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The headline news about the U.S. Tax Court s decision on the
value of Michael Jackson s estate might have been a shock to
some - or, perhaps, to many. The King of Pop s
inflation-adjusted earnings since his death in 2009, according to
the Forbes magazine, were $2.1 billion. His annual
earnings in 2016 were $825 million, the highest single-year payday
ever recorded by a front-of-camera celebrity. And yet his image and
likeness at the time of his death was valued at a meager $4 million
by the U.S. Tax Court.
Michael Jackson s Estate Wins Legal Battle Against IRS
Celebrity
The estate of the late King of Pop describes the triumph in a court battle against the Internal Revenue Service as a huge, unambiguous victory for the star s children. May 5, 2021
AceShowbiz -
Michael Jackson s children have been handed a huge, unambiguous victory in their late father s estate s legal battle with the IRS (Internal Revenue Service).
The lawsuit stemmed from an argument about how much Jackson s name and likeness was worth at the time of his death in 2009 - with the IRS estimating $161 million (£116 million) and Jackson s estate arguing it was more like $2,105 (£1,517), due to the damage caused to his reputation by child molestation accusations.