They left Michael Jackson’s children without receiving an inheritance

the Michael Jackson’s children would not be able to receive money from his trust until she left him The IRS is resolving a years-long disputeaccording to court documents she cited Page six.

After a tax audit, the estate was reported to have “issued a deficiency memorandum” alleging that the estate had “undervalued its assets” and owed “$700 million in taxes and penalties”, US media reported.

Much prince, 27 years, Paris26 y Jackson blanketThe 22-year-old will have to wait until the legal matter is resolved, as applications for a family allowance proposed by the executors have been rejected.

The problem dates back to 2021 when a proposal was made to reconsider the value of the singer’s music catalog. “excitement”It is pending, meaning the value of the property has not yet been determined for tax purposes.

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Once the estate’s value is determined, the estate and the IRS will have to agree on the value of the deduction so a final decision can be made, according to the documents.

“In the annual reports submitted to the Probate Court, which are available to the public, anyone can see that the estate provides care for a mother and children Michael “Very significant sums of money to support them,” the spokesman said.

“Heritage has a very collaborative relationship with the kids Michael And whenever they need something, Heritage works with them to make sure they get good care, just like they do Michael “It was nice.”

This new development comes months after Sony Music group It finalized an agreement in February to buy half of the music catalog of Michael For at least $600 million.