Michael Jackson Under Trial For Tax Evasion: IRS Claims Undervalued Assets Of Jackson Estate

By Amjad Ali | Feb 10, 2017 04:31 AM EST
facebook tweet

Get the Most Popular Mstars News

The world-known American pop legend, dancer, songwriter, singer, producer and actor Michael Jackson was on the verge of bankruptcy when he died in 2009. On June 25, he was found unconscious in his rented house at 100 North Carrollwood drive, Los Angeles.

Michael Jackson was pronounced dead in Ronald Reagan Medical center the same night. IRS (International Revenue Service) has a claim of taxes worth US$ 1 billion over the legend dancer. The claim is under trial in the Court.

IRS suspect that the Michael Jackson's estate has not enough value to pay his taxes. Caretakers of the singer's estate said that before his death, Michael was buried under a debt of millions of dollars. The icon singer was reported for unhealthy habits.

New York Daily quoted banker David Dunn as stating in the court that Michael was on the edge of bankruptcy at the time of his death. He was quoted as saying that "He was desperately trying to figure out what he could do to address his financial crisis".

A blasting 1 billion dollar bill of taxes can be slapped to the estate of Michael Jackson if the trial goes against him. The Judge will have no other option in law but to impose the huge tax if tax evasion is proved against the legend singer.

Dunn testified that he was hired by Michael Jackson to help him overcome financial crisis in 2007. Dunn further stated that Michael Jackson was in worst crisis when his debt reached $300 million in 2008.

His spending habits went completely out of control in his last year. According to Dunn, Jackson was struggling to maintain his routines and reunite with his children. His kids were his first priority. His disturbed and disputed family life and legal fights extremely affected his psyche as learned by Mail Online.

Dunn claimed that Jackson didn't even pay his US$ 300, 000 salary. He resigned in 2009 because he could not manage Jackson's self-made decisions on monetary management and never bothered to adopt his suggestions. Dunn referred to a British citizen Arfak Hussein whom he termed as "fraudster" saying that Arfak took $100,000 from Jackson just for two bottles of perfume.

Dunn said that Jackson's last circle of friends was simply uncomfortable for him. IRS sued Jackson for tax evasion and undervaluing assets of Jackson estate. The IRS claims that Jackson estate's real value is above $400 million.

© 2019 Mstars News, All rights reserved. Do not reproduce without permission.

facebook tweet

Get the Most Popular Mstars News

Related Articles


Follow Us Everywhere

Sign Up for Our Newsletter

Music Times Network is always looking for well-versed, enthusiastic contributors and interns.
Submit your application today!




Most Shared

Real Time Analytics