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leasehold

   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.14 sec.

leasehold

In law, land or property held by a tenant (lessee) for a specified period (unlike freehold, outright ownership), usually at a rent from the landlord (lessor).



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Tucked deep into the law is a provision that extends for two years--until December 31, 2007 -the accelerated 15-year depreciation on qualified leasehold improvements.
Prior to the AJCA, if a leasehold improvement constituted an addition or improvement to nonresidential real property already placed in service, the improvement was depreciated using the straight-line method over 39 years, under Sec.
Such financing is typically secured by a leasehold deed of trust or mortgage.
 
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