LESSORS' DEPRECIATION AND PROFIT‐AN APPROACH VIA DEPRIVAL VALUE
指出租赁会计中折旧和利润的计量存在随意性，提出用剥夺价值法处理租赁资产，使税后利润在租赁期内保持恒定，并揭示税收优惠的全貌。
Lessor accounting raises intriguing problems. Its accepted methods spread depreciation, and thus profit, in yearly doses whose size jumps capriciously and with scant regard to any principle. Yet the economic qualities of an (asset do not change just because it is leased; the only new factor is the odd way in which tax and interest re‐shape its cash flows. If the rules of deprival value are sound for familiar assets, they should be sound too for leased assets. But its arithmetic must expand to cover flows (tax and interest) that are not usually coupled with depreciation. Two results then follow: after‐tax profit tends to be constant throughout the lease, and the full size of tax bounty becomes clear.