Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 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?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
dougnrob
Level 1
03-05-2022
11:47 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
