IRS Reviews Deductions for Donated Patents

Law360, New York (October 12, 2003, 12:00 AM EDT) -- The Internal Revenue Service is scrutinizing corporate tax deductions for potentially overvalued patent donations, the Wall Street Journal reported, citing agency officials.

The agency is making patent donations a high priority and has already rejected tens of millions of dollars of deductions, according to the newspaper.

Patent donations is considered a shady area because little disclosure is required to explain the deductions. Companies typically provide a lump-sum dollar amount for patents donated, along with a brief description. In its investigation, the IRS is asking companies to...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.