Young Buck Planning 50 Cent Lawsuit Over Record Deal

Young Buck Planning 50 Cent Lawsuit Over Record Deal


Tuesday, August 31, 2010 3:37 PM 

By Nolan Strong

(AllHipHop News) Young Buck is planning to take on rival and G-Unit leader 50 Cent for an amount that could be as much as $5 million dollars.



According to the Nashville City Paper, Young Buck will sue 50 Cent for his freedom from his G-Unit recording contract, which has prevented him from releasing material, or recording guest appearance tracks with other artists.



Young Buck, born David Darnell Brown, filed for Chapter 13 bankruptcy protection, to pay off his debt in a structured, timely manner.



The Nashville rapper will file a lawsuit against 50 Cent, G-Unit and Sha Money XL.



"Mr. Brown intends to reorganize his debts and pay off the IRS in a timely manner through Chapter 13," Lynda Brown told the City Paper. "We hope to secure the return of his personal property quickly. He will also be filing a lawsuit in the next 30-60 days against his former manager, G Unit label and Mr. Curtis Jackson."



In a previous statement regarding his debt to the IRS, Young Buck claimed his tax troubles were the result of inept business practices.



"This IRS situation came about because I trusted accountants, lawyers, and managers to handle my business for me while I focused on making music," Young Buck told AllHipHop.com in a statement. "From now on, I am going to stay on top of my own business."



In 2008, Sha Money XL claimed that G-Unit had paid Young Buck over $10 million in royalties as an artist on G-Unit Records.



Young Buck has publicly denied receiving anywhere near that amount from the label.
 
From AllHipHop.com
 
http://allhiphop.com/stories/news/archive/2010/08/31/22356973.aspx

Young Buck's Home Raided By Shotgun-Toting Federal Agents Over $300K IRS Debt

News: Young Buck's Home Raided By Shotgun-Toting Federal Agents Over $300K IRS Debt


Tuesday, Aug 3, 2010 6:38PM



Written by Biz Jones

Southern rapper Young Buck's Tennessee home was reportedly raided this morning by gun-totting federal agents over an unpaid $300,000 tax debt.



Details on the raid leaked across the Internet Tuesday afternoon.



Armed feds reportedly raided the home of rapper Young Buck on Tuesday because he allegedly owes more than $300,000 in unpaid taxes. IRS agents carrying a shotgun warned the performer not to interfere as they turned his Nashville home inside-out seizing assets that included recording equipment, jewelry, and his kids' PlayStation. (Gossip Cop)

Buck has already accepted responsibility for the incident.



The rapper doesn't deny failing to pay Uncle Sam. "This IRS situation came about because I trusted accountants, lawyers, and managers to handle my business for me while I focused on making music," Buck told TMZ. "From now on, I am going to stay on top of my own business." Sounds like a good plan, Buck. (The Boom Box)

He also reacted to the IRS taking his family's personal belongings.



"The worst part of this isn't the material stuff-that will all be replaced. It's what it does to the people around me. They took my kids' Playstation, my assistants' computers, and baby's mothers' jewelry. They took my home studio so I can't even record..." (Rap Radar)

Writing via Twitter, Buck has thanked fans for their support.



If being a BOSS was easy. We would all be BOSSES. Unfortunately,it's NOT. Just know I'M GOOD!! Thanx for all the Support!!," he wrote Tuesday evening. (Young Buck's Twitter)
 
From SOHH.com
 
http://www.sohh.com/2010/08/young_bucks_home_raided_by_shotgun-totin.html

Lil Wayne Owes A Milli In Taxes, $1.3 Mil Debt Records Leak Online

News: Lil Wayne Owes A Milli In Taxes, $1.3 Mil Debt Records Leak Online


Friday, Jul 16, 2010 11:10AM



Written by Biz Jones

Incarcerated rapper Lil Wayne reportedly owes over $1 million in taxes to the Internal Revenue Service.



According to reports, a tax iien was filed against Wayne in early June.



Lil Wayne owes some serious cash money to the IRS, which filed a $1.13 million tax lien against the star last month, according to Florida court records. The IRS filed a $1,138,760 lien against Carter on June 3 in Dade County (Fla.) Circuit Court. According to the lien, which you can see here, he owes income taxes from 2004, 2005 and 2007. The address on the lien is the same office occupied by his One Family Foundation charity. (Detroit News)

Producer Bangladesh recently accused Cash Money Records co-owner Baby of withholding money from Wayne.



"This is why Manny Fresh don't f*ck with [Cash Money] because he never got any royalty money," he said in an interview. "That's why Baby can go around flaunting this cash, because that's everyone else's money... It's not even Wayne's fault. Wayne is not getting money. He is given money, he's not getting money. If Baby gets a million dollars he'll buy Wayne a Phantom, but that's in Cash Money's name. That 14-bedroom mansion isn't Wayne sh*t. That's why he have his own company, because he was trying to leave Cash Money and the only thing that would keep him there was [if they] gave him his own thing. But Baby still controls that. All those Young Money artists don't even know that they not getting royalty money." (VIBE)

Currently incarcerated on a gun conviction, Wayne released a letter to fans this week.



"So I've been writing and let me be the first to tell you that the lyrics that I'm writing are... well there's no word that I can think of that properly defines them. Amazing would be too typical and perfect would be unfair. I listen to the radio sometimes, emphasis on sometimes, and I hear the new music. I like some. I applaud my Young Money family for what they're doing. As I'm not surprised. This is what we're supposed to do. Congrats to Drake and Nicki for all their recent success. Those 2 are going to have me retiring early. I love my team. Much love to Tez and Mack. I know that people are inquisitive of what I do all day, so here goes. I wake up around 11AM. Have some coffee. Call my kids, and my wonderful mother. I then shower up. Read fan mail. Have lunch. Back on the phone. Read a book or write some thoughts down. Have dinner. Phone. Pushups. Then I listen to ESPN on the radio. Read the bible, then sleep. That's my day." (Weezy Thanx You)

Despite serving a one-year jail sentence, Wayne could be out as early as November.



Lil Wayne is approximately halfway through his one-year jail sentence, which began March 8 when the superstar MC turned himself into authorities after reaching a plea deal. According to prison records accessed by MTV News, the rapper has a projected release date of November 4. Pending any violations or infractions for behavioral issues, the rapper is expected to see the light of day eight months after entering prison. (MTV)
 
From SOHH.com
 
http://www.sohh.com/2010/07/lil_wayne_owes_a_milli_in_taxes_13_debt.html

Method Man Avoids Jail Time In Tax Evasion Case

Method Man Avoids Jail Time In Tax Evasion Case

June 29, 2010 12:15:00 AM CDT

by Slava Kuperstein

Last year, it was reported that Method Man was arrested for Tax Evasion, failing to pay almost $33,000.



Facing up to four years in prison if convicted of felony Repeated Failure to File Personal Income and Earnings Tax, TMZ reports that Meth has entered a guilty plea to one count of misdemeanor Attempted Failure to Pay Taxes.



The plea bargain allows the Wu-Tang emcee to avoid jail time, but he did not leave the court room unscathed. The rapper avoided jail time by footing a $106,000 bill, and was sentenced to conditional discharge.



Before his arrest, Method Man would go on to explain that he never paid attention to notices from the IRS, and his touring and smoking lifestyle contributed to the oversight - a statement which he later clarified as a joke.

From HipHopDX.com
 
http://www.hiphopdx.com/index/news/id.11585/title.method-man-avoids-jail-time-in-tax-evasion-case