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Michael Jackson estate fights U.S. IRS in Tax Court


Reuters
Patrick Temple-West 4 hours ago Internal Revenue Service

By Patrick Temple-West

WASHINGTON (Reuters) - The estate of pop music legend Michael Jackson is fighting the Internal Revenue Service over taxes and penalties levied on a wide range of the star's assets, including the Neverland Ranch, his "image and likeness" and some recording properties, according to court documents.

The estate's challenge, filed in U.S. Tax Court, does not disclose any dollar amounts, suggesting the differences in estate taxes paid and allegedly owed could be significant, said tax lawyers who reviewed the court filings on Tuesday.

The dispute centers on the value of estate assets at the time of Jackson's death on June 25, 2009. Some assets, such as the star's image and likeness, are extremely difficult to value for tax purposes.

Under tax law, the penalties associated with the IRS's allegations could be as high as 40 percent of the difference between the taxes paid and those allegedly owed for some of the items.

Though dollar amounts in the documents are redacted, the IRS's deficiency notice said the tax agency levied penalties on the value of Sycamore Valley Ranch Company LLC, which includes the Neverland Ranch, according to the court filings.

The IRS issued to the estate a tax deficiency notice in May and the estate filed its challenge in Tax Court on July 26. The IRS has 60 days to respond to the Tax Court challenge.

Negotiators for the IRS and the estate have held meetings for more than a year to try to resolve the valuation differences, said Charles Rettig, one of the lawyers representing the Jackson estate. He declined to say how much in taxes and penalties are in dispute.

"The government believes estates of celebrities likely have a significant audit potential," Rettig said on Tuesday. "The estate believes the estate tax return properly reflected the interests of Mr. Jackson as of the date of his death."

An IRS spokesman declined to comment.

Under Tax Court rules, the Jackson estate will not need to pay any taxes or penalties unless the court rules for the IRS.

Jackson died at age 50 from an overdose of the surgical anesthetic propofol while rehearsing for a series of comeback concerts in London.

"The Michael Jackson estate was on a clear collision course with the Tax Court," said Bridget Crawford, a tax professor at Pace Law School, who reviewed the Tax Court filings.

(Reporting By Patrick Temple-West; Additional reporting by Eric Kelsey; Editing by Howard Goller and Ken Wills)

Uh? I'm perplexed by this.
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Thriller4ever

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I don't understand any of this bec...i'm gonna go n google. is there anything strikingly odd in this news report?
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twitter: @ComfortablyGeek

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suspicious mind


i am gonna sound nutter again here but didn't someone drop by a while back and make a post about obama doing something ( some kind of legislation , bill or something ) that would make the government able to take neverland ?..............ok back to my corner
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Why not just tell people I'm an alien from Mars? Tell them I eat live chickens and do a voodoo dance at midnight. They'll believe anything you say, because you're a reporter. But if I, Michael Jackson, were to say, "I'm an alien from Mars and I eat live chickens and do a voodoo dance at midnight," people would say, "Oh, man, that Michael Jackson is nuts. He's cracked up. You can't believe a single word that comes out of his mouth."

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~Souza~

Crafty little shit. How can people think he is in debt when he never pays anything or anyone, waits till he gets sued then settle for half the amount or even less to nothing at all?  He would get zero credit if he would buy something from me!
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Quote
Michael Jackson estate fights U.S. IRS in Tax Court


Reuters
Patrick Temple-West 4 hours ago Internal Revenue Service

By Patrick Temple-West

WASHINGTON (Reuters) - The estate of pop music legend Michael Jackson is fighting the Internal Revenue Service over taxes and penalties levied on a wide range of the star's assets, including the Neverland Ranch, his "image and likeness" and some recording properties, according to court documents.

The estate's challenge, filed in U.S. Tax Court, does not disclose any dollar amounts, suggesting the differences in estate taxes paid and allegedly owed could be significant, said tax lawyers who reviewed the court filings on Tuesday.

The dispute centers on the value of estate assets at the time of Jackson's death on June 25, 2009. Some assets, such as the star's image and likeness, are extremely difficult to value for tax purposes.

Under tax law, the penalties associated with the IRS's allegations could be as high as 40 percent of the difference between the taxes paid and those allegedly owed for some of the items.

Though dollar amounts in the documents are redacted, the IRS's deficiency notice said the tax agency levied penalties on the value of Sycamore Valley Ranch Company LLC, which includes the Neverland Ranch, according to the court filings.

The IRS issued to the estate a tax deficiency notice in May and the estate filed its challenge in Tax Court on July 26. The IRS has 60 days to respond to the Tax Court challenge.

Negotiators for the IRS and the estate have held meetings for more than a year to try to resolve the valuation differences, said Charles Rettig, one of the lawyers representing the Jackson estate. He declined to say how much in taxes and penalties are in dispute.

"The government believes estates of celebrities likely have a significant audit potential," Rettig said on Tuesday. "The estate believes the estate tax return properly reflected the interests of Mr. Jackson as of the date of his death."

An IRS spokesman declined to comment.

Under Tax Court rules, the Jackson estate will not need to pay any taxes or penalties unless the court rules for the IRS.

Jackson died at age 50 from an overdose of the surgical anesthetic propofol while rehearsing for a series of comeback concerts in London.

"The Michael Jackson estate was on a clear collision course with the Tax Court," said Bridget Crawford, a tax professor at Pace Law School, who reviewed the Tax Court filings.

(Reporting By Patrick Temple-West; Additional reporting by Eric Kelsey; Editing by Howard Goller and Ken Wills)

Uh? I'm perplexed by this.

So do I lol  :LolLolLolLol:   :WTF: !!!
Goddamn even the Federal Government is trying to come for Mike's money. Hell by all that has been going on over the past year I may even put my name in the hat to get some of MJ's cash and stuff. But hey if Lauryn Hill got to pay so does even the estate of the King of Music.
So now MJ will be funding foodstamps, EBT, and federal employee salaries    :computer-losy-smiley:  :icon_lol: :icon_lol: ?
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Snoopy71

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I'm just skimming over this article (it's 2 a.m. and I can't sleep).....but it sounds like they are attempting to put a lien on Neverland for back owed taxes. :icon_e_confused:

My guess is the estate filed "estimated" taxes on the value of Neverland and MJ's net worth at the time of his death and it's now rearing it's ugly head some 4 years later.

Considering the huge jump in his net worth since then, it's no wonder it has red flagged the IRS...yet again. :suspect:


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AP/ July 10, 2009, 6:52 PM

Big Tax Bill Looms For Jackson Estate

The Tax Man is in the mirror for the estate of the late King of Pop.

Creditors and heirs of Michael Jackson hoping for a cut of his musical empire will have to line up with the Internal Revenue Service, which could lay claim to $80 million or more in federal estate taxes.

To settle his tax bill, the executors of his estate may have to sell or borrow against lucrative but hard-to-value assets or ask the IRS for a multi-year extension. That could allow the estate to pay the tab over time with earnings from Jackson's share in rights to songs by the Beatles and his own music - prized properties whose value will likely make the estate's tax bill only bigger.

"The government is not going to take a Beatles record as payment. They want to be paid in cash," said Roy Kozupsky, a veteran estate lawyer in New York who has worked on behalf of several wealthy clients.

Given the convoluted nature of Jackson's finances, coming up with the cash won't be easy. Technically, the tax bill is due nine months after the date of death. In special cases, estates can spread out the payments for a period of up to 14 years. Once paid, the tax bill could dramatically shrink the inheritance passed on to the pop star's heirs - his 79-year-old mother and three children.

"It's going to mean less money going to the beneficiaries," said Lawrence Heller, a partner in the tax and estate practice of the law firm Bryan Cave in Santa Monica, Calif. "They're the ones that are going to suffer."

The estate's tax dilemma highlights the cost and complexity of dying wealthy in America. Ironically, had Jackson died six months later, his estate may have had to pay no estate tax at all.

Under current law, the estate tax is set to be lifted for one year starting Jan. 1, 2010. However, most experts expect Congress to overturn the one-year suspension before the end of 2009, meaning the estate tax would remain in place.

Established in the early 1900s, the so-called "death tax" assesses up to a 45 percent tax on individual estates worth more than $3.5 million.

As in a bankruptcy case, Jackson's creditors will jockey for first crack at his fortune. But the estate's initial obligation will be to pay the late star's taxes, said Beth Kaufman, a Washington-based attorney specializing in estate tax issues.

"There is no question that the U.S. government has first priority," she said.

To calculate the amount owed, subtract an estate's debts from its assets and set aside 45 percent of what's left for the IRS. The first $3.5 million is exempt. The IRS also allows unlimited, tax-free transfers of assets to a spouse and charities, as well as deductions for funeral expenses, attorneys' fees and other administrative costs.

The current value of Jackson's estate isn't known, making it impossible to know how much he'll owe in federal estate tax.

According to documents obtained by The Associated Press, he claimed $567.6 million in assets as of March 31, 2007, including Neverland and his share of the Sony/ATV Music Publishing catalog, which holds the rights to songs by the Beatles, Bob Dylan and other artists. The documents also show that Jackson had $331 million in debt.

That would leave him with a net worth about $236 million at the time. Based on that number, Jackson's federal estate tax bill could exceed $83 million after exemptions. California, where Jackson lived at the time of his death, has no estate tax, but some states do.

Representatives of Jackson's estate declined to comment.

The pop icon died June 25 of what his family said was cardiac arrest. According to his will, all of Jackson's assets will go into a trust. The twice-divorced entertainer left 20 percent of his estate to charities. That could leave 80 percent of his net estate subject to "a very sizable" death tax, said Randy Godshall, an estate attorney at Los Angeles-based Sheppard Mullin law firm.

"But there will no doubt be a lot of negotiation with the IRS on that, because his assets are hard to value," Godshall said.

The IRS is not required to accept the estate's appraisal of Jackson's assets, and very likely will conduct its own audit, he said.

"They'll often come back with their own, higher values - I've never heard of them coming back and saying, 'You overvalued this'," he said.

The IRS declined to comment, citing federal rules prohibiting it from discussing individual taxpayers.

If the two sides can't agree, the case would go into litigation. In rare cases, the IRS can seize assets to cover a tax bill, but usually settlements are reached.

Worries over estate tax were a big factor in the lengthy legal battle over the estate of singer James Brown, who died of heart failure on Christmas Day, 2006. A judge in May approved a settlement that gives nearly half of his assets to a charitable trust, about a quarter to his wife and young son, and the rest to Brown's adult children. The IRS won't say how much tax is owed on his estate.

The federal estate tax affects less than 1 percent of the U.S. population. It will generate an estimated $26 billion this year - only about 1 percent of federal tax revenue. Still, the estate tax has become the subject of political debate in recent years.

In Washington, some Republican lawmakers want to abolish it. Others have called for exempting estates up to $10 million from the tax. They also want estates larger than that to be taxed at a 35 percent rate.

As it stands now, the threshold for the estate tax is set to fall back to $1 million in 2011, but the Obama administration is expected to change that so the tax will still kick in at $3.5 million.

None of the proposed changes would impact Jackson's estate, whose tax bill is technically due March, 25, 2010. Experts say it's likely the IRS will grant a multi-year extension. But even then, the estate would still have to begin paying interest in March.

Jackson's estate may have planned for a big estate tax bill. He had an insurance trust in his name as of Aug. 26, 2003, according to a financial document addressed to the singer and obtained by the AP. Insurance trusts are often set up by estates to pay federal estate tax.

One possible wild card: Jackson's estate could claim that his debt exceeds his assets, in which case he'd owe no estate tax.

But "it would be hard to incur that kind of liability," Kozupsky said, noting that creditors would be wary of such debt-ridden borrowers. He noted we may never learn the amount of Jackson's estate tax bill since the IRS isn't required to say.

"It could remain a mystery for quite a while," Kozupsky said.



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sweetsunsetwithMJ

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Quote
Michael Jackson estate fights U.S. IRS in Tax Court


Reuters
Patrick Temple-West 4 hours ago Internal Revenue Service

By Patrick Temple-West

WASHINGTON (Reuters) - The estate of pop music legend Michael Jackson is fighting the Internal Revenue Service over taxes and penalties levied on a wide range of the star's assets, including the Neverland Ranch, his "image and likeness" and some recording properties, according to court documents.

The estate's challenge, filed in U.S. Tax Court, does not disclose any dollar amounts, suggesting the differences in estate taxes paid and allegedly owed could be significant, said tax lawyers who reviewed the court filings on Tuesday.

The dispute centers on the value of estate assets at the time of Jackson's death on June 25, 2009. Some assets, such as the star's image and likeness, are extremely difficult to value for tax purposes.

Under tax law, the penalties associated with the IRS's allegations could be as high as 40 percent of the difference between the taxes paid and those allegedly owed for some of the items.

Though dollar amounts in the documents are redacted, the IRS's deficiency notice said the tax agency levied penalties on the value of Sycamore Valley Ranch Company LLC, which includes the Neverland Ranch, according to the court filings.

The IRS issued to the estate a tax deficiency notice in May and the estate filed its challenge in Tax Court on July 26. The IRS has 60 days to respond to the Tax Court challenge.

Negotiators for the IRS and the estate have held meetings for more than a year to try to resolve the valuation differences, said Charles Rettig, one of the lawyers representing the Jackson estate. He declined to say how much in taxes and penalties are in dispute.

"The government believes estates of celebrities likely have a significant audit potential," Rettig said on Tuesday. "The estate believes the estate tax return properly reflected the interests of Mr. Jackson as of the date of his death."

An IRS spokesman declined to comment.

Under Tax Court rules, the Jackson estate will not need to pay any taxes or penalties unless the court rules for the IRS.

Jackson died at age 50 from an overdose of the surgical anesthetic propofol while rehearsing for a series of comeback concerts in London.

"The Michael Jackson estate was on a clear collision course with the Tax Court," said Bridget Crawford, a tax professor at Pace Law School, who reviewed the Tax Court filings.

(Reporting By Patrick Temple-West; Additional reporting by Eric Kelsey; Editing by Howard Goller and Ken Wills)

Uh? I'm perplexed by this.

Well you shouldn't because perhaps MJ's Estate is trying to get MJ tax issues settled completely by a court of law to be clear in case he BAMS in order to show the world he didn't fake his death to avoid any tax payment I think he wants to prepare his comeback in a perfect way to avoid any problem, I don't know if this makes sense to you Bec.
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I WANNA BE WHERE YOU ARE!!

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So do I lol  :LolLolLolLol:   :WTF: !!!
Goddamn even the Federal Government is trying to come for Mike's money. Hell by all that has been going on over the past year I may even put my name in the hat to get some of MJ's cash and stuff.


Love your avatar!  That was my favorite part from that video.  :icon_e_biggrin:
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becTopic starter

It does @sunset, good point.
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So do I lol  :LolLolLolLol:   :WTF: !!!
Goddamn even the Federal Government is trying to come for Mike's money. Hell by all that has been going on over the past year I may even put my name in the hat to get some of MJ's cash and stuff.


Love your avatar!  That was my favorite part from that video.  :icon_e_biggrin:

Thank you Shamone  :bearhug:,that video is delicious  :michael_jackson-1135: !!!

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sweetsunsetwithMJ

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It does @sunset, good point.

It would be the only way to appear clear in public eye so there is no room for gossip about it.
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I WANNA BE WHERE YOU ARE!!

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MaryK

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U.S. agency says Michael Jackson estate owes $702 million in taxes

By Patrick Temple-West
WASHINGTON | Fri Aug 23, 2013 5:15pm EDT

(Reuters) - The estate of pop music legend Michael Jackson owes $702 million in federal taxes and penalties, the Internal Revenue Service charged in U.S. Tax Court, accusing the estate of undervaluing some of the star's assets by hundreds of millions of dollars.

The dollar amounts in dispute had not been previously disclosed in the court challenge that the Jackson estate filed in July to a bill from the IRS, the U.S. tax-collecting agency.

At issue is the wide difference between what the estate said Jackson's legacy was worth versus what the IRS determined was its taxable value.

An IRS spokesman and lawyers for the estate declined to comment.

Jackson died on June 25, 2009, the date of the estate tax return. His estate's beneficiaries are Jackson's mother, Katherine, his three children and charities.

The estate's 2009 tax filing said the total Jackson estate had a $7 million taxable value. In May, the IRS issued the estate a tax deficiency notice for $505.1 million in taxes and $196.9 million in penalties, according to Tax Court documents dated Tuesday.

Jackson's image and likeness were valued by the IRS at $434 million. The estate said its taxable value was $2,105.

The largest taxable item was the estate's stake in some of Jackson's recording assets, listed as MJ/ATV Publishing Trust interest in New Horizon Trust II, which was valued at $469 million by IRS. It was not valued in the 2009 estate filing.

The IRS's alleged tax deficiency also includes some items that were overvalued by the estate.

A Jackson estate spokesman said the IRS's appraisal values "were based on speculative and erroneous assumptions unsupported by the facts or law." The Jackson estate has paid $100 million in taxes, he said on Friday.

Under Tax Court rules, the Jackson estate will not need to pay any taxes or penalties unless the court rules in favor of the IRS.

Jackson died at age 50 from an overdose of the surgical anesthetic propofol while rehearsing for a series of comeback concerts in London.

(Reporting by Patrick Temple-West; Editing by Kim Dixon, Howard Goller and Bill Trott)


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You and I were never separate

It's just an illusion

Wrought by the magical lens of Perception



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Snoopy71

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...Michael Jackson owes ....$702 million in federal taxes and penalties ...

Sweet Jesus! You are not allowed to view links. Register or Login








Last Edit: August 23, 2013, 07:15:13 PM by Snoopy71
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MaryK

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Yes, really insane.

Here´s an article from Forbes, regarding the subject.

Why The $702 Million IRS Tax Claim On Michael Jackson's Estate Won't Stand Up

Michael Jackson has earned over half a billion dollars since his death–and now Uncle Sam wants a piece of the action.

Earlier today reports surfaced saying that the IRS is hitting Jackson’s estate with a $702 million bill, including $505.1 million in taxes and $196.9 million in penalties.

The estate will not be forced to pay any penalties unless the court rules in favor of the IRS, but those in charge of Jackson’s empire were nonetheless displeased with the news.

“The executors are disappointed the IRS continues to overreach in this matter but firmly believes all issues will be resolved in favor of the estate and the beneficiaries,” said attorney Howard Weitzman in a statement, which also noted that the estate has paid over $100 million in taxes and is “in full compliance with the tax laws.”

An IRS spokesperson declined to comment, citing Section 6103 of the tax code, which prevents the organization from discussing individual tax situations.

So will the estate actually end up having to fork over $702 million to Uncle Sam? It seems unlikely for a number of reasons, and the proverbial devil is in the details.

First of all, it’s important to understand that the IRS’s claims are related to estate tax, not income tax. In 2009, the year Jackson passed away, the maximum federal rate was 45% of net assets–implying that the IRS believes Jackson was worth in the neighborhood of $1.5 billion at the time of his death.

Though the King of Pop was a much savvier businessman than most people realize and amassed an incredible collection of assets throughout his career, he was most certainly not a billionaire on June 25th, 2009. He did not appear on FORBES’ list of billionaires that year, or any other year, for that matter.

Jackson did hold hundreds of millions of dollars in assets, namely his 50% share in the Sony SNE +2.54%/ATV catalogue, which industry experts believed to be worth as much as $750 million at the time (and is worth far more now). There were other entities, too, including his Mijac music catalogue, real estate and a massive art collection.

But Jackson also carried nearly half a billion dollars in debt, meaning that his net assets were well under $1 billion–and likely less than the $702 million tax bill proposed today. The reports also suggest that a major component of the IRS bill revolves around the value of Jackson’s image and likeness. The tax agency is said to have put that number at $434 million, while the estate valued the rights at $2,105.

Though the latter seems very low, the former seems incredibly high–at the time of Jackson’s death, anyway–given the fact that the singer hadn’t scored an endorsement deal since 1993 and didn’t crack FORBES’ list of top-earning musicians in 2008, a year in which the Police earned $115 million to claim the top spot.

To be sure, the value of just about everything Jackson-related has skyrocketed in the years following his death. His image is once again a force to be reckoned with in the endorsement world, landing on everything from Pepsi cans to slot machines. Two Jackson-themed Cirque du Soleil tours are currently running–Michael Jackson One in Las Vegas and the Michael Jackson Immortal World Tour around the globe–and his music seems as popular as ever.

But estate taxes are levied on the value of assets at the time of death, not at the time the tax bill is issued or announced. And as a result, it seems unlikely that the tax court will rule in favor of the IRS getting its $702 million.

Of course, the whole issue would have been moot had Jackson died a year later: due to a legal quirk, there was no estate tax in 2010.

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You and I were never separate

It's just an illusion

Wrought by the magical lens of Perception



Update  ;):

A Jackson estate spokesman said the IRS's appraisal values "were based on speculative and erroneous assumptions unsupported by the facts or law".
The Jackson estate has paid $100m (£64m) in taxes, he said.

Speculative and erroneous  :icon_question:?? Sounds familiar to me lol   :LolLolLolLol: ........


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