The Taxman Wants A Cut Of Prince’s Legacy
It’s time for Prince’s estate-tax attorneys to put a dollar value on the future income earning potential of his name, unpronounceable image and the like—the taxman is waiting with his hand out.
The IRS is adept at putting price tags on traceable assets, and taking current revenue streams and projecting them into the future, but it’s not so straightforward to divine the worth of a legacy.
And that special Prince-ness could be his estate’s largest asset and incur up to a 40% federal tax, the Wall Street Journal reports.
There is also no real precedent for Prince—the closest thing is the Michael Jackson estate-tax battle, which has been mired in litigation for years. But maybe that is the precedent, after all. [WSJ]