Tax season is here. This year many of us will be faced with tax bills that are annoying, obnoxious, unfair and every other adjective you can think of. For those days that you’re really bummed about your tax situation, just remember it could be worse.
According to RadarOnline, Michael Jackson’s Estate has been hit with the mother of all tax bills. The IRS has publicly stated that the late pop icon’s estate owes $505 million in taxes and $197 million in penalties. OUCH!
The discrepancy comes from the actual worth of Jackson at the time of his death in 2009. The estate placed his value at a very low $7 million, stating the likeness of Jackson was just worth a measly $2,000. The gross undervaluation was somewhere in the ballpark of $500 million below his actual worth (including his catalog of music).
In case you were wondering, Michael Jackson has continued to make a fortune despite his untimely death. However, $702 million is nothing to sneeze at. We will keep you posted on what happens next.
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