The ongoing controversy over the money left behind by Prince when he died without a will is heating up again after Internal Revenue Service calculations showed that executors of the rock star’s estate undervalued it by 50%, or about $80 million.
The IRS determined that Prince’s estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.
The discrepancy primarily involves Prince’s music publishing and recording interests, according to court documents. RELATED: Prince Estate Releases Unheard Song ‘Cosmic Day’ Documents show the IRS believes that Prince’s estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica’s valuation,
Read more on etcanada.com
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