1
Q
What is a lease
A
A Lease is a contractual agreement between two parties, namely, a lessor and a lessee
2
Q
What is a lessor
A
The one who grants the right to use the asset - i.e., the owner
3
Q
What is a lessee
A
One who makes payments to the lessor to use the asset
4
Q
What is a lease premium
A
A lease premium is an upfront payment that is paid by a lessee to a lessor for
the use or right to use certain assets.
It is distinct from and paid in addition to or instead of the normal rental and
may be paid in cash or otherwise, as long as it has an ascertainable monetary
value
5
Q
A
Taxation 2
flashcards
Decks in class (3)
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