S Corp. can deduct cost of private jet use.

The Tax AdviserVol. 35 Nbr. 4, April 2004

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S Corp. can deduct cost of private jet use.

A recent Chief Counsel Advice (CCA), 200344008, provided a very favorable outcome for S corporations that own aircraft used personally by shareholders and employees. For years, the IRS argued that the personal use of a company-owned asset limited the employer's deduction to the amount included in the em...

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