often the original owner of an asset is not subject to taxation in any jurisdiction, and therefore not able to claim depreciation. the transaction often involves a city selling an asset (such as a sewerage system or power plant) to an investor (who can claim depreciation), and long-term leasing it right back (often referred to as a sale leaseback). however, since 2004 cross border leasing has been effectively eliminated by the passage of the american jobs creation act of 2004, which made the vast majority of cross border leases unprofitable.