Earlier this year it was reported that Michael Jackson's youngest son, Prince Michael Jackson II, had taken his grandmother, Katherine Jackson, to court after accusing her of draining Michael Jackson's estate with frivolous legal fees [click here if you missed that].
Now Michael's children have been cut off until the estate settles their past due tax bills...
From Page Six
Michael Jackson’s kids have been blocked from receiving money from his trust until his estate and IRS settle a years-long dispute, according to court documents obtained by multiple outlets Thursday.
Prince, 27, Paris, 26, and Bigi Jackson, 22, are beneficiaries of his trust while the late King of Pop’s mother, Katherine, 94, is the sole beneficiary of a sub trust in his will.
Following a tax audit, the estate was reportedly “issued a note of deficiency” alleging the estate “undervalued its assets” and owed “$700 million in taxes and penalties.”
According to the filing, the estate argued against the findings in tax court and won in 2021.
The estate has since filed a motion for the value of the “Thriller” singer’s music catalog, known as Mijac, to be reconsidered.
The request is still pending, which means the estate’s value has yet to be finalized for tax purposes.
13 comments:
Wow. Don't ever play around with the I.R.S. The government always gets their money.
F*** Dem Kidz!
They gotta have enough to hold em. As for the ones splitting up Katherines share IDK what they gon do. Them kids and her will never be broke.
I hate the IRS. Ya cut those kids off. Hope they have been saving let them get a job or college so they can take care of themselves. But the mamma is wasting all her money on legal fees. That part is true.
$700 Million????? Yeah okay.
I owe the IRS $5K and they are calling me daily. How did his tax bill get to $700 Million? I know millionaires are held to a different standard, but after the first $50 or $100 million I would think they would have taken action sooner.
Sounds like a money grab 🤔
The IRS does not call taxpayers.
Why weren't their assets frozen or limited?
Didn't the Estate and Bigi have a issue with Katherine and now they got a tax problem that none of them get nothing til further notice. Hmmm who let a bill reach to 700 Million thought the IRS be on your neck for a G,
Knowing the IRS, they probably owe $1M in taxes and racked up $699M in penalties and fees.
Right @8:37. That's almost enough money to settle the national deficit. Sounds fishy but I'd like to see how this turns out.
Kinda off topic but I hate the idea of elderly people having to deal with legal matters, especially when they're near the century mark. She should be chilling right now.
Katherine has to fight. Why not? Thats her sons money. If she wins maybe she can get some fees back. And I just finished paying off my random out the blue 10K IRS bill that showed up in the mail. I did a payment plan. $150 month. Paid off in 3 years. And I vow to NEVER owe again.
These LOW DOWN white folks are gonna STEAL Michael’s music publishing assets! They will make sure there is no generational wealth to pass on. This is F****D Up!
Folks when your money hit 10k and up, get a trust fund! Especially for elderly family members with a nice savings and your children. If something happens to you, or that elderly person, it’s a good way to keep the big wigs out your pockets!
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