Wholesale Club Purchases Can Be Deductable, But…

more+
less-

A semi-secret of many restaurants and stores is that a large part of their ingredients and inventory of items for sale are purchased at wholesale clubs, such as Costco and Sam’s Club. Such purchases are a testament to the favorable prices available at such clubs that are available to both businesses and individual shoppers.

There is nothing that prohibits a taxpayer from expensing items purchased from such clubs, or adding them to cost of goods sold for purposes of determining income from sale of inventory. However, there is a right way and wrong way to go about this. A recent Tax Court case illustrates the wrong way.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles (Chuck) Rubin, Gutter Chaves Josepher Rubin Forman Fleisher P.A. | Attorney Advertising

Written by:

more+
less-

Gutter Chaves Josepher Rubin Forman Fleisher P.A. on:

Popular Topics
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×