Q:
Subject: Section 179
Can the two shareholders of an s-corporation take a loan to purchase a company vehicle and be able to get the 179 deduction? The lender will not lend to the company but will personally to the 100% shareholders.
Time is of the essence to buy today or tomorrow
Thanks
A:
That is a very similar situation to the one I discussed in one of my earliest vidcasts regarding an LLC.
LLCs and S corps are very similar for tax purposes, so this should help you.
As always, you should be working with an experienced professional tax advisor to make sure you set everything up properly.
Good luck.
Kerry Kerstetter
Tax Guru - Ker$tetter Letter 