Michael Jackson Estate Tax Case Should Be Interesting

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Cpt Banjo
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Michael Jackson Estate Tax Case Should Be Interesting

Postby Cpt Banjo » Mon Feb 10, 2014 5:00 pm

The parties are a wee bit apart -- $7.2 million vs. $1.25 billion.

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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby Famspear » Mon Feb 10, 2014 7:59 pm

Cpt Banjo wrote:The parties are a wee bit apart -- $7.2 million vs. $1.25 billion.

http://taxprof.typepad.com/taxprof_blog ... alue-.html


Hey, that's pretty close....

..........the difference is probably just rounding error......

:Axe:
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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby Famspear » Mon Feb 10, 2014 8:22 pm

I believe the case is Estate of Michael J. Jackson, Deceased, John G. Branca, Co-Executor and John McClain, Co-Executor v. Commissioner, case no. 017152-13.

The petition was filed on July 26, 2013.

The firm representing the Estate is Hochman Salkin Rettig Toscher & Perez, P.C., in Beverly Hills. At least the executors are not skimping on hiring "the help". (Among the attorneys listed on the docket are Avram Salkin, Charles P. Rettig, Steven R. Toscher, and Edward M. Robbins.)

:)

By the way, for anyone who's interested, Nathan Hochman is no longer with the firm.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby Cpt Banjo » Mon Feb 10, 2014 8:44 pm

I'm sure the legal team is top notch, but valuing Jackson's likeness at $2,105 is insane. Ya think the executors would be willing to sell it for 100 times that figure? No way.
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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby Famspear » Mon Feb 10, 2014 8:53 pm

Cpt Banjo wrote:I'm sure the legal team is top notch, but valuing Jackson's likeness at $2,105 is insane. Ya think the executors would be willing to sell it for 100 times that figure? No way.


As talented as Jackson was, I was never that much of fan -- but that value seems a tad low to me, too. I would like to see the executors' explanation.

Post-script: In looking at the docket, I see that the Estate actually has three different law firms listed. Michael Jackson's estate worth only seven million dollars at the time of death? I don't know. Looking down the road, I wonder whether the legal fees for just one of the three firms could go over seven million when all is said and done.
...why is anyone in this [losthorizons] community paying the least attention to...'Larry Williams' [Famspear], or other purveyors of disinformation from...quatloos? – Pete Hendrickson, former inmate 15406-039, Fed’l Bureau of Prisons

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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby Dr. Caligari » Mon Feb 10, 2014 10:51 pm

Among the attorneys listed on the docket are Avram Salkin, Charles P. Rettig, Steven R. Toscher, and Edward M. Robbins.)


I have worked with Rettig, Toscher and Robbins on a number of cases (and also worked against one of them when he was with the Government), and they are kick-ass litigators. On the other hand, the values on the return seem laughably low. So this will be a fun fight to watch.
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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby LaVidaRoja » Tue Feb 11, 2014 1:58 am

I worked with Dennis Perez when he was still with the IRS. He's no slouch.
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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby notorial dissent » Tue Feb 11, 2014 10:44 pm

If even half the stories floating about are even only partly true, I'm impressed any of them could come up with anything relating to a real figure. As I understand it, his finances were in such disarray at the time of his death they had no idea what he was really worth, or if he was wroth anything, and I'm not sure they do even now.

I think interesting is going to e a good description of this one as I think it will ultimately involve a large number of different tax rules, and they may be mutually contradictory.
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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby LaVidaRoja » Wed Feb 12, 2014 2:07 am

Speaking as a retired E&G attorney, I have to say that in my time working LA area cases, for a star as big as MJ, the amount reported on the 706 is nothing short of ludicrous. Given his ownership of the Beatles output alone, a gross estate of less than $100 million would be undervalued. I think this case proves the adage; pigs get fat, hogs get slaughtered. While his personal finances may have been a mess, the 706 is his NET WORTH at the date of death. The amount reported was clearly understated.
Little boys who tell lies grow up to be weathermen.

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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby Jeffrey » Wed Feb 12, 2014 3:11 am

My guess is the family pressured whoever filled out the 706 to undervalue it severely. I may be wrong on this but my impression based on media reports is that he was essentially broke when he died which is why they got lawsuit-happy over his death. Valuing his estate at $7 mil makes about as much sense as blaming his death on his concert promoters.

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Re: Michael Jackson Estate Tax Case Should Be Interesting

Postby notorial dissent » Wed Feb 12, 2014 4:28 am

Jeffrey and LaVidaRoja, I think you both may well be right, but let's not discount the obvious and equally easy explanation of just plain stupid general ineptitude. Not particularly palatable, but not improbable.
The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.


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