...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,...

...musical or artistic composition." We might not* that the wording of Sec. 1221 1* *omewhat broader: "A copyright, a literary, musical or artistic composition, a letter or memorandum, or similar property". It also 1* noted that the key phraae In Sec. 2 of 8. 1078 is "a literary, musical or artistic property,...

...which the taxpayer would have realized had the property been sold at that time (sec."l70(e)). TTnder present law, the sale of a copyright, a literary,...art, books, letters, or memorandums which he or she had created or prepared is allowed a deduction limited to the cost of the materials used in the creation...

...by the taxpayer primarily for sale to customers in the ordinary course of his trade or business, (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, or (D) a publication of the United States...

...they are produced. Section 1221(3) expressly states that the term "capital asset" : "does not include 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,...

...they are produced. Section 1221(3) expressly states that the term "capital asset": "does not include 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,...

...ordinary income; and (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...

...of the contribution.322 The federal tax law excludes from the definition of the term capital asset a "copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property," held by: • an individual "whose personal efforts created such property," • "in the case of a letter,...