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RE: Taxes At Face Value

in #taxes7 years ago

You are right @ nealmcspadden you can't have it both ways. So you claim that you used the "lost money" on advertizing and promotion, just like when you give senior discounts, etc. But you cannot claim that the money you used was worth more than the face value. If you buy an item for 1 dollar face value silver and then try to say you lost 19 dollars because you used silver would not make sense. If you sell an item for 1 dollar face value silver when you normally would sell it for 20 dollars face value paper, then you claim that discounted sale as a promotion. If you are purchasing for the business and reselling, then you might show a larger "profit", but would offset that with "promotion" costs granted to your customers.
Thank for the input.