BIR Ruling

June 27, 1973 Mrs. Esperanza R. Vda. de Cortabitarte C/o Guttridge & Chambers, Inc. San Luis Building 1006 Maria Y. Oreza St. Ermita, Manila Attention: Miss Doreen Chambers M a d a m : This refers to your letter dated June 14, 1973 requesting information whether you are required to keep a set of books of account with the following as sources of your income: "(1) Dividends on Shares of Stocks : Aside from the statements attached to the dividend checks I periodically receive from the companies and corporations I have invested in, they provided me with the duly accomplished BIR Form No. 17.01-B at the end of the year. "(2) Net share on rental of Sts . Cruz Building : As an heiress in part with 3/216th share to the Estate of the late Don Jose Vivencio Ramirez (under trusteeship of the Philippine Banking Corporation which pays the required taxes and keeps the records and books of the estate), I receive my share from monthly rentals with the corresponding statements from the Trustee showing the itemized income and expenses during the period covered." In reply, I have the honor to inform you that as a taxpayer whose only source of income is the dividends on shares of stock and not share on rental income of a property under trusteeship (where the Trustee is required to pay the taxes and keeps the records and books of the estate) you need not keep and use any book of accounts. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue