BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 26, 1969
Full text
September 26, 1969 Messrs. Ungson & Ungson Attorneys-at-Law T. M. Kalaw, Ermita Manila Gentlemen : This refers to your letter dated September 22, 1969, requesting information as to whether or not the sub-paragraph (2), paragraph (c) of Section 35 of the Tax Code, as amended by Republic Act No. 4522, applies to exchanges of property for stock of corporation to be organized as well as to exchanges of property for stocks of already existing corporations. In reply, I have the honor to inform you that the aforesaid provision of law applies to exchanges of property by individuals for stocks in corporations to be organized and to existing corporations. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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.