I'm the owner, 100% shareholder and the only employee of an S corp. I'm thinking of purchasing this month a new SUV with GVWR > 6k lbs. The vehicle will be put to 90% business use and 10% personal use. Does the title of the vehicle have to be in my company's name in order to get section 179 deduction ($25K) for 2010?
I've been reading up on irs.gov, and nowhere it is said that the title of the vehicle has to be in S Corp's name. A CPA who I consulted told me the vehicle title must in my S corp's name, but I'd like to avoid it if possible. My insurance agent tells me she has quite a few customers who register vehicles as - "John Doe doing business as ABC Corp". I'm guessing her customers must be sole proprietors (and not S corps).
Can anyone please direct me to an IRS publication or article that explicitly mentions (or implies) that a business vehicle must be titled in business name in order to avail section 179 deduction?
I've been reading up on irs.gov, and nowhere it is said that the title of the vehicle has to be in S Corp's name. A CPA who I consulted told me the vehicle title must in my S corp's name, but I'd like to avoid it if possible. My insurance agent tells me she has quite a few customers who register vehicles as - "John Doe doing business as ABC Corp". I'm guessing her customers must be sole proprietors (and not S corps).
Can anyone please direct me to an IRS publication or article that explicitly mentions (or implies) that a business vehicle must be titled in business name in order to avail section 179 deduction?