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1984

  • Economic Substance in Leasing: Risk and Reward

    Economic Substance in Leasing: Risk and Reward

    Winter 1984

    A panel discussion, sponsored by the American Association of Equipment Lessors.

    Free ($10.00 )

  • Forecasting Residual Values

    Forecasting Residual Values

    By Stephen Low
    Winter 1984

    Regulatory, legislative, economic and technological uncertainties often make the residual value forecaster's job seem more of an art then a science. However, while these uncertainties demand generous measures of experience, insight and good judgment, accuracy demands a systematic approach. This article discusses such an approach - an objective, five-step method which has been used successfully to derive residual values for a wide range of assets.

    Free ($10.00 )

  • Management of a Captive Finance Company

    Management of a Captive Finance Company

    By George B. Fargis, Jr.
    Winter 1984

    The article offers a conceptual framework in which to examine issues that could cause conflict between a parent company and its captive finance subsidiary.

    Free ($10.00 )

  • Lease Evaluation Models: Review, Analysis and Extensions

    Lease Evaluation Models: Review, Analysis and Extensions

    By James M. Johnson, Ph.D
    Winter 1984

    This article highlights the similarities and differences among various lease/purchase models, and proposes a pragmatic resolution to the differences presented. It also determines that to which leasing should be compared in any lease evaluation analysis, and compares the relative performance of five models to determine which may be relied upon to yield accurate results. Finally, it explores four key factors which may impact the economic attractiveness of leasing from the viewpoint of an asset user.

    Free ($10.00 )

  • Equity Markets for Computer Leasing Transactions

    Equity Markets for Computer Leasing Transactions

    By Stephen R. Harwood
    Winter 1984

    The article discusses the current and future courses of equity for computer leasing transactions, considering structures, placement methods and the role of the various players.

    Free ($10.00 )

  • Summer 1984 - Full Issue

    Summer 1984 - Full Issue

    International Leasing: A Dynamic Industry Under Constraint
    By Lawrence M. Taylor, Jr., Esq.
    Summer 1984

    The 90-Day ITC Window:
    Tailoring the Emperor's New Clause
    By Barry S. Marks, Esq.
    Summer 1984

    Toward a New Understanding of Leveraged Lease Profitability
    By Edward P. Brennan
    Summer 1984

    Wrap Leases: Structural and Tax Considerations
    By Allen P. Palles, Esq.
    Summer 1984

    Free ($10.00 )

  • International Leasing: A Dynamic Industry Under Constraint

    International Leasing: A Dynamic Industry Under Constraint

    International Leasing: A Dynamic Industry Under Constraint
    By Lawrence M. Taylor, Jr., Esq.
    Summer 1984

    After providing a brief history of the development of the equipment leasing industry outside the U.S. and an analysis of the position of U.S. multinational leasing firms in that market, the author examines constraints upon the growth of the industry and recommends government action that will facilitate industry expansion and the accompanying increased export of U.S. goods and financial services.

    Free ($10.00 )

  • The 90-Day ITC Window: Tailoring the Emperor's New Clause

    The 90-Day ITC Window: Tailoring the Emperor

    The 90-Day ITC Window: Tailoring the Emperor's New Clause
    By Barry S. Marks, Esq.
    Summer 1984

    The Tax Equity and Fiscal Responsibility Act of 1982 amended section 48(b) of the Internal Revenue Code to postpone the "originally placed in service" date for Investment Tax Credit (ITC) purposes for up to three months. The language seems to permit sale-leasebacks and other lease structures to vest ITC for new section 38 property in the lessor, even after equipment is used by the lessee. In this article, the author examines the pitfalls and benefits of various structures utilizing this 90-day window, with particular emphasis on multiple-item transactions and the role of the leasing company. An addendum to the article is included based upon the revisions made in the 1984 tax bill.

    Free ($10.00 )

  • Toward a New Understanding of Leveraged Lease Profitability

    Toward a New Understanding of Leveraged Lease Profitability

    Toward a New Understanding of Leveraged Lease Profitability
    By Edward P. Brennan
    Summer 1984

    Existing leveraged lease analytical methods and structuring techniques are premised upon the concept that a leveraged lease is a "unitary" opportunity. This concept, in the author's opinion, has resulted in a twenty-year history of confusion in measuring the profitability of a leveraged lease. The article reviews the history, development and inadequacy of the existing major analytical methods and structuring techniques, and proposes a new, simple and "foolproof" approach, the Binary Lease Profitability Index, for evaluating the profitability of a leveraged lease. The new approach is based upon perceiving the leveraged lease as presenting the investor with two distinct opportunities (hence, binary), an investment opportunity and a financing opportunity, which need to be evaluated separately.

    Free ($10.00 )

  • Wrap Leases: Structural and Tax Considerations

    Wrap Leases: Structural and Tax Considerations

    Wrap Leases: Structural and Tax Considerations
    By Allen P. Palles, Esq.
    Summer 1984

    The article discusses the fundamental economic, structural and tax aspects of the wrap lease, identifying it as a structural variation of the leveraged lease.

    Free ($10.00 )