[GNC] Owning stocks which are not publicly quoted - which account type suits better?

[Michael or Penny Novack]

On 9/24/2024 4:56 PM, Boniforti Flavio wrote:
> Hi.
> I'm partner and own stocks of the company I work for. This company is not
> on the public market.
> The stock value is defined once per year and dividends are then paid out.
>
> Do I understand correctly, that I don't have to set up a "stock" type
> account for this, as those stocks are not publicly traded?
>
> And the dividends are an account of type "income" - right?
>
> Thanks,

I'm a partner .... I own stock

a) please consult a professional

b) the "publicly traded" issue only means you would have this asset on 
your books the old fashioned way ("stock type" is a gnucash thing, not a 
fundamental type of double entry bookkeeping. Your stock has a "basis", 
what it cost you. You would have a capital gain (or loss) if/when you 
sold it and there MAY be a valuation say if donated or bequeathed. 
CONSULT A PROFESSIONAL. BTW, folks, while the overwhelming 
capitalization is in publicly traded stocks the overwhelming number of 
stock entities are NOT publicly traded.

Michael D Novack