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		</div><p>The continuing controversy over the money left behind by Prince when he died without a will is heating up again after the US’s Internal Revenue Service calculations showed that executors of the rock star’s estate undervalued it by 50%, or about 80 million dollars (£58.5 million).</p>
<p>The IRS determined that Prince’s estate is worth 163.2 million dollars (£119.3 million), overshadowing the 82.3 million dollars (£60.2 million) valuation submitted by Comerica Bank &; Trust, the estate’s administrator.</p>
<p>The discrepancy primarily involves Prince’s music publishing and recording interests, according to court documents.</p>
<p>Documents show the IRS believes that Prince’s estate owes another 32.4 million dollars (£23.7 million) in federal taxes, roughly doubling the tax bill based on Comerica’s valuation, the Star Tribune reported.</p>
<p>The IRS also has ordered a 6.4 million dollar (£4.7 million) “accuracy-related penalty” on Prince’s estate, citing a “substantial” undervaluation of assets, documents show.</p>
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<p>Prince’s death of a fentanyl overdose on April 21, 2016, created one of the largest and most complicated probate court proceedings in the history of the US state of Minnesota.</p>
<p>Estimates of his net worth have varied widely, from 100 million dollars (£73.1 million) to 300 million dollars (£219.3 million).</p>
<p>With Prince’s probate case dragging on, his six sibling heirs have grown increasingly unhappy, particularly as the estate has doled out tens of millions of dollars to lawyers and consultants.</p>
<p>Comerica and its lawyers at Fredrikson &; Byron in Minneapolis maintain their estate valuations are solid.</p>
<p>Comerica sued the IRS this summer in US Tax Court in Washington, DC, saying the agency’s calculations are riddled with errors.</p>
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<p>“What we have here is a classic battle of the experts – the estate’s experts and the IRS’ experts,” said Dennis Patrick, an estate planning attorney at DeWitt LLP in Minneapolis who is not involved in the case.</p>
<p>Valuing a large estate, Mr Patrick added, “is way more of an art than a science”.</p>
<p>Comerica, a Dallas-based financial services giant, has asked the tax court to hold a trial. A trial could dramatically lengthen the settlement of Prince’s estate and generate more legal fees at the expense of Prince’s heirs, Mr Patrick said.</p>
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