Which of the following statements is FALSE?
A) If the lease is deemed to be a true lease, the firm is assumed to have effective ownership of the asset and the asset is protected against seizure.
B) Although the legal ownership of the asset resides with the lessor, in a nontax lease the lessee receives the depreciation deductions.
C) The treatment of leased property in bankruptcy will depend on whether the lease is classified as a security interest or a true lease by the bankruptcy judge.
D) In a nontax lease, the interest portion of the lease payment is interest income for the lessor.
Answer: A
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