Non-deductibility of the Premiums Paid by a Partnership for a Policy Covering the Life of Its Managing Partner
BIR Ruling No. 328-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 21, 1960
Full text
July 21, 1960 BIR RULING NO. 328-60 Mr. Lim Suy An Insular Life Assurance Co., Ltd. East Visayas District Office Cebu City S i r : In reply to the query contained in your letter dated March 24, 1960, I have the honor to inform you that premiums paid by a partnership for a policy covering the life of its managing partner and where the partnership is the beneficiary under such policy, are not deductible from the gross income of such partnership, pursuant to Section 31(a)(4) of the Tax Code. Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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