Tax officials rule over Princes estate after dispu

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Tax officials rule over Prince's estate after dispute over valuation - Today News Post News Today || Headlines Today

The ongoing controversy over the money left behind by Prince when he died without a will is heating up again after America’s Internal Revenue Service calculations showed that executors of the music icon’s estate undervalued it by 50 per cent2021-04-11T12:45:21.091Z.

The tax agency determined that Prince’s estate is worth $US163.2 million ($A212.1 million), overshadowing the $US82A number of people are seen i.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.

The discrepancy primarily involves Prince’s music publishing and recording interests, according to court documents.

Documents show the IRS believes that Prince’s estate owes another $US32.4 million in federal taxes, roughly doubling the tax bill based on Comerica’s valuations hospital system capacity., the Star Tribune reportedThe trial in Edmonton provincial court is expected to last three to four days..

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