Which type of lease provides the lessee with ownership rights?

A finance lease, often referred to as a capital lease, is characterized by the transfer of ownership rights and benefits from the lessor to the lessee. This type of lease is structured such that the lessee gains significant usage rights to the asset in a manner that resembles ownership.

In this arrangement, the lessee typically assumes the risks and rewards associated with ownership, which may include responsibility for maintenance, insurance, and taxes, further aligning their financial interest with that of an owner. Additionally, at the end of a finance lease term, the lessee often has the option to purchase the asset at its fair market value or for a predetermined amount, reinforcing the ownership aspect.

In contrast, an operating lease allows the lessee to use an asset without the obligations and benefits of ownership, making it seem more like a rental agreement. Short-term leases refer to leases for a brief duration and do not confer ownership rights. Independent leases, while not a standard classification in leasing, do not provide a framework for assessing asset ownership.

Thus, the finance lease is correctly identified as the type of lease that provides the lessee with ownership rights.