I: Property income

The member of a société civile de placement immobilier, governed by articles L. 214-114 et seq. of the French Monetary and Financial Code, whose share of income is, pursuant to Article 8, subject in its own name to income tax in the property income category, may, by irrevocable option exercised when filing the income tax return for the year of subscription, make a deduction for depreciation. This deduction is equal…

1. Notwithstanding the provisions of Article 31, where the amount of gross annual income defined in articles 29 and 30 does not exceed €15,000, the corresponding taxable income is set at a sum equal to the amount of this gross income less a 30% allowance. In the event that the taxpayer holds units in real estate investment funds referred to in article 239 nonies or units in companies, other than…