applicable musical property
(8) Special rules for certain musical works and copyrights (A) In general If an election is in effect under this paragraph for any taxable year, then, notwithstanding paragraph (1), any expense which— (i) is paid or incurred by the taxpayer in creating or acquiring any applicable musical property placed in service during the taxable year, and (ii) is otherwise properly chargeable to capital account, shall be amortized ratably over the 5-year period beginning with the month in which the property was placed in service. The preceding sentence shall not apply to any expense which, without regard to this paragraph, would not be allowable as a deduction. (B) Exclusive method Except as provided in this paragraph, no depreciation or amortization deduction shall be allowed with respect to any expense to which subparagraph (A) applies. (C) Applicable musical property For purposes of this paragraph— (i) In general The term “applicable musical property” means any musical composition (including any accompanying words), or any copyright with respect to a musical composition, which is property to which this subsection applies without regard to this paragraph. (ii) Exceptions Such term shall not include any property— (I) with respect to which expenses are treated as qualified creative expenses to which section 263A(h) applies, (II) to which a simplified procedure established under section 263A(i)(2) applies, or (III) which is an amortizable section 197 intangible (as defined in section 197(c)). (D) Election An election under this paragraph shall be made at such time and in such form as the Secretary may prescribe and shall apply to all applicable musical property placed in service during the taxable year for which the election applies. (E) Termination An election may not be made under this paragraph for any taxable year beginning after December 31, 2010 .