Research Memo 1

Acme Motors sells and leases automobiles. Acme administers a leasing program for its employees. The lease terminates automatically if the employee (lessee) ceases to be employed by Acme. The leases make autos available solely for the lessee’s personal use; they do not involve use of the automobile in the employee’s employment-related activities for Acme. The leased vehicles are registered and titled in Acme’s name, and Acme pays all registration fees, insurance, and maintenance costs.

Acme wants to know whether the leased vehicles are exempt from the depreciation limits of §280F for purposes of computing its taxable income.


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