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FAR 6 - Leases, Derivatives, Foreign Currency Accounting, and Income Taxes > M3 - Sale - Leaseback > Flashcards

M3 - Sale - Leaseback Flashcards

1
Q

Any profit or loss on a sale/lease back classified as a capital lease shall be deferred and amortized in proportion to depreciation taken on the leased back asset. True or false?

A

True

The gain should be deferred and classified as an asset valuation account.

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FAR 6 - Leases, Derivatives, Foreign Currency Accounting, and Income Taxes (7 decks)

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