Monday, January 25, 2010
The IRS Tapes: Who'll Buy My Memories?
True Story: The Country and Western singer, Willie Nelson, had well publicised tax troubles that started in 1984, when the IRS began looking into his returns stretching back to 1972.
He sued his accountants PriceWaterhouse, contending that they put him into structured tax avoidance schemes that were later disallowed. The lawsuit was settled for an undisclosed amount, and his debts were paid by 1993.
The IRS were unwilling to await the outcome of the litigation and had pursued Willie to pay an agreed liability of $6 million in back taxes, plus more than $10 million in penalties and interest.
The IRS seized most of his assets to help pay the charges. Willie then released The IRS Tapes: Who'll Buy My Memories? as a double album, with all profits going straight to the IRS.