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  • Tax Rules for Co-Ownership and Partnerships Under Philippine Law

    Enviado por

    Danika S. Santos
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    Co-ownership of property is not subject to tax if the co-owners' activities are limited to preserving the property and collecting income. However, if co-owners invest income from the property into other income-producing assets, the co-ownership will be subject to tax as a corporation. Additionally, sharing profits alone does not establish a partnership; there must be a clear intent to form one as well as habitual business activities characteristic of partnerships.

    Descrição original:

    tax2

    Título original

    NIRC de Leon Reviewer (Secs 22 to 42)

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    Co-ownership of property is not subject to tax if the co-owners' activities are limited to preserving the property and collecting income. However, if co-owners invest income from the property into other income-producing assets, the co-ownership will be subject to tax as a corporation. Additionally, sharing profits alone does not establish a partnership; there must be a clear intent to form one as well as habitual business activities characteristic of partnerships.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato DOCX, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    94 visualizações1 página

    Tax Rules for Co-Ownership and Partnerships Under Philippine Law

    Enviado por

    Danika S. Santos
    Co-ownership of property is not subject to tax if the co-owners' activities are limited to preserving the property and collecting income. However, if co-owners invest income from the property into other income-producing assets, the co-ownership will be subject to tax as a corporation. Additionally, sharing profits alone does not establish a partnership; there must be a clear intent to form one as well as habitual business activities characteristic of partnerships.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato DOCX, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 1

    SECTION 22

    CO-OWNERSHIP
    Not subject to tax if the activity of the co-owners are
    limited to the preservation of the property and the
    collection of income therefrom (effect: co-owner is
    taxed individually on his distributive share)
    Should co-owners invest the income of the oownership in any income producing properties,

    partnership is subject to tax as a corporation (De


    Leon v. CIR)
    PARTNERSHIPS
    Sharing of profits in a common property does not itself
    establish a partnership in the absence of a clear intent
    to form the same
    Character of habituality peculiar to busine

    Reviewer: NATIONAL INTERNAL REVENUE CODE by De Leon | Danika S. Santos


    (3B)

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