(a) A recipient of capital assistance for a capital lease is subject to the same statutory and administrative requirements as a recipient who purchases or constructs a capital asset.
(b) A lessor of a capital lease is subject to the same statutory and administrative requirements as a direct seller of the same capital asset would be when the lessor--
(1) Purchases or constructs a capital asset in contemplation of leasing it to a recipient; or
(2) Modifies an existing capital asset in contemplation of leasing it to a recipient.