Prince estate hit with huge tax bill in valuation dispute
The IRS are seeking an additional $32.4 million in taxes from Prince's estate - more than double the original bill. The US tax agency have reportedly valued the late singer's estate at $163.2 million - almost 50 per cent higher than the $82.3 million valuation proposed by Comerica Bank & Trust, the administrator of the estate. According to the Star Tribune newspaper, the discrepancy between the two figures primarily centres around the 'Purple Rain' hitmaker's musical publishing and recording interests, with a $15 million difference in figures valuing the fair market price of Prince's ownership...