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Business & farm
You would enter it as withdrawn for personal use since you ended the business and then started a new business. It will be part of your ending inventory in the new business but it will not be part of your purchases or products for resale in your new business.
Option: If the new business buys the remaining inventory from the old business, you could include the income in your VA LLC and enter a zero ending inventory for that company which would create a wash for that inventory. Then include the purchase with other inventory purchases in the new LLC in CA. This would be the simplest transaction for recordkeeping and the tax returns.
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‎January 25, 2022
11:58 AM