To be able to deduct lease payments, IRS guidelines must be followed. An agreement that meets all IRS requirements to qualify as a genuine lease is called an investment tax credit a guideline lease Elle is a lawyer at Leaseonic Corp. She is evaluating the company's current lease agreements. Elle recently hired an intern, Michael, and assigned him the task of listing the provisions for tax guidelines related to lease contracts. Elle needs to check and find mistakes in the provisions that Michael listed. Which of the following points in the document submitted by Michael are correct? Check all that apply. Leaseonic Corporation Provisions of the Tax Guidelines The equipment's residual value at the expiration of the lease should be at least one fifth of its value at the start of the lease. The lease term can be extended to an unlimited term using extension and renewals at a fixed rental rate. At the end of the lease, the remaining useful life of the equipment must be more than or equal to 1 year. The lessee has the option of buying the equipment at the expiration of the lease contract at its fair market value. The IRS puts restrictions on lease terms so that the lease transaction can allow companies to increase rapid payments that are tax deductible. One beneficial feature of a structured lease agreement is deductions that can provide greater tax deductions than otherwise might be available if CCA was being claimed on a purchase option. One beneficial feature of a structured lease agreement is provide greater tax deductions than otherwise might be a deductions that can on a purchase option. the allowance of accelerated the allowance of lower the disapproval of structured To be able to deduct lease payments, IRS guidelines must be followed. An agreement that meets all IRS requirements to qualify as a genuine lease is called an investment tax credit a guideline lease Elle is a lawyer at Leaseonic Corp. She is evaluating the company's current lease agreements. Elle recently hired an intern, Michael, and assigned him the task of listing the provisions for tax guidelines related to lease contracts. Elle needs to check and find mistakes in the provisions that Michael listed. Which of the following points in the document submitted by Michael are correct? Check all that apply. Leaseonic Corporation Provisions of the Tax Guidelines The equipment's residual value at the expiration of the lease should be at least one fifth of its value at the start of the lease. The lease term can be extended to an unlimited term using extension and renewals at a fixed rental rate. At the end of the lease, the remaining useful life of the equipment must be more than or equal to 1 year. The lessee has the option of buying the equipment at the expiration of the lease contract at its fair market value. The IRS puts restrictions on lease terms so that the lease transaction can allow companies to increase rapid payments that are tax deductible. One beneficial feature of a structured lease agreement is deductions that can provide greater tax deductions than otherwise might be available if CCA was being claimed on a purchase option. One beneficial feature of a structured lease agreement is provide greater tax deductions than otherwise might be a deductions that can on a purchase option. the allowance of accelerated the allowance of lower the disapproval of structured