Michael Jackson’s estate challenged a tax bill calculated by the U.S. Internal Revenue Service, arguing that it overvalued assets including real estate, a Bentley automobile and the late singer’s “image and likeness.”
The estate filed a petition in response to an IRS “notice of deficiency” issued in May regarding the estate’s tax return. All amounts in the document were redacted.
The valuations in the estate’s return “were accurate and based upon qualified appraisals by qualified appraisers who had extensive experience in valuing entertainment industry assets,” according to the petition. It was filed July 26 in U.S. Tax Court in Washington by attorney John Branca and music executive John McClain, the co-executors of Jackson’s estate.
Paul Hoffman, of Hoffman Sabban & Watenmaker, one of the attorneys filing the suit, declined to discuss the sums in dispute, saying only that “the IRS is wrong.”
READ MORE: http://www.bloomberg.com/news/2013-08-20/michael-jackson-s-estate-challenges-irs-in-tax-dispute.html
Source: bloomberg / MJ-Upbeat.com
MJ is without a doubt the king. Whenever i listen to his records i feel as he is still alive. Surely one of the best pop music superstars ever!