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(1) In general.-–The term “produce”
includes construct, build, install,
manufacture, develop, or improve.
(2) Treatment of property produced under
contract for the taxpayer.–-The taxpayer
shall be treated as producing any property
produced for the taxpayer under a contract
with the taxpayer * * *.
(h) Exemption for Free Lance Authors,
Photographers, and Artists.--
(1) In general.–-Nothing in this section
shall require the capitalization of any
qualified creative expense.
(2) Qualified creative expense.--For
purposes of this subsection, the term
“qualified creative expense” means any
expense--
(A) which is paid or incurred
by an individual in the trade or
business of such individual (other
than as an employee) of being a
writer, photographer, or artist,
and
(B) which, without regard to
this section, would be allowable as
a deduction for the taxable year.
* * * * * * *
(3) Definitions.--For purposes of this
subsection--
* * * * * * *
(C) Artist.--
(i) In general.--The term
“artist” means any individual if
the personal efforts of such
individual create (or may
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Last modified: May 25, 2011