Describe the tax advantages and disadvantages

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Reference no: EM132029942

Question: Patty is a songwriter who has had many hit songs over the years. She was hired to write a song for a national awards show, and the song was very well received. A music publishing company offered to buy all of Patty's interest in the song for $44,000. Patty had not capitalized any costs of writing the song.

Explain one relevant tax issue for Patty and describe the tax advantages and disadvantages of what she may be faced with.

Reference no: EM132029942

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