The IRS Has General Rules Pertaining to the Tax Status

question 40

Essay

The IRS has general rules pertaining to the tax status of true leases which allow the annual lease payments to be tax deductible.What are those rules?

---

Definitions:

Types Of Accounts

Types of accounts refer to the various categories under which financial transactions are recorded in accounting, including assets, liabilities, equity, revenue, and expenses.

Normal Balance

The side (debit or credit) of an account that is expected to have a greater value, based on the accounting equation.

Onscreen Forms

Digital or virtual forms displayed on a computer or other digital device's screen, allowing for electronic data entry.

QuickBooks

Accounting software designed for small to medium-sized businesses, offering on-premise accounting applications as well as cloud-based versions.