Wednesday, August 21, 2013
The Jackson Estate is arguing that the IRS has overvalued Michael Jackson's assets. Some of the overvalued assets include real property, an automobile, and the singers "image and likeness." In May, the IRS filed a "notice of deficiency" regarding the estate's tax return.
The co-executors of Michael Jackson’s estate filed a petition. According to the petition, the estate's valuations were "accurate and based upon qualified appraisals by qualified appraisers who had extensive experience in valuing entertainment industry assets.” The case was filed July 26 in Tax Court in Washington.
See Andrew Zajac Michael Jackson's Estate Challenge IRS Tax Dispute, Bloomberg, Aug. 20, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.