...read as follows: " (iv) property (unless included under clause (i) , (ii) , or (iii) which consists of a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property, or any interest in any such property, if the property was created in whole or in part by the personal...

...asset. Section 341(e)(5)(A)(iv) includes in the term, "Subsection (e) asset," property which consists of "a copyright, a literary, musical, or artistic...composition, a letter or memorandum, or similar property," which was created by the personal efforts of any individual who owned more than 5 percent in value...

...subject, however, to certain statutory exclusions. Excluded from the definition of capital asset are: a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property, held by — (A) a taxpayer whose personal efforts created such property, (B) in the case of a letter,...

...allowance for depreciation provided in section 167, or real property used in his trade or business; (3) a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property, * * * (4) accounts or notes receivable acquired in the ordinary course of trade or business for services...

...becomes significant because there is specifically excluded from the definition of capital gain property "a copyright, a literary, musical or artistic composition, a letter or memorandum, or similar property held by a taxpayer whose personal efforts created such property." Thus, when an artist sells a work...

...1221(3) (relating to definition of capital asset) is amended to 68A SUlt- «i. read as follows: "(3) a copyright, a literary; musical, or artistic composition, a letter or memorandum, or similar property, held by — "(A) a taxpayer whose personal efforts created such property, "(B) in the case of a letter,...

...the taxpayer primarily for sale to customers in the ordinary course of his trade or business, or (C) a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property, held by a taxpayer described in paragraph (3) of section 1221. (2) TIMBER, COAL, OR DOMESTIC IRON ORE....

...exclude from the definition of a capital asset (and therefore front the tax advantage*) a copyright, literary, musical or artistic composition, a letter or memorandum, or similar property when any of the above are in the hands of the taxpayer whose personal efforts created the property....

...trade or business (even though fully depreciated); 4) Real properly used in your trade or business; 5,) A copyright, a literary, musical or artistic composition, a letter or memorandum, or similar property: a) created by your personal efforts; b) prepared or produced, in the case of a letter, memorandum,...

...provides that certain types of property are not deemed to he a "capital asset". Section 1221(3) refers to: "a copyright, a literary, musical or artistic composition, a letter or memorandum, or similar property, held by — (A) a taxpayer whose personal efforts created such property, (B) in the case of a letter,...