Judge Rules Michael Jackson Worth $4.15M at His Death, Releases Heirs From $700M IRS Bill
On 5/5/21 at 2:45 PM EDT
Associated Press reported.
A new tax bill will be calculated using the figures of Jackson s wealth that U.S. tax court Judge Mark Holmes determined. We re pleased, co-executor of Jackson s estate John Branca told
AP on Tuesday. We always try to do the right thing. We tried from the beginning to follow the IRS rules and regulations, and relied on the best experts possible. It s unfortunate that we were forced to litigate to protect ourselves.
Jackson s heirs are his mother and three children, who have been absolved from the burden of the $700 million IRS bill.
After years, court hands tax win to Michael Jackson heirs - Entertainment News
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“We always try to do the right thing. We tried from the beginning to follow the IRS rules and regulations, and relied on the best experts possible. It’s unfortunate that we were forced to litigate to protect ourselves.” The judge most disagreed with the IRS over the value of Jackson’s image and likeness. While the IRS put it at US$161m, Holmes ruled it was just US$4.15m. He noted that despite Jackson s acquittal on all counts at his 2005 trial for child molestation, the allegations continued to dog him, and while Jackson was selling out dates for a planned world tour when he died, he could not find a sponsor or merchandise partner.
Michael Jackson Estate Wins IRS Battle
Michael Jackson’s children have been handed a “huge, unambiguous victory” in their late father’s estate’s legal battle with the U.S. IRS (Internal Revenue Service).
The lawsuit stemmed from an argument about how much Jackson’s name and likeness were worth at the time of his death at the age of 50 in 2009 – with IRS officials estimating $161 million (£116 million) and executors of Jackson’s estate arguing it was more like $2,105 (£1,517), due to the damage caused to his reputation by child molestation accusations.
The IRS had claimed Jackson’s estate had underpaid its tax bill by nearly $500 million (£360 million), and could potentially owe an additional $200 million (£144 million) in penalties, due to the estimation of the late star’s worth.
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The estate of Michael Jackson has emerged victorious, once again, in a court of law with a court’s recent ruling.
According to
The Hollywood Reporter, the estate of Michael Jackson went up against the Internal Revenue Service in the U.S. Tax Court in a dispute about the eccentric entertainer’s worth at the time of his untimely death. In dispute was the amount of Jackson’s worth, with the judge ultimately deciding that the family’s stated figure was much closer to what the government claimed it to be.
The Internal Revenue Service estimated Jackson’s likeness and image to be about $434 million, while his estate stated that he was only worth about $2,000 at the time he had passed away back in 2009.
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