Proceeds of Life Insurance Policies Where the Beneficiary or Beneficiaries are Irrevocable
BIR Ruling No. 109-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Mar 18, 1960
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March 18, 1960 BIR RULING NO. 109-60 The Manufacturers Life Insurance Company Hongkong Bank Bldg., Juan Luna M a n i l a Gentlemen : In reply to your letter dated March 17, 1960 I have the honor to inform you that since the proceeds of life insurance policies where the beneficiary or beneficiaries are irrevocable do not form part of the estate of the insured, said proceeds are not subject to the estate and inheritance taxes. cdta Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
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