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Jim makes some good points. If you're planning on doing this, a firm that
has done this before and had worked with the state revenue department to
ensure that the company structure was to state's liking is a necessity.
Although you do get revenue from the fair market lease/charter rate, many
boats do tend to come with enough expense to offset this income throughout
the year. Moorage, paint, insurance, fuel and maintenance add up pretty
quickly.
Also, in states with sales tax, the lessee is also liable for sales tax on
the lease. However, if your goal is to defer sales tax resulting from the
purchase of the boat, corporate ownership can have it's advantages. It can
be done in a totally legal, tax friendly way.
-mike
