The Michael Jackson Estate is in the crosshairs of the IRS for allegedly cheating taxpayers out of a fortune ... and now the taxman wants the Estate to pay the piper -- to the tune of more than $700 million.
The allegations are stunning. According to legal docs -- obtained by the L.A. Times -- when Michael died the executors told the IRS his net worth was around $7 million. The IRS now says MJ's net worth was actually $1.125 BILLION!
And in a HIGHLY unusual move, the IRS claimed executors so grossly misled the agency, it doubled the tax penalty -- from 20 - 40%. So the IRS claims the Estate didn't pay $505 million worth of taxes, and when you add the 40% it comes to more than $702 Million.
As for what the agency says was under-reported:
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
5 comments:
Gotta love those estate lawyers trying to tell the IRS some of the most popular songs ever recorded he owned were worth $2000.00
I do not trust the Executors and I do not trust the IRS.
as far as I am concerned (which is not very far..)... it is only a shell game for the lawyers.
I would sign my name.. but I do not trust the NSA.
Thank you duck duck go.
no surprise at all, never trusted him or the Jackson family
so sad that Michael never had a real family
Yeah I heard Mikey might have been a closet Tea Party member. Better get all that estate money!
Post a Comment