Finanse publiczne · 07/02/2011

Time and Manner for Electing Capital Asset Treatment for Certain Self-Created Musical Works

The IRS has released a final regulation outlining the rules for electing to treat the sale or exchange of original musical compositions or copyrights as capital asset transactions, reflecting changes made by the Tax Increase Prevention and Reconciliation Act of 2005 and the Tax Relief and Health Care Act of 2006, primarily affecting taxpayers who choose to classify gains or losses from such transactions as capital gains or losses.