Department of Treasury February 7, 2011 – Federal Register Recent Federal Regulation Documents

Time and Manner for Electing Capital Asset Treatment for Certain Self-Created Musical Works
Document Number: 2011-2549
Type: Rule
Date: 2011-02-07
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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.