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Who wants to bet they try and write them off, even though they are willfully destroying their inventory.
no it's fraud.Why can't you write off the inventory.
Spend X on inventory. Whether it spoils, got-stoled, sits on a shelf for 80 years or you wreck it yourself, it's still an expense, right?
Why can't you write off the inventory.
Spend X on inventory. Whether it spoils, got-stoled, sits on a shelf for 80 years or you wreck it yourself, it's still an expense, right?
Unsold commercial inventory doesn't necessarily depreciate (i.e.: cars, yes; paper, no).If it gets destroyed doesn't it allow you to write off more of it? EG, a loss instead of a depreciating asset (inventory) or something.
There is a proper way to destroy guns as we all know. Ten to One they do it wrong.
Unsold commercial inventory doesn't necessarily depreciate (i.e.: cars, yes; paper, no).
Now, can you destroy inventory voluntarily and then write it off? Sure. You had something worth $xxx yesterday, and it's worth $0 today. There's a loss and you can show it on your balance sheet and on your taxes.
What you can't do is claim the loss against your insurance. And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company. If you're privately held, though, swing away. Get woke, go broke.
This. I really hope the IRS pays close attention to this shit, though. They deserve a good audit.
If it gets destroyed doesn't it allow you to write off more of it? EG, a loss instead of a depreciating asset (inventory) or something... then again, im not an
accountant...
-Mike
Unsold commercial inventory doesn't necessarily depreciate (i.e.: cars, yes; paper, no).
Now, can you destroy inventory voluntarily and then write it off? Sure. You had something worth $xxx yesterday, and it's worth $0 today. There's a loss and you can show it on your balance sheet and on your taxes.
What you can't do is claim the loss against your insurance. And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company. If you're privately held, though, swing away. Get woke, go broke.
As far as shareholders getting panties in a wad, I can't see it. How many AR's does Dicks have? A couple thousand? At $500 ea. Last year they grossed $8B and cleared $300M. A couple of million of AR's isn't much more than a blip. It's 100% a PR move to hope that the snowflakes will continue buying their The North Face hats there.And if you're publicly traded (Dick's Sporting Goods Inc Common Stock (DKS) Real-Time Stock Quote - NASDAQ.com), you better have your eyes open for a shareholder suit against you for voluntarily destroying an item of value to the company.
As many have stated it’s not just gun sales they are losing. I bought workout gear, sneakers etc. from them.
I bought my 10/22 and 336 lever gun from them a couple years back. I’m in the market now for new gym shoes and sneakers. Guess where I won’t be shopping. Guess where my wife won’t be buying her overpriced workout attire. Plenty of camping gear bought there too.