Wednesday, 10 January 2018
Whitney Houston's Tax Settlement on IP and Royalties
Accounting Today reports that Whitney Houston has settled with the tax authority in the United States, the Internal Revenue Service (IRS), concerning mostly the value of her intellectual property, particularly the right of publicity, and royalties. The IRS's valuation was around $22 million. The parties settled for $2 million. Michael Jackson's estate has been embroiled in a similar problem with the IRS, here. For more on valuation of the right of publicity for estate tax purposes, see Sara Zherhi's article on the subject in Harvard's Journal of Sports and Entertainment Law (be sure to check the new tax law in the United States).