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Whats new for composers with the Tax Increase Prevention and Reconciliation Act of 2006?

April 26, 2017ACT composers increase prevention reconciliation tax

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Whats new for composers with the Tax Increase Prevention and Reconciliation Act of 2006?

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Prior law treated income from the sale or exchange of a self-created musical work or the copyright therefrom as ordinary income. Also, expenses incurred to place a musical work or a copyright therefrom into service were capitalized.