S-corp listed property

[jlew1229]

Truck that is listed property on an S-corporation return converted to personal use.  If Section 179 was taken, does the S-corporation need to sell it to the shareholder for FMV and handle it like any other sale of asset.    or because business use fell below 50% I just have to calculate recapture of  depreciation over straight line. 

[rbynaker]

That may depend on what actually happened.  Was personal use by the S Corp owner or another employee?  Was the vehicle retitled in the name of the user?

If retitled, it's treated as a sale at FMV.  If not, I would think the personal use would continue to be included every year in the W-2 of the person using it.

[jlew1229]

He is the sole owner of the S Corp.  He is thinking about closing the business and keeping the truck personally