THIS DAY IN HIS­TORY

South Waikato News - - ENTERTAINMENT -

Wil­lie Nel­son’s as­sets were seized by the In­land Rev­enue Ser­vice on this day in 1990. Nel­son strug­gled to re­pay a $16.7 mil­lion tax debt.

The coun­try singer landed him­self in tax trou­ble as a re­sult of in­vest­ments he made in the early 1980s in a tax shel­ter later ruled il­le­gal by the IRS. With in­ter­est and penal­ties on top of his orig­i­nal un­paid taxes, Nel­son was fac­ing a tax bill in ex­cess of $16 mil­lion and though his lawyers con­vinced the IRS to ac­cept a $6 mil­lion cash pay­ment to set­tle the en­tire debt, even this was more than Nel­son was able to pay, de­spite be­ing one of the most bank­able singers of the day.

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.