Want To Know Why A Wealth Tax Won’t Work? Remember The Time Michael Jackson’s Estate Landed In Tax Court
The dispute between Jackson’s estate and the IRS was enormously complicated for all sorts of reasons. Likeness and imageBecause there were so many entanglements, lets focus on one of the biggest disputes: How to value Jackson’s likeness and image. His estate claimed it was worth $3,078,000, well below the level at which he’d owe any estate tax. In a big victory for Jackson, Tax Court Judge Mark V. Holmes decided the proper amount was $4,153,912. What does this have to do with the wealth tax?
Source: Forbes July 12, 2021 14:37 UTC
