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cmoses:
How do you determine value of unsold inventory of something that is potentially 20 years old?  Also there is no basis of value.  No one else is selling your old issues.  Do they go by original price?  What you sell them for today was not what they were priced at when they were new?  Don't you have to determine (provide them with) that value?  It could be anything or nothing. 

The following is a hypothetical question, I do not expect you to get rid of your old stock and it to have no value.

If after you digitize all the back issues, you determine that your physical inventory no longer has value (because no one wanted it) and decide to get rid of it, do you have to prove to the IRS that you did?  Receipt from the company that shred them?

That's just crazy.   :dizzy:   

KevSteele:

--- Quote from: cmoses on January 30, 2009, 12:01:06 pm ---That's just crazy.   :dizzy:   

--- End quote ---

Yeah, it is. My accountant hates this part of the job. Come to think of it, so do I.  :banghead:

SirPeale:
Here's what you do: "sell" them at a loss to someone. Say...Kevin Steele!  Then they'll be his property, not the magazines.  Then, rent storage space to Kevin.  Say...the size of a magazine rack.  $1.00 per year.

missioncontrol:

--- Quote from: Peale on January 30, 2009, 01:09:41 pm ---Here's what you do: "sell" them at a loss to someone. Say...Kevin Steele!  Then they'll be his property, not the magazines.  Then, rent storage space to Kevin.  Say...the size of a magazine rack.  $1.00 per year.

--- End quote ---

then in 15-20 when you get done busting big rocks into little rocks at Leavenworth for stiffing the gov't we can get out next issue...

patrickl:
Having to put a value on your inventory isn't so strange is it? That you have to pay taxes on inventory does sound quite bizarre though.

In the Netherlands I only have to pay taxes on my inventory if it has gone up in value (ie when I theoretically made a profit on it), but depreciation of my inventory means I can deduct the loss and pay less taxes.

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