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Cash Basis Inventory for Small Business Exception on Schedule C
I'm trying to confirm what the best way to record inventory purchases during the year if I plan to use the small business exception that allows cash basis and no tracking of inventory.
Should I report Schedule C Sole Proprietor / Small Business Cash Basis Inventory on line 22?
It looks like Part III is not relevant if cash basis is used.
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‎June 5, 2021
10:03 PM