MJ's Tax Bill Stands At $ 80M

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oi-Staff

By Super Admin

Monday, May 30, 2011, 14:40

More problem over Michael's death. With high profile, comes more responsibilities. This couldn't be more true than Michael's case. Officials handling the king of pop Michael Jackson tax issues will have landed in troubled waters. Why? Well the late, king of pop, has reportedly left behind a federal estate tax bill of at least 80 million dollars.

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. The Jackson family was said to be worried over the I.R.S. demand, which will purportedly have to be met with before money earned from the star's album sales and music catalogue 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.

"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. retorts: "There is no question that the U.S. government has first priority, no matter how many other creditors are waiting in line."

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