Prizes Received by Winning Farmers from the National Rice and Corn Production Contest Committee
BIR Ruling No. 531-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 20, 1960
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December 20, 1960 BIR RULING NO. 531-60 Mr. Primo A. Honrado Assistant Director for Operations Bureau of Plant Industry S i r : Reference is made to your letter dated November 15, 1960, requesting information as to whether or not prizes received by winning farmers from the National Rice and Corn Production Contest Committee are taxable under any existing provision of the National Internal Revenue. In reply thereto, I have the honor to inform you that cash prizes received by winning farmers on account of the rice and corn production contest is subject to income tax on the recipient thereof. And if the prize received is other than cash, the money value of the same is, likewise, subject to income tax. Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
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