Publishing Revenue Regulations No. 16-81 Renumbering a Pertinent Subsection Thereof

October 11, 1983 REVENUE MEMORANDUM CIRCULAR NO. 05-83 SUBJECT : Publishing Revenue Regulations No. 16-81 Renumbering a Pertinent Subsection Thereof TO : All Internal Revenue Officers, Employees and Others Concerned For the information and guidance of all concerned quoted hereunder is Sec. 2 of RR No. 16-81 changing "Sec. 1(h) Other trust arrangements. -" into "Sec. 1(k) Other trust arrangements" on account of the amendment of Sec. 1(h) of RR 13-78 by RR 6-79, to read as follows: "Sec. 2. Section 1 of said Revenue Regulations No. 13-78 is hereby further amended by adding a new paragraph denoted as paragraph (k) to read as follows: "k. Other trust arrangements . On yield/income, not previously subjected to a final tax, pertaining to all other trust and similar arrangements, whether covered by a trust indenture/agreement or by an investment/portfolio management agreement or any other similar document involving the investment/management of funds: Provided , That any such arrangement (i) does not fall within the purview of the preceding Subsection (g) hereof, and (ii) is not characterized as a trust certificate under the definition of a trust certificate pursuant to Section 2(g) of Revenue Regulations No. 12-80, as amended by Revenue Regulations No. 8-81 twenty per centum (20%)." "For this purpose, 'yield' shall mean the difference between the amount placed and the amount received upon maturity of the particular investment instrument by its terms by acceleration or otherwise." casia It is desired that this Circular be given as wide publicity as possible. (SGD.) RUBEN B. ANCHETA Acting Commissioner