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Business & farm
I have another S corp that is using the vehicle for business purposes. I suppose if I sold it from one to the other, I'd have to declare the income from the sale on one and depreciate the purchase on the other. But what if the vehicle was rented to the other company and that income was declared by the one and expensed by the other. That seems like it would have a lesser tax consequence, or at least defer the tax to a later date.
‎July 19, 2022
11:24 AM