Debt discharge gains: tax neutrality where offset by tax losses

by A&P, Alice Mantovan, Fabrizio Ricci | 16 Apr, 2026 | Publications

The Italian Supreme Court confirms that, pursuant to Article 88(4-ter) of the TUIR, debt discharge gains do not contribute to taxable income where fully offset by tax losses, including carryforwards, within the framework of restructuring agreements under Article...

Master “Business Crisis”: an operational focus on the tools of the Italian Insolvency Code

by A&P, Maria Edvige Chiari, Achille Mazzanti, Nicolò Aicardi, Francesco Carlo Vancini | 15 Apr, 2026 | Events, training

The professionals of Aicardi & Partners are also taking part in the second edition of the Master’s program “Business Crisis,” promoted by La Scala Formazione and Euroconference, building on their contribution to the previous edition. Their sessions address key...

PEX regime and the business activity requirement: the Italian Supreme Court narrows the scope for development companies

by A&P, Matteo Aicardi | 9 Apr, 2026 | Publications

The Italian Supreme Court, in decision no. 6732/2026, narrows the scope of the PEX regime with respect to the business activity requirement. In particular, the Court excludes that activities typical of the early stages of real estate development – such as asset...

Transfer of shareholdings under the controlled realisation regime: differentiated share premiums in the presence of “misaligned” tax bases

by A&P, Fabrizio Ricci | 8 Apr, 2026 | Publications

In ruling no. 91/2026, the Agenzia delle Entrate (Italian Revenue Agency) confirms the possibility of applying differentiated share premiums in share-for-share contributions under the controlled realisation regime, where shareholders have non-homogeneous tax bases....

No gift tax exemption where the usufructuary retains voting rights on profit distributions

by A&P, Fabrizio Ricci | 2 Apr, 2026 | Publications

With twin decisions no. 6614/2026 and no. 6616/2026, the Italian Supreme Court denies the inheritance and gift tax exemption in a transaction involving the transfer of bare ownership of the entire share capital of an S.r.l. to the donor’s children, where the...