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The taxpayer asks whether it is possible to declare a capital loss for the unrecovered amount of an investment following the judgment concluding insolvency proceedings. The DGT responds that it is possible to impute the loss in the tax period in which the insolvency proceedings conclude without the credit being satisfied.
Question raised: Given that the insolvency proceedings concluded by judgment on June 12, 2023, the question concerns the possibility of computing a capital loss for the unrecovered amount.
The failure of a debtor to pay does not automatically generate a capital loss, but Article 14.2 letter k) of the Personal Income Tax Law allows for the imputation of losses for overdue and uncollected credits. In the context of insolvency proceedings, the loss is computed when the proceedings conclude without the credit having been satisfied, unless the conclusion is due to specific liquidation causes. In this case, the judgment concluding the insolvency proceedings allows for the imputation of the loss in the 2023 tax period.
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