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CONSOR Expert Testifies for IRS in Michael Jackson Estate Trial

What has been described as the “tax trial of the century” by the Hollywood Reporter, the tax battle between the Internal Revenue Service and the Estate of Michael Jackson was held in Tax Court during February, 2017. CONSOR Chairman Weston Anson testified on behalf of the IRS. The big discrepancy in the value of the Jackson estate will be sure to bring testimony tailor made for a Hollywood blockbuster. While CONSOR valued the intellectual property assets of the Jackson estate at over $400 million, the estate initially valued the assets at Jackson’s time of death at a mere $2,105. And what will happen with an outcome favorable to the IRS? As Los Angeles entertainment attorney Mitra Ahouraian was quoted in a Wall Street Journal article said, “If the IRS prevails, it is likely to pursue other celebrity estates for additional taxes on their name and likeness rights.”