The accountant will typically not capitalize the assets under construction until all of the costs associated with the assets are known. In the interim period, the accountant will typically maintain the costs of the assets in a CIP account. The total of this account represents investment in tangible personal property, and is to be listed with the other capital assets of the business during the listing period. List in detail. Attach an additional list, if necessary.
All businesses have supplies.
These include normal business operating supplies. Schedule C lists some of the various types of supplies but is not limited to these mentioned. Remember, the temporary absence of property on January 1 does not mean it should not be listed if that property is normally present. Supplies that are immediately consumed in the manufacturing process or that become a part of the property being sold, such as packaging materials, or raw materials, for a manufacturer, do not have to be listed. Even though inventory is exempt, supplies are not.