LIVE AT 2:30 2-hour wildfire evacuation notice issued for some Fort McMurray neighbourhoods
A wildfire evacuation alert for some Fort McMurray residents has been updated to a two-hour evacuation notice.
The six-year legal battle over pop superstar Prince's estate has ended, meaning the process of distributing the artist's wealth could begin next month.
The Minneapolis Star Tribune reports that the Internal Revenue Service and the estate's administrator, Comerica Bank & Trust, agreed to value Prince's estate US$156.4 million, a figure that the artist's heirs have also accepted.
The valuation dwarfs Comerica's earlier US$82.3 million appraisal. The Internal Revenue Service in 2020 had valued the estate at US$163.2 million.
Prince, who died of a fentanyl overdose in 2016, did not leave a will.
Since then, lawyers and consultants have been paid tens of millions of dollars to administer his estate and come up with a plan for its distribution. Two of Prince's six sibling heirs, Alfred Jackson and John R. Nelson, have since died. Two others are in their 80s.
"It has been a long six years," L. Londell McMillan, an attorney for three of Prince's siblings, said at a hearing Friday in Carver County District Court.
In the end, the estate will be almost evenly divided between a well-funded New York music company -- Primary Wave -- and the three oldest of the music icon's six heirs or their families.
The IRS and Comerica settled last spring on the real-estate portion of Prince's estate. But the trickier task of valuing intangible assets such as rights to Prince's music was not completed until October.
As part of the agreement, the IRS dropped a $6.4 million "accuracy-related penalty" it had levied on Prince's estate. The Minnesota Department of Revenue, which agreed on the estate's valuation, also has dropped an accuracy penalty, the filing said.
Taxes on Prince's fortune will run into the tens of millions of dollars.
Just over US$5 million of Prince's estate will be exempted from taxes under federal law, but thereafter the tax rate is 40%. In Minnesota, the first US$3 million is tax-exempt; after that, much of Prince's estate will likely be taxed at 16%.
In mid-2020, Comerica sued the IRS in U.S. Tax Court, saying the agency's calculations of the estate's value were riddled with errors. A tax trial set for March in St. Paul has been cancelled because of the settlement.
Comerica, in a court filing Friday, said that while the IRS settlement was "fair and reasonable," it believes it would have "prevailed" in the tax court case. Comerica said it told Prince's heirs that if lowering estate taxes was their "primary interest" they should continue pressing the IRS and -- if need be -- go to trial.
"Instead, the members of the heir group have uniformly communicated to (Comerica) their strong desire that the estate settle with the taxing authorities," the filing said.
A wildfire evacuation alert for some Fort McMurray residents has been updated to a two-hour evacuation notice.
Canadian LifeLabs customers who filed an application for a class-action settlement began receiving their payments this week, though at a much lower amount than initially expected.
Nobel laureate Alice Munro, the Canadian literary giant who became one of the world's most esteemed contemporary authors and one of history's most honoured short story writers, has died at age 92.
Wildfires have led Environment Canada to issue air quality advisories for parts of B.C., Alberta, Manitoba, Saskatchewan and the Northwest Territories, as forecasters warn the smoke could drift farther east.
An American accused of sexually assaulting a Pennsylvania college student in 2013 and later sending her a Facebook message that said, 'So I raped you,' has been detained in France after a three-year search.
The annual list of Canada's top restaurants in the country was just released and here are the places that made the 2024 cut.
Ontario Provincial Police are responding to a fatal collision involving two vehicles on Highway 417 in Ottawa's west end on Tuesday morning.
The Israeli flag is flying at Ottawa City Hall today to mark the country's national day, with plans to hold a private ceremony to mark Israel's Independence Day. There is a significant police presence at City Hall, including security barriers outside the main doors.
A bus carrying farmworkers in central Florida overturned on Tuesday, killing eight people and injuring about 40 other passengers, authorities said.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.