This article is from the rec.audio.* FAQ, by with numerous contributions by Bob Neidorff others.
In the US today, it may be legal to copy LP's, CD's, etc. for
your own private use (such as to copy a CD to play on your
walkman). UK law specifically prohibits this, but it is almost
never enforced. It is definitely not legal in the US, UK, or
almost anywhere else, to copy these sources for commercial
purposes, or to give the copies to others.
It is as of yet unclear whether you own the rights to sell
or give away a copy of a recording if you made the copy on media
which was sold with an included digital audio tax.