BIR Ruling No. 020-61

January 3, 1961 BIR RULING NO. 020-61 Reference is made to your letter . . ., requesting a ruling on whether or not that school comes within the purview of the exempting provisions of Section 27(e) of the National Internal Revenue Code. With said letter you submitted a copy each of the school's articles of incorporation and by-laws. LibLex In answer thereto, I have the honor to inform you that, it appearing from said articles and by-laws that the school is organized and operated exclusively for educational purposes, no part of the net income of which inures to the benefit of any private member or individual, it is exempt from the income tax pursuant to the aforementioned Section 27(e). However, should the school derive any income from its personal and/or real property or from any activity conducted for profit, such income shall be subject to the tax, regardless of the disposition made thereof. The above ruling shall be altered or modified if upon investigation it is found that the facts warrant alteration or modification thereof. LLphil