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I.R.S. Admits Prince’s Estate Was Undervalued

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I.R.S. Admits Prince’s Estate Was Undervalued- The federal government is seeking nearly $39 million in taxes and fees based on a valuation of Prince’s assets that his estate disputes.

 

For almost five years, the estate of Prince has been one of the music industry’s most drawn-out and complex legal thickets, as the star’s heirs aligned in two factions and business conflicts developed over Prince’s storied “vault” of unreleased music.

Now the estate also has a problem with the I.R.S.

In filings with the U.S. Tax Court, it is clear that the estate and the federal government differ greatly on the value of many of Prince’s assets, including real estate, music rights and the value of Prince’s name and likeness. According to the Internal Revenue Service, the estate is worth $163.2 million — about double the $82.3 million claimed by Comerica Bank & Trust, the estate’s administrator.

The court filing includes a copy of the I.R.S.’s “notice of deficiency,” dated June 2020, which said that the estate owes an additional $32.4 million in federal taxes from 2016, as well as a $6.4 million “accuracy-related penalty.” Comerica has requested a trial in St. Paul, Minn., over the dispute.

Prince died at age 57 in April 2016, from an accidental overdose of an opioid painkiller. But while he was known for retaining ownership of much of his work, including his music publishing rights — the copyrights related to his songwriting — he left no will.

Much of the discrepancy in the valuations is related to Prince’s music rights. The estate had set the value of NPG Music Publishing, the collection of his songwriting copyrights, at $21.2 million; the IRS believes it is actually worth $36.9 million. The estate had also set the “writer’s share” of Prince’s songwriting rights at $11 million, but the I.R.S. believed that was worth $22 million.

 And the I.R.S. values Prince’s ownership of his record label, NPG Records, at $46.5 million, not the $19.4 million claimed by the estate.

The papers also show that the estate and the I.R.S. differ on the value of various real estate properties that belonged to Prince, including some 149 acres in undeveloped land in Chanhassen, Minn., the suburb of Minneapolis where Prince maintained his studio and creative headquarters, called Paisley Park. According to the court filing, an independent appraiser had set the value of that land at $11 million, but the I.R.S. said its fair market value was really $15 million.

Representatives of Comerica, which has operated as the estate’s “personal representative,” a role similar to that of an executor, declined to comment on Monday.

The tax dispute is the latest complication in the estate, which has had a series of problems that have resulted in millions of dollars in fees to lawyers but a delay in payments to the six adult family members who are Prince’s heirs. (One of them, Alfred Jackson, a half brother to Prince, died in 2019.)

For example, a $31 million deal with Universal Music for rights to Prince’s “vault” — his trove of unreleased recordings — was rescinded by a judge, after Universal complained that a representative of the estate had misled them about exactly what rights were offered. (The deal later went to Sony, which has since released a number of albums.)

Alex Weingarten, a partner at the Venable law firm in Los Angeles, who often handles entertainment litigation and probate issues and is uninvolved in the Prince dispute, said that Prince’s case was unusual in that he had made no plan for his estate. But the dispute with the I.R.S., he said, was not unexpected.

“Whenever you’re dealing with estates of any significant size,” Mr. Weingarten said, “it’s not uncommon to have valuation disputes with the I.R.S.”

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The Unfinished Conversation: Five Years of Missing T.B. Joshua BY FEMI OYEWALE

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The Unfinished Conversation: Five Years of Missing T.B. Joshua BY FEMI OYEWALE

 

 

 

 

​”In life we meet to part, we part to meet, but parting is the sweetest sorrow.”

 

 

​Five years have vanished like a vapor, yet the echoes of his voice remain as vivid as a morning sunrise. June 5th marks the anniversary of the transition of a man who was not merely a global religious icon, but a father, a mentor, and a beacon of profound simplicity in a complex world. As I pen this, I find myself still navigating the shores of denial. How does one write a tribute to a man whose influence was as vast as the oceans, yet whose heart remained as humble as the desert sands?

 

 

 

The Last Assignment

 

​Time truly flies, but some moments are frozen in the amber of memory. I recall with poignant nostalgia that I was among the final few with whom he spoke before stepping out for his last assignment on the pulpit on June 5,2021. Unknown to many, we shared an uncommon bond—a father-son relationship that stood the test of time.

 

 

 

​Just an hour before that glorious, final ministration, my phone rang. We discussed the fulfillment of prophecies and my planned assignment to South Africa, an assignment he promised to single-handedly finance. By God’s grace, I have traveled the globe, and ninety percent of those journeys were bankrolled by him. Before ending the call, he spoke with finality: “Femi, go and watch it.” I never knew it was a parting shot. I never knew those words would be the threshold of eternity. Perhaps that is why, despite being part of his burial media committee, I lacked the courage to write until today.

 

 

 

 

 

From Fear to Faith: The Beginning

 

​My journey to the Synagogue Church of All Nations (SCOAN) was written in the stars of fate. Then a reporter for Encomium Weekly, under the tutelage of the legendary Mr. Kunle Bakare, I was recommended to handle media work for a “prominent client.” When the name “T.B. Joshua” was mentioned, my heart sank.

 

 

 

 

Having cut my journalistic teeth under titans like Mr. Femi Adeshina and Mr. Dele Alake, I had heard the tales, stories of monsters, of shape-shifters, of dark magic. As I drove to Ikotun, I recited every Psalm I could muster and texted my parents my destination, unsure if I would return. I arrived expecting a beast; I was introduced to a brother. I met a man so profoundly simple, so devastatingly ordinary in his humility, that if not for his presence on Emmanuel TV, I would have sworn I was meeting an impostor. That was the day the fear died, and a lifelong relationship began.

 

 

The Man Behind the Mantle

 

​I am not here to validate a legend; I am here to honor a human. I have been privileged to stand in his office, his personal room, his private altar, and his prayer house. What did I find? Not a demigod, but a man who lived for others.

 

 

 

 

 

​A Heart of Forgiveness: Like the father in Luke 15, no matter the depth of the offense, a sincere “I am sorry” was all it took to be welcomed back into his fold.

 

 

​The Weight of Misunderstanding: I remember the pain of the building collapse. He asked me, with tears that shattered my heart, “Femi, can you believe they said I used these people for rituals?” That was the first time I saw the iron man break.

 

 

​A Channel of Healing: I recall a man brought to the prayer line who had previously declared, “Even if T.B. Joshua is the devil, if he can take this pain away, I am ready.” The moment those words left his lips, the Prophet walked over, touched him, and the healing was instantaneous.

 

 

​He was a comedian, a teacher, a preacher, and above all, a man who loved his family and his ministry with every fiber of his being. If most clergy possessed even half the global influence he wielded, they would have long ago become arrogant demigods. T.B. Joshua remained, to his last breath, a servant.

 

The Unfinished Conversation: Five Years of Missing T.B. Joshua BY FEMI OYEWALE

 

​A Legacy Enduring

 

​It has been five years, yet it feels like yesterday. Many of those who cast stones in the shadows often came seeking his light in secret. Today, as we remember him, I see that legacy thriving. Prophetess Evelyn Joshua is truly holding the torch, preserving the foundation with grace and strength.

 

 

​Good morning, Prophet T.B. Joshua. You live on in the lives you changed, the doors you opened, and the heart of your many disciples who will never forget the man who taught them that true greatness is found in the simplicity of love.

 

 

​”He was a man globally misunderstood, yet a man whose name alone opened doors globally. He lived for others, and in doing so, he became immortal.”

 

SCOAN HOLDS FIRST THANKSGIVING CHURCH SERVICE ON SUNDAY.

 

 

 

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Let’s build a future where access to healthcare is strengthened…….Oba Odugbemi

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Let’s build a future where access to healthcare is strengthened…….Oba Odugbemi

 

A call has gone to every stakeholder in the health sector to build a future where access to healthcare is guaranteed and strengthened.

The Onilisa of Lisa Kingdom, Oba Oladele Odugbemi make the call in Lisa while donating a Sanitary Sterilisation Box to the Lisa health centre.

Oba Odugbemi said that the donation became necessary in order to further strengthen the capacity of the health centre for the benefits of the people.

The royal father stressed that his foundation, Oladele Odugbemi foundation would continue to make meaningful impacts in community healthcare aimed at complementing the efforts of government in healthcare delivery system.

He pointed out that the foundation reflects its unwavering commitment to promoting quality healthcare services, enhancing hygiene standards and supporting health institutions with essential tools that contribute to safer and healthier communities.

According to the monarch, all stakeholders in the health sector should work hand-in- hand with government to take healthcare to the doorsteps of the masses as government cannot do it alone, hence health is wealth.

Oba Odugbemi also charged the governments at all levels to declare a state of emergency in the health sector so that every Nigerian can have smooth access to healthcare delivery system in the interest of the country and for the benefits of the masses.

The monarch therefore said that the foundation would continue to care for the people through empowerment by ensuring that masses have good and quality health condition.

The Sanitary Sterilisation Box was presented by the Foundation Director, Hajia Suliat Odugbemi – Tinuosho to the Matron of Lisa Community Health Centre, Mrs Temitope Nofisat Sanni who received it on behalf of the health centre.

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Inside the Success of Yoruba Cinema’s Biggest Stars

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Inside the Success of Yoruba Cinema’s Biggest Stars

King of the Screen: Why Odunlade, Muyiwa, Femi Adebayo Remain Yoruba Movie Giants

 

The Yoruba movie industry has continued to produce legendary talents whose influence stretches beyond Nigeria to global audiences. Over the years, some actors have distinguished themselves through consistency, versatility, box office success, and cultural impact.

 

Among the numerous stars in Nollywood’s Yoruba sector, three actors have remained dominant figures whose names constantly resonate with fans and filmmakers alike — Odunlade Adekola, Muyiwa Ademola, and Femi Adebayo.

Inside the Success of Yoruba Cinema’s Biggest Stars

Odunlade Adekola: The Street King of Yoruba Cinema

 

Popularly regarded as one of the most entertaining actors in Nollywood, Odunlade Adekola has built a unique reputation through his energetic delivery, comic timing, emotional depth, and strong connection with grassroots audiences.

From comedy to action and emotional family dramas, the actor has consistently proven his versatility in blockbuster productions. His ability to interpret diverse roles effortlessly has made him a household name across Nigeria.

Industry observers believe his dominance on social media platforms, where his movie clips frequently go viral, has further strengthened his popularity among younger audiences.

Beyond acting, Odunlade has also contributed immensely to mentoring upcoming talents and expanding the commercial value of Yoruba films.

 

Muyiwa Ademola: The Master Storyteller

 

For many lovers of indigenous movies, Muyiwa Ademola remains one of the finest storytellers the Yoruba film industry has produced.

Widely respected for producing emotional and morally driven movies, the actor earned massive recognition through classic productions that focused on family values, culture, betrayal, perseverance, and societal lessons.

His calm delivery, deep scripts, and originality have kept him relevant despite changing trends in the entertainment industry.

Film critics often describe Muyiwa Ademola as one of the few actors whose productions combine entertainment with strong cultural education, making his movies timeless among older and younger viewers alike.

 

 

Femi Adebayo: The Modern-Day Box Office Force

 

Femi Adebayo Unveils Cultural and Romantic Inspirations Behind New Film, ‘Seven Doors’

Femi Adebayo has successfully combined traditional Yoruba storytelling with modern cinematic excellence, helping to project indigenous films to international audiences.

The actor, filmmaker, and producer has recorded major successes with high-budget productions that gained attention on streaming platforms and cinemas.

Known for his professionalism and attention to detail, Femi Adebayo has continued to push Yoruba movies beyond local boundaries while preserving cultural identity.

Entertainment analysts say his ability to blend culture, technology, and quality production has positioned him among the leading faces shaping the future of Yoruba cinema.

Growing Global Influence

The success of these actors reflects the increasing acceptance of indigenous Nigerian content globally. With streaming platforms creating wider access to local movies, Yoruba actors are now gaining international recognition and attracting new audiences.

Fans and stakeholders in the entertainment industry believe the contributions of Odunlade Adekola, Muyiwa Ademola, and Femi Adebayo have not only sustained Yoruba culture through film but have also elevated Nollywood’s global reputation.

 

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