IRS Claims Michael Jackson Estate Owes $505 Million In Taxes
February 11, 2014 at 8:55 AM (PT)
The estate of MICHAEL JACKSON is embroiled in a high stakes fight with the Internal Revenue Service.
THE LOS ANGELES TIMES reports, "The agency has told JACKSON's executors that the estate owes $505 million in taxes and an additional $197 million in penalties, for a total of more than $702 million. According to documents filed with the U.S. Tax Court in WASHINGTON, JACKSON's executors placed his net worth at the time of his JUNE 2009 death at slightly more than $7 million. The IRS placed it at $1.125 billion, a difference so vast it looks like a typo."
The dispute is largely focused on 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, notes the paper.