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Form 100. Personal Income Tax Declaration 2018 Exchange of assets or rights

From the 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 that is transferred and the greater of the following two:

  • The market value of the good or right delivered.

  • The market value of the good or right that is received in exchange.


When the special regime for the exchange of securities regulated in articles 83 et seq. of the consolidated text of the Corporate Tax Law is applicable, the following rules will be taken into account:

The income that is revealed during the exchange of securities will not be included in the tax base.

The values received by the partners are valued, for tax purposes, by the value of those delivered, determined in accordance with personal income tax regulations. This valuation will be increased or decreased by the amount of the complementary monetary compensation given or received. The values received will retain the acquisition date of those delivered.

The operation by which an entity acquires a participation in the capital stock of another that allows it to obtain the majority of the voting rights in it, by attributing it to the partners, in exchange of its securities, of other representatives of the share capital of the first entity and, where appropriate, compensation in money that does not exceed 10 percent of the nominal value or, in the absence of nominal value, of a value equivalent to the nominal value of such values deducted from its accounting.