BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jan 31, 1975
Full text
January 31, 1975 4th Indorsement Returned to the Revenue Operations Head (Assessment) the entire docket bearing on the gift tax case of the World Division of the Board of Global Ministers of the United Methodist Church, as donor of real properties situated in Ermita, Manila covered by T.C.Ts Nos. 112604 (a 1,022.6 sq. m. lot at Gen. Luna St.), 51230 (267.9 sq. m. lot) and 38691 (520.9 sq. m. lot) at the United Nations Avenue with a declared fair market value of P4,548,106.00 in favor of the Philippine Central Conference of the Methodist Church on June 7, 1973 a religious corporation duly organized and registered with the Securities and Exchange Commission as donee, with the information that the transfer of aforesaid properties by way of donation is exempt from the donor's gift tax, provided that not more than 30% of said donation shall be used by said donee for administration purposes. (Sec. 112(9)(3), Tax Code, as amended by Presidential Decree No. 69). In view thereof, this case may now be considered closed and terminated. (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5
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