LAW OF THE RUSSIAN FEDERATION

of December 27, 1991 No. 2116-I

About the income tax of the companies and organizations

Article 1. Taxpayers

5. Are not income tax payers according to this Law of the company of any forms of business for profit on realization of the agricultural and okhotokhozyaystvenny products, and also own agricultural products, made and pbrerabotanny at these companies, made by them, except for the agricultural enterprises of industrial type determined by the list approved by legislative (representative) bodies of subjects of the Russian Federation.

Article 2. Taxation object and procedure for calculation of leviable profit

4. In case of determination of profit on realization of fixed assets and other property of the company for the purposes of the taxation the difference between the selling price and original or residual cost of these funds and property increased by the inflation index estimated according to the procedure, established by the Government of the Russian Federation is considered.

On fixed assets, intangible assets, the invaluable and fast-wearing-out objects which cost is settled by depreciation charge residual cost of these funds and property is accepted.

In case of realization or voluntary conveyance of the fixed assets and objects which are not finished by construction within two years from the moment of their acquisition or construction on which privileges on the income tax were provided the taxable profit is subject to increase (within the amounts of earlier provided privileges) on residual cost of these fixed assets and the made costs on the objects which are not finished by construction.

The profit (losses) from implementation of securities, futures and option contracts is determined as difference between sales price and the price of acquisition taking into account fee by their acquisition and realization.

According to the shares and bonds which are traded on the organized market of securities, market price, and also limiting border of fluctuations of market price of which are established according to the rules established by the federal body performing regulation of the security market, losses from their realization (disposal) at the price not below the established limiting border of fluctuations of market price can be carried on reduction of the income from realization (disposal) of the corresponding category of securities.

Losses on transactions with the securities which do not have the market quotation or not being traded on the organized market of securities can be carried on reduction of the income from realization (disposal) of the corresponding category of securities.

Do not join in taxable basis in case of calculation of the income tax the cost of the government securities of the Russian Federation received in case of innovation of the government short-term non-coupon bonds (further - state treasury bills) and bonds of the federal loans with permanent and variable coupon yield (further - federal loan bond) from repayment period to December 31, 1999 released till August 17, 1998, the money paid in accordance with the terms to innovation considered as partial compensation by the state to the company of its purchase costs of the government securities of the Russian Federation getting under innovation (in the part concerning state treasury bills and federal loan bond) and the federal loan bonds received in case of implementation of the state program of resettlement with permanent coupon yield released till November 27, 1998 and the cost of government securities of the Russian Federation, the bonds of internal state currency bonded loan of III series received in case of innovation (further - OVGVZ of series III).

The companies - primary owners of the government securities of the Russian Federation received in case of innovation determine profit (loss) in case of their realization as difference between sales price and the paid cost taking into account the costs connected with the specified realization. The paid cost of the government securities of the Russian Federation received in case of innovation is determined proceeding from the amount of actual costs on acquisition of all government securities of the Russian Federation reduced by the amount of the money paid in accordance with the terms of innovation considered as partial compensation by the state to the company of its purchase costs of the state treasury bills getting under innovation and federal loan bond or proceeding from the amount of the centralized credits which are actually repaid to the Central bank of the Russian Federation issued to them on implementation of the state program of resettlement and added on such credits of the current percent exchanged in case of innovation.

The paid cost of one government security of the Russian Federation of the corresponding type is determined as the paid aggregate value of the government securities of the Russian Federation of this type received in case of innovation estimated in proportion to their cost in total aggregate value of the government securities of the Russian Federation received in case of innovation, divided into their quantity by types.

Primary owners of the government securities of the Russian Federation received in case of the innovation having the right to direct the income from implementation (disposal) of all securities to repayment of losses from their realization (disposal), which both are addressing, and which are not traded on the organized market of securities.

In case of repayment of the government securities of the Russian Federation received in case of innovation of state treasury bills and federal loan bond, including in case of the direction of the funds which arrived from early repayment of federal loan bonds with permanent coupon yield (OFZ-PD), for payment of overdue debt on taxes, penalties and penalty fee in the federal budget, primary owners of the specified securities having the right in addition within the got profit determined in the form of difference between redemption price and paid with the cost of these securities taking into account the costs connected with their repayment to exclude part of the interest income which was subject to payment for federal loan bond and difference between redemption price and the price of acquisition on state treasury bills which are included in the cost of the government securities of the Russian Federation received in case of innovation in the share falling on one security of the corresponding type from the price of their repayment.

The companies - primary owners of the government securities of the Russian Federation received in case of innovation of state treasury bills, federal loan bond and OVGVZ of series III, the adjustment of the got profit (loss) determined in case of their realization (disposal) in the form of difference between sales price (disposal) and paid with the cost of the specified securities taking into account the costs connected with the specified realization (disposal) in the following procedure having the right to make:

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