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In 2006, Congress gave musicians a gift.The Tax Increase Prevention and Reconciliation Act (TIPRA) allows taxpayers who acquire musical copyrights to amortize the costs over 5 years rather than amortize them over the forecasted income of the composition.If the composition qualifies under the definition, owners of copyrights can write off the costs much quicker.

Make sure to check with us regarding your specific situation.

 

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