Leased Asset

An asset which is not yet, and may never be, legally owned by the party using it (the lessee), but the user (or lessee) has the right to use that asset in much the same way as if it were owned. For agricultural producers, leased assets generally include machinery, equipment, real estate, certain types of improvements to real estate, and breeding livestock. (II-40) See lease for definitions of capital leases and operating leases.

Authorization Path: 2.2.5.2.43.1