Down Goes No Limit

Oh no! Master P Pleads Guilty... ach, it's just a tax crime.

Federal prosecutors accused Bout It Incorporated, the company the rapper founded in 1996, of neglecting to report its first-year earnings to the Internal Revenue Service.

This is only a minor hiccup in the world of Master P, considering the major problems his family & associates have seen in the last few months alone. As you'll recall, his brother C-Murder was recently sentenced to life in prison, and a former No-Limit associate, Soulja Slim, was gunned down in New Orleans. Bad times, indeed.