If one transfers inventory from a sole prop (sched C) to an LLC, how will you close out the inventory on the sched C's closing inventory?
Example: Apr 2020, sole prop closes shop and gives 10k inv to LLC.
From my understanding one would put "inv removed for personal use" on 1040 Sched C to not overstate COGS and 0ing out inv. But where exactly do I put that? Do I simply write it out on a certain line? Or is there a box to check?