{"id":82432,"date":"2021-01-07T12:00:07","date_gmt":"2021-01-07T12:00:07","guid":{"rendered":"http:\/\/routenote.com\/blog\/?p=82432"},"modified":"2021-01-07T11:55:00","modified_gmt":"2021-01-07T11:55:00","slug":"irs-says-princes-estate-was-undervalued-by-80-million","status":"publish","type":"post","link":"https:\/\/routenote.com\/blog\/irs-says-princes-estate-was-undervalued-by-80-million\/","title":{"rendered":"IRS Says Prince\u2019s Estate Was Undervalued By $80 Million"},"content":{"rendered":"\n<p><i>Image Credit: Kristian Dowling \/ Getty Images file<\/i><\/p>\n\n\n\n<h4><span style=\"color: #3366FF\"> The Pop Stars Untimely Death Created A Complicated Probate Court Proceedings That Are Ongoing Today.<\/span><\/h4>\n\n\n\n<p>When <a href=\"https:\/\/open.spotify.com\/artist\/5a2EaR3hamoenG9rDuVn8j?si=9GASGi4MTiiknhW9oyhFwQ\"><b>Prince<\/b><\/a> died back in 2016 it was a shock for his fans and family. The latter of which would be thrown into a massive court battle as he died without signing a will. This left huge levels of uncertainty and thus a large and complicated series of court hearings ensued, of which is still happening today. Recently Internal Revenue Service calculations showed that executors of the star\u2019s estate undervalued it by 50 percent, or around $80 million.&nbsp;<\/p>\n\n\n\n<p>The IRS determined that Prince\u2019s estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank &amp; Trust, the estates administrator. According to court documents the main discrepancy primarily involves Prince\u2019s music publishing and recording interests. <a href=\"https:\/\/routenote.com\/blog\/why-music-legends-are-selling-their-publishing-rights\/\">Which is very interesting the value has doubled now as companies such as Hipgnosis are snapping up publishing rights.&nbsp;<\/a><\/p>\n\n\n\n<p>Documents from the IRS shows that they believe Prince\u2019s estate owes $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica\u2019s valuation. The IRS has also ordered $6.4 million <i>\u201caccuracy-related penalty\u201d <\/i>on his estate, citing <i>\u201csubstantial\u201d<\/i> undervaluation of assets.\u00a0<\/p>\n\n\n\n<p><b>Prince<\/b>\u2019s tragic death (Fentanyl overdose) in April 21st, 2016, has created one of the largest and most complicated probate court proceedings in American history. The estimates of his net worth have varied widely, ranging from $100 million to $300 million.&nbsp;<\/p>\n\n\n\n<p>With this case dragging on the six sibling heirs have understandably grown increasingly unhappy, especially as the estate has spent tens of millions of dollars to lawyers and consultants.&nbsp;<\/p>\n\n\n\n<p>Comerica and their lawyers at Fredrikson &amp; Byron in Minneapolis maintain their estate valuations are solid. Comerica sued the IRS this summer in U.S Tac Court in Washington D.C., saying the agency\u2019s calculations are riddled with errors.&nbsp;<\/p>\n\n\n\n<p>This story is continuing to develop and will be updated as the court proceedings continue.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Pop Stars Untimely Death Created A Complicated Probate Court Proceedings That Are Ongoing Today.<\/p>\n","protected":false},"author":23,"featured_media":82433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13,11109],"tags":[20785,20777,20778,20775,20780,20776,20784,20779,20781,20783,20782,8244],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS Says Prince\u2019s Estate Was Undervalued By $80 Million - RouteNote Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/routenote.com\/blog\/irs-says-princes-estate-was-undervalued-by-80-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRS Says Prince\u2019s Estate Was Undervalued By $80 Million - RouteNote Blog\" \/>\n<meta property=\"og:description\" content=\"The Pop Stars Untimely Death Created A Complicated Probate Court Proceedings That Are Ongoing Today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/routenote.com\/blog\/irs-says-princes-estate-was-undervalued-by-80-million\/\" \/>\n<meta property=\"og:site_name\" content=\"RouteNote Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-07T12:00:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T11:55:00+00:00\" \/>\n<meta property=\"og:image\" 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