ST. PAUL, Minn. – The executors of rock star Prince’s ‘s estate undervalued the estate by 50% and owe additional taxes of $32.4 million, the Internal Revenue said. The IRS also wants $6.4 million in a penalty. The details show up in probate court documents in St. Paul, where the executor, Comerica Bank & Trust of Dallas, Texas, is defending its esimates. The discrepancy primarily involves Prince’s music publishing and recording interests. Next step: Probably a trial.
Prince’s estate. Comerica claimed $82.3 million. IRS claims $163.2 milllion.