Berkshire's NetJets defeats $500 million IRS tax claim

NetJets Inc, the private jet-sharing company owned by Warren Buffett's Berkshire Hathaway Inc , has defeated a U.S. Internal Revenue Service lawsuit attempting to recoup more than $500 million of unpaid taxes, penalties and interest. U.S. District Judge Edmund Sargus in Columbus, Ohio, said on Monday that the IRS was bound by guidance it gave a NetJets predecessor in 1992 over when to collect federal transportation excise taxes, and could not impose more taxes retroactively. The judge'