Part 3 - Chargeability to Tax
Chapter 3 - Depreciation of Capital Assets
Section 5 - Provisions Concerning Transfer of Ownership of Assets Following the Transfer of Business
Article 96
[GTL Notes: Election to Apply Asset Transfer Provisions]
Both the establishment in its capacity as the transferor of the capital asset and the company in its capacity as the transferee shall have the right to choose whether the provisions of this Section or the other provisions of this Law are to be applied to the asset or to the pool of assets.
For exercising the option right mentioned in this Section, a notice shall be sent before the expiry of six months of the end of the tax year in which the transfer takes place and before the owner of the establishment disposes any of the shares transferred to him pursuant to the foregoing Article 95.
The option once made cannot be revoked.