{"id":2735,"date":"2017-09-26T10:10:16","date_gmt":"2017-09-26T08:10:16","guid":{"rendered":"https:\/\/it-landgraf.de\/?p=2735\/"},"modified":"2017-11-23T13:46:57","modified_gmt":"2017-11-23T11:46:57","slug":"karlsruhe-deals-a-severe-blow-the-lapse-of-loss-carry-forward-upon-acquisition-of-detrimental-participation-according-to-%c2%a7-8c-sec-1-sentence-1-kstg-is-unconstitutional","status":"publish","type":"post","link":"https:\/\/it-landgraf.de\/en\/karlsruhe-deals-a-severe-blow-the-lapse-of-loss-carry-forward-upon-acquisition-of-detrimental-participation-according-to-%c2%a7-8c-sec-1-sentence-1-kstg-is-unconstitutional\/","title":{"rendered":"KARLSRUHE DEALS A SEVERE BLOW: THE LAPSE OF LOSS CARRY FORWARD UPON ACQUISITION OF DETRIMENTAL PARTICIPATION ACCORDING TO \u00a7 8c SEC. 1 SENTENCE 1 KSTG IS UNCONSTITUTIONAL"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_section-01751847528dfc99e88c09c880d3cb67\">\n.avia-section.av-av_section-01751847528dfc99e88c09c880d3cb67{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/it-landgraf.de\/wp-content\/uploads\/3629.jpg);\nbackground-position:0% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-av_section-01751847528dfc99e88c09c880d3cb67 main_color avia-section-default avia-no-shadow  avia-builder-el-0  el_before_av_section  avia-builder-el-first  avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-40 av-height-40  container_wrap sidebar_right'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='40' data-av_min_height_opt='40'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2735'><div class='entry-content-wrapper clearfix'>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-av_section-d18d8c2c81d10022ebd21ffa95322c35 main_color avia-section-default avia-no-shadow  avia-builder-el-1  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2735'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-2  el_before_av_two_third  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-a357262dc3253667fc6e37b8eb2c2626\">\n#top .av-special-heading.av-av_heading-a357262dc3253667fc6e37b8eb2c2626{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-av_heading-a357262dc3253667fc6e37b8eb2c2626 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-av_heading-a357262dc3253667fc6e37b8eb2c2626 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-a357262dc3253667fc6e37b8eb2c2626 av-special-heading-h1 blockquote modern-quote  avia-builder-el-3  avia-builder-el-no-sibling '><div class='av-subheading av-subheading_above'>26. September 2017\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >KARLSRUHE DEALS A SEVERE BLOW: THE LAPSE OF LOSS CARRY FORWARD UPON ACQUISITION OF DETRIMENTAL PARTICIPATION ACCORDING TO \u00a7 8c SEC. 1 SENTENCE 1 KSTG IS UNCONSTITUTIONAL <\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-4  el_after_av_two_third  el_before_av_two_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>By decision of 29 March 2017 the Federal Constitutional Court (Bundesverfassungsgericht) declared the partial lapse of loss deduction in the case of a detrimental exchange of shareholders in the amount of over 25% to 50% to be unconstitutional in all law versions between 2008 and 2015. The legislator is obliged to revise the law with retroactive effect for the period from 1 January 2008 until 31 December 2015.<\/strong><!--more--><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36\">\n.flex_column.av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_two_third-9497bbf8bff73ea4c6992cc17fa9ec36 av_two_third  avia-builder-el-6  el_after_av_two_third  el_before_av_one_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>I. What is regulated under \u00a7 8 para. 1 sentence 1 KStG?<\/h2>\n<p>Corporations can deduct negative income which was not balanced out when calculating the total amount of income in the assessment year (\u00a7 2 para. 7 EStG (Income Tax Act)) in certain limitations from the total amount of their income in a direct preceding assessment period (loss carryback according to \u00a7 10d para. 1 EStG) and the following assessment period (loss carryforward according to \u00a7 10d para. 2 EStG). If however, within five years directly or indirectly, <span class=\"bold-lowercase\">more than 25 per cent<\/span> of the subscribed capital, of the rights of membership, of the participation rights or of the voting rights in a corporation are transferred to a buyer or a person related to him or if there is a comparable situation (harmful acquisition of participations), <span class=\"bold-lowercase\">all losses<\/span> which have <span class=\"bold-lowercase\">not been used<\/span> by the time of the harmful acquisition of participations <span class=\"bold-lowercase\">are no longer deductible<\/span> (\u00a7 8c para. 1 sentence 1 KStG (Corporate Tax Act)).<\/p>\n<h2>II.\u00a0\u00a0\u00a0 What has been decided by the Federal Constitutional Court?<\/h2>\n<p>The provision under \u00a7 8c para. 1 sentence 1 KStG is incompatible <span class=\"bold-lowercase\">with the general principal of equal treatment under article 3 para. 1 GG (constitutional law)<\/span>. Because this provision treats corporations differently in determining their taxable income, depending on whether within five years more than 25 per cent of the subscribed capital, of the rights of membership, of the participation rights or of the voting rights in a corporation were transferred to a buyer or a person related to him or not.\u00a0 According to this provision, losses are no longer deductible, even though the corporation\u2019s economic performance is not being altered in any way by the transfer of shares. The economic performance, however, is regarded as connecting factor of the corporate income tax.<br \/>\n\u00a7 8c KStG serves the <span class=\"bold-lowercase\">combating abuse<\/span> and is particularly supposed to prohibit trade with losses that can be carried forward for tax purposes. According to the Federal Constitutional Court the typical case of abuse is characterized by an investor filling a corporation that still has loss carryforwards but does only portray an empty coat due to missing business operations and significant business assets with a new and, as far as possible, profitable activity in order to make the losses usable for tax purposes. The acquisition of a participation of more than 25 per cent does not indicate an improper structuring, because there are many reasons for the transfer of such a participation in a loss-making company possible. According to the Federal Constitutional Court the concept of abuse has not been adequately adapted in \u00a7 8c para. 1 sentence 1 KStG. The German lawmakers have thus crossed the border of permissible typification.<\/p>\n<h2>III.\u00a0\u00a0\u00a0 Which cases are not affected by the decision?<\/h2>\n<p>The decision of the Federal Constitutional Court exclusively refers to harmful acquisitions of participations according to \u00a7 8c para. 1 sentence 1 KStG. It does not make a statement on the complete elimination of losses at a <span class=\"bold-lowercase\">transfer of more than 50 per cent of shares<\/span> according to \u00a7 8c para. 1 sentence 2 KStG. The question of whether or not this regulation is compatible with the constitutional law, has expressly been <span class=\"bold-lowercase\">left open<\/span> by the Federal Constitutional Court.<br \/>\nThe <span class=\"bold-lowercase\">legal situation after 2016<\/span> was not part of the decision either. Because with\u00a0 \u00a7 8d KStG which was introduced with effect of 1 January 2016 a loss carryforwad still remains usable despite a change of shareholder, if the concerned company has exclusively carried out the same business operations for three years before the exchange of shareholder and has continued to do so (see the already published article \u201cNew legal provisions of \u00a7 8d KStG (Corporate Tax Act) \u2013 tax loss carryforwards of corporations can be saved in some cases where there is an exchange of shareholders\u201d in our Newsletter 2017 Q2). The question whether the implementation of \u00a7 8d KStG has reduced in some way the scope of \u00a7 8c KStG that the provision now meets the requirements of article 3 para. 1 Constitutional Law, requires a separate consideration, especially since \u00a7 8c KStG focuses on an exchange of shareholders and \u00a7 8d KStG focuses on continuing the identical business operations.<\/p>\n<h2>IV.\u00a0\u00a0\u00a0 What are the next steps?<\/h2>\n<p>The legislator is obliged to <span class=\"bold-lowercase\">eliminate<\/span> retroactively the <span class=\"bold-lowercase\">determined infringement of the constitution by 31 December 2018<\/span> from the time of the introduction of \u00a7 8c para. 1 sentence 1 KStGin 2008. If he does not fulfil this obligation, \u00a7 8c para. 1 sentence 1 KStG will be invalid with retroactive effect as of 1 January 2019.<br \/>\nThe Federal Ministry of Finance (Bundesfinanzministerium) will presumably publish an administrative order on how to proceed in the future. At least up to then loss carryforward notifications which contain a reduction in the loss deduction according to \u00a7 8c para. 1 sentence 1 KStG should be kept open by filing an appeal.<\/p>\n<h5>1. Retrospective revision?<\/h5>\n<p>If the legislator retroactively revises the provisions for the loss deduction, a previous partial elimination of the loss would have to be examined on the basis of the new legal situation. This applies at least to all still open cases, it only applies to the closed cases, if this was legally ordered. It remains to be seen, how closed cases are to be proceeded with due to a lack of a legal order. As a result we expect the partial loss elimination to remain, insofar as the assessments have become definite.<\/p>\n<h5>2. The legislator\u2019s failure to act<\/h5>\n<p>If the legislator fails to act by 31 December 2018, \u00a7 8c para. 1 sentence 1 KStG would become invalid. A partial loss elimination according to this provision would not come into question anymore. All open cases would have to be changed. All definite assessments will remain.<\/p>\n<h5>3. \u00a7 8c para. 1 sentence 1 KStG (current version since 2016)<\/h5>\n<p>We recommend to file an appeal also against loss carryforward notifications which were subject to \u00a7 8c para. 1 sentence 1 KStG in its current version since 2016 if \u00a7 8c para. 1 sentence 1 KStG cannot be avoided by \u00a7 8d KStG.<\/p>\n<h5>4. Exchange in shareholders of more than 50 %<\/h5>\n<p>An appeal should also be filed against such notifications which concern an exchange in shareholders of more than 50 % in accordance with \u00a7 8c para. 1 sentence 2 KStG. It is also possible to apply for the suspension of the proceedings (ref. of the Federal Court of Finance: I R 31711) in addition to the objection with regard to a pending appeal proceeding with the Federal Court of Finance (BFH) concerning the unconstitutionality of \u00a7 8c para. 1 sentence 2 KStG.<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_third-73aaecfb4fe7e39558cc207c955e4161\">\n.flex_column.av-av_one_third-73aaecfb4fe7e39558cc207c955e4161{\nborder-radius:0px 0px 0px 0px;\npadding:7px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_one_third-73aaecfb4fe7e39558cc207c955e4161 av_one_third  avia-builder-el-8  el_after_av_two_third  avia-builder-el-last  sy-only-desktop flex_column_div  column-top-margin'     ><p><div  class='avia-builder-widget-area clearfix  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first '><section id=\"categories-3\" class=\"widget clearfix widget_categories\"><h3 class=\"widgettitle\">Newsletter issues<\/h3>\n\t\t\t<ul>\n\t\t\t\t\t<li class=\"cat-item cat-item-265\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2025-q3-en\/\">2025 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-267\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2025-q4-en\/\">2025 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-272\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2026-q1\/\">2026 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-263\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2025-q2-en\/\">2025 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-261\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2025-q1-en\/\">2025 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-254\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2024-q4-en\/\">2024 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-250\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2024-q3-en\/\">2024 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-242\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2024-q2-en\/\">2024 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-238\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2024-q1-en\/\">2024 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-227\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2023-q4-en\/\">2023 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-208\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2023-q2-en\/\">2023 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-206\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2023-q1-en\/\">2023 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-193\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2022-q4-en\/\">2022 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-184\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2022-q3-en\/\">2022 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-182\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2022-q2-en\/\">2022 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-177\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2022-q1-en\/\">2022 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-175\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2021-q4-en\/\">2021 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-173\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2021-q3-en\/\">2021 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-171\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2021-q2-en\/\">2021 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-169\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2021-q1-en\/\">2021 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-167\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2020-q4-en\/\">2020 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-162\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2020-q3-en\/\">2020 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-160\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2020-q2-en\/\">2020 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-158\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2020-q1-en\/\">2020 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-156\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2019-q4-en\/\">2019 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-150\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2019-q3-en\/\">2019 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-138\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2019-q2-en\/\">2019 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-140\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2019-q1-en\/\">2019 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-144\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2018-q4-en\/\">2018 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-146\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2018-q3-en\/\">2018 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-136\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2018-q2-en\/\">2018 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-128\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2018-q1-en\/\">2018 Q1<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-126\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q4-en\/\">2017 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-116\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q3-en\/\">2017 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-114\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q2-en\/\">2017 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-142\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/deals-en\/\">Deal Announcements<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-58\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/uncategorized\/\">Uncategorized<\/a>\n<\/li>\n\t\t\t<\/ul>\n\n\t\t\t<span class=\"seperator extralight-border\"><\/span><\/section><\/div><br \/>\n<section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>More information on this topic<\/h2>\n<ul class=\"sy-list-margin\">\n<li><a href=\"\/?page_id=1717\">Mergers &amp; Acquisitions (M&amp;A)<\/a><\/li>\n<li><a href=\"\/?page_id=1726\">Tax Advice and Tax Proceedings<\/a><\/li>\n<li><a href=\"\/?page_id=1744\">Transaction Tax<\/a><\/li>\n<\/ul>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-fb479b19f087d3def54096c70f7e0968\">\n#top .hr.hr-invisible.av-av_hr-fb479b19f087d3def54096c70f7e0968{\nheight:8px;\n}\n<\/style>\n<div  class='hr av-av_hr-fb479b19f087d3def54096c70f7e0968 hr-invisible  avia-builder-el-11  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-av_textblock-35972167d9f102c5ddaec0c531c98b9e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>Downloads<\/h2>\n<p><a href=\"#\" onclick=\"window.print();return false\">Print<\/a><br \/>\n\n\n\n\t<div class=\"dkpdf-button-container\" style=\" text-align:left \">\n\n\t\t<a class=\"dkpdf-button\" href=\"\/en\/wp-json\/wp\/v2\/posts\/2735?pdf=2735\" target=\"_blank\"><span class=\"dkpdf-button-icon\"><i class=\"fa fa-file-pdf-o\"><\/i><\/span> Download (PDF)<\/a>\n\n\t<\/div>\n\n\n\n\n\n<\/p>\n<\/div><\/section><\/p><\/div><\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='after_section_2'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-2735'><div class='entry-content-wrapper clearfix'>\n","protected":false},"excerpt":{"rendered":"<p>By decision of 29 March 2017 the Federal Constitutional Court (Bundesverfassungsgericht) declared the partial lapse of loss deduction in the case of a detrimental exchange of shareholders in the amount of over 25% to 50% to be unconstitutional in all law versions between 2008 and 2015. The legislator is obliged to revise the law with [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[116],"tags":[],"class_list":["post-2735","post","type-post","status-publish","format-standard","hentry","category-2017-q3-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/2735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/comments?post=2735"}],"version-history":[{"count":24,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/2735\/revisions"}],"predecessor-version":[{"id":2984,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/2735\/revisions\/2984"}],"wp:attachment":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/media?parent=2735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/categories?post=2735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/tags?post=2735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}