At least inventory costs buying product for resale appear to be treated as cost of goods sold and can be claimed as an offset to income.
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Consulting the income statement shows that MIPS Technologies managed to streamline operations by minimizing cost of goods sold, increasing necessary costs like research and development, and still being able to boost the bottom line.
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Since we have an income tax, not a gross receipts tax, you get to deduct your cost of goods sold, if you are selling illegal drugs.
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