
Revenue Ruling 55-540 Archives
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Apr26
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Feb 7
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The ultimate tax characterization of a lease lies with the tax courts, which consider all the economic characteristics of the transaction and how they relate to the criteria established by the IRS.
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Feb 6
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The ultimate characterization of a lease as either a tax lease or nontax lease is not based on the tax code, per se. Instead, the criteria the IRS uses come from Revenue Ruling 55-540 (55-540) and Revenue Procedure 2001-28 (formerly Revenue Procedure 75-21).
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Feb 3
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Entitlement to the depreciation is not an issue when the user of the asset also is the owner. In leasing, however, the owner (lessor) is not the user (lessee). This bifurcation of use and ownership has caused the IRS to scrutinize utilization of the tax benefits in lease transactions.
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Feb 2
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Tax ownership is not as clear cut as the lease characterization of FASB 13. When determining ownership, the tax courts have used a mix of Revenue Ruling 55-540, Revenue Ruling 01-28, and prior court cases.
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Revenue Ruling 55-540 Archives
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