Prince – IRS Accuses Late Singer’s Estate Of Undervaluing His Assets By $80 Million, Wants It To Pay $6.4 Million Penalty
Prince’s estate is getting attention from the IRS as the government entity accuses it of cutting the late singer’s assets in half.
According to recent reports, those over Prince’s estate have said it’s worth a little more than $80 million, but the IRS alleges it’s actually worth more than $160 million. It’s also claiming the estate paid $32.4 million less than what was due.
The IRS wants the estate to pay $6.4 million in penalties for allegedly undervaluing its worth. The estate has since responded and said the IRS is wrong in its calculations.
The value of Prince’s estate since his 2016 death has been a topic of conversation with various numbers being tossed around. At one point, it was said to be worth $300 million.
As previously reported, Prince tragically passed away on April 21, 2016, from a fentanyl overdose.
His estate filed a wrongful death lawsuit, which was dismissed last year.
His family reportedly reached a settlement with the people they sued such as Dr. Michael Schulenberg, the physician who Prince went to just before he passed and allegedly prescribed the fatal dose of opioid to Prince’s bodyguard, allegedly knowing that Prince could get it. He denied all claims but paid a $30,000 settlement in a civil case that claimed the prescription was illegal.
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