Documents filed with the U.S. Tax Court by Jackson's executors at the time of his 2009 death indicate he was worth more than $7 million, but the IRS says he's worth more. Much more.
The late pop singer is actually worth closer to $1.125 billion, the IRS said, a difference so vast it qualified for a gross valuation misstatement penalty, allowing the government to double the usual 20 percent penalty for underpayment.
The IRS says Jackson's estate owes $505 million in taxes and a penalty of $197 million.
The estate says Jackson's likeness was worth $2,105, but the IRS said it was closer to $434 million. The estate valued the trust that owns songs by Jackson and the Beatles at nothing, but the IRS said it was closer to $469 million.
[Los Angeles Times]
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