My wife and I are the members of a domestic LLC.
In 2018-2019, we also operated a sole proprietorship selling jam and jellies that we produced in our home kitchen. Inventory was minimal at the end of 2019. We discontinued the sole proprietorship business on 12/31/2019, and will transfer the remaining inventory to the LLC for sale starting 2020.
We did not take depreciation on any of the inventory assets.
What's the best way to record/report this sale?
