On Mon, Aug 21, 2017 at 5:18 PM, Mark Hedges <[email protected]> wrote: > 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?
Maybe in this case, I would have $5000 as an Equity > Capital Assets or Equity > Project Asset, and then a $5000 Expense for the "value" of the exchange of stock on the bill of sale for the stock-for-asset exchange? Or would it just go under Assets, in a special account for intellectual property assets? Of course I know it's not worth anything "real" until I sell issues, derivations, etc., but the point is how to account and write off the prior expense properly. Thank you. Mark -- Mark Hedges CEO Weird Vibe Inc. +1-310-487-7123 https://weirdvibe.media _______________________________________________ gnucash-user mailing list [email protected] https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
