Opinion: MJ Estate vs. IRS basics and catalog valuations
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The dispute between MJ Estate and IRS isn't new and there haven’t been any new developments but after seeing some confusion about valuations and seeing how it still comes up during conversations, I decided to do a two part opinion series about this topic.
In this first part I would cover the basics about Estate tax, valuation, market and tax value of the catalogs. In the second part I will mention valuation of image and likeliness and the possible outcomes. So let’s get started!
What is Estate tax? The estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. It's paid only once. It requires an accounting of the property of the deceased at the date of the death. The values of the property – also known as gross Estate- are determined and then deductions –such as liabilities and debt - are taken out to determine the net value. Tax is determined based on this net value.
Two very important points to remember from the above definition is that:
1.Value of the Estate is determined at the date of death
2.Tax value (net value) = Market value (gross value) – deductions
Michael Jackson's Xscape - Official T-Shirts and Track List Revealed.
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From the official MichaelJackson.com website: "The tracklist for XSCAPE's standard version has officially been revealed! It features eight of Michael Jackson’s strongest unreleased songs, dusted off and polished with state-of-the-art production. View the tracklist below and pre-order XSCAPE now on iTunes or Amazon.com.
XSCAPE standard Version, as well as the deluxe edition which includes a collection of the original recordings, will both be available in stores everywhere May 13th, 2014."
The final official Xscape tracklist on the standard version
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Michael Jackson Xscape standard edition |
1. Love Never Felt So Good
2. Chicago
3. She Was Lovin' Me
4. A Place With No Name
5. Do You Know Where Your Children Are
6. Slave to the Rhythm
7. Blue Gangster
8. Xscape
My Xscape to L.A. - A Special Invite to Hear Michael Jackson's New Album Xscape
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I was so excited to receive my Invitation for an all expense paid Xscape to L.A. California by the Estate of Michael Jackson and Epic records. I was invited along with 10 other fans from various parts of the world that represented their fan clubs. We were not told what the event we would be attending was, but I had my suspicions. I was very happy to accept the invite.
Remember the Time: Protecting Michael Jackson in His Final Days
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I was given an advance copy of the "Remember the Time : Protecting Michael Jackson in his final days" by MJ's bodyguards Bill Whitfield and Javon Beard.
Below is my review and brief summary.
As a MJ fan who has read all the books written about him, I look for unique and interesting books about him. This book delivers on that front. It's not the same old stuff you read a million times before, it's the unique and first hand experiences of Bill and Javon. Just this could be enough reason to get the book.
The book covers December 2006 (when Michael returned to US) to June 2009 (his death). Although Bill and Javon worked for Michael till the day he died, the bulk of the book covers the period between December 2006 to early 2009 when Michael moved to LA. (Bill and Javon did not go to LA but was supposed to join Michael at London). Book talks about Michael's stay at Las Vegas, Virginia, New Jersey and back at Las Vegas.