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Michael Jackson photographed on Jan. 27, 1989. 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 songwriters. (The estate and IRS generally agreed on the value ....
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 ....