Hodgson Legal
What’s in a Michael Jackson Name?
Dec16

What’s in a Michael Jackson Name?

This case pits the Estate of Michael Jackson against the Internal Revenue Service (“IRS”) and centers on the $7 million taxable value of the estate’s assets reported to the IRS. Undoubtedly eyebrow raising to the IRS was the valuation of Michael Jackson’s name and likeness rights at only $2,105, to which the IRS has countered at greater than $434 million. In all, the IRS has valued Michael Jackson’s estate at more than $1.1 billion, and issued a notice of deficiency in estate taxes of more than $505 million. And because the IRS contends the executors significantly undervalued the estate’s property, it tacked on additions to tax of $196 million for good measure!

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