The assets were totally depreciated out in prior years and I recognize I would normally need to handle as ordinary income. However, I am converting them to business property and filing for expenses involved in setting up and operating the new business and the cost of disposing of the property. With that in mind would you convert them to beginning inventory of the new business? If I was not venturing into a new business using these assets as a business sale I would just show as ordinary income and file as you suggest. Thanks again.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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