amortize loss on pre-incorporation expenses?
Mark Hedges
mark.hedges at weirdvibe.com
Mon Aug 21 20:18:53 EDT 2017
Hi, so, thanks for an amazing accounting program. I'm still learning
how to use it.
Over the past few years, I personally paid artists to produce comic book art.
I created an S-corporation to finish the work and publish.
An accountant recommended that I transfer the intellectual property,
tangible artwork, script copyrights etc. to the new corporation in
exchange for shares of stock equal to what I paid for it previously,
i.e. if I spent $5000, I will exchange for 5000 shares.
I will have very little personal or business income this year, so
claiming this as a loss on taxes this year will not be helpful.
The accountant said I can amortize the loss until future years and
claim it as an expense on a future year's tax return.
How do I account this in GnuCash?
Thanks.
Mark
--
Mark Hedges
CEO Weird Vibe Inc.
+1-310-487-7123
https://weirdvibe.media
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