Monday, April 19, 2021

Prince: IRS Says Executors Undervalued Estate by $80 Million; Penalty Ordered (Watch)

prince

*The saga continues with Prince’s estate. New Internal Revenue Service says its calculations show that executors of his estate undervalued it by 50%, or about $80 million.

According to court documents, the discrepancy is mostly over Prince’s music publishing and recording interests. The IRS determined that the Purple One’s estate is actually worth $163.2 million, overshadowing the $82.3 million valuation submitted by the estate’s administrator, Comerica Bank & Trust. The IRS believes that Prince’s estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica’s valuation.

Documents show that the IRS has also ordered a $6.4 million “accuracy-related penalty” on Prince’s estate, citing a “substantial” undervaluation of assets.

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