Michael Jackson's estate scores major tax victory in years-long court battle
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foxnews.comMichael Jackson's estate won a major, years-long court battle after a U.S. tax court found the IRS inflated the value of his assets and image at the time of his death.
The IRS had put the value of three disputed aspects of Jackson's worth at the time of his 2009 death at about $482 million.This led to an estate tax bill for his heirs that was far too high given the King of Pop's financial situation when he died.
In his decision issued Monday, Judge Mark Holmes put that figure at $111 million, far closer to the estate's own estimates. The estate’s executors said it was a huge and unambiguous victory for Jackson’s children. "We’re pleased," co-executor John Branca told The Associated Press on Tuesday. "We always try to do the right thing.
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