IRS Claims The Prince Estate Undervalued Its Worth, Wants $32M In Taxes
The Prince Estate has been accused of undervaluing its worth by $80 million, and now the Internal Revenue Service (IRS) is requesting they pay $32 million in taxes.
Comerica Bank & Trust, which oversees the estate, has valued it at $82.3 million; however, the IRS says in new federal tax court documents that the “Purple Rain” singer’s estate is worth much more–a whopping $163.2 million to be exact.
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In addition to requesting double what the estate expected to pay out, the IRS is also looking to request a $6.4 million penalty for the original undervaluation. However, the Prince Estate is planning on fighting this judgement by filing legal documents in the next coming months, claiming the IRS’ numbers are incorrect.
Aside from their battle with IRS, the Prince estate has also filed a lawsuit against JAY-Z‘s Roc Nation, after they allegedly infringed on copyrights by continuing to “reproduce, distribute and publicly perform” Prince’s music on Tidal.
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