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  • Earnings: United States Tax Court Internal Revenue Service US Federal Estate Taxes

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    Michael Jackson had significant earnings over his career from album sales, endorsements, and concerts. His annual earnings were estimated at $125 million in 1989, $35 million in 1996, and $20 million in 1997. Forbes estimated his total career pretax earnings in life and death were $4.2 billion. After his death in 2009, his estate continued to earn over $100 million per year, making him the highest earning deceased celebrity according to Forbes. However, there was an ongoing tax dispute between Jackson's estate executors and the IRS over estate taxes, with the IRS claiming over $1.1 billion in taxes and penalties owed.

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    Michael Jackson had significant earnings over his career from album sales, endorsements, and concerts. His annual earnings were estimated at $125 million in 1989, $35 million in 1996, and $20 million in 1997. Forbes estimated his total career pretax earnings in life and death were $4.2 billion. After his death in 2009, his estate continued to earn over $100 million per year, making him the highest earning deceased celebrity according to Forbes. However, there was an ongoing tax dispute between Jackson's estate executors and the IRS over estate taxes, with the IRS claiming over $1.1 billion in taxes and penalties owed.

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    31 views2 pages

    Earnings: United States Tax Court Internal Revenue Service US Federal Estate Taxes

    Uploaded by

    krithika
    Michael Jackson had significant earnings over his career from album sales, endorsements, and concerts. His annual earnings were estimated at $125 million in 1989, $35 million in 1996, and $20 million in 1997. Forbes estimated his total career pretax earnings in life and death were $4.2 billion. After his death in 2009, his estate continued to earn over $100 million per year, making him the highest earning deceased celebrity according to Forbes. However, there was an ongoing tax dispute between Jackson's estate executors and the IRS over estate taxes, with the IRS claiming over $1.1 billion in taxes and penalties owed.

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    Earnings

    In 1989, Jackson's annual earnings from album sales, endorsements, and concerts were estimated
    at $125 million.[197] Forbes placed Jackson's annual income at $35 million in 1996 and $20 million in
    1997.[459] Forbes reported in August 2018 that Jackson's total career pretax earnings in life and death
    were $4.2 billion.[460][461] Sales of his recordings through Sony's music unit earned him an estimated
    $300 million in royalties. He may have earned another $400 million from concerts, music publishing
    (including his share of the Beatles catalog), endorsements, merchandising and music videos.[462]
    Estimates of Jackson's net worth during his life range from negative $285 million to positive $350
    million for 2002, 2003 and 2007.[463][464] In 2013, the executors of Jackson's estate filed a petition in
    the United States Tax Court as a result of a dispute with the Internal Revenue Service (IRS) over US
    federal estate taxes.[465] The executors claim that it was worth about $7 million, the IRS that it was
    worth over $1.1 billion. In February 2014, the IRS reported that Jackson's estate owed $702 million;
    $505 million in taxes, and $197 million in penalties.[466] A trial was held from February 6 to 24,
    2017,[467] and a decision is expected in 2019.[468]
    In 2016, Forbes estimated annual gross earnings by the Jackson estate at $825 million, the largest
    ever recorded for a celebrity, mostly due to the sale of the Sony/ATV catalog. It was the seventh
    consecutive year since his death in which Jackson's annual earnings were over $100 million.[469] In
    2018 the figure was $400 million.[470] According to Forbes in 2016, Jackson had been the top-earning
    dead celebrity each year since his death.[469]

    Discography
    Main articles: Michael Jackson albums discography and Michael Jackson singles discography
    See also: The Jackson 5 discography

     Got to Be There (1972)


     Ben (1972)
     Music & Me (1973)
     Forever, Michael (1975)
     Off the Wall (1979)
     Thriller (1982)
     Bad (1987)
     Dangerous (1991)
     HIStory: Past, Present and Future, Book I (1995)
     Invincible (2001)

    Filmography
    See also: Michael Jackson videography

     The Wiz (1978)


     Captain EO (1986)
     Moonwalker (1988)
     Michael Jackson's Ghosts (1997)
     Men in Black II (2002)
     Miss Cast Away and the Island Girls (2004)
     Michael Jackson's This Is It (2009)
     Bad 25 (2012)
     Michael Jackson: The Last Photo Shoot (2014)
     Michael Jackson's Journey from Motown to Off the Wall (2016)

    Tours
    Main article: List of concert tours by Michael Jackson and the Jackson 5

     Bad world tour (1987–1989)


     Dangerous World Tour (1992–1993)
     HIStory World Tour (1996–1997)
     MJ & Friends (1999)

    Notes
    1. ^ "I Just Can't Stop Loving You", "Bad", "The Way You Make Me Feel", "Man in the Mirror", and "Dirty
    Diana".
    2. ^ The Wall Street Journal and other news sites report that the 750 million units sold by Michael
    Jackson is an inflated figure, initially claimed in 2006 by Raymone Bain,[1] Jackson's publicist at that
    time, without any evidence and probably in an effort to boost album sales.[2][3] Since 2006, several
    sources such as RIAA, Rolling Stone, and Time have claimed that Michael Jackson has sold 750
    million units (or even 1 billion);[4][5][6] Adrian Strain, a representative from the International Federation of
    the Phonographic Industry (IFPI) has disputed this figure.[3]
    3. ^ In 2018, its US sales record was overtaken by the Eagles' album Greatest Hits 1971–75, with 38×
    platinum.[318]

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