Michael Jackson’s Estate Mostly Prevails In Valuation Fight With IRS
Round numbers going into trial the disputed assets were valued at $5 million by the Estate and $482 million by the IRS. Judge Holmes at $111 million leaned toward the Estate, but it was not a real blowout. The top estate tax rate in 2009 was 45% so the final check the Estate writes will probably still be, as we say, a number. The notice of deficiency that prompted the petition that got the litigation rolling had much more dramatic adjustments. They totaled over $1.1 billion with image and likeness adjusted upward by $434 million, NHT II by $469 million and NHT III by $58 million.
Boston Tax Institute
Covid-19 forced a radical shift in the BTI model. Lucien Gauthier (Lu) has moved to Zoom and he is not moving back. He was concerned that the interaction with students, many of whom are practitioners with many years of experience would be lost, but it has worked out.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.