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According to the Internal Revenue Service, the executors of Prince’s estate reportedly cut the value of the late musician’s assets in half, saying that their effects should be valued at about $ 80 million more than they previously were. According to Minnesota Star Tribune, the IRS states that the managers of Prince’s estate, Comerica Bank & Trust, claimed that their holdings were valued at $ 82.3 million; the agency says it is really worth $ 163.2 million and is demanding $ 32.4 million more in taxes, as well as a $ 6.4 million “precision-related penalty”.
The Revenue Service allegedly made its claims in documents filed with the United States Tax Court. Says the Star Tribune, “The big gap mainly involves Prince’s publishing and recording music interests.” Comerica says its assessment is accurate, having processed the IRS this summer for that purpose, and says it is actually the revenue service’s calculations that are “riddled with errors”. Comercia requested a trial at the Tax Court to be held in St. Paul.
Meanwhile, Prince’s sister, Sharon Nelson, allegedly contacted the IRS itself, claiming in a lawsuit that Comerica allegedly left her family in the dark, and has not yet “fully informed [the heirs] in business matters, including tax proceedings. ” According Star TribuneComerica previously denied similar claims. At the time of Prince’s death on April 21, 2016, the late musician had no will.