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Jan doesn't have much money, but he does have a few existing patents on similar medical devices that he is willing to contribute to the

Jan doesn't have much money, but he does have a few existing patents on similar medical devices that he is willing to contribute to the new entity in exchange for stock. Jan worked on these patents for years and has $350,000 invested for patents that have a street value of $70,000. Will Jan's contribution of the patents be a taxable event? Please explain why or why not. No plagiarism please.

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