My issue is buying a $6 million dollar home under the pretense it’s for business purposes (which she said it was) but then using it for private personal parties. (Which she has)
Isn’t there a tax consequence there? Where your business asset is used as a private asset?
Tax consequence?
Yes, you are supposed to reimburse the corporation for the use of the asset.
It is one thing for an employee to use a work copier to print out their Robinhood statement. Not smart, but people do it all the time, and most companies have rules in place for such reimbursement.
But if the principal of a corporation was to use an asset (like a plane ...) for personal use, the use of the asset should be paid for in advance. In most cases there should be a resolution by the board that approves the use of a major asset, ahead of time, to keep it clean.
But there will be no discussion of consequences in this case. (D) and black.