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1947 J. W. Kearns in Amer. Bar Assoc. Proc., Section of Corporation, Banking & Mercantile Law 46/1 The origin of the ‘lease-back deal’ is probably traced back to high taxes, high taxes coupled with the desire of almost any corporate manager to see a liquid balance sheet with very few fixed assets on it. The fewer the better. The lease-back deal is basically a transaction under which a corporation, which in the course of its business will use a considerable amount of real estate, sells that real estate to another entity which may be a university; it may be a charitable foundation; it may be any other type of organization which is tax free under the Internal Revenue Code. The real estate is usually sold at depreciated book value and simultaneously or concurrently a lease-back is granted to the industrial or merchandising concern that has sold the property.

1949 Business Week 22 Oct. 31/1 The device under attack is the sale-and-lease-back of real estate.

1964 Financial Times 12 Mar. 1/8 Excess cash produced by sale and lease-back arrangements.

1967 Times Rev. Industry July 33/2 The illusions of liquidity which can be created by..leaseback.

1970 Daily Tel. 30 Dec. 16 Factory-owners who sell their premises and take a lease-back of their accommodation.

1971 Daily Tel. 27 Apr. 21 (heading) Leaseback raises £5m for Grand Met.

1971 Daily Tel. 17 June 19 A £6 million plus sale and lease-back agreement.

1972 Accountant 26 Oct. 516/1 There is an increased use of real estate sale and lease-back and the non-cancellable leasing of capital equipment for a term approximating its economic life.

1974 Country Life 7 Mar. 506/1 It was arranged that immediately upon the transfer of the estate, the son would lease back the property to his father. The leaseback was for a term of five years.