Exemption on the Transmission of Intangible Personal Property Located in the Philippines
BIR Ruling No. 608-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 7, 1959
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December 7, 1959 BIR RULING NO. 608-59 Ross, Selph & Carrascoso P.O. Box 781, Manila Gentlemen : In answer to your letter dated October 13, 1959, please be informed that the transmission of intangible personal property located in the Philippines and belonging to a person who at the time of his death was a resident of California is exempt from the inheritance tax but subject to the estate tax, pursuant to section 122 of the Tax Code and the jurisprudence on the matter. Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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