What Is Michael Jackson Trust Money Controversy?

Beneficiaries of Michael Jackson’s trust are unable to get funds due to a legal dispute.

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The pop great’s three children – Paris, Prince, Bigi – and his mother are the beneficiaries.

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The dispute involves the Internal Revenue Service (IRS) and MJ’s estate.

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Michael Jackson’s family said they are still receiving payments through an allowance.

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The disagreement arose when the IRS investigated the estate's federal tax filing.

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The estate, IRS claimed, "undervalued its assets" and owed $700 million in fines and taxes.

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In 2021, the estate appealed against such levies and won a tax court trial.

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The estate then filed a motion to review court's valuation of Mijac, MJ’s music catalog owned by Sony.

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As a result, the value of the estate for taxation reasons is unknown.

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Before a final judgment, the IRS and the estate must agree on the value.

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