Arthur E. Boyce claimed a Section 179 deduction for the cost of his new truck.
The IRS denied the Section 179 deduction because it believed that Mr. Boyce leased the truck from Dan Wiebold Ford Inc.
The court ruled for the IRS, declaring that the arrangement with Dan Wiebold Ford Inc. was a lease and not a purchase of the truck.
Mr. Boyce claimed a $28,749 Section 179 deduction for his business use of the truck.
The contract between Mr. Boyce and Dan ... Log in to view full article.