Document Type

Other

Publication Date

1-1-2007

Keywords

cash crops, lease agreemtns, agricultural marketing

Extension Number

ExEx 5063

Department

Economics

Description

Any lease is basically an agreement that gives the use of an asset to a lessee for a specific period of time at a specified rate. A lease does not transfer title of ownership nor an equity interest in the asset. Labeling a document as a lease does not necessarily mean it is a lease according to the Internal Revenue Service (IRS). This Extension Extra does not address any of the questions concerning the IRS treatment of a lease; if you have such questions, contact your tax management professional. Also, this Extra does not address any of the questions concerning the legalities of the lease that should be addressed by professional legal counsel.

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