According to documents filed with the U.S. Tax Court in Washington, Jackson’s executors placed his net worth at the time of his June 2009 death at slightly more than $7 million.
The IRS placed it at $1.125 billion, a difference so vast it looks like a typo.
Jackson’s return was so inaccurate, the IRS said, that it qualified for a gross valuation misstatement penalty, which would allow the government to double the usual 20% penalty for underpayment.
The estate put the value of the pop star’s interest in the trust that owns the Beatles’ and Jackson’s songs at zero. The IRS put it at $469 million.
Seriously, what the fuck did those valuing the estate think they were doing? A zero valuation for the John and Paul songbook?