Tax Liability of Squibb Employees Savings & Loan Ass'n., Inc.
BIR Ruling No. 044-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 10, 1960
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February 10, 1960 BIR RULING NO. 044-60 Squibb Employees Savings & Loan Ass'n., Inc. Pasong Tamo, Makati, Rizal Gentlemen : In answer to your letter of February 8, 1960, I have the honor to inform you that, it appearing that you are being operated for profit you cannot be exempted from income tax under the provisions of Section 27(b) of the National Internal Revenue Code. Accordingly, the interest income and any other income that may be derived by you from other sources are taxable for income tax purposes. lexlib Very truly yours, MISAEL P. VERA Deputy Commissioner of Internal Revenue
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