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Article 248 B of the French General Tax Code

The provisions of articles 92, and 150-0 A are not applicable to exchanges of securities carried out under the loi de nationalisation n° 82-155 du 11 février 1982. In the event of the sale of the securities received in exchange, the capital gain or loss is calculated on the basis of the acquisition price or value of the securities that gave rise to the right to compensation. For the application…

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