At the time of Prince's death, Uncle Sam said that everything in his circle was worth a pretty penny.
The administrator of Prince's estate has come to an agreement with the IRS about what the artist's assets should be worth.
The surviving siblings and their families have also agreed to this number, as well as the Minnesota Dept. of Revenue.
The IRS argued that the estate should have been priced at more than $82 million, which was the figure that was initially estimated by Comerica.
The IRS was correct in their numbers, at least on the face of it. The taxes the estate has to pay will be significant.
It was.
The settlement was "fair and reasonable" and they would've prevailed at a trial if the family wanted to press the issue, but it seems they wanted this to be over and done with.
The IRS dropped its request for a $6.4 million penalty accuracy. Once taxes are paid, the rest of the dough can be divided among the remaining parties of interest.
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