Posted by dhermesc on April 04, 2012 at 08:43:23 from (24.248.193.103):
In Reply to: Cash sale posted by LAA on April 04, 2012 at 06:01:36:
Buy the baler and withdraw the exact amount of cash from your bank account and pay the man. You then document the withdrawal ticket as "PURCHASE of BALER" and identify the baler in some manner (and the seller). You can then depreciate or 179 expense the baler for that amount just as you would any other peice of equipment.
If you get audited the IRS may question that specific transaction but simply explain what happened. They know the baler had to come from somewhere (unless they want to try to accuse you of stealing it) and if the price is reasonable it won't be an issue.
If you tried to do the same with all your euipment purchases this will not work, but if its the only one in the course of a year or several years it passes the "reasonable" test.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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