The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Sub Chapter S Corp & DOG food deductions?||Date: 5/18/2001 5:36 PM|
|Author: ripwest||Number: 51076 of 121478|
A "friend" boasted about how smart he is, being 100% owner of a sub
chapter S corp. He bragged about how even his dog food expense
(obviously personal) is charged on his corporate American express card.
Ah, now I see where you're coming from. The answer is simple. He is
charging everything on the corporate credit card, and deducting it as
though they were legitimate corporate expenses. This, of course, is misguided at best, and probably amounts to tax fraud, since he is bragging about it.
So, in answer to the rest of your question, it would not appear as a
loan, since it is being treated as a legitimate corporate expense.
If this doesn't clear it up, come on back.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|