The corp did pay for the vehicles.
I was hoping to amend 1120S taking vehicle and related depn/sec 179 deduction off of that return (and interest)
Then amend personal return to reflect the assets removed above-with either the payments made on the loan as lease income or alternatively distribution to the shareholder.The vehicles were titled the way they are due to loan constraints.
Where would the ordinary income recapture come in? That would be on eventual sale wouldn't it? The vehicles are used and continue to be used in the business and will probably be traded in so like kind exchange treatment will be more than likely.
I was hoping to amend 1120S taking vehicle and related depn/sec 179 deduction off of that return (and interest)
Then amend personal return to reflect the assets removed above-with either the payments made on the loan as lease income or alternatively distribution to the shareholder.The vehicles were titled the way they are due to loan constraints.
Where would the ordinary income recapture come in? That would be on eventual sale wouldn't it? The vehicles are used and continue to be used in the business and will probably be traded in so like kind exchange treatment will be more than likely.
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