Taxability of a High Fidelity (hi-fi) Phonograph Won as a Price in the Lottery
BIR Ruling No. 363-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 18, 1958
Full text
July 18, 1958 BIR RULING NO. 363-58 Miss Isabel Dumadag 2613 Felix Huertas Manila M a d a m : In reply to your letter dated July 17, 1958, I have the honor to inform you that the high fidelity (hi-fi) phonograph you won as a price in the lottery held by the Pagsanjan Catholic Church on July 6, 1958 is not subject to any internal revenue tax. However, the value thereof is considered income to you for the year 1958 which should be included in your Income tax return to be filed by you on or before March 1, 1959 as part of your taxable income for the year 1958. LLjur Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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