IRS Adds $54M To Michael Jackson Estate's Value

Law360, Washington (June 13, 2016, 3:27 PM EDT) -- The IRS piled another $53.6 million onto the valuation of the Michael Jackson estate's interest in a trust fund Friday, the latest salvo in a protracted U.S. Tax Court battle over how much the world-famous pop star was worth at the time of his 2009 death.

At issue in Friday's IRS adjustment is the value of the estate's interest in an asset called "New Horizon Trust III." In its original notice of deficiency, the IRS had said that the interest was worth $60.7 million, balking at what the renowned musician's estate originally claimed was only a $2.2 million stake. With the...

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