THIS DAY IN HISTORY
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.