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Q: What was the name of the act that allowed Us to give your allies equipment for wAr in return for payment at the end of the war?
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What is equipment lease What are its essential elements?

An equipment lease is an agreement that allows for a business or individual to rent equipment needed for a specific purpose. The lease usually has a start date, a payment date, the amount of the payment, and a description of what is being leased. There might also be a date to return an item and a clause pertaining to damages.


What does payment by return mean?

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Do you have to pay taxes on money from equipment sold when the money is used to pay off a line of credit?

The line of credit payment has nothing to do with the taxation of the sale of the equipment. You will have to show the sale of the equipment less your tax basis on the equipment. Any profit from the sale is taxable. An example would be if you bought equipment for $10,000 and took depreciation on your tax return for a total of $4000 for a couple of years. This would leave you a basis in the equipment of $6000. Say four sell it for $7500, then you would have a taxable gain of $1500. All of this would need to be shown on your tax return with various forms depending on what type of business you have.


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