26 USC 7701 (h) Motor vehicle operating leases (1) In general For purposes of this title, in the case of a qualified motor vehicle operating agreement which contains a terminal rental adjustment clause— (A) such agreement shall be treated as a lease if (but for such terminal rental adjustment clause) such agreement would be treated as a lease under this title, and (B)the lessee shall not be treated as the owner of the property subject to an agreement during any period such agreement is in effect. (2) Qualified motor vehicle operating agreement defined For purposes of this subsection— (A )In general The term “qualified motor vehicle operating agreement” means any agreement with respect to a motor vehicle (including a trailer) which meets the requirements of subparagraphs (B), (C), and (D) of this paragraph. (B) Minimum liability of lessor An agreement meets the requirements of this subparagraph if under such agreement the sum of— (i)the amount the lessor is personally liable to repay, and (ii)the net fair market value of the lessor’s interest in any property pledged as security for property subject to the agreement, equals or exceeds all amounts borrowed to finance the acquisition of property subject to the agreement. There shall not be taken into account under clause (ii) any property pledged which is property subject to the agreement or property directly or indirectly financed by indebtedness secured by property subject to the agreement . (C) **Certification by lessee**; notice of tax ownership An agreement meets the requirements of this subparagraph if such agreement contains a separate written statement separately signed by the lessee— https://www.law.cornell.edu/uscode/text/26/7701 Perhaps @El Hotepsekhemwy Pero can share the text of the notice he created and reads from ere in the comments? #trafficblockin #Traffic #transportation #NoticeOfInfraction #Citations

Posted by MalikaDulce at 2020-10-28 06:06:20 UTC