Quote:
Originally Posted by Azathoth
It would depend on the type of lease.
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No.
Lease- "An agreement under which owner fives up
possession and use of his property for valuable consideration and for definate term and at the
end of the term owner has absolute right to retake, control and use property. When used with referse to tangible personal property, word "lease" means a contratct by whicn one owning such property grants to another the right to
possess, use and enjoy it for a specifed period of time in exhange for periodic payment of a stipulated price, referred to as rent."
Black's Law Dictionary 6th ed. pg 889.
If title transfers during the pendency it is not a lease. If it is a lease to own, the lease ends when title transfers.
As an accountant you should be aware of the distinction.
Ld