Los Angeles, FEBRUARY 11 (IANS) the executors of the estate of Michael Jackson hit back the IRS to launch a legal battle in an attempt to secure $ 505 million and an additional $ 197 million in penalties. US Internal Revenue Service (IRS) officials have opened a case against the estate of Michael Jackson, saying that the assets of the singer was grossly underestimated after his death in June 2009 and that the executors of his estate should almost three-quarters of 1 billion dollars, reports femalefirst.co.uk. A point of contention the original assessment of interest for the pop star a trust that includes the rights of some of his biggest hits and most of the catalog "The Beatles" was valued at zero, while the IRS argued that was worth $ 469 million. Sources told TMZ that zero was put on the tax return because Michael and Sony were 50/50 partners in the catalog that had a net book value of $ 800 million. They say Michael borrow $ 320 million against the catalog and against another $ 200 million in personal debt, so they balanced its share of $ 400 million out to zero. The estate also believes that the IRS off base when it comes to image and likeness of Michael, which are priced at a mere $ 2,105 at the time of his death than the ratings $ 434 million IRS. They insist that the King of Pop had not made money from its image during the 15 years of running his death, because its popularity had been diminished by allegations of child sexual abuse. The estate also arguing that the Jackson 5 music collection is worth $ 11.2 million and a $ 45.5 million the IRS is suggesting.
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