Section 280-RICR-20-20-12.6 - Leased PropertyA. A taxpayer shall not be allowed a deduction with respect to tangible property leased by it to any other person or corporation or leased from any other person or corporation. For the purpose of the preceding sentence, any contract or agreement to lease or rent or for a license to use such property shall be considered a lease unless such contract or agreement is treated for federal income tax purposes as an installment purchase rather than a lease.B. In order to be considered the owner of such property, a taxpayer must be allowed federal depreciation on such property. Since property rented to others does not qualify for the deduction, the deduction shall not be allowed where the purchaser is not the user of the qualified property, even where the purchaser and the user may be included in a consolidated federal and/or a consolidated state tax return.280 R.I. Code R. § 280-RICR-20-20-12.6