sjrcpa
Level 15
07-01-2021
08:50 PM
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Corp disposed of a vehicle for $XXX value. $XXX value went to the shareholder who used it to obtain a personal use asset.
Same result as if vehicle was distributed to shareholder first. Deemed sale at FMV by S Corp. Distribution to shareholder at FMV.
Or same result as if S Corp sold the vehicle for cash. Then distributed cash to shareholder who used it to buy a car for himself.
The more I know the more I don’t know.