Sales tax is an entirely different issue. In the eyes of the IRS buying tractors to part them out is a business venture. Your best bet is to talk to an accountant.
My wife buys and sells antiques and collectibles. She asked our accountant how to value items for inventory for tax purposes. Specifically items from a box lot at auction. He told her to divide the cost of the box lot by the number of items in the box and access each item with that value.
Your accountant may suggest something similar or he may suggest you deduct the total purchase price the year you buy, and just claim income when you sell. There are probably some tax advantages to figuring it as inventory, but the record keeping may not be worth the hassle.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
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