I just want to offer a defense of the late great Lloyd Walker and his turntable..An excellent product that met with widespread success and acclaim. The notion that he essentially bribed JV with the gift of a long term loan has no basis in fact.
If the late great Lloyd Walker considered the cost of providing JV a turntable an ordinary and necessary business expense, then he expected or got something in return. And JV has or had a taxable event.
If he considered the turntable a gift to JV then his costs over $25 are non-deductible because they are not ordinary and necessary business expenses. JV would not have a taxable event since it was a gift.