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Click on the link to sign up for updates or to view court documents. - luv4u

Link to court documents: http://www.mncourts.gov/I...elson.aspx

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Pop Star Prince’s Estate Fight With IRS Set for March Trial

https://news.bloombergtax.com/daily-tax-report/pop-star-princes-estate-tax-case-scheduled-for-march-trial?fbclid=IwAR3An0FWIaL1KRKKf-JhE7NrT-HORKJ0p4SF99JmP4sWqa4MtkX4IM9QELI

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Here we go

FrankieCoco1 said:

I think they really need to take account of sales figures in 2015 rather than what’s gone on since his death. For example, HitNRun 2 only sold 2000 in its first week of release. It’s only with investment in remastering and a little bit more promotional thought (podcasts, posts in social media, releasing sought after limited editions), that’s sales since 2016 of Prince music appear to have gone up. Perhaps Rodserling can advise about the state of sales in 2015, but I’d think Prince wasn’t making much money on sales of product. May be ticket sales for concerts, but that stopped at the point of his passing.

Although H&R2 only sold 2,000 copies its first week, that was enough to place it at #23 on the R&B charts -- and with little promotion.

His main income, past the Purple Rain era, was from concerts. Even in the last few years of his life, he was making millions from concerts. Coachella was supposedly $5 million. The Dec 2015 concert at St Bart's was well over a million for that one private concert.

laytonian said:

His main income, past the Purple Rain era, was from concerts. Even in the last few years of his life, he was making millions from concerts. Coachella was supposedly $5 million. The Dec 2015 concert at St Bart's was well over a million for that one private concert.

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I.e.: the estate is lsoing money big time now.

udo said:

FrankieCoco1 said:

udo said:

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I.e.: the estate is lsoing money big time now.

I think the IRS are vastly over-rating the value, and even the estate might be. It’s like trying to value a palace that is in state of dis-repair. Meanwhile the lawyers on both sides will be coining it in.

It is all about the money sadly.

udo said:

laytonian said:

His main income, past the Purple Rain era, was from concerts. Even in the last few years of his life, he was making millions from concerts. Coachella was supposedly $5 million. The Dec 2015 concert at St Bart's was well over a million for that one private concert.

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I.e.: the estate is lsoing money big time now.

How do you know that ?

Vannormal said:

udo said:

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I.e.: the estate is lsoing money big time now.

How do you know that ?

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Did you ever investigate how much the leaches charge for all of ther 'services'?

How long this things lasts?

udo said:

Vannormal said:

How do you know that ?

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Did you ever investigate how much the leaches charge for all of ther 'services'?

How long this things lasts?

I really have no idea how it even works, so certainly not an expert in that field.

If you are, please explain us,

and how long 'things will/might last'.

Vannormal said:

udo said:

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Did you ever investigate how much the leaches charge for all of ther 'services'?

How long this things lasts?

I really have no idea how it even works, so certainly not an expert in that field.

If you are, please explain us,

and how long 'things will/might last'.

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I never claim to be an expert.

Simply rea the stuff at https://www.mncourts.gov/...elson.aspx

Once in a whil you will see discussions about stuff to be paid, complete with invoices (redacted), etc.

Then you get an idea how much they burn.

Then I think of when Prince was alive and that money wasn't burned but he failed to pay some taxes.

Well, at some point he asked $1 milion for a concert,

even asked $5 milion for another concert from what I read.

He performed regularly, did regular tours etc.

Prince surely wasn't poor, but apparently had diffculties managing his very exquisite life style.

The invoices are in the range of a few 100K each and up...

I did not do a totalization but was slightly flabbergasted but also not about the obscene sums of currency they demand for 'services'.

udo said:

Vannormal said:

How do you know that ?

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Did you ever investigate how much the leaches charge for all of ther 'services'?

How long this things lasts?

Those "leeches" are not over-charging. Comerica and the court is making sure of that. The billings seem reasonable; it's just that there's alot of them.

Besides, does anyone think that "the family" would do a better job than Comerica is doing in management?

I think that putting a $ value on Prince`s work at the moment is very difficult... I mean it could be monetised very differently in the future. At the moment streaming is king, but at some stage the balence of power could really shift from aggregators to content creators.

laytonian said:

Those "leeches" are not over-charging. Comerica and the court is making sure of that. The billings seem reasonable; it's just that there's alot of them.

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I do think that the hourly fees are extravagant and insults to people.

There is nothing special these people do or can do; they merely studied a few books. It is not rocket science (has depcrecated in value in recent years) nor magic (not seen recently).

There's way too much of it and the result is a process that is wayyyy too slow.

So slow that entitled family members sell their portions before they ever receive something.

udo said:

laytonian said:

Those "leeches" are not over-charging. Comerica and the court is making sure of that. The billings seem reasonable; it's just that there's alot of them.

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I do think that the hourly fees are extravagant and insults to people.

There is nothing special these people do or can do; they merely studied a few books. It is not rocket science (has depcrecated in value in recent years) nor magic (not seen recently).

There's way too much of it and the result is a process that is wayyyy too slow.

So slow that entitled family members sell their portions before they ever receive something.

You can think whatever you want to think, but that doesn't make it correct. There's a fiduciary duty to act in the best interests of the estate and the heirs, those involved can't just do whatever the hell they want, there's legal liability attached. You should familiarize yourself with the requirements so you have a clearer understanding of what's going on https://webcache.googleus...efox-b-1-e

Mumio said:

You can think whatever you want to think, but that doesn't make it correct.

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Did I claim so?

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There's a fiduciary duty to act in the best interests of the estate and the heirs, those involved can't just do whatever the hell they want, there's legal liability attached.

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That can be so, but in my opinion nothing is what it appears to be.

I.e.: currently more Estate money appears to go around in the litigation and related `services` than in clear sales, royalties, etc.

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Anyone who believes attorneys just "study a few books" to understand international law (which IS part of this estate) is sorely deluded.

What seems simple to those on the outside is actually contract law inolving interpretation of laws and application to a subject.
In the face of all that's gone on, I think the Estate is being well-managed by Comerica. My only fear is what will happen when the estate is settled.

It seems that President Nelson (Tyka's son) may have a good head on his shoulders and all contracts so far require family inolvement.

laytonian said:

Anyone who believes attorneys just "study a few books" to understand international law (which IS part of this estate) is sorely deluded.

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Sure, it is not s superman job what you make of it.

Interpreting is what we do all the time, be it in 'woke' fashion, conservative, etc.

There's way too much of it which shows people cannot get to a compromise by themselves.

'Experts' are neded, litigation commences, etc.

It could all have been so much cheaper.

laytonian said:

Anyone who believes attorneys just "study a few books" to understand international law (which IS part of this estate) is sorely deluded.

What seems simple to those on the outside is actually contract law inolving interpretation of laws and application to a subject.
In the face of all that's gone on, I think the Estate is being well-managed by Comerica. My only fear is what will happen when the estate is settled.

It seems that President Nelson (Tyka's son) may have a good head on his shoulders and all contracts so far require family inolvement.

Could you go into more details of this international law (which IS part of this estate)?

Is that like Song and Album sells Internationally or other things?

Astasheiks said:

Could you go into more details of this international law (which IS part of this estate)?

Is that like Song and Album sells Internationally or other things?

Look at what went on re the Italian lawsuit over TMBGITW.

So the Estate has now reached an agreement with IRS?

Here come the Vegas Show, Broadway Musical and Disney Produced Movie. $$$ 😢

Hopefully the Netflix Doc has some artistic integrity and furthers his REAL Legacy.

Vannormal said:

udo said:

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I.e.: the estate is lsoing money big time now.

How do you know that ?

No one on this website has ANY idea beyond the links they post.

They sttled at $82M value for the Estae.

Dunno how much tax that means.

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So what is next?

Can they pay the heirs now?

Or are they bankrupt and need to sell some music first?

udo said:

They sttled at $82M value for the Estae.

Dunno how much tax that means.

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So what is next?

Can they pay the heirs now?

Or are they bankrupt and need to sell some music first?

If the settlement amount is $82 million, the estate has an exemption of $11.7 million, meaning anything over that amount is taxable at the 40% enacted tax rate. So, $70.3 million is subject to the tax rate, leaving a tax liability of $28.12 million, not including any penalties or fees.

For the state of Minnessota, the exemption is $3 million, so anything over that is taxable. The Estate has to pay 16% (the enacted tax rate). So, that means that if the valuation applies to the state level, $79 million is taxable at 16%. The Estate has a tax liability of about $12.64 million to the state. Again, an estimate and does not include any penalties or fees.

[off topic snip - luv4u]

[off topic snip - luv4u]

udo said:

They sttled at $82M value for the Estae.

Dunno how much tax that means.

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So what is next?

Can they pay the heirs now?

Or are they bankrupt and need to sell some music first?

The amount of the settlement has not been disclosed. The ESTATE said $82 million, the IRS said it was "double".