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RMC No 7-2012 dated February 23, 2012 Circularization of BIR Ruling No. 023-10

RMC No 7-2012 dated February 23, 2012 Circularization of BIR Ruling No. 023-10

The sale by a non-stock, non-profit corporation (e.g., foundation) of its real property is subject to capital gains tax based on the gross selling price or current fair market value as determined in accordance with Section 6 (E) of the Tax Code of 1997, whichever is higher, of such land and/or buildings pursuant to Section 27 (D)(5) of the same Code. Moreover, the Deed of Absolute Sale of said real property shall be subject to documentary stamp tax imposed under Section 196 of the Tax Code (i.e., P15 for the first P1.000, and P15 for each additional P1,000 or fractional part thereof in excess of P1,000).

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