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Michael Jackson’s Estate Challenges IRS in Tax Dispute

Cash recoverable from Tohme : $0 / $5,510,478

Is this the money Tohme said he was holding for MJ for the Vegas house, that Tohme gave back to Katherine? Did the estate never receive it and are the IRS basing this amount on what they are reading in the media? It's a very specific amount, I only remember seeing $5 (?) million mentioned.
 
^^^^^ Thanks Bubs. I wonder where on earth I read that he handed it over to Katherine. I must have had it confused with something else.

I don't know why the estate would put a $0 to it - perhaps it's accounted for elsewhere, idk.

Edit: Perhaps the $0 from the estate relates to the Tohme court case as they also put $0 on Lloyd's, because neither at that time were resolved.
 
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The IRS and the estate has not had a trial yet but look at what this article says:

By Darla Mercado
Feb 13, 2014 @ 12:01 am (Updated 10:39 am) EST
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A bitter court battle between Michael Jackson's estate and the Internal Revenue Service spotlights a major problem for clients who are rich and famous: placing a value on intangible assets.

Where is the bitterness. All that happened so far is that the estate said these are our figures and the IRS disagreed, and the situation is going the way all such situations go when the IRS does not accept your figures. This is not like a bitter divorce battle.

Does anyone know why all these people are talking about this all over again? I mean, nothing new happened in the situation between the 2 parties, so what made this spotlight in the news in unison.

Lasttear I was thinking that the Thome amount was money that the estate felt he still owned them but they did not recover yet. Also I wondered about this:

Personal property (not in Estate’s possession) : $2,000,000 / $0
^^Would this be things like the art that Brett said Thome/Michael gave to him? They have not yet solved that ownership issue yet since Thome case is still pending. What other objects belong to Michael but others have in their possession?

Source link added : http://www.investmentnews.com/article/20140213/FREE/140219952
 
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That is just the media. They like to make things look bad for Michael in what they say.
 
LastTear said:
They also put $0 on Lloyd's, because neither at that time were resolved.
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The 0 to Lloyds is because the policy was to pay AEG losses because of non appearance. . but They paid that money upfront to AEG. They took over the policy and were just recovering what they paid out from Lloyds so they making no profit. ... That's how I understood it anyway.
 
The bitter Battle is just media spin. they have to have catchy and even misleading headlines or bi lines to grab attention. Thats with everything not Just the Estate or Michael Jackson.
 
^^True.

Qbee By the way I thought the 0 for Lloyds was because they did not recover anything from Lloyds at the time of the filing of the taxes. You seem to have a different spin on it.
 
I think for Lloyds it was 0 because there would be a loss regardless.

During Lloyds case we found out that Estate paid $34 Million to AEG for TII costs. Estate got 90 % the profits from the memorabilia tickets which was around $4 Million. So TII concerts mean a $30 Million loss for MJ Estate. Even if Lloyds paid the full amount of $17.5 Million, Estate would still have a loss of $12.5 Million. So I'm thinking that's why they put a "0" there. As the debt is more than the income, there's no taxable value there.
 
Thanks Annita for the link.

The tax value of the property is the amount a hypothetical ‘‘willing buyer’’ would pay at this moment to a ‘‘willing seller’’ for the asset, with ‘‘neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.’’20 Thus, any valuation must take into account only information that would have been available to the hypothetical buyer and seller at the moment of death, and must not reflect postmortem changes in value.

Interesting.
 
I just came back from another board after reading a thread about Estate&IRS and it's scary how much some fans hate the Estate. Don't they realize that when the Estate collapses it's not Branca&McClain who lose but Michael? I don't get it.
 
virginia_woolf said:
I just came back from another board after reading a thread about Estate&IRS and it's scary how much some fans hate the Estate. Don't they realize that when the Estate collapses it's not Branca&McClain who lose but Michael? I don't get it.
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They living in a lalaland and think Branca and McClain will have to pay from their own pockets as they were the ones who estimated the Michael's estate so outrageously wrong:)
 
If it not one thing it another more negtive about Michael. I hope that the Estate can take care of this i don't want to see Michael's Estate lose here.
 
virginia_woolf said:
I just came back from another board after reading a thread about Estate&IRS and it's scary how much some fans hate the Estate. Don't they realize that when the Estate collapses it's not Branca&McClain who lose but Michael? I don't get it.
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My feeling too in the bold
 
virginia_woolf said:
I just came back from another board after reading a thread about Estate&IRS and it's scary how much some fans hate the Estate. Don't they realize that when the Estate collapses it's not Branca&McClain who lose but Michael? I don't get it.
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The funny thing is, i've asked many times some of these fans if it's not Branca and McClain, who do they think should run the Estate and do it better? They never seem to have an answer to this simple question. And until they do, i can't take them seriously.
 
They are embarrassed to say Randy. If they believe he is such an embarrassment, why do they want him in charge?
 
^^ I was going to say the same.

Randy :bugeyed:
Joe :puke:
Jermaine :rofl:
Katherine :dropdead:

Any of the Jackson in charge of the estate would be catastrophe to kids and MJ.
Given their track record, they would have already spent all the money and sold assets a good few years ago so IRS wouldn't have got anything:)
 
serendipity said:
The funny thing is, i've asked many times some of these fans if it's not Branca and McClain, who do they think should run the Estate and do it better? They never seem to have an answer to this simple question. And until they do, i can't take them seriously.
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That a good question. IMO i don't want to see any of Michael family runs The Estate at all.

His wills was clear he left them nothing.
 
Bubs said:
^^ I was going to say the same.

Randy :bugeyed:
Joe :puke:
Jermaine :rofl:
Katherine :dropdead:

Any of the Jackson in charge of the estate would be catastrophe to kids and MJ.
Given their track record, they would have already spent all the money and sold assets a good few years ago so IRS wouldn't have got anything:)
Click to expand...

Ditto
 
serendipity said:
The funny thing is, i've asked many times some of these fans if it's not Branca and McClain, who do they think should run the Estate and do it better? They never seem to have an answer to this simple question. And until they do, i can't take them seriously.
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Those fans are not MJ fans. those people are jacksons fans camoufled as MJ fans. the funny thing is they are too embarrassed to admit they are jacksons fans. because it's a very unpopular choice.
 
Soundmind said:
They are embarrassed to say Randy. If they believe he is such an embarrassment, why do they want him in charge?
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What track record does Randy have? no degree. no education. no qualification. no experience. no expertise. absolutely zero.
 
passy001 said:
Those fans are not MJ fans. those people are jacksons fans camoufled as MJ fans. the funny thing is they are too embarrassed to admit they are jacksons fans. because it's a very unpopular choice.
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You are so right on this.
 
I read on fb a post . and she wrote that Branca is keeping the estate in probate.. only that shows that they know nothing, as I understand it´s up to the judge to decide when the estate is out of probate? And the comments under this post.. many wrote they wish the IRS wins so Katherine can get rid of Branca and Mclain.

I think they lack a few braincells...
 
Gee all these comments ^^ from these people seem so embarrassing. Sometimes these types of comments are found in the discussions here though.
 
^^

As long as there are debts Estate will remain in probate. That's why I also said I don't understand people siding with IRS. A hundreds of millions of tax bill would mean Estate would stay on probate longer.
 
Virre;3962195 said:
I read on fb a post . and she wrote that Branca is keeping the estate in probate.. only that shows that they know nothing, as I understand it´s up to the judge to decide when the estate is out of probate? And the comments under this post.. many wrote they wish the IRS wins so Katherine can get rid of Branca and Mclain.

I think they lack a few braincells...
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I don't know which person you are talking about but seemingly they are lacking more than few braincells, whole brain seems to be missing.
If she hates Branca so much, she should be praying that the estate staying in probate as long as possible.
As for now when the estate is in probate, executors cannot do anything that judge doesn't approve. Everything they do, goes through the judge first. Every payment they make to anyone, has to be approved by judge first, as well if KJ needs an increase, it is up to judge to approve it.
If she thinks that Branca and McClain are robbing the estate, what is better solution than having the estate in probate as long as possible, so there is somebody to overlooking what they are doing. Once the estate is out of probate, Branca and McClain are not accountable to anyone, and they can do what they want without having to go to judge first. Also, once the estate is out of probate, we won't see any more accounting.
 
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Bubs;3962331 said:
I don't know which person you are talking about but seemingly they are lacking more than few braincells, whole brain seems to be missing.
If she hates Branca so much, she should be praying that the estate staying in probate as long as possible.
As for now when the estate is in probate, executors cannot do anything that judge doesn't approve. Everything they do, goes through the judge first. Every payment they make to anyone, has to be approved by judge first, as well if KJ needs an increase, it is up to judge to approve it.
If she thinks that Branca and McClain are robbing the estate, what is better solution than having the estate in probate as long as possible, so there is somebody to overlooking what they are doing. Once the estate is out of probate, Branca and McClain are not accountable to anyone, and they can do what they want without having to go to judge first. Also, once the estate is out of probate, we won't see any more accounting.
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I don´t know if the name was edited out by a moderator, was it? Or can I put her name in there again? It´s the usual one, the one that hates Branca to no end..

And I know they will be out of probate when debts are paid, but I also thought that the judge decide too or rule. Anyway.. saying that it´s Branca that keeps the estate in probate is proof you lack a few brain cells..
 
Virre;3962387 said:
I don´t know if the name was edited out by a moderator, was it? Or can I put her name in there again? It´s the usual one, the one that hates Branca to no end..

And I know they will be out of probate when debts are paid, but I also thought that the judge decide too or rule. Anyway.. saying that it´s Branca that keeps the estate in probate is proof you lack a few brain cells..
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Oh I see, no wonder her name :crazy: was edited out

If I was a crook running Michael's estate, the first thing I would do is to pay debts and get out of probate as soon as possible. As soon as estate is out of probate, there would be no one overseeing what I do and how much money goes and where. You would think that looney scam artist woman you are talking about should know it, but no:doh:


Ps, a friendly advice. don't read her facebook or twitter posts too often, as she is toxic waste and too much of it can seriously harm you:)



passy001;3962170 said:
What track record does Randy have? no degree. no education. no qualification. no experience. no expertise. absolutely zero.
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Randy has some sort of track record on running Michael's business, wasn't Randy at one time Michael business manager or something :D
If it is too much for him to run Michael's estate, he could ask help from Karen fake. Those two knows how its done :cheeky:
 
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