If you own an album on vinyl, cassette, or whatever else you may have, are you allowed to download the MP3 or bum a copy of the CD off a friend of yours?

Not really. You can make a copy of the tape you purchased. Or, if you purchased the CD or LP, you can make a copy of that. But nothing in the AHRA gives you the right to get the "better" digital copy just because you paid good money for the "inferior" cassette you originally purchased.

I think: Yes. When you bought the vinyl or cassette, you bought a LICENSE to own the music.

No, you didn't. You'd like to believe that, but it's not the case.