It incredible that it's cheaper to shred them than to sell them even for a few bucks. The initial cost must be pennies.
It incredible that it's cheaper to shred them than to sell them even for a few bucks. The initial cost must be pennies.
There are soooo many stupid/broken tax loop holes and reasons why they do this.
The extremely short/simple version is. They get to call it destroyed stock and claim it as a loss. The result is that they can claim they made little to no profit to cut their tax liabilities.
This is also done with "high end" brands like Gucci. At the end of the year, any stock that did not sell is destroyed so it is not sold at a discount which would lower their brands overall worth. It also is used as a huge tax writeoff.
There are soooo many stupid/broken tax loop holes and reasons why they do this.
The extremely short/simple version is. They get to call it destroyed stock and claim it as a loss. The result is that they can claim they made little to no profit to cut their tax liabilities.
This is also done with "high end" brands like Gucci. At the end of the year, any stock that did not sell is destroyed so it is not sold at a discount which would lower their brands overall worth. It also is used as a huge tax writeoff.
Almost-but-not-quite cheating the system. Yay.
Almost-but-not-quite cheating the system. Yay.
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