This is the largest valuation differential I have ever seen. It appears that Michael Jackson’s estate valued the estate at $7 million for federal estate tax purposes. The IRS is asserting a value of $1.125 billion, leaving the estate at risk for $505 million in additional estate taxes and $197 million in penalties. Areas of dispute include the estate’s rights in various Beatles songs, and the value of Jackson’s likeness.
Read the Time magazine article about it here.
No comments:
Post a Comment