Thread: rental AEG??
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Old April 9th, 2008, 14:11   #12
Azathoth
 
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Join Date: Feb 2008
Location: Red Deer
Rent and Lease have differing legal definitions. As an accounting when I say lease It can mean that ownership of said item was transfered to the Leasor for the period of the lease with buy out options etc.

With a Rental, the ownership of the item remains in the hand of the rentor for the period of the terms.

If you want to be really technical it is legalfor a "retailer" to lease guns to people for a 1 year term and have a poor ass collections of said items. Then you could write off the value of the gun against your income as a loss netting you 0 income tax.
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