Values are determined based on the remaining liquor at the end of the month. Each full bottle is valued at its original cost. (Original cost means the amount you paid to purchase the liquor, wine or high-gravity beer.) Partial bottles are measured using percentages to determine how much liquor is left in the bottle. For example, if a bottle of Jack Daniel's has 70 percent of the bottle remaining and its original cost is $20, the inventory value is $14 ($20 x 0.7).
How do I measure and determine my inventory values?
- What if we perform an inventory quarterly or annually rather than on a monthly basis?
- The tax return asks for my beginning and ending inventory for each month. What if the inventory is performed monthly but not on the first and last day of the month?
- What liquors do I include in my inventory values?
- How do I file my price schedule in TNTAP?
- Federal corporate income tax returns are due on October 15 for the 2018 calendar year corporations that file an extension. Can a taxpayer filing a corporate federal tax return obtain a state extension for filing its F&E return through November 15, 2019?