The IRS will not be on the lookout for your inventory.
Audit selection is based on each individual return. The IRS does not look at prior or subsequent returns unless a return has already been selected for examination.
You don't need to do anything to close a sole proprietorship. You can indicate on your return that it is your final Schedule C, but you are not required to do this.
The Internal Revenue Service allows you to take a tax deduction for legitimate losses incurred in the operation of your business.
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