U.S. agency says Michael Jackson estate owes $702 million in taxes

Aug 25, 2013 Full story: Free Republic 10

The estate of pop music legend Michael Jackson owes $702 million in federal taxes and penalties, the Internal Revenue Service charged in U.S. Tax Court, accusing the estate of undervaluing some of the star's assets by hundreds of millions of dollars.

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Jane

Bronx, NY

#1 Aug 25, 2013
Now I kinda think he faked his death. This money is more than the 600 million dollars they just paid and now 700 million is still owed. They deserve it because they are greedy pigs!
Donkey Oatey

UK

#2 Aug 25, 2013
what a success whacko was! what a businessman! and his floons all claimed he was the "richest man in the whole flooniverse" . The Freak died with nearly a $million debt and now still owes $700,000 in back taxes. a real MODEL for black businessmen.
Donkey Oatey

London, UK

#3 Aug 26, 2013
Donkey Oatey wrote:
what a success whacko was! what a businessman! and his floons all claimed he was the "richest man in the whole flooniverse" . The Freak died with nearly a $million debt and now still owes $700,000 in back taxes. a real MODEL for black businessmen.
sorry , I meant $700 MILLION!! that's even better! I guess that's another thing Whacko had that I don't.
JasonZ

Brisbane, Australia

#4 Aug 26, 2013
Doesn't this kind of prove Michael Jackson is (was) a billionaire? The government must think so if it feels 45% the estate's assets are worth in excess of seven hundred million dollars. So if the government were right about Jackson's molesting children, it must also be right about Jackson's being worth over 1.5 billion. That logic works, doesn't it?

Sony/ATV Music Publishing is the biggest music publisher in the world. It recently led a consortium that purchased EMI Music Publishing, making Sony/ATV the largest music publisher in the world by a large margin. Sony/ATV, by conservative estimates, brings in over nine hundred million dollars each year, half of which goes to the Estate of Michael Jackson. After taxes and other expenses, it has been estimated that somewhere in the region of one hundred million dollars ends up in the estate's hands each year.

The Estate of Michael Jackson has likely reinvested the six hundred million dollars (not hyped earnings. They have been thoroughly scrutinized and well over 100 million dollars in taxes have already been paid) back into Sony/ATV. The company has unlimited potential and its key assets are invaluable. Within a decade or two Michael Jackson's name could realistically be tied to a company whose value exceeds ten billion dollars.

It must be enraging to for losers to know that no matter what scandals or trashy stories appear, Michael Jackson's name will always be tied to one of the most valuable assets in the entertainment industry.
Octopus

Schenectady, NY

#5 Aug 27, 2013
I can imagine the interest compounded daily on $702 million dollars is staggering. Paul McCartney's gross worth is a little more than what Jacko's estate owes the IRS?

No wonder Katherine Jackson is suing AEG. She wants them to pay off Jacko's tax debts.

Funny.

“Brevity is the soule of wit”

Since: May 09

USA

#7 Aug 27, 2013
MJFIEND wrote:
wELCOME JAY Z !!!!! WhAT THE HECK ARE YOU DOING ON THIS FORUM, MY MAN JAY Z ONLY YOU UnDERSTAND MICHAeLS GeNIUS IN INVESTING IN SONY/ AND CAN BREAK IT DOWN IN LAYMANS TERMS FOR OUR FRIENDS HERE!!! In ith the BARCLAYS!!! GrEAT SHOW THE OTHER NIGHT!! CATCH UP WITH YOU SOON!
You're a gullible fool.

“at yet more f'loonspin”

Since: Aug 11

I live far away from f'loons

#9 Aug 27, 2013
MJFRIEND wrote:
JAY Z Great guy mike was , huh? Still cant believe hes gone. you know? The man was a genius , cant get over it, later.
You are gullible if you think that poster was Jay Z. Then again, you think Michael's little-boy sleepovers were innocent, even though he owned a nude photo of one of them.
Jane

Bronx, NY

#13 Sep 6, 2013
MJFRIEND wrote:
wELCOME JAY Z !!!!! WhAT THE HECK ARE YOU DOING ON THIS FORUM, MY MAN JAY Z ONLY YOU UnDERSTAND MICHAeLS GeNIUS IN INVESTING IN SONY/ AND CAN BREAK IT DOWN IN LAYMANS TERMS FOR OUR FRIENDS HERE!!! In OTHER WORDS MICHAELS ESTATE , Because of smart business investments in the music world by michael, will be worth billions and perhaps one of the most richest estates in the world!! ThIS COMING FROM A FINANCIAl INVESTMENT GENIUS AS YOURSELF!!! Great going with the BARCLAYS!!! GrEAT SHOW THE OTHER NIGHT!! CATCH UP WITH YOU SOON!
This 700 million dollars was not overlooked by the IRS. I believe most of this money is what the IRS is gonna collect when the John Lennon heiress hidden account that Jackso managed and hid for more than 20 years is what they are coming for. No way would the IRS wait over 4 years after Michael died to collect that kind of money. People you don't know what is coming. Remember the explosive secret Dr. Murray stated he has. Well it is all about John Lennon and what Michael did to hide a love child daughter
money for Yoko Ono. The problem is now fate has caught up with Jackson and Ono's fraud. She didn't want the love child daughter of John Lennon to get her money so she got Michael Jackson to do her dirty work!!!!!!!! That is why AEG and the Jackson's backed off of Dr. Conrad Murray and didn't make him testify. He warned them. But he knows this secret is coming after the trial is over! Then Murray is gonna make Millions on this secret while the Jacksons watch in horror. Yes, I am sorry to break it to you if you are a Jackson fan but this is the truth! Also Paul McCartney was involved too. He is gonna have to face a world stage.
Jane

Bronx, NY

#14 Sep 6, 2013
GoodvibrationsHATER4LIFE wrote:
<quoted text>Exactly. Her extortion attempt is failing miserably. Love it.
This 700 million dollars is not all from the Jackson's belongings. I believe it is money that will be taxed when the John Lennon hidden hieress gets notified. You see Jackson did Ono a favor and hid this money that John Lennon left the love child daughter who is now over 21 years old. Ono didn't want the scandal so she got Jackson to do her the favor of hiding it and in return he got half of all Beatle Royalty of every Beatle song. Paul McCartney went along with it too because he didn't want the world to know and was afraid of scandal. John Lennon was spit on in his death. The hidden account remained hidden for years and years. So now that makes sense that taxes would be this big. Jacko never paid taxes because it remained hidden. But I think John Lennon made double copies and when copyright due date came in 2006 Jackson was running rampant and going crazy because he was losing the Beatle catalogue. Remember that was only leased to him until the copyrights came due. He had a party as royalties from the Beatles came to him. Half. The other half was to Paul, Ono and of course the hidden account. Paul and Ono's share got taxed but of course the hidden account didn't because it was hidden. Jackson got away with this for years but now soon after this trial his reputation will be finished forever. Like Dr. Murray stated I have a Nuclear Secret!
Jane

Bronx, NY

#15 Sep 6, 2013
GoodvibrationsHATER4LIFE wrote:
<quoted text>Wacko was a fraud in life and in death.
Yes, Jackson was a fraud! But his Mother and Father taught him to be one. He got beat nearly to death in order to be perfect with a dance routine. Katherine also pimped her daughter to Joe Jackson for sex. Katherine is a ruthless criminal along with her husband. She does not deserve to win this case and I hope the jury is smart enough not to give her millions. AEG is no angel but I don't see enough proof for the Jacksons to win. Where is the proof that AEG knew about Propofol? Where is the proof that AEG knew Murray was giving him Propofol? That has to be proven. One e-mail is not enough. Katherine is paying for her crime. She used Michael and didn't protect him from abuse. She killed him years ago.

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