Okay to wait thank u
Thank you for your detailed answer. If one was to purchase this ultra luxury vehicle but either:
A) Sell the vehicle for a profit (for the company) and not drive it.
B) Purchase but payback the entire amount of the vehicle.
Would that still be not okay?
Can a company not purchase an ultra luxury vehicle of that sort unless it is strictly a rental or dealership of some sort?
It sounds like the only okay way is to purchase it personally but what if you use the car for advertising purposes such as company logo painted on car and meeting with potential vendors/clients?
Please clarify. Thank you for your help.
Thank you and obviously I am seeking your wisdom as the tax professional as I am unclear for these delicate matters :D haha. Now, as long as one does not try to write an inappropriate amount of it off on the company. If the owner of the company did do that and evidenced this "loan" with written paperwork and repayment schedule then no one should have a problem with it yes? And this "loan" how would you calculate the interest? Finding the best avg rate for the type in the area? Your help is much appreciated and thank you so much already :)
Could you please provide me with a detailed checklist of setting up such a loan or what it would need (supporting documents included). So that I could have a professional setup but also be able to verify if they had setup properly without missing key factors to watch out for? I plan on rating your service as excellent and will bookmark you for future questions. Thank you my friend and have a wonderful rest of your day!