[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR53.103]

[Page 893]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE 
                                TREASURY
 
PART 53--MANUFACTURERS EXCISE TAXES--FIREARMS AND AMMUNITION--Table of Contents
 
     Subpart J--Special Provisions Applicable to Manufacturers Taxes
 
Sec. 53.103  Lease considered as sale.

    For purposes of chapter 32 of the Code, the lease of an article by a 
manufacturer, producer, or importer shall be considered a sale of the 
article. The term lease means a contract or agreement, written or 
verbal, which gives the lessee an exclusive, continuous right to the 
possession or use of a particular article for a period of time. The term 
includes any renewal or extension of a lease or any subsequent lease of 
the article.

[T.D. ATF-308, 56 FR 303, Jan. 3, 1991, as amended by T.D. ATF-312, 56 
FR 31084, July 9, 1991; T.D. 372, 61 FR 20724, May 8, 1996]