IRS Slams Michael Jackson’s Estate With $702 MILLION Tax Debt!
The drama between the late Michael Jackson’s family finally seems to be over, but now his estate is facing another battle…to the tune of more than $702 million. That’s how much the IRS says his estate owes them. According to legal docs obtained by “Los Angeles Times”, executors claimed that MJ was only worth $7 million when he passed. But the IRS said it was more like $1.125 billion. Now they’re requesting $505 million in taxes and $197 in other penalties.
According to “Los Angeles Times”:
Most of the dispute is over the value of Jackson’s image, along with his interest in a trust that includes the rights to some of his songs and most of the Beatles catalog, including “Yesterday,” “Sgt. Pepper’s Lonely Hearts Club Band” and “Get Back.”
The estate valued Jackson’s likeness at just $2,105.
The IRS put it at $434.264 million.
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