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Wednesday, August 28, 2013

Uncle Sam Going After Micheal Jackson Estate - Owes $700 Million

It's no secret that Uncle Sam has no mercy when it comes to getting their money, and now they're going after the Michael Jackson estate, seeking the $703 million in taxes and penalties that are owed.
When Jackson passed away in 2009,  after an overdose of propofol, the Jackson estate claimed $7 million in taxable value, but the IRS has a totally different number, sending a deficiency notice of $505 million in taxes and $196 million in penalties earlier in 2013.  The estate filed a court challenge to the bill in July.
A representative says the estate has paid $100 million in taxes, but the final outcome will determine what, if anything, the Jackson estate will have to pay.

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