07-13-2003, 07:29 AM
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 Re: How to calculate basis on intelectual property contribution to - quote - > > > An entrepreneur spends $60K over 3 years developing product
Intellectual property, like any OTHER property, can only> > > designs, travelling, building business contacts, etc. He > > > meets another enterpreneur with compatible and similarly > > > developed intellectual property/assets. They decide to pool > > > their assets, and form a 50/50 partnership. > > > > > How does he calculate his basis? Can he argue that this > > > basis is the money he spent developing the assets? > > Only if he could not have deducted them as business expenses. > Thanks Fred. That makes sense to me. > Can anyone else confirm this? Does anyone know any code that > covers valuation of basis of contributed intellectual > property to a partnership? have a basis of previously taxed money plus money spent creating it. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-12-2003, 08:10 AM
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| Re: How to calculate basis on intelectual property contribution to - quote - > > An entrepreneur spends $60K over 3 years developing product
Thanks Fred. That makes sense to me.> > designs, travelling, building business contacts, etc. He > > meets another enterpreneur with compatible and similarly > > developed intellectual property/assets. They decide to pool > > their assets, and form a 50/50 partnership. > > > How does he calculate his basis? Can he argue that this > > basis is the money he spent developing the assets? > Only if he could not have deducted them as business expenses. Can anyone else confirm this? Does anyone know any code that covers valuation of basis of contributed intellectual property to a partnership? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, calculate, contribution, intelectual, property |
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