This office lease form is regarding the renewal or other extension of the lease as it relates to the "Base Year Taxes" and the "Base Year for Operating Expenses".
Virgin Islands Option to Renew that Updates the Tenant Operating Expense and Tax Basis
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US-OL2402
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How to fill out Option To Renew That Updates The Tenant Operating Expense And Tax Basis?
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FAQ
An operating lease is treated like renting, and lease payments are considered operational expenses. A capital lease is treated like a loan, and the asset is considered owned by the lessee.
A triggering event within the lessee's control that changes the certainty of a lessee exercising an option to renew or terminate the lease, or purchase the underlying asset. An event written in the contract occurs that obligates the lessee to exercise or not exercise an extension or termination option.
If a lease is modified and the modification does not result in a separate contract then the lessee will need to subsequently re-measure the lease that was amended. Follow the processes outlined below to subsequently re-measure an operating or finance lease.
IFRS 16 Leases contains detailed guidance on how to account for lease modifications. A lease modification is defined as a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease.
Begin with the reported operating income (EBIT). Then, add the current year's operating lease expense and subtract the depreciation on the leased asset to arrive at adjusted operating income. Finally, to adjust debt, take the reported value of debt (book value of debt) and add the debt value of the leases.
If your financial statements are issued on a tax or cash basis of accounting, the ASC 842 lease standard does not apply to you.
That's because that is when the lessee is made aware of the change in the future lease payments. Because of this change, the lessee has a larger lease liability because of the increase in the future lease payments. In this example, the increase in fixed payments is a result of a CPI increase.
The lessee shall remeasure the lease liability to reflect those revised lease payments only when there is a change in the cash flows (ie when the adjustment to the lease payments takes effect).
