Hi All, I will be starting a new business in 2020. My problem is that over the years I have procured inventory to be sold as an individual and not all have receipts/records. When I start the new business it will start with (making up numbers) 3000 items worth of ~$50,000 all purchased with personal cash. What I am not able to understand is that since as individual I have not showed this as cost of goods, how will I transfer this cost to the new company and when that company pays the dept back to me this will not be taxed. me= -$50,000 (not sure how to show this) Company = 3000 items and -$50,000 dept When paid back from company to myself me +$50,000 (how will this be not taxed as income is the ultimate question) Company= -$50,000 and whatever other profits Hope my question is clear. Thank you!
