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Article 137 bis of the French General Tax Code

I. The sums or securities distributed by a mutual fund, excluding the distributions mentioned in 7 and 7a of II of article 150-0 A and the allocation of mutual fund units received as part of a demerger carried out pursuant to the second paragraph of articles L. 214-8-7 and L. 214-24-41 of the Monetary and Financial Code, constitute income from transferable capital received by the unitholders on the date of…

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