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In one clear violation, a store was held liable for sales tax on weed killer sold to a mortuary.
Inventory is defined as property that is held for sale to customers in the ordinary course of business and its sale in the ordinary course of business produces business income under the transactional test.
Inventories and material that become part of goods for sale should qualify for resale exemptions.
12) Accordingly, when, in the regular course of business, the taxpayer offers inventory for sale at prices lower than "market," the inventory may be valued at the offered price less direct costs of disposition.
In addition, the Music & Arts division operates 81 stores specializing in band instruments for sale and rental, serving thousands of teachers, band directors, college professors and students.