Tax Liability of the Collegiate Publishing Co., Ltd.

October 20, 1960 BIR RULING NO. 459-60 Mr. Ricardo D. Cruz, Jr. c/o Collegiate Publishing Co., Ltd. P.O. Box 1629 M a n i l a S i r : In reply to the queries contained in your letter dated April 11, 1960, I have the honor to inform you as follows: 1 The Collegiate Publishing Co., Ltd., a duly registered limited partnership is subject to the corporate income tax, pursuant to section 24(b)(a) of the Tax Code, as amended, in relation to Section 24(b) thereof. 2 Members of a limited partnership are taxable upon their distributive shares of the net income of such partnership, whether distributed or not, and are required to include such distributive shares in their individual income tax returns. In any kind of partnership, the distributive shares of the partners are credited to their accounts and are, therefore, constructively received by them. cdll Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue