Son looking to sell car. Can I purchase it through my business?

[marielyons]

Our current business vehicle is on its last leg. Can I purchase my son's car through the business, as he is looking to sell his? How will this be expensed in my LLC? Does the purchase amount I buy for matter?

[Critter]

The business can buy a car from anyone and it is handled exactly the same as any other transaction ... just make sure you use the actual amount paid for the basis of the asset.