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Jackson Has Left Behind Tax Bill Of At Least 80 Million Dollars

by Aruna on July 21, 2009 at 10:20 AM
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Jackson Has Left Behind Tax Bill Of At Least 80 Million Dollars

Officials handling Michael Jackson's will have landed in troubled waters, for the late star reportedly left behind a federal estate tax bill of at least 80 million dollars, say reports.

America's Internal Revenue Service is allegedly expecting the bill to be settled within nine months of the King of Pop's death on June 25.

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The Jackson family was said to be worried over the IRS' demand, which will purportedly have to be met with before money earned from the star's album sales and music catalog reaches his three young kids.

"They knew there would be a death tax bill to settle but they had absolutely no idea it would be this high," the Daily Express quoted a source as saying.
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"This is a terrible added burden for the family to have to carry at a time like this. There is no question that it's going to mean a lot less money going to Michael's children," the source added.

Beth Kaufman, a tax attorney in Washington D.C. said: "There is no question that the US government has first priority, no matter how many other creditors are waiting in line."

Source: ANI
ARU
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