No accrual. But the increase in assets on the balance sheet year over year is a taxable income. That assumes retained earnings is present in the inventory.
From: Lewis Bergman Sent: Thursday, December 28, 2017 12:32 PM To: [email protected] Subject: Re: [AFMUG] OT Year end inventory That is slightly illegal, but I like the way you think. It sounds as though Chuck is on a cash basis for taxes. On Thu, Dec 28, 2017 at 12:35 PM Jaime Solorza <[email protected]> wrote: Take loss or shrinkage at retail and not at cost. Jaime Solorza On Dec 28, 2017 11:13 AM, <[email protected]> wrote: 324 Individual part numbers 408,062.69 individual parts (some of it is measured like feet, or sticks or sheets) We have a bit of a party. Break it down so everyone has a portion of things to count. Got mine done... Part counting scales make quick work of small parts. The goal is to not have the value of the inventory go up year over year. Have to pay income tax on any increase.
