Earlier this year it was reported that Michael Jackson's youngest son, Prince Michael Jackson II, had taken his grandmother, Katherine Jackson, to court after accusing her of draining Michael Jackson's estate with frivolous legal fees [click here if you missed that].
Now Michael's children have been cut off until the estate settles their past due tax bills...
From Page Six
Michael Jackson’s kids have been blocked from receiving money from his trust until his estate and IRS settle a years-long dispute, according to court documents obtained by multiple outlets Thursday.
Prince, 27, Paris, 26, and Bigi Jackson, 22, are beneficiaries of his trust while the late King of Pop’s mother, Katherine, 94, is the sole beneficiary of a sub trust in his will.
Following a tax audit, the estate was reportedly “issued a note of deficiency” alleging the estate “undervalued its assets” and owed “$700 million in taxes and penalties.”
According to the filing, the estate argued against the findings in tax court and won in 2021.
The estate has since filed a motion for the value of the “Thriller” singer’s music catalog, known as Mijac, to be reconsidered.
The request is still pending, which means the estate’s value has yet to be finalized for tax purposes.
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