In Many Instances, Clients and Companies Are Simply Unaware of the IP

question 7

True/False

In many instances, clients and companies are simply unaware of the IP assets they may own.

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Definitions:

Itemized Deduction

Expenses listed separately that can be deducted from adjusted gross income to reduce taxable income, including medical expenses, taxes paid, interest, charitable contributions, and certain job-related expenses.

Constructive Receipt

This refers to the point at which an individual has access to, or control over, income, thus making it taxable, even if the income has not been physically received.

Compensation

Payment or salary received for services rendered or work done.

Exempt From Income

Income that is not subject to taxation under federal or state law.