Can my corporation buy a boat. - SailNet Community
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post #1 of 7 Old 09-19-2009 Thread Starter
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Can my corporation buy a boat.

Larry Ellison loves to sail and slaps his companies name on the side of his toy and calls it advertizing.

BMW ORACLE Racing=

My company is a "C" corp and we do websites and networking services.

Could I just slap my companies name on the side of the hull call it advertizing and buy the boat from the corporation?

Larry's doing it!!

It is more likely someone would want to buy their website from a fellow sailor than buy a database from some guy with an insane boat.

I talked to an ex ceo of a muli-national and he said the owners of large corporations spend corporate money in the name of advertizing all the time. Like Pilot Pen with tennis for example.
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post #2 of 7 Old 09-19-2009
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A company can spend money whichever way it sees fit. Whether or not you can make expenses tax-deductable is another issue and best answered by your accountant.


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post #3 of 7 Old 09-19-2009
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I once suggested to my son that the corp he runs buy his boat and his wife (my daughter-in-law), who is a corp tax attorney, laughs. I infer the IRS would have a different reaction.
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post #4 of 7 Old 09-19-2009
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I know of several boats in my marina that are 2sd offices. The owners sub-s Corps.


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post #5 of 7 Old 09-19-2009
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Oh Joy was owned by a corporation from '02 until '06 before I bought her.
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Baggett and Sons Marine Restoration
The Landing at Colony Wharf
Bellingham, WA.

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post #6 of 7 Old 09-21-2009
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a few years back the father in law wanted to do the same thing...his CPA told him the two biggest things to draw an audit were boats and airplanes...

make sure you have your stuff together...the IRS can be a pain...and the fines are stiff and due NOW...

check with your CPA, it is certainly not as easy as placing a name and taking deductions...
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post #7 of 7 Old 09-22-2009
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It has to be a legitimate business expense to be deductible. The corporation can own the boat, but your accountant will determine if it can be used to defray your tax liability. If you do end up deducting some or all of the expense, be prepared to have detailed documentation to defend your company if and when the audit occurs.
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