Over the last several years since Prince Rogers Nelson’s death, his estate has battled many challenges. Now, the IRS is getting involved and claiming that the estate has been grossly undervalued by the people managing it. The IRS claims the estate is worth twice as much as the $80 million they were told.
It’s clear they want their cut of the tax money and that’s why the U.S. Tax Court is now coming into play. They claim the estate shorted the taxes dude by over $30 million, double what the estate managers planned on. This could be a huge hit to the people who manage the estate, but it looks like their confident in their case against the IRS.
The IRS Man Wants Their Cut Of The Late Prince’s Estate – Demands Millions More For Taxes
Some other estimates pin the estate’s value as high as $300 million! The IRS really wants their cut of the money and is even asking for an additional $6.4 million for a penalty fee for the “undervaluation”.
The estate has filed legal documents claiming that the estimates are very off. This has been a battle since Prince died in 2016 of an overdose. Will the estate or IRS finally close the file on this finally or will we continue to see a battle for this for years to come?
This comes just a month after Michael Jackson’s Neverland Ranch sold for $22 million.
What do you think? Where you a Prince fan? Let us know in the comments below.
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