Death and Taxes: Even Celebrities Can't Avoid Them – An Analysis of the Michael J. Jackson Estate Tax Ruling
California Lawyers Association
Private Wealth Services attorneys Jaime Herren and Kenny Jefferson will speak at a California Lawyers Association webinar analyzing the dispute over Michael Jackson's estate taxes that culminated in a 271-page decision from the U.S. Tax Court. The Internal Revenue Service contended that Jackson's estate undervalued his assets by $1.1 million and assessed penalties, even though the late celebrity had been on the verge of bankruptcy just prior to his death. The protracted dispute finally concluded on May 3, 2021, with the Tax Court's decision. During this webinar, the speakers will examine the steps — and missteps — of both the estate and IRS in valuing Jackson's assets, as well as note key takeaways for other estates, especially those holding intellectual property rights such as copyrights of musical compositions and rights of publicity.