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RE: Reproduction parts and limited runs?

To: "'Nolan Penney'" <npenney@mde.state.md.us>, <spitfires@autox.team.net>, <triumphs@autox.team.net>
Subject: RE: Reproduction parts and limited runs?
From: "Joe Curry" <spitlist@gte.net>
Date: Tue, 24 Jun 2003 10:17:07 -0700
I didn't say you could "Write it off".  I said it is considered "cost of
goods sold" which reduces your tax burden.

If it doesn't sell it is then a "write-off".  You can't deduct it as a
loss because you have already reduced your taxes when the inventory was
purchased.  But you are not taxed on inventory.

Joe

-----Original Message-----
From: spitfires-owner@autox.team.net
[mailto:spitfires-owner@autox.team.net] On Behalf Of Nolan Penney
Sent: Tuesday, June 24, 2003 9:57 AM
To: spitfires@autox.team.net; triumphs@autox.team.net
Subject: RE: Reproduction parts and limited runs?

You can write off or depreciate equipment, not inventory. 

>>> "Joe Curry" <spitlist@gte.net> 06/24/03 12:12PM >>>
What state charges "Inventory Tax"?  Inventory costs are part of the
cost of goods sold and are therefore a tax write-off not a tax burden.

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