FundSvcs Community

I searched through past posts but didn't see anything recent. We have a donor who wants to donate the product of a copyright but wants to retain the copyright. In the research I've done, it seems that this may disqualify the item for a tax deduction. Specifically, the language I've found is 'if the donor owns both the copyright and the copyrighted material, he or she must give both in order to receive a gift or estate tax deduction and an income tax deduction.' I'm looking for the IRS publication that supports this for clarity on whether the material can actually be accepted as a GIK and associated with a value.

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Jessica Baker
Director, Data Quality, Gift Processing, Strategy
University of Texas at Austin
jbaker@austin.utexas.edu
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Original Message:
Sent: 8/12/2022 12:56:00 PM
From: Jessica Baker
Subject: Gift of property but not copyright

I searched through past posts but didn't see anything recent. We have a donor who wants to donate the product of a copyright but wants to retain the copyright. In the research I've done, it seems that this may disqualify the item for a tax deduction. Specifically, the language I've found is 'if the donor owns both the copyright and the copyrighted material, he or she must give both in order to receive a gift or estate tax deduction and an income tax deduction.' I'm looking for the IRS publication that supports this for clarity on whether the material can actually be accepted as a GIK and associated with a value.

------------------------------
Jessica Baker
Director, Data Quality, Gift Processing, Strategy
University of Texas at Austin
jbaker@austin.utexas.edu
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Original Message:
Sent: 8/12/2022 1:17:00 PM
From: John H. Taylor
Subject: RE: Gift of property but not copyright

It depends on the "product."  For example, if someone wants to donate a new telescope but retains the copyright, the telescope is a gift at the FMV.

For a gift to be a gift, usually whatever is given must be irrevocably given (per the IRS), thus meaning you have the legal right to transfer ownership at some point in the future.

John

John H. Taylor

Principal

John H. Taylor Consulting, LLC

2604 Sevier St.

Durham, NC   27705

johntaylorconsulting@gmail.com

919.816.5903 (cell/text)

Serving the Advancement Community Since 1987

Original Message:
Sent: 8/12/2022 12:56:00 PM
From: Jessica Baker
Subject: Gift of property but not copyright

I searched through past posts but didn't see anything recent. We have a donor who wants to donate the product of a copyright but wants to retain the copyright. In the research I've done, it seems that this may disqualify the item for a tax deduction. Specifically, the language I've found is 'if the donor owns both the copyright and the copyrighted material, he or she must give both in order to receive a gift or estate tax deduction and an income tax deduction.' I'm looking for the IRS publication that supports this for clarity on whether the material can actually be accepted as a GIK and associated with a value.

------------------------------
Jessica Baker
Director, Data Quality, Gift Processing, Strategy
University of Texas at Austin
jbaker@austin.utexas.edu
------------------------------