CLASSIFICATION OF TAXPAYERS AND TAXATION OF THEIR INCOME Trusts Mr. David created an irrevocable trust in favor of his two minor grandchildren. The trust stipulates that 50% of the net income should be distributed yearly to the grandchildren, share and share alike, the balance to accumulate for eventual distribution to the grandchildren at the age […]
CONCEPTS OF INCOME AND INCOME TAXATION Nature, Scope, Classification and Essential Characteristics of Income Define income for tax purposes. (1969) Income means all wealth which flows into the taxpayer other than as a mere return of capital. It includes the forms of income specifically described as gains and profits, including gains derived from the sale […]
INTERNAL REVENUE LAWS, ORGANIZATION AND FUNCTIONS OF THE BIR Interpretation of Tax Laws What is the general rule of statutory construction involving tax laws? What is the reason thereof? (1964) How are tax laws to be construed? Discuss briefly. (1966) State the rule on the construction or interpretation of laws imposing taxes. What is the […]
