Even in death, the tax man cometh.
The estate of Michael Jackson (right), who died of an overdose in 2009, owes more than $702 million to the IRS, the LA Times reports.
Executors of Jackson’s estate claim it’s worth $7 million, tax documents reveal.
But the IRS has a much different number: $1.125 billion.
The estate’s tax filings are so off the mark that it could be subjected to a 40 percent penalty for underpayment — double the usual punishment.
Shockingly, the estate claimed Jackson’s part interest in a trust that owns the rights to both his own songs and those of The Beatles was worth nothing.
The trust, which includes rights to iconic songs like “Yesterday,” “Sgt. Pepper’s Lonely Hearts Club Band,” and “Get Back,” is worth $469 million, the government says.
Wrong again, says the IRS, which pegs the value at more than $434 million.
Jackson’s image? A paltry $2,105, according to his estate filings.