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ARTICLE  14  B:  CASES  IN  WHICH  THERE  IS  NO  ALIENATION  IN  A  MERGER  OR  CORPORATE  SPIN-OFF

For  the  purposes  of  the  provisions  of  article  14,  section  IX,  of  this  Code  --610-Art.  14--,  it  will  be  considered  that  there  is  no  alienation  in  the  following  cases:

The  requirement  referred  to  in  this  subsection  will  not  be  enforceable,  when  the  company  that  subsists  is  liquidated  before  a  year  after  the  date  on  which  the  merger  takes  effect.

For  the  purposes  of  the  preceding  paragraph,  the  shares  that  are  considered  placed  among  the  large  public  investors  will  not  be  computed  in  accordance  with  the  rules  issued  for  this  purpose  by  the  Service  Tax  Administration  (Servicio  de  Administración  Tributaria)  and  provided  that  such  actions  have  been  effectively  offered  and  placed  among  the  general  public  investor.  Nor  are  shares  that  have  been  repurchased  by  the  issuer  considered  placed  among  the  large  public  investors.

In  the  case  of  companies  other  than  by  shares,  the  value  of  the  social  parties  will  be  considered  instead  of  the  voting  shares,  in  which  case,  51%  of  the  social  parties  must  represent  at  least  51%  of  the  votes  that  correspond  to  the  total  contributions.

During  the  period  referred  to  in  this  subsection,  the  shareholders  of  at  least  51%  of  the  voting  shares  or  the  partners  of  at  least  51%  of  the  aforementioned  corporate  parties,  as  applicable,  of  the  parent  company  ,  must  maintain  the  same  proportion  in  the  capital  of  the  spun-off  company  that  they  had  in  the  original  before  the  spin-off,  as  well  as  the  original  company,  when  it  exists.

When  within  a  five-year  period  following  the  merger  or  corporate  spin-off,  a  merger  is  intended,  authorization  must  be  requested  from  the  tax  authorities  prior  to  said  merger.  In  this  case  to  verify  compliance  with  the  requirements  established  in  this  article,  taxpayers  will  be  in  accordance  with  the  general  rules  issued  by  the  Service  Tax  Administration  (Servicio  de  Administración  Tributaria).

For  the  purposes  of  this  article,  the  requirement  of  shareholding  provided  for  therein  is  not  breached,  when  the  transfer  of  ownership  of  the  shares  is  due  to  death,  settlement,  judicial  adjudication  or  donation,  provided  that  in  the  latter  case  they  met  the  requirements  established  in  section  XXIII  of  article  93  of  the  Income  Tax  Law  (Ley  del  Impuesto  sobre  la  Renta).

The  provisions  of  this  article  shall  not  apply  when,  under  the  terms  of  the  Income  Tax  Law  (Ley  del  Impuesto  sobre  la  Renta),  the  capital  reduction  treatment  is  granted.

In  cases  where  the  merger  or  corporate  spin-off  are  part  of  a  corporate  restructuring,  the  requirements  established  for  restructuring  in  the  Income  Tax  Law  (Ley  del  Impuesto  sobre  la  Renta)  must  also  be  met.

In  cases  of  merger  or  corporate  spin-off,  when  the  parent  company  disappears,  the  company  that  subsists,  the  one  that  arises  on  the  occasion  of  the  merger  or  the  spin-off  that  is  designated,  must,  without  prejudice  to  the  provisions  of  this  article,  pay  the  taxes  corresponding  or,  where  appropriate,  shall  have  the  right  to  request  the  refund  or  to  compensate  the  balances  in  favor  of  the  company  that  disappears,  provided  that  the  requirements  established  in  the  tax  provisions  are  met.

In  the  declarations  of  the  fiscal  year  corresponding  to  the  merged  company  or  the  parent  company  that  disappear,  all  cumulative  income  and  authorized  deductions  must  be  considered;  the  total  amount  of  acts  or  activities  taxed  and  exempt  and  the  accreditations;  the  value  of  all  its  assets  or  debts,  as  appropriate,  that  it  had  from  the  beginning  of  the  year  and  until  the  day  of  its  disappearance.  In  this  case,  the  one  that  corresponds  to  the  merger  or  the  spin-off  will  be  considered  as  the  end  date  of  the  fiscal  year.

The  provisions  of  this  article  shall  only  be  applied  in  the  case  of  merger  or  corporate  spin-offs?  resident  in  the  national  territory  and  provided  that  the  company  or  companies  that  arise  as  a  result  of  said  merger  or  spin-off  are  also  resident  in  the  national  territory.