At the time of his death in 2009, Michael Jackson's reputation was estimated by his estate to be $2,105 - virtually worthless.
Child abuse allegations, years of strange behavior - including dangling his baby out a hotel window - and bad relations with promoters and record companies had badly tarnished his name.
Child abuse allegations, years of strange behavior - including dangling his baby out a hotel window - and bad relations with promoters and record companies had badly tarnished his name.
Michael Jackson arrives at the courthouse in Santa Maria, California on November 15, 2002
In valuing Jackson’s assets the authorities counted music and physical property, and then sought to put a separate value on his name and image. But what are they worth?
The answer is influenced by many things, including evolving technology. Holographic images of the performer provide new revenue opportunities.
The U.S. Internal Revenue Service had a much bigger figure in mind than the $2,105. $161,000,000 in fact.
And that meant that not enough tax was paid previously, so hundreds of millions of back taxes and penalties are due.
That's quite a tax bill!
Accounting for the agreed value of an asset is easy. Arriving at the valuation in the first place, not so much.
Ah, The Price of Fame, Peter
The answer is influenced by many things, including evolving technology. Holographic images of the performer provide new revenue opportunities.
The U.S. Internal Revenue Service had a much bigger figure in mind than the $2,105. $161,000,000 in fact.
And that meant that not enough tax was paid previously, so hundreds of millions of back taxes and penalties are due.
That's quite a tax bill!
Accounting for the agreed value of an asset is easy. Arriving at the valuation in the first place, not so much.
Ah, The Price of Fame, Peter
Jeff Koons' Michael Jackson and Bubbles porcelain sculptures on display at the San Francisco MOMA
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