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328 S-354, 355, 356, 357 Reg. W BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM INTERPRETATION OF LAW OR REGULATION September 23, 1941 W-78. The inclusion or exclusion of articles under the classification "ice refrigerators", which is a part of Group D-7 "New household furniture" in the Supplement, is determined by the same general principles that have been applied in connection with "mechanical refrigerators". Refrigerators of less than 12 cubic feet rated capacity are included, no matter what the use to which they are to be put, unless their design and construction is such that they are clearly usable only for commercial purposes. W-79. The phrase "bona fide cash purchase price" in section 6(b) means the bona fide cash purchase price of the article and accessories purchased, including any sales taxes thereon and any bona fide delivery and installation charges. September 24, 1941 W-80. An inquiry has been received regarding the applicability of Regulation W to a special type of lease contract covering an automobile. The lessor is a dealer in automobiles and the lessee is a contractor who has a cost-plus-a-fixed-fee contract with the War Department. The lease calls for monthly payments of 10% of the purchase price of the automobile and provides that when 10 payments have been made title to the automobile will vest in the Government with the option in the Government at any timeto pay the unpaid balance and take title to the automobile. The contract further provides that the automobile may be transferred to another construction project .and in that event the lessor must enter into a new lease agreement with the holder of the construction contract at the new location, payments made under the first lease being credited to the second lease. The contract does not provide any means whereby the lessee can acquire title to the automobile. The Board, is of the opinion that in such circumstances the lease is. not subject to the requirements of the Regulation. W-61. The classification "radio receiving sets, phonographs, or combinations" does not include coin-operated phonographs.
@FedFRASER