IRS Overvalued Michael Jackson Estate by $370M, Tax Court Rules (1)

The IRS overvalued the worth of Michael Jackson’s estate by hundreds of millions of dollars, the U.S. Tax Court held Monday in a ruling on the estate’s yearslong tax fight.

Tax Court Judge Mark V. Holmes in a 271-page opinion found that the pop star’s image and likeness and other assets were worth about $111 million—less than a fourth of the $481 million the IRS determined. Jackson’s publishing rights to songs by various other artists were also significantly overvalued by the agency, the court held.

“And just as the grave will swallow Jackson’s fame, time will ...