Executive of Bankrupt Airline Liable for Millions in Excise Tax - Fo...

07/21/11

Executive of Bankrupt Airline Liable for Millions in Excise Tax
Forbes (blog)
On May 7, 2003 the bankruptcy was converted to Chapter 7. Now, as I was only vaguely aware, there is a federal excise tax on air transportation. It is buried somewhere in the cost of your ticket. The airline then writes a big check to the IRS. ...

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