Truck & Expenses

[Bird Legs]

Client, sole owner, stockholder of C Corp. engaged in construction. Has several
projects & crews going simultaneously. Bought a new truck in his personal name,
financed the entire purchase price, 0 interest rate, in his personal name. He
is making payments on the truck through the company. The truck is used
about 90% business.
How would this be handled on the corporate books? Truck cost about $40,000.
Thanks for all the help.

[veritas]

I have used a lease back to the corporation. When in audit the agent asked why I handled it this way my respose was the ineterst rate was better.

No section 179 though.