IRS Says Prince’s Estate Undervalued by $80M, Setting Off Another Dispute
Prince, who died in 2016 of a fentanyl overdose, did not leave behind a will, which has set off disputes over the “Purple Rain” mastermind’s estate, the Minneapolis Star Tribune reports.
Prince, who died in 2016 of a fentanyl overdose, did not leave behind a will, which has set off disputes over the “Purple Rain” mastermind’s estate, the Minneapolis Star Tribune reported.
The IRS has said Prince's estate is valued at $163.2 million, which is much higher than the $82.3 million valuation submitted by Comerica Bank & Trust, the estate's administrator, CBS News reports. Additionally, the IRS believes Prince’s estate owes another $32.4 million in federal tax, according to The Guardian.
The IRS also has ordered a $6.4 million "accuracy-related penalty" on the late musician’s estate, saying a "substantial" undervaluation of assets, documents show, according to CBS News.
The financial discrepancy is mainly about the “Raspberry Beret” singer’s music publishing and recording interests, according to court documents obtained by the Star Tribune.
The Star Tribute writes that “Comerica and its lawyers at Fredrikson & Byron in Minneapolis maintain their estate valuations are solid.”
Prince was 57 when he was found dead inside his Paisley Park mansion outside Minneapolis. The “When Doves Cry” singer had no known children. A judge chose his six siblings — Tyka Nelson, Norrine Nelson, Sharon Nelson, John Nelson, Alfred Jackson and Omarr Baker — to be his beneficiaries.
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