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In 2004, Master P pled guilty to tax violation after failing to file a corporate tax return for one of his ventures, Bout It Incorporated.
By that point, Master P oversaw several business projects, including No Limit Records, the popular record label that grew out of a record store he and his then-wife, Sonya Miller, founded in Durham, Calif. Wack 100 was likely alluding to the supposed outcomes of the legal proceedings that took place back in 2004.
Source: https://www.distractify.com/p/does-master-p-own-his-masters
