1. For the purposes of the income taxes, the treatment provided in the bonds issues by stock companies having stocks negotiated or regulated in the Italian markets and for similar instruments, including the treatment of Legislative Decree No. 239 of 1st April, are applicable.
2. If the assignment has for object the credits deriving from transactions indicated in Articles 15, 16 and 19 of the Decree of the President of the Republic No. 601 of 29th September 1973, the benefits contemplated in the said Article 15, shall continue to be applicable.
3. The reductions of value recorded on the assets assigned, on the guarantees granted to the assignee and on the other activities different from the object of the assignment, made to cover the securitisation transaction, as well as the reserves made in respect of the guarantees granted to the assignee, may be directly allocated to as patrimonial reserves, if the related securitisation contracts were entered into within two years from the date of effectiveness of this Law; the same shall be allocated in the profits and losses account in equal instalments commencing from the fiscal year during which the reduction of value or the allocation have been occurred, and in the subsequent four fiscal years. An appropriate indication of the possible reductions of the value and of the allocations not yet included in the profits and losses account, relating to securitisation transactions, should be given in the report to the Balance sheet.
4. In the cases referred to in paragraph 3, the reductions of value provided therein should be included in the determination of the income for the fiscal year in respect of which are recorded in the profits and losses account.
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