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Obillos v. CIR: Tax Liability Ruling by Nezte Virtudazo is a document available to read on EtoBox.
The Supreme Court held that the petitioners should not be considered to have formed a partnership when they jointly purchased two lots, resold the lots, and divided the profits among themselves. As co-owners and not partners engaged in a joint business venture, the petitioners were correctly assessed income tax only on their individual shares of the capital gains profits rather than additional corporate taxes. The court found no intention or actions by the petitioners to establish an unregistered partnershi
- Author
- Nezte Virtudazo
- Language
- EN