Published Jan 04, 2021The taxman is coming after Prince's estate after an executor allegedly undervalued its net worth by $80 million USD, leading to quite the intense tax bill.
The IRS has determined that Prince's estate is actually worth about double what was initially reported by the Dallas-based financial administrator, Comerica Bank & Trust, for a total of $163.2 million USD, according to TMZ.
As a result of the claim, the IRS has ordered the estate to fork out $32.4 million USD owed in federal taxes, plus pay a $6.4 million USD "accuracy-related penalty."
Prince's estate filed legal documents last year claiming those numbers were incorrect, though the legal battle appears to be ongoing — and could prove costly.
The posthumous audit comes nearly five years following the legendary musician's death in 2016. Prince died on April 21 of that year from an opioid overdose.