Sales tax is an entirely different issue. In the eyes of the IRS buying tractors to part them out is a business venture. Your best bet is to talk to an accountant.
My wife buys and sells antiques and collectibles. She asked our accountant how to value items for inventory for tax purposes. Specifically items from a box lot at auction. He told her to divide the cost of the box lot by the number of items in the box and access each item with that value.
Your accountant may suggest something similar or he may suggest you deduct the total purchase price the year you buy, and just claim income when you sell. There are probably some tax advantages to figuring it as inventory, but the record keeping may not be worth the hassle.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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