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    #1

    Sale of business including inventory

    Client closed business (SMLLC) and sold remaining inventory & fixed assets to single buyer. (Buyer has different location so is not taking over client list, goodwill, etc. or store location.) How do I report the sale of inventory? Is that sale price added to the other regular sales & reported on Schedule C? Or do I need to do something special with it?
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    #2
    The sale of inventory results in ordinary income or loss.
    JG

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      #3
      We had this discussion before

      Main Forum / Tax Discussion - TMI Message Board
      http://www.thetaxbook.com/forums/showthread.php?t=2962&highlight=inventory+sale
      Primary Forum for posting questions regarding tax issues. Message Board participants can then respond to your questions. You can also respond to questions posted by others. Please use the Contact Us link above for customer support questions.

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        #4
        Thanks, veritas. I always wonder when it seems too simple.

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