I have a client that is in midcap M&A.
He is in the process of closing a transaction for a fee of around $600K.
He met the client about five years ago on Catalina Island off the coast of Southern California. They were both there because they were boat owners, and this fact both impressed the business owner and led to instant camaraderie.
The client firmly believes (as do I) that this transaction (and others) would only have occurred because he had the boat. He uses the boat for entertaining clients, and like it or not, it impresses the potential clients and his spheres of influence that he is successful.
He therefore "earns" money for the Revenue (and country) because of the boat. Surely this would make an excellent case for at least a Section 179 deduction (he is about to buy a new boat)?
If so, should the purchase be made through a corporation?
Any comments (based on experience if possible) would be much appreciated.
Thank you.
He is in the process of closing a transaction for a fee of around $600K.
He met the client about five years ago on Catalina Island off the coast of Southern California. They were both there because they were boat owners, and this fact both impressed the business owner and led to instant camaraderie.
The client firmly believes (as do I) that this transaction (and others) would only have occurred because he had the boat. He uses the boat for entertaining clients, and like it or not, it impresses the potential clients and his spheres of influence that he is successful.
He therefore "earns" money for the Revenue (and country) because of the boat. Surely this would make an excellent case for at least a Section 179 deduction (he is about to buy a new boat)?
If so, should the purchase be made through a corporation?
Any comments (based on experience if possible) would be much appreciated.
Thank you.