A bill to amend section 168 of the Internal Revenue Code of 1954 to require economic substance in lease transactions under the accelerated cost recovery system.

Summary

Amends the Internal Revenue Code to revise requirements for sale and leaseback arrangements for purposes of the accelerated cost recovery system. Requires that the guidelines of specified Revenue Procedures relating to minimum investment, purchase options, lessee investments and loans, profit and cash flow requirements, and limited use property be followed in all lease transactions. Requires that a lessor have a minimum 20 percent unconditional at risk investment in the leased property (currently, ten percent).

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1 official file

• Introduced in House

  summary · EN · 24 May 1982

  Open at official source

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