Time and Manner for Electing Capital Asset Treatment for Certain Self-Created Musical Works
other · IRS · Rule · Published 2011-02-07 · Effective 2011-02-07 · 76 FR 6553
Document
Document number
2011-2549
Federal Register citation
76 FR 6553
CFR reference
26 CFR 1
Type
Rule
Action
Final regulation and removal of temporary regulation.
Category
other
Sub-agency
IRS
Publication date
2011-02-07
Effective date
2011-02-07
Treasury docket
TD 9514
Abstract
This document contains a final regulation that provides the time and manner rules for electing to treat the sale or exchange of a musical composition or a copyright in a musical work created by the taxpayer (or received by the taxpayer from the composition or work's creator in a transferred basis transaction) as the sale or exchange of a capital asset. The regulation reflects changes to the law made by the Tax Increase Prevention and Reconciliation Act of 2005 and the Tax Relief and Health Care Act of 2006. The regulation affects taxpayers who elect to treat gain or loss from such a sale or exchange as capital gain or loss.