There are taxes on business inventory?
So then, a company buys products for resale or use in their business, and are taxed on it, when the products have not been sold or used?
Yes, not all states have it but many do.
Businesses are taxed on unsold inventory one or more times a year.
It’s one reason “Just in Time” became so popular.
Yep. Even on companies that produce a product are taxed on the parts they use to build them.