If a lease is extended for a length of time that is equal to the entire useful life - 3015

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  • Posted on: Thu 22 Mar, 2012
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Request Description

If a lease is extended for a length of time that is equal to the entire useful life of the equipment, the lease:

          a.   is referred to as an operating lease.

          b.   carries no income tax deduction.

          c.   is a financial lease.

          d.   will be terminated by theIRS.

Solution Description

If a lease is extended for a length of time that is equal to the entire useful life of the equipment, the leas