BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 3, 1973
Full text
September 3, 1973 Mr. Felix H. Limcaoco, Jr. Cabuyao, Laguna S i r : In reply to your letter dated August 21, 1973, I have the honor to inform you that the investment of the entire proceeds in the amount of P180,000.00 realized by you in the sale of capital assets in shares of stocks of Forform Development Corporation of Cabuyao, Laguna, meets the condition for exemption from capital gains tax, pursuant to Presidential Decree Nos. 16 and 16-A, it appearing that said corporation is engaged in livestock and other agricultural development products. (Section 4.A.8., Revenue Regulations No. 7A-72 dated November 16, 1972) It is understood that said proceeds shall be invested as initial capital contribution or in new issues of capital stocks of the said corporation. 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."
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