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- How do i enter the sale of patent that is eligible for Section 1235 treatment?
How do i enter the sale of patent that is eligible for Section 1235 treatment?
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dougnrob
Level 1
03-05-2022
11:47 AM
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Client received a 1099Misc reporting royalties from a patent that he sold five years ago. In the sales agreement he relinquished all rights and control of the patent. Included in the salles agreement was the provision that he would receive a portion of all future royalties from the patent. It would seem that under IRS Code Section 1235 this payment should be treated as a transfer eligible for-term capital gain treatment, how do I report it?
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