After years, court hands tax win to Michael Jackson heirs
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A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle.
A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle. The court found Monday that the IRS inflated the value of Jackson’s assets and image at the time of his 2009 death. The IRS had estimated the value of the disputed aspects of Jackson’s worth at about $482 million. The judge put that figure at $111 million. Jackson's heirs had been hit with a $700 million estate tax bill that will now be recalculated. The estate's executors called the decision a huge, unambiguous victory for Michael Jackson’s children.
A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle. The court found Monday that the IRS inflated the value of Jackson’s assets and image at the time of his 2009 death. The IRS had estimated the value of the disputed aspects of Jackson’s worth at about $482 million. The judge put that figure at $111 million. Jackson's heirs had been hit with a $700 million estate tax bill that will now be recalculated. The estate's executors called the decision a huge, unambiguous victory for Michael Jackson’s children.
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