Aretha Franklin’s estate has reached a deal with the IRS to resolve a massive tax debt.
According to USA Today, the queen of soul owed more than “$7.8 million in unpaid income taxes, interest and penalties, piled up from 2010 to 2017.”
Now an agreement has been reached: 45% of quarterly revenue will go toward the IRS balance, another 40% would be directed to an escrow account to handle future taxes on the newly generated income and the remaining 15% of revenue would be used for managing the estate.
In addition, Franklin's four sons will receive $50,000 payments. Quarterly cash payouts will continue. To date, they have not received any money from their mother’s estate due to the conflict with the IRS.
Franklin’s estate was valued at $80 million at the time of her passing.
Queen of Soul and Rock & Roll Hall of Fame history-maker Aretha Franklin passed away on August 16, 2018 after a long fight with pancreatic cancer.
(Photo by Kris Connor/FilmMagic)