Section 3065 – Leases

November 21, 2015

DEFINITIONS

Lease - The conveyance, by a lessor to a lessee, of the right to use a tangible asset, usually for a specified period of time in return for rent.

Operating Lease - A lease in which the lessor does not transfer substantially all the benefits and risks incident to ownership of property.

Capital Lease - A lease that, from the point of view of the lessee, transfers substantially all the benefits and risks incident to ownership of property to the lessee.

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