Article 37-4Special Provisions on Taxation of Capital Gains in the Case of Exchange of Specified Business Assets
第三十七条の四（特定の事業用資産を交換した場合の譲渡所得の課税の特例）
Where an individual, during the period from January 1, 1970 to December 31, 2029 (or March 31 of that year for the assets listed in the left-hand column of item (iii) of the table in Article 37, paragraph (1), and December 31, 2028 for those of the assets listed in the left-hand column of item (iv) of that table that are used for the construction business prescribed in that column or any other business specified by Cabinet Order), exchanges an asset held by the individual that is listed in the left-hand column of any item of that table and is used for the individual's business (hereinafter referred to as an "asset transferred by exchange" in this Article) for an asset listed in the right-hand column of that item (hereinafter referred to as an "asset acquired by exchange" in this Article) (excluding an exchange prescribed in Article 33-2, paragraph (1), item (ii) and other exchanges specified by Cabinet Order; hereinafter the same applies in this Article) (including the case where the individual receives or pays, in connection with the exchange, an exchange balancing payment (meaning money to compensate for the difference between the value of the asset acquired by the exchange and the value of the asset transferred by the exchange; hereinafter the same applies in this Article, the following Article and Article 37-8)), or exchanges an asset transferred by exchange for an asset other than an asset acquired by exchange and receives an exchange balancing payment (referred to as the "case of an exchange for other assets" in item (i)), the provisions of the preceding three Articles apply as follows:
個人が、昭和四十五年一月一日から令和十一年十二月三十一日（第三十七条第一項の表の第三号の上欄に掲げる資産にあつては同年三月三十一日とし、同表の第四号の上欄に掲げる資産のうち同欄に規定する建設業その他の政令で定める事業の用に供されるものにあつては令和十年十二月三十一日とする。）までの間に、その有する資産で同表の各号の上欄に掲げるもののうち事業の用に供しているもの（以下この条において「交換譲渡資産」という。）と当該各号の下欄に掲げる資産（以下この条において「交換取得資産」という。）との交換（第三十三条の二第一項第二号に規定する交換その他政令で定める交換を除く。以下この条において同じ。）をした場合（当該交換に伴い交換差金（交換により取得した資産の価額と交換により譲渡した資産の価額との差額を補うための金銭をいう。以下この条、次条及び第三十七条の八において同じ。）を取得し、又は支払つた場合を含む。）又は交換譲渡資産と交換取得資産以外の資産との交換をし、かつ、交換差金を取得した場合（第一号において「他資産との交換の場合」という。）における前三条の規定の適用については、次に定めるところによる。
the asset transferred by exchange (in the case of an exchange for other assets, limited to the portion specified by Cabinet Order as corresponding to the exchange balancing payment) is deemed to have been transferred as referred to in Article 37, paragraph (1) by the individual on the date of the exchange for an amount equivalent to the value of the asset as of that date;
当該交換譲渡資産（他資産との交換の場合にあつては、交換差金に対応するものとして政令で定める部分に限る。）は、当該個人が、その交換の日において、同日における当該資産の価額に相当する金額をもつて第三十七条第一項の譲渡をしたものとみなす。
the asset acquired by exchange is deemed to have been acquired as referred to in Article 37, paragraph (1) by the individual on the date of the exchange for an amount equivalent to the value of the asset as of that date, and the individual is deemed to have filed the notification referred to in that paragraph.