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 - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
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