BIR Ruling No. 007-80
BIR Ruling No. 007-80 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 11, 1980
Full text
September 11, 1980 BIR RULING NO. 007-80 034-a-1 103-80 07-80 Capitol Realty & Marketing Corp. Suite 205, 2nd Floor Banos Bldg. Rizal Avenue, Metro Manila Attention : Mrs . Aurelia S . Domingo President-Treasurer Gentlemen: In reply to your letter dated August 15, 1980, I have the honor to inform you that the gains you derive from the sale of lots in various subdivisions in Quezon City and Caloocan City of which you are the owner and/or manager, agent and developer, are not subject to the capital gains tax imposed by Section 34(h) of the Tax Code, as amended by Batas Pambansa Blg. 37, as implemented by Revenue Regulations No. 8-79. This is so because the said gains are profits realized from the sale of property held primarily for sale to customers in the ordinary course of trade or business under Section 34(a)1 of the Tax Code of 1977, as amended. prll Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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.