Quote:
Originally posted by Jim Cesiro
I have to sell the truck to me. Thats right I have to sell it from my company to me and pay taxes on the sale. Sonce I am responsible for my income tax and my business income tax I am thinking I should be able to sell the truck for $1. I am making sure.
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Jim,
This is off the topic, but I did this same deal about 5 years ago and I had to justify fair market value and effect the sale at that price. Hopefully your CPA feels differently than mine did.