Plain Language of the Change:
- Patents, inventions, designs and secret formulas are NOT capital assets for dispositions after December 31, 2017
- Applies to:
- the taxpayer who personal efforts created the property; or
- a taxpayer with a substituted or transferred basis from the taxpayer whose personal efforts created the property
- Taxed as ordinary income and not subject to lower capital gains rates
Cordasco & Company PC is a boutique CPA firm specializing in federal and state tax issues. We provide customized tax and accounting services specifically designed to help our clients capitalize on the rapidly changing tax and accounting environments.