The Internal Revenue Service charges in US Tax Court that the estate of Michael Jackson owes $702 million in federal taxes plus penalties. A rep with the IRS said that the late singer’s estate has undervalued its assets.
Basically, IRS said the estate of Michael Jackson is worth way more than what was reported.
According to Reuters when Jackson died the estate said it was worth about $7million for tax purposes. The estate said Michael’s likeness and image was worth about $2,105. Michael Jackson left his estate to his mother and three children. Who in the world is handling the estate for Mrs. Katherine Jackson.