Sylvester owns and operates an unincorporated pizza business that delivers pizza to customers. Three years ago, he

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Sylvester owns and operates an unincorporated pizza business that delivers pizza to customers. Three years ago, he acquired an automobile for $10,000 to provide delivery service. Recently, Sylvester hired an employee who prefers to use his personal automobile to make the deliveries. Thus, Sylvester decided to permit his 18-year old daughter to use the automobile for her personal use. The automobile’s adjusted basis is $3,080 and its FMV is $4,700. What tax issues should Sylvester consider?

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The key issue is whether the transfer of the automobile from business use to personal use constitu...View the full answer

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