IRS says executors undervalued Prince's estate by 50%, owe another $32. The IRS also ordered a $6.4 million "accuracy-related penalty" on Prince's estate, citing a "substantial" undervaluation of assets, documents show. Looking back on Prince's best USA TODAY interview moments, 4 years after his deathĭocuments show the IRS believes that Prince's estate owes another $32.4 million in federal taxes, roughly doubling the tax bill based on Comerica's valuation, the Star Tribune reported. The discrepancy primarily involves Prince's music publishing and recording interests, according to court documents.
In January, the IRS determined that Prince's estate is worth $163.2 million, overshadowing the $82.3 million valuation submitted by Comerica Bank & Trust, the estate's administrator. Delbert Tibbs, an African American divinity student, once found himself tossed-in with Death Row prisoners in Florida. Estimates of his net worth have varied widely, from $100 million to $300 million. Prince's death created one of the largest and most complicated probate court proceedings in Minnesota history. Divinity's death comes about a month after Internal Revenue Service calculations showed that executors of the rock star's estate undervalued it by 50%, or about $80 million, heating up the ongoing controversy over the money Prince left behind after he died without a will.
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