One of the lawyers for Michael Jackson’s family should really explain to them the definition of “chutzpah.”
There’s no point asking their accountants, since they’re likely the ones responsible for this:
The IRS has served notice that the estate of Michael Jackson severely understated worth and income and is demanding $700 million in back taxes and penalties.
Documents have been filed with the U.S. Tax Court that alleges that the executor’s for Jackson said his net worth at the time of his death was $7 million while the IRS has assessed the worth at $1.125 billion. (…)
A good portion of the difference was attributed to the value of Jackson’s likeness which the estate valued at $2,105 and the IRS says was worth $434.264 million. In addition, the estate said that Jackson’s portion of the ownership of both his songs and those of the Beatles was worth nothing.
Yes, you read that right. They said the Beatles songs (and his) were worth $0.
The IRS said it was more like $469 million.
In a separate, in-depth article examining the Beatles’ fortunes fifty years on, David Fiorenza, a Villanova University economics professor who specializes in art and entertainment, said that the Fab Four’s “financial impact today is bigger than any other artist, living or deceased.”
So those Jackson family shenanigans are funny in a “can’t you believe it?” way, but the fact is, celebrity estates are serious business.