$702 Million? IRS Slams Michael Jackson Estate With Hefty Tax Bill

First Anniversary Of Michael Jackson's Death Recognised

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.

Image via Brendon Thorne/Getty Images

Add Comment

Basketball Wives Big Brother Dancing With the Stars Keeping Up with the Kardashians Love and Hip Hop Hollywood Married to Medicine Million Dollar Listing Mob Wives Real Housewives Shahs of Sunset The Voice Top Chef Vanderpump Rules WAGS
Getting to Know the Cast of Going off the Menu
Getting to Know the Cast of Don’t Be Tardy
No Preview
Getting To Know the Cast of Below Deck
Celebrity Gossip Entertainment
"Testament Of Youth" - UK Premiere - Red Carpet Arrivals
Ten Things You Didn’t Know About Alicia Vikander
Jordan Lloyd
10 Things You Didn’t Know About Jordan Lloyd
Catelynn Lowell
10 Things That You Didn’t Know About Catelynn Lowell
Don King
Don King Net Worth
Jessica Alba
Five Under the Radar Celebrities With Huge Net Worths
brad pitt
Brad Pitt Net Worth
zayn malik
Zayn Malik Net Worth
Daisy Ridley Confirms Talks about Starring in Lara Croft Reboot
No Preview
10 Great Actors Who Appeared in Cheesy 80s Comedies
No Preview
10 Actors Who Cry All The Time In Movies
No Preview
Whatever Happened to All the Actors from the Movie Parenthood?
No Preview
The 10 Best Jon Stewart Daily Show Moments of All-Time
No Preview
Whatever Happened to The Cast of Beverly Hills 90210?
No Preview
Where Are They Now? The Cast of One Tree Hill
No Preview
10 Reasons Why Kaitlyn Bristowe and Shawn Evans Will Never Make It