Michael Jackson's estate owes $702mln in unpaid taxes
Washington, Feb 9 : The Michael Jackson Estate is being pursued for 702 million dollars in unpaid taxes by the US' Internal Revenue Service after being accused of undervaluing assets following the pop legend's tragic death in 2009.
The Internal Revenue Service (IRS) accused the late 'Thriller' hitmaker's executors of significantly undervaluing assets following the singer's death in 2009, and has launched a legal battle in a bid to secure 505 million dollars and an additional 197 million dollars in penalties, Contactmusic reported.
In US Tax Court documents in Washington, obtained by the Los Angeles Times newspaper, the agency claims the estate inaccurately placed the popstar's net worth at slightly more than 7 million dollars when Michael died after an overdose of a surgical-grade anesthetic, and argue he was actually worth 1.125 billion dollars.
The IRS said that the estate's original tax return was so inaccurate that it qualified for a gross valuation misstatement penalty, which would allow the government to double the usual 20 percent penalty for underpayment.
--ANI (Posted on 09-02-2014)
Share this Post:
Information on States of India:
Andaman Nicobar | Andhra Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal
INDIA REGIONAL MAPS:
Andhra Pradesh Travel Map | Bihar Travel Map | Goa Travel Map | Gujarat Travel Map | Haryana Travel Map | Himachal Pradesh Map | Karnataka Travel Map | Kerala Travel Map | Maharashtra Travel Map | Punjab Travel Map | Rajasthan Travel Map | Sikkim Travel Map | Tamil Nadu Travel Map | Uttar Pradesh Travel Map | West Bengal Travel Map |
MORE MAPS OF INDIA:
INDIA CITY MAPS:
KERALA TRAVEL MAPS: