Page 2 of 2 FirstFirst 12
Results 16 to 27 of 27
Like Tree25Likes

Thread: Michael Jackson Estate Targeted by IRS Shocking Tax-Cheating Allegations

  1. #16
    Elite Member witchcurlgirl's Avatar
    Join Date
    Feb 2007
    Location
    Acerbia
    Posts
    34,687

    Default




    All of God's children are not beautiful. Most of God's children are, in fact, barely presentable.


    If I wanted the government in my womb I'd fuck a Senator

  2. #17
    Elite Member MontanaMama's Avatar
    Join Date
    Jan 2008
    Location
    Evading P6 & P7
    Posts
    14,157

    Default

    Quote Originally Posted by McJag View Post
    The taxman cometh. They will negotiate down. Can't send a Trust to jail. Guess they thought it worth a try.
    Not normally a lot of negotiating on underpaid estate tax, but this will absolutely end up in Tax Court and they will assign some value that will seem totally random. The Beatles catalog Trust valued at zero was horrifically stupid, probably totally pissed off the adjuster.
    McJag and Kathie_Moffett like this.
    If i hear one more personal attack, i will type while drunk, then you can cry! - Bugdoll
    (716): I'd call her a cunt, but she doesn't seem to have the depth or warmth
    Quote Originally Posted by shedevilang View Post
    (Replying to MontanaMama) This is some of the smartest shit I ever read

  3. #18
    Elite Member NoNoRehab's Avatar
    Join Date
    Apr 2007
    Location
    LYNWOOD JAIL
    Posts
    3,034

    Default

    During his lifetime, Jacko leveraged so many loans against his interest in the Beatles' catalog that he then didn't pay back he lost his interest to Sony.
    "Don't trust nobody, and 'nobody' meaning Jay Leno in particular." -Chris Rock

  4. #19
    Elite Member Kathie_Moffett's Avatar
    Join Date
    Feb 2007
    Location
    just another freak in the freak kingdom
    Posts
    6,977

    Default

    Air Quotes and Flygirl like this.
    Did you know that every time a parent gives in to their kid's whines and buys them candy at the checkout lane, a kitten gets diabetes?-Dlisted
    I dislike groups of people, but I love individuals. Every person you look at, you can see the universe in their eyes, if you're really looking.
    -George Carlin

  5. #20
    Elite Member sluce's Avatar
    Join Date
    Oct 2005
    Location
    Top Secret Spy for Leann Rimes
    Posts
    37,385

    Default

    Quote Originally Posted by Sasha View Post
    The hard core conspiracy theorist in me thinks this is precisely the outcome some folk are hoping for. Puttin' on the squeeze, so to speak..
    Yes. It must be a conspiracy. It couldn't be that the Jackson family chooses to hire unethical people for positions such as personal physicians and accountants. These poor people are always the victim of people looking to squeeze them. So far I would say that Conrad Murray is winning.
    Last edited by sluce; February 9th, 2014 at 09:55 AM.
    You don't engage with crazies. Because they're, you know, fucking crazy. - WitchCurlGirl

  6. #21
    Elite Member CornFlakegrl's Avatar
    Join Date
    Apr 2008
    Location
    Hanging with the raisin girls
    Posts
    14,970

    Default

    I believe two things here: the Jackson's are thieving liars and the IRS is lazy and operates under the assumption that you are guilty until you prove yourself innocent. Meaning, they will say you owe your entire net worth (because that's the biggest number in front of them and therefore the easiest to use) until you prove otherwise. And prove it in detail. Submitted several times. I believe their strategy is to wear you down without them having to actually audit a single thing.

    In short, the Jackson's cheated, but the number is probably way overestimated.

  7. #22
    Elite Member Novice's Avatar
    Join Date
    Nov 2006
    Location
    Beyond Caring, then hang a left.
    Posts
    47,635

    Default

    Quote Originally Posted by McJag View Post
    So,are you saying the IRS confused the Jackson family with a right wing conservative group?
    I have no funking clue because when I see those Wall O' Text posts I have to scroll right past because otherwise I lose the will to live.
    "I don't know what I am to them, maybe a penguin XD" - Tiny Pixie

  8. #23
    Hit By Ban Bus!
    Join Date
    Mar 2008
    Location
    Back of Beyond
    Posts
    11,081

    Default

    Quote Originally Posted by McJag View Post
    So,are you saying the IRS confused the Jackson family with a right wing conservative group?
    No. Are you saying that ONLY politics could EVER be behind IRS harassment? One corporation having a cat fight with another, or a corporation/wealthy individual with a vendetta against a Trust, or a corporation/wealthy individual against one disagreeable family who has something they want would work just the same.

  9. #24
    Elite Member McJag's Avatar
    Join Date
    Feb 2007
    Location
    Texas
    Posts
    42,521

    Default

    Quote Originally Posted by Sasha View Post
    No. Are you saying that ONLY politics could EVER be behind IRS harassment?
    Actually,I thought that was what YOU were saying. My mistake.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

  10. #25
    Elite Member witchcurlgirl's Avatar
    Join Date
    Feb 2007
    Location
    Acerbia
    Posts
    34,687

    Default

    Quote Originally Posted by Sasha View Post
    No. Are you saying that ONLY politics could EVER be behind IRS harassment?
    Of course it isn't only​ ​politics behind IRS harassment. Sometimes it happens when people don't pay their taxes.
    Trixie, sluce, Butterfly and 1 others like this.



    All of God's children are not beautiful. Most of God's children are, in fact, barely presentable.


    If I wanted the government in my womb I'd fuck a Senator

  11. #26
    Hit By Ban Bus!
    Join Date
    Mar 2008
    Location
    Back of Beyond
    Posts
    11,081

    Default

    Quote Originally Posted by witchcurlgirl View Post
    Of course it isn't only​ ​politics behind IRS harassment. Sometimes it happens when people don't pay their taxes.
    In which case it's not harassment. Like I said, it may not be, but the incredible amount makes it worth asking questions. I mean, is the estate even worth billions? According to Forbes:

    Why The $702 Million IRS Tax Claim On Michael Jackson's Estate Won't Stand Up

    8/23/2013 @ 8:11PM



    First of all, it’s important to understand that the IRS’s claims are related to estate tax, not income tax. In 2009, the year Jackson passed away, the maximum federal rate was 45% of net assets–implying that the IRS believes Jackson was worth in the neighborhood of $1.5 billion at the time of his death.

    Though the King of Pop was a much savvier businessman than most people realize and amassed an incredible collection of assets throughout his career, he was most certainly not a billionaire on June 25th, 2009. He did not appear on FORBES’ list of billionaires that year, or any other year, for that matter.

    Jackson did hold hundreds of millions of dollars in assets, namely his 50% share in the Sony SNE +1.82%/ATV catalogue, which industry experts believed to be worth as much as $750 million at the time (and is worth far more now). There were other entities, too, including his Mijac music catalogue, real estate and a massive art collection.
    But Jackson also carried nearly half a billion dollars in debt, meaning that his net assets were well under $1 billionand likely less than the $702 million tax bill proposed today. The reports also suggest that a major component of the IRS bill revolves around the value of Jackson’s image and likeness. The tax agency is said to have put that number at $434 million, while the estate valued the rights at $2,105.
    Though the latter seems very low, the former seems incredibly high–at the time of Jackson’s death, anyway–given the fact that the singer hadn’t scored an endorsement deal since 1993 and didn’t crack FORBES’ list of top-earning musicians in 2008, a year in which the Police earned $115 million to claim the top spot.
    To be sure, the value of just about everything Jackson-related has skyrocketed in the years following his death. His image is once again a force to be reckoned with in the endorsement world, landing on everything from Pepsi cans to slot machines. Two Jackson-themed Cirque du Soleil tours are currently running–Michael Jackson One in Las Vegas and the Michael Jackson Immortal World Tour around the globe–and his music seems as popular as ever.
    But estate taxes are levied on the value of assets at the time of death, not at the time the tax bill is issued or announced. And as a result, it seems unlikely that the tax court will rule in favor of the IRS getting its $702 million.


  12. #27
    Super Moderator twitchy2.0's Avatar
    Join Date
    Aug 2008
    Location
    Milliways
    Posts
    59,975

    Default

    and a massive art collection.
    yeah, "art". I remember that crap.
    sluce and Butterfly like this.
    "But I am very poorly today & very stupid & I hate everybody & everything." -- Charles Darwin

Page 2 of 2 FirstFirst 12

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Replies: 8
    Last Post: February 18th, 2011, 05:27 AM
  2. Replies: 0
    Last Post: December 3rd, 2009, 01:02 AM
  3. Replies: 25
    Last Post: November 9th, 2009, 11:32 AM
  4. Replies: 43
    Last Post: May 24th, 2009, 04:44 AM
  5. New molestation allegations against Michael Jackson
    By muchlove in forum Gossip Archive
    Replies: 10
    Last Post: January 17th, 2006, 10:15 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •