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Jackson Pollack
  • New York City, NY
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$50k of Inventory purchased before starting business

Jackson Pollack
  • New York City, NY
Posted Feb 26 2017, 10:53

I have already purchased inventory located in China.

I would now like to now open a corporation in the U.S. to sell that inventory for profit.

What are my options in terms of transferring/selling the inventory to the corporation, so that the corporation can expense it come tax time? My main concern is being able to prove to the IRS that the inventory cost me something and thus should be expense-able.

[Please do not bash me on how I should have opened the corporation first, before making the inventory purchase. Please also do not simply respond by telling me to talk to a lawyer or accountant (I’m here on the forum to bounce ideas around; I will seek a lawyer/accountant if I see the need; no need for anyone to suggest that to me...).]

Thank you.

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