Prince Estate Worth Double What Executors Claim, Says IRS

PrinceThe death of the estate has been riddled with estate challenges for years, and now the IRS is kicking in, saying the people handling the estate have vastly undervalued it.

Uncle Sam says the estate is worth double what fund managers claim. The estate has pegged the value at just over $ 80 million, but the IRS says it’s worth over $ 160 million.

Obviously, the IRS wants it cut, and that’s why the US Tax Court is now in the picture. IRS claims the estate bypassed taxes owed by $ 32.4 million … that’s double what the estate planned to pay.

There have been all kinds of numbers thrown around by the various heirs – some of whom have mounted challenges – with some estimates putting the estate at $ 300 million.

The IRS really wants its pound of flesh. He is also asking for a penalty of $ 6.4 million for the undervaluation. The estate filed legal documents this summer, claiming the IRS numbers are a long way off.