Tax Reduction Letter - Reimburse S Corporation Owner for Section 179 Deduction

Article Date:

April 2007

Word Count:

339

Reimburse S Corporation Owner for Section 179 Deduction

I bought a used SUV. My business cost is $23,000 based on my mileage log. I own the SUV personally and I want the corporation to claim section 179 expensing on it. How do I make this work since I, as an individual owning the vehicle, am a different taxable entity from my corporation? (D.M., Latham, NY)

IRS regulation 1.62-2(d)(1) authorizes your corporation to reimburse you for your employee expenses. The regulation identifies expenses appropriate for reimbursement ... Log in to view full article.

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