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We are closing our retail business and will just absorb the inventory. How do we report it on the schedule c?
We have a small sporting goods business that hasn't made a profit so we're going to have 2017 be the final year. We're preparing to just absorb the inventory for our personal use but I'm concerned that we might have to pay taxes on it. Is it considered an income or not?
‎June 6, 2019
5:01 AM