Suzy's Zoo - Page 10




                                       - 10 -                                         
                         (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                                    







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011