LONG TERM AGREEMENT. (i) In general. A section 467 rental agreement is a long-term agreement if the lease term exceeds 75 percent of the property’s statutory recovery period.
Appears in 8 contracts
Sources: Rental Agreement, Rental Agreement, Rental Agreement
LONG TERM AGREEMENT. (i) In general. A section 467 rental agreement is a long-term agreement if the lease term exceeds 75 percent of the property’s statutory recovery period.
(ii) Statutory recovery period—
(A) In general. The term statutory recovery period means—
(1) In the case of property depreciable under section 168, the applicable period determined under section 467(e)(3)(A);
(2) In the case of land, 19 years; and
Appears in 1 contract
Sources: Rental Agreement