59-7-111. Safe harbor lease provisions.
146 words·~1 min read·
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59-7-111. Safe harbor lease provisions.
(a)For purchasers or lessors of safe harbor leases, the following additions shall be made to unadjusted income:
(i)interest expense; and
(ii)depreciation claimed on safe harbor lease property.
(b)For purchasers or lessors of safe harbor leases, the following subtractions shall be made from unadjusted income:
(i)rental income; and
(ii)amortization of the purchase price of tax benefits.
(a)For sellers or lessees of safe harbor leases the following additions shall be made from unadjusted income:
(i)the amount of gain on the sale of federal tax benefits; and
(ii)rental expense on safe harbor lease property.
(b)For sellers or lessees of safe harbor leases the following subtractions shall be made to unadjusted income:
(i)interest income; and
(ii)depreciation on safe harbor lease property.
Repealed and Re-enacted by Chapter 169 , 1993 General Session