IRS Files $702 Million Tax Claim Against Michael Jackson Estate
Posted by Jeremy Thomas on 08.25.2013
Agency claims Jackson's administrators undervalued the estate assets...
The IRS has hit Michael Jackson's estate with a $702 million dollar claim. Reuters reports that the agency is claiming that the administrators for the late pop star's estate undervalued some of the estate's assets on their 2009 filing, which was due on the day that Jackson died.
The filing for that year claimed that Jackson's estate was with $7 million in taxable value, but the IRS challenged it in May and issued a tax deficiency notice for $505.1 million in taxes and $196.9 million in penalties. Among the undervalued assets were Jackson's image and likeness, which the estate valued at $2,105 but the IRS said was worth $434 million. Jackson's recording assets weren't valued in the filing; the IRS valued them at $469 million.