Tuesday, April 15, 2008

How To Write Off Defective Imports

Anne Fisher -- who I have known for years and is one of my favorite senior writers at Fortune and Fortune Small Business magazines -- tackles a tough import question:
My scientific-supply firm imports many of its products from China. Upon checking my last shipment, I saw that about half of the goods had defects. I'm trying to make the vendor replace them or refund my money, but in the meantime, how do I document the goods' disposal to satisfy the IRS?
And we were happy to help with the answer.

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