Leucadia's personal use of jet

[fuluvu]

http://online.wsj.com/article/SB10001424052748703551304576260871791710428.html

 

Leucadia has 4 jets and personal use by the executives is excessive according to this WSJ article.

 

In 2009, Leucadia National Corp., a New York City-based conglomerate, reported less than $30,000 on personal flying for Chairman Ian Cumming. FAA records show Leucadia's four jets that year spent 220 hours flying to or from Jackson Hole, Wyo., and New York's Hamptons, both locations where Mr. Cumming owns homes. Those flights alone would have cost $708,000, according to Journal calculations using hourly operating-cost estimates provided by Conklin & de Decker Aviation Information, a consulting firm.

[scorpioncapital]

This article made me laugh, here's a company and stock that have made many a shareholder rich beyond their wildest dreams over the years and they have a problem with their jets :)

 

 

[twacowfca]

Strangely, I think there has been an IRS rule that the reimbursement for personal use of a corporate jet should be equivalent to about the first class ticket fare, not the cost of operating the jet.   ???