"Leasehold Estate" Essays and Research Papers

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Leasehold Estate

TOPIC 5: TENANCIES 5.1 Definition of a Lease/Tenancy 5.1.1 ‘Tenancy’ and ‘Tenancy Exempt from Registration’ – ss 5, 213 and 223 5.2 Creation of a Tenancy 5.2.1 Indorsement of Tenancy 5.3 Types of Tenancy under NLC 5.4 Determination of Tenancies References: 1. Teo & Khaw, Chapter 6 2. Sihombing J, Chapter 15 3. Joshua, Chapter 8 4. Salleh Buang, Chapter 7 5. Ainul Jaria Maidin, Chapter 8 TOPIC 5: TENANCIES 5.1 DEFINITION OF A TENANCY • Meaning under NLC: o “tenancy”:...

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Needslease Case

NeedsLease, may have to perform general repairs and maintenance on the leased premises. The second provision requires that NeedsLease may have to remove all the leasehold improvements and revert the premise back to original condition. How should NeedsLease account for expenditures and depreciation? As stated in ASC 840-10-35-6, leasehold improvements in an operating lease are amortized over the shorter of the useful life of the asset or the required term of the lease periods, taking into consideration...

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Case Study ABC Inc

recorded in fixed assets and be depreciated over the shorter of the estimated useful life of the improvements or the life of the lease. AUTHORITATIVE AND INTREPRETIVE GUIDANCE CONSIDERED Refer to FAS no. 05-6(Determining the Amortization Period for Leasehold Improvements) Refer to FAS no. 13 (Accounting for Leases) Refer to FAS no. 91 (Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases) Refer to ASC 840-20-25-01 (Overall Guidance...

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Tax 1

leased warehouse. The lease expired in 2011. He negotiated a new lease on the warehouse with his landlord; the lease has a term of 5 years with one option to renew for an additional 5 years. The lease period commenced on March 14, 2011. Cost of the leasehold improvements was $77,000. As part of his business expansion activities, Stoiche acquired a franchise with an indefinite life on March 1, 2011. The cost of the franchise is $10,000. c. Stoiche purchased a commercial rental property on December 5...

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The relationship between landlord and tenant within Ireland

lease The general conditions for the formation of a lease can be found in s.4 of Deasy’s Act 1860. S.4 states: “every lease or contract with respect to lands whereby the relation of landlord and tenant is intended to be created for any freehold estate or interest, or for any definite period of time not being from year to year or any lesser period, shall be by deed executed, or in writing signed by the landlord or his agent thereunto authorised in writing” Along with section four, landlord and...

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the paradigm of Enterprise Inns

owned thousands of the public houses, which permitted vertical integration as you become your own supplier. The Government responded (Monopolies and Mergers Commission) by instructing the large breweries that they would have to sell of part of their estates as they had too much control in this market sector. Lord Young in 1989 decided to cut the brewers pub monopoly and were told in 1992 by the Monopolies and Mergers Committee they were to only have 2000 pubs each or sell their breweries, this was part...

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NeedsLease has placed into service various leasehold improvements that have economic useful lives of 12 years. In the lease agreement, there are certain provisions that may require the lessee to perform certain activities and to incur certain costs at the end of the lease term. Such provisions include: • Lessor may require the lessee to perform general repairs and maintenance on the leased premises. • Lessor may require the lessee to remove all leasehold improvements, restoring to original condition...

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taxation malaysia: rent- section 4 (a) or 4 (d) income?

assessed as 4(a) business income, it will be aggregated for all properties as one source of income. Capital allowance or industrial building allowance will be given to be set off against the total rental income from all premises. In the case of River Estates Sdn Bhd v Director-General of Inland Revenue it was held that ‘The statute recognises the existence of a source consisting of a business and the situation that a taxpayer can have more than one source consisting of a business’. It establishes that...

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Needspace 9-4

perform certain tasks at the cost of the lessee when the lease term concludes. The 1st provision being that the lessee NeedsSpace may have to repair and perform maintenance on the grounds leased. To make the leased property more suitable for business, leasehold improvements such as temporary walls and carpet was installed. This leads to the 2nd provision that may require NeedsSpace to revert the leased grounds back to its original state, at the end of the term. Entering into a lease agreement with WeHaveIt...

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Describe the Different Obligations Imposed by the Implied and the Express Repair Covenant in a Lease.

increasingly scarce. Damages – damages can be recovered by a landlord however statutory restrictions often prevent landlords enforcing this. Specific performance is a court order requiring the party in breach to do what they are contracted to do. Rainbow Estates Ltd. V Tokenhold Ltd 1988 ruled that specific performance should be granted where the tenant had failed to comply with his repairing covenants. Carrying out the works and recovering the costs from the tenant- the landlord has a right to enter the...

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