Congress has cut federal funding for public media — a $3.4 million loss for LAist. We count on readers like you to protect our nonprofit newsroom. Become a monthly member and sustain local journalism.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Michael Jackson’s Estate Owes More Than $702M, IRS Says [UPDATED]
Michael Jackson in March 2009 (Photo by Tim Whitby/Getty Images)
()
If ever there was a reminder that it’s important to do your taxes correctly, it’s this: Michael Jackson’s estate apparently owes the IRS more than $702 million.The IRS has told Jackson’s estate that it owes $505 million in taxes, plus $197 in penalties, The LA Times reported. The late King of Pop’s executors had his net worth at just more than $7 million at his time of death on June 25, 2009, according to documents filed with the U.S. Tax Court in Washington, but in actuality, it’s more like $1.125 billion, the IRS says.
Since the discrepancy was so bad, the penalty can be doubled beyond the usual 20% in something called a gross valuation misstatement penalty.
This news has us hitting up TurboTax this year a littler earlier than usual.
UPDATE 2/9: On this 50th anniversary of the day The Beatles first played Ed Sullivan, the Michael Jackson estate is claiming Jackson's interest in the Beatles catalog, as well as Jackson's own, is worth nothing. Meanwhile the IRS says the value of that asset is $469 million, according to TMZ. Beatles guru and attorney Bruce Spizer told TMZ the actual worth is between $300 million and $400 million.
As Editor-in-Chief of our newsroom, I’m extremely proud of the work our top-notch journalists are doing here at LAist. We’re doing more hard-hitting watchdog journalism than ever before — powerful reporting on the economy, elections, climate and the homelessness crisis that is making a difference in your lives. At the same time, it’s never been more difficult to maintain a paywall-free, independent news source that informs, inspires, and engages everyone.
Simply put, we cannot do this essential work without your help. Federal funding for public media has been clawed back by Congress and that means LAist has lost $3.4 million in federal funding over the next two years. So we’re asking for your help. LAist has been there for you and we’re asking you to be here for us.
We rely on donations from readers like you to stay independent, which keeps our nonprofit newsroom strong and accountable to you.
No matter where you stand on the political spectrum, press freedom is at the core of keeping our nation free and fair. And as the landscape of free press changes, LAist will remain a voice you know and trust, but the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news from our community.
Please take action today to support your trusted source for local news with a donation that makes sense for your budget.
Thank you for your generous support and believing in independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
The L.A. City Council approved the venue change Wednesday, which organizers say will save $12 million in infrastructure costs. -
Taxes on the sale of some newer apartment buildings would be lowered under a plan by Sacramento lawmakers to partially rein in city Measure ULA.
-
The union representing the restaurant's workers announced Tuesday that The Pantry will welcome back patrons Thursday after suddenly shutting down six months ago.
-
If approved, the more than 62-acre project would include 50 housing lots and a marina less than a mile from Jackie and Shadow's famous nest overlooking the lake.
-
The U.S. Supreme Court lifted limits on immigration sweeps in Southern California, overturning a lower court ruling that prohibited agents from stopping people based on their appearance.
-
Censorship has long been controversial. But lately, the issue of who does and doesn’t have the right to restrict kids’ access to books has been heating up across the country in the so-called culture wars.
Best of LAist