Legal Drama

When Prince died in 2016, he not only left a massive hole in the world of entertainment, but a complicated financial situation. The rock legend left no will, leaving it to his estate to wade through some messy legal waters. Now, the IRS has said the executors of Prince’s estate undervalued it by over $80 million and owe a substantial sum in federal taxes. As NBC News reports, the IRS has determined Prince’s estate to be worth $163.2 million — nearly double the $82.3 million valuation put forth by the estate. Court documents put the balance of the discrepancy largely on music publishing rights and “recording interests.” As a result, the IRS is seeking an additional $32.4 million in federal taxes, as well as a $6.4 million “accuracy-related penalty” for “substantial” assets undervaluation. C...