Michael Jackson’s estate prevailed over the Internal Revenue Service on several key issues in, an outcome that will push the estate’s tax burden below the government’s initial assessment.
In a ruling issued Monday, U.S. Tax Court Judge Mark Holmes found that the singer’s name and likeness were worth $4 millionat the age of 50, not the $161 million the government had claimed. The IRS won on some other points about the value of other Jackson assets, but will get far less than the hundreds of millions of dollars in taxes and penaltiesThe government and the estate settled some issues, and the case came down to the question of how to value three main assets: Mr.
The estate initially started with some lower values, but by Monday’s decision, it had said those three assets were worth $5.3 million combined. The government had started with higher values and an estate tax bill topping $500 million, but eventually concluded those three assets were worth $481.9 million combined. Judge Holmes, in his ruling, said they were worth $111.5 million. The estate’s actual tax bill will be determined later.
“This thoughtful ruling by the U.S. Tax Court is a huge, unambiguous victory for Michael Jackson’s children,” John Branca and John McClain, the estate’s co-executors, said Monday. “While we disagree with some portions of the decision, we believe it clearly exposes how unreasonable the IRS valuation was and provides a path forward to finally resolve this case in a fair and just manner.”
Pearljr
You mean the govt tried to inflate & exaggerate to extort more than they were owed from a black man’s estate? Why does the white system feel so entitled to black wealth?
Amazing that the woke cultural allows the music of a child abuser on the radio.
CaseyRain
Bonus points if you can work 'for 30 days and for 30 nights, the law was on his side' into a story.