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|00000000| 42 52 47 45 58 4d 30 35 | 30 30 76 30 30 30 32 52 |BRGEXM05|00v0002R|
|00000010| 4f 53 53 20 20 20 20 43 | 68 61 70 74 65 72 20 32 |OSS    C|hapter 2|
|00000020| 36 3a 20 4c 65 61 73 69 | 6e 67 20 20 20 20 20 20 |6: Leasi|ng      |
|00000030| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 00 |        |       .|
|00000040| 00 00 00 4b 00 00 00 00 | 00 00 00 4b 00 72 27 00 |...K....|...K.r'.|
|00000050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 be 00 00 |........|........|
|00000060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000080| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 18 14 00 |........|........|
|000000c0| 00 31 01 00 49 74 20 69 | 73 20 73 6f 6d 65 74 69 |.1..It i|s someti|
|000000d0| 6d 65 73 20 70 6f 73 73 | 69 62 6c 65 20 74 6f 20 |mes poss|ible to |
|000000e0| 69 6e 63 72 65 61 73 65 | 2e 2e 2e 20 01 00 72 00 |increase|... ..r.|
|000000f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000100| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000120| 00 00 00 00 31 02 00 41 | 20 6c 65 61 73 65 20 63 |....1..A| lease c|
|00000130| 6f 6e 74 72 61 63 74 20 | 69 73 20 61 20 6d 65 74 |ontract |is a met|
|00000140| 68 6f 64 20 6f 66 2e 2e | 2e 20 20 20 20 20 20 01 |hod of..|.      .|
|00000150| 00 72 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.r......|........|
|00000160| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000180| 00 00 00 00 00 00 00 31 | 03 00 41 6c 6c 20 65 6c |.......1|..All el|
|00000190| 73 65 20 65 71 75 61 6c | 2c 20 61 73 73 65 74 73 |se equal|, assets|
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|000001c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000001d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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|000001f0| 6f 72 64 69 6e 67 20 74 | 6f 20 49 52 53 20 72 65 |ording t|o IRS re|
|00000200| 67 75 6c 61 74 69 6f 6e | 73 2c 20 74 68 65 2e 2e |gulation|s, the..|
|00000210| 2e 20 20 20 20 01 00 72 | 00 00 00 00 00 00 00 00 |.    ..r|........|
|00000220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000230| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 05 00 |........|.....1..|
|00000250| 41 63 63 6f 72 64 69 6e | 67 20 74 6f 20 49 52 53 |Accordin|g to IRS|
|00000260| 20 72 65 67 75 6c 61 74 | 69 6f 6e 73 2c 20 74 68 | regulat|ions, th|
|00000270| 65 2e 2e 2e 20 20 20 20 | 01 00 72 00 00 00 00 00 |e...    |..r.....|
|00000280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000290| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002b0| 31 06 00 57 68 69 7a 7a | 6f 20 4d 61 6e 75 66 61 |1..Whizz|o Manufa|
|000002c0| 63 74 75 72 69 6e 67 20 | 6e 65 65 64 73 20 61 20 |cturing |needs a |
|000002d0| 6e 65 77 2e 2e 2e 20 20 | 20 20 20 01 00 72 00 00 |new...  |   ..r..|
|000002e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002f0| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000310| 00 00 00 31 07 00 42 6f | 6e 64 6f 20 4d 61 6e 75 |...1..Bo|ndo Manu|
|00000320| 66 61 63 74 75 72 69 6e | 67 20 68 61 73 20 6a 75 |facturin|g has ju|
|00000330| 73 74 20 73 69 67 6e 65 | 64 20 61 2e 2e 2e 01 00 |st signe|d a.....|
|00000340| 72 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |r.......|........|
|00000350| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000370| 00 00 00 00 00 00 31 08 | 00 57 68 65 6e 20 61 20 |......1.|.When a |
|00000380| 6d 61 6e 75 66 61 63 74 | 75 72 65 72 20 6f 66 20 |manufact|urer of |
|00000390| 6a 75 6d 62 6f 20 6a 65 | 74 73 2e 2e 2e 20 20 20 |jumbo je|ts...   |
|000003a0| 20 01 00 72 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..r....|........|
|000003b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000003c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000003d0| 00 00 00 00 00 00 00 00 | 00 31 09 00 54 68 65 20 |........|.1..The |
|000003e0| 61 70 70 72 6f 70 72 69 | 61 74 65 20 64 69 73 63 |appropri|ate disc|
|000003f0| 6f 75 6e 74 20 72 61 74 | 65 20 66 6f 72 2e 2e 2e |ount rat|e for...|
|00000400| 20 20 20 20 01 00 72 00 | 00 00 00 00 00 00 00 00 |    ..r.|........|
|00000410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000420| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000430| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 0a 00 49 |........|....1..I|
|00000440| 6e 20 63 6f 6d 70 75 74 | 69 6e 67 20 74 68 65 20 |n comput|ing the |
|00000450| 4e 50 56 20 6f 66 20 74 | 68 65 20 6c 65 61 73 65 |NPV of t|he lease|
|00000460| 2f 62 75 79 2e 2e 2e 01 | 00 72 00 00 00 00 00 00 |/buy....|.r......|
|00000470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000480| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|000004a0| 0b 00 4c 65 61 73 69 6e | 67 20 6c 69 6b 65 6c 79 |..Leasin|g likely|
|000004b0| 20 77 6f 72 6b 73 20 62 | 65 73 74 20 77 68 65 6e | works b|est when|
|000004c0| 20 6c 65 73 73 65 65 2e | 2e 2e 01 00 72 00 00 00 | lessee.|....r...|
|000004d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004e0| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000500| 00 00 31 0c 00 54 68 65 | 20 64 65 63 69 73 69 6f |..1..The| decisio|
|00000510| 6e 20 74 6f 20 6c 65 61 | 73 65 20 6f 72 20 70 75 |n to lea|se or pu|
|00000520| 72 63 68 61 73 65 20 61 | 6e 2e 2e 2e 20 01 00 72 |rchase a|n... ..r|
|00000530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000540| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000560| 00 00 00 00 00 31 0d 00 | 43 61 6c 76 61 64 61 20 |.....1..|Calvada |
|00000570| 50 72 6f 64 75 63 74 69 | 6f 6e 73 20 73 69 67 6e |Producti|ons sign|
|00000580| 73 20 61 20 6c 65 61 73 | 65 2e 2e 2e 20 20 20 20 |s a leas|e...    |
|00000590| 01 00 72 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..r.....|........|
|000005a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000005b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000005c0| 00 00 00 00 00 00 00 00 | 31 0e 00 41 20 6c 65 73 |........|1..A les|
|000005d0| 73 65 65 20 69 73 20 74 | 68 65 20 6f 77 6e 65 72 |see is t|he owner|
|000005e0| 20 6f 66 20 61 6e 20 61 | 73 73 65 74 20 69 6e 2e | of an a|sset in.|
|000005f0| 2e 2e 20 01 00 72 00 00 | 00 00 00 00 00 00 00 00 |.. ..r..|........|
|00000600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000620| 00 00 00 00 00 00 00 00 | 00 00 00 31 0f 00 41 20 |........|...1..A |
|00000630| 74 61 78 2d 6f 72 69 65 | 6e 74 65 64 20 6c 65 61 |tax-orie|nted lea|
|00000640| 73 65 20 69 73 20 61 20 | 66 69 6e 61 6e 63 69 61 |se is a |financia|
|00000650| 6c 2e 2e 2e 20 20 01 00 | 72 00 00 00 00 00 00 00 |l...  ..|r.......|
|00000660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000670| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 10 |........|......1.|
|00000690| 00 49 66 20 74 68 65 20 | 74 65 72 6d 20 6f 66 20 |.If the |term of |
|000006a0| 74 68 65 20 6c 65 61 73 | 65 20 69 73 20 37 35 2e |the leas|e is 75.|
|000006b0| 2e 2e 20 20 20 20 20 20 | 20 01 00 72 00 00 00 00 |..      | ..r....|
|000006c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006d0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006f0| 00 31 11 00 41 20 6c 65 | 61 73 65 20 69 73 20 6e |.1..A le|ase is n|
|00000700| 6f 74 20 76 61 6c 69 64 | 20 66 72 6f 6d 20 74 68 |ot valid| from th|
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|00000720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000730| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000750| 00 00 00 00 31 12 00 54 | 68 65 20 6e 65 74 20 61 |....1..T|he net a|
|00000760| 64 76 61 6e 74 61 67 65 | 20 74 6f 20 6c 65 61 73 |dvantage| to leas|
|00000770| 69 6e 67 20 69 73 20 74 | 68 65 2e 2e 2e 20 20 01 |ing is t|he...  .|
|00000780| 00 72 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.r......|........|
|00000790| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000007a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000007b0| 00 00 00 00 00 00 00 31 | 13 00 41 20 6c 65 61 73 |.......1|..A leas|
|000007c0| 69 6e 67 20 70 61 72 61 | 64 6f 78 20 69 73 20 74 |ing para|dox is t|
|000007d0| 68 61 74 20 77 68 61 74 | 20 74 68 65 2e 2e 2e 20 |hat what| the... |
|000007e0| 20 20 01 00 72 00 00 00 | 00 00 00 00 00 00 00 00 |  ..r...|........|
|000007f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000810| 00 00 00 00 00 00 00 00 | 00 00 31 14 00 4f 6e 65 |........|..1..One|
|00000820| 20 62 61 64 20 72 65 61 | 73 6f 6e 20 66 6f 72 20 | bad rea|son for |
|00000830| 6c 65 61 73 69 6e 67 20 | 69 73 20 74 68 61 74 20 |leasing |is that |
|00000840| 69 74 2e 2e 2e 01 00 72 | 00 00 00 00 00 00 00 00 |it.....r|........|
|00000850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000860| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 15 00 |........|.....1..|
|00000880| 57 68 69 63 68 20 6f 66 | 20 74 68 65 20 66 6f 6c |Which of| the fol|
|00000890| 6c 6f 77 69 6e 67 20 69 | 73 2f 61 72 65 2e 2e 2e |lowing i|s/are...|
|000008a0| 20 20 20 20 20 20 20 20 | 01 00 72 00 00 00 00 00 |        |..r.....|
|000008b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008c0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008e0| 31 16 00 57 68 69 63 68 | 20 6f 66 20 74 68 65 20 |1..Which| of the |
|000008f0| 66 6f 6c 6c 6f 77 69 6e | 67 20 69 73 20 74 68 65 |followin|g is the|
|00000900| 2e 2e 2e 20 20 20 20 20 | 20 20 20 01 00 72 00 00 |...     |   ..r..|
|00000910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000920| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000940| 00 00 00 31 17 00 41 20 | 66 69 6e 61 6e 63 69 61 |...1..A |financia|
|00000950| 6c 20 6c 65 61 73 65 20 | 69 73 2e 2e 2e 20 20 20 |l lease |is...   |
|00000960| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 01 00 |        |      ..|
|00000970| 72 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |r.......|........|
|00000980| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000009a0| 00 00 00 00 00 00 31 18 | 00 41 6e 20 6f 70 65 72 |......1.|.An oper|
|000009b0| 61 74 69 6e 67 20 6c 65 | 61 73 65 20 69 73 2e 2e |ating le|ase is..|
|000009c0| 2e 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.       |        |
|000009d0| 20 01 00 72 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..r....|........|
|000009e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000009f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a00| 00 00 00 00 00 00 00 00 | 00 31 19 00 41 20 73 61 |........|.1..A sa|
|00000a10| 6c 65 20 61 6e 64 20 6c | 65 61 73 65 20 62 61 63 |le and l|ease bac|
|00000a20| 6b 20 69 73 2e 2e 2e 20 | 20 20 20 20 20 20 20 20 |k is... |        |
|00000a30| 20 20 20 20 01 00 72 00 | 00 00 00 00 00 00 00 00 |    ..r.|........|
|00000a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a50| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a60| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 1a 00 57 |........|....1..W|
|00000a70| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|00000a80| 6f 77 69 6e 67 20 69 73 | 2f 61 72 65 2e 2e 2e 20 |owing is|/are... |
|00000a90| 20 20 20 20 20 20 20 01 | 00 72 00 00 00 00 00 00 |       .|.r......|
|00000aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ab0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00000ad0| 1b 00 57 68 69 63 68 20 | 6f 66 20 74 68 65 20 66 |..Which |of the f|
|00000ae0| 6f 6c 6c 6f 77 69 6e 67 | 20 6d 75 73 74 20 62 65 |ollowing| must be|
|00000af0| 20 6d 65 74 2e 2e 2e 20 | 20 20 01 00 72 00 00 00 | met... |  ..r...|
|00000b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b10| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b30| 00 00 31 1c 00 57 68 69 | 63 68 20 6f 66 20 74 68 |..1..Whi|ch of th|
|00000b40| 65 20 66 6f 6c 6c 6f 77 | 69 6e 67 20 6d 75 73 74 |e follow|ing must|
|00000b50| 20 62 65 20 6d 65 74 2e | 2e 2e 20 20 20 01 00 72 | be met.|..   ..r|
|00000b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b70| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b90| 00 00 00 00 00 31 1d 00 | 41 20 67 6f 6f 64 20 72 |.....1..|A good r|
|00000ba0| 65 61 73 6f 6e 20 66 6f | 72 20 6c 65 61 73 69 6e |eason fo|r leasin|
|00000bb0| 67 20 69 73 2e 2e 2e 20 | 20 20 20 20 20 20 20 20 |g is... |        |
|00000bc0| 01 00 72 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..r.....|........|
|00000bd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00000be0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000bf0| 00 00 00 00 00 00 00 00 | 31 1e 00 57 68 69 63 68 |........|1..Which|
|00000c00| 20 6f 66 20 74 68 65 20 | 66 6f 6c 6c 6f 77 69 6e | of the |followin|
|00000c10| 67 20 64 65 73 63 72 69 | 62 65 20 61 6e 2e 2e 2e |g descri|be an...|
|00000c20| 20 20 20 01 00 72 00 00 | 00 00 00 00 00 00 00 00 |   ..r..|........|
|00000c30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000c40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000c50| 00 00 00 00 00 00 00 00 | 00 00 00 31 1f 00 47 6f |........|...1..Go|
|00000c60| 6f 64 20 72 65 61 73 6f | 6e 73 20 66 6f 72 20 6c |od reaso|ns for l|
|00000c70| 65 61 73 69 6e 67 20 69 | 6e 63 6c 75 64 65 20 61 |easing i|nclude a|
|00000c80| 6c 6c 2e 2e 2e 20 01 00 | 72 00 00 00 00 00 00 00 |ll... ..|r.......|
|00000c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ca0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 20 |........|......1 |
|00000cc0| 00 54 68 65 20 72 69 73 | 6b 69 6e 65 73 73 20 6f |.The ris|kiness o|
|00000cd0| 66 20 6c 65 61 73 65 20 | 63 61 73 68 20 66 6c 6f |f lease |cash flo|
|00000ce0| 77 73 20 61 72 65 2e 2e | 2e 01 00 72 00 00 00 00 |ws are..|...r....|
|00000cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d00| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d20| 00 31 21 00 57 68 69 63 | 68 20 6f 66 20 74 68 65 |.1!.Whic|h of the|
|00000d30| 20 66 6f 6c 6c 6f 77 69 | 6e 67 20 69 73 20 4e 4f | followi|ng is NO|
|00000d40| 54 2e 2e 2e 20 20 20 20 | 20 20 20 20 01 00 72 00 |T...    |    ..r.|
|00000d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d60| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d80| 00 00 00 00 31 22 00 41 | 63 63 6f 72 64 69 6e 67 |....1".A|ccording|
|00000d90| 20 74 6f 20 74 68 65 20 | 74 65 78 74 2c 20 74 68 | to the |text, th|
|00000da0| 65 20 6d 6f 73 74 2e 2e | 2e 20 20 20 20 20 20 01 |e most..|.      .|
|00000db0| 00 72 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.r......|........|
|00000dc0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000de0| 00 00 00 00 00 00 00 31 | 23 00 41 20 6c 65 61 73 |.......1|#.A leas|
|00000df0| 65 20 69 6e 20 77 68 69 | 63 68 20 74 68 65 20 6c |e in whi|ch the l|
|00000e00| 65 73 73 6f 72 20 62 6f | 72 72 6f 77 73 20 61 2e |essor bo|rrows a.|
|00000e10| 2e 2e 01 00 72 00 00 00 | 00 00 00 00 00 00 00 00 |....r...|........|
|00000e20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e40| 00 00 00 00 00 00 00 00 | 00 00 31 24 00 41 20 6c |........|..1$.A l|
|00000e50| 65 61 73 65 20 69 6e 20 | 77 68 69 63 68 20 74 68 |ease in |which th|
|00000e60| 65 20 6c 65 73 73 6f 72 | 20 69 73 20 74 68 65 2e |e lessor| is the.|
|00000e70| 2e 2e 20 20 20 01 00 72 | 00 00 00 00 00 00 00 00 |..   ..r|........|
|00000e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e90| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 25 00 |........|.....1%.|
|00000eb0| 41 6e 20 61 72 72 61 6e | 67 65 6d 65 6e 74 20 69 |An arran|gement i|
|00000ec0| 6e 20 77 68 69 63 68 20 | 74 68 65 20 6c 65 73 73 |n which |the less|
|00000ed0| 65 65 2e 2e 2e 20 20 20 | 01 00 72 00 00 00 00 00 |ee...   |..r.....|
|00000ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ef0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f10| 31 26 00 41 73 73 75 6d | 65 20 74 68 65 20 6c 65 |1&.Assum|e the le|
|00000f20| 73 73 6f 72 20 62 6f 72 | 72 6f 77 73 20 74 6f 20 |ssor bor|rows to |
|00000f30| 70 75 72 63 68 61 73 65 | 2e 2e 2e 01 00 72 00 00 |purchase|.....r..|
|00000f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f50| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f70| 00 00 00 31 27 00 41 73 | 73 75 6d 65 20 74 68 65 |...1'.As|sume the|
|00000f80| 20 6c 65 73 73 6f 72 20 | 62 6f 72 72 6f 77 73 20 | lessor |borrows |
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|000028b0| 74 68 65 20 74 61 78 20 | 73 68 69 65 6c 64 73 20 |the tax |shields |
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|000028d0| 61 6e 20 61 73 73 65 74 | 20 62 79 20 6c 65 61 73 |an asset| by leas|
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|00002950| 44 46 20 54 68 69 73 20 | 69 73 20 74 72 75 65 20 |DF This |is true |
|00002960| 61 74 20 6c 65 61 73 74 | 20 69 6e 20 70 61 72 74 |at least| in part|
|00002970| 20 62 65 63 61 75 73 65 | 20 74 68 65 20 6c 65 61 | because| the lea|
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|00002990| 74 61 78 20 64 65 64 75 | 63 74 69 62 6c 65 2e 20 |tax dedu|ctible. |
|000029a0| 52 65 76 69 65 77 20 73 | 65 63 74 69 6f 6e 20 32 |Review s|ection 2|
|000029b0| 36 2e 31 2e 20 7d 00 00 | 00 00 00 00 00 00 01 00 |6.1. }..|........|
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|00002a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|00002a40| 00 39 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.9......|........|
|00002a50| 00 00 00 00 00 00 00 01 | 00 02 00 14 00 7b 5c 66 |........|.....{\f|
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|00002aa0| 69 6e 67 20 75 6e 63 65 | 72 74 61 69 6e 74 79 20 |ing unce|rtainty |
|00002ab0| 61 62 6f 75 74 20 66 75 | 74 75 72 65 20 6d 61 72 |about fu|ture mar|
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|00002b10| 00 00 2b 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |..+.{\fo|nttbl{\f|
|00002b20| 30 7d 7b 5c 66 31 7d 7d | 7b 5c 44 46 20 59 6f 75 |0}{\f1}}|{\DF You|
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|00002b40| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
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|00002b60| 73 20 74 72 75 65 20 73 | 69 6e 63 65 20 74 68 65 |s true s|ince the|
|00002b70| 20 61 73 73 65 74 20 74 | 72 61 6e 73 66 65 72 73 | asset t|ransfers|
|00002b80| 20 74 6f 20 74 68 65 20 | 6c 65 73 73 6f 72 20 61 | to the |lessor a|
|00002b90| 74 20 74 68 65 20 65 78 | 70 69 72 61 74 69 6f 6e |t the ex|piration|
|00002ba0| 20 6f 66 20 74 68 65 20 | 6c 65 61 73 65 2e 20 52 | of the |lease. R|
|00002bb0| 65 76 69 65 77 20 73 65 | 63 74 69 6f 6e 20 32 36 |eview se|ction 26|
|00002bc0| 2e 37 2e 20 7d 00 00 00 | 00 00 00 00 00 01 00 00 |.7. }...|........|
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|00002c80| 00 00 94 00 7b 20 41 6c | 6c 20 65 6c 73 65 20 65 |....{ Al|l else e|
|00002c90| 71 75 61 6c 2c 20 61 73 | 73 65 74 73 20 77 69 74 |qual, as|sets wit|
|00002ca0| 68 20 63 65 72 74 61 69 | 6e 20 66 75 74 75 72 65 |h certai|n future|
|00002cb0| 20 6d 61 72 6b 65 74 20 | 76 61 6c 75 65 73 20 61 | market |values a|
|00002cc0| 72 65 20 6d 6f 72 65 20 | 6c 69 6b 65 6c 79 20 63 |re more |likely c|
|00002cd0| 61 6e 64 69 64 61 74 65 | 73 20 66 6f 72 20 6c 65 |andidate|s for le|
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|00002cf0| 73 20 77 69 74 68 20 75 | 6e 63 65 72 74 61 69 6e |s with u|ncertain|
|00002d00| 20 66 75 74 75 72 65 20 | 6d 61 72 6b 65 74 20 76 | future |market v|
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|00002d20| 20 7d 09 00 7b 20 46 61 | 6c 73 65 20 7d 00 00 00 | }..{ Fa|lse }...|
|00002d30| 00 00 00 9a 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
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|00002d70| 73 20 77 69 74 68 20 75 | 6e 63 65 72 74 61 69 6e |s with u|ncertain|
|00002d80| 20 66 75 74 75 72 65 20 | 6d 61 72 6b 65 74 20 76 | future |market v|
|00002d90| 61 6c 75 65 73 20 61 72 | 65 20 62 65 74 74 65 72 |alues ar|e better|
|00002da0| 20 63 61 6e 64 69 64 61 | 74 65 73 20 66 6f 72 20 | candida|tes for |
|00002db0| 6c 65 61 73 69 6e 67 2e | 20 52 65 76 69 65 77 20 |leasing.| Review |
|00002dc0| 73 65 63 74 69 6f 6e 20 | 32 36 2e 37 2e 20 7d 2b |section |26.7. }+|
|00002dd0| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00002de0| 5c 66 31 7d 7d 7b 5c 44 | 46 20 59 6f 75 20 61 72 |\f1}}{\D|F You ar|
|00002df0| 65 20 63 6f 72 72 65 63 | 74 21 20 7d 00 00 00 00 |e correc|t! }....|
|00002e00| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
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|00002e70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e80| 00 00 00 00 33 01 00 39 | 00 00 00 00 00 00 00 00 |....3..9|........|
|00002e90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 02 00 02 |........|........|
|00002ea0| 00 14 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |...{\fon|ttbl{\f0|
|00002eb0| 7d 7b 5c 66 31 7d 7d 00 | 00 a8 00 7b 20 41 63 63 |}{\f1}}.|...{ Acc|
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