Thanks, Scott. There is also this from you…
wherein, it states, in part…
For a motor vehicle that is leased:
- In the case of a motor vehicle that is leased to a lessee for use primarily in the lessee’s trade or business and for which the lease agreement contains a provision for the adjustment of the rental price as described in Code Section 40-3-60, the agreed upon value of the motor vehicle less any reduction for the trade-in value of another motor vehicle and any rebate;
- In the case of a motor vehicle that is leased other than described in division (i) of this subparagraph, the total of the depreciation plus any amortized amounts pursuant to the lease agreement plus any down payments; and
- The term “any down payments” as used in this subparagraph shall mean cash collected from the lessee at the inception of the lease which shall include cash supplied as a capital cost reduction; shall not include rebates, noncash credits, or net trade allowances; and shall include any upfront payments collected from the lessee at the inception of the lease except for taxes or fees imposed by law and monthly lease payments made in advance