No, Section 179 may only be claimed for the same year as when the asset was placed in service.
If you took a loan on the vehicle, the vehicle would still be entered as an asset with the full cost as it's basis. So the basis would be the trade-in you got for the leased vehicle (if any) as well as any cash paid and the loan amount. The vehicle will be depreciated over five years unless you decide to claim Standard Mileage.
The interest on the loan payments would be an expenses for the business. Only the interest paid is claimed, not the principal.
You could amend the 1120-S for 2023 and claim the Section 179 Deduction, but then the shareholders might also need to amend their personal 2023 returns.
Section 179
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
