By 1990, decades of touring and recording had made Willie Nelson one of country music's biggest stars — and, according to the IRS, one of its biggest tax debtors. Years of tax shelters recommended by his accountants had gone wrong, leaving him on the hook for an estimated $16 million in unpaid taxes, penalties, and interest.
On November 9, 1990, federal agents seized Nelson's properties in six states along with master tapes, gold and platinum records, touring equipment, and even his clothes. Most of it was auctioned off, though friends and fans reportedly bought back and returned some of his most personal belongings.
The IRS agreed to let Nelson record a new album specifically to pay down the debt: The IRS Tapes: Who'll Buy My Memories?, sold by mail order and later through Sony, raised millions toward the balance. He and the IRS settled the full debt for $9 million in 1993, and he was fully paid off within a few years.
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