Coverage of the Sworn Statement

September 8, 1958 BIR RULING NO. 491-58 Mr. Diosdado P. Peralta 2012 Singalong, Manila S i r : In reply to your letter dated August 26, 1958, I have the honor to inform you as follows: cdta 1. The sworn statement required to be filed on or before September 21, 1957 by Republic Act No. 2070 shall cover the declarant's assets, income and liabilities as of December 31, 1957. 2 & 3. The acquisition cost of shares of stock is the par value or the actual consideration paid therefor, in case of original issue; the amount actually paid therefor in case of subsequent transfers thereof; and no cost in case of donation or inheritance, but, in such case, the fair market value thereof must be indicated in the space provided therefor. Should the person referred to in your letter have only 200 shares remaining out of the original 500 shares as of December 31, 1957, he shall declare only the said 200 shares, but the 300 shares donated to his children shall be declared by the latter in their individual declarations. If his children are only eighteen years old or less, he must accomplish the statement for them in his capacity as guardian. 4 & 5. Children who are over 18 years old, who have shares of stock of their own of the value of P1,500.00, more or less, must file their declaration even if they are totally dependent upon their parents. 6. While a corporation organized in 1954 which did not commence the transaction of its business or the construction of its works as of December 31, 1957 ipso facto losses its corporate existence, nevertheless, if the persons composing the corporation engaged in any other activities as an unregistered association, they must accomplish the sworn statement as such unregistered association. 7. Household helpers as the term is understood in the Philippines, that is those who live with their employers, who have no real property and/or personal property except few personal belongings and no income except their salaries as such, need not file the sworn statement but shall be included by their employers in the latter's statements as other members of their households. Household helpers, however, who do not live with their employers, similar to that prevailing in the United States, are considered ordinary wage earners and, therefore, must file their sworn statements. cdti Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue