The ruling of the Corte di Cassazione of 23 March 2026, No. 6732, addressed the existence of the requirement of commercial activity for PEX purposes in relation to a company that initiated a redevelopment project concerning a real estate complex of a former foundry.
It is noted that the rationale of Article 87 of the TUIR is to grant the tax exemption on capital gains arising from the disposal of shareholdings, provided that the subsidiary effectively and concretely carries out a commercial activity, albeit within the broader meaning set out in Article 55, but not an activity limited to the mere holding or management of real estate or to purely preparatory activities.