Trading stock

My client received some goods as a gift. He later used these goods as trading stock when he started his own business as a sole trader. For accounting and taxation purposes, can he allocate a cost to the goods as though he had purchased them at market value or should he show them at nil cost and increase his profits and tax liability?

Comments
There are 40 comments. Login or register to view them.

Quite simple this one.  For

fawltybasil2575 |

Mmm ...

Euan MacLennan |
Euan MacLennan's picture

@Euan

George Attazder |
George Attazder's picture

Oh dear, Euan !  Mr.Attazder

fawltybasil2575 |

On what...

George Attazder |
George Attazder's picture

Contradiction

stepurhan |
stepurhan's picture

@stepurhan.  You have

fawltybasil2575 |

Oh I see!

George Attazder |
George Attazder's picture

   With great respect, Mr.

fawltybasil2575 |

@Basil

BKD |
BKD's picture

@BKD.   I reaffirm my

fawltybasil2575 |

Tosh

BKD |
BKD's picture

 The closing paragraph of BKD

fawltybasil2575 |

So many words ....

BKD |
BKD's picture

@basil

Steve Holloway |
Steve Holloway's picture

The words

George Attazder |
George Attazder's picture

Just like watching the real thing

BKD |
BKD's picture

Dont mention the GAAR. I

Triggle |

I used to enjoy...

George Attazder |
George Attazder's picture

I'm beginning to wonder ...

BKD |
BKD's picture

. . . . . and not one of you

fawltybasil2575 |

.

blok |
blok's picture

Better watch this one Moderator

thomas34 |

One simple request

BKD |
BKD's picture

@Basil

George Attazder |
George Attazder's picture

@Thomas

Euan MacLennan |
Euan MacLennan's picture

Storm in a Teacup

thomas34 |

Pettifogging

George Attazder |
George Attazder's picture

I always wonder about such people on this forum ...

Steve Holloway |
Steve Holloway's picture

Thanks

Stephen M |

@Stephen

BKD |
BKD's picture

Thanks.

fawltybasil2575 |

More words from Basil ....

BKD |
BKD's picture

Now here's an interesting...

George Attazder |
George Attazder's picture

Tautology

fawltybasil2575 |

Typical

BKD |
BKD's picture

@Basil

George Attazder |
George Attazder's picture

The two Ronnies.

fawltybasil2575 |

QED

BKD |
BKD's picture

Thread Closed

Henry Osadzinski |
Henry Osadzinski's picture