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What is “qualified leasehold improvement property?

April 26, 2017improvement leasehold Property qualified

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What is “qualified leasehold improvement property?

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This term is defined as any improvement to an interior portion of a building that is nonresidential real property, if (1) the improvement is made either by the lessee, sublessee or lessor of the building portion, (2) the portion of the building is to be occupied exclusively by the lessee (or any sublessee) of the portion and (3) the improvement is placed in service more than three years after the date the building was first placed in service. For purposes of this definition of qualified leasehold improvement property, a lease between related persons is not considered a lease.