Hello all,
This client says that inventory value for some of the items (tech items) has decreased since purchased. So can we value them on the tax return as LCM (they have been previously reported in inventory using cost basis)? Essentially taking the true value at year end. It is a two person partnership entity; sales are approximately $456K for the entity.
Would there be any code reg issues with write down of inventory if possible, or other comments that would be helpful with this matter? Appreciate it very much as always.
rfk
This client says that inventory value for some of the items (tech items) has decreased since purchased. So can we value them on the tax return as LCM (they have been previously reported in inventory using cost basis)? Essentially taking the true value at year end. It is a two person partnership entity; sales are approximately $456K for the entity.
Would there be any code reg issues with write down of inventory if possible, or other comments that would be helpful with this matter? Appreciate it very much as always.
rfk
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