Specific valuation standards

In the case of exchange of assets or rights, including the exchange of securities, the capital gain or loss will be determined by the difference between the acquisition value of the asset or right being transferred and the highest of the following two :

• The market value of the asset or right delivered.
• The market value of the good or right received in exchange.

Special case: exchange of land for apartments or premises to be built on it

In this case, the capital gain or loss of the owner of the land will occur at the time when he proceeds to transfer it and will be determined by applying the rule discussed above.

Once the capital gain or loss obtained has been determined, the taxpayer may choose to pay taxes in the tax period in which the change in assets takes place (transfer of the land) or to impute it proportionally as the buildings are delivered to him or, where appropriate, he receives cash payments, provided that more than one year passes between the transfer of the land and the delivery of the buildings or cash, by applying the special rule of temporary imputation of transactions with a term or deferred payment.

Goods or rights delivered acquired before December 31, 1994

In this case, if a capital gain is obtained, the part of the capital gain generated before January 20, 2006 (the only one to which the reduction or abatement coefficients are applicable) must be distinguished from that generated after said date, to which the reduction or abatement coefficients are not applicable.

The determination of the capital gain generated prior to January 20, 2006 and the application, where applicable, of the reduction coefficients will be carried out in accordance with the distribution rules discussed in this same Chapter.