By DJ Suspence
The estate of Michael Jackson just scored a huge win in their tax case with the IRS (Internal Revenue Service).
The IRS determined that the ‘King of Pop’’s estate, at the time of his passing in 2009, was worth $162 million, while the estate claimed the value was $2,105, due to the harm caused to his name by child molestation allegations. The IRS claimed that Jackson’s estate had underpaid its tax bill by nearly $500 million and could possibly owe an extra $200 million in fines.
However, Judge Mark Holmes of United Stated Tax Court decided that Jackson’s name and image were worth $4.2 million stating that, “We have to look for the value of each of Jackson’s assets. The value we put on them as of the day he died is, we acknowledge, much less than their value much later under the estate’s management.”
The estate’s tax bill will immediately be based on the $4.2 million sum determined by Judge Holmes.