The performers underestimated the value of the prince's inheritance by50%, + another32.4 million dollars in taxes.

Minneapolis - The dispute over money left by the prince after his death without a will is gaining momentum again after calculations by the US Internal Revenue Service showed that the estate executors of the rock star underestimated it by50%, or about $80 million.

According to the Internal Revenue Service data, the prince's property is valued at $163.2 million, which exceeds the $82.3 million valuation presented by the bank and trust company Comerica, the executor of the estate. The notable discrepancy is primarily related to the prince's music publishing and authorship assets, according to court documents..

Documents show that the Internal Revenue Service believes the prince's estate owes an additional $32.4 million in taxes, which is roughly double the tax bill based on Comerica's assessment, reports the Star Tribune.

The documents also indicate that the Internal Revenue Service imposed a $6.4 million penalty for "insufficiently accurate valuation" of the prince's assets, citing a "substantial" undervaluation of the assets.

The prince's death from a fentanyl overdose on April 21, 2016, led to one of the largest and most complex probate court cases in Minnesota's history. Estimates of his net worth range from $100 million to $300 million.

As the process of probating the prince drags on, his six siblings continue to grow increasingly dissatisfied, especially since the estate is being managed with tens of millions of dollars going to lawyers and consultants. Comerica and its attorneys from Fredrikson & Byron in Minneapolis claim that their estate valuations are reliable. Comerica filed a lawsuit against the Internal Revenue Service this summer in U.S.

“We have a classic battle of experts here - property experts and IRS experts,” said Dennis Patrick, an estate attorney at DeWitt LLP in Minneapolis, who is not involved in the case. Valuing large estates, Patrick added, “is more of an art than a science.”

Comerica, a financial giant from Dallas, is asking the tax court to conduct a hearing in St. Paul. The court could significantly delay the settlement of the prince's estate and lead to additional legal costs for the prince's heirs, Patrick said.

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