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Subject: Re: [worldcruising] yacht incorporation
From: Chuck Morford (chuckmorford@XXX.XXX)
Date: Wed Sep 18 2002 - 14:07:02 EDT
I'm no expert, but as a former S-Corp CEO I can
tell you that if your "Corporation" doesn't show
a profit after a couple of years (3 or 5 or
something like that) the IRS will rule that your
Corporation is a "Hobby" rather than a business
and you'll lose your corporation status...
Chuck - My actual title was "El Queso Grande", in
our corporate filings...
--- jt_lotus <jt_lotus@XXX.XXX> wrote:
> Has anyone on this thread researched the
> incorporation of a yacht.
> Looking at the incorporation web sites it looks
> like a fairly good
> deal, but as with most things I suspect there
> is some catch that is
> not obvious.
>
> Porported advantages:
> No sales tax at purchase.
> No sales tax when selling, (since you are
> selling 100% of the shares
> not the boat which is just an asset of the
> corporation.)
> Provides limited exposure to owner.
>
> Questions or possible hitches:
> IRS view of use of this corporate asset?
> Insurance concerns or added costs?
> How are the assets added to the corporation
> (Maintenance, etc.)
>
> Who would have the definitive answer and where
> would one find this
> person?
> Jim T
>
>
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