Tax Imposed on the Sale of Farm-Land
BIR Ruling No. 574-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 26, 1958
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September 26, 1958 BIR RULING NO. 574-58 Mr. Jesus Manuel Bangoy 120 Rizal Extension St. City of Davao S i r : In reply to your letter of August 28, 1958, I have the honor to inform you that if, as represented by you, the six hectares of farm-land which you intend to sell were never used in business, only 50% of the net profit derived from the sale thereof is taxable, pursuant to Section 34(a)(1) and (b)(2) of the National Internal Revenue Code. LexLib Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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