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I-3, r. 1 - Regulation respecting the Taxation Act
Section 130r72
Disposition versions
130R72. For the purposes of paragraph c of the definition of “specified leasing property” in the first paragraph of section 130R71, where it may reasonably be concluded, in view of the circumstances, that one of the main reasons for the existence of 2 or more leases is to avoid the application of section 130R76 by reason of each such lease being a lease where the fair market value of the corporeal property that is the subject of the lease, other than exempt property, did not exceed $25,000 at the time the lease was entered into, each such lease is deemed to be a lease of corporeal property that had, at the time the lease was entered into, a fair market value exceeding $25,000.
130R72. For the purposes of paragraph c of the definition of “specified leasing property” in the first paragraph of section 130R71, where it may reasonably be concluded, in view of the circumstances, that one of the main reasons for the existence of 2 or more leases is to avoid the application of section 130R76 by reason of each such lease being a lease where the fair market value of the tangible property that is the subject of the lease, other than exempt property, did not exceed $25,000 at the time the lease was entered into, each such lease is deemed to be a lease of tangible property that had, at the time the lease was entered into, a fair market value exceeding $25,000.
