I have a client that would prefer to rent his personal tools to the corporation versus transferring them into the corporation.
I explained if he choose to do this he would create rental income for himself personally and suggested he talk to a tax accountant.
Please help me understand what the benefit would be structuring the assets this way?
I am also looking for help to record this type of transaction.
What would he be required to provide to me to enter this transaction into the books properly, and what would the bookkeeping entry be?
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