8.2.3.12. Transfer or extinction of real rights of enjoyment or use of real estate

As a general rule, the gain or loss is calculated by the difference between the transfer value (which is zero in the case of termination of the right) and the acquisition value.

If the holder of the real right of enjoyment or use of real estate leased it, the amortization of the usufruct may be deducted as an expense in determining the income from real estate capital (with the limit of the gross income received from the lease). Therefore, when the right is transferred or extinguished, the acquisition value must be reduced by the amount of the amortization that could be deducted for tax purposes.

In the case of real rights of enjoyment or use established on real estate that do not generate real estate capital returns, the right is consumed by use, so the acquisition value must be reduced proportionally to the time of use.