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An interesting twist is a government owned transit authority. Being a government institution they do not pay any income tax, hence, depreciation is a non item to them. What our transit system did was to sell our light rail cars to a leasing company then lease them back. We made 8% on our money this way as the bank gave us a good lease rate as they could depreciate the units. The lease was for 30 years and had the standard clauses about maintaining the equipment etc.
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