In this case it may not be a tax fraud. NetJets is not a unique company. It is a fractional jet services company. NetJets isn't the first of its kind, but it is definitely one of the biggest. There is some disagreement between the IRS and NetJets regarding the type of service they provide and what part of that is taxable. I would doubt NetJet's lawyers would fight this if it was a sketchy argument.
It does make for good political theatre in the midst of Buffett running around screaming "tax me more!"
NetJets owes money, that has been clarified by Cavuto and his pals on Fox. How much is the remaining question.
Using tax loop holes in his corporations, does not
coincide with his tax the rich speech which President OBOZO
is running around the world touting.