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Lease or Buy? builds a comprehensive framework for making the lease-or-buy decision, with an emphasis on equipment leasing. Schallheim outlines the benefits of leasing, describes the full spectrum of leasing arrangements, considers the tax and accounting implications for leases, and reviews the basic model for determining the lease-or-buy decision, with a focus on net present value and internal rate of return analysis. Numerical examples and exhibits provide important tools for comparing the costs of leasing with those of buying, understanding the major factors in the decision, and shopping for the most competitive terms. The Financial Management Association Survey and Synthesis Series.

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CONTENTS
Preface = ⅸ
Chapter 1: Why Lease? = 1
 Reasons for Leasing = 3
 Summary = 15
Chapter 2: Lessors and Lease Contracts = 17
 Types of Lessors = 17
 Types of Leases = 18
 Types of Assets = 23
 Determination of Lease Payments = 24
 The Struture of Lease Contracts = 30
 Summary = 37
Chapter 3: Tax Rules for Leasing = 39
 IRS True Leases = 40
 Other Tax Effects for Leasing = 47
 Alternative Minimum Tax = 53
 Motor Vehicle Leasing = 54
 Real Estate Leasing = 55
 Tax Advantages in International Leases = 56
 A Tax Law History: Safe Harbor Leasing = 60
 Summary = 62
Chapter 4: Accounting for Leases = 65
 Definition of Capital and Operating Leases = 66
 Accounting for Capital Leases = 67
 Special Accounting Issues = 75
 Summary = 91
Chapter 5: The Concept of the Equivalent Loan = 93
 The Equivalent Loan = 93
 Debt and Leases as Substitutes = 99
 Are Debt and Leases Substitutes? = 100
 Empirical Evidence = 109
 Summary = 111
Chapter 6: Net Present Value Analysis = 113
 General NPV Analysis = 113
 Competitive Equilibrium in Leasing Markets = 117
 The Myers, Dill, and Bautista Model = 119
 Examples of Simple Lease Versus Purchase Analysis = 120
 Operating Costs and Salvage Value = 125
 The Differences Between Before-Tax and After-Tax Discount Rates = 129
 Alternative Minimum Tax = 130
 Summary = 134
Chapter 7: Yields on Leasing Contracts = 135
 How to Calculate Yields = 135
 Examples of Yields = 137
 What Determines Yields on Financial Leasing Contracts? = 140
 Empirical Analysis of Lease Yields = 145
 Lease Comparison with High-Yield Bonds = 150
 Summary = 151
Chapter 8: Residual Value Analysis: The Wild Card = 153
 Residual Value Risk = 154
 The Portfolio Concept = 157
 Beta's Application to Residual Value = 158
 Residual Value Experience = 163
 Specialization or Diversification? = 168
 Options in Leases = 168
 Summary = 176
Chapter 9: Summary: Lease or Buy = 179
 Use Net Present Value (Net Advantage to Leasing) Analysis = 179
 Do Not Ignore the Residual Value of the Equipment = 180
 Consider All Tax Consequences of the Lease = 180
 Follow the Accounting Rules for Leases = 180
 Consider All the Options in the Lease = 181
 A Complex Example = 181
 Summary = 186
Appendix: Present Value Mathematics = 187
References = 195
Index = 209