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Won BMW in Business Contest - Help w/Tax Issues (archive)

[ Follow Ups ] [ 5-series (E34) Message Board ] [ Msg. Board FAQ ]

Posted by (kinda long) - Theo on November 22, 2000 at 22:30:19:

OK, we gotta have some CPAs & Tax Accountants out there!

It looks like I've won a 1-year lease on a BMW as an incentive award from my company. They are trying to figure out how they will actually deliver this, however. There seems to be two schools of thought:

1) Figure out how much the lease/tax/title/insurance will cost and award a lump sum to cover this, or

2) lease the car to the company, have the company cover the tax/title/insurance and consider it as an award of a ccompany car for a year.

I am interested in the corporate/personal tax implications of these two options. Will one minimize the tax consequences to both me and the compay? I'm fairly sure that the second option is better for me since I may only be liable for the tax on the portion of the car driven for personal use. What would be the best option for the company? Are ther alternative options that present morte of a "win-win" situation.

Any information would be appreciated.

Thanks,

Theo

88 528e
89 525i
89 Retriever, Golden
and, maybe:
01 Z3 3.0


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