fbpx
Connect with us

Entertainment

U.S. Agency Says Michael Jackson Estate Owes $702 Million in Taxes

Published

on

U.S. pop star Michael Jackson gestures during a news conference at the O2 Arena in London

(Reuters) – The estate of pop music legend Michael Jackson owes $702 million in federal taxes and penalties, the Internal Revenue Service charged in U.S. Tax Court, accusing the estate of undervaluing some of the star’s assets by hundreds of millions of dollars.

The dollar amounts in dispute had not been previously disclosed in the court challenge that the Jackson estate filed in July to a bill from the IRS, the U.S. tax-collecting agency.

At issue is the wide difference between what the estate said Jackson’s legacy was worth versus what the IRS determined was its taxable value.

An IRS spokesman and lawyers for the estate declined to comment.

READ MORE

SIGN UP TO RECEIVE NEWS UPDATES IN YOUR INBOX


Sign up to receive the latest news in your inbox

* indicates required

Like BlackPressUSA on Facebook

Advertisement

Advertise on BlackPressUSA

advertise with blackpressusa.com