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Sunday, February 9, 2014

Michael Jackson Estate Owes Uncle Sam Over $700 Million

Back in 2009, when MJ passed away, he was estimated to be worth $7 million, and since that time, his net worth has skyrocketed to $1.125 billion!  That's right!

Now, the IRS says that the estate has been filing bogus tax returns over the past few years, and that the estate owes $505 million in tax, plus a 40% penalty for these grossly false estimates of the value of the estate's assets.  This penalty alone is about $200 million.

A tax expert in Los Angeles told the L.A. Times that he has never seen a penalty this high before:

"I've never even heard of the gross valuation misstatement penalty being asserted,"
 There are several discrepancies on the value of some items listed by the estate and this is what is being investigated.

1. The IRS estimates Jackson's likeness to be worth more than $434 million. The estate listed it at $2,105.

2. The estate listed the value of Jackson's interest in the trust that owns the pop star's songs and part of The Beatles' catalogue at zero. The IRS estimates it's worth $469 million.

3. Another trust said to be worth just $2.2 million by the estate is actually worth $60.6 million, according to the IRS.

If the full amount said to be owed has to be paid Jackson's children, Blanket, Prince Michael and Paris will be dealt a significant financial blow.

You know the estate will fight this to the end!

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