Michael Jackson’s estate granted “huge victory” in court case over singer’s worth
The estate of Michael Jackson has been given a legal win against the US tax authority regarding how much the late artist was worth at the time of his death.
As covered by The Hollywood Reporter, the court case centered on how much tax Jackson’s estate owed the Internal Revenue Service following his death in 2009, based on his assets, image and likeness. The singer’s contested investments included New Horizon Trust II, which included his stake in Sony/ATV Music Publishing, and New Horizon Trust III, which included Mijac Music, a publishing catalogue.
While the IRS valued Jackson’s image and likeness at £313,000 ($434million), the estate initially issued a starkly different valuation of approximately $2,000. The reason for this difference was the estate claimed Jackson’s reputation had been damaged by allegations of child molestation. The estate would subsequently increase its valuation to $3million.
While experts for the estate valued Jackson’s image based on public perception and the prospects of similar deceased celebrities, such as Elvis Presley or Princess Diana, the IRS focused more on “foreseeable opportunities” such as themed attractions, merchandise, …
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