Holding company's currency gain on sale not treated as asset transfer profit for tax purposes.
Legislator summary
AI generatedThe Administrative Court allowed the tax authority's claim that currency gains realized by a holding company upon asset sale were not taxable as transfer profits. The court found that the Tax Act distinguishes between random selling profits and gains arising from asset transfers, prohibiting the offset of random selling losses against the former. Consequently, the tax authority was correct to exclude the currency gain from the calculation of the transfer profit for the 1991 tax year.
Legislator headnote
AI generatedTVL 43 §; TVL 72 §: Currency gains realized by a holding company upon the sale of assets are not to be treated as profits arising from the transfer of assets and therefore cannot be offset by random selling losses.
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AI generatedFull text
Tulo- ja varallisuusverolain mukaan verotetulle holdingyhtiölle
valuuttakurssien muutoksesta syntynyttä kurssivoittoa
ei ollut pidettävä sellaisena omaisuuden luovutuksen
tuottamana voittona, joka otettiin huomioon satunnaista
myyntivoittoa määrättäessä. Voitosta ei siten voitu vähentää
arvopaperien satunnaista myyntitappiota. Verovuosi
1991.
TVL 43 §
TVL 72 §