Legal Question in Tax Law in Pennsylvania
Copyright - type of asset?
If a company purchases software copyrights, amortizes them for a period of time, then sells the copyrights for a profit; what tax status do the copyrights possess? & And what type of gain or loss would it be considered?
Asked on 10/25/06, 7:24 pm
1 Answer from Attorneys
Matthew Kelly
Kelly Law
Re: Copyright - type of asset?
You may have to recognize depreciation recapture (ordinary income) on the amount you amortized and if you held longer than one year, the remaining gain would be long term capital gain.
Answered on 10/27/06, 8:53 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
