Clfp - Class Review Study Guide 200+ Questions And Answers 2023/2024 Graded A+.

CLFP - CLASS REVIEW STUDY GUIDE 200+ QUESTIONS AND ANSWERS 2023/2024 GRADED A+. CLFP - CLASS REVIEW STUDY 2023 1. When should lessor register as foreign corp?: Within a state ... Good - stock of them Services offered Inspection or repair of property Office/employees Negotiated contracts 2. What is dode of Hammurabi?: - 1750 BC - Acknowledges leasing of personal property in his code of laws - First record of leasing law 3. Early examples of true lease?: - Phoenicians shipping experts - charters covered economic life of ships - lessee to assume benefits and obligations of ownership 4. What is Statue of Whales?: - 1284 AD - leasing personal property - 1571 defined who owned the lease property 5. What is Philadelphia Plan?: - 1700's railroads companies only afford tracks - Finance from private investors for locomotives/cars - equipment trusts - precursor of today conditional sale contract 6. When & how did Independent Leasing Start?: - 1900's - Offer short term contracts/leases - lessor retain title - rail cars would be returned at end - beginning of true/operating lease - third party leasing companies 7. What is definition of captive?: - sub of mfg. primary purpose to finance parents product 8. What is the benefit of captive?: - Sales aid - market control - product differentiation - Increase gross margin - Ongoing customer contact 9. Why did lease re surge in 1950's?: - government stimulate economy after WWII - advance in technology in business equipment - IRS 167 10. How does IRS 55-540 define true lease?: P - payment exceed FMV - NOT A - automatic titletransfer - NOT I - interest contained in payment - NOT N - nominal purchase option - NOT