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SMOOTH CRIMINAL

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The Internal Revenue Service reportedly hit the estate of Michael Jackson recently with a federal income tax bill of $702 million because of undervaluing properties that it owned — including a valuation on the Jackson-owned catalog of Beatles songs at "zero." The estate reckoned the King of Pop was worth a total of $7 million upon his death in 2009, but IRS placed the number at $1.125 billion. In 2012 alone, according to Forbes magazine, Jackson earned more than any other celebrity, living or dead — about $160 million.

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