CLFP
Chamberlain School Of Nursing
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Exam (elaborations)
CLFP EXAM - Classification & Terminology in Leasing
Helps avoid tax abuse by defining what is not a lease for tax purposes. 
What is significant about IRS Revenue Ruling 55-540? 
Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a 
lease for tax purposes? 
1). Any portion of the periodic payment is equity, 
2.) lessee automatically acquires title upon making scheduled payments 
3.) the total amount, which a lessee is required to be paid is an inordinately large portion of the total 
sum to buy the ...