Uncle Sam has his hand out.
Prince’s estate has gone through a number of issues with the government since the star passed away in 2016. The super talented artist infamously had his spats with record labels and had pride in ownership. He even changed his name because his record label at the time owned the rights to everything under Prince. Even in death, it seems like the musical legend still cannot get the hands of corporations, and the government, out of his pockets.
The IRS recently came down on Prince’s estate pretty heavy. The Internal Revenue Service claims that Prince’s estate undervalued its own worth to pay less tax. The IRS claims the estate is worth $160 million, which is double the $80 million the estate claimed it was worth. The new appraisal has caused the taxes to go up to $32.4 million, with an added $6.4 million penalty for the undervaluation. That means the government would be taking 20% of Prince’s worth in taxes. Yikes. Of course, Prince’s estate plans to fight the IRS, claiming that their evaluation is incorrect.
Prince passed away due to a Fentanyl overdose. He had no known will, so his sister and five half-siblings were left to inherit the estate. SInce his passing, Prince’s estate has been producing tons of money in revenue, attracting the salivating appetite of the IRS.
[Via]