Meaning of CONDITIONAL SALES CONTRACT in English

CONDITIONAL SALES CONTRACT

An agreement for the purchase of an asset in which the lessee is treated as the owner of the asset for federal income tax purposes (and is entitled to the tax benefits of ownership- such as depreciation). The lessee does not become the legal owner of the asset until all terms and conditions of the agreement have been satisfied. In US governed by Rev Ruling 55-540.

Finance-Leasing English vocabulary.      Английский словарь финансов и лизинга.