It’s like the dramz never ends for this family!
The IRS has been very busy making sure that Michael Jackson’s estate pays them what they’re owed, and they found a lot of missing cash!
Reportedly, MJ’s estate owes $505 million in back taxes, but because they weren’t paid, they also owe penalties of $197 million!
How in the world did they miss that much moolah?!
When the King of Pop passed away, his executors said his net worth was around $7 million. It turns out, that with all of MJ’s assets, like owning part of the Beatles catalogue, he was worth around $1.125 billion, with a B!
Since the numbers were so different, the IRS doubled their 20 percent underpayment fee for a gross valuation misstatement.
For example, MJ’s people said that his likeness was only worth $2,105, which is pretty ridiculous when you think of all of the clothes his face is on! The IRS pinned the number at something more like $434.264 million.
In just 2013, after he was already gone, Forbes said that Michael earned more than any other celeb, whether alive or not, at $160 million!
It seems like the numbers on just about everything were fudged!
Even Michael’s cars — two Bentleys and a Rolls Royce — were valued at $91,600, instead of the $250,000 the IRS decided they were worth.
We all know that the IRS loves getting their ca$$$h, but how in the world did someone come up with such different numbers and think no one would notice?!
Tags: estate tax, irs, legal matters, michael jackson, tax troubs, taxes