US agency says Michael Jackson estate owes $900m in taxes
WASHINGTON (REUTERS) - The estate of pop music legend Michael Jackson owes US$702 million (S$900 million) in federal taxes and penalties, the Internal Revenue Service (IRS) charged in United States (US) Tax Court, accusing the estate of undervaluing some of the star's assets by hundreds of millions of dollars.
The dollar amounts in dispute had not been previously disclosed in the court challenge that the Jackson estate filed in July to a bill from the IRS, the US tax-collecting agency.
At issue is the wide difference between what the estate said Jackson's legacy was worth versus what the IRS determined was its taxable value.
An IRS spokesman and lawyers for the estate declined to comment.