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Form 100. Personal Income Tax Return 2019

7,2,3,5. Income derived from the transfer, amortization or reimbursement of other financial assets

Gross income

Income from movable capital is considered to be income derived from the transfer, reimbursement, amortization, exchange or conversion of any type of assets representing the raising and use of external capital (bonds, notes, promissory notes, mortgage bonds, etc.).

Completion

In these cases, the difference between the value of transmission, reimbursement, amortization, exchange or conversion of the securities and their acquisition or subscription value will be computed as total income.

The exchange or conversion value will be taken as the value corresponding to the values received.

Accessory acquisition and disposal costs will be computed for the quantification of the performance, as long as they are adequately justified.

If the performance has been received in kind, the market value of the goods or services received must be computed as full income. The advance payment will be added to this value, unless its amount has been passed on to the recipient of the income.

Exclusions

The income derived from the transfer or repayment of Treasury Bills and the income derived from subordinated debt securities or preferred shares will not be included under this heading, but rather in specific sections.

Inclusions

The following returns will also be included in this section:

  • Income derived from temporary transfer operations of financial assets with a repurchase agreement.

  • Income paid by a financial institution as a result of the transmission, assignment or transfer, in whole or in part, of a credit owned by the latter.

  • The income from any negotiable instrument, including those arising from commercial operations, from the moment it is endorsed or transferred, unless the endorsement or transfer is made as payment for a credit from suppliers or providers.

Negative returns

Negative returns will be recorded preceded by a minus sign (-).

However, it must be taken into account that negative returns derived from transfers of financial assets, when the taxpayer has acquired homogeneous assets within the two months prior to or after said transfers, will be integrated as the financial assets that remain in the taxpayer's assets are transferred.

Profitable transmissions due to death

It is estimated that there is no return on movable capital in the lucrative transfers, due to the death of the taxpayer, of the financial assets referred to in this section (art. 25.6 Law).

Withholdings

Likewise, this section will indicate the withholdings made or payments on account made on the accrued income, amounts that the program transfers to box 0597 on page 22 of the declaration.

Deductible expenses

As deductible expenses, only the expenses of administration and deposit of negotiable securities will be recorded.