IRS Changes Tax Amount Jackson Estate Owes

As I have previously discussed, Michael Jackson’s estate has been in a valuation battle with the IRS over the value of Jackson’s estate and amount due to the IRS in taxes. The IRS has amended their original claim for the amount due by the estate to almost $731 million. The new amount increases the taxes by $29 million from the original calculations. The IRS attributes the new figure to a previous miscalculation of what percentage of master recordings were owned by Jackson at his death

See Janet Novack, IRS: We Made a Mistake Valueing Michael Jackson’s Estate, Forbes, Oct. 3, 2014.