Whitney Houston's estate reaches $2 million settlement with IRS

Whitney Houston's estate and the IRS have finally come to an agreement over the value of the late 'I Will Always Love You' singer, who passed away in 2012.
By Zoe Poindexter | Jan 04, 2018
The estate of the late Whitney Houston has reached a deal with the Internal Revenue Service to settle a payment of $2 million in taxes. This is a win for the estate, as they were originally told that they owed $11 million.

According to court documents obtained by news outletThe Blast, the estate filed documents on Dec. 26 agreeing to pay the amount of$2,275,366.

After the death of the musical icon--who passed away in Feb. 2012 after drowning in her bathtub at a Beverly Hills hotel-- the IRS claimed that Houston's estate had "underreported the singer'sroyalties, residuals and value of her image by $22.6 million,"The Blastreported.

The IRS alleged this meant that the estate owed $11 million in taxes.

But the estate claimed that the IRS was wrong in their estimation, and alleged that her music royalties,digital performance royalties, motion picture and TV residuals, and publicity rights were actually valued at $11.7 million.

A trial date was set for February, but both parties were able to come to an agreement prior to going to court.

Royalties from TheBodyguard star's numerous musical hits are projected to continuing increasing however, aspreviously unreleased tracks from the star were made public in November to mark the 25th anniversary of1992 film.

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