The major advantage of leasing is that ________
A) it enables a company to have access to average or above average facilities and equipment
B) it enables a company to acquire the use of assets with little or no down payment
C) it is cheaper in the long run than purchasing
D) a lease agreement is easier to negotiate than a purchase agreement
E) it is easier to obtain credit on a lease than a purchase
B
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Mr. Wall owned an apartment building with an adjusted cost basis of $220,000 and a fair market value of $330,000. He exchanged the property for an apartment house which had a fair market value of $365,000. Both properties were free and clear and no adjustment was made for the differences in value. For federal income tax purposes, the new property will have a basis for Mr. Wall of:
A: $110,000; B: $145,000; C: $205,000; D: $220,000.
In a secured transaction, the debtor is the secured party
Indicate whether the statement is true or false