News: Young Buck Cashes Out, G-Unit Portrait Seized By IRS
Tuesday, Aug 31, 2010 1:35PM
Former G-Unit member Young Buck has reportedly filed for bankruptcy just weeks after his Tennessee home was raided by Internal Revenue Service (IRS) agents.
Details on the bankruptcy claim hit the Internet early Tuesday (August 31) morning.
David Darnell Brown, who performs under the stage name Young Buck, filed for protection under Chapter 13 of the bankruptcy code earlier this month. The filing came soon after IRS personnel carried out an early-morning raid on Brown's lakeside home in Hendersonville, seizing much of his personal property. The bankruptcy petition came to light Monday after Nashville's U.S. District Court lifted the seal it had placed on court filings related to the August 3 seizure. The Chapter 13 process, designed to allow individuals to restructure their debts, automatically halts efforts by any creditor -- even the IRS -- to collect on debts owed by the person who files. Creditors can ask the bankruptcy court to lift the stay against them on certain grounds, allowing them to move against the debtor. The tax authority claims Brown owes it about $305,000 for taxes due between 2006 and 2008, including penalties, interest and collection costs. (Nashville Scene)
Court documents also revealed what items were seized from Buck during this month's raid.
In a court filing that detailed the materials seized, IRS revenue officer Lauren Thompson valued them at roughly $70,000. Among the property listed were these items:
(Word of South)
- A "Breitling Bentley Watch with diamond face and band," said to be worth $31,000.
- More than $20,000 worth of music-recording gear.
- More than a dozen plaques, photos and other memorabilia related to albums by rapper 50 Cent, with who Brown has been in a feud for several years.
- A portrait of rappers Lloyd Banks, Tony Yayo, 50 Cent, Eminem and Young Buck.
- "G-Unit Beg for Mercy Award pictures."
- "Faux fur men's light grey coat w/ 'YB Cashville' stitched inside."
- Six televisions, including four with screen dimensions between 43 and 55 inches.
- "Ms. Pac Man video game."
- "Hand crafted snake skin purse from Nigeria."
- "Indigenous Art from Australia."
- "X-Box machine." (Brown complained after the raid that "they took my kids' Playstation.")
Reports hit the Internet in early August claiming Buck had his Tennessee home raided by federal agents.
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)
Following the event, Buck later recalled what exactly went down.
"I was sleep, man. It was like 6:30 am. They were probably thinking I was still living how I was back in the day, because they came with their guns out and everything. My past has already been out there, so maybe they thought I was up to no-good. If you coming just to serve some tax papers and take assets, then you wouldn't have M-16s, 12 gauges, and glocks all out. They making it seem like it's a drug raid...I opened the door and they rushed straight in, man. I didn't even know what it was about. But I accept all responsibility. They put a n*gga against the wall, yelling "who's in here!?", and pulled my kids to the front room, all that." (VIBE)
Check out some recent Young Buck footage down below: