Wednesday, August 21, 2013

IRS: Michael Jackson Was Really Rich

It figures: The IRS wants a lot more federal estate tax from Michael Jackson's estate, leading to a fight in tax court. Contested valuations involve, among other estate assets, a Bentley and Jackson's "image and likeness."

Neither the estate's nor the IRS's valuation of the estate is reported, but Jackson's post-mortem earning power has proved strong. His estate took in $170 million in 2011 and $145 million in 2012. No living singer did as well.

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