January 8, 2004
IRS Takes Hard Look at Patent Donations
The Internal Revenue Service has announced that it plans to crack down on improper charitable deductions claimed for donations of patents and other types of intellectual property. Taxpayers who claim such deductions, the revenue service warned, could be subject to penalties.
The tax agency's move comes amid concern by Congress over abuses of deductions taken for noncash gifts to charity, including cars and real estate, as well as intellectual property.
The IRS says it also
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