Internal Revenue Service Says Late Michael Jackson Owes $700 Million to USA
Jackson's estate is in the midst of a fight with the Internal Revenue Service.
The agency has told Jackson's executors that the estate owes $505 million in taxes and an additional $197 million in penalties, for a total of more than $702 million.
According to documents filed with the U.S. Tax Court in Washington, Jackson's executors placed his net worth at the time of his June 2009 death at slightly more than $7 million.
The IRS placed it at $1.125 billion, a difference so vast it looks like a typo.