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A civil bookshop society has requested a ruling on the taxation of the allocation of stock to a partner following its dissolution. The DGT has ruled that assets must be valued at market price for Corporate Tax purposes and has analysed the applicability of VAT and Stamp Duty.
Question posed: It is asked whether, upon the dissolution of the civil society and the allocation of book inventories to the partner who will continue to carry out the bookstore economic activity, it is appropriate to make any adjustment to the Corporate Income Tax base due to the difference between the book value of said inventories and their eventual market value.
In the dissolution of an entity subject to Corporate Income Tax, the assets transferred to the partners must be valued at their market value. The transferring entity must include in its tax base the difference between said market value and its tax value. Regarding VAT, the transfer of the economic unit shall be not subject to tax if it constitutes an autonomous unit with an organizational structure. In Transfer Tax (ITP), the allocation of assets that exceeds the shareholding must be taxed as an excess allocation at its market value.
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