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Italian to English translations [PRO]
Bus/Financial - Accounting / expert report valuing assets | | Italian term or phrase: conferimento/trasferimento a saldi aperti | | The company is selling a business unit and the "operazione di conferimento sara effettuata a valori di libro, a saldi aperti e in regime di neutralita fiscale..." |
| | | the transfer [of undertaking/assets] shall take place at pre-closing values/balances | Explanation:
Assets/the business activity/the undertaking will be transferred at "pre-closing value".
Following text uses the term "pre-closing" in context...although is not your exact context. Literature on EU Directives relating to demergers and reorganisations discusses the concept of tax neutrality (even between Member States). Your passage is clearly targeted at the tax treatment of the transaction.
“Pre-Closing Taxes” shall mean any Taxes imposed on any of the acquired Assets, the Sellers or the Company with respect to a pre-Closing Tax Period other than Taxes imposed on the Company by reason of transactions effected on the Closing Date after the closing while the Company is under the control of the Buyer including without limitation, any Taxes for which the Sellers or the Company are liable by reason of inclusion of Sellers or the Company or their predecessors in a consolidated, combined, unitary or similar Tax Return or similar filing, such as pursuant to Treasury regulations § 1.1502-6 or similar provision); " |
| Selected response from:
xxxDCypher
Local time: 04:48
| Grading comment Thank you so much for the detailed response, I have a much clearer understanding now.
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2 hrs confidence:   peer agreement (net): +1 the transfer [of undertaking/assets] shall take place at pre-closing values/balances
Explanation:
Assets/the business activity/the undertaking will be transferred at "pre-closing value".
Following text uses the term "pre-closing" in context...although is not your exact context. Literature on EU Directives relating to demergers and reorganisations discusses the concept of tax neutrality (even between Member States). Your passage is clearly targeted at the tax treatment of the transaction.
“Pre-Closing Taxes” shall mean any Taxes imposed on any of the acquired Assets, the Sellers or the Company with respect to a pre-Closing Tax Period other than Taxes imposed on the Company by reason of transactions effected on the Closing Date after the closing while the Company is under the control of the Buyer including without limitation, any Taxes for which the Sellers or the Company are liable by reason of inclusion of Sellers or the Company or their predecessors in a consolidated, combined, unitary or similar Tax Return or similar filing, such as pursuant to Treasury regulations § 1.1502-6 or similar provision); "
| xxxDCypher
Local time: 04:48
Specializes in field
Native speaker of:  English
PRO pts in category: 246
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| | Grading comment | Thank you so much for the detailed response, I have a much clearer understanding now. |
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