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What Are You Worth? - Tax - United States

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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. ....

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Michael Jackson's Estate Wins Legal Battle Against IRS

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. ....

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Michael Jackson Estate Wins IRS Battle

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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Michael Jackson's Likeness Valued at $4.1 Million in IRS Dispute

Michael Jackson’s Likeness Valued at $4.1 Million in Big Tax Court Win for Estate
Steve Granitz/WireImage
The executors of the estate say the decision is a huge, unambiguous victory for Michael Jackson’s children.
More than four years after going head-to-head with the IRS in U.S. Tax Court, Michael Jackson s estate has emerged largely victorious with a federal judge finding the artist s worth at the time of his death to be much closer to its estimate than the government s and declining to issue any penalties.
The dispute centered on how much Jackson s image and likeness were worth when he died in 2009, which would determine how much in taxes the estate would owe the IRS. It also includes the worth of Jackson s interest in New Horizon Trust II, which included his stake in Sony/ATV Music Publishing, and New Horizon Trust III, which included Mijac Music, a publishing catalog that owned the copyrights to compositions Jackson wrote or co-wrote and works by other ....

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Michael Jackson's Estate Is Winner in Tax Judge's Ruling

Michael Jacksonâs Estate Is Winner in Tax Judgeâs Ruling
The decision on the value of Mr. Jacksonâs name and likeness will significantly lower his estateâs tax burden from the governmentâs first assessment.
Michael Jackson in 1984. The I.R.S. believed his estate had underpaid its tax obligation by just under $500 million.Credit.Doug Pizac/Associated Press
May 3, 2021
After Michael Jackson died in 2009, at age 50, the executors of his estate began shoring up the shaky finances of the onetime King of Pop, settling debts and striking new entertainment and merchandising deals. Before long the estate was in strong shape, with debts reduced and millions of dollars in earnings. ....

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