The Internal Revenue Service reportedly hit the estate of Michael - TopicsExpress



          

The Internal Revenue Service reportedly hit the estate of Michael Jackson recently with a federal income tax bill of $702 million because of undervaluing properties that it owned -- including a valuation on the Jackson-owned catalog of Beatles songs at zero. The estate reckoned that Mr. Jackson was worth a total of $7 million upon his death in 2009, but IRS placed the number at $1.125 billion. (In 2012 alone, according to Forbes magazine, Mr. Jackson earned more than any other celebrity, living or dead, at about $160 million.) [Los Angeles Times, 2-7-2014; Forbes, 11-18-2013]
Posted on: Sat, 12 Apr 2014 16:14:13 +0000

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