The estate of Michael Jackson looks to have escaped a possibly hefty penalty for allegedly undervaluing the late singer’s assets.

A U.S. Tax Court judge denied the IRS’s bid to provide additional evidence in a case that was tried in Los Angeles in February. Because the agency didn’t show that it complied with certain procedural requirements, it’s barred from seeking as much as 40% of the allegedly understated tax in penalties.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access