Michael Jackson Death Hoax Investigators
Latest News => TMZ.com => Michael Jackson News => TMZ Articles => Topic started by: SEHF on February 10, 2014, 03:18:49 AM
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Michael Jackson Estate
The IRS is
Off the Wall! (http://www.tmz.com/2014/02/10/michael-jackson-estate-irs-taxes-howard-weitzman-john-branca/)
0 minutes ago BY TMZ STAFF
EXCLUSIVE
(http://ll-media.tmz.com/2014/02/09/0209-michael-jackson-5.jpg)
Michael Jackson was broke as a joke when he died ... so the IRS tax attack is showing a glaring ignorance ... so claim the people who run the MJ Estate.
Sources connected with the Estate tell TMZ ... they never suggested the Beatles catalog was worth ZERO -- to the contrary they agree it's worth around $1.5 BILLION.
That said ... sources say there's a reason they put a big fat zero in the Beatles column when they filed tax returns just after Michael died. They say there was a $700 million loan taken against the purchase of the catalog, bringing the net value to $800 million. Michael and Sony were 50/50 partners ... which means Michael's share was around $400 million.
Now the debt. Michael leveraged his interest to the hilt -- he borrowed $320 million against the catalog. And He owed another $200 million in personal debt ... And that's why they put ZERO.
One bone of contention -- although the Estate values the catalog at $1.5 billion, the IRS says it's DOUBLE that amount.
Estate sources say the IRS is also off base on the issue of MJ's likeness and image, which they valued at only $2,105 at the time he died. The IRS says it's worth more like $434 million.
Our sources say you have to look back at June, 2009. They say Michael made zilch on his likeness and image for the 15 YEARS before his death -- no commercials, not even T-shirts ... no one wanted to be associated with him -- at least commercially.
And finally ... as for the Jackson 5 music collection -- the Estate says it was worth $11.2 mil when Michael died ... the IRS says $45.5 mil.
So the sources say after settling up with Motown, MJ's interest was a lot less than people think. The Estate would gladly sell Michael's rights even today for $45.5 mil ... they say they'd sell it for $30 mil!
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Wow, TMZ setting the record straight ... or not! Nice one. Pleased to see you're using your 'sources' again TMZ!
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2100 bucks for his likeness? Hahahahaha where can I pay?
What a joke. If they get away with it I want the 'estate' to file my taxes this year! :thjajaja121:
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Wow, TMZ setting the record straight ... or not! Nice one. Pleased to see you're using your 'sources' again TMZ!
:th_bravo: yeahhhh....good thing !!!! ;D
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:moonwalk_:
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1 / i wish the Estate to deal with my tax too !
2/ TMZ sources always have "things to say"
3/ If MJ is such low price, i suggest everyone sends me a dolar, so i can afford the man :icon_mrgreen:
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Well its about TIME someone started to put the record straight! We had nearly 5 years of twisted facts! Lets Hope the truth comes out one way or another!
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Thanks for sharing this with us.
I have always thought that Michael's worth was undervalued and it never made any sense to me. This sounds more like it. However, the IRS wants to take about 2/3rds of his worth in interest, penalties, etc? I think the IRS is like everyone else - they see a chance to take advantage of the man and they are doing it.
I cannot believe that the genius estate lawyers would value the Beatles catalog at zero but their explanation sounds reasonable so it's a bit confusing to me. I guess I'll keep watchin'.
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Oh Michael you are so lucky free of all this :-*