Thank you to everyone who has ever answered my ???? I really feel dumb at times!
My client, a sole prop, has been a quilting shop business person for five years. The end of 2005, went out of business and has inventory (yard goods/material) on hand, that DID NOT SELL during a Close Out Sale.
Can client deduct leftover inventory? Where? Or is it a personal loss?
Thank you again to all who give me directions in this matter!!!!!
Tomorrow is April 1......: o )
My client, a sole prop, has been a quilting shop business person for five years. The end of 2005, went out of business and has inventory (yard goods/material) on hand, that DID NOT SELL during a Close Out Sale.
Can client deduct leftover inventory? Where? Or is it a personal loss?
Thank you again to all who give me directions in this matter!!!!!
Tomorrow is April 1......: o )
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