According to the instructions for 1099s (2011), a person is not required to report on payments for merchandise - but I do not find a definition of merchandise.
examples: person has a auto/truck repair service - purchases parts from a non-corporation - is this an example of 'merchandise'?
person owns a bar/restaurant - purchases liquor/beer/food from non-corporations - is this within the meaning of 'merchandise'?
Would appreciate citations.
Thank you in advance.
examples: person has a auto/truck repair service - purchases parts from a non-corporation - is this an example of 'merchandise'?
person owns a bar/restaurant - purchases liquor/beer/food from non-corporations - is this within the meaning of 'merchandise'?
Would appreciate citations.
Thank you in advance.