Corporate Leasing Versus Property Ownership Under the Tax Reform Act of 1986.
分析了1986年税改法案后公司租赁或购买资产的决策，发现租赁并非万能药，公司应选择性租赁长寿命资产、购买短寿命资产以最大化税后收入。
Abstract This paper analyzes the decision of whether to lease or purchase property after the Tax Reform Act of 1986 (TRA86). Several authors have predicted that the increased cost of owning an asset under TRA86 would cause many corporations subject to the alternative minimum tax (MAT) to lease more personal asset The results of this study suggest that (1) the cost of ownership may have Increased more than anticipated and (2) leasing may not be as beneficial as might be expected. The best action for corporations in an AMT position to minimize their after-tax costs may be to lease longer-lived assets but purchase shorter-lived property. Consequently, leasing can be used selectively to maximize after-tax income, but leasing is not the panacea espoused in the press.