George -
Thank-you for your detailed response regarding IRS forms and documentation for a sale. Now, what about for "gifting" a company's property asset to an individual? The car was purchased used in December 2021. So, the amount of depreciated value from the original sales price should be negligible. But, we paid more for it than FMV (Blue Book), due to its excellent condition and Covid-related price increase. (Good used lower-priced vehicles are scarce in this city, since the pandemic. And as a result, you pay a premium for them.) Can my company still depreciate the full purchase price of the asset on my 2021 taxes? If so, how do I document that and what forms do I use? And, if I can't take the full purchase price as a deduction, how can I account for the loss of value?
