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Fair Market Value (FMV). The value of an asset if it were to be sold in an arms-length transaction, between a willing buyer and a willing seller. Fmv is determined by either agreement or appraisal.
Fair Market Value (FMV) Purchase Option. A lessee option to purchase the leased equipment at the end of the term from the lessor at fair market value.
FASB 13. Financial accounting standards board statement no. 13, "accounting for leases." FASB 13 contains specific guidelines for proper classification, accounting, and reporting of lease transactions.
Financing Statement. A notice of security interest filed under the uniform commercial code (UCC).
Fixed Price Purchase Option. A lessee option to purchase the leased asset at the end of the leasing term at a predetermined price.
Fixed Rental Renewal Option. A lessee option to renew or extend the lease term at a fixed rental during the renewal period.
Guideline Lease. A tax-oriented lease, which complies with all the irs guidelines for a "true" lease.
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