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 TP wants to lease a computer to Y but TP believes that the computer will become economically obsolete within 3 years. The computer is worth 5k. TP and Y agree that Y will lease the computer for $1,250 per year, but at the end of the 3-year period, the computer will be appraised and if it is worth less than $2,000, Y will pay the difference to TP or Y can buy it from TP for $2,000. Is this a sale or a lease? Why is this different, if at all, from a vehicle lease? If TP elected to report this as a sale, but under a later tax audit, decided to change his mind and report it as a lease, would TP be successful?

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