John Dundon- Patents

One of my more favorite clients has done quite well for herself financially by being the Primary Inventor over the last 10 years on 30 + patents (7 internationally protected). It is so humbling to have her trust when it comes to the US Tax Code as she is so very smart and tenacious in pursuit of the truth… definitely keeping me on my toes.

Being who she is, of course she read that the Tax Cut & Jobs Act (TCJA) removed patents from the definition of ‘Capital Asset‘ as per the newly amended Internal Revenue Code section 1221(a)(3). She called me all concerned that the proceeds from selling her patents and other projects would now be considered ordinary income for tax purposes.

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John Dundon- Patents And Tax Cuts And Jobs Act

One of my more favorite clients has done quite well for herself financially by being the Primary Inventor over the last 10 years on 30 + patents (7 internationally protected). It is so humbling to have her trust when it comes to the US Tax Code as she is so very smart and tenacious in pursuit of the truth… definitely keeping me on my toes.

Being who she is, of course she read that the Tax Cut & Jobs Act (TCJA) removed patents from the definition of ‘Capital Asset‘ as per the newly amended Internal Revenue Code section 1221(a)(3). She called me all concerned that the proceeds from selling her patents and other projects would now be considered ordinary income for tax purposes.

YIKES!

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