"Ed Huntress" wrote in message
...
You don't have your shop-made equipment on your books?? How do you report
your assets when you go for a loan? Don't you have business property taxes
in Ohio? Tom, Tom...have you undervalued your assets? g


My accountant states that I can't take $2k in steel and $2k in parts and $5k
in labor and capitalize it as a $50k machine...which is what it would cost
to buy it or have it built. We write it off as shop expense, perfectly
legal. As far as assets for loans, the building and property, paid for,
more than cover any loans we would want.