IRS says Michael Jackson estate grossly undervalued, owes $702 million in taxes
If you recall, after pop singer Michael Jackson passed away in 2009 his estate executors placed the value of his estate at $7.2 million, including his likeness being valued at $2,105 and his sizable interest in the trust that owns his and The Beatles’ music catalog being worth zero. If those numbers seem a little low to you, you’re not alone. The Internal Revenue Service also believes the estimated valuations to be low — so low actually that they are not only going after hundreds of millions of dollars in back taxes, but they are doubling the additional penalties thanks to the rarely used “gross valuation misstatement penalty.” Keep reading for more info, including the amounts the IRS believe Michael Jackson’s image and his music catalog ownership are worth!
