The Tax Man Cometh- with sledgehammer in hand- Anyone who has been audited by the IRS knows they will attempt to squeeze blood from a stone- Time and experts will reveal whose right and whose in error.
It is evident, based on reading comments on social network sites, there is confusion regarding the dispute between the Michael Jackson Estate and the United States Internal Revenue Service (IRS.) The dispute revolves around the valuation of Michael Jackson’s assets at the time of his passing, June 25, 2009, the debt associated with those assets, and the estate tax owed by the Estate of Michael Jackson. Ivy from the fan site, Daily Michael, has published an excellent blog, “Opinion: MJ Estate vs. IRS basics and catalog valuations” which discusses this very complex subject. The blog is in two parts with the first part focusing on Estate tax, valuation, market and tax value of the song publishing catalogs, Mijac and Sony/ATV. Part two will focus on valuation of image.
There are two very important concepts related to understanding this issue:
1. Valuation of assets are determined upon the date of death.
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