FX.co ★ The king is dead – long live the king!

Being an integral part of the show business, scandals, suspense, investigation, and similar stuff go on chasing celebrities even after their death. When speaking about top-rankers, gossiping and whispering around them are not going to calm down for years to come. King of dance and pop music Michael Jackson owes $702 million to the state budget. Experts from the US Department of Taxation carried out the detailed analysis of the late maestro’s total assets. As a result of the tax assessment, the enormous tax payable statement was submitted to Michael’s trustees. According to the tax police’s investigation, the defunct’s attorneys reduced deliberately the market value of some assets by few hundred million U.S. dollars; moreover, they did not take into account certain assets. For example, the music compositions recorded by the singer amount to $469 million, according to the tax authorities. Besides, tax policemen estimated the capitalization of Jackson’s visual image at $434 million displaying fervency of fans, while the less sensitive relatives valued it at merely $2,105. The above-mentioned assets were not declared in the tax report from 2009. Nowadays, the fiscal administration is going to lodge the plaintiff’s claim at court against the heritage trustees for discharging taxes worth $505.1 million and also penalties worth $196.9 million. The attorneys of Michael Jackson’s lawful heirs termed the claim from the tax inspectors as “the incrimination based on speculative and farfetched assessment that corresponds neither to the facts nor the law.” So, the lawsuit is awaiting ahead.