Publication 334 |
2000 Tax Year |
Introduction
If you make or buy goods to sell, you can deduct the cost of goods
sold from your gross receipts on Schedule C. However, to determine
these costs, you may need to value your inventory at the beginning and
end of each tax year.
This chapter applies to you if you are a manufacturer, wholesaler,
or retailer, or if you are engaged in any business that makes, buys,
or sells goods to produce income. This chapter does not apply to
personal service businesses, such as those of doctors, lawyers,
carpenters, and painters. However, if those working in personal
service businesses also sell or charge for the materials and supplies
that are normally used in their businesses, this chapter applies to
them.
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