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There is one summary for this bill. Bill summaries are authored by CRS.

Provides that, under the Internal Revenue Code of 1954, transfers (other than by gift, inheritance, or devise) of property consisting of substantial rights to a copyright or composition by any holder thereof shall be considered the sale or exchange of a capital asset held for more than 6 months, regardless of whether or not payments in consideration of such transfer are: (1) payable periodically over a period generally coterminous with the transferee's use of the copyright or composition or (2) contingent on the productivity, use, or disposition of the property transferred.

Defines "copyright or composition" to mean a copyright or a literary, musical, or artistic composition. Defines "holder" as: (A) any individual whose efforts created such property, or (B) any other individual who has acquired his interest in such property in exchange for consideration in money or money's worth paid to such creator prior to substantial completion of the copyrighted work or of the composition, if such individual is neither: (1) the employer of such creator nor (2) related to such creator. (Adds 26 U.S.C. 1254)

There is one summary for this bill. Bill summaries are authored by CRS.

Provides that, under the Internal Revenue Code of 1954, transfers (other than by gift, inheritance, or devise) of property consisting of substantial rights to a copyright or composition by any holder thereof shall be considered the sale or exchange of a capital asset held for more than 6 months, regardless of whether or not payments in consideration of such transfer are: (1) payable periodically over a period generally coterminous with the transferee's use of the copyright or composition or (2) contingent on the productivity, use, or disposition of the property transferred.

Defines "copyright or composition" to mean a copyright or a literary, musical, or artistic composition. Defines "holder" as: (A) any individual whose efforts created such property, or (B) any other individual who has acquired his interest in such property in exchange for consideration in money or money's worth paid to such creator prior to substantial completion of the copyrighted work or of the composition, if such individual is neither: (1) the employer of such creator nor (2) related to such creator. (Adds 26 U.S.C. 1254)

There is one summary for this bill. Bill summaries are authored by CRS.

Provides that, under the Internal Revenue Code of 1954, transfers (other than by gift, inheritance, or devise) of property consisting of substantial rights to a copyright or composition by any holder thereof shall be considered the sale or exchange of a capital asset held for more than 6 months, regardless of whether or not payments in consideration of such transfer are: (1) payable periodically over a period generally coterminous with the transferee's use of the copyright or composition or (2) contingent on the productivity, use, or disposition of the property transferred.

Defines "copyright or composition" to mean a copyright or a literary, musical, or artistic composition. Defines "holder" as: (A) any individual whose efforts created such property, or (B) any other individual who has acquired his interest in such property in exchange for consideration in money or money's worth paid to such creator prior to substantial completion of the copyrighted work or of the composition, if such individual is neither: (1) the employer of such creator nor (2) related to such creator. (Adds 26 U.S.C. 1254)

There is one summary for this bill. Bill summaries are authored by CRS.

Provides that, under the Internal Revenue Code of 1954, transfers (other than by gift, inheritance, or devise) of property consisting of substantial rights to a copyright or composition by any holder thereof shall be considered the sale or exchange of a capital asset held for more than 6 months, regardless of whether or not payments in consideration of such transfer are: (1) payable periodically over a period generally coterminous with the transferee's use of the copyright or composition or (2) contingent on the productivity, use, or disposition of the property transferred.

Defines "copyright or composition" to mean a copyright or a literary, musical, or artistic composition. Defines "holder" as: (A) any individual whose efforts created such property, or (B) any other individual who has acquired his interest in such property in exchange for consideration in money or money's worth paid to such creator prior to substantial completion of the copyrighted work or of the composition, if such individual is neither: (1) the employer of such creator nor (2) related to such creator. (Adds 26 U.S.C. 1254)