Thursday, August 22, 2013
My nominee for tax headline of the year is from Kelly Phillips Erb: Michael Jackson's Estate to IRS: Beat It:
The estate for the King of Pop is planning to go to the mattress in the fight against the IRS over taxes and penalties assessed as a result of values reported on his federal estate tax return. ...
Jackson’s estate was said to have been valued between $80 million and $500 million. That’s, er, a lot of disparity. And that’s exactly the problem.
The estate has valued the assets at lower amounts than the IRS believes to be appropriate. A number of assets are said to be at issue including Neverland Ranch, automobiles and amounts attributable to the singer’s image, likeness and intellectual property.