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Title: Section 441.229 - Operating lease

441.229 Operating lease. A lease which fails to meet all of the following four criteria:

(a) The present value of the minimum lease payments is 90 percent of the fair value of the property to the lessor.

(b) The lease term is 75 percent or more of the leased property's estimated economic life.

(c) The lease contains a bargain (less than fair value) purchase option.

(d) Ownership is transferred to the lessee by the end of the lease term. (See FASB Statement No. 13 for further details.)


VOLUME C (Title 10)