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Beatles Guru

Taxman Was Right

MJ Collection Worth a Fortune!

2/9/2014 7:20 AM PST BY TMZ STAFF
EXCLUSIVE

0208-jackson-beatles

The Michael Jackson Estate is insane for trying to value MJ's Beatles collection at ZERO for tax purposes ... so says one of the most prominent Beatles experts in the world ... who also happens to be a tax attorney.

The Estate is in a dogfight with the IRS ... which claims MJs people stiffed the government on more than a half a BILLION dollars in taxes by undervaluing assets ... including MJs interest in songs by MJ and the Beatles.  The Estate says the asset is worth NOTHING.  The IRS says the Estate should have declared a value of $469 million.

Beatles guru and attorney Bruce Spizer tells TMZ, "No one could value that collection at zero with a straight face."  Spizer, who has written 8 books about the group that changed the world 50 years ago tonight on "The Ed Sullivan Show," says the IRS may have "slightly inflated" the value of the catalog, but believes it's definitely worth minimum $300 million and could be as much as $400 million.

Spizer says, "For the Estate to list the value at zero, they lose all credibility."

Reps for the MJ Estate tell TMZ, they dispute the entire IRS analysis of MJs assets.  The reps say they used nationally-recognized experts to determine value while the IRS wallows in speculation.

The reps say the Estate paid more than $100 mil in taxes and fully complied with the law.

83 COMMENTS

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31.

Jamey Hunter    

I would honestly love to see every member of this greedy family wiped out of every cent they did not earn. His children can get an education and jobs like the rest of us. But I'm sure they'll remain tabloid fodder for years to come.

173 days ago
32.

Phoenix    

None of us, and not this Beatles Guru, is in a position to say. Remember that MJ died millions of dollars in debt, nobody wanted to use his 'likeness' or image to promote anything. The value was the value at the time of his death - different than what the value is now.

173 days ago
33.

HumanNature    

EVERYONE WITH A "BRAIN" INCLUDING TMZ SHOULD KNOW THAT MJ WAS HEAVY IN "DEBT" AT THE TIME OF HIS DEATH!!!!!


ALSO, DUMB PEOPLE SHOULD KNOW THAT THE BEATLES CATALOG WAS USED AS "COLLATERAL" ON THOSE LOANS!!!!!


THE ESTATE HAD TO "RE-NEGOTIATE" THE TERMS OF THOSE LOANS WHICH HELD THE BEATLES CATALOG!!!!!!


APPARENTLY TMZ AND THAT TAX GURU


DON'T KNOW A THING ABOUT "ESTATE TAXES, DEBT AND WEALTH MANAGEMENT" AT THE TIME OF DEATH!!!!


I SUGGEST IRS.GOV AND ACCOUNTING PROCEDURES!!!!!

173 days ago
34.

TRUTH BE TOLD    

Michael Jackson showed all of the classic signs of a typical pedophile. People claim oh he just loved children because he was like a child-how do they explain the fact then that Jackson only hung around with one specific type of child? white boys of 10-13 years old. Never little girls, never black boys, never asian kids, always gender-age-and race specific. This is a classic sign of pedophilia, pedophiles are very specific as to what they are interested in with children. A true pedophile actually doesnt like both little boys and little girls, they center around one or the other and also have a certain age and race they like. Someone who is just interested in helping kids would have opened his doors to all children regardless of their age or gender.

173 days ago
35.

jacqueline    

They got a 100 million in taxes what more do they want, american greed, leave this family alone cause there father left them well off.i dont see how mike himself could ever go broke, no mtter how many lawsuits he paid off, mike made more money than anyone.he couldve paid cash for everything he ever owned and still would not have been broke, now for the tax man to come after his estste is sad.mikes better off with the lord, these folks up here will sress you out and kill ya for a buck.

173 days ago
36.

H JEFFORD    

Michael Jackson collection if his estate is being taxed on the value of his collection of the Beatles collection should only be taxed on what he paid for the collection and if his accountants claimed it as a deduction on his taxes or if it is a personal item

173 days ago
37.

News Flash     

Check the Babydoll for hidden money.

173 days ago
38.

Eric Cartman    

**** Michael.

Pedophile roach.

**** Paris, too.

173 days ago
39.

There's a problem here    

It looks like some nitwit thought he was the smartest guy in the room when he tossed those zeroes out there. Now there will be a forensic audit and the estate is going to owe for YEARS with interest. I'm going to enjoy this.

173 days ago
40.

marco balletta    

Do these Michael Jackson Estate’s marketers understand that SONY/ATV catalog includes MUCH MORE than just the Beatles’ songs ?

SONY/ATV Catalog, is HALF of SONY !!

173 days ago
41.

Susan62509    

The person losing creditability is Bruce Spizer and TMZ because neither shouldn't be commenting about the IRS and the Estate until they learn U.S. tax law and read the details in the legal case.

Federal estate tax is calculated based on the DATE OF DEATH (2009) values for the estate. For valuation purposes, all assets under the control of the decedent at his death are considered taxable and that would include corporate interests, real estate and contracts for future earnings.

At the time of MJ’s death, he was in debt $400 to $500 million. The estate is arguing that the singer’s future earning power was actually depressed and the subsequent boon to the estate, while nice, could not have been predicted as of the date of death.

173 days ago
42.

Susan62509    

At the time of MJ's death in 2009, his half of the ATV Catalogue was tied up in liens.

173 days ago
43.

Superbowlchamps    

I know most people think I am very wrong, but Beatles music is not even close to good.

173 days ago
44.

DrTyrell    

So much crap. Beatles fans are dying off by droves.

173 days ago
45.

Grace    

Holy crap. No wonder Conrad Murray said he'd never murder him. He thought he'd be an endless meal ticket. But someone else gave Michael Jackson that fatal ****tail.
Who else had really close access to him? His Dad Joe and his brothers. They have had financial problems for years. Michael was already an addict because they were probably the ones abusing him from childhood. He wanted to keep the money from them and for his kids. They committed tax fraud in the progress. Karma always comes, especially quickly to abusive men and the women who support them. They never once did right by Michael. Katherine had a bunch of times to help her son and she chose her "man" Joe.

173 days ago
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