n2n
Level 1

My client owns 2 businesses. One a c Corp and the other a llc partnership. He used the business credit of the c Corp to purchase a vehicle for the LLC. So the vehicle is in the c Corp name, and my client's name, both are responsible for the vehicle loan.The LLC uses the vehicle 100% no personal us of vehicle (truck). The c Corp doesn't use the vehicle. The LLC pays the loan and vehicle repairs and maintenance. Does the c Corp get the depreciation? since the vehicle is in its name and the LLC recorded the actual expenses paid and not the depreciation? Or does the c Corp not report and depreciation?

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