my client has three equal partners. Each partner uses a truck, one truck is owned by a partner's dad and uses the truck for the business, another partner uses a company owned truck, and the third partner uses his truck which he paid for and has an installment note payable each month.
The partner with the installment note wants to sell the truck to the s corporation and have the s corp payout his equity and take over the installment note.
I am trying to figure out the best way to do this, a way that is fair to the other partners, a way that does not create income to the partner conveying the truck?