As part of the purchase price, Mr. Seidel traded a 1962 Chevrolet Impala on which he was allowed $1, 550.85. ... he did not claim a deduction for depreciation in connection with the business use of the Toronado on his retums for 1965, 1966 , or 1967. ... On its 1968 return, the corporation treated the Toronado as having an adjusted basis of $2, 000 when it was traded on ... or custom having the effect of a plan) providing for the payment of amounts to the employee in the event of personalanbsp;...
|Title||:||Professional Corporations Handbook|
|Author||:||Commerce Clearing House|