Taxability of the Riceland Situated in Abangan, Marilao, Bulacan
BIR Ruling No. 596-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Nov 12, 1959
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November 12, 1959 BIR RULING NO. 596-59 2nd Indorsement Returned to the Regional Director B. I. R. Regional District No. 4, Quezon City, with the information that the riceland situated in Abangan, Marilao, Bulacan, sold by Marcela Ignacio to the Philippine Long Distance Telephone Company in 1956 is a capital asset and therefore only 50% of the profit realized in the sale thereof is taxable, it appearing that the said riceland is an agricultural land and it having been held for more than twelve (12) months, pursuant to section 34(b)(2) of the Tax Code. (Blas Gutierrez and Maria Morales vs. Court of Tax Appeals and Collector of Internal Revenue, G. R. L-9738). (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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