7.6.3.12. Transfer or extinction of real rights of enjoyment over 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 over real estate leased it, the amortization of the usufruct could be deducted as an expense in determining the income from the real estate capital (with the limit of the full income received from the lease). Therefore, upon transfer or extinction of the right, the acquisition value must be reduced by the amount of amortization that could be deducted for tax purposes.

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