I own a multi-member LLC re-publishing old books. How can I categorize assets like copies of the books to be published or reference books on things like typography?

[MichaelDC]

Are these items for eventual sale?

[a-curious-individual]

The material from the books will be re-formatted and typeset into new books which will then be sold.

[MichaelDC · Accepted solution]

Interesting question.  Libraries obviously record their books as an asset, but the maintenance requirement is very onerous.  Every time a book is lost, stolen or damaged beyond repair you would have to dispose of the asset. In most cases, these would be expensed under supplies.

However, to answer your question:

"Any property that does not have a class life and that has not been designated by law as being in any other class is 7 years." https://www.irs.gov/pub/irs-pdf/p946.pdf

Please feel free to post any additional details or questions in the comment section.