### Question
How does ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS define short-term lease?


### Answer
Under *26 U.S.C. § 168*, **short-term lease** is defined as:

> any lease the term of which is—



(I) less than 3 years, and



(II) less than the greater of 1 year or 30 percent of the property's present class life

#### Citation:
  - *26 U.S.C. § 168*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART VI-ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS**

