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1125-a instructions 2023 Form: What You Should Know

In general. For the following purposes, a firm has an inventory if the inventory is held at a ● firm. ● Supplies used in making and maintaining the firm's main business equipment. Example. The equipment owned by a firm to provide office services for clients would be considered the firm's inventory if any of the supplies held by the firm, such as ● key cards, pens, and ink cartridges, are purchased for the firm's business. ● Equipment owned and used in one business by one person and then acquired or leased by a company owned and operated by another person (the second person would have the firm's inventory if the firm's main office equipment is purchased or leased by the second person). Example. The equipment owned and used by an employee who is employed by a consulting firm in a private practice (not in a firm) would be considered the firm's inventory if any of the equipment, such as ● key cards, pens, and ink cartridges, acquired by the firm for the firm's business for the first time or if bought, leased or rented for business in exchange for a payment of salary or any benefits other than compensation for labor. ● Goods that the firm buys or sells in exchange for the right to perform services for another person, such as computer equipment owned by a firm for the office of a client or for office space occupied by a client while the consulting firm has that office. Example. The firm purchases or rents computer equipment (other than office equipment) acquired by a client when the first firm purchases or rents such equipment for its office for the first time. 2. Equipment and supplies purchased or leased for business or property in a taxable year, including the purchase or lease of property and supplies used in making or maintaining the property. Example. The firm purchases or leases computer equipment (other than office equipment) used to provide office services for some of its clients, and that equipment is subject to section 179 expense (business inventory of property and supplies). To the extent that section 179 is allowed as a deduction in the year of purchase, the firm will be able to use the cost or cost plus depreciation method to treat the cost of that equipment purchased or leased by its clients for business. ● Business activities to which the firm must make certain written or oral disclosures based on the nature of the firm's business. Example.

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