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NetJets, the private-aircraft company owned by Warren Buffett’s Berkshire Hathaway Inc., sued the U.S. over excise taxes and penalties totaling $642.7 million assessed against the company.

The Internal Revenue Service improperly assessed the so-called ticket tax, an excise tax on payments made in exchange for air transportation, NetJets said in its complaint in federal court in Columbus, Ohio, dated Nov. 14.

Read the whole story at BusinessWeek

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