Long term capital gains, reclassification of portfolio stocks and shares
In a recent directive dated July 18, 1995 (4B-4-95), related to the setting up of the new regime for the taxation of long term capital gains, the Tax Authorities provided for the following:
- extension of the tax neutralization principle of the reclassification of portfolio stocks and shares to operations realized in 1994 if their objet was to correct accounting errors;
- granting of an extension of the deadline to next October 31 so that companies could be able to operate reclassifications during the 1995 tax year.
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