In other words, at the time of Jackson’s death, and in his hands, these three intangible assets were worth far less than what the managers grew them into after his death. The relevant inquiry for Estate tax purposes is only the value of what Jackson had in his hands to pass on, and not what his beneficiaries eventually stood to receive due to the careful and prudent management of the managers after his death. The court acknowledged the difficulty in “distinguis[ing] between the value of [an] asset and the value of its management.” But that is exactly what the court was required to and did do in this case. This decision is the first of its kind in valuing a celebrity’s likeness and image after death. The different positions taken on the Estate Tax Return, IRS Exam, at Trial, and the opinion of the court are summarized below: Amounts in dispute in Estate of Jackson v. Commissioner On the question of the value of Jackson’s image and likeness, the court determined a value of roughly $4.1 million. This is about $1 million more than the Estate argued was correct at trial, but about $3 million more than the Estate reported on the Estate tax return. However, it is about $400 million less than what the IRS examiner came up with. Why were the IRS and the taxpayer so far apart? According to the court, the IRS was including assets that should not have been included in the “intangible” of likeness and image, and were already accounted for elsewhere in the assets of the Estate that the taxpayer and the IRS agreed upon. In addition, the IRS’s expert included assets that simply were not foreseeable at the time of Jackson’s death. When it came to the value of Jackson’s interest in Sony/ATV, the court explained that Jackson had squeezed every dollar possible out of this asset during his life, had pledged it multiple times over to obtain much-needed cash to support himself, and had given up important bargaining rights with Sony to obtain that cash. The IRS’s examiner and expert did not properly account for these factors when calculating the present value in Jackson’s hands at the time of his death. The Court agreed with the Estate that the value of this asset was zero, despite the IRS examiner’s determination of value in excess of $400 million and the IRS’s expert’s determination of value in excess of $200 million. The only asset in which the Court determined a value closer to the IRS’s estimate than the taxpayers’ was the “Mijac revenue,” which owns copyrights from many artists, including Jackson. For this asset, the taxpayer determined a value of $2.2 million on the Estate tax return, the IRS auditor determined a value of $58 million, but the IRS expert determined a value of $114 million. The Tax Court determined a value of $107 million.https://www.forbes.com/sites/irswatch/2021/05/04/the-king-of-pop-prevails-in-tax-court/
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So this year, find out here now she finally sought help. But the first therapist she contacted didn't return her call for a month, only to tell her that the next available appointment would take previous another month. "And I said, 'You need to change your practice because for somebody reaching out, they could be suicidal,' " she says. Eventually, Miller connected with a therapist in an unorthodox place: her local CVS. Psychiatrists Lean Hard On Teletherapy To Reach Isolated Patients In Emotional Pain The company is leading the way in trying to fill gaps in access to mental health by piloting a counseling service in some of its retail stores. And by negotiating with insurance companies to cover visits, it's also trying to reduce the cost of mental health care. These gaps have been made worse by the pandemic: Therapists are overbooked — assuming a community even has one. Many do not accept insurance, so consumers must pay $150 to $250 out of pocket for every visit. So far, CVS' pilot program, which launched in January, operates in a dozen stores in Houston, Philadelphia and Tampa, Fla., with plans to expand to 34 this year. It's targeting diverse communities where mental health care isn't readily available, such as Jenkintown, Pa., just north of Philadelphia where Miller's barber shop is located. The program is an extension of CVS' HealthHUBs, which exist in 650 of its nearly 10,000 stores, offering urgent care and wellness products, such as sleep apnea machines. The idea is to create a place where consumers can get eye exams, diabetes screenings and vaccinations as well as mental health treatment, where they already buy their prescriptions. The idea of offering therapy in a retail store is new. In addition to CVS, Walmart Health recently opened 20 in-store health centers around the country, based on a similar model, to provide counseling as well as diagnostic and primary care. 5 Medical Appointments You Should Stop Putting Off This new model might lower a barrier to care for some by bringing the service closer to home, although that's not the biggest hurdle for most consumers, says Vaile Wright, senior director of health care innovation at the American Psychological Association. "The No. 1 issue, over and over and over again in the research, is cost," Wright says. If CVS cannot sufficiently reduce out-of-pocket costs for enough consumers, she says, "it's not going to bridge the gap as much we would like." On the other hand, the pandemic has tripled or quadrupled the number of people struggling with symptoms of depression or anxiety. The sheer volume of people struggling is forcing insurers to recognize the huge unmet patient need, says Rachel Garfield, co-director of the Kaiser Family Foundation's Program on Medicaid and the Uninsured.https://www.npr.org/sections/health-shots/2021/04/29/990899374/retail-therapy-cvs-plans-to-expand-mental-health-care-in-stores