Tax Guru – Ker$tetter Letter

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Corp Assets

Posted by taxguru on March 3, 2007

Q:

Subject: S-Corp Timeshare purchase
 
I have a client who’s S-corp (family owned) purchased a timeshare for use as the location for the Corporate Annual meeting.  Would the S-corp be able to depreciate this assets…if so what type of Asset would this property be termed as?

A:

 I have seen a lot of small corps buy timeshares for purposes of their annual meetings. 

I have depreciated them over the standard 39 years for commercial real estate and expensed the annual maintenance fees.

Kerry Kerstetter

 

 

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