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(TMZ)   IRS targeting the estate of Michael Jackson, which claimed the singer's fortune was a paltry $7 million. Instead, it was actually $1.125 billion   (tmz.com) divider line 55
    More: Fail, Michael Jackson, IRS, executors, master recording, breaking newses, estate  
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3527 clicks; posted to Entertainment » on 08 Feb 2014 at 7:18 PM (36 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-02-08 02:30:51 PM  
The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.
 
ZAZ [TotalFark]
2014-02-08 02:42:27 PM  
This is a followup to 8014322 from last fall when the audit became public. I suggested the executors committed a crime. The IRS seems content to collect a big penalty.
 
2014-02-08 03:13:11 PM  
judging from recent history of celebrity offspring, having to go out and work for a living may be just what they need.
 
2014-02-08 03:30:04 PM  

Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.


Tito Jackson's likeness is worth more than two grand.
 
2014-02-08 03:37:22 PM  

Sgt Otter: Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.

Tito Jackson's likeness is worth more than two grand.


shiat, my likeness is worth more than $2000
 
vpb [TotalFark]
2014-02-08 03:44:49 PM  
Wasn't he having money problems fairly recently?
 
2014-02-08 05:47:39 PM  
Oh come on, it's only off by a factor of 160.  Carrying the one and all that...
 
2014-02-08 06:13:15 PM  

Sgt Otter: Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.

Tito Jackson's likeness is worth more than two grand.


true, but 400 mil sounds like a hell of a lot.
 
2014-02-08 06:59:27 PM  
$2000 is just my appearance fee..
 
2014-02-08 07:24:35 PM  
If MJ still owned all the rights to his songs, then yeah, his estate was probably worth billions.
 
2014-02-08 07:24:56 PM  

vpb: Wasn't he having money problems fairly recently?


He said he was, but he had so many irons in so many fires that it will take 2 opposing armies of accountants and lawyers to figure it out.
 
2014-02-08 07:25:15 PM  

vpb: Wasn't he having money problems fairly recently?


Turns out it's illegal in most states for ghosts to use ATMs.
 
2014-02-08 07:26:16 PM  

ZAZ: This is a followup to 8014322 from last fall when the audit became public. I suggested the executors committed a crime. The IRS seems content to collect a big penalty.


But this was so outrageous and huge, they're obviously not smooth criminals
 
2014-02-08 07:33:45 PM  
Even after he is dead the IRS is chasing after him like a pack of rabid dogs?  Didn't know Jackson was a republican.

And as far as the valuations....When do you ever see images of MJ anymore?  Almost never.  How often do you hear his songs on the radio or used in film/television?  Almost never.   I think the truth lies somewhere in the middle, but closer to the estate's estimate.
 
2014-02-08 07:35:33 PM  
If the executors had said $70 million or $100 million, they might have gotten in under the radar. They just got greedy.
 
2014-02-08 07:36:09 PM  

Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.


And then went on to value his rights to the Beatles catalog and his own music as worth absolutely nothing...

They're gonna get a visit from the IRS's most sadistic proctologist.
 
2014-02-08 07:38:56 PM  

Pumpernickel bread: Even after he is dead the IRS is chasing after him like a pack of rabid dogs?  Didn't know Jackson was a republican.

And as far as the valuations....When do you ever see images of MJ anymore?  Almost never.  How often do you hear his songs on the radio or used in film/television?  Almost never.   I think the truth lies somewhere in the middle, but closer to the estate's estimate.


If you don't license his likeness and music for use, it's worth nothing. In other words, if you own something but won't sell it, there isn't a market value for it.
 
2014-02-08 07:40:58 PM  

Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.


This. The trick to dealing with the IRS, and people like insurers when making a claim, is do not take the piss. Put in a realistic figure, with maybe ten or twenty percent added, and they'll almost certainly accept it. Claim the Michael Jackson image rights are only worth $2000 and you are poking a sleeping dragon with a stick and shouldn't be surprised when it turns around and bites you. That's like having your ten year old Ford Focus stolen and claiming you had a few original Picasso's in the boot that were worth ten million and expecting your insurer to pay up.
 
2014-02-08 07:41:37 PM  

Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.


$2,000 for each of his many different likenesses. It adds up.
 
2014-02-08 07:42:45 PM  

Pumpernickel bread: Didn't know Jackson was a republican.


Didn't know you needed more victims.
 
2014-02-08 07:45:37 PM  

Pumpernickel bread: Even after he is dead the IRS is chasing after him like a pack of rabid dogs?  Didn't know Jackson was a republican.

And as far as the valuations....When do you ever see images of MJ anymore?  Almost never.  How often do you hear his songs on the radio or used in film/television?  Almost never.   I think the truth lies somewhere in the middle, but closer to the estate's estimate.



Doubtful, his interest in the Beatles catalog alone is worth more than they claim the estate is. You hear those songs on the radio, in movies and TV shows, and in commercials constantly.

The father of a high school friend I had co-wrote the 60s song "Time Won't Let Me," and the royalties from that song paid for their house. And that was just a one hit wonder. There is absulutely no way that someone who gets royalties from all the Beatles songs, Thriller, and Bad was only worth $7 million.
 
2014-02-08 07:49:43 PM  

Pumpernickel bread: Didn't know Jackson was a republican.


Well he did like to molest little boys...
 
2014-02-08 07:50:48 PM  
The IRS is after them, and that's bad, that's bad, you know it...

Just the money they have to be raking in from the Michael Jackson One show in Vegas is a ton of money.  And it it is quite the show.
 
2014-02-08 07:56:21 PM  
With such confusion over the value of his estate, don't it make you wanna scream
 
2014-02-08 07:57:55 PM  
If his interest in the Beatles catalog is worth $0, I'll help him cover the tax bill by paying the estate $100 cash money for it!
 
2014-02-08 07:58:55 PM  
Clearly another case of the IRS targeting conservative groups.

Thanks 0bama.
 
2014-02-08 07:59:09 PM  
Jebus, only three years in and the Jackson's are already squandering that fortune away.  Sad, those kids are the only sympathetic figures in the whole bunch.  That estate will keep earning after the current Jackson's are gone though, they should be aiiiight.
 
2014-02-08 08:02:14 PM  
 
2014-02-08 08:05:35 PM  
i279.photobucket.com
Hee-hoo!
 
2014-02-08 08:08:12 PM  
But, but... libertarians told me that the honor system works like a charm
 
2014-02-08 08:09:19 PM  

ZAZ: This is a followup to 8014322 from last fall when the audit became public. I suggested the executors committed a crime. The IRS seems content to collect a big penalty.


The IRS would rather get paid than fight it out in court and toss someone in jail.

Where money is involved, if the money can still be obtained then the government (or really, most people) are more interested in a pound of cash (metaphorically) than a pound of flesh. Same thing with regular folks- they'd rather not put you through criminal charges if they can get you to pay up or establish some kind of payment plan. If you end up going to jail for tax evasion (such as Wesley Snipes) you've been dodging things for quite some time and ignoring numerous attempts to resolve the whole thing with paying up.
 
2014-02-08 08:22:51 PM  
gameshowhost:
But, but... libertarians told me that the honor system works like a charm

No, they told you that when taxes hit a certain level, people tend to cheat. You just imagined the other version.
 
2014-02-08 08:23:53 PM  
He owned the Beatles library.
Paul told him publishing is where the money is and, ZANG! Just like that, MJ owned Paul's life's work.
That's gotta be worth something.
 
2014-02-08 08:37:51 PM  

stoli n coke: Time Won't Let Me


Man I haven't heard that song in quite a while.
 
2014-02-08 08:44:47 PM  

stoli n coke: If the executors had said $70 million or $100 million, they might have gotten in under the radar. They just got greedy.

This.  The IRS might be inflating their numbers but at this point I don't give a fark.  The estate's estimate was so egregiously greedy that I don't care of the IRS takes all they want.  They're sitting on a mountain of gold and OK you may not like the government taking their pound of flesh, but saying Michael Jackson's legacy is worth only seven figures was the pants-on-head stupidest idea on the planet.

RoyFokker'sGhost: But this was so outrageous and huge, they're obviously not smooth criminals

It's almost like they wanna be startin' somethin'.
 
2014-02-08 08:49:37 PM  

RoyFokker'sGhost: ZAZ: This is a followup to 8014322 from last fall when the audit became public. I suggested the executors committed a crime. The IRS seems content to collect a big penalty.

But this was so outrageous and huge, they're obviously not smooth criminals


It was a Bad decision with Dangerous consequences.
 
2014-02-08 09:00:17 PM  

NickelP: Sgt Otter: Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.

Tito Jackson's likeness is worth more than two grand.

true, but 400 mil sounds like a hell of a lot.


Not when you add in sales of his likeness.
 
2014-02-08 09:17:31 PM  

stoli n coke: If the executors had said $70 million or $100 million, they might have gotten in under the radar. They just got greedy.


The Jackson estate supposedly takes in about $150 million a year, the highest earning dead celebrity.  Kurt Cobain and Elvis are roughly tied for a distant second, at around $50 million a year.
 
2014-02-08 09:32:15 PM  
Rincewind53 * * Smartest * Funniest 2014-02-08 02:30:51 PM The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.
===========================================

They also claimed his music catalogue with the beatles was worth nothing. Zilch. Nada.

Both of these claims are so utterly laughable it's not funny.

$7 million?! Seriously?! Wow.

/I can see now why MIchael Jackson was so terrible with money... everyone around him is even worse.
 
2014-02-08 09:36:57 PM  
dstrick44 * * Smartest * Funniest 2014-02-08 08:23:53 PM He owned the Beatles library. Paul told him publishing is where the money is and, ZANG! Just like that, MJ owned Paul's life's work. That's gotta be worth something.
===============================================

Well, to be fair, the most he ever owned was a bit less than 50% of it (Sony owns the rest) and before he died, because he had so much debtors, he sold a portion of it (perhaps to Paul? I don't remember.)

But still, it wasn't anywhere close to 0%.
 
2014-02-08 09:44:21 PM  

vpb: Wasn't he having money problems fairly recently?


Only because he was setting money on fire faster than it was pouring in.  Once he died, money kept coming in but not going out.
 
2014-02-08 10:05:20 PM  

Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.


It's usually a mistake to cause a ruckus during probate. The IRS often notices people screaming about how much money they're supposed to be getting.
 
2014-02-08 10:49:17 PM  
I'm no fan of IRS overreaching, but if agents/investigators need a ride someplace to pursue THIS case, I'll have a day off during the week on Feb. 19 and will be happy to take them where they need to be.
 
2014-02-09 12:39:04 AM  
I don't know if it's the IRS or the Jackson estate that's got their numbers wrong, but either way, that's some seriously creative accounting by one of them.
 
2014-02-09 12:57:27 AM  

jake3988: Well, to be fair, the most he ever owned was a bit less than 50% of it (Sony owns the rest) and before he died, because he had so much debtors, he sold a portion of it (perhaps to Paul? I don't remember.)


Maybe he only had a couple of Ringo tunes left. That would explain it.
 
2014-02-09 04:25:02 AM  

naughtyrev: Sgt Otter: Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.

Tito Jackson's likeness is worth more than two grand.

shiat, my likeness is worth more than $2000


It's probably based on what he paid the hack who did his most recent plastic surgery.
 
2014-02-09 05:39:37 AM  

Target Builder: Rincewind53: The estate valued his likeness at $2,000? Holy shiat. That's just asking to get audited.

And then went on to value his rights to the Beatles catalog and his own music as worth absolutely nothing...

They're gonna get a visit from the IRS's most sadistic proctologist.


I thought Jackson had sold all his rights to the Beatles' catalog?
 
2014-02-09 08:02:44 AM  
i thought it was like minus 500 million or something.... thus all the hoopla about him having to take so many drugs to perform enough to get back in the black so he could get another rollercoaster at home or what...
 
2014-02-09 08:48:46 AM  

RoyFokker'sGhost: ZAZ: This is a followup to 8014322 from last fall when the audit became public. I suggested the executors committed a crime. The IRS seems content to collect a big penalty.

But this was so outrageous and huge, they're obviously not smooth criminals


But are they okay?

Annie, are you okay?
Are you okay, Annie?

/Great song
//That movie was whacked :)
 
2014-02-09 10:00:35 AM  
Who the hell did the estate use to value his stuff?

freepatriot.org

/MJ's likeness? I'll give you $2000 - it's gonna sit on the shelf for a while and I'll have to get it framed
 
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