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Business & farm
The IRS has rules for inventory. What method did you adopt when starting your business cost, lower of cost or market, other?
cost - you are stuck the only legit method is to dispose of the items then they are no longer in your inventory so you get the write-off.
lower of cost or market, the items can be written down to salvage value.
other can't say.
March 21, 2024
8:37 AM