Death and Taxes: Even Celebrities Can’t Avoid Them. An Analysis of the Michael J. Jackson Estate Tax Ruling

Home
»
Trusts & Estates
»
Product Details

You must select a location to proceed.

Yes

There was a problem adding this course to your account. Please try again in a few minutes. If the problem persists, you can contact our support department at (877) 880-1335.

Adding Registration, Please wait...

You must be logged in to perform this action.

Cancel

Death and Taxes: Even Celebrities Can’t Avoid Them. An Analysis of the Michael J. Jackson Estate Tax Ruling

Trusts & Estates Section

Credit(s):

1 Legal Specialization in Estate Planning; Trust & Probate Law
1 Participatory MCLE Credits

Course Number:

TE_11-02-21

Original Program Date:

November 2, 2021

Duration:

1 hour 4 minutes

Access:

Available for 3 months after Registration

Passport:

This product is Passport Eligible

Facebook

E-Mail

Description
Sessions
Credits
Faculty
Materials
Reviews
Dates and Locations

Category: Trusts & Estates

Category: Trusts & Estates (show less)

Michael Jackson may still be the most recognizable celebrity on a worldwide scale and is now also known as the world’s highest paid dead celebrity. Despite his status, estate taxes had to be paid upon his death. To do so, his Estate had to value all of his assets as of his date of death, which was two weeks prior his spectacularly produced memorial -- the first of many monumental efforts of the Estate’s management team to rehabilitate Jackson’s soiled reputation and monetize assets for his beneficiaries. The Internal Revenue Service (“I.R.S.”) took the position that the Estate undervalued Jackson’s assets by $1,100,000,000 on the Estate Tax Return and assessed penalties. But, just before his death, Jackson had been on the verge of bankruptcy and paying such taxes would have been near impossible for the Estate. An epic tax battle ensued, ending with a 271-page Tax Court memo 2021-48 filed on May 3, 2021 (the “Decision”) by Judge Mark Holmes. This article provides a practical analysis of the steps and missteps of the Estate and the I.R.S. in valuing Jackson’s intellectual property assets and offers practical considerations that may be useful to any estate holding intellectual property rights, particularly copyrights of musical compositions and rights of publicity.

Customers Who Bought This Item Also Bought

(OnDemand)
Afternoon with an IRS Attorney: Recent Developments in Estate & Gift Tax by the IRS Estate & Gift Tax Policy Manager

(OnDemand)
Core Drafting Series: The Nuts and Bolts of Estate Planning

(CLEtoGo (Podcasts))
From Famous to Infamous: An Ethical Examination of the Rise and Fall of Some of Our Country’s More Notorious Attorneys; 2021 California Tax Bar and California Tax Policy Conference

(CLEtoGo (Podcasts))
2021 California Tax Bar and California Tax Policy Conference: Valuation Issues in Estate and Gift Tax Cases

(CLEtoGo (Podcasts))
2019 Summer Trusts and Estates Education Conference: Omitted Family Members, Putative Spouses, and Adopted Children- Do I Get a Share and How?

(OnDemand)
Suspension and Removal of Trustees

(Self Study Articles)
An Estate Planner's Guide to Family Law Presumptions

(CLEtoGo (Podcasts))
Property Taxes: Pitfalls, Practical Solutions, & Advising Clients on Pros & Cons of Proposition 19

(CLEtoGo (Podcasts))
The Trusts and Estates Ethics Guide Webinar for Planners Is Here!

(CLEtoGo (Podcasts))
2020 California Tax Bar and California Tax Policy Conference: : Secrets of Successful Families: Transferring Values with Wealth for a Lasting Legacy

(CLEtoGo (Podcasts))
Contested Non-probate Transfers – When the Estate Plan Trumps

(CLEtoGo (Podcasts))
Got Capacity? Selecting and Applying Mental Capacity Standards

(OnDemand)
Afternoon with an IRS Attorney: Recent Developments in Estate & Gift Tax by the IRS Estate & Gift Tax Policy Manager

(OnDemand)
Core Drafting Series: The Nuts and Bolts of Estate Planning

(CLEtoGo (Podcasts))
2021 California Tax Bar and California Tax Policy Conference: Valuation Issues in Estate and Gift Tax Cases

(CLEtoGo (Podcasts))
2019 Summer Trusts and Estates Education Conference: Omitted Family Members, Putative Spouses, and Adopted Children- Do I Get a Share and How?

(OnDemand)
Suspension and Removal of Trustees

(Self Study Articles)
An Estate Planner's Guide to Family Law Presumptions

(CLEtoGo (Podcasts))
Property Taxes: Pitfalls, Practical Solutions, & Advising Clients on Pros & Cons of Proposition 19

Purchase Options

Add to CartCLEtoGo (Podcasts)

Non-Member Price

$65.00

Member Price

$45.00