【正文】 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 210 Chapter Outline Types of Leases Accounting and Leasing Taxes, the IRS, and Leases The Cash Flows of Leasing A Detour on Discounting and Debt Capacity with Corporate Taxes NPV Analysis of the LeaseversusBuy Decision Debt Displacement and Lease Valuation Does Leasing Ever Pay: The Base Case Reasons for Leasing Some Unanswered Questions McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 211 Types of Leases ? The Basics – A lease is a contractual agreement between a lessee and lessor. – The lessor owns the asset and for a fee allows the lessee to use the asset. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 212 Operating Leases ? Usually not fully amortized. ? Usually require the lessor to maintain and insure the asset. ? Lessee enjoys a cancellation option. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 213 Financial Leases The exact opposite of an operating lease. 1. Do not provide for maintenance or service by the lessor. 2. Financial leases are fully amortized. 3. The lessee usually has a right to renew the lease at expiry. 4. Generally, financial leases cannot be cancelled. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 214 Sale and LeaseBack ? A particular type of financial lease. ? Occurs when a pany sells an asset it already owns to another firm and immediately leases it from them. ? Two sets of cash flows occur: – The lessee receives cash today from the sale. – The lessee agrees to make periodic lease payments, thereby retaining the use of the asset. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 215 Leveraged Leases ? A leveraged lease is another type of financial lease. ? A threesided arrangement between the lessee, the lessor, and lenders. – The lessor owns the asset and for a fee allows the lessee to use the asset. – The lessor borrows to partially finance the asset. – The lenders typically use a nonrecourse loan. This means that the lessor is not obligated to the lender in case of a default by the lessee. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 216 Accounting and Leasing ? In the old days, leases led to offbalancesheet financing. ? Today, leases are either classified as capital leases or operating leases. ? Operating leases do not appear on the balance sheet. ? Capital leases appear on the balance sheet—the present value of the lease payments appears on both sides. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 217 Accounting and Leasing Balance Sheet Truck is purchased with debt Truck $100,000 Debt $100,000 Land $100,000 Equity $100,000 Total Assets $200,000 Total Debt Equity $200,000 Operating Lease Truck Debt Land $100,000 Equity $100,000 Total Assets $100,000 Total Debt Equity $100,000 Capital Lease Assets leased $100,000 Obligations under capital lease $100,000 Land $100,000 Equity $100,000 Total Assets $200,000 Total Debt Equity $200,000 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 218 Capital Lease ? A lease must be capitalized if any one of the following is met: – The present value of the lease payments is at least 90 percent of the fair market value of the asset at the start of the lease. – The lease transfers ownership of the property to the lessee by the end of the term of the lease. – The lease term is 75 percent or more of the estimated economic life of the asset. – The lessee can buy the asset at a bargain price at expiry. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 219 Taxes, the IRS, and Leases ? The princip