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I have an S-corp that sold its logo and all copyrights associated with the logo to another company. The logo was created in-house and used for more than 2 years.
Is this section 1231, 1245 or 197? How exactly does it get reported on Form 4797? And how does it flow through to the individual shareholder's personal return in a way that taxes it as long-term capital gain rather than ordinary income?
Does it matter if the trademark was registered or not? Copyright law grants you copyrights irrespective of whether a trademark is registered.
Is this section 1231, 1245 or 197? How exactly does it get reported on Form 4797? And how does it flow through to the individual shareholder's personal return in a way that taxes it as long-term capital gain rather than ordinary income?
Does it matter if the trademark was registered or not? Copyright law grants you copyrights irrespective of whether a trademark is registered.