[Wikipedia-l] Dream a little...
Andrew Gray
shimgray at gmail.com
Wed Oct 18 17:56:35 UTC 2006
On 18/10/06, Anthony <wikilegal at inbox.org> wrote:
> No. Copyrights are only deductible to the extent of the basis in the
> property (essentially how much you spent to obtain it). For copyrights
> purchased from someone else you might also be able to deduct any net income
> which the charity makes off the copyright. See the American Jobs Creation
> Act of 2004.
So *that's* what the "basis" is. I was finding that detail
surprisingly hard to figure out!
Hmm.
"If you donate a patent or other intellectual property ... your
deduction is limited to the basis of the property or the fair market
value of the property, whichever is less." - IRS Publication 526.
So does this mean that it's considered valueless until someone has
bought or sold it - it has no basis until then? I can sort of see how
this might happen, but it seems conceptually odd on some level...
--
- Andrew Gray
andrew.gray at dunelm.org.uk
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