S-Corp sold '98 car to S/H,is there any gain to recaptured?
The car was bought in 1998 and is fully depreciated. The cost was $18,729 and have taken $2,341 of section 179 depreciation and rest of $16,388 depreciation by the method of MACRS 200BD MQ. The Kelly Blue Book Value was $1200 but the car needs at least $700(conservatively) worth of repairs with various leaks, hence the S/H bought it for $500 since the business is slowing down drastically.
S-Corp sold '98 car to S/H,is there any gain to recaptured? 
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