IRS Report:  Singer’s estate grossly underestimated worth and owes $700 million.

Michael Jackson’s estate handlers are in hot water with the Internal Revenue Service, who allege they drastically underestimated the singer’s financial worth.

According to a report by the Los Angeles Times, at the time of the singer’s 2009 death, executors entered his net value as $7 million. The IRS estimates that number should have been $1.1 billion.

To read the entire article at USA Today, click here.

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