The Estate of Michael Jackson has just received the tax bill to end all tax bills. TheIRSsays the estate owes $702 million -- $505 million in taxes and another $197 million in penalties -- according to documents filed with the U.S. Tax Court. The discrepancy comes from just how muchMi...
Michael Jackson (I) Has Sky Ferreira Finally Been Freed? 12/5/2024 by Steven Zeitchik The Hollywood Reporter - Movie News “There is nothing he could do about it”: Andrew Schulz’s Disgusting Joke About Having S*x With Kendrick Lamar Doesn’t Sit Well With His Fans ...
The battle over the value of Michael Jackson’s assets has ended with a Los Angeles judge dealing a significant reduction — and a win forthe Jackson estatein an ongoing tax dispute.Per the Los AngelesTimes, U.S. Tax Court Judge Mark Holmes ruled on May 3 that Jackson’s assets were wo...
On May 3rd, the U.S. Tax Court issued the long-awaiteddecisionin the long-running litigation over the estate taxes owed by the Michael Jackson estate. In a sweeping 253-page opinion (with additional appendices) the Tax Court, clearly cognizant that this opinion will likely be read by many ...
Jackson v. Comm’r, T.C. Memo 2021-48 In Jackson, the Tax Court issued its long-awaited opinion regarding the valuation of Michael Jackson’s right of publicity (including his image and likeness) as well as his interests in two separate trusts that held his ownership interests in Sony/...
In 2021, the estate disputed those assessments and, while it won after a trial in tax court, the estate then filed a motion for reconsideration regarding the court's value of Mijac -- Michael's music catalog owned by Sony Music -- that remains pending.Michael Jackson's three...
By David J. Herzig, Published on 04/25/16Herzig, David J
TheMichael Jacksonestate is finally looking at a financial boon after a number of legal wins. The court victories will open the door for the beginning of aBroadwayshow and the revival of Jackson’s Cirque du Soleil show, which has been halted for nearly 18 months due to the pan...
Michael Jackson’s estate is facing off with the IRS in what looks to be a massive legal battle over back taxes. At the time of the musician’s death, the estate claims it was worth just $2,105 due to Jackson’s massive debts. The IRS is claiming a much higher number: $434 million...
In filings, the executors say the estate was saddled with debt and on the verge of bankruptcy when Michael Jackson died. “Exercising the powers granted in Michael’s will as confirmed by the probate court, they entered into business transactions involving the estate’s assets that skyrocketed th...