Yes, the LLC is taxed as an S-Corp and a form 1120-S was filed for the tax years since 2010.
I say that the vehicle was depreciated because the CPA who did the tax at that time depreciated the full amount of the vehicle purchase in the year the vehicle was bought and made available for the 100% use of the LLC in work/revenue generating activities. I did not receive any reimbursement from the LLC for the vehicle and the allowed expenses for the vehicle were deducted for the tax year as allowed by the IRS.
Now, that's the way I understand it. Keep in mind I am not a tax professional, but I believe that the CPA depreciated the vehicle under the mistaken assumption that it was titled in the LLC name and the note was also and it was therefore a business asset. The title, note and registration were all in my name and (I think) it would have been impossible for me to legally sell the vehicle as a private individual if the title was not in my name.
Sorry to be so long winded but does this answer your question?
Mudbug
