Do I need to file a form 720 or 637?
I am purchasing a small manufacturing company that has been out of business for a few years. We will start out making a tool that will assist in tying a hook or fly on to the line. This tool is not directly or indirectly aiding in the catching of a fish such as a fishing pole, line or hook/lure is. I’ve looked on the IRS guidelines lines & can not find any information that would make me think our product is taxable. Our product is one of a kind so it won’t be specifically listed but it doesn’t fit in the general realm of any of the listed “stuff” that is taxed. I just don’t want to get this thing up to full speed just to be fined by the IRS. Any help, council, direction to an answer would be great! Thank you for any help you can throw my way!!