PrinceDeath has been sitting in estate challenges for years, and now the IRS is taking action, claiming that the people who run the estate have severely undervalued it.
Uncle Sam claims that the estate is worth twice as much as the money managers demand. The estate puts the value at just over $ 80 million, but the IRS says it’s worth more than $ 160 million.
It’s clear that the tax collector wants his cuts, and that’s why the US tax court is in the picture now. The IRS claims that the estate cut the tax due by $ 32.4 million … which is double what the estate planned to pay.
There are all sorts of figures thrown around by the various heirs – some of which have presented challenges – according to some estimates the estate’s value as high as $ 300 million.
The IRS really wants his pound of meat. It also demands a $ 6.4 million fine for the undervaluation. The estate filed legal documents this summer, claiming the IRS’s numbers are far away.
TMZ broke the story … Prince passed away in 2016 of a fentanyl OD. Death and taxes.