Posted by Zachary Hoyt on February 05, 2013 at 07:39:18 from (50.122.169.86):
I part out 3 or so tractors each year and I am trying to figure out how to account for them as inventory on a 1040 schedule C form. It specifies that I have to account for starting and ending inventory value for unsold items each year. My problem is that I pay a single payment for the tractor and then sell it in parts over the course of a year or two. This makes it difficult or impossible to say with any accuracy what the value is of the parts I have left as unsold inventory at the end of any given calendar year. I would say realistically I may have between 1-2k in likely eventual selling prices of parts on hand, but that is the aggregate amount, not individual parts. If anyone has any advice I would appreciate it. Zach
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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