MIchael Jackson heirs owe the IRS more than $700 million

According to the Internal Revenue Service of the United States (IRS), the heirs of the late artist Michael Jackson would owe the Treasury around $ 702 million in federal taxes and fines.

The IRS accuses the heirs of Jackson, ie his mother Katherine, his three children and charities, of undervaluing the debt.

The family stated that the total assets of Jackson had a taxable value of $ 7 million, but last May the IRS issued a notice of tax infractions for $ 505.1 million, only in taxes and $ 196.9 million in fines.

The IRS assessed the image of Jackson in $ 434 million. The family said its taxable value was $ 2,105. The article that pays more taxes is the recording participation, identified as MJ / ATV Publishing Trust in New Horizon Trust II, valued at $ 469 million,  that wasn’t included in the 2009 assets declaration.