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Thread started 11/12/21 8:24pm

luv4u

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The Estate Discussion (Court stuff) - Continues Here .........

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Continue discussion here--------------------------------------

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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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canada

Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
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Reply #1 posted 11/12/21 8:28pm

luv4u

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?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2F44%2F68%2F0488aa154fe38a27ded250bf1e16%2Fgettyimages-52457867.jpg

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



Nov. 5, 2021, 12:40 PM
Source: Aysha Bagchi
Reporter

A trial in the Prince estate’s tax battle with the IRS is set to start on March 21, 2022.


The musical star’s estate originally told the IRS it was worth about $82 million, but the agency has pegged the real figure at about $163 million. A major area of dispute for the parties is how much Prince’s music rights were worth at the time of his death.




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

*******************

Here we go neutral

canada

Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
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Reply #2 posted 11/13/21 5:49am

FrankieCoco1

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.
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Reply #3 posted 11/14/21 11:38am

laytonian

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.

Welcome to "the org", laytonian… come bathe with me.
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Reply #4 posted 11/16/21 7:05am

udo

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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.

.

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

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #5 posted 11/16/21 10:45am

FrankieCoco1

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.



.


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.
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Reply #6 posted 11/18/21 4:30pm

nelcp777

FrankieCoco1 said:

udo said:

.

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.

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Reply #7 posted 11/24/21 3:23am

Vannormal

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.

.

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

How do you know that ?

S U P P O R T --- U K R A I N E --- N O W --- 4 --- MORE PEACE !!!
"The whole problem with the world is that fools and fanatics are always so certain of themselves. And wiser people so full of doubts" (Bertrand Russsell 1872-1972)
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Reply #8 posted 11/25/21 7:58am

udo

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Vannormal said:

udo said:

.

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

How do you know that ?

.

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

How long this things lasts?

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #9 posted 11/26/21 2:20am

Vannormal

udo said:

Vannormal said:

How do you know that ?

.

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'.

S U P P O R T --- U K R A I N E --- N O W --- 4 --- MORE PEACE !!!
"The whole problem with the world is that fools and fanatics are always so certain of themselves. And wiser people so full of doubts" (Bertrand Russsell 1872-1972)
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Reply #10 posted 11/26/21 3:11am

udo

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Vannormal said:

udo said:

.

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'.

.

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.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #11 posted 11/26/21 4:54am

Vannormal

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.

S U P P O R T --- U K R A I N E --- N O W --- 4 --- MORE PEACE !!!
"The whole problem with the world is that fools and fanatics are always so certain of themselves. And wiser people so full of doubts" (Bertrand Russsell 1872-1972)
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Reply #12 posted 11/26/21 6:23am

udo

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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'.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #13 posted 11/29/21 7:45pm

laytonian

udo said:

Vannormal said:

How do you know that ?

.

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?

Welcome to "the org", laytonian… come bathe with me.
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Reply #14 posted 12/03/21 12:36am

andrewm7

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.

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Reply #15 posted 12/03/21 7:05am

udo

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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.

.

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.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #16 posted 12/04/21 12:03am

Mumio

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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.

.

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

Welcome to "the org", Mumio…they can have you, but I'll have your love in the end nod
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Reply #17 posted 12/04/21 3:11am

udo

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Mumio said:

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

.

Did I claim so?

.

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.

.

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.

.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #18 posted 12/04/21 3:48pm

laytonian

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.

Welcome to "the org", laytonian… come bathe with me.
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Reply #19 posted 12/04/21 8:08pm

udo

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laytonian said:

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

.

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.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #20 posted 12/07/21 1:29pm

Astasheiks

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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? crysball

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Reply #21 posted 12/07/21 8:41pm

Mumio

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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? crysball

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

Welcome to "the org", Mumio…they can have you, but I'll have your love in the end nod
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Reply #22 posted 12/08/21 4:19pm

PennyPurple

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eek So the Estate has now reached an agreement with IRS?

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Reply #23 posted 12/08/21 4:21pm

jdcxc

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

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

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Reply #24 posted 12/08/21 9:16pm

Milty2

Vannormal said:

udo said:

.

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.

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Reply #25 posted 12/09/21 5:35am

udo

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They sttled at $82M value for the Estae.

Dunno how much tax that means.

.

So what is next?

Can they pay the heirs now?

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

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #26 posted 12/09/21 12:01pm

nelcp777

udo said:

They sttled at $82M value for the Estae.

Dunno how much tax that means.

.

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.

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Reply #27 posted 12/10/21 5:05am

JoeyCococo

[off topic snip - luv4u]

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Reply #28 posted 12/10/21 3:07pm

rap

[off topic snip - luv4u]

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Reply #29 posted 12/10/21 5:05pm

laytonian

udo said:

They sttled at $82M value for the Estae.

Dunno how much tax that means.

.

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".

Welcome to "the org", laytonian… come bathe with me.
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