Thanks for the answer. The $42,000 is comprised of two components. Start up supplies where I have an invoice for $16,000 and the franchise training which I paid for in advance and the training was conducted in January. I recognize the $47,000 as an intangible and will take one month's amortization, but I want to deduct the $42,000 since I am a cash basis business.
What do you think? I respect your advice.
Thanks,
Frtzcat
