Are they ever going to let Michael Jackson and his money rest in peace?! Geez! The IRS is seeking a whopping 700 Million from Jackson’s estate, which includes taxes plus penalties. *sighs*. Check out the reason why!
Five years after Michael Jackson‘s death, his estate continues to earn tens of millions of dollars a year and has resolved most claims filed against it by creditors. But some are still seeking a share of the pop superstar’s wealth.
Here’s a look at the biggest remaining threats to Jackson’s estate:
The IRS is seeking more than $700 million from Jackson’s estate, which includes taxes it contends are owed, plus penalties.
The dispute arises over a difference in valuations of Jackson’s assets when he died. The singer had borrowed heavily against his half share of the Sony-ATV music catalog, and hadn’t toured or had an endorsement deal in years.
The IRS says Jackson’s image was still worth millions, as were other assets, while the singer’s estate points to his debts and an image tarnished by child molestation allegations as reasons supporting lower tax valuations.
Jackson estate attorney Howard Weitzman has cited Robson’s previous statements supporting Jackson and called the new accusations “outrageous and pathetic.”
