Deductibility from the Net Income of the Contributions, Gifts and Offerings to the Far East Broadcasting Company
BIR Ruling No. 005-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 1, 1960
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No date supplied BIR RULING NO. 005-60 Mr. Anacleto T. Lacanilao, Jr. Counsel for Far East Broadcasting Company, Inc. 209 Samanillo Bldg., Escolta M a n i l a S i r : In reply to your letter dated December 19, 1959, requesting information regarding the deductibility from the net income of the contributions, gifts and offerings to the Far East Broadcasting Company, I have the honor to inform you that if, as stated in the articles of incorporation of said corporation as well as in your supplementary letter dated January 6, 1960, the Far East Broadcasting Company is a corporation organized for a cultural purpose, no part of the net income of which inures to the benefit of any private stockholder or individual, the contributions, gifts, and offerings thereto are deductible to an amount not in excess of six per centum in the case of an individual, and three per centum in the case of a corporation, of the contributor's taxable net income. LLjur Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
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