Non-deductibility of the Premiums Paid on the Life of its President or any of its "Key Men"
BIR Ruling No. 198-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Mar 19, 1958
Full text
March 19, 1958 BIR RULING NO. 198-58 Dr. Angel O. Dao Binakayan, Kawit Cavite S i r : With reference to your letter dated February 27, 1958, addressed to the Honorable, the Secretary of Finance, Manila, and indorsed to this Office for reply, I have the honor to inform you as follows: Premiums paid by a corporation of a life insurance policy covering the life of its President or any of its "Key Men" where the corporation is the owner of the policy and the beneficiary under such policy, are not deductible from its gross income, pursuant to Section 30(a)(4) of the National Internal Revenue Code. cdpr Very truly yours, (SGD.) MELECIO R. DOMINGO Deputy Commissioner of Internal Revenue
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