BIR Ruling No. 340-61
BIR Ruling No. 340-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 11, 1961
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September 11, 1961 BIR RULING NO. 340-61 Mr. Gregorio G. Calit P. O. Box No. 33 Oroguieta, Misamis Occ. S i r : In reply to your letter dated June 7, 1961, I have the honor to inform you that cattle in a ranch are classified as agricultural products, but while the sale thereof by the producer are exempt from the sales tax, nevertheless the proceeds of such sale shall be considered in determining the additional residence tax of the ranch owner. LexLib Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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