Uncle Sam has finally decided on a price tag for Prince and everything in his orbit at the time of his death, and it’s in the nine figures. The IRS has reached an agreement with Comerica Bank & Trust, the executor of Prince’s estate, after years of wrangling about how much the late artist’s assets should be worth.
The final figure is $156.4 million, according to the Minneapolis Star Tribute. This is a number that Prince’s heirs, surviving siblings and/or their families have agreed upon, and the Minnesota Department of Revenue has also signed off on.
Of course, $156 million is a lot more than Comerica’s initial assessment of the estate’s value: $82.3 million, which the IRS fought tooth and nail in court, arguing that it should have been priced higher than $160 million, which would have resulted in the IRS owing tens of millions in taxes.
In the end, it appears that the IRS was more correct than incorrect in its calculations, at least on the surface. Indeed, the taxes that the estate will have to pay will be substantial. With that stated, Comerica reportedly filed documents last week conceding the settlement was “fair and reasonable,” but also claiming they would have won at a potential trial if the family had decided to pursue the matter further.
The IRS has agreed to withdraw its request for a $6.4 million accuracy penalty as part of the deal. Now that the taxes have been paid, the remaining funds can be divided among the remaining parties of interest, bringing an end to a long and convoluted journey.
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