...to claim it as income? I am closing an event planning business. I am selling off the working inventory - chairs, tables, servers, tableware, linens, etc. so that I can pay off the business debt. All items are being sold at a loss. My accountant says that I have to claim the money as income, but doesn't that defeat the purpose? If I'm selling at a loss, isn't that a loss to the business? What difference would there have been if I had closed the business and just held onto the inventory?
Selling off business inventory (at a loss) to pay off the debt, why do I have...
- Thread starter Colleen
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