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Getty / Kevin Winter
The IRS Allegedly Wants $ 32 Million In Prince’s Estate Tax
Prince’s heritage has changed since the icon’s death.
Now, according to TMZ, the Internal Revenue Service has decided to intervene.
The IRS is reported to claim that the people who manage the singer’s estate have greatly underestimated its value. The IRS believes the estate is worth more than $ 160 million, which is nearly double the roughly $ 80 million it was originally valued at.
As expected, this new appraisal will result in the estate paying more taxes.
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This tax increase will reflect the new value of the IRS with the estate paying $ 32.4 million to the government, which is double what it expected to shell out.
The IRS also wants to issue a $ 6.4 million penalty for the original undervaluation.
However, the Prince estate plans to fight this judgment by filing legal documents in the summer alleging that the IRS numbers were incorrect.
Prince died of a fentanyl overdose in 2016.
At the time of his death, the singer had no known will.
This left his sister and five half-brothers lined up to inherit the property.
Since his death, Prince’s estate has been generating millions of dollars, prompting the IRS to try to accurately assess its value.
And in addition to challenging the IRS, the estate has also filed a lawsuit against Jay-Z’s Roc Nation for allegedly infringing copyright by continuing to “publicly reproduce, distribute and perform” Prince’s music at Tidal.
