Otherwise, you'll save more tax dollars by foregoing the home mortgage interest deduction and claiming the standard deduction instead. Complete Schedule A and compare the total of your itemized deductions to your standard deduction to find out which method is most advantageous for you.
How long a patent lasts depends on the type of patent being issued and the country issuing the patent. For example, under recent changes in the laws, in the United States, patents are now granted for a term of 20 years from the date of application (14 years for design patents).
Intellectual Property Law and Legal Definition. Intellectual property is a property right that can be protected under federal and state law, including copyrightable works, ideas, discoveries, and inventions. The term intellectual property relates to intangible property such as patents, trademarks, copyrights, and tradesecrets.