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IRS Claims It's Owed $702 Million by Michael Jackson's Estate

Image courtesy of Epic Records (via ABC News Radio)
Image courtesy of Epic Records (via ABC News Radio)

The IRS is coming after Michael Jackson 's estate. It has informed executors that it's owed 702 million dollars in taxes and penalties, according to the Los Angeles Times .

The problem: estate executors listed Michael's worth at the time of his 2009 death at approximately seven million dollars.  The IRS believes that figure is closer to 1.125 billion dollars.

Part of the apparent discrepancy stems from the fact that the estate claimed the singer's interest in the trust that owns his music, as well as songs from The Beatles catalog, was worth zero. The IRS strongly disagrees: they figure Jackson's interest in the trust was worth 469 million dollars.  The agency believes it's subsequently owed 505 million dollars in taxes, plus 197 million dollars in penalties, for a total of $702 million.

When contacted by TMZ , a rep for Michael's estate reportedly said, "The Estate of Michael Jackson disputes the IRS position in its entirety."

Copyright 2014 ABC News Radio

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