The Internal Revenue Service has filed documents in U.S. Tax Court claiming that Michael Jackson’s estate has severely undervalued his image and music catalog, telling the pop star’s executors that the estate owes an extra $505 million in taxes, plus $197 million in penalties.
While the Jackson estate’s executors valued his net worth at a little over $7 million when he died in June 2009, the IRS claims it was more like $1.125 billion, according to the Los Angeles Times.
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