BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • May 23, 1974
Full text
May 23, 1974 Messrs. Sycip, Gorres, Velayo & Co. P. O. Box 589, Manila Gentlemen : In reply to your letter dated March 7, 1974, I have the honor to inform you that Section 43 of the Tax Code which allows the return of income from sales in installment of real property as the installments are received applies to sales of real property in installment for a period of fifty (50) years, since said provision does not provided any limitation as regards the period of installment sale. acd Section 43 of the Tax Code also applies even if the real property sold in installment will be leased bank by the buyer to the seller in order that the latter may continue using the property. cdi Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.