Based solely on the facts and circumstances provided in your question, it sounds like the asset was the franchise license itself. The fact that you never opened a store would appear inconsequential.
For purposes of entering your information into TurboTax, treat the license just like you would treat a share of stock or any other investment. Enter a description of the asset, the date you purchased the license, purchase price, date sold, and selling price. Based on the dates, TurboTax will classify your capital loss as long- or short-term. Capital losses are first offset against capital gains. If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.
