Sales and Donations of Self-Created Art, Literature and Music
33 Pages Posted: 18 Feb 2020 Last revised: 25 Feb 2020
Date Written: November 19, 2015
IRC Section 1221(b)(3), the Songwriters Capital Gains Tax Equity Act, should be repealed. It gives musical composers a tax advantage over artists and writers, with no justification.
The Artist-Museum Partnership Act, which has been proposed for many years, should be enacted. However, it should be limited to donations of tangible property.
Keywords: tax, capital gains, art, music, literature, charitable contributions
JEL Classification: H24
Suggested Citation: Suggested Citation