Michael Jackson Estate -- The IRS Is Off the Wall

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Offline SEHF

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Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 10, 2014, 04:18:49 AM
Michael Jackson Estate
The IRS is
Off the Wall!

0 minutes ago BY TMZ STAFF

EXCLUSIVE




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!

Offline curls

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 10, 2014, 06:53:51 AM
Wow, TMZ setting the record straight ... or not!  Nice one. Pleased to see you're using your 'sources' again TMZ!
« Last Edit: February 10, 2014, 06:54:50 AM by curls »

Online ~Souza~

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 10, 2014, 07:06:40 AM
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:

Offline blankie

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 10, 2014, 05:14:52 PM
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
LOVE YOU MORE

Offline a.j

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 10, 2014, 09:18:37 PM
 :moonwalk_:

Offline whatyourheartsays

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 11, 2014, 01:36:46 PM
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:
Do not push the carebear in the nettles


Offline jadz29858

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 11, 2014, 04:09:42 PM
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! 

Offline voiceforthesilent

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 11, 2014, 09:04:56 PM
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'.
I'm proud to be a child of God and a member of MJ's Army of L.O.V.E.
 
"Press coverage of my life is like [watching] a fictitious movie...like watching science fiction. It's not true." ~Michael Jackson (2005)

"You should not believe everything you read. You are missing the most important revelations". Craig Harvey 3-15-2012

Offline scorpionchik

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Re: Michael Jackson Estate -- The IRS Is Off the Wall

  • on: February 12, 2014, 11:43:00 PM
Oh Michael you are so lucky free of all this   :-*
EndlesslovetoMJ