On Monday (03/05/2021), the court has ruled that the image of Michael Jackson was worth only $4 Million at the time he passed away which is much less than the original $161 Million asked by the IRS.
US Tax court judge Mark Holmes evaluated the debts accumulated by the King of Pop and also he stated:
“This cannot be a surprise — allegations that a celebrity molested little boys might reasonably be thought to repel potential licensees in any society that has not become completely decadent, Those allegations had a dramatic effect on Jackson’s ability to win sponsorships and merchandising deals once they became public.”
The IRS had initially pegged the value of Jackson’s estate at more than $1.1 billion, including $434 million alone for Jackson’s image and likeness. The IRS initially found that the estate had underpaid its estate taxes by $500 million and added nearly $200 million in penalties.
On the ruling, the Michael Jackson Estate said:
“This thoughtful ruling by the U.S. Tax Court is a huge, unambiguous victory for Michael Jackson’s children,” co-executors John Branca and John McClain said in a statement. “For nearly 12 years Michael’s Estate has maintained that the government’s valuation of Michael’s assets on the day he passed away was outrageous and unfair, one that would have saddled his heirs with an oppressive tax liability of more than $700 million. While we disagree with some portions of the decision, we believe it clearly exposes how unreasonable the IRS valuation was and provides a path forward to finally resolve this case in a fair and just manner.”
Here the full Tax Court Ruling Document:
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SOURCE: New York Times
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You all are thief’s & nothing but SHARKS!!! Like King of Pop always said, you’ll don’t know on other excuse just the same old lies that negative lazy liars, nothing but worth less thief’s, always stealing Michael Jackson $$$ weather he’s dead or alive, you’ll bunch of no good lazy thief’s, u will do no good all your lives just stealing from decent intelligent ppl, laugh all u want cause sooner or later something g happen to you’ll, cause we may run from God, but we can’t hide, he’s sure g make all you No good Thief’s & SHARKS pay!!!