What’s truly ugly?
A tax surprise!
Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck.
In walked the IRS, and it denied the Section 179 deduction because it believed that Boyce leased the truck from Dan Wiebold Ford Inc.
Boyce disagreed and took his case to court. 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.
Good-bye, $28,749 tax deduction.
The contract between Boyce and Dan Wiebold Ford Inc. was titled “Motor Vehicle Lease ... Log in to view full article.