Jackson owes millions in taxes

Michael Jackson's children's inheritance will dramatically shrink after it was revealed the late singer owes $80 million in [Death Inheritance] taxes.

[Idzan Ismail]

I pray there will be enough for the kids till they reached 21.
MJ should have put the monies in a trust fund for the kids to avoid high death taxes.

[No problem]

I am glad. Maybe the children will have a normal life. I pray the can have a happy normal life. Cuz they were left the crap of all crap. I would not wish this on any kids. Just happy kids playing on the playground, baseball, football,Kids at school, skipping a happy tune. I wish their worries would be gone.

[ANI]

Michael was always innocent.

[Reality_Awaits]

Death and Taxes are two sure things.

I think the taxes outweigh what WackO left his kids.
What a deadbeat, even in death.

[lawl]

No problem wrote:

I am glad. Maybe the children will have a normal life. I pray the can have a happy normal life. Cuz they were left the crap of all crap. I would not wish this on any kids. Just happy kids playing on the playground, baseball, football,Kids at school, skipping a happy tune. I wish their worries would be gone.

His kids will never have a normal life. The freak has already ruined so much that the kids would have to be reborn to get a normal life.

[Dark_Island]

You can bet that's not the bottom of the tax bills yet, either. Wait until the IRS starts sorting out his back-taxes-owed. I seriously doubt that Wacko The Deadbeat was paying his income taxes. And the IRS is going to start looking for the hidden cash.

Wouldn't it be funny if he locked up money in off-shore accounts and didn't tell anyone how to get it? All that money from that photo-farce in Japan would be sitting in a bank forevermore.

Ah. The universe begins to balance itself...

[KBTs]

Let's see now,$400 million in debt,$80 million death taxes and what's left? By the time the Jackson divvy the rest up the children will be homeless. Once the Jackson's come to the conclusion that the money is all gone they're going to realize that they don't need 3 more mouths to feed either. It's not like they're blood relatives or anything is it?

As Montgomery Burns would say, "Show them out and release the hounds".

[jim crow laws]

let the little basturds starve.

[Nicey]

It's not too late to create a legal tax shelter for some of the money, and then create several new trust funds for the children, and gift some of the money, too. It may not be the $80 mil. Unliquidated assets can cause tax problems if included for taxation, but to liquidate assets just for tax purposes is not good either.

[KBTs]

Nicey wrote:

It's not too late to create a legal tax shelter for some of the money, and then create several new trust funds for the children, and gift some of the money, too. It may not be the $80 mil. Unliquidated assets can cause tax problems if included for taxation, but to liquidate assets just for tax purposes is not good either.

Translation - I hope the Jackson's like Kraft Dinner.:)

[mr mojo risin]

Someone in the Jackson clan will get one half of the Beatles songbook.The songbook has been estimated to be worth up to 1.5 BILLION dollars...one half of that means aint no body gonna be eating mac and cheese at the Jackson compound.Of course with all the scummy lawyers coming out of the woodwork to get involved in Jackson lawsuits most of any assets he left will be scarfed up by lawyers.

Sony owns the other half of the songbook .

[some-1]

ANI wrote:

Michael was always innocent.

michael was as innocent as osama bin-laden is

[An NFL Fan]

mr mojo risin wrote:

Someone in the Jackson clan will get one half of the Beatles songbook.The songbook has been estimated to be worth up to 1.5 BILLION dollars...one half of that means aint no body gonna be eating mac and cheese at the Jackson compound.Of course with all the scummy lawyers coming out of the woodwork to get involved in Jackson lawsuits most of any assets he left will be scarfed up by lawyers.
Sony owns the other half of the songbook .

Jackson apparently borrowed very heavily on the Northern Songs portfolio. It's mac and cheese from the king of sleaze.

[Dark_Island]

mr mojo risin wrote:

Someone in the Jackson clan will get one half of the Beatles songbook.

One quarter. He sold another half of his half just after his trial.

And the family will get it only AFTER all the loans against it are paid off. When you use something as collatoral, you DO have to pay off the loans or the item defaults to the bank.

I believe I read somewhere that he used it for collateral TWO TIMES OVER.

That's what a good businessman HE was.

[The Frog From Hell]

Idzan Ismail wrote:

I pray there will be enough for the kids till they reached 21.
MJ should have put the monies in a trust fund for the kids to avoid high death taxes.

There won't be anything after his parasite family steals it all.

[The Frog From Hell]

Dark_Island wrote:

<quoted text>
One quarter. He sold another half of his half just after his trial.
And the family will get it only AFTER all the loans against it are paid off. When you use something as collatoral, you DO have to pay off the loans or the item defaults to the bank.
I believe I read somewhere that he used it for collateral TWO TIMES OVER.
That's what a good businessman HE was.

And don't forget the fact that it's losing value every day that passes because the rights will revert to the people who wrote the songs.