Can the corporate assets, such as the office and company cars, potentially be used inappropriately for personal benefit? The closely held business is located in Pennsylvania. The corporation also owns company cars, one being a fully loaded pick-up truck and the other a Kia Soul. The wife owns a Maserati sport car for her personal use. Please use primary sources to support your findings. (IRC, IRM, Treasury Regualations, PA state code, Published journals, etc are acceptable)

Answer rating: 100% (QA)

Corporate assets such as offices and vehicles can indeed be utilized improperly for personal benefit ... View the full answer