executive Jet Management is liable for $10 million, and NetJets Large Aircraft owes $1.2 million, according to the report.