Tax on the Partnership Interest of Philippine Confectionary Company
BIR Ruling No. 122-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 20, 1958
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February 20, 1958 BIR RULING NO. 122-58 Messrs. Honrado, Lauron & Sering Attorneys-at-Law 2nd Floor Remnants Centers Bldg. 823 Juan Luna, Manila Gentlemen : In reply to your letter dated February 17, 1958 I have the honor to inform you that partnership interest is a capital asset. Accordingly, the gain derived from the sale of a partnership interest is a capital gain. Since your client held his partnership interest in the Philippine Confectionary Company for more than one (1) year, only 50% of the gain derived from his sale thereof shall be taken into account in computing net capital gain, pursuant to Section 34(g) of the Tax Code. Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue
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