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#8
12-30-2011, 07:59 PM
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Paul - The purchase of inventory for resale is not a business expense; in other words, purchsing inventory for resale does not create an income tax deduction. Rather, a business expense/tax deduction occurs when an inventory item is sold. If the item is sold for more than it cost, the resulting gross profit would be taxable, unless it is offset by other business expenses (such as selling costs).
Val 
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