What is a gift of intellectual property?
Intellectual property refers to the fruits which result from mental labor, and is any product of the human intellect that the law protects from unauthorized use by others.
When an idea is created that may result in future monetary gain, the first legal step to protect that idea is a patent. The idea could be something as simple as an insider process which is the foundation to your company's success or as complex as a new invention. The most common forms of intellectual property protection are copyrights, patents, and trademarks. The creation of this patent turns your intangible asset (the intellectual property you created or own) into a tangible, legally recognized asset. This type of asset can become a tax-deductible charitable gift, which is a benefit to both you and CSUSB.
Benefits of a gift of intellectual property
There are two ways you can earn a tax deduction from CSUSB for a gift of your Intellectual Property asset. You have the right to receive the full face value of your intellectual property, as a tax deduction, at the time of donation. Additionally, you can continue to receive tax benefits based on any royalties or other monetary gains received by the asset. You can earn years of tax-deductible gains with one intellectual property gift to CSUSB. As patents rise, so will the future restrictions on this type of tax-deductible gift; lock in your benefits for this year before the IRS regulations tighten.
Contact us
If you have any questions about making a gift of intellectual property, please contact us. We would be happy to answer questions that you have.
