Leases.
Leases. Except as provided in paragraph (d) of this section, the lease of financed property to a nongovernmental person is private business use of that property. For this purpose, any arrangement that is properly characterized as a lease for federal income tax purposes is treated as a lease. In determining whether a management contract is properly characterized as a lease, it is necessary to consider all of the facts and circumstances, including the following factors
(i) The degree of control over the property that is exercised by a nongovernmental person; and
(ii) Whether a nongovernmental person bears risk of loss of the financed property.