partnership vehicle expense

[billbrennan]

Partner purchases a heavy duty dump truck in their own name. Because of financing issues they use their own name but the truck is used 100% of the time by the partnership. The state won' re-register the truck without additional sales tax. There is a lien on the truck by the bank. The question is, can we assign this vehicle to the partnership so the partnership can take depreciation and other expenses associated with this truck.

We are filling as a partnership. The partner who owns the truck sole source of income is from the partnership. The truck cost $160,000.

Please help with this .

Bill

[Rapid Robert]

"The question is, can we assign this vehicle to the partnership"

Not sure what you mean by "assign". Isn't this just a contribution of property to the partnership by a partner? Or are you trying to treat it as if the partnership itself purchased the vehicle? Where did the money come from?