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A taxpayer inquires about the taxation of the cancellation of their shares and the issuance of new bonds. The DGT determines that the total cancellation of shares constitutes a capital loss, whereas the issuance of bonds represents a capital gain.
Question posed: Taxation of the amortization of shares and the issuance of new bonds.
When a capital reduction amortizes all of a shareholder's shares, the acquisition value of said shares is considered a capital loss. This loss is imputed to the fiscal year of the reduction and is included in the savings tax base. On the other hand, the issuance of new bonds to shareholders must be classified as a capital gain determined by its normal market value.
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