Get the latest gossip
Michael Jackson’s Trust Held From Kids and Mom During IRS Dispute
There will be no financial distributions until the dispute is resolved, a new filing reveals.
A May 28 lawsuit revealed that beneficiaries, including Paris, Prince, Bigi, and Jackson’s mom, Katherine, will not receive financial distributions from the estate until a dispute with the IRS is cleared up, People reports. It began when the agency issued “a notice of deficiency,” claiming the estate “undervalued its assets” and owed “an additional $700 million in taxes and penalties,” according to the filing. The latest battle between the the Michael Jackson estate and its beneficiaries comes two months after Katherine’s feud with grandson Bigi over her decision to use the trust fund to pay her legal fees in a dispute with Sony.
Or read this on VULTURE
