Tax Reduction Letter - Section 179 Deduction Lost When Truck Purchase Was a Lease

Article Date:

May 2012

Word Count:

654

Section 179 Deduction Lost When Truck Purchase Was a Lease

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.1

Pertinent Facts

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.

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