PrinceThe death of has been riddled with real estate challenges for years, and now the IRS is taking action, claiming that the people who run the property grossly underestimated it.
Uncle Sam says the property is worth twice what the financial managers claim. The property set the value at just over $ 80 million, but the IRS says it is worth more than $ 160 million.
Obviously, the tax collector wants his share, which is why the US Tax Court is now at stake. The IRS states that the property reduced taxes owed by $ 32.4 million … that’s double what the property planned to pay.
The various heirs released all kinds of numbers – some of which posed challenges – some estimates put the property’s value at $ 300 million.
The IRS really wants your pound of meat. He is also asking for a $ 6.4 million fine for undervaluing. The property filed legal documents this summer claiming that the IRS numbers are very, very far away.
TMZ told the story … Prince died in 2016 of an OD fentanyl. Death and taxes.