Hi, I am new to the forum and have been trying to find an answer to my question for awhile now. I am a sole proprietor who purchased a Ford Explorer back in 1999. It is fully paid for and depreciated. Now, I want to gift it to my son who will be turning 16. I want to take the car off the company books. I plan to use the milage deduction into the future driving my other car. 1) Can I do this and what would be the tax ramifications if any? 2) What are the proper procedures for doing this? Thanks in advance for any help!