As set out in ¶1151-900, subject to the parties not being connected, one of the conditions that allows an election under CAA 2001, s. 177 to be valid is that the lessee uses the equipment for the purposes of a qualifying activity [there is no specific requirement that the equipment lessor carry on a qualifying activity]. This condition is amplified with three sub-conditions in CAA 2001, s. 178:

(i)the equipment must be leased for the purposes of a qualifying activity which is, or is to be, carried on by the equipment lessee;

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