Inclusion of a New Section [178(a)] Between Section 178 and Section 179 of Revenue Regulations No. 2

June 1, 1965 REVENUE REGULATIONS NO. 08-65 SUBJECT : Inclusion of a New Section [178(a)] Between Section 178 and Section 179 of Revenue Regulations No. 2, Otherwise Known as the Income Tax Regulations TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 338 in relation to Section 4(1) of the National Internal Revenue Code, the following regulations creating a new section [178(a)] of Revenue Regulations No. 2, otherwise known as the Income Tax Regulations, are hereby promulgated and shall be known as Internal Revenue Regulations No. 8-65. SECTION 1. A new Section is hereby inserted between Sections 178 and 179 to be known as Section 178(a) which shall read as follows: cdtech "In all cases where a taxpayer sells during the year real or personal property on the installment basis, there should be attached to the income tax return a statement of each sale made during the year containing the following information: (a) Name of buyer (b) Address of buyer (c) Date of sale (d) Selling price (e) Payments received during the year corresponding to each sale." SECTION 2. Date of Effectivity . These regulations shall take effect upon their promulgation in the Official Gazette. cdt RUFINO G. HECHANOVA Secretary of Finance Recommended by: BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue ATTACHMENT 1st Indorsement August 13, 1965 Respectfully returned to the Commissioner of Internal Revenue, approving Revenue Regulations No. 8-65, creating Section [178-(a)] of Revenue Regulations No. 2, otherwise known as the Income Tax Regulations. RUFINO G. HECHANOVA Secretary