finance lease

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Last updated 11:46 PM on 4/24/26
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5 Terms

1
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transfer of ownership test

lease transfers ownership to leasee

2
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purchase option test

leasee can purchase at lower rate

3
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lease term test

lease term is 75% of asset useful life

4
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present value test

payments make up at least 90% of assets value

5
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alternative use test

asset has no alternative use