(by Alessandra Baldini) (ANSA) - NEW YORK, 03 MAR - Three years after the death of ArethaFranklin, peace is finally reached between the American tax authorities and the heirs of the Queen of Soul.
According to an agreement reported by the "New York Times", 45 per cent of the royalties received from now on will then be set aside to pay in quarterly installments millions of dollars in taxes not paid by the music star in the last years of life.
The agreement must be approved by Judge Jennifer Callaghan of the Michigan Oakland County Probate Court.
An initial payment to IRS of $ 800,000 is due to be made within five days of going to court, according to a document signed by Franklin's four children and a Federal Tax Bureau official.
The Internal Revenue Service (IRS) claims nearly eight million dollars, a figure that, according to the New York Times, would not reflect the approximately three million that the heirs have already paid.
Aretha died at the age of 76 on August 16, 2018 in her home in Detroit: pancreatic cancer had led to the black music icon who had announced her farewell to the stage the year before.
The agreement outlines a road map of future payments and the subsequent distribution of the remaining funds: another 40 percent of royalties, licenses and proceeds from future Hollywood productions, including the new Jennifer Hudson film "Respect" and the National Geographic series, will be deposited in a guarantee fund intended to cover future state and federal taxes.
The remaining 15 percent will pay the administrative costs of the "summer" up to a maximum of one million dollars, with the remaining split between the singer's four children, Edward, Kecalf, Clarence and Ted, who so far had not seen a hundredth of the inheritance. due to the dispute with the tax authorities.
Iquattro will receive an advance of $ 50,000 each within five days of approval of the agreement.
(HANDLE).