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Prince’s estate has a new issue on its hands, as the IRS reportedly said it undervalued its value by 50% — which amounts to about $80 million. As a result, the government agency says they are now owed more than $32 million by the late musician’s camp. According to the <em>Star Tribune</em>, the estate’s administrator, Comerica Bank & Trust, submitted documents that said they were only valued at $82.3 million, rather than the $163.2 million amount the IRS later determined the number to be. As a result of the gap, the IRS is seeking an additional $32.4 million. The IRS has also placed a $6.4 million “accuracy-related penalty.”
However, Comerica and its lawyers at Fredrikson & Byron in Minneapolis deny the IRS’ claims and say the documents were accurate. They have also asked a tax court to hold a trial in St. Paul, kicking off a process that would prolong the settlement of the estate and possibly create more legal fees at the expense of Prince’s heirs.
There have been many issues since Prince’s 2016 death. Estimates of his net worth have gone as low as $100 million to as high as $300 million. Prior to the IRS ruling, Comerica sued the IRS this past summer according to the Associated Press and claimed their calculations were filled with errors.
(via Star Tribune)
Source: https://uproxx.com/music/prince-estate-reportedly-owes-irs-32-million/
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