How the distribution of assets is taxed in the dissolution of a SC
Posted: Mon Dec 23, 2024 9:24 am
Civil companies that do not want to pay corporate tax must adopt the dissolution agreement before June 30 of this year and notify the Tax Agency of the fact before December 31. Given this situation, many readers have sent us their questions about how to liquidate the assets of the entity and the taxation that this will entail.
The first step to take when opting for dissolution is to calculate the value of what must be distributed . This does not only consist of appraising the assets, since, if there are debts, the correct thing to do is to proceed with their sale in order to settle them and make the distribution once the company is in the black. This is phone number data pakistan very common when there are assets subject to financing for which there are still unpaid installments. If a partner is awarded an asset burdened with a debt, the amount pending liquidation must be subtracted from the value of the same.
Civil companies that are dissolved in 2016 are subject to favorable taxation affecting two taxes:
1.- Tax on Patrimony Transfers , with respect to which it is considered an exempt transaction. Partners will also have to submit form 600 for the share that corresponds to them in the award of assets, if there is one. If not, they will be taxed at zero. If what is awarded is a property, no capital gain will accrue from the distribution of properties acquired by the company.
2.- In Income Tax or in Corporate Tax (if the partners are companies). In this case, it will only be taxed at the time in which money or credits are received, otherwise taxation is deferred to the time in which the other elements that have been awarded to the partner are transferred. This means that if the partner receives money in addition to assets, he will not have to declare anything in his personal income tax as long as he does not sell them to a third party. At that time, the partner will be taxed on the difference between the value of the asset awarded to him in the liquidation and the value obtained from its sale.
The first step to take when opting for dissolution is to calculate the value of what must be distributed . This does not only consist of appraising the assets, since, if there are debts, the correct thing to do is to proceed with their sale in order to settle them and make the distribution once the company is in the black. This is phone number data pakistan very common when there are assets subject to financing for which there are still unpaid installments. If a partner is awarded an asset burdened with a debt, the amount pending liquidation must be subtracted from the value of the same.
Civil companies that are dissolved in 2016 are subject to favorable taxation affecting two taxes:
1.- Tax on Patrimony Transfers , with respect to which it is considered an exempt transaction. Partners will also have to submit form 600 for the share that corresponds to them in the award of assets, if there is one. If not, they will be taxed at zero. If what is awarded is a property, no capital gain will accrue from the distribution of properties acquired by the company.
2.- In Income Tax or in Corporate Tax (if the partners are companies). In this case, it will only be taxed at the time in which money or credits are received, otherwise taxation is deferred to the time in which the other elements that have been awarded to the partner are transferred. This means that if the partner receives money in addition to assets, he will not have to declare anything in his personal income tax as long as he does not sell them to a third party. At that time, the partner will be taxed on the difference between the value of the asset awarded to him in the liquidation and the value obtained from its sale.