The IRS says Prince’s estate owes another $32.4 million in taxes after executors undervalued the worth of the late guitarist’s estate, based on a report by the Associated Press.
According to documents reviewed by the Star Tribune in Minneapolis on Saturday, The IRS valued Prince’s estate at $163.2 million, whereas the initial valuation submitted by Comerica Bank & Trust, which administered the estate, was just $82.3 million. The extra $32.4 million roughly doubles the tax bill that was originally given based on Comerica’s valuation.
Prince, who suffered a fatal fentanyl overdose in April 2016, died without a will, and this latest wrinkle sets up another settlement dispute that involves conflicts over Prince’s music publishing and recording interests.