The Los Angeles judge said that allegations of child abuse affected his ability to find sponsors or merchandise partners.
angel- In a protracted battle, the Federal Tax Court ruled in support of Michael Jackson’s heirs, arguing that the Internal Revenue Service (IRS) exaggerated the value of Jackson’s assets and image at the time, leading to his death. High taxes to his heirs.
The Internal Revenue Service (IRS) estimated that when Jackson died in 2009, the three controversial aspects of his wealth were worth $482 million. Judge Mark Holmes lowered the figure to $111 million in a ruling issued on Monday, which is almost the same as the heir’s own estimate.
The executors of Jackson’s legacy said it was a huge and ambiguous victory for Jackson’s children.
Co-chair John Branca told The Associated Press on Tuesday: “We are very happy.” “We always try to do the right thing. We have tried to follow the rules and regulations of the IRS from the beginning and rely on the best. Experts. Unfortunately, we were forced to file a lawsuit to protect ourselves.”
The judge disagreed on the value of Jackson’s image by the IRS. Although the Internal Revenue Service (IRS) set it at $161 million, Holmes ruled that it was only $4.15 million. He pointed out that even though the artist was acquitted for alleged child abuse in the 2005 trial, the charges still bothered him. Although Jackson had not performed a world tour as planned when he died, he could not find a sponsor or Commodity partners.
Holmes wrote in his 271-page ruling after he became famous: “He did not make money with his image and likeness in 2006, 2007 or 2008. This fact shows that these allegations have been and existed until his death. .” Jackson spent most of his life financially.
After the inheritance tax review in 2013, this tax fight resulted in a bill of about 700 million US dollars. The heirs are Jackson’s mother and her three children, of which about 200 million US dollars are underpaid fines.
The new tax will be calculated using Sherlock Holmes’s figures, excluding fines.
Jackson’s 50% stake in Sony/ATV Music Publishing has also caused controversy. The catalog includes 175 Beatles songs; and his opinion on another catalog His interests include the songs he composed.
An expert from the U.S. Internal Revenue Service said the combined assets totaled approximately $320 million. The judge pointed out that because of Jackson’s debt, his value at the time of death was only $107 million.
This multi-year ruling resolved the nearly 12-year legacy of Jackson’s accidental death on June 25, 2009 due to a fatal dose of narcotic propofol.
Another judge reached a settlement a week ago, when the judge dismissed a lawsuit filed by the choreographer Wade Robson, who was responsible for the 2019 documentary “Leaving Neverland” ( One of the two men in Leave Neverland, the latter claimed that Jackson sexually abused his childhood. A similar lawsuit filed by another man in the documentary, James Safechuck, was dismissed in October. Their lawyers said these decisions set a dangerous precedent for the protection of minors, and they plan to appeal.
Now, the legal dispute seems to have been abandoned. After the pandemic, the project began to rekindle, and the heirs saw it as an excellent time to re-advertise Jackson’s legacy.
Blanca said: “We are in a moment of absolute change.” “I think people have realized that Michael has no accusations and can’t protect himself. Our performance on Broadway was very good, and we will soon reopen Cirque du Soleil. Perform, and there will be some surprises.”
The judge emphasized the great success of Jackson’s heirs in these shows, a popular concert movie, and various strategic decisions to sell assets.
He said that the IRS seemed to consider these successes in its decision-making, rather than just considering the circumstances at the time of his death. In this case, people’s popularity has declined for a few years, his career has been poorly managed, Jackson’s spending is out of control, and the situation has become even more bleak.
However, the judge ridiculed the initial property valuation of Jackson’s portrait at only $2,000, saying it made “one of the world’s most famous celebrities, the king of pop music” the same price as the 20-year-old Honda Civic.