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  "documentTitle": "Sony Corporation (6758.T)",
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  "notes": "Includes detailed legal/tax criteria for a corporate split in Japan.",
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      "text": "Our research indicates that Sony’s semiconductor business can be spun off “tax-free” under the Companies Act of Japan",
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      "text": "In 2017, the Japanese government passed tax reform that allowed companies to spin off divisions tax-free... Previously, spin-offs were treated as a sale in Japan...",
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      "text": "Key conditions: Sony's shareholders only receive shares issued by the newly established corporation... No party owns more than 50%... At least one director... 80% or more of employees... continue to operate.",
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      "text": "Our research indicates that Sony's semiconductor business can be spun off \"tax-free\" under the Companies Act of Japan. Accomplished via: 1) \"spin-off\" scheme/corporate split and 2) a tax-qualified share dividend.",
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      "text": "“Japan eyes tax break for spinoffs.” — Nikkei Asian Review, Nikkei. 19, November 2016.",
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      "text": "1. \"Japan eyes tax break for spinoffs.\" Nikkei Asian Review... 2. A spin-off scheme is the creation of a new corporation as Sony's wholly-owned subsidiary...",
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