Michael Jackson’s estate is in big trouble with the Internal Revenue Service. When Jackson passed away in 2009, he was estimated to be worth $7 million. Since that time his net worth has ballooned to $1.125 billion.
The IRS alleges that MJ’s estate have filed outrageously inaccurate tax returns. The agency claims it is owed $505 million in taxes. In addition, a 40% gross valuation misstatement penalty has been added to bring the total amount owed to over $702 million.
Estate tax expert, Andrew Katzenstein, of the law firm Proskauer Rose in Los Angeles, told the …read more
Via: ThisIs50.com
