02-14-2006, 06:04 AM
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 Re: Can Inventory Held for More Than One Year Be Claimed as Capital Gains? "Will" <westes-usc[at]noemail.nospam> wrote - quote - > If you purchase assets of a company and then hold them for
For assets other than inventory held in the normal course of> more than one year, can you claim sales of parts of those > assets as capital gains instead of ordinary income? business, yes. For inventory - no. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-12-2006, 12:50 AM
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| Can Inventory Held for More Than One Year Be Claimed as Capital Gains? If you purchase assets of a company and then hold them for more than one year, can you claim sales of parts of those assets as capital gains instead of ordinary income? How would it affect your ability to sell the assets for capital gains if the assets, when originally purchased, had been: a) Capitalized and then depreciated b) Placed into an inventory account c) Expensed as a cost of goods -- Will << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| capital, claimed, gains, held, inventory, year |
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