Bo Diddley, who died at the age of 79 in 2008, had sold some of his music rights to pay for his medical care after a stroke. Shortly after, Diddley incurred a large tax debt, as the IRS is claiming taxes on the sale.
Diddley’s managers were given permission by circuit judge Robert Roundtree to sell off his music catalog to pay for his outstanding IRS debt of $1.1 million. The assets are estimated to be worth $4.3 million. However, the guitarist’s 22 heirs are opposed to selling the rights to the numerous songs in his music catalog. The fees and commissions charged by Diddley’s managers, agents, and estate attorney were also objected to by the heirs.
All of this headache could possibly have been avoided had Diddley opted for one of the types of tax settlements. If you need tax debt help, call Professional Tax Resolution and speak with one of our licensed tax experts.
