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1. A patent is an invention.

True False

2. A patent gives its owner the right to exclude other people from making, using, offering for sale or selling an invention.

True False

3. A patent owner may give his patent to charity and receive a tax deduction for the gift.

True False

4. A donor may give his patent to charity and get a tax deduction but keep the right to license the patent to others.

True False

5. When donated to charity, the gift of a patent is deductible at its full fair market value.

True False

6. The value of a patent is determined by the United States Patent and Trademark Office.

True False

7. To transfer a patent to charity, a patent owner must deliver to the charity the original patent document issued by the United States Patent and Trademark Office.

True False

8. When a patent is transferred to charity, the transfer document should be recorded with the United States Patent and Trademark Office.

True False

9. A person who owns the right to receive license payments from a patent may give that right to charity.

True False

10. Gifts of patents to charity are usually deductible up to 50% of a donor's adjusted gross income.

True False

Basic Quiz - 4.9.1 Patents