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An individual waives the usufruct of inherited shares free of charge, and their children subsequently sell these shares. The DGT determines that both operations generate capital gains or losses and explains how to calculate their values and temporal imputation.
Question posed: Taxation under Personal Income Tax regarding the renunciation of the usufruct of shares and the subsequent sale thereof by the now full owners.
The gratuitous renunciation of a life usufruct over shares acquired through inheritance generates a capital gain or loss for the usufructuary. The subsequent sale of the shares generates a gain or loss for the transferors, whose acquisition value shall be the sum of the values for Inheritance and Gift Tax purposes of the inheritance and the renunciation of the usufruct. In sales with deferred payments, taxpayers may opt to impute the income proportionally as the payments become due.
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