The IRS claims the estate ‘undervalued its assets,’ leading to the ongoing dispute that will keep funds from Michael Jackson’s family
Michael Jackson’s beneficiaries will not receive funds from his trust until a legal dispute is settled between his estate and the IRS, according to a court filing obtained by People.
Until that case is decided, the value of Jackson’s estate cannot be determined and the IRS and estate cannot agree on the value of deduction in the federal estate tax return. Through all of this, Katherine and Bigi remain at odds over Katherine’s effort to use funds from the estate to cover the legal fees she incurred in a separate ongoing dispute over Jackson’s music catalog and its sale to Sony.Katherine is arguing that the executors of the estate are not awarding enough to its beneficiaries and that they can afford to cover her legal costs.
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