In the shadow of the recent court decision in the Michael Jackson estate valuation dispute, the estate of pop star Prince is currently locked in a fierce estate and gift tax dispute. The IRS argues the executor has seriously undervalued the estate, and the executors claim the IRS’ calculations “are riddled with errors.” Valuation experts Josh Shilts (Shilts CPA, PLC) and Heather Tullar (Valuation Research Corp.), who are both on the AICPA BV committee, discuss the case in the latest in a series of AICPA podcasts, which is available if you click here. In the 45-minute podcast, they talk about the complexities that arise when working on a multifaceted engagement with a wide spectrum of hard-to-value or highly specialized assets. The speakers point out that Prince was well known for keeping tight control over the release and use of his music and for aggressively enforcing his intellectual property rights. Also, he died without leaving behind a will.
Extra: Shilts is the consulting editor for the recently published BVR Guide to Management Projections and Business Valuation: Analysis and Case Law.
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