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Lee Burns

countries) to tax gains arising on the transfer of such rights. 5 In broad terms, there are two ways that a mining or petroleum right can be transferred, each with differing tax consequences. First, the entity holding the right 6 can transfer its interest in the right (referred to as a “direct transfer”), or, second, the owner of the entity holding the right can transfer its interest in the entity that holds the right (referred to as an “indirect transfer”). Moreover, these transfers may be structured in different ways. The income tax treatment of a direct or indirect