Which of the following about lease financing is correct?

1. To enjoy the tax benefit of lease financing, the lease must be recognized by the IRS as a genuine lease, not just a loan in disguise.
2. The tax benefit of lease financing does not depend on the remaining value of the leased item (after the lease expires)
3. Lessee can invest up to 50% in the leased asset
4. The tax benefit of lease financing has nothing to do with the remaining economic life of the leased item (after the lease expires)