Lease Equipment
February 21st, 2008 | by admin |The court ruled that the realtors license lease of equipment to a nonprofit hospital constituted a commercial "use" by the lessor: To say that an investor who owns valuable property, real or personal, and leases it for profit is not using his property ignores the obvious fact that the owner-lessor is exercising his right to use the property just as surely as if he were utilizing it in a physical sense for his own objectives. . . . .The opposite conclusion was reached in First National Leasing Corp. v. City of Madison, when the property in question was used exclusively by a hospital. Note that any attempt simultaneously to tax the lessee upon its partial interest and the lessor upon the undivided value of the property would contradict the definition of the "property" as the sum of all component interests.
