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CLFP - Chapter 3 - Financial & Tax Accounting Exam questions and answers Graded A+

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CLFP - Chapter 3 - Financial & Tax Accounting Exam questions and answers Graded A+ TAX LENS - "Tax Lease" or "Conditional Sales Contract"? Revenue Ruling 55-540 Revenue Procedure 2001-28 Revenue Ruling 55-540 (TAX LENS) - 1955 It was intended to define a true lease for tax purposes but it actually defined what is NOT a lease. It defined a contract for sale. Revenue Ruling 55-540 (TAX LENS) - NOT a lease identifier's The ruling identifies several factors that may indicate a transaction is not a lease: - Title Automatically Transfers to the lessee at the end of the term - The lessee is required to purchase the property - The total payments approximate the purchase price of the property - The lease has a bargain purchase option (e.g., purchase fo

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