Which of the following statements is least likely an incentive to the lessee for structuring a lease as an operating lease rather than a capital lease（）
A. Operating leases are advantageous to the lessee’ s management when their compensation depends on return on assets or invested capital.
B. An operating lease is advantageous when the lessee wants to keep debt off its balance sheet.
C. If the lessee is in a higher marginal tax bracket than the lessor, the lease should be structured as an operating lease so that the lessee can take advantage of the depreciation of the leased equipment.
参考答案：C
解析：
With an operating lease, the lessee has no depreciation expense. An operating lease structure is more advantageous when the lessor has a higher tax rate. An operating lease avoids recognition of an asset and a liability on the lessee’ s balance sheet. Relative to a capital lease, the operation lease will produce higher profitability ratios (e. g. return on assets) and lower leverage ratios. The lessee may have bond covenants governing its financial policies (e. g. a maximum debt-to-equity ratio). Management compensation can be linked to returns on invested capital, and operating leases will result in lower invested capital than capital leases.