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The tax consequences of forgiving a participative loan between linked companies are examined. The DGT states that if the companies are part of a coordination group, the transaction must reflect its economic reality as a distribution of funds from the lender to the borrower and a capital contribution to the borrower.
Question posed - Tax effects of the forgiveness of a participating loan in Corporate Income Tax between dependent companies.
In Corporate Income Tax, if the forgiveness of debt between companies within a coordination group is recorded accounting-wise as a distribution of funds from the donor and a contribution from the recipient, no income or expense is generated in the tax base. For Personal Income Tax, the forgiveness of a loan between two companies does not produce effects for individual shareholders, as they are external to the transaction, unless the forgiveness is part of a complex operation or an indirect transfer of assets.
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