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A query was raised regarding the Personal Income Tax (IRPF) implications of forming a joint ownership community to operate a pharmacy, where assets were acquired during marriage under the community property regime. The Directorate General for Taxes (DGT) clarifies that the transfer of stock generates business income, whereas the transfer of fixed assets results in capital gains or losses, unless the assets are already considered community property.
Question posed: A consultation is made regarding the effects on Personal Income Tax of the constitution of a community of property, taking into account that both the fixed assets and the business inventory were acquired while married under the community property regime.
The transfer of inventory to a community of property constitutes income from economic activity, calculated according to normal market value. Regarding fixed assets, the capital gain or loss is determined by the difference between the transfer value and the book value. If the assets are community property, the constitution of the community does not generate capital gains or losses as the parties are already owners of one half. Goodwill generates a capital gain due to the transfer of half of its ownership when the pharmacy office becomes jointly owned.
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