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Business & farm
Depends on what you do with the inventory. Usually it's converted to personal use and you can use a charitable deduction if you give it away to a qualifying charity.
You should try to liquidate the inventory as you are closing the business. Even if you only get pennies on the dollar you'll be able to bring your inventory to 0 on your cost of goods sold.
You should try to liquidate the inventory as you are closing the business. Even if you only get pennies on the dollar you'll be able to bring your inventory to 0 on your cost of goods sold.
‎July 11, 2019
6:05 AM